Aphria Inc. - TSXV:APH Q Financial Highlights & Investor Presentation January 6, 2016
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1 Aphria Inc. - TSXV:APH Q Financial Highlights & Investor Presentation January 6, 2016
2 DISCLAIMER This documentation is a presentation (the Presentation ) of general background information about Aphria Inc. s ( Aphria ) activities current as the date of the Presentation, November 17, It is information in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate. This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. Recipients of this Presentation who are considering acquiring securities of Aphria are reminded that any such purchase or subscription must not be made on the basis of the information contained in this Presentation but are referred to the entire body of publicly disclosed information regarding Aphria. The information contained in this Presentation is derived solely from management of Aphria and otherwise publicly available information concerning Aphria and does not purport to be all-inclusive or to contain all the information that an investor may desire to have in evaluating whether or not to make an investment in Aphria. The information has not been independently verified and is subject to material updating, revision and further amendment, and is qualified entirely by reference to Aphria s publicly disclosed information. No representation or warranty, express or implied, is made or given by or on behalf of Aphria or any of its affiliates, directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions. Aphria does not undertake or agree to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent. No person has been authorized to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorized. The information and opinions contained in this Presentation are provided as at the date of this Presentation. The contents of this Presentation are not to be construed as legal, financial or tax advice. Each prospective investor should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice. Certain statements in this Presentation may constitute forward-looking information, including future-oriented financial information and financial outlooks, within the meaning of applicable securities laws. Forward-looking information may relate to Aphria s future outlook and anticipated events or results and may include statements regarding Aphria s financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, potential synergies, industry trends and growth opportunities. Often but not always, forward-looking information can be identified by the use of words such as anticipate, believe, expect, project, estimate, likely, intend, should, could, may, might, target, plan and other similar expressions or variations (including negative variations) of such words and phrases. Forward-looking information contained in this Presentation is based on certain assumptions regarding expected growth, results of operations, performance, industry trends and growth opportunities. While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aphria to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in Canada generally, income tax and regulatory matters; the ability of Aphria to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks. The foregoing factors are not intended to be exhaustive. Although Aphria has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date hereof and Aphria and its directors, officers and employees disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. All forward-looking information is expressly qualified in its entirety by this cautionary statement. Forward-looking information and other information contained herein concerning management s general expectations concerning the medical marijuana industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which management believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While management is not aware of any misstatements regarding any industry data presented herein, industry data is subject to change based on various factors. This Presentation may not be reproduced, further distributed or published in whole or in part by any other person. Neither this Presentation nor any copy of it may be taken or transmitted into or distributed in any other jurisdiction which prohibits the same except in compliance with applicable laws. Any failure to comply with this restriction may constitute a violation of applicable securities law. Recipients are required to inform themselves of, and comply with, all such restrictions or prohibitions and Aphria does not accept liability to any person in relation thereto.
3 APHRIA S FIRST MONTHS AS A PUBLIC COMPANY More than 3400 patients registered to date Launched two-pronged growth strategy Renewed license to cultivate and sell medical marijuana in Sept 2015 for 12 months Successfully amended license to allow for wholesale shipping to multiple LPs 7 shipments completed Announced partnership with Canadian Arthritis Society Granted license to produce cannabis extract oils Completed initial phase of two-phase capacity expansion Signed referral contracts with two national organizations, which provide potential for significant patient acquisition 3400 Registered patients (As of November 2015)
4 PATIENT ACQUISITIONS: 12-MONTH ESTIMATE Patient Registrations Within The Next Year
5 PRELIMINARY Q2 RESULTS Q Q Patients 3,400 2,200 Revenue (000 s) $2,026.8 $950.7 Kilograms sold All-in cost of goods sold / gram $2.49 $3.25 Cash cost to produce / gram $1.87 $2.13 Adjusted gross margin 69% 58%
6 Veteran Market Penetration To date Aphria has registered over 300 veteran patients Veteran patients are heavy users consuming on average 5 times more than the average MMPR patient Treating PTSD, Chronic Pain, Insomnia
7 PRODUCTION CAPABILITIES Annual production of capability of 1200kg or 54 grams per square foot of production space 4 S s Shaping,Spacing,Sizing, Selection
8 A SCALABLE LOW COST PRODUCER Aphria s cost to produce one gram of medical marijuana in is approximately $2.20 all in or $1.90 cash cost Production costs by major category Cost base offers scalability with 42% fixed to 58% variable costs Leamington location and facilities provide clear cost advantages Packaging Testing 5% 4% Labour 24% provides ready availability of a high caliber agricultural labour pool and the close proximity of supplies, such as fertilizer has second warmest climate in Canada and sees a higher than average number of hours of annual sunshine than the rest of Canada. As a result, Aphria s greenhouses use a majority of natural sunlight, resulting in meaningful energy savings Overhead 53% Material Input 17%
9 APHRIA S UNIQUE COST SAVINGS Hydro savings Aphria s annual hydro exp= $5.50/sq ft VS Average Indoor annual hydro exp = $65/sq ft (est) Fertilizer and Nutrient Costs Aphria s Cost $0.005/L VS Competitor average $0.22/L Aphria costs are 2% of competitors Aphria costs are 8% of competitors
10 APHRIA S UNIQUE COST SAVINGS Leveraged buying power Synergies created through working with 10 acres of pre-established greenhouse business provides numerous input cost savings Experienced Flexible Labour Force Integration with existing greenhouse business provides capability for Aphria to incur labour costs on an as needed basis through labour sharing
11 STRONG GROSS MARGIN (Quarter end August 31st) Q1 Fiscal 2016 gross margin as a percentage of sales, excluding IFRS adjustments were 59% as a result of the companies two pronged business model Two Pronged Growth Strategy WHOLESALE RETAIL 1. Retail sales- to Aphria patients 2. Wholesale Shipments- Sale of bulk product to other Canadian Licensed Producers
12 STAYING LEAN (Quarter end August 31st ) Operating Expenses by Major Category 11% of Q operating expenses are non-cash Selling, Marketing & Promotion 48% Research & Development, 6% General & Administrative 35% Share-based Compensation 8% Depreciation & Amortization 3% Average monthly G&A in Q1 2016: $181,000
13 RECONCILING NET LOSS & NET LOSS PER SHARE (Quarter end August 31st ) Revenue 950,748 Cost of sales Cost of goods sold 605,350 Pre-distribution growing costs - Change in biological assets (333,165) Gross margin 678,555 Expenses General and administrative 423,932 Selling, marketing and promotion 642,724 Share-based compensation 47,013 Research & Development 86,499 Amortization and depreciation 30,025 1,230,193 Loss from operations (551,638) Includes $208,499 related to non cash IFRS FV write-up of biological assets. Non-cash item related the FV IFRS write-up Under IFRS margins are 71%, after excluding non-cash IFRS adjustments Gross Margins are 59% Finance income 47,737 Net loss and comprehensive loss (503,901) Weighted average number of common shares 52,479,587 Loss per share - basic and diluted (0.01)
14 STRONG WELL-CAPITALIZED BALANCE SHEET (Quarter end August 31st ) Strong balance sheet with $5.1 million in cash position Working capital: $7.4 million Inventory: 570 Kilograms dried product Two-phase capacity expansion announced Phase I: estimated to cost ~$1 million and nearly double production capacity to 42,000ft2 or 2,500 kg annualized in Phase II: increase annualized capacity to 7,500 kg as early as 2016 CAPITAL STRUCTURE Amount Percentage Expiration Common Shares Outstanding 52,479, % - Warrants - Financing $1.20 5,173, % June 3, 2016 Broker Warrants - $ , % December 2, 2016 Compensation $ , % June 3, 2019 Stock 2,600, % June 2, 2019 Stock 1,550, % Oct 2017 to Aug 2019 Warrants - $ ,500, % December 2, 2019 Broker Warrants - $ , % December 2, 2019 Fully Diluted Shares 75,525, % * Subsequent to the quarter, an additional 370,000 stock options were issued at a weighted average price of $1.03.
15 CASH FLOW BREAK EVEN EXPECTED IN LATE 2015 (excludes capex) OPERATING CASH FLOW Fourth quarter ended May 31, 2015* First quarter ended August 31, 2015 Second quarter ended November 30, 2015* (projection) Third quarter ended February 28, 2015 REGULAR OPERATING CASHFLOWS UNUSUAL EXPENSES
16 INVESTMENT HIGHLIGHTS
17 INVESTMENT HIGHLIGHTS High growth potential License to sell medical marijuana provides critical barrier to entry Low costs underpin attractive cash flow potential Significant near and mid-term opportunities for growth Well capitalized Established operations and experienced management
18 HIGH GROWTH CANADIAN MMJ INDUSTRY Canadian medical marijuana industry (MMJ) industry expected to grow exponentially over next 10 years Patient users anticipated to increase from 40K to 400K Sales projected to grow from $150M to $1.4B MMJ clinics opening up across Canada Increasing awareness of MMJ $1.4 Billion $150 million 40,000 MMJ Patient Users 400,000 MMJ Patient Users 2014 by 2024
19 CANADIAN LICENSED MEDICAL MARIJUANA PRODUCERS 26 Licensed Producers 19 Licensed to Sell
20 SIGNIFICANT OPPORTUNITIES FOR NEAR TO MID-TERM GROWTH Facility Expansion 3 Increase Harvest Yields x 1 Patient Acquisition 1 x 2 x
21 OIL EXTRACTION License Received- August 8th, 2015 Built out 1000 sq ft properly equipped commercial extraction facility Purchased 2 state of the art super-critical CO2 extraction machines Commercial Extractor 6 litres of oil per day, 1566 litre annualized capacity, Approx. $2-2.5 Million retail value 3 vessel technology Table top R&D extractor R&D- process verification, formulation Versatility Expected go to market timeline - 4 to 6 months
22 BENEFITS OF OIL EXTRACTION Expand the market Accelerate revenue growth Monetize waste output, enhancing operating efficiency Standardized product More controlled dosing for physicians
23 A FUTURE FULL OF OPPORTUNITIES Near to mid-term Patient acquisition Increased yields Facility expansion (complete first phase) Oil Production Mid to long-term Changes in regulatory environment Edibles Legalization of recreational use Geographic expansion Industry consolidation Patient Acquisition Facility Expansion Increased Yields Geographic Expansion Changes in Regulations Consolidation
24 HIGHLY EXPERIENCED MANAGEMENT TEAM Vic Neufeld Chief Executive Officer Cole Cacciavillani Co-Founder & Chief Operating Officer John Cervini Co-Founder & Chief Agronomist Officer 20+Years in pharma 35+Years in agri-business 20+Years in agri-business CEO of Jamieson Laboratories Greenhouse industry pioneer and veteran Fourth generation greenhouse grower Demonstrated vision, growth & performance First-hand knowledge of Aphria s greenhouses Proven growth and expansion track record Beneficial ownership: 1.3% of APH shares Beneficial ownership: 18.9% of APH shares Beneficial ownership: 21.9% of APH shares
25 Aphria Inc. - TSXV:APH Q Financial Highlights & Investor Presentation November 17, 2015
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