Fraser & Neave Ltd. · SGX:F99
Fraser & Neave — FY2024 Earnings Presentation
19 slides from Fraser & Neave's earnings presentation, November 2024
Slide 1: Financial Highlights for Full Year Ended 30 September 2024
FINANCIAL HIGHLIGHTS for full year ended 30 September 2024 (“FY2024”)
Slide 2: Important Notice
IMPORTANT NOTICE Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward- looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual re
Slide 3: F&N Achieved 13% Profit Growth Despite Forex Impact
F&N ACHIEVED 13 % PROFIT GROWTH DESPITE FOREX IMPACT FY2024 Performance Underscored Financial Resilience $2,162.1M $297.0M 13.7% (+ 3.0%) (+ 19.5%) (+ 190 bps) REVENUE PBIT PBIT MARGIN $219.1M $150.2M 10.3 CTS (+ 6.8%) (+ 12.7%) (+ 12.0%) PAT ATTRIBUTABLE PROFIT1 EARNINGS PER SHARE1 Full-year ended
Slide 4: Beverages Led FY2024 Revenue Growth of 3%
BEVERAGES LED FY2024 REVENUE GROWTH of 3% Excluding forex impact, revenue grew 5% FY2023 $2,099.1m FY2024 REVENUE (BY BUSINESS) Beverages + 11% F&B KEY TAKEAWAYS (+4%) Dairies + 1% • F&B segment drove Group topline growth + $63.0m (+ 3%) • F&B revenue grew 7% in constant currency P&P - 9% • Favourab
Slide 5: Singapore and Thailand Revenue Grew
SINGAPORE AND THAILAND REVENUE GREW Malaysia impacted by unfavourable forex translation FY2024 REVENUE (BY GEOGRAPHY) KEY TAKEAWAYS 10% 20% Thailand’s revenue grew due to favourable sales mix and higher canned milk volumes FY2024 Revenue (by Geography) Singapore’s revenue was boosted by higher 31% $
Slide 6: Profit Surged by 19% with Robust Growth Across All Business Segments
PROFIT SURGED by 19% WITH ROBUST GROWTH ACROSS ALL BUSINESS SEGMENTS Excluding forex impact, PBIT grew 24% FY2023 $248.5m Beverages + 22% FY2024 PBIT (BY BUSINESS) F&B KEY TAKEAWAYS Dairies (+ 21%) + 21% • F&B led earnings growth with a +21% increase + $48.5m (+ 19%) P&P NM (+25% in constant currenc
Slide 7: All Core Markets Contributed to Strong Earnings Growth
ALL CORE MARKETS CONTRIBUTED TO STRONG EARNINGS GROWTH Despite unfavourable forex impact FY2024 PBIT (BY GEOGRAPHY) KEY TAKEAWAYS Malaysia’s earnings grew despite Ringgit -1% 25% 32% weakness FY2024 PBIT • Supported by favourable cost environment $297.0M (by Geography) and improved operational effic
Slide 8: Financial Highlights: FY2024 Balance Sheet
FINANCIAL HIGHLIGHTS FY2024 Balance Sheet $5,202.4M $1,821.7M $3,380.7M TOTAL ASSETS TOTAL LIABILITIES TOTAL EQUITY Cash and Bank Balances $529.6M Borrowings $1,165.1M Share Capital $865.7M Other Current Assets $806.4 Other Current Liabilities $563.0M Treasury Shares ($0.9M) Non-Current Assets $3,86
Slide 9: Strong Capital Structure
STRONG CAPITAL STRUCTURE Maturity Profile of Group Debt Generous debt headroom for acquisitions FY2023 FY2024 Floating Rates Cash $431.8M $529.6M 18% $932.0m $233.1m Fixed Borrowings $1,133.6M $1,165.1M Rates 82% Gearing1 20.6% 18.8% MATURING < 1YR MATURING > 1YR Dividend 59.8% 53.4% 48.1% 50.0% 56.
Slide 10: Corporate Development
CORPORATE DEVELOPMENT Full-year ended 30 September 2024 10
Slide 11: F&N Strengthens Presence in Cambodia with New Dairy Manufacturing Facility
F&N STRENGTHENS PRESENCE IN CAMBODIA WITH NEW DAIRYMANUFACTURING FACILITY Leading the canned milk sector in Cambodia • F&NHB secured a land lease for the construction of a new dairy manufacturing facility in Cambodia. • This new plant will oversee the production, distribution, marketing, and sales o
Slide 12: F&N Advances on F&N AgriValley, Integrated Dairy Farm Project in Gemas
F&N ADVANCES ON F&N AGRIVALLEY, THE INTEGRATED DAIRY FARM PROJECT IN GEMAS,NEGERI SEMBILAN • F&N AgriValley’s initial milking target of early 2025 is under review following a suspension by Malaysian authorities of the first livestock delivery from the USA. • Despite having implemented all necessary
Slide 13: New Product Launch
NEW PRODUCT LAUNCH F&N MAGNOLIA Fresh Milk (Family Pack) PET 1.89L Only available in Singapore FRONT Full-year ended 30 September 2024 13
Slide 14: New Product Launch
NEW PRODUCT LAUNCH FARMHOUSE White Chocolate Low Fat Milk (limited-edition) Tetra 946ml Only available in Singapore LEFT FRONT RIGHT Full-year ended 30 September 2024 14
Slide 15: New Product Launch
NEW PRODUCT LAUNCH F&N ICE MOUNTAIN Sparkling Lychee Water (limited-edition) Can 325ml Only available in Singapore FRONT BACK Full-year ended 30 September 2024 15
Slide 16: New Product Launch
NEW PRODUCT LAUNCH F&N MAGNOLIA Hershey’s Chocolate Ice Cream Cone & Stick Formats Only available in Thailand & Singapore Hershey’s Chocolate Hershey’s Chocolate Overload Cone Almond Stick Full-year ended 30 September 2024 16
Slide 17: Marketing Investments
MARKETING INVESTMENTS Key Events/Sponsorships in FY2024 1. 100PLUS ACTIVE Launched in Indonesia 2. Chinese New Year 2024: Launch of 100PLUS Original Gold Cans (SG & MY) 3. 100PLUS Partnered Decathlon to Hydrate Consumers (SG) 4. 100PLUS Supported the AWAM White Ribbon Run 2024 (MY) 5. 100PLUS Launch
Slide 18: Thank You
Website: https://fraserandneave.com Thank You Analyst and media contact: Ms. Jennifer Yu Director, Investor Relations T: (65) 6318 9231 E: jenniferyu@fngroup.com.sg 18
Slide 19: FY2024 Group Financial Highlights
FY2024 GROUP FINANCIAL HIGHLIGHTS FY2023 FY2024 Change ($’M) ($’M) (%) Revenue 2,099.1 2,162.1 3.0 Gross Profit 623.0 688.8 10.5 Profit Before Interest and Tax 248.5 297.0 19.5 PBIT Margin (%) 11.8% 13.7% 190 bps Profit After Tax 205.1 219.1 6.8 Profit Attributable to Shareholders 133.3 150.2 12.7 E