Fraser & Neave Ltd. · SGX:F99
Fraser & Neave — 1H 2003 Earnings Presentation
10 slides from Fraser & Neave's earnings presentation, 2003
Slide 1: Report by Operation: Fraser & Neave Holdings Berhad
Report by Operation…. Fraser & Neave Holdings Berhad Mr Tan Ang Meng
Slide 2: Financial Results 1H 2003
Financial Results 1H 2003 RM m 1H 2003 1H 2002 % chg Revenue 805.1 784.0 2.7 PBIT 76.8 66.1 16.2 PBT 77.3 65.1 18.7 PAT 59.0 52.1 13.2
Slide 3: Financial Results 1H 2003: Revenue breakdown
Financial Results 1H 2003 Revenue breakdown vs LY § Overall : + 3%, at RM0.8bn § Soft Drinks : +11% § Dairies : - 14% § Glass : +10% 1H 2001/02 Revenue Split 1H 2002/03 Glass Glass 16% 17% Soft Drinks Soft 51% Dairies Drinks Dairies 27% 56% 33%
Slide 4: Financial Results 1H 2003: PBIT breakdown
Financial Results 1H 2003 PBIT breakdown vs LY § Overall : +16%, at RM77m § Soft Drinks : +19% § Dairies : +45% § Glass : - 7% 1H 2001/02 PBIT Split 1H 2002/03 Glass Glass 24% 19% Soft Dairies Soft Dairies Drinks 20% Drinks 16% 59% 61%
Slide 5: Operational Review: Soft Drinks
Operational Review Soft Drinks RMm vs LY Revenue Revenue 449.7 +11% Ø Unit cases up 11.0% PBIT 46.5 +19% Physical cases up 10.7% Ø Stable pricing & lower discounts Ø Strong growth in 100PLUS (+35%) & Asian Drinks (+59%) Ø Malaysia CSD growth at -4% Ø Stable market share ~ 65% Margins Ø PBIT margins
Slide 6: Operational Review: Dairies
Operational Review Dairies RMm vs LY Revenue 219.0 -14% Revenue PBIT 15.4 +45% Ø Domestic vol. growth +7% (lower-priced SCM) Ø Reduced contract packing revenue (down RM20m) Ø Strong pasteurised growth (juices rev +10%) Ø SCM market share ~ 46% Margins Ø PBIT margins up from 4.2% to 7.0% Ø Lower milk
Slide 7: Operational Review: Glass Containers
Operational Review Glass Containers RMm vs LY Revenue 135.7 +10% Revenue PBIT 14.7 - 7% Ø Flat domestic revenue Ø China volume contribution 18% Ø New contribution from China (SMGL2) RM11m Ø Low export prices Margins Ø High fuel oil prices (+29% vs LY) P&L impact ~ RM2.3m Ø Export sales breakeven Ø S
Slide 8: Financial Indicators
Financial Indicators 1H 2003 1H 2002 PBIT Margin (%) 9.5 8.4 ROE (%) 5.4 5.0 ROTA (%) 5.0 4.3 Net Cash (RMm) 127.4 108.7 Per Share NTA (RM) 2.82 2.67 EPS (sen) 15.2 13.3 Net Cash Backing (sen) 35.7 30.5
Slide 9: Net Dividend per Share
Net Dividend per Share 12.0 Interim Dividend 9.0 Special 5.0 Dividend 6.0 3.0 5.0 5.0 3.6 4.0 - sen 1999 2000 2001 2002 2003 Total Year 2.2 8.6 9.0 12.0
Slide 10: Market Outlook
Market Outlook § Positive u Focus on cost & operational efficiency u Lower material costs (e.g. milk solids) u SMGL1 started production 1 Apr 2003 § Negative u Impact of SARS u Softer economic conditions u Exceptional write-off KL Sentral - RM20m
Fraser & Neave Holdings Berhad — 1H 2003 Earnings Presentation on 6ix