Jb Foods Ltd. · SGX:BEW
Jb Foods — Shareholder Meeting (April 2023)
26 slides from Jb Foods's shareholder meeting presentation, Apr 26, 2023
Slide 1: 11th Annual General Meeting
JB Foods Limited 11th ANNUAL GENERAL MEETING 26 April 2023
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements, which are subject to risks and uncertainties, include industry and economic conditions, competition, and legal, governmental and regulatory changes, that could cause actual results to differ materially from the statements. 2
Slide 3: Outline
Outline ► Cocoa Bean Grinding and Production Statistics Pg. 5 ► Introduction of JB Foods ► Milestones Pg. 7 ► Group Structure Pg. 9 ► Our Products Pg. 10 ► Our Presence Pg. 11 ► Business Performance Review ► Financials Pg. 12 to 19 ► JB Foods Strength, Expansion & Strategy ► Competitive strengths Pg
Slide 4: Cocoa Bean Grinding & Production Statistics
Cocoa Bean Grinding & Production Statistics 4
Slide 5: Cocoa Bean Grinding & Production
Cocoa Bean Grinding & Production 5200 4700 4200 3700 3200 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Year ('000 MT) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Cocoa production 3,551 3,381 3,811 3,439 3,731 3,593 3,634 4,309 4,095 3,943
Slide 6: Introduction to JB Foods
Introduction to JB Foods 6
Slide 7: Key Milestones
Key Milestones 2000 to 2010 2011 to 2017 2018 to 2021 2023 and beyond • Laying foundations; • Scale operations • Establish global presence • Building capacity penetrating the market as a • Expand capabilities • Begins sustainability efforts, and • Enhancing new player with a new brand • Grow global
Slide 8: Key Milestones
Key Milestones 2000 to 2010 2011 to 2017 2018 to 2022 2023 and beyond • Laying foundations; • Scale operations • Establish global presence • Building capacity penetrating the market as a • Expand capabilities • Begins sustainability efforts, and • Enhancing new player with a new brand • Grow global
Slide 9: Group Structure
Group Structure JB Foods Limited JB Foods Global JB Cocoa AG JBC Europe OU JB Sourcing CI JB Cocoa CI Pte. Ltd. JB Cocoa Sdn Bhd (Switzerland) (Estonia) (Côte D’Ivoire) (Cote D’Ivoire) (Singapore) (Malaysia) JB Cocoa Foods JB Cocoa Holding (China) Co Ltd Inc. (China) JB Cocoa Trading (USA) (M) Sdn B
Slide 10: Raw Materials & Our Products
Raw Materials & Our Products Cocoa Beans More than 90% of our revenue is derived from Cocoa Powder & Cocoa Butter Cocoa Mass Cocoa Butter Cocoa Powder 1 0
Slide 11: Our Global Presence
Our Global Presence Manufacturing & Warehouse Facilities Regional Sales Offices & Sourcing Centre Worldwide Headcount: 750 ►Asia: 3 ►Europe: 1 ►Africa: 1 ►Asia: 3 ►Europe: 2 ►America: 2 ►Africa: 3 ►Asia: 700 ►America, Europe & Africa: 50 11
Slide 12: Business Performance Review
Business Performance Review 12
Slide 13: Financial Highlights ― At A Glance
Financial Highlights ― At A Glance (In US$'000) FY2022 FY2021 Y-on-Y Change Revenue 509,630 448,763 13.6% EBITDA 33,690 29,550 14.0% PAT 16,684 13,850 20.5% FY2022 FY2021 Y-on-Y Change ROE (%) 9.6% 8.6% 12.5% Dividend payout 25% 24% 3.3% EPS (US cents) 5.5 4.6 19.6% NAV per share (US cents) 59.2 55.
Slide 14: Sales by Region/Country
Sales by Region/Country ► USA, China and Russia, 2022 2021 2020 remains our top 3 Revenue USD'000 USD'000 USD'000 revenue contribution in North America 120,432 24% 81,224 18% 94,287 23% the last 3 years. USA 90,391 18% 62,351 14% 73,757 18% Others 30,041 6% 18,873 4% 20,530 5% ► The sales contributi
Slide 15: JB Foods Performance
JB Foods Performance Revenue (USD'm) PBT (USD'm) 34.1 509.6 31.7 448.8 417.8 22.5 352.5 19.3 327.1 18.4 300.1 16.9 295.6 226.5 4.4 2.4 2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022 2022 Revenue & Profitability - CAGR ► 8-year CAGR at 10.7% in Revenue ► 8-year CAGR a
Slide 16: JB Foods Banking Trade Facilities
JB Foods Banking Trade Facilities 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil Banking Facilities 64.7 78.0 109.5 113.4 115.0 130.0 150.0 199.8 223.0 235.9 264.1 281.6 Utilisation 44.4 53.6
Slide 17: Profit and Loss Analysis
Profit and Loss Analysis (In US$'000) FY2022 FY2021 Y-on-Y Change Notes Explanatory Revenue 509,630 448,763 60,867 14% N1 N1 Post Covid, border relaxation, resulting higher shipment volume due to improvement in customer demand. Cost of sales (461,481) (422,675) (38,806) 9% N2 Gross profit 48,149 26,
Slide 18: Balance Sheet Analysis
Balance Sheet Analysis 2022 2021 2022 2021 Extract of Balance sheet USD'000 USD'000 Variance - #DIV/0! Extract of Balance sheet USD'000 USD'000 Variance Current liabilities (258,263) (259,107) 844 0% Non-current assets 123,423 109,844 13,579 12% Trade payables (26,748) (28,388) 1,640 -6% PPE 99,828
Slide 19: Cash Flow Analysis
Cash Flow Analysis 2022 2021 Extract of Cash Flow Statement USD'000 USD'000 Changes Explanatory Operating cash flows before Strong improvement in operations inflows working capital changes 33,945 16,736 17,209 mainly due to reduction in the inventories and Changes in working capital 21,465 (40,542)
Slide 20: Competitive Strengths & Strategies
Competitive Strengths & Strategies 20
Slide 21: Competitive Strengths
Competitive Strengths Loyal and supportive ► F&B multinational corporations, such as Mars, Nestle, Mondelez and Hersheys Group, which are our long international customer base standing customers ► Efficient and nimble decision making ► Attuned and adaptive to industry trends and market Strong Key Man
Slide 22: Growth Strategy
Growth Strategy 22
Slide 23: Our Growth Strategy
Our Growth Strategy Sustainable Growth ► Strengthen our Sustainable bean sourcing team and activities in Procurement country of origin ► Focus on cost efficiency and optimise plant utilisation Operations & ► Energy conservation, waste optimisation and carbon footprint Environmental reduction ► Cauti
Slide 24: Key Takeaways
Key Takeaways 24
Slide 25: Key Takeaways
Key Takeaways ► Cocoa terminal prices remains volatile (weather, crops yield, supply & demand from grinding and consumptions) ► Headwinds and uncertainty in macro-environment and effect of Russia-Ukraine conflict ► Balanced business growth strategy ► Expanding and widening our existing customer base
Slide 26: Annual General Meeting Shareholders Presentation
JB Foods Limited ANNUAL GENERAL MEETING Shareholders Presentation 26 April 2023 26