Pt Cisarua Mountain Dairy Tbk · IDX:CMRY
Pt Cisarua Mountain Dairy Tbk — Q2 2023 Earnings Presentation
23 slides from Pt Cisarua Mountain Dairy Tbk's earnings presentation, Jul 31, 2023
Slide 1: PT Cisarua Mountain Dairy Tbk 2Q 2023 Results Presentation
PT Cisarua Mountain Dairy Tbk 2Q 2023 Results Presentation 31 July 2023
Slide 2: Disclaimer
Disclaimer IMPORTANT: You must read the following before continuing. By attending the meeting where this presentation (this “presentation”), is made, or by reading the presentation materials, you are agreeing to maintain absolute confidentiality regarding the information disclosed in this document a
Slide 3: Our presenters today
Our presenters today Our Presenters Today Farell Sutantio Axel Sutantio Bharat Joshi President Director Director Director Group Chief Executive Officer MP Chief Executive Officer Chief Financial Officer & Investor Relations
Slide 4: Agenda
Agenda 1 Financial Results 5 2 Operational Performance 15 3 Key Takeaways 20 3
Slide 5: Macroeconomic Highlights
Macroeconomic Highlights Resilient Economic Outlook with Positive Growth Forecasts 4.5% - 5.3% 2023 Projected GDP Growth for Indonesia Easing Inflationary Robust GDP Growth Stable Exchange Rate Pressures ◼ Economic growth in ◼ Bank Indonesia has ◼ Inflation continues to retreat Indonesia remains sol
Slide 6: Financial Results
1 Financial Results
Slide 7: Net sales
Net sales Total Net Sales (Rp bn) Commentary Premium Dairy Premium Consumer Foods ◼ Continued YoY expansion of Total Net 6,378 Sales, primarily driven by strong growth in Premium Consumer 4,096 3,777 3,133 Foods 1,862 FY20A FY21A FY22A 6M22A 6M23A Premium Dairy Net Sales (Rp bn) Premium Consumer Foo
Slide 8: Gross profit
Gross profit Cost of Sales % Net Sales (Rp bn) Commentary Raw Materials & Packaging Others ◼ Whilst Raw Material & Packaging prices have remained elevated, costs have been easing 59.2% 58.2% 59.1% and this trend is expected to continue with a 56.7% 51.8% return to more normalized levels 8.6% 9.4% 16
Slide 9: Selling & marketing expenses
Selling & marketing expenses Selling & Marketing Expenses (Rp bn) Selling & Marketing Expenses % Net Sales (Rp bn) Advertising, Promotion & Marketing Advertising, Promotion & Marketing Salaries & Allowances Salaries & Allowances Distribution & Administration Distribution & Administration Others Othe
Slide 10: Opportunistic outdoor marketing
Opportunistic outdoor marketing 9
Slide 11: Opportunistic outdoor marketing (Cont'd)
Opportunistic outdoor marketing (Cont’d) 10
Slide 12: General & administrative expenses
General & administrative expenses General & Administrative Expenses (Rp bn) General & Administrative Expenses % Net Sales (Rp bn) Salaries & Allowances Salaries & Allowances Others Others 134 76 93 79 3.5% 66 49 35 58 1.6% 2.5% 30 2.1% 1.9% 1.9% 27 1.3% 0.9% 1.2% 0.9% 58 44 44 1.9% 36 31 1.2% 1.1% 0
Slide 13: Operating & net profit
Operating & net profit Operating Profit & Margin (Rp bn) 25% 22% 20% 1,800 19% 1,600 13% 20% 1,400 1,256 0% 1,200 1,007 1,000 -20% 800 697 722 -40% 600 236 400 -60% 200 0 -80% FY20A FY21A FY22A 6M22A 6M23A Net Profit & Margin (Rp bn) Commentary 19% 19% 1,400 17% 16% 20% ◼ Strong top-line growth led
Slide 14: Quarterly performance
Quarterly performance Volume driven growth 1,947 substantially derived from 1,831 continued performance of 1,663 Premium Consumer Foods Net Sales 2Q22 1Q23 2Q23 1,200 60% 1,100 42% 40% 42% 50% Gross Profit Margins have 1,000 40% 900 816 largely stabilised and will 30% Gross Profit 800 706 731 sequen
Slide 15: Balance sheet & cash flows
Balance sheet & cash flows Net Cash (Debt) Position (Rp bn) Strong balance sheet to support rapid growth strategies 1 3,200 2,870 2,870 2,700 2,200 1,700 1,200 700 200 0 (300) (800) CC&E Debt Net Cash Net Operating Cash Flows vs Capital Expenditure (Rp bn) Commentary Net Operating Cash Flow ◼ Strong
Slide 16: Operational Performance
2 Operational Performance
Slide 17: General Trade and Miss Cimory channels
Successful execution of our channel penetration strategies, with continued growth expected in the optimised MCM channel General Trade (“GT”) Sales Force & Distributor Network Outlet Footprint Distributor Partners 8,110 chillers GT Sales Force Headcount deployed to date 852 400 1,100 350 795 806 804
Slide 18: Price of raw materials continue to normalise
Price of raw materials continue to normalise, which if sustained will result in a positive impact on our Gross Margins Whole Milk Powder Prices (US$/MT)1 5,500 (33%) Decline 5,000 US$4,596/MT 15 Mar 2022 4,500 4,000 3,500 US$3,100/MT 18 Jul 2023 3,000 2,500 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22
Slide 19: Focus on channel growth and new product launches
We will maintain our focus on investing in channel growth and new product launches to capture rising consumer demand New Products Flavour Extensions Flavour Extensions Yogurt Stick UHT Milk Kanzler Channel Growth Launch of New Products Well positioned to increase our shelf space ➢ Launch of Yoghurt
Slide 20: Positive ESG impact across the value chain
We strive for a positive ESG impact at every step in our value chain, meeting UN Sustainable Development Goals Received Positive ESG Risk Rating from Sustainalytics Cimory’s Sustainability Pillars Vision To become the leading dairy and consumer foods company that can give significant impact and posi
Slide 21: Key Takeaways
Draft 3 Key Takeaways
Slide 22: Key takeaways
Key takeaways 1 Strong 6M23 top-line expansion of 21% YoY, driven primarily by volume-based growth Consumer Foods exhibited exceptional performance of 50% YoY Net Sales growth in 6M23, 2 with contributions from all categories Despite a challenging environment, Dairy sales remained flat YoY against a
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