Century Pacific Food, Inc. · PSE:CNPF
Century Pacific Food — FY2024 Earnings Presentation
33 slides from Century Pacific Food's earnings presentation, Apr 8, 2025
Slide 1: Nourishing Lives, Investing in the Future
Nourishing Lives, Investing in the Future CNPF FY24 RESULTS PRESENTATION APRIL 2025
Slide 2: Latest Financial Performance
LATEST FINANCIAL PERFORMANCE
Slide 3: FY 2024 Financial Results Highlights
FY 2024 FINANCIAL RESULTS HIGHLIGHTS BRANDED OEM GROSS REVENUE NET INCOME REVENUE REVENUE MARGIN FY +12% +7% +36% +210 +14% Growth year- bps on-year 75.5B 59.3B 16.2B 26.1% 6.3B 4Q Growth year- +11% +10% +15% +90 bps +11% on-year 18.5B 15.0B 3.5B 24.5% 1.1B 3
Slide 4: Delivers Consistent Growth Over the Years Through Its Diversified Portfolio
DELIVERS CONSISTENT GROWTH OVER THE YEARS THROUGH ITS DIVERSIFIED PORTFOLIO Sustained revenue growth performance year-on-year Breakdown of YoY performance In PHP B 12% FY24 vs FY23 40% 36% 75.5* 35% 67.1 29% 30% 62.3 Branded 25% 21% 25% 54.7 18% 48.3 20% Total 20% 13% 22% 29% 16% 12% OEM 19% 29% 15%
Slide 5: Topline Continues to Post Growth Amidst OEM Recovery and Branded Resilience
TOPLINE CONTINUES TO POST GROWTH AMIDST OEM RECOVERY AND BRANDED RESILIENCE Revenue Growth Split Quarterly Revenue Trend In PHP B In PHP B 12% YoY 3% QoQ FY24 vs FY23 4Q24 vs 3Q24 19.6 19.2 4.1 75.5 18.2 18.5 4.3 67.1 2024 11% YoY +36% YoY +7% YoY 17.8 4Q24 vs 4Q23 vs FY23 vs FY23 17 16.7 Recovery i
Slide 6: Commodity Movements Drive Strong 2024 OEM Topline Growth
COMMODITY MOVEMENTS DRIVE STRONG 2024 OEM TOPLINE GROWTH OEM YoY Revenue Trend OEM Quarterly Revenue Trend Skipjack Tuna Price Trend In PHP B In PHP B 15% YoY 4Q24 vs 4Q23 36% YoY FY24 vs FY23 22% QoQ 4% YoY 4Q24 vs 3Q24 FY23 vs FY22 16.2 4.5 4.3 3.9 12.5 11.9 3.5 3.2 3.1 3.0 2023 2.6 2.6 2024 Suppl
Slide 7: Branded Segment Accelerates in 4Q as Macroeconomic Conditions Improve
BRANDED SEGMENT ACCELERATES IN 4Q AS MACROECONOMIC CONDITIONS IMPROVE Branded YoY Revenue Trend Branded Quarterly Revenue Trend Domestic Inflation Trends In PHP B In PHP B 2% QoQ 4Q24 vs 3Q24 7% YoY 15.3 14 15.1 Rice 24.4 FY24 vs FY23 14.7 12 Inflation 22.5 11% YoY 14.2 19.6 FY23 vs FY22 59.3 14.6 2
Slide 8: Gross Margin Gains in 2024 Was Reinvested in Opex to Support Growth
GROSS MARGIN GAINS IN 2024 WAS REINVESTED IN OPEX TO SUPPORT GROWTH YoY Gross Margin Trend Favorable Input Costs… …Allowed for Reinvestments in OPEX Gross Margin 2023 2024 Milk 26.1% 24.0% +210bps 5,000 4,500 4,000 5Y Average Gross margin improves YoY as input 3,500 costs move favorably 3,000 2,500
Slide 9: Consistent Bottomline Growth Mirrors Rise in Sales Driven by Reinvestment Strategy
CONSISTENT BOTTOMLINE GROWTH MIRRORS RISE IN SALES DRIVEN BY CNPF’S REINVESTMENT STRATEGY Sustained Profit Growth Discretionary Opex Used to Balance Gross Margin Changes In PHP B Gross Margin 26.1% 24.7% 24.0% 23.3% 23.1% 14% FY24 vs FY23 Opex to Sales 15.5% 14.0% 13.8% 6.3 13.1% 12.9% 5.6 5.0 4.7 E
Slide 10: Healthy Operating Cashflow Funded Capacity Expansion, Higher Dividends, & Debt Repayments
HEALTHY OPERATING CASHFLOW FUNDED CAPACITY EXPANSION, HIGHER DIVIDENDS, & DEBT REPAYMENTS FY 2024 Cash Flows In PHP M 9,561 13,200 Dividends of (1,061) (350) Php0.96 per share 2.7B net payment of Increase in (3,194) debt, interest receivables and inventory offset Capacity 5,050 increase in expansion
Slide 11: Key 2024 Takeaways: Diverse Portfolio Supports Steady, Profitable Growth
KEY 2024 TAKEAWAYS DIVERSE PORTFOLIO SUPPORTS STEADY, PROFITABLE GROWTH Margin gains Continuous Consistent low to reinvested in brand- investment in the mid-teens growth building and business while in both topline and promotions to providing bottomline sustainably support shareholders with topline g
Slide 12: Business Highlights & FY 2025 Outlook
BUSINESS HIGHLIGHTS & FY 2025 OUTLOOK
Slide 13: Steadfast in Our Strategic Growth Pillars
STEADFAST IN OUR STRATEGIC GROWTH PILLARS PROSPER FUTURE- SUSTAINABLY STRENGTHEN REINFORCE PROOF OUR BRANDS
Slide 14: Establish Relevance of Core Through Sustained Communications
ESTABLISH RELEVANCE OF CORE THROUGH SUSTAINED COMMUNICATIONS Reinforcing Value Proposition for Core Brands Through The Years #1 83% Dec 24 (MAT) Canned Tuna Market Share 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 #1 52% Dec 24 (MAT) Corned Meat Market Share • Promote health and wellness
Slide 15: Strengthen Brands Across the Portfolio
STRENGTHEN BRANDS ACROSS THE PORTFOLIO CNPF Recent Brand Campaigns 15
Slide 16: Reinforce and Build Milk Business as a New Growth Engine
REINFORCE AND BUILD MILK BUSINESS AS A NEW GROWTH ENGINE Build on Birch Tree Brand to Innovate within Powdered Milk 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Innovations Birch Tree BT Choco BT Adult Boost BT Fortified BT Advance New Packs Fortified Relaunch Market Shares Competitor 1 76
Slide 17: Investing in Emerging Categories to Support Long-Term Growth
INVESTING IN EMERGING CATEGORIES TO SUPPORT LONG-TERM GROWTH Scaling Up Emerging Businesses 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Coconut Coconut OEM Coco Mama Coco Harvest Business Acquisition Pet Food Goodest Cat Goodest Dog Goodest Dry Range Plant-Based, Refrigerated, Condiments
Slide 18: Aligning Investments with Our Strategic Growth Pillars (2014 Portfolio)
ALIGNING INVESTMENTS WITH OUR STRATEGIC GROWTH PILLARS MILK EMERGING 2014 Portfolio MARINE & MEAT SOLID CORE
Slide 19: Aligning Investments with Our Strategic Growth Pillars (2024 Portfolio)
ALIGNING INVESTMENTS WITH OUR STRATEGIC GROWTH PILLARS MILK NEW PRODUCTS Branded Coconut, Condiments, Plant-Based, Refrigerated, & Pet Food EMERGING EMERGING 2024 Portfolio MARINE MILK & MEAT GROWTH ENGINE MARINE & MEAT SOLID CORE SOLID CORE
Slide 20: Embracing Sustainability as Part of Growth Ambitions
EMBRACING SUSTAINABILITY AS PART OF GROWTH AMBITIONS Balancing the Needs of Stakeholders & Thinking Win-Win Lowered water and GHG intensity and increased renewable Maintained strong partnerships with communities to energy sourcing versus baseline year promote circular economy 2024 Water Intensity 45
Slide 21: Embracing Sustainability as Part of Growth Ambitions
EMBRACING SUSTAINABILITY AS PART OF GROWTH AMBITIONS Balancing the Needs of Stakeholders & Thinking Win-Win Creating job opportunities as the business grows 2024 People Statistics 96% 75.5 Retention rate of employees 67.1 62.3 identified as greenzone talents 54.7 48.3 Revenues Php Billions ~50% Empl
Slide 22: 2025 Dividends at Php 0.55/Share
2025 DIVIDENDS AT PHP 0.55/SHARE 31% 0.96 Total Payout vs FY24 Net Income 0.55 0.36 0.40 0.36 Special Regular 2021 2022 2023 2024 2025 22
Slide 23: 2025 Outlook
2025 OUTLOOK 2025 Outlook 2025 Growth Drivers Growth in the Topline low to mid-teens • Execute growth strategy with diversified portfolio • Improving consumer outlook supported by easing inflation • Margin pressures to be offset by opex spending to deliver bottomline growth in lockstep with topline
Slide 24: Maintain Topline and Bottomline Ambitions for the Short to Medium-Term
MAINTAIN TOPLINE AND BOTTOMLINE AMBITIONS FOR THE SHORT TO MEDIUM-TERM 10-15% Growth (2X GDP) Strengthen the Core OEM Reinforce and Future-proof Portfolio Growth & Emerging Core Prosper Sustainably 2024 2025F 2026F 2027F 2028F 2029F ENABLED BY Corporate Customer-Driven Consumer-Led People Capability
Slide 25: Nourishing Lives, Investing in the Future
Nourishing Lives, Investing in the Future CNPF FY24 RESULTS PRESENTATION APRIL 2025
Slide 26: Annex
ANNEX
Slide 27: Other Financials
OTHER FINANCIALS
Slide 28: FY 2024 Summarized P&L
FY 2024 SUMMARIZED P&L In PHP Mill FY 2023 FY 2024 Change YoY Net Revenues 67,124 75,490 12% • Revenues grew 12% mainly driven by OEM Cost of Sales recovery 50,987 55,796 9% • Branded up 7% as demand remains resilient, Gross Profit 16,137 19,694 22% driven by essentials and staples nature of Operati
Slide 29: FY 2024 Summarized Balance Sheet
FY 2024 SUMMARIZED BALANCE SHEET In PHP Mill FY 2023 FY 2024 In PHP Mill FY 2023 FY 2024 Cash 5,050 3,230 Trade and Other Payables 10,452 13,400 Receivables 9,387 10,743 Inventory 16,902 17,718 Notes Payable - Current 2,877 224 Current Assets 34,476 35,548 Long-Term Loan 3,157 3,100 PPE 8,980 10,039
Slide 30: FY 2024 Summarized Cash Flow
FY 2024 SUMMARIZED CASH FLOW In PHP Mill FY 2023 FY 2024 • Increase in working capital as higher Profit before Tax 6,526 7,394 receivables and inventories offset higher Depreciation & trade and other payables Amortization 1,700 1,855 Working Capital Change 732 (566) • Strong cash generation supporte
Slide 31: CCC Lower Year-on-Year
*Working capital days CCC LOWER YEAR-ON-YEAR Working Capital Receivables Inventory Payables & Cash Conversion Cycle & Receivable Days & Inventory Days & Payable Days* 97 80 51 52 121 116 75 88 15,836 15,060 9,387 10,743 16,902 17,718 10,452 13,400 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 • Cash conve
Slide 32: Financial Ratios
FINANCIAL RATIOS 0.18 0.09 • Decrease in gearing ratio due to decrease in debt, comfortable levels Gearing (x) maintained FY23 - FY24 0.03 • Decrease in debt drives net gearing Net Gearing (x) close to 0 in 2024 0.00 FY23 - FY24 2.50 2.52 Current Ratio (x) • Current ratio stable vs 2023 figure FY23
Slide 33: Ortigas Center, Pasig City, Philippines
Ortigas Center, Pasig City, Philippines investorrelations@centurypacific.com.ph +632 8633 8555 www.centurypacific.com.ph http://edge.pse.com.ph www.linkedin.com/company/century-pacific-food-inc-/ www.facebook.com/CenturyPacificFoodInc This document is highly confidential and being given solely for y