Gfpt Public Co. Ltd. · SET:GFPT
Gfpt Public — FY2022 Earnings Presentation
38 slides from Gfpt Public's earnings presentation, Feb 21, 2023
Slide 1: Y2022 Result Presentation
Y2022 Result Presentation Analyst Meeting No.1/2023 21 February 2023 GFPT Public Company Limited Analyst Meeting No. 1/2023 | 21 February 2023 | page 1
Slide 2: Disclaimer
Disclaimer This presentation contains summary information about GFPT Public Company Limited (“GFPT” or “the Company”) and its subsidiaries (jointly the “GFPT Group”) as at 31 December 2022 and, unless stated otherwise. The information does not purport to be complete or comprehensive. This presentati
Slide 3: Agenda
Agenda GFPT Profile 2022 Financial Results Broiler Industry Outlook 2023 Guidance Q&A Appendix: Key Statistics Analyst Meeting No. 1/2023 | 21 February 2023 | page 3
Slide 4: About the Company
About the Company GFPT Public Company Limited (TB:GFPT), founded in 1981 with headquarters in Bangkok, Thailand, is one of The Thailand’s chicken processors and marketers. We are specialized in fully vertical integrated chicken production starting from feed mill, grandparent breeder farm, parent
Slide 5: GFPT Group drives our growth cautiously and conservatively
GFPT Group drives our growth cautiously and conservatively. We realize the importance of production efficiency in our chicken production process in order to produce good quality of chicken meat that comply with international standards and environmentally friendliness. Analyst Meeting No. 1/2023 | 21
Slide 6: GFPT's Vision
GFPT’S VISION “GFPT strives to be a leading chicken meat exporter with its fully vertical integrated chicken production” MISSIONS Quality Satisfaction Responsibility Enhance product quality to Attention to the needs of Build awareness and the international standards customers responsible to society
Slide 7: Sustainability Development
Sustainability Development GFPT supported Sustainable Development Goals (SDGs) which was incorporated in the Company's objectives and operations. SDGs 6 SDGs 13 E Clean water and sanitation Climate action SDGs 4 SDGs 5 S Quality education Gender equality SDGs 8 SDGs 10 Decent work and economic Reduc
Slide 8: GFPT Awards
GFPT Awards Cobb Anti – Corruption “Excellent” Champion Certified to be a rating from 2021 member of CAC the CGR (Cobb Champion 2021 (Collective Action Coalition) (Corporate Governance Report “Broiler Performance”) of Thai Listed Companies) Thailand Outstanding Best Investor Sustainability Investor
Slide 9: GFPT Profile
GFPT Profile Symbol GFPT Shareholding Structure SETTHSI as of 8 Mar 2022 Industry / Sector Agro & Food Industry / Agribusiness 2022 CG Score Excellent [90 – 100 CG Report Score] Anti – Corruption Certified to be a member of CAC Closed Price THB 13.50 per share (31/01/2023) Average Price THB 13.85 pe
Slide 10: Group Structure
Group Structure GFPT GFPT Public Company Limited Chicken Evisceration and Processed Food 5 Subsidiaries 2 Joint Ventures Keystone Foods Inc. [51%] McKey | 49.00% KT | 98.33% FKT | 99.99% GFF | 99.99% McKey Food Services (Thailand) Ltd. Krungthai Food PCL. Krungthai Farm Co., Ltd. GF Foods Co., Ltd.
Slide 11: Fully Vertical Integrated Chicken Production
Fully Vertical Integrated Chicken Production Analyst Meeting No. 1/2023 | 21 February 2023 | page 11
Slide 12: Timeline
Timeline Additional Capital Injection in GFN 2012 GFPT Initially established GFPT Listed in SET GFPT: Stock split from Invest additional THB 10 to THB 1 per share share in KT 1981 1992 2010 2020 Become a Fully Vertical Integration | JV Partnership & Extended Integration & Cook Product | Organic Grow
Slide 13: GFPT Group Expansion Plan
GFPT Group Expansion Plan Future Project GFPT Slaughter House New slaughter house capacity at 150,000 birds per day GFPT Broiler Farm Raising capacity to reach 340,000 birds per day GFPT Further Processing Plant Cooked product for export capacity at 24,000 MT per year Noted: The expansion plan and i
Slide 14: Product
Product FEED FARM FOOD Animal Feed [Pig, Layer Hen, Duck, Cow, etc.] Cage Free Eggs DOC Live Broiler Chicken Parts and Meat [Bone-in, Boneless, Cut-up, Marinated] Shrimp Feed Cooked Product [Fully Cooked, Par-fried, Breaded, Steamed, Roasted] Fish Feed [Grandparent farm, Breeder Farm, Broiler farm]
Slide 15: Y2022 Snapshot
Y2022 Snapshot 2022 Consolidated Revenue = THB 18.22 billion Revenue by Segment + 32% 20,000 Farm 18,222 28% 17,000 14,000 Food 11,000 55% 8,000 Feed 5,000 17% 2,000 -1,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Revenue by Destination Revenue by Currency Reve
Slide 16: Y2022 Market Position
Y2022 Market Position 2nd in Thai Chicken Export 7th in Thai Chicken Production GFPT GFPT Group Group 5% 13% Export by Destination Export by Product Type Others 11% China Raw 13% 27% JP 46% EU & Cooked UK 73% 30% Source: Thai Broiler Processing Exporters Association Note: 2022 Thai Broiler Productio
Slide 17: Y2022 Financial Results
@GFPT Y¥2022 Financial Results
Slide 18: Y2022 Financial Results
Y2022 Financial Results Y2022 Consolidated Revenue = THB 18.22 billion Y2022 Revenue Breakdown by Segment Business Segment of Y2022 Y2021 Change GFPT Group THB million % THB million % THB million % Food (Chicken Processing) 9,875.21 54.19 7,108.94 51.59 2,766.27 38.91 Farm 5,313.27 29.16 3,826.96 27
Slide 19: Y2022 Consolidated Income Statement
Y2022 Consolidated Income Statement (Unit in THB million) Y2021 %Sales Y2022 %Sales Change % Change Revenue from sales 13,780.57 100.00% 18,222.31 100.00% 4,441.74 32.23% Cost of sales (12,707.92) (92.22%) (15,354.23) (84.26%) 2,646.31 20.82% GROSS PROFIT 1,072.65 7.78% 2,868.08 15.74% 1,795.43 167.
Slide 20: Y2022 Financial Results
Y2022 Financial Results Gross Profit & GP Margin (%) EBITDA & EBITDA Margin (%) 3,500 18.6% 21% 4,000 20.8% 20.4% 21.9% 24% 19.4% 20.6% 20.1% 16.4% 3,000 15.7% 16.2% 18% 3,500 17.4% 21% 14.3% 14.4% 14.7% 14.2% 13.7% 17.0% 3,000 16.0% 18% 2,500 15% 2,500 11.2% 15% 2,000 12% 10.7% 7.8% 2,000 12% 1,500
Slide 21: Y2022 Financial Results
Y2022 Financial Results EPS (THB per share) Return on Asset (%) 2,500 1.63 174% 171% 25,000 9.9% 12% 168% 165% 162% 159% 156% 1.33 153% 150% 147% 9.2% 2,000 144% 141% 138% 20,000 1.08 135% 132% 129% 9% 126% 123% 120% 6.5% 6.9% 0.95 117% 114% 111% 1,500 0.83 108% 105% 102% 15,000 5.9% 99% 96% 93% 90%
Slide 22: Y2022 Consolidated Financial Position
Y2022 Consolidated Financial Position Selected Items (Unit in THB million) Y2021 Y2022 Change % Change Cash and Cash Equivalents 962.73 1,258.57 295.84 30.73% Trade and Other Receivables 780.06 1,012.35 232.29 29.78% Inventories 3,498.88 3,320.29 (178.59) (5.10%) Current Biological Assets 454.24 689
Slide 23: Y2022 Consolidated Financial Position
Y2022 Consolidated Financial Position Selected Items (Unit in THB million) Y2021 Y2022 Change % Change Short - Term Loans from Financial Institutions 1,310.00 1,320.00 10.00 0.76% Short - Term Loans from Subsidiary & Related Persons 160.50 - (160.50) (100.00%) Trade and Other Payables 1,102.48 1,112
Slide 24: Y2022 Consolidated Financial Position
Y2022 Consolidated Financial Position Selected Items (Unit in THB million) Y2021 Y2022 Change % Change EBIT 302.84 2,342.04 2,039.20 673.36% Depreciation - Grandparent & Parent Chickens 503.11 601.39 98.28 19.53% Depreciation & Amortization 730.65 720.48 (10.17) (1.39%) EBITDA 1,536.60 3,663.90 2,12
Slide 25: Y2022 Consolidated Financial Position
Y2022 Consolidated Financial Position Y2022 Total Assets = THB 23.41 billion Book Value (THB per share) 25,000 18,000 13.24 1392% 1389% 1386% 1383% 1380% 1377% 1374% 1371% 1368% 1365% 1362% 1359% 1356% 1353% 1350% 1347% 1344% 1341% 1338% 1335% 1332% 1329% 1326% 1323% 1320% 1317% 1314% 1311% 1308% 13
Slide 26: Y2022 Financial Results
Y2022 Financial Results Y2022 Interest-Bearing Debt = THB 4.50 billion Net Debt to EBITDA (THB million) 4,000 399% 396% 393% 390% 387% 384% 381% 378% 375% 372% 369% 366% 363% 360% 357% 354% 351% 348% 345% 342% 2.82 339% 336% 333% 330% 327% Short-Term Loans 324% 321% 318% 315% 1,320 3,000 312% 309% 3
Slide 27: Capital Expenditure
Capital Expenditure Investment (million THB) 1,567 1,145 1,264 1,242 1,179 912 882 594 536 581 610 609 539 611 2016 2017 2018 2019 2020 2021 2022 Breeder Stocks Fixed Assets Y2023 Capital Expenditure 1-1.2 Billion Broiler Farm Breeder Farm Primary Plant Analyst Meeting No. 1/2023 | 21 February
Slide 28: Market Outlook and Trend
@GFPT Market Outlook and Trend
Slide 29: Global Broiler Meat Market
Global Broiler Meat Market THAILAND Thai Broiler Export by Market Others The 6th Global Chicken Producer 16% China 2022 broiler production = 3,300,000 tons 8% Japan 44% EU The 4th Global Chicken Exporter 15% UK 2022 broiler meat export = 1,035,000 tons 17% Broiler Meat Production & Export Selected C
Slide 30: 50 Years of Thai Chicken Meat Export
50 Years of Thai Chicken Meat Export 1,200,000 Change Change 2021 2022 (E) Forecast 2023 21 / 22 22 / 23 2023 (F) MT Mil. Baht MT Mil. Baht (%) MT Mil. Baht (%) 1,070,000 MT Product 1,000,000 - Raw 385,311 32,589 380,000 44,000 (1.38) 380,000 44,000 - Mar 2018: China Lift Ban 2022 (E) - Further (Coo
Slide 31: Global Broiler Meat Market
Global Broiler Meat Market Global Production [Y2022 = 101,086,000 tons] Global Import [Y2022 = 11,163,000 tons] USA 21,005 Japan 1,105 China 14,300 Mexico 915 Brazil 14,250 EU 750 EU 10,920 China 645 Mexico 3,940 Saudi Arabia 615 Thailand 3,300 Philippines 495 UK 1,825 Iraq 475 Japan 1,790 Angola 34
Slide 32: Commodity Price
Commodity Price Corn & Soybean Meal (THB/Kg.) Broiler at Farm Gate (THB/Kg.) 24.0 21.7 21.9 22.1 22.3 20.4 47.6 50.0 44.0 45.2 21.0 18.4 18.9 42.5 SBM 40.4 18.0 15.5 40.0 36.9 35.4 36.0 34.4 34.9 44.4 13.7 14.0 41.2 15.0 40.2 37.7 37.5 30.0 12.0 33.7 33.4 Corn 30.2 31.8 31.5 13.1 12.6 12.3 12.1 9.0
Slide 33: Supporting & Risk Factors
Supporting & Risk Factors + Economic & Covid-19 Recovery + Tourism & Travel + Fast Food and Street Food Restaurants + New Export Market (Middle East) + BREXIT - High Feed Commodity Price - Fuel Cost - Exchange Rate Fluctuation - New Variants of Covid-19 - Avian Flu Outbreak Analyst Meeting No. 1/202
Slide 34: 2023 Guidance
2023 Guidance 2023 Guidance Revenue 2-3% growth from 2022 sales Gross Profit Margin 14.0% - 15.0% SG&A 8.5% - 9.0% Financial Cost 1.5% - 2.5% Effective Tax Rate 13% - 15% CAPEX THB 1 - 1.2 billion Source: BOD Resolutions (No.1/2023) Analyst Meeting No. 1/2023 | 21 February 2023 | page 34
Slide 35: Key Statistics
@GFPT Key Statistics
Slide 36: Key Statistics: Chicken Processing and Feed Business
Key Statistics: Chicken Processing and Feed Business Chicken Meat Direct Export (MT) Chicken Meat Indirect Export (MT) Chicken Meat Domestic (MT) + 39% - 2% 34,400 - 12% 65,200 66,300 65,500 62,700 32,700 32,600 21,600 21,600 59,700 61,200 59,700 30,600 28,300 19,900 18,100 17,500 23,400 15,900 16,5
Slide 37: Question & Answer
Question & Answer Analyst Meeting No. 1/2023 | 21 February 2023 | page 37
Slide 38: Thank You
THANK YOU Dr. Jutamas Ingpochai jutamas@gfpt.co.th T +66 2 473 8000 ext. 1822 INVESTOR RELATIONS DEPARTMENT Veera Titayangkaruvong www.gfpt.co.th veera-tita@gfpt.co.th T +66 2 473 8000 ext. 1802 Analyst Meeting No. 1/2023 | 21 February 2023 | page 38