Waterloo Brewing Investment Highlights
Gross Profit (C$mm)
7 Strong, Sustainable Financial Performance
Consolidation of the Kitchener and Formosa facilities (with the sale of Formosa in FY18A) led to some
short term disruption and incremental costs, but will yield savings and volume expansion from FY19E
onward
Gross Profit(1)
EBITDA (1)
$24
40%
34.8%
28.6%
$18
27.9%
27.8% 30%
$15.5
$14.1
$11.5
$12
20%
$10.2
$6
FY16A
FY17A
FY18A
Gross Profit
Q3F19
Capital Expenditure
Gross Profit Margin (%)
10%
EBITDA (C$mm)
$12
40%
$9
$8.6
$8.8
30%
$7.2
$6
$5.7
19.4%
17.9%
17.5% 20%
15.6%
$3
10%
FY16A
FY17A
EBITDA
FY18A
Q3F19
EBITDA Margin
Dividend Yield
(2)
Capital Expenditure (C$mm)
3
$10.7
$12
$9.5
$0.10
8%
$3.5
$9
$5.1
$2.0
$6
$5.3
£
$2.0
$0.5
$1.3
$2.6
$7.2
$4.4
$1.0
$3.6
$1.6
FY16A
FY17A
FY18A
Q3F19
Dividend Per Share (C$)
3
$0.08
$0.08
$0.07
6%
$0.06
$0.06
4%
2.1%
1.8%
2.1%
P$0.04
$0.02
2%
1.2%
$0.02
FY16A
FY17A
FY18A
Q3F19
Expansion Maintenance Other
Note: Financial data excludes the Formosa brands sold by Waterloo in FY18A
(1)
(2)
(3)
Decline in FY18A performance due to heavy rain in Spring 2017 and the delay and complexity of facility consolidation; Waterloo outperformed industry average of 8-9% declines
Increase in FY18A capex due to one-time cost of consolidating production at Kitchener facility
Other includes returnable containers, computer equipment, furniture and fixtures, vehicles and spare parts
18
WATERLOO0
-BREWING-
Dividend Yield (%)
EBITDA Margin (%)View entire presentation