Gfpt Public Co. Ltd. · SET:GFPT
Gfpt Public — FY2015 Earnings Presentation
30 slides from Gfpt Public's earnings presentation, Feb 23, 2016
Slide 1: Sustainable Growth: Vertical Integration of Chicken, 100% Own Farm Policy
Sustainable Growth Vertical Integration of Chicken 100% Own Farm Policy Analyst Meeting No.1/2016 23 February 2016 1
Slide 2: Disclaimer
Disclaimer This presentation may include forward-looking statements representing expectations about future events or anticipated result based on factors such as economic scenario, market conditions and expected future events, over many of which the Company has no control. This material includes forw
Slide 3: 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. The Company is specialized in fully vertical integrated chicken production starting from feed mill, grandparent breeder farm, parent breeder f
Slide 4: GFPT's Vision and 7 Missions
“to become one of the leading industries of fully food GFPT’s VISION processing chicken meat and livestock products” 7 MISSIONs Enhance product quality to the international standards Confidence through the traceability system New product development using modern technology Empowering people to becom
Slide 5: Today's Discussion
Today’s Discussion GFPT Profile Financial Highlights Market Outlook Key Statistics Q&A 5
Slide 6: GFPT Profile
GFPT Profile Symbol GFPT Shareholding Structure as of 11/03/2015 Industry / Sector Agro & Food Industry / Agribusiness Local Individuals 21% 2015 CG Score Very Good [80 – 89 CG Report Score] Local Funds Closed Price THB 9.90 per share (30/12/2015) 7% Average Price THB 10.14 per share (4Q 2015) Sirim
Slide 7: Timeline
Timeline Stock split from Name change of THB 10 to Subsidiary (KT) GFPT Initially established Listed in SET THB 1 per share from Krungthai Feedmill 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 New feed mill (
Slide 8: Group Structure
Group Structure GFPT GFPT Public Company Limited Chicken Evisceration and Processed Food 5 Subsidiaries 2 Joint Ventures McKey | 49.00% McKey Food Services (Thailand) Ltd. Frozen Processed Food KT | 98.06% FKT | 99.99% GFF | 99.99% Krungthai Food PCL. Krungthai Farm Co., Ltd. GF Foods Co., Ltd. Feed
Slide 9: Fully Vertical Integrated Chicken Production
Fully Vertical Integrated Chicken Production Import Grand Parent Chicks Primary Breeder Benefits of Vertical Integration: Farm/ Hatchery Food safety 0 – 25 wks rearing (PS Chicks) Traceability from feed to food 26 – 64 wks laying 3 wks hatching Food regulatory compliance Supply availability
Slide 10: Product Line
Product Line Feed Food Fish Feed Animal Feed [Pig, Layer Hen, Duck, Cow, etc.] Chicken Parts and Meat [Bone-in, Boneless, Cut-up, Marinated] Shrimp Feed Cooked Product [Fully Cooked, Par-fried, Breaded, Steamed, Roasted] Farm Day-old-Chick Live Broiler Processed Food [Sausage, Smoke Sausage, Chicken
Slide 11: Y2015 Snapshot
Y2015 Snapshot Y2015 Revenue = THB 16.47 billion -8% Breakdown by Segment 17,829 16,692 Farm 16,466 15,370 27% 14,214 12,472 Food 10,99611,507 46% 8,122 7,221 6,621 5,377 Feed 27% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Breakdown by Product Breakdown by Destination Breakdown by C
Slide 12: Market Position: Y2015
Market Position: Y2015 3rd in Thai Chicken Export 6th in Thai Chicken Production GFPT Group GFPT Group 13% 7% Export Destination Export by Product Type Others EU 37% Cooked 9% 81% Raw JP 54% 19% Source: Thai Broiler Processing Exporters Association Note: 2015 Thai Broiler Production = 1,311 million
Slide 13: Y2015 Financial Result
Y2015 Financial Result 13
Slide 14: Y2015 Financial Result: Key Highlights
Y2015 Financial Result Y2015 Revenue = THB 16.47 billion Key Highlights Revenue from chicken meat was THB 6,648 million, an decrease of THB 548 million or 7.61% from Y2014 (due to decreasing in chicken export volume of 4,100 tons or 15.65% (Y2015: 22,100 tons; Y2014: 26,200 tons). Revenue from f
Slide 15: Y2015 Income Statement
Y2015 Income Statement INCOME STATEMENT (Unit in THB million) Y2014 Y2015 Change % Change Sales 17,829 16,466 (1,362) (7.64%) Cost of Sales (15,336) (14,463) (873) (5.69%) GROSS PROFIT 2,493 2,003 (489) (19.64%) Gain (Loss) from Exchange Rate 23 6 (17) (72.90%) Other Income 224 229 5 2.35% PROFIT BE
Slide 16: Y2015 Balance Sheet
Y2015 Balance Sheet BALANCE SHEET (Unit in THB million) Y2014 Y2015 Change % Change Cash and Cash Equivalents 270 593 323 119.66% Trade and Other Receivables 905 1,027 121 13.40% Inventories 3,274 3,173 (101) (3.08%) Other Current Assets 19 16 (3) (16.18%) TOTAL CURRENT ASSETS 4,468 4,809 340 7.61%
Slide 17: Y2015 Balance Sheet
Y2015 Balance Sheet BALANCE SHEET (Unit in THB million) Y2014 Y2015 Change % Change Short-Term Loans from Financial Institutions 1,177 1,787 610 51.83% Trade and Other Payables 895 814 (82) (9.15%) Current Portion of Advance Received for Rental 8 8 0 0 Income from Associate Current Portion of LT-Ter
Slide 18: Y2015 Financial Result
Y2015 Financial Result Gross Profit & GP Margin (%) EBIT & EBIT Margin (%) 3,000 16% 18% 2,000 11% 11% 12% 15% 10% 14% 1,800 10% 2,500 13% 15% 10% 12% 1,600 8% 2,000 12% 1,400 8% 1,200 1,500 9% 1,000 6% 6% 800 1,000 6% 4% 600 500 3% 400 1% 2% 2,018 2,244 996 2,241 2,493 2,003 200 1,380 1,435 197 1,7
Slide 19: Y2015 Financial Result
Y2015 Financial Result EPS (THB per share) Return on Asset (%) 2,000 1.80 16,000 15% 13% 13% 1,800 1.42 14,000 12% 12% 1.50 1,600 1.21 12% 12,000 1,400 0.96 1.20 1,200 0.93 0.95 10,000 8% 9% 1,000 0.90 8,000 800 6% 6,000 0.60 600 4,000 400 3% 0.11 0.30 1% 200 2,000 1,166 1,203 138 1,516 1,780 1,195
Slide 20: Y2015 Financial Result
Y2015 Financial Result Balance Sheet Book Value (THB per share) 16,000 10,000 9.00 7.53 9,000 6.97 7.50 8,000 14,000 5.88 7,000 2,953 4.77 4.66 6.00 6,000 4.29 2,339 4,682 5,000 4.50 12,000 4,000 4,469 3,000 3.00 4,646 2,581 2,000 5,088 1.50 10,000 2,665 1,000 5,377 5,984 5,846 7,376 8,733 9,443 - 0
Slide 21: Y2015 Financial Result
Y2015 Financial Result Y2015 Total Liabilities = THB 5,533 million Interest-Bearing Debt (million THB) 7,000 8.29 9.00 Short-term Loan 1,642 6,000 7.50 5,000 6.00 4,000 4.50 Current Portion of Lt-Loan 283 3,000 1.88 3.00 2,000 1.67 1.58 1.74 1.23 1,000 1.50 Long Term Loan 2,146 3,009 2,986 5,773 4,2
Slide 22: Y2016 Capital Expenditure
Y2016 Capital Expenditure Investment (million THB) Y2016 Capital Expenditure THB 800 – 1,000 million 874 - 3 - 367 181 - 886 924 - 946 Broiler Farms 586 658 734 699 773 Sausage Plant 399 401 421 421 410 456 575 545 (expansion) 2008 2009 2010 2011 2012 2013 2014 2015 Breeder Stocks Fixed Assets A
Slide 23: Market Outlook
Market Outlook 23
Slide 24: Global Broiler Meat Market
Global Broiler Meat Market Thai Broiler Export by Market THAILAND: The 10th Global Chicken Producer Others 2015 broiler production = 1,650,000 tons 11% The 4th Global Chicken Exporter Japan 2015 broiler meat export = 580,000 tons 48% EU 41% Broiler Meat Production & Export Selected Countries (20
Slide 25: 40 Years of Thai Chicken Meat Export
40 Years of Thai Chicken Meat Export 800,000 Change 2015 Estimated 2016 Fresh Cooked Total 15 / 16 MT Mil. Baht MT Mil. Baht (%) 700,000 MT 700,000 Product 681,073 MT - Raw 215,045 19,655 234,000 21,745 8.81 - Further (Cooked) 466,028 69,259 466,000 69,255 -0.01 Total 681,073 88,914 700,000 91,000 2
Slide 26: Global Broiler Meat Market
Global Broiler Meat Market Global Production [Y2015 = 87,944,000 tons] Global Import [Y2015 = 8,639,000 tons] USA 17,966 Japan 900 Brazil 13,080 Saudi… 900 China 13,025 Mexico 760 EU 10,600 EU 710 India 3,900 Iraq 690 Russia 3,550 S.Africa 420 Mexico 3,100 Hong Kong 360 Argentina 2,060 China 250 Tur
Slide 27: Commodity Price
Commodity Price Corn & Soy Bean Meal (THB/Kg.) Broiler at Farm Gate (THB/Kg.) 25.0 50.0 20.0 45.0 20.0 17.9 17.6 18.1 40.0 44.9 16.7 16.9 16.4 15.4 35.0 40.5 41.0 41.8 13.7 14.5 35.5 36.1 35.2 36.1 15.0 30.0 35.2 33.5 25.0 10.0 20.0 9.7 10.5 9.7 10.1 15.0 9.1 9.3 9.1 9.5 9.4 8.6 5.0 10.0 Corn Soybea
Slide 28: Key Statistics
Key Statistics 28
Slide 29: Key Statistics: Chicken Meat & Feed Business
Key Statistics: Chicken Meat & Feed Business Chicken Meat Direct Export (Tons) Chicken Meat Indirect Export (Tons) Chicken Meat Domestic (Tons) 85,600 18,300 26,200 16,500 65,400 72,800 16,300 15,700 66,500 63,100 22,500 22,100 14,900 21,200 13,500 59,600 18,700 14,000 -16% +16% +4% 2010 2011 2012 2
Slide 30: Thank You
30 Thank You GFPT Public Company Limited For further information & enquiries, please contact our Investor Relations Team 1. Jutamas Ingpochai, Ph.D. jutamas@gfpt.co.th +66 2 473 8022 2. Veera Titayangkaruvong veera-tita@gfpt.co.th +66 2 473 8000 ext. 1802 www.gfpt.co.th