Pt Cisarua Mountain Dairy Tbk · IDX:CMRY
Pt Cisarua Mountain Dairy Tbk — Q1 2023 Earnings Presentation
22 slides from Pt Cisarua Mountain Dairy Tbk's earnings presentation, May 2, 2023
Slide 1: PT Cisarua Mountain Dairy Tbk 1Q 2023 Results Presentation
PT Cisarua Mountain Dairy Tbk 1Q 2023 Results Presentation 2 May 2023
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 Axel Sutantio Bharat Joshi President Director Director Director Group Chief Executive Officer MP Chief Executive Officer Chief Financial Officer & Investor Relations
Slide 4: Agenda
Agenda 1 Financial Results 4 2 Operational Performance 13 3 Key Takeaways 19 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 Continued YoY expansion of Total Net 6,378 Sales, primarily driven by strong growth in Premium Consumer 4,096 Foods and UHT Milk 1,862 1,470 1,831 FY20A FY21A FY22A 3M22A 3M23A Premium Dairy Net Sales (Rp bn) Premium
Slide 7: Gross profit
Gross profit Cost of Sales % Net Sales (Rp bn) Commentary Raw Materials & Packaging Others Heightened Raw Materials & Packaging costs as we work through historical inventory which was 59.2% 58.2% 60.1% acquired during periods of elevated prices 55.7% 51.8% 8.6% 8.7% Increase in Other Cost of Sal
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: Opportunistic outdoor marketing
Opportunistic outdoor marketing 8
Slide 10: General & administrative expenses
General & administrative expenses General & Administrative Expenses (Rp bn) General & Administrative Expenses % Net Sales (Rp bn) Salaries & Allowances Salaries & Allowances Others Others 134 76 79 3.5% 66 1.6% 2.6% 35 30 48 2.1% 1.9% 2.0% 1.4% 29 26 0.9% 1.2% 0.8% 58 44 12 1.9% 36 1.1% 1.1% 1.2% 22
Slide 11: Operating & net profit
Operating & net profit Operating Profit & Margin (Rp bn) 25% 22% 20% 1,800 19% 1,600 13% 20% 1,400 1,256 0% 1,200 1,007 1,000 -20% 800 -40% 600 328 341 236 400 -60% 200 0 -80% FY20A FY21A FY22A 3M22A 3M23A Net Profit & Margin (Rp bn) Commentary 19% 18% 1,400 17% 16% 20% Strong top-line growth led
Slide 12: Quarterly performance
Quarterly performance Volume driven growth 1,831 substantially derived from 1,622 continued performance of 1,470 Premium Consumer Foods Net Sales 1Q22 4Q22 1Q23 60% 1,400 44% 1,200 40% 40% 50% 40% 1,000 Gross Profit Margins have 731 30% Gross Profit 800 650 648 largely stabilised 20% & Margin 600 10
Slide 13: Balance sheet & cash flows
Balance sheet & cash flows Net Cash (Debt) Position (Rp bn) Strong balance sheet to support rapid growth strategies 3,700 3,200 3,0831 3,052 2,700 2,200 1,700 1,200 700 200 (300) (800) (31) CC&E Debt Net Cash Net Operating Cash Flows vs Capital Expenditure (Rp bn) Commentary Net Operating Cash Flow
Slide 14: Operational Performance
2 Operational Performance
Slide 15: General Trade and Miss Cimory channel penetration
Successful execution of our channel penetration strategies, with an emphasis on improving productivity per MCM agent General Trade (“GT”) Sales Force & Distributor Network Outlet Footprint Distributor Partners 8,110 chillers GT Sales Force Headcount deployed to date 852 400 1,100 795 806 694 350 900
Slide 16: Price of raw materials continue to normalise
Price of raw materials continue to normalise, which if sustained will result in a positive impact on our Gross Margins Whole Milk Powder Prices (US$/MT)1 5,500 (33%) Decline 5,000 US$4,596/MT 15 Mar 2022 4,500 4,000 3,500 US$3,089/MT 18 Apr 2023 3,000 2,500 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22
Slide 17: Continued strengthening of the Indonesian Rupiah
Continued strengthening of the Indonesian Rupiah IDR per USD (Last 6 Months) IDR14,702 27 Apr 2023 Source: Factset as at 27 Apr 2023. 16
Slide 18: Indonesia dairy market has substantial runway to expand
Indonesia dairy market has substantial runway to expand on the back of Indonesia’s consumption growth story Dairy market in Indonesia is in the early stages of development with significant headroom to grow, supported by strong Indonesian macroeconomic tailwinds Dairy Sales per Capita by Market (2021
Slide 19: Focus on channel growth and new product launches
We will maintain our focus on investing in channel growth and new product launches to capture rising consumer demand New Products Flavour Extensions Yogurt Stick Kanzler Singles Channel Growth Launch of New Products Well positioned to increase our shelf space Launch of Yogurt Stick in late 1Q23, a
Slide 20: Key Takeaways
Draft 3 Key Takeaways
Slide 21: Key takeaways
Key takeaways 1 Strong 3M23 top-line expansion of 25% YoY, driven primarily by volume-based growth Consumer Foods exhibited exceptional performance of 62% YoY Net Sales growth in 2 3M23, driven by contributions from all product categories Stabilizing Gross Profit Margins with potential improvements
Slide 22: Slide 22
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