Pt Cisarua Mountain Dairy Tbk · IDX:CMRY
Pt Cisarua Mountain Dairy Tbk — FY2021 Earnings Presentation
25 slides from Pt Cisarua Mountain Dairy Tbk's earnings presentation, March 2022
Slide 1: PT Cisarua Mountain Dairy Tbk 2021 Full Year Results Presentation
PT Cisarua Mountain Dairy Tbk 2021 Full Year Results Presentation March 2022
Slide 2: Disclaimer
Disclaimer IMPORTANT: You must read the following before continuing. By attending the meeting where this presentation (this “presentation”), is made, or by reading the presentation materials, you are agreeing to maintain absolute confidentiality regarding the information disclosed in this document a
Slide 3: Our presenters today
Our presenters today Our Presenters Today Farell Sutantio Bharat Joshi President Director Director Group Chief Executive Chief Financial Officer & Officer Investor Relations
Slide 4: Agenda
Agenda 1 Financial Results 4 2 Operational Performance 12 3 Key Takeaways 18 4 Appendix 20 3
Slide 5: Financial Results
1 Financial Results
Slide 6: Net sales
Net sales Total Net Sales (Rp bn) Commentary Premium Dairy Premium Consumer Foods ◼ Strong YoY Total Net Sales growth, with equal growth rates across both 4,096 of our operating segments, namely Premium Dairy and Premium 1,862 Consumer Foods 1,087 1,391 FY18A FY19A FY20A FY21A Premium Dairy Net Sale
Slide 7: Gross profit
Gross profit Cost of Sales % Net Sales (Rp bn) Commentary Raw Materials & Packaging Others ◼ Product mix changes contributing to decreasing Cost of Sales as a % of Net Sales, with 61.4% 62.8% 59.2% premium price points on newer product lines, namely Cimory Pouch and Kanzler Singles 12.2% 15.1% 51.8%
Slide 8: Selling & marketing expenses
Selling & marketing expenses Selling & Marketing Expenses (Rp bn) Selling & Marketing Expenses % Net Sales (Rp bn) Advertising, Promotion & Marketing Advertising, Promotion & Marketing Salaries & Allowances Salaries & Allowances Distribution & Administration Distribution & Administration Others Othe
Slide 9: General & administrative expenses
General & administrative expenses General & Administrative Expenses (Rp bn) General & Administrative Expenses % Net Sales (Rp bn) Salaries & Allowances Salaries & Allowances Others Others 79 66 4.5% 35 55 4.0% 49 3.5% 30 2.2% 26 1.9% 24 1.6% 1.9% 44 0.9% 36 2.3% 29 2.1% 1.9% 25 1.1% FY18A FY19A FY20
Slide 10: Operating & net profit
Operating & net profit Operating Profit & Margin (Rp bn) 1,600 30% 25% 1,400 20% 1,200 13% 1,007 1,000 10% 10% 10% 800 0% 600 400 236 -10% 200 111 145 0 -20% FY18A FY19A FY20A FY21A Net Profit & Margin(1) (Rp bn) Commentary 25% 1,200 19% ◼ Strong top-line growth flowing into improved Net Profit Marg
Slide 11: Quarterly performance
Quarterly performance 1,392 1,122 Net Sales 627 4Q20 3Q21 4Q21 1,200 49% 48% 50% 1,000 45% 45% 662 800 Gross Profit 600 553 40% & Margin 400 285 35% 200 0 30% 4Q20 3Q21 4Q21 600 28% 30% 500 16% 17% 20% 400 309 Operating Profit 10% 232 300 & Margin 200 0% 102 -10% 100 0 -20% 4Q20 3Q21 4Q21 Note: Figu
Slide 12: Balance sheet & cash flows
Balance sheet & cash flows Net Cash (Debt) Position (Rp bn) Strong balance sheet to support rapid growth strategies 4,000 3,662 3,620 3,500 3,000 2,500 2,000 1,500 1,000 500 - (42) (500) (1,000) CC&E Debt Net Cash Net Operating Cash Flows vs Capital Expenditure (Rp bn) Commentary Net Operating Cash
Slide 13: Operational Performance
2 Operational Performance
Slide 14: We have successfully executed our expansion plans across sales channels
We have successfully executed our expansion plans across sales channels, particularly in GT and our exclusive MCM channel Note: 1) Others includes Food Service Industry, E-Commerce and Export segments. 13
Slide 15: Our production capacity for core products continues to grow
Our production capacity for core products continues to grow, with focus now shifting towards increasing channel penetration UHT Milk Cimory Pouch ◼ Increased production capacity for UHT milk in 1Q22 ◼ Production capacity constraints have been alleviated ◼ To focus on increasing channel penetration ◼
Slide 16: Macro events creating inflationary pressures on the supply chain
Macro events creating inflationary pressures on the supply chain for dairy and meat products COVID-19 Impact Ukraine & Russia Conflict Continued disruptions to global supply Russia and Ukraine are significant chains have affected pricing and exporters of wheat products, conflict in the availability
Slide 17: We are well positioned to weather inflationary pressures given our strong margins
We are well positioned to weather inflationary pressures given our strong margins Premium Dairy Premium Consumer Foods Whole Milk Powder Prices (US$/MT)1 Annual Average Beef Purchase Price (US$/MT)2 6,000 6,000 US$4,596/MT US$5,314/MT 5,000 15 Mar 2022 Inflation 5,000 4,000 Impact 4,000 3,000 2,000
Slide 18: We will continue to invest in channel growth and production capacity expansion
We will continue to invest in channel growth and production capacity expansion in order to drive top-line growth Channel Growth Capacity Expansion Well positioned to take up shelf space We will continue to expand our production vacated by competitors, and continue capacity and improve service levels
Slide 19: Key Takeaways
Draft 3 Key Takeaways
Slide 20: Key takeaways
Key takeaways Rapid top-line growth of 120% YoY, with a near doubling of operating and net 1 profit margins Increased production capacity, with potential upside from further 2 improvements to service levels Strong balance sheet to support and accelerate our expansion plans 3 across distribution chan
Slide 21: Appendix
4 | Appendix
Slide 22: Consolidated statement of profit or loss
Consolidated statement of profit or loss Year Ended 31 December 2018 2019 2020 2021 (Rp Billions) (Rp Billions) (Rp Billions) (Rp Billions) Net Sales 1,086.9 1,390.8 1,861.9 4,095.7 Cost of Sales (667.3) (873.4) (1,101.8) (2,122.6) Gross Profit 419.7 517.3 760.1 1,973.0 Selling & Marketing Expenses
Slide 23: Consolidated statement of financial position
Consolidated statement of financial position Year Ended 31 December 2018 2019 2020 2021 (Rp Billions) (Rp Billions) (Rp Billions) (Rp Billions) Cash and cash equivalents 18.6 20.4 67.0 3,661.8 Total Current Assets 294.4 341.2 556.9 4,832.3 Total Non-Current Assets 365.2 474.1 529.9 771.5 Total Asset
Slide 24: Consolidated statement of cash flows
Consolidated statement of cash flows Year Ended 31 December 2018 2019 2020 2021 (Rp Billions) (Rp Billions) (Rp Billions) (Rp Billions) Net cash provided by operating activities 107.5 48.9 198.9 725.6 Net cash used in investing activities (148.3) (47.5) (105.3) (288.5) Net cash provided by/(used in)
Slide 25: Slide 25
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