Gfpt Public Co. Ltd. · SET:GFPT
Gfpt Public — Q2 2022 Earnings Presentation
39 slides from Gfpt Public's earnings presentation, Aug 11, 2022
Slide 1: 2Q2022 Result Presentation
2Q2022 Result Presentation Analyst Meeting No.3/2022 11 August 2022 GFPT Public Company Limited Analyst Meeting No. 3/2022 | 11 August 2022 | page 1
Slide 2: Disclaimer
Disclaimer This presentation contains summary information about GFPT Public Company Limited (“GFPT” or “the Company”) and its subsidiaries (jointly the “GFPT Group”) as of 30 June 2022 and, unless stated otherwise. The information does not purport to be complete or comprehensive. This presentation c
Slide 3: Agenda
Agenda GFPT Profile 2Q2022 Financial Results Broiler Industry Outlook 2022 Guidance Q&A Appendix: Key Statistics Analyst Meeting No. 3/2022 | 11 August 2022 | page 3
Slide 4: About the Company
About the Company ❖ GFPT Public Company Limited (TB:GFPT), founded in 1981 with headquarters in Bangkok, Thailand, is one of Thailand’s chicken processors and marketers. ❖ We are specialized in fully vertical integrated chicken production starting from feed mill, grandparent breeder farm, parent bre
Slide 5: GFPT Group drives our growth cautiously and conservatively
GFPT Group drives our growth cautiously and conservatively. We realize the importance of production efficiency in our chicken production process in order to produce good quality of chicken meat that comply with international standards and environmentally friendliness. Analyst Meeting No. 3/2022 | 11
Slide 6: GFPT's Vision
GFPT’S VISION “GFPT strives to be a leading chicken meat exporter with its fully vertical integrated chicken production” MISSIONS Quality Satisfaction Responsibility Enhance product quality to Attention to the needs of Build awareness and the international standards customers responsible to society
Slide 7: Sustainability Development
Sustainability Development GFPT supported Sustainable Development Goals (SDGs) which was incorporated in the Company's objectives and operations. SDGs 6 SDGs 13 E Clean water and sanitation Climate action SDGs 4 SDGs 5 S Quality education Gender equality SDGs 8 SDGs 10 Decent work and economic Reduc
Slide 8: GFPT Awards
GFPT Awards Thailand “Excellent” Sustainability rating from Investment the CGR (Thailand Sustainability (Corporate Governance Report Investment: THSI) of Thai Listed Companies) Anti – Corruption Certified to be a member of CAC (Collective Action Coalition) Analyst Meeting No. 3/2022 | 11 August 2022
Slide 9: GFPT Profile
GFPT Profile Symbol GFPT Shareholding Structure sSET / SETTHSI / SETWB as of 8 Mar 2022 Industry / Sector Agro & Food Industry / Agribusiness 2021 CG Score Excellent [90 – 100 CG Report Score] Anti – Corruption Certified to be a member of CAC Closed Price THB 15.70 per share (31/07/2022) Average Pri
Slide 10: Group Structure
Group Structure GFPT GFPT Public Company Limited Chicken Evisceration and Processed Food 5 Subsidiaries 2 Joint Ventures Keystone Foods Inc. [51%] McKey | 49.00% KT | 98.33% FKT | 99.99% GFF | 99.99% McKey Food Services (Thailand) Ltd. Krungthai Food PCL. Krungthai Farm Co., Ltd. GF Foods Co., Ltd.
Slide 11: Fully Vertical Integrated Chicken Production
Fully Vertical Integrated Chicken Production Analyst Meeting No. 3/2022 | 11 August 2022 | page 11
Slide 12: Timeline
Timeline Additional Capital Injection in GFN 2012 GFPT Initially established GFPT Listed in SET GFPT: Stock split from Invest additional THB 10 to THB 1 per share share in KT 1981 1992 2010 2020 Become a Fully Vertical Integration | JV Partnership & Extended Integration & Cook Product | Organic Grow
Slide 13: GFPT Group Expansion Plan
GFPT Group Expansion Plan Future Project GFPT Slaughter House New slaughter house capacity at 150,000 birds per day GFPT Broiler Farm Raising capacity to reach 340,000 birds per day GFPT Further Processing Plant Cooked product for export capacity at 24,000 MT per year Noted: The expansion plan and i
Slide 14: Product
Product FEED FARM FOOD Animal Feed [Pig, Layer Hen, Duck, Cow, etc.] Cage Free Eggs DOC Live Broiler Chicken Parts and Meat [Bone-in, Boneless, Cut-up, Marinated] Shrimp Feed Cooked Product [Fully Cooked, Par-fried, Breaded, Steamed, Roasted] Fish Feed [Grandparent farm, Breeder Farm, Broiler farm]
Slide 15: Y2021 Snapshot
Y2021 Snapshot 2021 Consolidated Revenue = THB 13.78 billion Revenue by Segment 18,000 - 5% Farm 27% 15,000 13,781 12,000 Food 53% 9,000 6,000 Feed 20% 3,000 - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Revenue by Destination Revenue by Currency Revenue by Product DOC
Slide 16: Y2021 Market Position
Y2021 Market Position 2nd in Thai Chicken Export 8th in Thai Chicken Production GFPT GFPT Group Group 5% 13% Export by Destination Export by Product Type Others 9% China 9% Raw 30% JP 48% EU / UK Cooked 34% 70% Source: Thai Broiler Processing Exporters Association Note: 2021 Thai Broiler Production
Slide 17: 2Q2022 Financial Results
@GFPT 202022 Financial Results
Slide 18: 2Q2022 Financial Results
2Q2022 Financial Results 2Q2022 Consolidated Revenue = THB 4.22 billion 2Q2022 Revenue Breakdown by Segment Business Segment of 2Q2022 2Q2021 Change GFPT Group THB million % THB million % THB million % Food (Chicken Processing) 2,218.13 52.58 2,001.97 53.93 216.16 10.80 Farm 1,283.97 30.44 955.68 25
Slide 19: 2Q2022 Consolidated Income Statement
2Q2022 Consolidated Income Statement (Unit in THB million) 2Q2021 %Sales 2Q2022 %Sales Change % Change Revenue from sales 3,712.40 100.00% 4,218.53 100.00% 506.13 13.63% Cost of sales (3,326.77) (89.61%) (3,535.09) (83.80%) 208.32 6.26% GROSS PROFIT 385.63 10.39% 683.44 16.20% 297.80 77.23% Other in
Slide 20: 6M2022 Consolidated Income Statement
6M2022 Consolidated Income Statement (Unit in THB million) 6M2021 %Sales 6M2022 %Sales Change % Change Revenue from sales 7,016.39 100.00% 8,227.04 100.00% 1,210.65 17.25% Cost of sales (6,310.21) (89.94%) (6,974.85) (84.78%) 664.64 10.53% GROSS PROFIT 706.18 10.06% 1,252.18 15.22% 546.01 77.32% Oth
Slide 21: 2Q2022 Financial Results
2Q2022 Financial Results Gross Profit & GP Margin (%) EBITDA & EBITDA Margin (%) 16.4% 16.2% 18% 3,000 3,500 20.5% 20.8% 24% 14.7% 19.4% 20.4% 14.3% 14.4% 14.2% 21% 2,500 15% 3,000 17.0% 16.0% 18% 10.4% 2,500 14.2% 2,000 12% 11.2% 15% 7.8% 2,000 10.7% 1,500 9% 12% 5.5% 5.3% 1,500 6.5% 9% 1,000 6% 1,
Slide 22: 2Q2022 Financial Results
2Q2022 Financial Results EPS (THB per share) Return on Asset (%) 1,800 1.33 141% 25,000 9.9% 12% 138% 135% 1.08 132% 129% 1,600 126% 123% 120% 117% 1,400 0.95 114% 111% 108% 20,000 8.3% 105% 102% 6.5% 9% 1,200 0.83 99% 96% 93% 6.9% 90% 87% 1,000 84% 81% 15,000 5.9% 78% 75% 72% 69% 6% 800 66% 63% 60%
Slide 23: 2Q2022 Consolidated Financial Position
2Q2022 Consolidated Financial Position Selected Items (Unit in THB million) Y2021 Jun 2022 Change % Change Cash and Cash Equivalents 962.73 1,480.68 517.95 53.80% Trade and Other Receivables 780.06 932.29 152.23 19.52% Inventories 3,498.59 3,303.17 (195.42) (5.59%) Current Biological Assets 454.53 5
Slide 24: 2Q2022 Consolidated Financial Position
2Q2022 Consolidated Financial Position Selected Items (Unit in THB million) Y2021 Jun 2022 Change % Change Short - Term Loans from Financial Institutions 1,310.00 1,320.00 10.00 0.76% Short - Term Loans from Subsidiary & Related 160.50 - (160.50) (100.00%) Persons Trade and Other Payables 1,102.48 1
Slide 25: 2Q2022 Consolidated Financial Position
2Q2022 Consolidated Financial Position Selected Items (Unit in THB million) 2Q2021 2Q2022 Change % Change EBIT 216.83 523.16 306.33 141.27% Depreciation – Non-Current Biological Assets 126.15 156.29 30.14 23.89% Depreciation & Amortization 185.61 179.38 (6.23) (3.36%) EBITDA 528.59 858.83 330.24 62.
Slide 26: 2Q2022 Consolidated Financial Position
2Q2022 Consolidated Financial Position 2Q2022 Total Assets = THB 22.34 billion Book Value (THB per share) 25,000 18,000 12.34 1296% 1293% 1290% 1287% 11.73 11.71 1284% 1281% 1278% 1275% 1272% 1269% 1266% 1263% 1260% 1257% 1254% 1251% 1248% 1245% 1242% 1239% 1236% 1233% 1230% 1227% 1224% 1221% 1218%
Slide 27: 2Q2022 Financial Results
2Q2022 Financial Results 2Q2022 Interest-Bearing Debt = THB 4.50 billion Net Debt to EBITDA (THB million) 4,000 399% 396% 393% 390% 387% 384% 381% 378% 375% 372% 369% 366% 363% 360% 357% 354% 351% 348% 345% 342% 2.82 339% 336% 333% 330% 327% Short-Term Loans 324% 321% 318% 315% 1,320 3,000 312% 309%
Slide 28: Capital Expenditure
Capital Expenditure Investment (million THB) 1,567 1,145 1,264 1,242 924 912 882 545 594 536 581 610 609 539 2015 2016 2017 2018 2019 2020 2021 Breeder Stocks Fixed Assets Y2022 Capital Expenditure 1-1.2 Billion ➢ Broiler Farm ➢ Breeder Farm ➢ Primary Plant Analyst Meeting No. 3/2022 | 11 August 202
Slide 29: Market Outlook and Trend
@GFPT Market Outlook and Trend
Slide 30: Global Broiler Meat Market
Global Broiler Meat Market THAILAND Thai Broiler Export by Market The 6th Global Chicken Producer Others 24% 2021 broiler production = 3,280,000 tons Japan 48% The 4th Global Chicken Exporter EU / UK 2021 broiler meat export = 930,000 tons 28% Broiler Meat Production & Export Selected Countries (202
Slide 31: 40 Years of Thai Chicken Meat Export
40 Years of Thai Chicken Meat Export 1,200,000 Change Change 2020 2021 Forecast 2022 20 / 21 21 / 22 MT Mil. Baht MT Mil. Baht (%) MT Mil. Baht (%) Product 1,000,000 - Raw 387,947 32,915 385,311 32,589 (0.68) 385,000 32,000 (0.08) Mar 2018: 2022 F: China Lift Ban 940,000 MT - Further (Cooked) 549,88
Slide 32: Global Broiler Meat Market
Global Broiler Meat Market Global Production [Y2021 = 99,901,000 tons] Global Import [Y2021 = 10,494,000 tons] USA 20,391 Japan 1,077 China 14,700 Mexico 917 Brazil 14,500 China 789 EU 10,830 UK 689 Mexico 3,815 EU 645 Thailand 3,220 Saudi Arabia 615 UK 1,843 Philippines 437 Japan 1,765 Iraq 388 Sou
Slide 33: Commodity Price
Commodity Price Corn & Soybean Meal (THB/Kg.) Broiler at Farm Gate (THB/Kg.) 24.0 21.9 20.4 50.0 21.0 18.4 18.4 18.9 42.5 18.0 40.4 18.0 SBM 37.3 36.9 36.0 14.8 15.5 40.0 34.4 35.4 34.9 34.6 34.0 44.4 13.7 14.0 15.0 37.7 30.0 34.1 12.0 33.7 33.4 33.0 30.2 31.8 31.7 31.5 13.1 9.0 Corn 11.6 10.6 10.7
Slide 34: Supporting & Risk Factors
Supporting & Risk Factors + Depreciation of Thai Baht + Economic Recovery + Demand for Chicken Consumption + African Swine Fever : ASF + BREXIT - High Feed Commodity Price - Covid-19 - Freight Cost - Chicken Added to Price Control - Quota System for Export to EU Analyst Meeting No. 3/2022 | 11 Augus
Slide 35: 2022 Guidance
2022 Guidance 2022 Guidance Revenue 15-20% growth from 2021 sales Gross Profit Margin 14.0%-15.0% SG&A 9.0%-9.5% Financial Cost 1.5%-2.5% Effective Tax Rate 13%-15% CAPEX THB 1-1.2 billion Analyst Meeting No. 3/2022 | 11 August 2022 | page 35
Slide 36: Key Statistics
@GFPT Key Statistics
Slide 37: Key Statistics: Chicken Processing and Feed Business
Key Statistics: Chicken Processing and Feed Business Chicken Meat Direct Export (MT) Chicken Meat Indirect Export (MT) Chicken Meat Domestic (MT) + 3% - 8% 34,400 65,400 65,200 66,300 65,500 62,700 32,700 21,600 21,600 59,700 61,200 30,600 + 7% 28,300 19,900 17,400 18,100 22,100 23,400 15,900 16,500
Slide 38: Question & Answer
Question & Answer Analyst Meeting No. 3/2022 | 11 August 2022 | page 38
Slide 39: Thank You
THANK YOU Dr. Jutamas Ingpochai jutamas@gfpt.co.th T +66 2 473 8022 INVESTOR RELATIONS DEPARTMENT Veera Titayangkaruvong www.gfpt.co.th veera-tita@gfpt.co.th T +66 2 473 8000 ext. 1802 Analyst Meeting No. 3/2022 | 11 August 2022 | page 39