Slide 1: Q1 CY2021 Unaudited Results Investor Briefing
Q1 CY2021 Unaudited Results Investor Briefing April 30, 2021 Irwin C. Lee Mickey T. Manalang President and CEO Strategy & Investor Relations Director
Slide 2: Agenda
Investor Presentation: Q1 CY2021 Business Results Agenda 1. COVID-19 Trends Impact 2. Q1 CY2021 Unaudited Financial Results 3. Integration Updates 2
Slide 3: Varied economic impacts and cautious recovery across countries
Investor Presentation: Q1 CY2021 Business Results Varied economic impacts and cautious recovery across countries 3 Source: Nikkei, Bloomberg, Channel News Asia
Slide 4: Surge in COVID cases with vaccine rollouts slower than expected
Investor Presentation: Q1 CY2021 Business Results Surge in COVID cases with vaccine rollouts slower than expected 4 Source: Our World in Data, BBC
Slide 5: Product categories growth remains challenged while cost pressure increases
Product categories growth remains challenged while cost pressure increases GROWTH RATES Investor Presentation: Q1 CY2021 Business Results CATEGORY P12M YTD 2021 Snacks -16.9 -18.2 Candies -34.9 -30.7 Chocolates and -19.0 -19.1 Coated Wafers Biscuits -20.1 -27.1 Noodles -6.3 -9.3 RTD Tea -37.6
Slide 6: Agenda
Investor Presentation: Q1 CY2021 Business Results Agenda 1. COVID-19 Trends Impact 2. Q1 CY2021 Unaudited Financial Results 3. Integration Updates 6
Slide 7: Top line growth despite external challenges. Q1 profits ahead of plan
URC Top line growth despite external challenges. Q1 profits ahead of plan. Investor Presentation: Q1 CY2021 Business Results 34.6 33.5 • Growth driven by International and Commodities divisions SALES 3% • Benefits from acquisition and favorable FX In billion pesos • Philippines and Oceania cycling t
Slide 8: BCF Philippines: Growth shape in H2 due to comparables
BCF PHILIPPINES Growth shape in H2 due to comparables; but consumption and cost challenges remain Investor Presentation: Q1 CY2021 Business Results 15.7 14.9 5% Snackfoods Snacks -- -- • Market share gains vs. continued category declines Confectionery +7% • Strong Q1 last year driven by initial pant
Slide 9: BCF Philippines: Continued category challenges, but URC continues to strengthen
BCF PHILIPPINES Continued category challenges, but URC continues to strengthen Investor Presentation: Q1 CY2021 Business Results Growth URC Market Share New product launches addressing consumer needs: CATEGORY P12M to MAT MAT Feb 20 Feb20 Feb21 HEALTH VALUE Snacks -17% 35.9% 39.3% Candies -35% 26
Slide 10: BCF International: Strong top line growth and margin expansion
BCF INTERNATIONAL Strong top line growth and margin expansion Investor Presentation: Q1 CY2021 Business Results 10.8 9.7 • Strong growth in international sales; up +17% in USD SALES 11% • Oceania flat in local currency terms as they cycle through In billion pesos pantry loading from Q1 last year; up
Slide 11: AIC: Agro-Industrial & Commodities growth driven by new businesses
AIC Agro-Industrial & Commodities growth driven by new businesses 8.5 Investor Presentation: Q1 CY2021 Business Results 10% BUSINESS UNIT PERFORMANCE 7.8 Commodity Foods Group (CFG) 5.9 +19% 5.0 SURE +25% • Top line improvements in Commodities as we SALES integrate La Carlota / ROXOL FLOUR +2% In bi
Slide 12: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Cash and Financial Debt In billion pesos Investor Presentation: Q1 CY2021 Business Results 41.5 40.4 19.4 19.1 • Cash balance healthy at Php 18.6B 2020 2021 • Net Debt of Php 21.3B Cash + Financial Assets at FVPL + AFS Financial Debt • Gearing ratio of 0.40 Cash Position
Slide 13: Agenda
Investor Presentation: Q1 CY2021 Business Results Agenda 1. COVID-19 Trends Impact 2. Q1 CY2021 Unaudited Financial Results 3. Integration Updates 13
Slide 14: Proper Snacks Consolidation
Investor Presentation: Q1 CY2021 Business Results Proper Snacks Consolidation • Premium potato chip manufacturer and brand in New Zealand, with strong top line and bottom line growth over the last few years • Griffins acquired 50.1% stake holding in 2017; will be consolidated into the P&L from 2021
Slide 15: Central Azucarera de la Carlota Inc. (CACI) and Roxol Bioenergy Corporation (RBC)
Central Azucarera de la Carlota Inc. (CACI) and Roxol Bioenergy Corporation (RBC) Investor Presentation: Q1 CY2021 Business Results • Acquisition performing ahead of initial expectations as we continue to streamline and improve operational efficiencies • Expected full year sales of over Php 4.5B, an
Slide 16: Thank You
Investor Presentation: Q1 CY2021 Business Results THANK YOU 16
Slide 17: Income Statement
Income Statement Q1 2021 Q1 2020 YoY (Php Millions) (Unaudited) (Unaudited) Investor Presentation: Q1 CY2021 Business Results NET SALES 34,612 33,457 3% Cost of Sales 24,070 23,343 3% GROSS PROFIT 10,542 10,114 4% • Increase in net income Operating Expense -6,226 -6,148 1% attributed to higher opera
Slide 18: Balance Sheet
Balance Sheet Q1 2021 CY 2020 Investor Presentation: Q1 CY2021 Business Results (Php Millions) (Unaudited) (Audited) Cash & cash equivalents 19,118 19,367 (including Financial assets at FVPL and FVOCI) Other current assets 48,102 46,271 Property, plant, and equipment 60,310 58,990 Other noncurrent a
Slide 19: Divisional Financials
Divisional Financials SALES EBIT EBIT MARGIN Investor Presentation: Q1 CY2021 Business Results (Php Millions) Q1 2021 Q1 2020 YoY Q1 2021 Q1 2020 YoY Q1 2021 Q1 2020 bps Branded Consumer Foods 26,067 25,673 2% 3,384 3,188 6% 13.0% 12.4% 56 Total Philippines 15,260 15,953 -4% 2,294 2,394 -4% 15.0% 15
Slide 20: Market Shares
Market Shares Philippines Thailand MARKET CATEGORY MARKET SHARE #1 #2 #3 CATEGORY #1 #2 #3 Investor Presentation: Q1 CY2021 Business Results SHARE Biscuits (new) 18.5% URC 13.5% 8.2% Snacks 39.3% URC 21.9% 5.9% Wafers 22.3% URC 18.6% 10.0% Candies 28.1% URC 12.1% 11.2% Vietnam Cho