Full Year 2022 Naked Wines PLC Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mark Paul Irvine-Fortescue - Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst : Just a couple of questions, please, around working capital. And then also one on share-based payments, if that's all right. On working capital dynamics, can you just clarify whether you ring fence Angels' deposits at all to separate customer cash from company cash? It looks like customers are effectively funding working capital investment with the deferred income balance of GBP 76 million being quite a lot higher than the group cash balance of GBP 40 million. And then maybe could you just help give some guidance or perhaps a range for the working capital movement you expect in FY '23, given the guidance assumptions out there? On the share-based payments, I just thought that GBP 4 million number that's quite high... REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 23, 2022 / 1:00PM, WINEW.L - Full Year 2022 Naked Wines PLC Earnings Call

Question: Mark Paul Irvine-Fortescue - Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst : Sure.

Question: Mark Paul Irvine-Fortescue - Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst : That's helpful. I suppose what I'm getting to is the going concern uncertainty that you're flagging today. If your auditors can't give you a completely clean opinion based on the working capital dynamics you've described, is that really the best model to fund the business?

Question: Mark Paul Irvine-Fortescue - Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst : Okay. And the last one is just on share-based payments. I think given always as talked about that GBP 4 million number for the new financial year seems quite high. Is that just technical based on your models? Or is there anything you might think of that?

Question: Charlotte Barrie - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : My question was actually on paybacks and kind of having confidence in them going forward, which you've already answered in a couple of the questions so far. But another shorter question. I'm just wondering, with this strategy to move towards a slightly more premium positioning and also you experience this year acquiring what seemed to be sort of less desirable customers. Do you think there should be any reassessment of the size of the TAM that you're looking at going forward?