GFPT Public Co. Ltd. · SET:GFPT
GFPT Public — Q2 2012 Earnings Presentation
25 slides from GFPT Public's earnings presentation, Aug 9, 2012
Slide 1: Analyst Meeting 2012
Analyst Meeting 2012 August 9, 2012
Slide 2: Disclaimer
Disclaimer 2 This presentation may include forward-looking statements representing expectations about future events or anticipated result based on factors such as economic scenario, market conditions and expected future events, over many of which the Company has no control. This material includes fo
Slide 3: Agenda
Agenda • Company Overview • Financial Performance • Industry Outlook • Questions
Slide 4: Company Overview
Company Overview
Slide 5: Company Profile
Company Profile 5 Symbol GFPT (member of SET100 & SETHD) Industry / Sector Agro & Food Industry / Agribusiness Corporate Governance Score Very Good [80 – 89 CG Report Score] Closed Price (31/07/2012) THB 8.35 per share (52 week High / Low: 12.10 / 7.95) Share Outstanding 1,253.82 million share @ 1 B
Slide 6: Roadmap
30 years Roadmap 6 Listed in the Stock Stock split from THB 10 to Initially established Exchange of Thailand THB 1 per share 1981 1992 2010 1990 1993 2008 99.99% in FKT (parent breeder farm) 49% of McKey New feed mill plant (KT2) @ Cholburi 99.99% in MKS (broiler farm) (further processing plant) are
Slide 7: GFPT Group Structure
GFPT Gr oup Str uctur e GFPT PCL. GP Breeding Co., Ltd. Chicken Evisceration and Grandparent Farm and Hatchery Processed Chicken Food Registered Capital: 200.00 MB Registered Capital: 1,400.00 MB Paid-up Capital: 200.00 MB Paid-up Capital: 1,253.82 MB Krungthai Feed Mill PCL. Krungthai Farm Co., Ltd
Slide 8: GFPT Integrated Chicken Production
GFPT Integrated Chicken Production GP DOC (Import) 90% GFN: Slaughter House / Further Plant KT1: Feedmill GP: Rearing Farm Animal Feed PS DOC 5% Aqua Feed 85% Corn Soybean Meal Soybean (Local) (Local) (Import) GFPT: Slaughter House / Further Plant 100% FKT: Breeder Farm Chicken Meat Cooked Product B
Slide 9: Q2 2012 Revenue Breakdown
Q2 2012 Revenue Breakdown 9 Revenue by Quarter (mn THB) +8%YoY +11%QoQ Total Revenue 3,813 million THB 3,982 3,813 3,518 3,655 3,423 3,059 Fish Feed 6% Shrimp Feed 14% Animal Feed 16% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Processed Live Chicken Food Product 19% 4% Segment Feed 36% Chicken Domestic 13% DOC 3
Slide 10: Financial Performance
Financial Performance
Slide 11: Quarterly Financial Highlight
Quar ter l y Financial Highlight 11 In million Baht Q2 Y12 Q2 Y11 %yoy Q1 Y12 %qoq Revenue 3,813 3,518 8% 3,423 11% COGS (3,555) (2,913) 22% (3,218) 10% Gross Profit 258 604 (57%) 205 26% Profit after Associated 269 653 (59%) 254 6% EBIT 23 448 (95%) 22 5% Net Profit for GFPT (16) 362 (104%) (14) 17
Slide 12: 6M Financial Highlight
6M Financial Highlight 12 In million Baht 6M Y12 6M Y11 %Chg Revenue 7,236 6,577 10% COGS (6,773) (5,487) 23% Gross Profit 463 1,090 (58%) Profit after Associated 523 1,158 (55%) EBIT 45 758 (94%) Net Profit for GFPT (30) 614 (105%) EPS * (THB/Share) (0.02) 0.49 Profit Margin 6% 17% (11%) Profit aft
Slide 13: Financial Highlights
Financial Highlights 13 Consolidated Revenue (mn THB) Revenue by Quarter (mn THB) 16,000 4,500 2010 2011 2012 14,000 4,000 3,813 14,214 3,423 12,000 3,500 12,472 11,507 3,000 10,000 10,996 2,500 +12% +8% 8,000 8,122 2,000 3,982 6,000 7,221 3,518 3,655 1,500 3,059 4,000 1,000 2,000 500 2,843 2,996 3,
Slide 14: Financial Highlights
Financial Highlights 14 EBIT (mm Bt) EBIT Margin (%) EBIT (mn Baht) 500 13% 14% 1,600 14% 450 11% 1,400 11% 11% 11% 12% 12%400 10% 10% 1,200 10% 10%350 1,000 300 8% 8% 250 6% 800 6% 5% 6% 200 600 150 4% 3% 4% 400 100 1% 1% 2% 200 2% 50 312 451 448 234 22 23 198 388 1,222 1,250 1,391 1,444 - 0% - 0%
Slide 15: Financial Highlights
Financial Highlights 15 Debt to Equity Ratio (x) 5,000 1 1.23 10,000 4,500 1 4,000 1.04 1,430 0.98 1,995 3,500 1 0.79 0.83 3,000 0.71 0.68 8 3,814 3,653 8,000 2,500 2,000 6 2,654 2,626 1,500 4 1,000 6,000 2 500 2,650 3,453 3,718 3,614 3,839 4,084 4,621 - 0 2006 (A) 2007 (A) 2008 (A) 2009 (A) 2010 (A
Slide 16: Financial Highlights
Financial Highlights 16 Return on Equity (%) Return on Asset (%) 28% 7,000 30% 1,400 14% 16% 23% 13% 13% 14% 6,000 22% 20% 25% 1,200 12% 12% 5,000 20% 1,000 10% 4,000 10% 15% 800 8% 3,000 10% 600 4% 5% 6% 2,000 (1%) 5% 400 2% 4% 0% 1,000 0% 200 2% 2,553 2,797 3,781 4,552 5,377 5,984 5,565 112 282 1,
Slide 17: Animal Feed
Animal Feed 17 Animal Feed Volume (MT) +18% yoy +2% qoq 600,000 14% 160,000 129,500 134,500 481,500 12% 140,000 130,500 132,100 500,000 420,400 114,000 383,300 10% 120,000 107,700 400,000 337,500 352,300 321,700 8% 100,000 300,000 6% 80,000 200,000 60,000 4% 100,000 40,000 2% 5% 5% 4% 9% 10% 13% 20,
Slide 18: Aqua Feed
Aqua Feed 18 Fish Feed Volume (MT) 60,000 57,000 15% 51,800 51,800 52,900 25,000 (3%) yoy 10% +12% qoq 50,000 46,000 43,200 20,000 19,100 5% 40,000 0% 14,900 15,000 30,000 12,500 12,100 -5% 10,500 10,800 20,000 10,000 -10% 10,000 -15% (2%) (17%) 6% 13% 2% 8% 5,000 - -20% 2006 2007 2008 2009 2010 201
Slide 19: Chicken Meat Business: Export Sales
Chicken Meat Business: Export Sales 19 Export Volume (MT) +32% yoy 25,000 100% +58% qoq 20,900 21,200 80%6,000 20,000 18,500 4,900 60%5,000 15,000 14,000 3,800 3,700 40%4,000 3,300 3,200 3,100 10,200 10,000 20%3,000 6,300 0% 2,000 5,000 81% 11% 62% 13% 1,000 -20% 1% (34%) - -40% - 2006 (A) 2007 (A)
Slide 20: Chicken Meat Business
Chicken Meat Business 20 Indirect Volume (MT) (9%) yoy (13%) qoq 25,000 15% 5,000 4,700 20,100 20,300 10% 4,500 19,000 4,500 4,200 4,100 4,100 20,000 18,400 16,200 16,500 5% 4,000 3,700 15,000 0% 3,500 -5% 3,000 10,000 2,500 -10% 2,000 -15% 5,000 1,500 1% (5%) 7% (20%) 13% (10%) -20%1,000 - -25% 500
Slide 21: Industry Outlook
Industry Outlook
Slide 22: 37 Years of Thai Chicken Meat Export
37 Years of Thai Chicken Meat Export 22 600,000 546,000 MT 500,000 Bird Flu 400,000 Shock 300,000 200,000 100,000 0 2012(f) 1973 1977 1982 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Thai Broiler Association
Slide 23: Major Commodity Price
Major Commodity Price 23 Maize & Soybean Meal (Bt/Kg) 18 17 Maize Soybean Meal 16 16 16 16 14 14 15 15 14 13 13 14 14 14 14 14 14 11 13 12 10 10 10 8 9 10 10 10 10 9 9 9 9 10 10 6 8 9 9 7 4 6 6 5 2 Source: Market Data - 2004 2005 2006 2007 2008 2009 2010 2011 2012 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Slide 24: Major Commodity Price
Major Commodity Price 24 Live Broiler ex Factory (Bt/Kg) 50 45 40 45 41 52 35 38 38 48 36 44 43 30 33 33 41 39 40 25 37 37 28 35 20 26 15 10 5 Source: Market Data - 2004 2005 2006 2007 2008 2009 2010 2011 2012 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Cooked Chicken Price (USD/MT) 5,000 4,50
Slide 25: IR Contact
IR Contact 25 Contact Person: Ms. Jutamas Ingpochai, Ph.D. Email: [email protected] Investor Relations Department GFPT Public Company Limited 312 Rama 2 Road Bangmod Jomthong Bangkok 10150 Thailand Phone: +66 2 473 8000 Fax: +66 2 473 8398 www.gfpt.co.th