PT Central Proteina Prima Tbk · IDX:CPRO
PT Central Proteina Prima Tbk — Debt Investor Presentation (May 2010)
21 slides from PT Central Proteina Prima Tbk's debt investor presentation, May 2010
Slide 1: PT Central Proteinaprima Tbk Presentation to Noteholders May 2010
PT Central Proteinaprima Tbk Presentation to Noteholders May 2010 1
Slide 2: Disclaimer and Forward Looking Statements
Disclaimer and Forward Looking Statements This document and verbal discussion contains forward-looking statements, concerning, among other things, CPP’s prospects, expected revenues, expenses and profits, developments and business strategies for its operations all of which are subject to certain ris
Slide 3: Table of Contents
Table of Contents Page Section 1 Introduction 4 Section 2 Financial Analysis and Discussion 6 Section 3 IMNV and Mitigation Strategy Update 22 3
Slide 4: Section 1: Introduction
Section 1: Introduction CP PRIMA
Slide 5: Introduction
Introduction This presentation provides: Further analysis of the Company’s financial and operational performance for the three months ending 31 March 2010 5
Slide 6: Section 2: Financial Analysis and Discussion
Section 2: Financial Analysis and Discussion 6
Slide 7: Financial Summary: Q1 2010 vs Q1 2009
Financial Summary: Q1 2010 vs Q1 2009 Financial Summary (IDR in million) Mar 31, Mar 31, For the three months ended 2009 2010 % Variance YOY Revenue 1,957,254 1,385,109 -29.2% COGS 1,531,368 1,288,684 -15.8% Gross Profit 425,886 96,425 -77.4% Operating Profit 162,983 (152,362) NMF EBITDA 255,093 (58
Slide 8: Q1 2010 vs Q4 2009 Income Statement
Q1 2010 vs Q4 2009 Income Statement Income Statement Summary (IDR in million) Revenue decreased further in Q1 2010, Variance % mainly due to lower shrimp harvest volume Q4 2009 Q1 2010 Q1 vs Q4 Revenue 1,651,112 1,385,109 -16.1% Cost of Goods Sold decreased primarily due Cost of Goods Sold 1,570,911
Slide 9: Revenue by Business
Revenue by Business Frozen shrimp revenues decreased by 17.8%, primarily due to decreased volume in Q1 2010 as a result of lower harvest volume at CPB, AWS and WM Fresh shrimp revenue decreased for the same reason Revenue from shrimp feed decreased by 23.6% due to lower sales to plasma as it was rai
Slide 10: Volume and Price by Business
Volume and Price by Business Frozen Shrimp Shrimp Feed 10,000 12.0 40,000 37,298 16,000 8,617 35,326 35,297 9,000 35,000 14,000 8,000 7,343 7,565 10.0 7,155 30,000 12,000 26,592 ASP (USD/Kg) 7,000 ASP (Rp/Kg) Volume (MT) 8.0 Volume (MT) 6,000 25,000 10,000 7.6 7.9 7.8 5,000 7.5 6.0 20,000 8,000 8,94
Slide 11: Harvest Tonnage
Harvest Tonnage Harvest volume at CPB decreased in Q1 2010 as a result of fewer ponds being harvested during the quarter Harvest volume at AWS and WM also decreased due to fewer ponds being harvested and lower pond yield during the cold rainy season For WM, the low harvest in Q1 2010 was primarily d
Slide 12: Pond Yield
Pond Yield CPB pond yield decreased in Q1 2010 from Q4 2009 Pond Yield All Sites 2006 – 2010* The average yield for Q1 2010 decreased to 1,922 from 10,000 2,370 in Q4 2009 8,405 8,000 The pond performance deteriorated primarily due to cold 6,798 7,170 Pond Yield (kg / pond) 6,526 6,819 6,691 5,892 5
Slide 13: Gross Margin Analysis
Gross Margin Analysis Total gross margin increased to 7.0% in Q1 2010 from Gross Margin Breakdown 4.9% in Q4 2009, primarily due to the effect of cost management Revenue Q41,651,112 2009 Q11,385,109 2010 The gross margin for frozen shrimp increased from Gross Margin -5.0% in Q4 2009 to -2.9% in Q1 2
Slide 14: SG&A Variance Analysis
SG&A Variance Analysis SG&A Variance Analysis (IDR in million) Variance % Q4 2009 Q1 2010 Q1 vs Q4 Freight out 29,897 26,436 -11.6% Salaries,wages and employees' benefits 35,175 27,958 -20.5% Transportation and travelling on duty 3,766 3,080 -18.2% Depreciation 29,514 32,286 9.4% Repair and maintena
Slide 15: Profit Margin Analysis
Profit Margin Analysis EBITDA margin and EBIT margin increased slightly in Q1 2010 primarily due to cost management A significant portion of the Company’s costs are denominated in IDR, thus the strengthened IDR against the USD put downward pressure on profit margins in Q1 2010 Foreign Exchange Rate*
Slide 16: Working Capital Analysis
Working Capital Analysis Trade Receivables from farmers increased by Rp20bn, or 2.2%, in Q1 2010 as receivables collection from CPB plasma farmers declined as a result of decreased pond yields Trade Receivables from export and free market decreased by Rp104bn, or 15.1%, in Q1 2010 primarily due to l
Slide 17: Q1 2010 vs Q4 2009 Cashflow Statement
Q1 2010 vs Q4 2009 Cashflow Statement The Company had positive cash inflow in CPP Cash Flow Summary (IDR in million) Q1 2010, primarily due to: Variance % Q4 2009 Q1 2010 Q1 vs Q4 Decrease in Trade receivable – export & EBITDA (98,244) (58,906) -40% free market as the result of lower sales Changes i
Slide 18: CAPEX
CAPEX The Company continued to closely monitor its capital expenditures and was able to further reduce CAPEX in Q1 2010 from Q4 2009 The Company spent Rp21bn on CAPEX, mainly on critical maintenance items Q2 2009 Q3 2009 Q4 2009 Q1 2010 Total CAPEX (IDR) 86 bn 77 bn 69bn 21 bn 18
Slide 19: Operational Financing Overview
Operational Financing Overview Net available credit for operational financing decreased by Rp70bn in Q1 2010 from Q4 2009 The Company continued to seek additional short term financing to support its operations Management remains focused on keeping current on the short term LC and working capital fac
Slide 20: Microfinancing Overview
Microfinancing Overview Four local banks provide microfinancing facilities to CPP’s plasma farmers that total Rp1,507bn Plasma farmers did not drawdown any new facilities in Q1 2010 Bank Total Total Facility Facility Facility Remaining (IDR in Bn) Facility Drawn Drawn in 2009 Drawn in 2010 Available
Slide 21: Q&A
Q&A CP PRIMA 21
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