PureCircle Limited : FY2011 – Interim Resultspurecircle.com/app/uploads/pdfs/event-pdfs/pcl... · By attending the presentation to which this document relates or by accepting this

PureCircle Limited : FY2011 – Interim Results Investors March 2011

Disclaimer

• This document, which is personal to the recipient and has been issued by PureCircle Limited (the “Company”), comprises written materials/slides for presentations to be held in March 2011. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.

• This document has not been verified, does not purport to contain all information that a prospective investor may require and is subject to updating, revision and amending. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. In furnishing this document, the Company does not undertake or agree to any obligation to provide the attendees with access to any additional information or to update this document or to correct any inaccuracies in, or omissions from, this document that may become apparent.

• No reliance may be placed for any purposes whatsoever on the information or opinions contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its members, directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of or any of its members, directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.

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PureCircle - Investor Slides - All rights reserved March 2011

2

Content

1. Overview CEO

2. Financials CFO

3. Sales and Marketing VP Sales & Marketing

3

3. Sales and Marketing VP Sales & Marketing

4. Outlook CEO

5. Questions

3


1. Overview CEO

4

4


• Sales: Timing of contracted volumes; will be sold in 2H FY 2011

• Gross assets of $270m, including inventories of $114m.

• Cash and banking facility headroom >$50m: sufficient for projected funding needs.

• Two new Global Key Accounts (GKA’s) contracts secured and two GKA contracts extended and deepened.

• Excluding existing GKAs, Stevia sales increased over 200%

OVERVIEW

• Excluding existing GKAs, Stevia sales increased over 200%

• FY 2011 sales expected to be in the range $50m to $60m.

• USA 2010 retail data: Stevia sweetened products $809m, up 126%.PCL total share in excess of 90%* (exclude TT and include indirect).

• Regulatory clearances expected Europe & Asia Pacific by end 2011

• Tereos and Nordzucker JVs and Dohler partnership now operational.

• Supply chain progress on track5


2. Financials CFO

6

6


$m6 months ended

H1 FY 201131 Dec 2010

H1 FY 201031 Dec 2009

Financials Summary

Revenues 13.6 37.5

Net (Loss)/Profit (7.0) 1.6

EBITDA (1.1) 7.4

Financials Overview

EBITDA (1.1) 7.4

Gross Assets 270.4 271.1

Inventories 113.5 58.9

Gross cash 30.8 80.3

Net debt (76.7) (20.5)


7

$m 1H FY 2011 1H FY 2010

Global Key Account 1 20

Other High Purity Sales 10 3

Sales analysis by half

Co-product & low purity sales 2 14

Total for half year 13 37

8


$m6 months ended

H1 FY 2011 H1 FY 2010

Revenues 13.6 37.5

Gross Profit 0.9 10.2

Other income & expenses 0.4 0.0

Profit & Loss Account

Administrative expenses

Operating (Loss)/Profit

(5.2)

(3.9)

(5.8)

4.4

Interest / Tax (3.1) (2.8)

Net (Loss) / Profit (7.0) 1.6

EBITDA (1.1) 7.4

EPS: Basic / Diluted (4.54)/(4.44) 1.21/1.20


9

$m H1 FY2011 H1 FY2010

Non-Current Assets 104.8 88.7

Working Capital

Current Assetsof which inventory

165.6113.5

182.458.9

Balance Sheet

Current Liabilities (35.6) (51.9)

Sub-total 130.0 130.5

Less: Non-Current Liabilities (82.7) (60.4)

Net Assets 152.1 158.8


10

$m 31 Dec 2010 31 Dec 2009

Operating cash flow, before working capital

(4.9) 8.1

Net working capital change:(of which Inventory)

(18.9)(28.6)

(32.7)(27.2)

Interest / tax (4.2) (2.8)

Investing cash flow (4.4) (8.3)

Cash Flow

Cash flow: Operating & Investing (32.4) (35.7)

Share issue - 64.0

Net debt (repayment) / drawdown (1.1) 32.7

Forex 0.8 0.4

Net increase/(decrease) in cash (32.7) 61.4

Cash at beginning 62.6 18.9

Cash at end 29.9 80.3


11

• $50m Cash and Facility Headroom

– Sufficient for projected funding requirements

• Net Debt of $77m:

– Financed business expansion and stock build

– Seasonal peak: expected to reduce steadily over next 18 – 24

Treasury

months

• No major capex foreseen over next 18 months

• Current inventories represent more than $150m sales value

12


3. Sales and Marketing

1313


High Purity Stevia Revenues By Month

FY2011

FY2010

• Excludes sales to Beverage GKAs

• This represents 227% growth over the same time period last year

14


FY2010

PureCircle USA YTD Customers Serviced By Month

40

50

60

70

80

• Between Feb 2010 and Feb 2011, USA customers grew from 33 to 72

• This represents a 118% increase in customers in the past 12 months

0

10

20

30

15


Sales slower than anticipated due to estimated current

inventory at beverage GKAs (Reb A MT)

16

* FDA Approval: 17/12/2008


Carbonated Soft Drink Category in the US have not

yet launched products using Reb A

Current customer inventory less than 3% of USA category potential 17


EU Approval expected for late 2011, is key to fulfill

Stevia Potential

18


PureCircle Customer Product Pipeline–

Phases of Product Launch Cycle

69

50

60

70

80

32

15

4

0

4038

5

0

10

20

30

40

50

R&D Initial Launch Established Launch Multi-Market Rollout

2009

2010

19


$934

$995

$846

$800

$1,000

$1,200 Annualized All Channel Retail Dollar Sales ($)-

Nielsen Captured

91%

Market : USA Retail Sales: Stevia Sweetened Products

$63

$434 $488

$443 $459

$-

$200

$400

$600

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010

91%

20


Broadening Category Usage

100

120

140

160

Cereal

Dessert Mix

Energy Drink

Yogurt

Snack

Sports Drink

21


0

20

40

60

80 Salad Dressing

RTD Tea

Powdered Soft Drink

Carbonated Soft Drink

Bread

Fruit Drink

Soymilk

Juice

Sugar Substitute

Flavored Water

Broadening F&B Customer Usage

100

120

140

160

Other

Unilever

Bimbo Bakeries

Interstate

Kraft

22


-

20

40

60

80 Zevia

McNeil

Merisant

Dean Foods

Cumberland

Cargill/Truvia

Coca-Cola

PepsiCo

Recent New Product Launches

USA Launches

• Sobe Lifewater 0 extensions

• Trop50 extensions

• Silk Soymilk extension

• Vitamin Water Zero extension

• Arizona Tea for Kids

• Blue Sky Free energy drink

• Wishbone extensions

• Green Mountain Hot Apple Cider K-Cups

Australia Launch

• Equal Stevia sweetener

• Heinz Golden Circle

• Lipton Green Tea

• Schweppes Cottee’s Cordial Concentrate’

• P&N Beverages Go CoCo

Other Launches

• Lipton Form Plus tea (Turkey)

• So Sweet sweetener (India)

France Launch

• Danone Taillefine spoonable

yoghurt

• Fanta Still

• Beghin Say Ligne Stevia

23PureCircle - Investor Slides - All rights reserved

March 2011

Mexico New Product Launches w/Stevia

PureVia Table Top

24

Bonafont Water with

Natural Lime Juice

Bonafont Flavoured WaterG2 by GATORADE

Lala FruggisLala Petizoo


Lala Chocolate

PureVia Table Top

4. Outlook

2525


Outlook

• Current pipeline suggests FY2011 sales outturn of $50m - $60m

• 2H Sales underpinned by balance of committed volumes & growing level of repeat orders

• Timing of EU and other clearances have deferred some customer projectscustomer projects

• Long term mass volume market assessment intact: PCL well placed when scaled market emerges

• True sales velocity not expected until Calendar 2012 and 2013

• Until then some continued short term sales volatility26


5. Questions

2727


PureCircle Limited : FY2011 – Interim Results Investors March 2011

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PureCircle Limited : FY2011 – Interim Resultspurecircle.com/app/uploads/pdfs/event-pdfs/pcl... · By attending the presentation to which this document relates or by accepting this