Gfpt Public Co. Ltd. · SET:GFPT
Gfpt Public — FY2016 Earnings Presentation
33 slides from Gfpt Public's earnings presentation, Feb 23, 2017
Slide 1: Analyst Meeting No. 1/2017
ANALYST MEETING NO.1/2017 23 February 2017
Slide 2: Disclaimer
Disclaimer This presentation contains summary information about GFPT Public Company Limited (“GFPT” or “the Company”) and its subsidiaries (jointly the “GFPT Group”) as at 31 December 2016 and, unless stated otherwise. The information does not purport to be complete or comprehensive. This presentati
Slide 3: Agenda
AGENDA Financial Results Market Outlook & Trend Q&A Appendix: Company Profile Key Statistics Analyst Meeting No. 1/2017 | 23 February 2017 | page 3
Slide 4: GFPT Public Company Limited overview
GFPT Public Company Limited (TB:GFPT), founded in 1981 with headquarters in Bangkok, Thailand, is one of The Thailand’s chicken processors and marketers. Company is specialized in fully vertical integrated chicken production starting from feed mill, grandparent breeder farm, parent breeder farm,
Slide 5: GFPT's Vision and Missions
GFPT’S VISION “GFPT strives to be a leading chicken meat exporter with its fully vertical integrated chicken production” MISSIONS Quality Satisfaction Enhance product quality to the international standards Attention to the needs of customers Photo Food Safety Alliance อาหาร Confidence through the Bu
Slide 6: GFPT Profile
GFPT Profile Shareholding Structure Symbol GFPT as of 30/12/2016 Industry / Sector Agro & Food Industry / Agribusiness 2016 CG Score Excellent [90 – 100 CG Report Score] Anti - Corruption 3A (Established a policy for operation) Closed Price THB 14.70 per share (30/12/2016) Average Price THB 14.60 pe
Slide 7: Timeline
Timeline Name change of Subsidiary (KT) Stock split from THB 10 from Krungthai Feedmill GFPT Initially established Listed in SET to THB 1 per share to Krungthai Food 1981 1992 2010 2014 1990 1991 1993 2003 2008 2012 99.99% in FKT (Breeder farm) 99.99% in GFF 49% in McKey 99.99% of GP (GP farm) New f
Slide 8: Group Structure
Group Structure GFPT GFPT Public Company Limited Chicken Evisceration and Processed Food 5 Subsidiaries 2 Joint Ventures Keystone Foods Inc. [51%] McKey | 49.00% McKey Food Services (Thailand) Ltd. Frozen Processed Food KT | 98.10% FKT | 99.99% GFF | 99.99% Krungthai Food PCL. Krungthai Farm Co., Lt
Slide 9: Fully Vertical Integrated Chicken Production
Fully Vertical Integrated Chicken Production Import Grand Parent Chicks Primary Breeder Farm/ Hatchery Benefits of Vertical Integration: 0 – 25 wks rearing (PS Chicks) Food safety 26 – 64 wks laying 3 wks hatching Traceability from feed to food Food regulatory compliance Breeder Farm / Suppl
Slide 10: Product Line
Product Line FEED FOOD Shrimp Feed Chicken Parts and Meat [Bone-in, Boneless, Cut-up, Marinated] Animal Feed Fish Feed [Pig, Layer Hen, Duck, Cow, etc.] Cooked Product [Fully Cooked, Par-fried, Breaded, Steamed, Roasted] FARM Day-old-Chick Live Broiler Processed Food [Sausage, Smoke Sausage, Chicken
Slide 11: 2016 Snapshot
2016 Snapshot 2015 2016 Consolidated Revenue = THB 16.69 billion Revenue by Segment 17,829 16,692 16,467 16,693 15,370 14,214 Farm 12,472 28% 10,996 11,507 Food 8,122 49% Feed 23% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Revenue by Destination Revenue by Currency Revenue by Product DOC, 3%
Slide 12: 2016 Market Position
2016 Market Position 3rd in Thai Chicken Export 6th in Thai Chicken Production GFPT Group GFPT Group 13% 6% GFPT Group 13% Export by Destination Export by Product Type EU 34% Others 16% Cooked 76% Raw 24% JP 50% Source: Thai Broiler Processing Exporters Association Analyst Meeting No. 1/2017 | 23 Fe
Slide 13: Financial Results
2016 Financial Results Analyst Meeting No. 1/2017 | 23 February 2017 | page 13
Slide 14: 2016 Financial Results
2016 Financial Results Another decent performance in 2016 * Consolidated revenue recorded THB 16.69 billion grew 1.38% from higher export volume growth of chicken product. * Cost of Sales decreased THB 272 million or 1.88% due to lower price of major feed materials. Photo * Gross Profit margin grew
Slide 15: 2016 Financial Results by Segment
2016 Financial Results 2016 Consolidated Revenue = THB 16.69 billion Key Highlights: * Revenue from sales was 16.69 billion Baht, +226.51 million Baht or up 1.38% * Revenue of chicken processing increased 560.78 million Baht or up 8.43% * Processed food’s revenue increased 43.18 million Baht or up 5
Slide 16: Consolidated Income Statement
2016 Consolidated Income Statement (Unit in THB million) 2015 %Sales 2016 %Sales Change % Change Revenue from sales 16,466.51 16,693.02 226.51 1.38 Cost of sales (14,463.26) 87.83% (14,191.28) 85.01% (271.98) (1.88) GROSS PROFIT 2,003.25 12.17% 2,501.74 14.99% 498.49 24.88 Q1 Q2 Q3 Q4 Gain from exch
Slide 17: Gross Profit, EBITDA and Net Profit
2016 Financial Results Gross Profit & GP Margin (%) EBITDA & EBITDA Margin (%) 3,000 14.0% 15.0% 18% 3,500 16.3% 18.6% 21% 2,500 13.4% 15% 3,000 15.6% 18% 12.2% 14.5% 2,500 15% 2,000 12% 2,000 12% 1,500 6.5% 9% 1,500 7.1% 9% 1,000 6% 1,000 6% 500 3% 500 3% 996 2,241 2,493 2,006 2,502 1,092 2,608 2,9
Slide 18: EPS, ROA, Dividend and ROE
2016 Financial Results EPS (THB per share) Return on Asset (%) 2,000 1.42 1.31 153% 18,000 13.0% 15% 150% 147% 1.21 144% 141% 1,800 138% 135% 132% 16,000 11.6% 10.2% 129% 126% 1,600 123% 120% 14,000 12% 0.95 117% 114% 1,400 111% 108% 105% 102% 12,000 1,200 99% 96% 93% 8.0% 9% 90% 87% 10,000 84% 81%
Slide 19: Consolidated Financial Position: Assets
2016 Consolidated Financial Position Selected Items (Unit in THB million) Y2015 Y2016 Change % Change Cash and Cash Equivalents 592.49 310.87 (281.62) (47.53) Trade and Other Receivables 1,026.63 932.66 (93.97) (9.15) Inventories 3,173.50 3,653.33 479.83 15.12 Other Current Assets 16.27 18.15 1.88 1
Slide 20: Consolidated Financial Position: Liabilities
2016 Consolidated Financial Position Selected Items (Unit in THB million) Y2015 Y2016 Change % Change Short-Term Loans 1,787.10 1,931.38 144.28 8.07 Trade and Other Payables 813.54 886.47 72.93 8.96 Current Portion of Long-Term Loans 283.32 208.32 (75.00) (26.47) Other Current Liabilities 68.60 172.
Slide 21: Financial Position and Book Value
2016 Financial Results Financial Position Book Value (THB per share) 18,000 12,000 8.60 903% 900% 897% 894% 891% 888% 7.53 885% 882% 879% 876% 873% 870% 867% 864% 861% 858% 855% 852% 849% 846% 843% 840% 837% 834% 831% 828% 825% 822% 6.97 819% 816% 813% 810% 807% 804% 801% 798% 795% 792% 789% 786% 78
Slide 22: Total Liabilities and Interest-Bearing Debt
2016 Financial Results 2016 Total Liabilities = THB 5.38 billion Interest-Bearing Debt (million THB) 7,000 8.29 873% 870% 867% 864% 861% 858% 855% 852% 849% 846% 843% 840% 837% 834% 831% 828% 825% 822% 819% 816% 813% 810% 807% 804% 801% 798% 795% 792% 789% 786% 783% 780% 777% 774% 771% 768% 765% 762
Slide 23: Capital Expenditure
Capital Expenditure Investment (million THB) Y2017 Capital Expenditure 874 - 3 - - 1 billion 1,145 946 886 924 Broiler Farms 773 Sausage Plant (expansion) 410 456 575 545 594 2012 2013 2014 2015 2016 Breeder Stocks Fixed Assets Associates & JV Broiler Expansion Plan Broiler Raising Capacity 2016
Slide 24: Market Outlook and Trend
Market Outlook and Trend Analyst Meeting No. 1/2017 | 23 February 2017 | page 24
Slide 25: Global Broiler Meat Market
Global Broiler Meat Market THAILAND Thai Broiler Export by Market The 10th Global Chicken Producer Others 10% 2016 broiler production = 1,780,000 tons The 4th Global Chicken Exporter EU Japan 2016 broiler meat export = 670,000 tons 39% 51% Broiler Meat Production & Export Selected Countries
Slide 26: 40 Years of Thai Chicken Meat Export
40 Years of Thai Chicken Meat Export 2017F: 800,000 Change 760,000 MT 2016 Estimated Forecast 2017 Raw Cooked Total 2016E: 16 / 17 MT Mil. Baht MT Mil. Baht 742,969 MT (%) 700,000 Product - Raw 240,123 21,341 255,000 22,592 6.20 - Further (Cooked) 502,846 74,534 505,000 75,315 0.43 600,000 2002: 546
Slide 27: Global Broiler Meat Market
Global Broiler Meat Market Global Production [Y2016= 89,548,000 tons] Global Import [Y2016 = 8,906,000 tons] USA 18,283 Japan 955 Brazil 13,605 Saudi Arabia 850 China 12,700 Mexico 820 EU 11,070 EU 750 India 4,200 Iraq 670 Russia 3,750 S.Africa 520 Mexico 3,270 China 410 Argentina 2,100 Hong Kong 32
Slide 28: Commodity Price
Commodity Price Corn & Soy Bean Meal (THB/Kg.) Broiler at Farm Gate (THB/Kg.) 25.0 45.0 20.0 40.0 17.9 41.0 41.8 20.0 17.6 35.0 16.7 16.3 15.9 37.9 15.1 15.6 35.5 35.2 35.1 35.9 36.5 14.3 14.2 30.0 15.0 SBM 25.0 30.2 29.9 20.0 10.0 10.5 Corn 15.0 9.3 9.1 9.5 8.7 8.9 9.1 8.7 5.0 8.0 8.0 10.0 5.0 - -
Slide 29: 2017 Guidance
2017 Guidance 2017 Target Revenue 5% - 10% Growth from 2016 Sales Gross Profit Margin 14% - 15% SG&A 7.4% Financial Cost 2.5% Effective Tax Rate 11% CAPEX THB 1 billion Analyst Meeting No. 1/2017 | 23 February 2017 | page 29
Slide 30: Key Statistics
Key Statistics Analyst Meeting No. 1/2017 | 23 February 2017 | page 30
Slide 31: Key Statistics: Chicken Processing and Feed Business
Key Statistics: Chicken Processing and Feed Business Chicken Meat Direct Export (MT) Chicken Meat Indirect Export (MT) Chicken Meat Domestic (MT) +28% -9% -4% 28,300 26,200 17,400 66,500 16,500 15,900 22,500 65,400 22,100 14,900 13,500 18,700 63,100 62,700 59,600 2012 2013 2014 2015 2016 2012 2013 2
Slide 32: Q&A
Q&A Analyst Meeting No. 1/2017 | 23 February 2017 | page 32
Slide 33: Thank You
Thank You INVESTOR RELATIONS DEPARTMENT Dr. Jutamas Ingpochai | jutamas@gfpt.co.th | T +66 2 473 8022 Veera Titayangkaruvong | veera-tita@gfpt.co.th | T +66 2 473 8000 ext. 1802 www.gfpt.co.th Analyst Meeting No. 1/2017 | 23 February 2017 | page 33