Tingyi (Cayman Islands) Holding Corp. · HKEX:322
Tingyi (Cayman Islands) — FY2014 Earnings Presentation
17 slides from Tingyi (Cayman Islands)'s earnings presentation, Mar 23, 2015
Slide 1: Presentation on 2014 Annual Results
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Slide 2: Tingyi Holding Corp. 2014 Annual Results
0322 HK Tingyi Holding Corp. 2014 Annual Results 23 March 2015 Hong Kong 1 © 2015 Tingyi (Cayman islands) Holding Corp., All rights reserved.
Slide 3: Disclaimer
Disclaimer The infor matio n co ntained in this pr esentatio n is intend ed solely fo r yo ur p er so nal r efer ence. Such info r matio n is s u b j e c t t o c h a n g e wi t h o u t n o t i c e a n d n o r e p r e s e n t a t i o n o r wa r r a n t y e x p r e s s o r i m p l i e d i s m a d e a
Slide 4: 2014 – Sales & Profit
2014 – Sales & Profit US$ million 2014 2013 Change% Turnover 10,238 10,941 -6.43 3,118 3,310 -5.80 Gross Profit 30.46% 30.25% +0.21ppt. 1,149 1,161 -1.02 EBITDA 11.23% 10.62% +0.61ppt. 485 494 -1.93 Profit 4.74% 4.52% +0.22ppt. 400 409 -1.97 Profit attributable to owners of the Company 3.91% 3.74% +
Slide 5: Turnover by Products
Turnover by Products US$ million 2014 2013 Change% Instant noodles 4,138 4,332 -4.49 Beverages 5,801 6,268 -7.46 Instant food 179 203 -11.88 Others 120 138 -12.35 Total 10,238 10,941 -6.43 2013 2014 Instant Instant food Others food Others 2% 1% 2% 1% Noodles B everages Beverages 5 7% 40% Noodles 57%
Slide 6: Instant Noodle Sales by Products
Instant Noodle Sales by Products US$ million 2014 2013 Change% Bowl 1,960 2,066 -5.14 High end Packet 1,601 1,693 -5.44 Mid end Packet 470 469 0.01 Snack Noodle & Others 107 104 3.73 Total 4,138 4,332 -4.49 2013 2014 Snack Noodle & Snack Mid end Mid end Noodle & Others Others Packet Packet 2% 3% 11%
Slide 7: Beverage Sales by Products
Beverage Sales by Products US$ million 2014 2013 Change% Tea 2,330 2,292 1.68 Water 1,134 1,141 -0.62 Juice 964 1,340 -28.10 Carbonated drinks and Others 1,373 1,495 -8.17 Total 5,801 6,268 -7.46 2013 2014 CSD & Others CSD & Others 24% Tea 24% 37% Tea 40% Juice Juice Water 17% 21% 18% Water 19% 6 ©
Slide 8: Gross Margin by Products
Gross Margin by Products 38.09 36.18 40 % 31.92 2013 35 30.75 30.25 30.46 29.24 28.33 2014 30 25 20 15 10 5 0 Instant noodles Beverages Instant food Overall Change (ppt.) -0.91 1.17 -1.91 0.21 7 © 2015 Tingyi (Cayman islands) Holding Corp., All rights reserved.
Slide 9: EBIT by Products
EBIT by Products US$’000 2014 2013 Change% Instant noodles 424,641 436,990 -2.83 Beverages 258,382 238,561 8.31 Instant food -18,585 -15,229 -22.03 Others 21,415 48,492 -55.84 EBIT 685,853 708,814 -3.24 8 © 2015 Tingyi (Cayman islands) Holding Corp., All rights reserved.
Slide 10: Profit
Profit US$’000 2014 2013 Change% Instant noodles 360,388 336,781 7.01 Beverages 153,952 154,880 -0.60 Instant food -17,449 -14,029 -24.37 Others -12,142 16,679 -172.80 Profit 484,749 494,311 -1.93 9 © 2015 Tingyi (Cayman islands) Holding Corp., All rights reserved.
Slide 11: Financial Position
Financial Position As at 31/12/2014 As at 31/12/2013 *ROA 7.78% 8.92% (Annualized) *ROE 13.54% 15.06% (Annualized) Current Ratio 0.64 0.66 Gearing Ratio 0.48 0.15 A/R Turnover /Days 8.89 8.23 Finished Goods Turnover/Days 11.73 12.90 At 31/12/2014, Cash and cash equivalents was US$1.183 billion *ROA:
Slide 12: Material Price
Material Price RMB/Ton Palm Oil 3,700 Flour 10,500 3,500 3,460 9,500 3,300 3,100 8,500 2,900 7,500 2,700 5,940 2,500 6,500 2,300 2,100 5,500 1,900 4,500 1,700 1,500 3,500 08 09 09 10 10 11 11 12 12 13 13 14 14 08 09 09 10 10 11 11 12 12 13 13 14 14 4 Q/ 2 Q/ 4 Q/ 2 Q/ 4 Q/ 2 Q/ 4 Q/ 2 Q/ 4 Q/ 2 Q/ 4
Slide 13: Instant Noodle Market Share by Volume and Value
Instant Noodle Market Share-by Volume Instant Noodle Market Share-by Value 60.0 70.0 % Tingyi Holding % Tingyi Holding 47.7 47.4 47.2 60.0 56.0 57.1 57.1 57.1 56.2 56.7 56.3 56.5 56.3 56.5 55.6 56.0 56.4 57.2 57.1 56.4 55.6 50.0 45.7 46.3 46.3 44.9 44.2 43.1 42.3 42.7 43.3 42.9 44.0 43.9 41.8 41.2 5
Slide 14: RTD Tea Market Share by Volume and Value
RTD Tea Market Share-by Volume RTD Tea Market Share-by Value 60.0 % % 60.0 56.3 54.4 Tingyi Holding 54.1 Tingyi Holding 54.5 53.4 53.4 52.5 54.2 50.3 50.8 51.6 51.3 56.0 51.5 51.2 47.8 53.6 50.0 47.8 46.8 48.9 48.3 45.7 45.8 50.0 47.2 47.4 45.2 44 46.3 47.0 47.6 41.8 43.9 43.4 40.0 42.4 36.7 40.0 35
Slide 15: RTD Tea (no milk tea) Market Share
RTD Tea (no milk tea) Market Share-by Volume% RTD Tea (no milk tea) Market Share-by Value% 70.0 70.0 % % Tingyi Holding 61.461.4 60.8 Tingyi Holding 58.4 58.0 59.4 60.0 57.1 56.8 60.0 57.5 56.5 56.7 60.9 56.1 55.6 55.955.2 54.8 56.1 57.3 53.3 52.5 52 51.9 52.2 57.1 56.1 55.1 51.1 55.9 53.554.5 50.0
Slide 16: Bottled Water and Diluted Juice Drinks Market Share
Bottled Water Market Share-by Volume Diluted Juice Drinks (below 39% juice content) Market Share-by Volume 30.0 % 40.0 % Tingyi Holding 25.9 Tingyi Holding 26.9 25.3 33.8 35.0 33.2 33.6 33.5 24.1 32.4 25.0 31.9 31.7 22.6 29.1 30.8 31.0 25.1 22.5 30.5 21.5 22.7 21.8 21.9 Player A 30.0 30.0 28.3 28.4
Slide 17: Nation-Wide Distribution Network and Production Lines
a) Nation-Wide Distribution Network As at 31/12/2014 As at 31/12/2013 Sales Office: 582 566 Warehouse: 77 75 Wholesaler: 36,837 33,504 Direct Retailer: 118,359 110,355 b) Production Lines Noodles 238 229 Beverage 444 410 Instant food 15 15 16 © 2015 Tingyi (Cayman islands) Holding Corp., All rights
Tingyi (Cayman Islands) Holding — FY2014 Earnings Presentation on 6ix