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PureCircle Limited : FY2011 Interim ResultsInvestors March 2011
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1. Overview CEO
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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 fundingneeds.
Two new Global Key Accounts (GKAs) contracts secured and two GKAcontracts extended and deepened.
Excludin existin GKAs, Stevia sales increased over 200%
OVERVIEW
FY 2011 sales expected to be in the range $50m to $60m.
USA 2010 retail data: Stevia sweetened products $809m, up 126%.PCL total
share in excess of 90%* (exclude TT and include indirect). Regulatory clearances expected Europe & Asia Pacific by end 2011
Tereos and Nordzucker JVs and Dohler partnership now operational.
Supply chain progress on track5
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2. Financials CFO
6
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$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
Gross Assets 270.4 271.1
Inventories 113.5 58.9
Gross cash 30.8 80.3
Net debt (76.7) (20.5)
PureCircle - Investor Slides - All rights reservedMarch 2011
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$m 1H FY 2011 1H FY 2010
Global Key Account 1 20
Other High Purity Sales 10 3
Sales analysis by half
Co-product & low purity sales 2 14
Total for half year 13 37
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$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
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$m H1 FY2011 H1 FY2010
Non-Current Assets 104.8 88.7
Working Capital
Current Assetsof which inventory
165.6113.5
182.458.9
Balance Sheet
Current Liabilities (35.6) (51.9)
Sub-total 130.0 130.5
Less: Non-Current Liabilities (82.7) (60.4)
Net Assets 152.1 158.8
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$m 31 Dec 2010 31 Dec 2009
Operating cash flow, before workingcapital
(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
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$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
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3. Sales and Marketing
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High Purity Stevia Revenues By Month
FY2011
FY2010
Excludes sales to Beverage GKAs This represents 227% growth over the same time period last year
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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
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Sales slower than anticipated due to estimated current
inventory at beverage GKAs (Reb A MT)
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* FDA Approval: 17/12/2008
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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 17PureCircle - Investor Slides - All rights reservedMarch 2011
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EU Approval expected for late 2011, is key to fulfill
Stevia Potential
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PureCircle Customer Product Pipeline
Phases of Product Launch Cycle
69
60
70
80
32
15
40
4038
5
0
10
20
30
40
50
R&D Initial Launch Established Launch Multi-Market Rollout
2009
2010
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$934
$995
$846
$800
$1,000
$1,200 Annualized All Channel Retail Dollar Sales ($)-
Nielsen Captured
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%
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Broadening Category Usage
100
120
140
160
Cereal
Dessert MixEnergy Drink
Yogurt
Snack
Sports Drink
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0
20
40
60
80Salad Dressing
RTD Tea
Powdered Soft Drink
Carbonated Soft Drink
Bread
Fruit Drink
Soymilk
Juice
Sugar Substitute
Flavored Water
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Broadening F&B Customer Usage
100
120
140
160
Other
Unilever
Bimbo Bakeries
Interstate
Kraft
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-
20
40
60
80 Zevia
McNeil
Merisant
Dean Foods
Cumberland
Cargill/Truvia
Coca-Cola
PepsiCo
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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 Cottees Cordial Concentrate P&N Beverages Go CoCo
Other Launches
Lipton Form Plus tea (Turkey) So Sweet sweetener (India)
France Launch
Danone Taillefine spoonableyoghurt
Fanta Still Beghin Say Ligne Stevia
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Mexico New Product Launches w/Stevia
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Bonafont
Water withNatural Lime
Juice
Bonafont Flavoured WaterG2 by GATORADE
Lala FruggisLala Petizoo
PureCircle - Investor Slides - All rights reservedMarch 2011
Lala Chocolate
ure a a e op
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4. Outlook
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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 somecus omer pro ec s
Long term mass volume market assessment intact: PCL wellplaced when scaled market emerges
True sales velocity not expected until Calendar 2012 and 2013
Until then some continued short term sales volatility26
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5. Questions
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PureCircle Limited : FY2011 Interim ResultsInvestors March 2011