Wilmar International Limited · SGX:F34
Wilmar International — FY2024 Earnings Presentation
21 slides from Wilmar International's earnings presentation, Feb 20, 2025
Slide 1: Wilmar International Limited FY2024 Results Briefing
WILMAR INTERNATIONAL LIMITED FY2024 Results Briefing February 20, 2025
Slide 2: Important Notice
IMPORTANT NOTICE Information in this presentation may contain projections and forward looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may cha
Slide 3: Agenda
Agenda 1 FY2024 Financial Performance – Key Takeaways 2 Business Outlook 3 Appendix 2
Slide 4: FY2024 Financial Performance – Key Takeaways
FY2024 Financial Performance – Key Takeaways
Slide 5: Earnings Highlights
Earnings Highlights vs 2H2023* vs FY2023* 2H2024 (US$m) FY2024 (US$m) Revenue 36,444 5% 67,379 0% EBITDA 2,096 -9% 3,886 -2% Profit Before Tax 1,003 -20% 1,745 -11% Net Profit 590 -39% 1,170 -23% Core Net Profit 558 -44% 1,164 -26% Earnings per share 9.5 -39% 18.7 -23% in US cents (fully diluted
Slide 6: Earnings Highlights – Segment Results (PBT US$m)
Earnings Highlights – Segment Results (PBT US$m) 2H2024 2H2023 ∆ FY2024 FY2023 ∆ Food Products 355.8 212.3 68% 502.1 294.9 70% Feed and Industrial Products 295.4 527.7 -44% 829.5 926.7 -10% Plantation and Sugar Milling 215.3 437.2* -51% 269.1 500.1* -46% Others 20.9 (25.0) n.m. (38.1) (55.2) 31% Joi
Slide 7: Sales Volume by Business Segment ('000 MT)
Sales Volume by Business Segment (‘000 MT) 2H2024 2H2023 ∆ FY2024 FY2023 ∆ Food Products 17,364 16,103 8% 33,000 30,682 8% Consumer Products 4,243 4,039 5% 8,332 7,970 5% Medium Pack and Bulk 13,121 12,064 9% 24,668 22,712 9% Feed and Industrial Products 38,453 33,348 15% 68,700 61,269 12% Tropical
Slide 8: Cash Flow Highlights
Cash Flow Highlights US$ million FY2024 FY2023 Operating cash flow before working capital changes 3,801 2,953 Add/(less): Changes in working capital, interest (paid)/received (2,429) 932 and income taxes paid Acquisition of subsidiaries, joint ventures and associates (66) (298) Capital expenditure (
Slide 9: Gearing
Gearing US$ million As at As at Dec 31, 2024 Dec 31, 2023 Debt/Equity (x) 0.94 0.88 - Net debt * 18,638 17,652 - Shareholders’ funds 19,861 20,173 Adjusted debt/Equity (x) 0.33 0.37 - Liquid working capital ** 12,088 10,174 - Adjusted net debt 6,550 7,478 - EBITDA 3,886 3,963 Net debt/EBITDA (x) 4.8
Slide 10: Business Outlook
Business Outlook • Despite the challenging operating conditions during the year, most of our businesses reported higher profits in FY2024, but this was offset by a weaker sugar merchandising business within our Feed & Industrial Products segment which had an exceptional year in FY2023. • We expect t
Slide 11: Appendix
Appendix
Slide 12: Business Segment results: Food Products
Business Segment results: Food Products (Consumer Products, Medium Pack and Bulk) 2H2024 2H2023 ∆ FY2024 FY2023 ∆ Revenue (US$ million) 15,169.1 14,158.3 7% 28,829.3 28,326.4 2% ➢ Consumer Products 5,336.6 5,287.6 1% 10,586.7 11,057.2 -4% ➢ Medium Pack and Bulk 9,832.5 8,870.7 11% 18,242.6 17,269.2
Slide 13: Business Segment results: Feed and Industrial Products
Business Segment results: Feed and Industrial Products (Tropical Oils, Oilseeds and Grains and Sugar) 2H2024 2H2023 ∆ FY2024 FY2023 ∆ Revenue (US$ million) 23,266.4 21,959.7 6% 42,254.0 41,369.2 2% ➢ Tropical Oils 12,927.9 11,414.8 13% 23,508.3 22,430.1 5% ➢ Oilseeds and Grains 5,656.0 5,542.2 2% 10
Slide 14: Business Segment results: Plantation and Sugar Milling
Business Segment results: Plantation and Sugar Milling 2H2024 2H2023 ∆ FY2024 FY2023 ∆ Revenue (US$ million) 2,043.4 2,090.7 -2% 3,360.8 3,980.6 -16% ➢ Oil Palm Plantation 1,129.4 1,061.4 6% 2,075.6 2,482.7 -16% ➢ Sugar Milling 914.0 1,029.3 -11% 1,285.2 1,497.9 -14% Sales volume (‘000 MT)# 2,331 2,
Slide 15: Plantation and Sugar Milling (Oil Palm Plantation Statistics)
Business Segment results: Plantation and Sugar Milling (Oil Palm Plantation Statistics) 2H2024 2H2023 ∆ FY2024 FY2023 ∆ Planted area (ha) 230,951 230,135 0% 230,951 230,135 0% Mature area harvested (ha) 211,053 211,862 0% 211,053 211,862 0% FFB production (MT) 2,162,031 2,370,703 -9% 4,109,244 4,450
Slide 16: Plantation Age Profile
Plantation Age Profile in hectares Average Age of Plantation 31 Dec 2024 0 - 3 yrs 4 - 6 yrs 7 - 14 yrs 15 - 18 yrs >18 yrs Total Indonesia 12,006 9,846 31,006 58,797 40,043 151,698 Malaysia 6,508 16,161 22,566 3,166 10,514 58,915 Africa - 5,709 12,004 658 1,967 20,338 Total planted area 18,514 31,7
Slide 17: Non-Operating Items
Non-Operating Items US$ million 2H2024 2H2023 FY2024 FY2023 Foreign exchange gain/(loss) in respect of intercompany loans to 2.0 (7.0) (16.3) (19.3) subsidiaries Net fair value gain/(loss) on investment securities at fair value 16.1 (16.5) 5.6 (33.7) through profit or loss Gain on disposal of invest
Slide 18: Cash Flow
Cash Flow US$ million FY2024 FY2023 Operating cash flow before working capital changes 3,801 2,953 Add/(less): Changes in working capital, interest (paid)/received and income (2,429) 932 taxes paid Acquisition of subsidiaries, joint ventures and associates (66) (298) Capital expenditure (1,572) (2,2
Slide 19: Cash Flow – Cont.
Cash Flow – Cont. • Inventories increased by 10% to US$12.99 billion as at 31 December 2024 mainly as an earlier Chinese Spring Festival in FY2025 led to an increase in stockholdings at the end of FY2024. Average turnover days decreased to 65 days in FY2024 (FY2023: 67 days). • Trade receivables inc
Slide 20: Funding and Liquidity
Funding and Liquidity As at Dec 31, 2024 US$ million Available Utilised Balance Credit facilities : Committed 11,269 8,661 2,608 Trade finance 47,550 19,296 28,254 Short term 1,284 393 891 Total credit facilities 60,103 28,350 31,753 Available facilities 31,753 Available cash not pledged 3,043 Total
Slide 21: Key Indicators
Key Indicators As at As at Dec 31, 2024 Dec 31, 2023 Return on Average Equity# 5.8% 7.6% Return on Invested Capital# 4.3% 5.6% in US cents EPS (fully diluted) 18.7 24.4 NTA per share 276.7 279.8 NAV per share 318.1 323.1 in Singapore cents Dividends (interim & final) 16.0 17.0 # Formulas : Return on