Fraser & Neave Ltd. · SGX:F99
Fraser & Neave — Asia Pacific Breweries — H1 2011 Earnings Presentation
12 slides from Fraser & Neave's earnings presentation, May 13, 2011
Slide 1: FY10/11 Half Year Results Briefing
FY10/11 HALF YEAR RESULTS BRIEFING Mr Roland Pirmez Chief Executive Officer 13 May 2011 1 FINANCIAL RESULTS 2
Slide 2: Financial Results
FINANCIAL RESULTS H1 2011 H1 2010 % (S$’ Million) (S$’ Million) Change Revenue 1,528.9 1,241.8 +23.1 PBIT 340.9 254.8 +33.8 Attributable Net 183.6 134.7 +36.3 Profit * * Includes results of discontinued Indian operations in H1 2010 3 REVENUE S$’million 2,000.0 CAGR 13% +23% 1,500.0 +17% +14% +1% 1,5
Slide 3: Revenue and PBIT
REVENUE Indochina Stands As Largest Revenue Generator H1 2011 H1 2010 % (S$’ Million) (S$’ Million) Change Indochina 555.7 503.4 10 South & South East Asia 509.7 313.1 63 Oceania 443.5 408.3 9 North Asia 13.0 9.0 44 Corp. Office 6.9 7.9 -11 Total 1,528.9 1,241.8 23 5 PBIT S$’million +34% 350.0 CAGR
Slide 4: PBIT
PBIT H1 2011 H1 2010 % Change (S$’ Million) (S$’ Million) Indochina & 167.1 133.1 26 Thailand South & South 103.8 62.4 66 East Asia Oceania 79.9 67.1 19 North Asia 0.5 -2.2 NM Corp. Office -10.4 -5.5 -89 Total 340.9 254.8 34 NM = Not Meaningful 7 PBIT (S$ m) Organic PBIT Growth of 28% +33.8% 450 vs
Slide 5: Attributable Profit
ATTRIBUTABLE PROFIT (Before Exceptional Items) S$’million CAGR 23% +36% 200.0 180.0 160.0 +48% 183.6 140.0 120.0 +14% +1% 134.7 100.0 80.0 91.0 60.0 90.4 79.2 40.0 20.0 0.0 H1 2007 H1 2008 H1 2009 H1 2010 H1 2011 9 ATTRIBUTABLE PROFIT (Before Exceptional Items) 300 (S$ m) Organic APBE Growth of 23%
Slide 6: Financial Summary / Ratio
FINANCIAL SUMMARY/ RATIO H1 2011 H1 2010 Change PBIT margin 22.3% 20.5% +1.8% ROE 16.2% 12.6% +3.6% EPS (cents) 71.1 52.2 +18.9ct Net asset value per $4.40 S$4.26 +$0.14 share Net tangible assets per $1.89 S$1.77 +$0.12 share 11 REGIONAL PERFORMANCE 12
Slide 7: South & Southeast Asia; Thailand & Indochina
SOUTH & SOUTHEAST ASIA (Singapore, Export Markets, Malaysia, Indonesia & Sri Lanka) Half Year Results Revenue : S$509.7m (+S$196.6m or +63%) • Boosted by acquisition of brewery in Indonesia • Higher domestic volume in S’pore (+4%) & Sri Lanka (+24%) • Offset by lower contract brew volume (-5%) PBIT
Slide 8: Oceania; North Asia
OCEANIA (New Zealand, Papua New Guinea & New Caledonia) Half Year Results Revenue : S$443.5m (+S$35.2m or +9%) • Lifted by acquisition of brewery in New Caledonia • Double digit volume growth in Papua New Guinea (+12%) • Offset by lower volume in New Zealand (-5%) PBIT : S$80.0m (+S$12.9m or +19%) •
Slide 9: Developments: New Brewery
DEVELOPMENTS 17 NEW BREWERY Guangdong, China • Completed construction of a 1 million-hectolitre greenfield brewery in Dec 2010 • To accelerate Group’s advancement in South China 18
Slide 10: Brewery Enhancements and Divestment
BREWERY ENHANCEMENTS Ulaanbaatar, Mongolia • Annual production capacity increased to 300,000 hectolitres in Feb 2011 • Cater to volume increase and growth potential 19 BREWERY DIVESTMENT China • Completed divestment of 21.37% stake in Kingway Brewery in May 2011 • APB’s share of exceptional income -
Slide 11: Footprint
FOOTPRINT • Interest in 29 brewery operations in 13 markets in the Asia Pacific region 8 • Robust distribution network • Strategic partnerships and alliances • Continual growth of Asian economies 21 OUTLOOK 22
Slide 12: Outlook
OUTLOOK • Rising inflation may dampen consumer demand. • Strengthening Singapore Dollar, especially against Vietnamese Dong, to adversely affect the financial report. • Similar provisions for employee share-based expenses expected in 2H 2011. 23 THANK YOU next speaker: Dato’ Ng Jui Sia Chief Executi
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