PT Central Proteina Prima Tbk · IDX:CPRO
PT Central Proteina Prima Tbk — Debt Investor Presentation (April 2010)
26 slides from PT Central Proteina Prima Tbk's debt investor presentation, April 2010
Slide 1: PT Central Proteinaprima Tbk Presentation to Noteholders April 2010
PT Central Proteinaprima Tbk Presentation to Noteholders April 2010 1
Slide 2: Disclaimer and Forward Looking Statements
Disclaimer and Forward Looking Statements This document and verbal discussion contains forward-looking statements, concerning, among other things, CPP’s prospects, expected revenues, expenses and profits, developments and business strategies for its operations all of which are subject to certain ris
Slide 3: Table of Contents
Table of Contents Page Section 1 Introduction 4 Section 2 Financial Analysis and Discussion 6 Section 3 IMNV and Mitigation Strategy Update 22 3
Slide 4: Section 1: Introduction
Section 1: Introduction CP PRIMA
Slide 5: Introduction
Introduction This presentation provides: Further analysis of the Company’s financial and operational performance for the twelve months ending 31 December 2009 An update on the Company’s continuing efforts to mitigate the impact of IMNV on CPB and limit its impact on WM and AWS 5
Slide 6: Section 2: Financial Analysis and Discussion
Section 2: Financial Analysis and Discussion 6
Slide 7: Financial Summary: 2009 vs 2008
Financial Summary: 2009 vs 2008 Financial Summary (IDR in million) Dec 31, Dec 31, For the twelve months ended 2008 2009 % Variance YOY Revenue 8,169,928 6,832,754 -16.4% COGS 6,626,049 5,996,638 -9.5% Gross Profit 1,543,879 836,116 -45.8% Operating Profit 592,837 (189,766) -132.0% EBITDA 816,951 17
Slide 8: Quarterly Income Statement in 2009
Quarterly Income Statement in 2009 Company’s performance continued to Income Statement Summary (IDR in million) worsen in Q4 Variance % 31 December Year End Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q4 vs Q3 Q4 Revenue was relatively flat Revenue 1,955,695 1,578,871 1,647,076 1,651,112 0.2% compared with Q3 C
Slide 9: Revenue by Business
Revenue by Business Frozen shrimp revenues actually increased by 14.6%, primarily due to increased volume in Q4 as a result of strong harvests at WM and AWS The USD average selling price increased, but was offset by the appreciation of the IDR against the USD Fresh shrimp revenue increased for the s
Slide 10: Volume and Price by Business
Volume and Price by Business Frozen Shrimp Shrimp Feed 14,000 12,817 9.0 40,000 37,298 12,000 7.9 35,326 35,297 7.5 7.6 33,090 12,000 8.0 35,000 6.7 10,000 7.0 30,000 ASP (USD/Kg) 10,000 ASP (Rp/Kg) 8,617 9,059 8,941 8,000 Volume (MT) 6.0 Volume (MT) 25,000 9,014 8,905 7,343 7,565 8,000 5.0 20,000 6
Slide 11: Harvest Tonnage
Harvest Tonnage Harvest volume at CPB increased in Q4 as a result of a small improvement in pond yield Harvest volume at AWS and WM also increased slightly due to the harvesting of a large number of ponds and slightly higher pond yield Harvest Tonnage Jan – Dec ‘09 6,000 Harvest Tonnage (MT) 5,000 4
Slide 12: Pond Yield
Pond Yield CBP pond yield improved month-over-month starting from Pond Yield All Sites 2006 – 2009* June through November but dropped slightly in December 10,000 The average yield for Q4 increased to 2,370 from 2,036 8,405 in Q3 8,000 Pond Yield (kg / pond) 6,798 6,819 6,691 7,170 6,526 5,892 WM pon
Slide 13: Gross Margin Analysis
Gross Margin Analysis Total gross margin declined to 4.9% in Q4 2009 from Gross Margin Breakdown 8.8% in Q3 2009, primarily due to reduced margins for frozen shrimp and fish feed 31 December Year End Q1 2009 Q2 2009 Q3 2009 Q4 2009 The gross margin for frozen shrimp decreased from Frozen Shrimp 25.9
Slide 14: SG&A Variance Analysis
SG&A Variance Analysis SG&A Variance Analysis (IDR in million) Variance % 31 December Year End Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q4 vs Q3 Freight out 55,718 34,540 29,807 29,897 0.3% Salaries,wages and employees' benefits 32,281 32,131 25,550 35,175 37.7% Transportation and travelling on duty 4,304 2,
Slide 15: EBITDA
EBITDA Because the Company had a strong first quarter in 2009, twelve-month EBITDA in 2009 decreased by only 78% compared to 2008 Twelve-month EBITDA margin declined to 2.6% in 2009, due to the continued impact of IMNV on CPB’s operations and the strengthening IDR against the USD 12M EBITDA 2008 vs
Slide 16: Profit Margin Analysis
Profit Margin Analysis EBITDA margin and EBIT margin continued to decline in Q4 2009 primarily due to increased operating costs associated with IMNV A significant portion of the Company’s costs are denominated in IDR, thus the strengthened IDR against the USD further depressed profit margins in Q4 F
Slide 17: Working Capital Analysis
Working Capital Analysis Trade Receivables from farmers decreased by Rp124bn or 12.0% in Q4 2009 as settlements increased from farms at AWS and WM, and because of the low number of ponds in operation at CPB Trade Receivables from export and free market increased by Rp58bn or 9.1% in Q4 2009 primaril
Slide 18: Q4 2009 vs Q3 2009 Cashflow Statement
Q4 2009 vs Q3 2009 Cashflow Statement The Company had positive cash inflow in CPP Cash Flow Summary (IDR in million) Q4 2009, primarily due to: Variance % 31 December Year End Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q4 vs Q3 Decrease in working capital due to EBITDA 255,093 27,803 (7,896) (98,244) NMF incre
Slide 19: CAPEX
CAPEX The Company continued to closely monitor its capital expenditures and was able to reduce CAPEX in Q4 2009 from Q3 2009 The Company completed the revitalization of Block 7 of AWS in Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2009 12M 2008 12M 2009 Total CAPEX 126 bn 86 bn 77 bn 69bn 1,866 bn 358 bn (ID
Slide 20: Operational Financing Overview
Operational Financing Overview Net available credit for operational financing decreased slightly in Q4 2009 from Q3 2009 The Company continued to seek additional short term financing to support its operations These discussions are ongoing and the outcome remains uncertain Management remains focused
Slide 21: Microfinancing Overview
Microfinancing Overview Four local banks provide microfinancing facilities to CPP’s plasma farmers that total Rp1,501bn Rp67bn was drawn from these facilities in Q4 2009 Rp605bn remains available from BRI and BNI At the end of Q4 2009, loans for approximately 3,600 plasma were in various stages of t
Slide 22: Section 3: IMNV and Mitigation Strategy Update
Section 3: IMNV and Mitigation Strategy Update 22
Slide 23: Situation Overview
Situation Overview IMNV was first detected at CPB in March 2009 Immediately following the detection of IMNV, the Company implemented procedures to mitigate the impact of IMNV at CPB and to impede its spread to WM and AWS IMNV had an increasingly negative impact on CPB through 2Q, before operations s
Slide 24: Section 4: The Way Forward
Section 4: The Way Forward CP PRIMA 24
Slide 25: The Way Forward
The Way Forward The Company is in discussions with Noteholders representatives which are now subject to an NDA O’Melveny & Meyers has been appointed as legal counsel to Noteholders, Ferrier Hodgson as financial advisor We hope that the discussions will identify a mutually acceptable solution for the
Slide 26: Q&A
Q&A CP PRIMA 26
PT Central Proteinaprima — Debt Investor Presentation (April 2010) on 6ix