Fraser & Neave Holdings Bhd. · MYX:F&N
Fraser & Neave Holdings Bhd — H1 FY2009 Earnings Presentation
19 slides from Fraser & Neave Holdings Bhd's earnings presentation, May 5, 2009
Slide 1: FY08/09 Half Year Results Briefing
Fraser & Neave Holdings Bhd FY08/09 Half Year Results Briefing 5 May 2009 Presented by : Tan Ang Meng, CEO
Slide 2: Financial highlights
Financial highlights RM mil 1H09 1H08 +/- (%) Revenue 1,831.6 1,807.6 +1.3 PBIT b4 UI 168.5 141.0 +19.6 PBIT after UI 158.5 141.0 +12.5 PBT 150.5 132.2 +13.9 PAT 113.9 100.6 +13.3 AP 104.2 92.4 +12.7 Note – UI consists of one- one-off cost of RM 10mil relating to planned closure of KLG + Resilient a
Slide 3: Financial highlights
Financial highlights Key ratios 1H09 1H08 +/- (%) Per share - EPS (sen) 29.3 25.9 +12.7 - NAV (RM) 3.41 3.23 +5.6 - DPS (net) (sen) ~ special - 5.0 ~ interim (gross 17 sen) 12.75 12.58 +1.4% PBIT margin before UI 9.2% 7.8% ROE (half year) 8.6% 8.0% Net Gearing (x) 0.2 0.31 Share price @ 31 Mar (RM/s
Slide 4: Group revenue
Group revenue Revenue holding despite weak economy Soft Drink volume + 5%, lead by higher Isotonic & ASD volume Both Malaysia & Thailand Dairies affected by slower exports Dairies Thailand domestic volume holding despite political / economic situation Glass revenue up on higher price level
Slide 5: Operating profit (PBIT)
Operating profit (PBIT) Group PBIT before UI improved 19.6% (+12.5% after UI) All core divisions show strong performance Strong rebound in Dairies’ profitability, especially Thailand Property profit lower after “bulk sales” cancellation in Q4 FY08 RM mil 200 +2.2m -6.7m +19.6% +12.3m 168.5m
Slide 6: Segment revenue & PBIT
Segment revenue & PBIT Dairies remained largest revenue segment at 50% Dairies’ profit contribution up, 37% vs. 25% Soft drinks contributed 55% of group profit Rev 1.83bil 1H09 PBIT 159mil Rev 1.81bil 1H08 PBIT 141mil 100% 27m (2%) 3m (1% ) 11m 100% 26m (1%) 218m 10m (7% ) (7% ) 199m 90% (12%)
Slide 7: Last 5 years growth
Last 5 years growth +1.3% 2,000 17.2% CAGR 1,808 1,832 1,500 Revenue remain solid, despite 1,250 external challenges 1,002 1,000 973 A track record of consistent strong profit growth 500 Over 5 years, both revenue & 0 HY05 HY06 HY07 HY08 HY09 profit experiencing double digit growth 180 PBIT PB
Slide 8: Operations Review - Soft drinks
Operations Review - Soft drinks RM mil vs. LY Revenue 663.1 +5.4% PBIT 87.2 +12.9% Volume & revenue +5% ◊ Strong festive sales & promotional activities Record CNY volume > 6 mil cases in a single month ◊ Seasons & 100Plus star performers In-house PET plant & new warehouse in Kuching, Sarawak.
Slide 9: Operations Review - Dairies Malaysia
Operations Review - Dairies Malaysia RM mil vs. LY Revenue 516.3 -0.8% PBIT 36.3 +36.6% Volume declined 2%, revenue -1% vs. LY ◊ Domestic volume flat ◊ Exports affected by price competition Double digit PBIT growth on declining raw material costs PBIT Margins improved from 5.1% LY to 7% Pric
Slide 10: Operations Review - Dairies Thailand
Operations Review - Dairies Thailand RM mil vs. LY Revenue 407.2 -5.8% PBIT 21.6 +134% Volume decline 5%, revenue -6% against LY ◊ Domestic volume flat ◊ Exports to Nestle affiliates decreased Q2 volume recovered by re-entry into price controlled [SBC, Evap] segment as input cost decreased PBI
Slide 11: Operations Review - Dairies Thailand
Operations Review - Dairies Thailand Rojana Progress Photos - Mar 2009 FNHB Half Year Results Briefing FY08/09 - 5 May 09 11
Slide 12: Operations Review - Glass
Operations Review - Glass RM mil vs. LY Revenue 217.5 +9.1% PBIT b4 UI 20.6 +11.9% 11% decline in volume vs. LY due to lower demand ◊ Thailand – sharp decline in orders from softening beer markets ◊ Malaysia – lower export orders Higher price level & change in sales mix led to 9% growth in reven
Slide 13: Operations Review - Properties
Operations Review - Properties RM mil vs. LY Revenue 27.4 +5.6% PBIT 2.3 -67.5% Fraser business Park Phase II Percentage of units sold currently at 43% vs. 58% LY ◊ cancellation of “bulk” sales in Q4 FY08 FNHB Half Year Results Briefing FY08/09 - 5 May 09 13
Slide 14: Dividends
Dividends Maintaining interim dividend payment Gross amount 17 sen, same as LY Net dividend of 12.75 sen per share or RM45.4m Payment date 6 Aug 09 Sen Interim dividend per share (sen) nett 20 18 17.58 16 5.0 Special dividend 14 12.75 11.5 12.0 12 10.1 12.58 10 8 6 4 2 0 FY05 FY06 FY07 FY08
Slide 15: Business outlook
Business outlook Negative factors Recessions in key markets Lower spending power/poor consumer sentiment Heightened price competition Weakening local currencies Positive factors Lower commodity price level Government actions to boost spending Attractive consumer-based promotions to sti
Slide 16: Material cost trends
Material cost trends Benefits from lower costs partly eroded by weaker Ringgit and lower selling prices USD 6,000 5,000 4,000 3,000 2,000 1,000 0 Mar06 Jun06 Mar07 Jun07 Mar08 Jun08 Jan-09 Mar-09 Sep05 Dec05 Sep06 Dec06 Sep07 Feb-09 Dec07 Sep08 Dec-08 SMP Whey Tin Plate Palm Oil % drop vs. peak Less
Slide 17: Material cost trends
Material cost trends Aluminum (USD/MT) Aluminum prices have come down 55% from its peak of USD3,122 FNHB Half Year Results Briefing FY08/09 - 5 May 09 17
Slide 18: Foreign exchange – USD vs. RM & BAHT
Foreign exchange – USD vs. RM & BAHT 3.8 3.7 RM (per unit of USD) BAHT (per 0.1 unit of USD) 3.6 3.5 3.4 3.3 Since Mar 08 USD has appreciated against RM : 16% 3.2 BAHT : 13% 3.1 3 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 FNHB Half Year Results
Slide 19: End of presentation
EN End of presentation
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