Pt Cisarua Mountain Dairy Tbk · IDX:CMRY
Pt Cisarua Mountain Dairy Tbk — Q3 2023 Earnings Presentation
24 slides from Pt Cisarua Mountain Dairy Tbk's earnings presentation, Oct 30, 2023
Slide 1: PT Cisarua Mountain Dairy Tbk 3Q 2023 Results Presentation
PT Cisarua Mountain Dairy Tbk 3Q 2023 Results Presentation 30 October 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 4 2 Operational Performance 15 3 Key Takeaways 20 3
Slide 5: Financial Results
1 Financial Results
Slide 6: Despite contractions across Indonesia's food and beverage markets, Cimory continues to achieve resilient growth
Despite contractions across Indonesia’s food and beverage markets, Cimory continues to achieve resilient growth Indonesia Growth by FMCG Sector YTD Jul 22 YTD Jul 23 8% 8% 5% 6% 6% 4% 4% Value Growth (%) (5%) Market unit volumes declined in YTD Jul 2023 2% 3% 0% 1% Unit Growth (%) (1%) (3%) (3%) (9%
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 5,742 4,757 growth in Premium Consumer 4,096 Foods 1,862 FY20A FY21A FY22A 9M22A 9M23A 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 ◼ Raw Material prices have normalised (in particular, Dairy prices), whilst Packaging 59.2% 58.2% 57.5% 58.6% prices remain elevated and may increase further 51.8% 8.6% 7.4% 8.8% ◼ Growth of Others (including
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: New product launches
New product launches Launch of Yoghurt Sticks in Launch of Kanzler Nuggets in General Trade and Modern Trade General Trade and Modern Trade 9
Slide 11: Brand ambassador campaign
Brand ambassador campaign 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 134 134 93 70 76 79 3.5% 66 48 35 1.6% 2.3% 30 2.1% 1.9% 2.0% 1.2% 64 0.9% 1.2% 1.0% 58 44 45 1.9% 36 1.1% 0.9%
Slide 13: Operating & net profit
Operating & net profit Operating Profit & Margin (Rp bn) 1,800 25% 22% 20% 20% 1,600 13% 20% 1,400 1,256 1,121 0% 1,200 1,007 1,053 1,000 -20% 800 -40% 600 236 400 -60% 200 0 -80% FY20A FY21A FY22A 9M22A 9M23A Net Profit & Margin (Rp bn) Commentary 19% 18% 1,400 17% 17% 20% ◼ Strong top-line growth
Slide 14: Quarterly performance
Quarterly performance QoQ growth despite high base in 2Q23 (which 1,947 1,964 benefited from seasonality) Net Sales 1,624 3Q22 2Q23 3Q23 1,200 60% 1,100 41% 42% 42% 50% 1,000 Gross Profit Margins have 40% 900 816 829 largely stabilised 30% Gross Profit 800 20% 664 & Margin 700 10% 600 0% 500 -10% 40
Slide 15: Balance sheet & cash flows
Balance sheet & cash flows Net Cash Position (Rp bn) Dividend Payout Ratio (%)2 Commentary Strong balance sheet to support Minimum dividend ◼ Strong net cash position to continue to drive rapid growth strategies and payout ratio target 100% growth initiatives continued dividend payouts of 30.0% 90%
Slide 16: Operational Performance
2 Operational Performance
Slide 17: Strong growth seen in the General Trade and Miss Cimory sales channels
Strong growth seen in the General Trade and Miss Cimory sales channels General Trade (“GT”) Sales Force & Distributor Network Outlet Footprint Distributor Partners GT Sales Force Headcount 852 400 1,100 806 804 779 350 900 109,827 118,850 1 300 700 102,917 104,339 Others 250 500 5.8% 200 155 156 156
Slide 18: Whilst the price of raw materials have normalised, FX movements have been adverse over the period
Whilst the price of raw materials have normalised, FX movements have been adverse over the period Whole Milk Powder Prices (US$/MT)1 5,300 33% Decline 4,800 4,300 US$4,596/MT 3,800 15 Mar 2022 US$3,059/MT 3,300 17 Oct 2023 2,800 2,300 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oc
Slide 19: However, in context of a strengthening USD, the IDR remains one of the most stable currencies in the region
However, in context of a strengthening USD, the IDR remains one of the most stable currencies in the region Global Currency Performance YTD Oct 23 MXN 4.8% CHF 3.6% DXY 2.3% GBP 0.5% SAR 0.2% INR (0.5%) EUR (0.6%) CAD (2.0%) IDR (2.1%) Rp15,960 PHP (2.1%) SGD (2.5%) VND (4.6%) TWD (5.4%) KRW (6.7%)
Slide 20: Growth supported by launch of products into new channels, and continued innovations
Growth supported by launch of products into new channels, and continued innovations through new products and extensions Fruitas Jelly Premium New Product Dairy Yogurt Stick UHT Milk Yoghurt Stick Flavour Extensions Flavour Extensions New Product Sep 2023 Nov 2023 Nov 2022 Mar 2023 Jun 2023 1Q 2024 K
Slide 21: Key Takeaways
Draft 3 Key Takeaways
Slide 22: Key takeaways
Key takeaways 1 Strong 9M23 top-line expansion of 21% YoY, driven primarily by volume-based growth Consumer Foods exhibited exceptional performance of 46% YoY Net Sales growth in 9M23, 2 with contributions from all categories Despite a challenging environment, Dairy sales remained flat YoY against a
Slide 23: Investors' FAQ
Investors’ FAQ 1 If enacted, what is the anticipated effect of Indonesia’s proposed sugar tax on Cimory’s business? How will the observed decline in dairy prices and strengthening of the USD effect Cimory’s 2 margins? Has growth in Indonesia’s dairy segment tampered? What is Management’s views on th
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