Gfpt Public Co. Ltd. · SET:GFPT
Gfpt Public — FY2020 Earnings Presentation
38 slides from Gfpt Public's earnings presentation, Feb 23, 2021
Slide 1: Y2020 Result Presentation
Y2020 Result Presentation Analyst Meeting No.1/2021 23 February 2021 GFPT Public Company Limited Analyst Meeting No. 1/2021 | 23 February 2021 | 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 at 31 December 2020 and, unless stated otherwise. The information does not purport to be complete or comprehensive. This presentati
Slide 3: Agenda
Agenda GFPT Profile 2019 Financial Results Broiler Industry Outlook 2020 Guidance Q&A Appendix: Key Statistics Analyst Meeting No. 1/2021 | 23 February 2021 | 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 The Thailand’s chicken processors and marketers. Company is specialized in fully vertical integrated chicken production starting from feed mill, grandparent breeder farm, pa
Slide 5: Committed to produce quality chicken meat
We are committed to produce quality chicken meat according to international standards with attention to every stage of production to ensure, our chicken is fresh, clean, safe, and delicious in every bite. Analyst Meeting No. 1/2021 | 23 February 2021 | page 5
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; for example: SDGs 2 Zero hunger SDGs 4 Quality education SDGs 6 Clean water and sanitation SDGs 8 Decent work and economic growth SDGs 13 Climate action S
Slide 8: GFPT Awards
GFPT Awards Thailand Best Overall Sustainability Investor Relations Investment (Small Cap) (Thailand Sustainability (IR Magazine Awards - Investment: THSI) South East Asia 2020) Anti – Corruption “Excellent” Certified to be a rating from member of CAC the CGR (Collective Action Coalition) (Corporate
Slide 9: GFPT Profile
GFPT Profile Symbol GFPT Shareholding Structure SET100 / SETTHSI / SETWB as of 10 Mar 2020 Industry / Sector Agro & Food Industry / Agribusiness 2019 CG Score Excellent [90 – 100 CG Report Score] Anti – Corruption Certified to be a member of CAC Closed Price THB 12.80 per share (29/01/2021) Average
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 | 98.28% 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 Materials / Market / Sources Feed Farm Food (Chicken Processing) Customer Export (Cooked Product & Frozen Chicken Meat) • Japan • China KT1 : Feed mill MKS : Broiler Farm GFPT-PP : Chicken Primary GFPT-FP : Further Plant • UK Processing • EU Animal Feed •
Slide 12: Timeline
Timeline Listed in SET Stock split from THB 10 Additional Capital MKS: Broiler GFPT: Further GFPT Initially established to THB 1 per share Injection in GFN farm expansion processing plant expansion 1981 1992 2010 2012 2018 2020 1990 1991 1993 2003 2008 2016 2017 2019-2020 99.99% in FKT 99.99% in GFF
Slide 13: GFPT Group Expansion Plan
GFPT Group Expansion Plan Future Project GFPT Broiler Farm Raising capacity to reach 340,000 birds per day GFPT Slaughter House New slaughter house capacity at 150,000 birds per day GFPT Further Processing Plant Cooked product for export capacity at 24,000 MT per year McKey Further Processing Plant
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] Cooked Product [Fully Cooked, Par-fried, Breaded, Steamed, Roasted] Shrimp Feed Fish Feed [Grandparent farm, Breeder Farm, Broiler farm]
Slide 15: Y2020 Snapshot
Y2020 Snapshot 2020 Consolidated Revenue = THB 14.47 billion Revenue by Segment 18,000 - 14% Farm 14,471 32% 15,000 Food 12,000 47% 9,000 6,000 Feed 3,000 21% - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Revenue by Destination Revenue by Currency Revenue by Product DOC 4%
Slide 16: Y2020 Market Position
Y2020 Market Position 3rd in Thai Chicken Export 8th in Thai Chicken Production GFPT GFPT Group Group 6% 12% Export by Destination Export by Product Type Others 10% China JP Raw Cooked 22% 40% 40% 60% EU / UK 28% Source: Thai Broiler Processing Exporters Association Note: 2020 Thai Broiler Productio
Slide 17: Y2020 Financial Results
@GFPT Y¥2020 Financial Results
Slide 18: Y2020 Financial Results
Y2020 Financial Results Y2020 Consolidated Revenue = THB 14.47 billion Y2020 Revenue Breakdown by Segment Business Segment of Y2020 Y2019 Change GFPT Group THB million % THB million % THB million % Food (Chicken Processing) 6,744.55 46.61 8,603.26 51.02 (1,858.71) (21.60) Farm 4,707.56 32.53 5,088.5
Slide 19: Y2020 Consolidated Income Statement
Y2020 Consolidated Income Statement (Unit in THB million) Y2019 %Sales Y2020 %Sales Change % Change Revenue from sales 16,863.74 100.00% 14,471.02 100.00% (2,392.72) (14.19%) Cost of sales (14,443.47) (85.65%) (12,361.50) (85.42%) (2,081.98) (14.41%) GROSS PROFIT 2,420.27 14.35% 2,109.53 14.58% (310
Slide 20: Y2020 Financial Results
Y2020 Financial Results Gross Profit & GP Margin (%) EBITDA & EBITDA Margin (%) 16.4% 22.2% 3,000 18% 3,500 20.6% 24% 15.0% 15.8% 19.4% 20.4% 20.8% 14.3% 14.4% 14.6% 14.2% 14.7% 14.3% 13.6% 18.6% 18.5% 21% 2,500 15% 3,000 12.2% 16.0% 17.0% 16.8% 2,500 14.5% 18% 2,000 12% 15% 2,000 1,500 9% 12% 1,500
Slide 21: Y2020 Financial Results
Y2020 Financial Results EPS (THB per share) Return on Asset (%) 1,800 1.31 1.33 147% 25,000 10.6% 9.9% 12% 144% 141% 138% 135% 1,600 1.08 132% 129% 126% 123% 120% 117% 20,000 8.3% 1,400 0.95 0.95 114% 111% 108% 9% 0.83 105% 102% 99% 6.5% 6.9% 1,200 96% 93% 1,000 90% 87% 84% 15,000 5.9% 81% 78% 75% 7
Slide 22: Y2020 Consolidated Financial Position
Y2020 Consolidated Financial Position Selected Items (Unit in THB million) Y2019 Y2020 Change % Change Cash and Cash Equivalents 1,087.26 1,187.46 100.21 9.22% Trade and Other Receivables 889.86 715.06 (174.80) (19.64%) Inventories 3,716.83 3,798.30 81.47 2.19% Other Current Assets 19.60 37.00 17.40
Slide 23: Y2020 Consolidated Financial Position
Y2020 Consolidated Financial Position Selected Items (Unit in THB million) Y2019 Y2020 Change % Change Short - Term Loans from Financial Institutions 830.00 700.00 (130.00) (15.66%) Trade and Other Payables 982.01 1,080.43 98.42 10.02% Current Portion of Long-Term Loans from RPT - 553.00 553.00 100.
Slide 24: Y2020 Consolidated Financial Position
Y2020 Consolidated Financial Position Selected Items (Unit in THB million) Y2019 Y2020 Change % Change EBIT 1,540.24 1,652.04 111.80 7.26% Depreciation - Grandparent & Parent Chickens 573.87 566.45 (7.42) (1.29%) Depreciation & Amortization 745.71 760.10 14.39 1.93% EBITDA 2,859.82 2,978.59 118.77 4
Slide 25: Y2020 Consolidated Financial Position
Y2020 Consolidated Financial Position Y2020 Total Assets = THB 20.41 billion Book Value (THB per share) 25,000 16,000 11.73 1233% 1230% 1227% 1224% 1221% 1218% 1215% 1212% 1209% 1206% 10.86 1203% 1200% 1197% 1194% 1191% 1188% 1185% 1182% 1179% 1176% 1173% 1167% 1170% 1164% 1161% 1158% 1155% 1152% 11
Slide 26: Y2020 Financial Results
Y2020 Financial Results Y2020 Interest-Bearing Debt = THB 3.41 billion Net Debt to EBITDA (THB million) 4,000 1.74 183% 180% 177% 174% 171% 168% 165% 162% 159% 1.29 156% 153% 150% Short-Term Loans 700 1.23 1.20 147% 144% 141% 138% 3,000 1.09 1.15 135% 132% 129% 126% 123% 120% 117% 114% 111% 108% 105
Slide 27: Capital Expenditure
Capital Expenditure Investment (million THB) 1,567 1,145 1,264 924 912 882 545 594 536 581 610 609 2015 2016 2017 2018 2019 2020 Breeder Stocks Fixed Assets Y2021 Capital Expenditure 1-1.2 Billion Broiler Farm Breeder Farm Primary Plant Analyst Meeting No. 1/2021 | 23 February 2021 | page 27
Slide 28: Market Outlook and Trend
@GFPT Market Outlook and Trend
Slide 29: Global Broiler Meat Market
Global Broiler Meat Market THAILAND Thai Broiler Export by Market The 8th Global Chicken Producer Others 25% 2020 broiler production = 3,250,000 tons Japan 46% The 4th Global Chicken Exporter EU 2020 broiler meat export = 890,000 tons 29% Broiler Meat Production & Export Selected Countries (
Slide 30: 40 Years of Thai Chicken Meat Export
40 Years of Thai Chicken Meat Export 1,200,000 Change Change 2019 2020 Forecast 2021 19 / 20 20 / 21 MT Mil. Baht MT Mil. Baht (%) MT Mil. Baht (%) Product 2021 F: 1,000,000 950,000 MT - Raw 353,328 29,423 387,947 32,915 11.87 400,000 34,000 3.30 - Further (Cooked) 600,682 82,117 549,886 76,129 (7.2
Slide 31: Global Broiler Meat Market
Global Broiler Meat Market Global Production [Y2020 = 100,827,000 tons] Global Import [Y2020 = 9,798,000 tons] USA 20,263 Japan 1,060 China 14,850 China 985 Brazil 13,880 Mexico 880 EU 12,360 EU 640 Russia 4,715 Saudi Arabia 550 India 4,000 Iraq 475 Mexico 3,700 UAE 407 Thailand 3,250 Philippines 37
Slide 32: Commodity Price
Commodity Price Corn & Soy Bean Meal (THB/Kg.) Broiler at Farm Gate (THB/Kg.) 20.0 18.2 65.0 18.0 16.4 16.3 16.3 15.5 16.0 14.8 55.0 13.7 14.0 13.4 13.4 13.1 13.1 14.0 SBM 45.0 38.3 39.1 37.3 37.3 36.9 35.4 37.3 12.0 34.4 34.4 34.7 33.8 35.0 10.0 35.0 Corn 35.2 35.1 35.0 8.0 9.9 34.1 33.7 33.4 33.3
Slide 33: 2021 Guidance
2021 Guidance 2021 Guidance Revenue 0-5% growth from 2020 sales Gross Profit Margin 13.5% - 14.5% SG&A 8.5% - 9.0% Financial Cost 2.5% - 2.7% Effective Tax Rate 15% - 20% CAPEX THB 1 - 1.2 billion Analyst Meeting No. 1/2021 | 23 February 2021 | page 33
Slide 34: Risk Factors
Risk Factors o Covid-19 o Commodity Price Volatility o THB Appreciation o Non-Tariff Measures o Disease Outbreak Analyst Meeting No. 1/2021 | 23 February 2021 | page 34
Slide 35: Key Statistics
@GFPT Key Statistics
Slide 36: 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) - 9% + 0% 65,400 65,200 66,300 65,500 62,700 34,400 59,700 32,700 21,600 21,600 30,600 28,300 - 36% 18,100 17,400 15,900 16,500 22,100 21,900 + 9% + 3% -
Slide 37: Q&A
Q&A Analyst Meeting No. 1/2021 | 23 February 2021 | page 37
Slide 38: Thank You
THANK YOU INVESTOR RELATIONS DEPARTMENT Dr. Jutamas Ingpochai jutamas@gfpt.co.th T +66 2 473 8022 Veera Titayangkaruvong veera-tita@gfpt.co.th T +66 2 473 8000 ext. 1802 www.gfpt.co.th Analyst Meeting No. 1/2021 | 23 February 2021 | page 38