For personal use only
24 February 2022
ASX Market Announcements Office
Australian Securities Exchange
Exchange Centre
20 Bridge Street,
Sydney NSW 2000
2022 HALF YEAR RESULTS PRESENTATION
Attached for release is the Half Year Results Presentation for the half-year ended 31 December 2021.
Further information on Blackmores can be found at www.blackmores.com.au. This announcement was authorised for release by the Board of Directors.
Richard Conway
Group General Counsel & Company Secretary
Blackmores Limited
Financial Results only For the half-year ended December 2021
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Important information
Important Information
The information in this presentation about Blackmores Limited and the entities it controls (Group) and its activities is current as at 24 February 2022 and is being given in conjunction with the Company's Appendix 4D and Interim Directors' Report for the half-year ended 31 December 2021. It is in summary form and does not purport to be complete.
The financial information contained in the Directors Report for the half-year ended 31 December 2021 has been reviewed by the Group's external auditors.
onlyForward-looking statements
The presentation may contain certain "forward-looking statements". Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "would", "could", "expect", "intend", "plan",
"aim", "estimate", "target", "anticipate", "believe", "continue", "objectives", "outlook", "guidance" or other similar words, and include statements regarding the Group's intent, belief or current expectations with respect to the
Group's business and operations, market conditions, results of operations and financial condition, capital adequacy and risk management. These forward-looking statements should not be relied upon as a representation or
warranty, express or implied, as to future matters. Prospective financial information has been based on current expectations about future events and is, however, subject to risks, uncertainties, contingencies and assumptions
that could cause actual results to differ materially from the expectations described in such prospective information. The Group disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date of the presentation, subject to the disclosure requirements applicable to the Group.
Not an offer of securities
N thing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell the securities of Blackmores Limited in any jurisdiction. The information in this presentation is not intended to
be relied upon as advice to investors or potential investors and does not take into account your financial objectives, situation or needs. Investors should consult with their own legal, tax, business and/or financial advisors in c nnection with any investment decision.
Disclaimer
No representation or warranty is made as to the accuracy, completeness or reliability of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, all useliability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered through use or reliance on anything contained in or omitted
from this presentation is disclaimed.
Accounting standards
The Group's statutory results are prepared in accordance with International Financial Reporting Standards (IFRS). This presentation may also include non-IFRS financial information. The non-IFRS financial information is unaudited and has not been reviewed by the Group's external auditors. Non-IFRS financial information should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity.
Software as a Service (SaaS) clarification
The Group's accounting policy has historically been to capitalise all costs related to the customisation and configuration of SaaS arrangements as intangible assets in the statement of financial position. During 2021, the International Financial Reporting Standards Interpretations Committee (IFRIC) issued a clarification regarding accounting for expenses due to SaaS arrangements. In accordance with the IFRIC clarification, the Group has changed its accounting policy retrospectively to account for such arrangements as an expense in the statement of profit or loss.
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Tot ls throughout the presentation may not sum due to rounding | |
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Agenda | 01 | 02 | 03 | 04 | |||
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Introduction | Segment | Financial | Strategy | ||||
and 1H22 | performance | performance | update & | ||||
highlights | outlook | ||||||
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Key messages
1 Blackmores continues to deliver on its strategic game plan, achieving key milestones in 1H22
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- Investing in growth markets; on-track for $55m annualised gross savings by FY23; prioritising new product innovation and digital investments to drive growth
Results achieved while navigating a volatile operating environment
- Employee health and safety remaining paramount during the global pandemic
- Team continue to adapt to ongoing supply chain disruption from COVID-19
Strong 1H22 revenue growth (up 15%1) underpinned by category tailwinds plus share gain and revenue growth in International (up 54%1) and China revenue (up 8%1)
- ANZ underlying EBIT significantly improved (up 14%), from operational initiatives despite a flat domestic Vitamins & Dietary Supplements use (VDS) category
- Group underlying EBIT up 21% with EBIT margins expanding across all segments driven by strategic initiatives
- A&P investment phased into 2H as per FY21; full-year margin expected to be up by a similar magnitude (~0.6ppts)
- EBIT and EBIT margin for 1H22 includes $5.1m SaaS cloud IT expenses (1H21: $0.5m). We expect a further ~$5m in 2H22
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1 | Revenue growth on a constant currency basis (revenue growth of 14.3%, 49.8% and 8.5% for Group, International and China respectively based on actual FX) | |
2 | Increase in gross profit margin and Underlying EBIT margin based on actual FX | |
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Blackmores Limited published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2022 23:00:24 UTC.