Tingyi (Cayman Islands) Holding Corp. · HKEX:322
Tingyi (Cayman Islands) — H1 2013 Earnings Presentation
17 slides from Tingyi (Cayman Islands)'s earnings presentation, Aug 26, 2013
Slide 1: Presentation on 2013 Interim Results (HKEX announcement)
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Slide 2: Tingyi Holding Corp. 1H 2013 Results
0322 HK Tingyi Holding Corp. 1H 2013 Results 26 August 2013, Hong Kong Corporate web site: www.masterkong.com.cn Email: [email protected] © 2013 Tingyi (Cayman Islands) Holding Corp. All rights reserved.
Slide 3: Disclaimer
Disclaimer The information contained in this presentation is intended solely for your personal reference. Such information is subject to change without notice and norepresentation or warranty express or implied is made as to, and no reliance, should be placed on, the fairness, accuracy, completeness
Slide 4: 1H 2013 – Sales & Profit
1H 2013 – Sales & Profit 1H 2012 US$ million 1H 2013 Change% (Restated) Turnover 5,423 4,533 19.62 Gross Profit 1,620 1,352 19.85 Gross Margin 29.87% 29.81% 0.06ppt. EBITDA 583 735 ‐20.70 Profit 245 423 ‐42.16 Profit‐after excluding gain on bargain purchase 245 233 5.24 Profit attributable to owners
Slide 5: Turnover by Products
Turnover by Products US$ million 1H 2013 1H 2012 Change% Instant noodles 1,993 1,873 6.38 Beverages 3,250 2,506 29.71 Instant food 99 114 -13.06 Others 81 40 99.79 Total 5,423 4,533 19.62 1H 2012 1H 2013 Instant Instant Food Others Food Others 3% 1% 2% 1% Beverages Beverages Noodles 60% 55% Noodles
Slide 6: Instant Noodle Sales by Products
Instant Noodle Sales by Products US$ million 1H 2013 1H 2012 Change% Bowl 977 917 6.49 High end Packet 764 750 1.96 Mid end Packet 207 177 16.88 Others 45 29 55.17 Total 1,993 1,873 6.38 1H 2012 1H 2013 Others Mid end Others Mid end 2% 3% Packet Packet 9% Bowl 10% Bowl High end 49% High end 49% Pack
Slide 7: Beverage Sales by Products
Beverage Sales by Products US$ million 1H 2013 1H 2012 Change% Tea 1,226 1,062 15.38 Water 508 442 15.04 Juice 766 646 18.69 Carbonated drinks and Others 750 356 110.74 Total 3,250 2,506 29.71 1H 2012 1H 2013 CDS & Others 14% CDS and Others Tea 23% Tea 42% 38% Juice 26% Juice 23% Water 18% Water 16%
Slide 8: Material Price
Material Price RMB/Ton Flour 3,330 Palm Oil 3,500 11,500 3,300 10,500 3,100 9,500 2,900 2,700 8,500 6,380 2,500 7,500 2,300 6,500 2,100 5,500 1,900 4,500 1,700 1,500 3,500 06 06 07 07 08 08 09 09 10 10 11 11 12 12 13 06 06 07 07 08 08 09 09 10 10 11 11 12 12 13 2 Q/ 4 Q/ 2 Q/ 4 Q/ 2 Q/ 4 Q/ 2 Q/ 4 Q
Slide 9: Gross Margin by Products
Gross Margin by Products 1H 2012 40 % 37.71 36.89 1H 2013 29.43 29.18 30.20 29.81 29.87 29.95 30 20 10 0 Instant noodles Beverages Instant food Overall Change (ppt.) ‐0.25 0.25 ‐0.82 0.06 © 2013 Tingyi (Cayman Islands) Holding Corp. All rights reserved. 8
Slide 10: EBIT by Products
EBIT by Products 1H2012 US$’ 000 1H2013 Change% (Restated) Instant noodles 193,699 197,755 ‐2.05 Beverages 148,729 334,486 ‐55.53 Beverages‐after excluding gain on 148,729 143,904 3.35 bargain purchase Instant food ‐6,681 413 ‐1,718.01 Others 24,929 9,969 150.04 EBIT 360,676 542,623 ‐33.53 EBIT‐afte
Slide 11: Profit
Profit 1H 2012 US$’ 000 1H 2013 Change% (Restated) Instant noodles 154,686 150,886 2.52 Beverages 87,487 268,098 ‐67.37 Beverages‐after excluding gain on bargain purchase 87,487 77,516 12.86 Instant food ‐5,892 563 ‐1,146.54 Others 8,453 3,587 135.66 Profit 244,734 423,134 ‐42.16 Profit‐after exclud
Slide 12: Financial Position
Financial Position As at 31/12/2012 As at 30/6/2013 (Restated) *ROA (Annualized) 9.11% 12.30% **ROE (Annualized) 15.28% 19.81% Current Ratio 0.71 0.70 Gearing Ratio 0.02 0.25 A/R Turnover /Days 8.90 7.69 Finished Goods Turnover/Days 12.44 12.11 *ROA：EBIT to average total assets **ROE：Profit attribut
Slide 13: Instant Noodle Market Share by Value and Volume
Instant Noodle Market Share‐by Volume Instant Noodle Market Share‐by Value 60 % 70 Tingyi 康師傅 % Tingyi 康師傅 57.4 57.1 57.1 56.7 56.5 56.5 50 60 54.9 57.1 56.3 44.9 44.2 54.1 55.7 56.0 56.2 56.3 55.6 44.0 43.1 42.3 42.7 43.3 42.9 44.0 43.9 53.0 54.2 42.1 41.8 41.1 40.8 41.4 41.2 40.1 50 40 40 30 30 20
Slide 14: RTD Tea Market Share by Volume and Value
RTD Tea Market Share‐by Volume RTD Tea Market Share‐by Value 60 % 60 54.9 % 56.1 Tingyi 康師傅控股 54.4 Tingyi 康師傅控股 56.3 54.1 53.4 50.9 51.6 52.2 53.4 50.3 50.8 51.2 49.7 51.5 47.4 48.3 50 47.8 50 46.7 46.7 47.7 47.2 47.6 46.3 45.4 45.6 46.0 45.2 45.7 47.4 43.9 44.0 42.4 41.8 40 40 34.2 32.9 33.4 31.1 3
Slide 15: RTD Tea (no milk) Market Share by Volume and Value
RTD Tea (no milk) Market Share‐by Volume RTD Tea (no milk) Market Share‐by Value 70 70 % % Tingyi 康師傅控股 Tingyi 康師傅控股 60 56.5 57.5 56.1 55.9 55.2 60 58.4 57.3 56.7 57.1 56.8 57.1 57.1 55.6 53.4 55.1 54.5 53.0 53.1 53.5 52.0 51.1 51.9 52.2 53.6 53.3 52.5 50.7 52.0 47.9 49.2 50 47.2 46.8 48.2 50 47.5 4
Slide 16: Diluted Juice Drinks and Bottled Water Market Share by Volume
Bottled Water Market Share‐by Volume Diluted Juice Drinks (5‐39% juice content) Market Share‐by Volume 30 % 40 % Tingyi 康師傅控股 25. 7 25. 1 25. 3 35 33.2 33.6 33.5 24. 1 Player A 25 32.4 23. 6 22. 7 22. 7 31.7 32.1 31.9 31.7 32.1 22. 6 22. 5 22. 6 22. 5 30.7 30. 5 29.4 29.9 30.1 30. 0 21. 7 22.8 20. 3
Slide 17: Nation-Wide Distribution Network and Production Centre
Nation‐Wide Distribution Network and Production Centre a) Distribution Network As at 30/6/2013 As at 31/3/2013 As at 31/12/2012 Sales Office 580 581 571 Warehouse 89 89 95 Wholesaler 33,383 33,366 32,424 Direct Retailer 109,088 108,962 107,131 b) Production Lines Noodles 206 206 215 Beverage 401 386
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