Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Asia Pacific Breweries — H1 2011 Earnings Presentation
24 slides from Singapore Exchange's earnings presentation, May 13, 2011
Slide 1: FY10/11 Half Year Results Briefing
FY10/11 HALF YEAR RESULTS BRIEFING Mr Roland Pirmez Chief Executive Officer 13 May 2011 1
Slide 2: Financial Results
FINANCIAL RESULTS ASIA PACIFIC BREWERIES LIMITED
Slide 3: Financial Results
FINANCIAL RESULTS H1 2011 H1 2010 % (S$’ Million) (S$’ Million) Change Revenue 1,528.9 1,241.8 +23.1 PBIT 340.9 254.8 +33.8 Attributable Net 183.6 134.7 +36.3 Profit * * Includes results of discontinued Indian operations in H1 2010 3
Slide 4: Revenue
REVENUE S$’million 2,000.0 CAGR 13% +23% 1,500.0 +17% +14% +1% 1,528.9 1,000.0 1,241.8 1,055.6 925.7 500.0 1,065.1 0.0 H1 2007 H1 2008 H1 2009 H1 2010 H1 2011 4
Slide 5: Revenue: Indochina Stands As Largest Revenue Generator
REVENUE Indochina Stands As Largest Revenue Generator H1 2011 H1 2010 % (S$’ Million) (S$’ Million) Change Indochina 555.7 503.4 10 South & South East Asia 509.7 313.1 63 Oceania 443.5 408.3 9 North Asia 13.0 9.0 44 Corp. Office 6.9 7.9 -11 Total 1,528.9 1,241.8 23 5
Slide 6: PBIT
PBIT S$’million +34% 350.0 CAGR 23% 300.0 340.9 +48% 250.0 +14 +2% 254.9 200.0 150.0 172.7 169.0 100.0 148.6 50.0 0.0 H1 2007 H1 2008 H1 2009 H1 2010 H1 2011 6
Slide 7: PBIT
PBIT H1 2011 H1 2010 % Change (S$’ Million) (S$’ Million) Indochina & 167.1 133.1 26 Thailand South & South 103.8 62.4 66 East Asia Oceania 79.9 67.1 19 North Asia 0.5 -2.2 NM Corp. Office -10.4 -5.5 -89 Total 340.9 254.8 34 NM = Not Meaningful 7
Slide 8: PBIT
PBIT (S$ m) Organic PBIT Growth of 28% +33.8% 450 vs LY +18.0% 400 +46.1 +33.3% +28.4% -1.8% -11.3% 340.9 350 +72.7 -4.7 -28.8 300 254.8 +0.3 +0.5 255.6 250 200 150 100 50 0 Last Yr Gestation Impact of Adj LY Organic Gestation Currency Impact of This Year Losses Transactions Growth Losses Effect Tra
Slide 9: Attributable Profit
ATTRIBUTABLE PROFIT (Before Exceptional Items) S$’million CAGR 23% +36% 200.0 180.0 160.0 +48% 183.6 140.0 120.0 +14% +1% 134.7 100.0 80.0 91.0 60.0 90.4 79.2 40.0 20.0 0.0 H1 2007 H1 2008 H1 2009 H1 2010 H1 2011 9
Slide 10: Attributable Profit
ATTRIBUTABLE PROFIT (Before Exceptional Items) 300 (S$ m) Organic APBE Growth of 23% +36.3% vs LY 250 +17.2% -3.3% +24.7 +27.6% +23.4% -9.7% 200 +33.7 -4.7 -14.0 183.6 134.7 +0.3 +8.9 143.9 150 100 50 0 Last Yr Gestation Impact of Adj LY Organic Gestation Currency Impact of This Year Losses Transact
Slide 11: Financial Summary/ Ratio
FINANCIAL SUMMARY/ RATIO H1 2011 H1 2010 Change PBIT margin 22.3% 20.5% +1.8% ROE 16.2% 12.6% +3.6% EPS (cents) 71.1 52.2 +18.9ct Net asset value per $4.40 S$4.26 +$0.14 share Net tangible assets per $1.89 S$1.77 +$0.12 share 11
Slide 12: Regional Performance
REGIONAL PERFORMANCE ASIA PACIFIC BREWERIES LIMITED 12
Slide 13: South & Southeast Asia
SOUTH & SOUTHEAST ASIA (Singapore, Export Markets, Malaysia, Indonesia & Sri Lanka) Half Year Results Revenue : S$509.7m (+S$196.6m or +63%) • Boosted by acquisition of brewery in Indonesia • Higher domestic volume in S’pore (+4%) & Sri Lanka (+24%) • Offset by lower contract brew volume (-5%) PBIT
Slide 14: Thailand & Indochina
THAILAND & INDOCHINA (Vietnam, Cambodia & Laos) Half Year Results Revenue : S$555.7m (+S$52.3m or +10%) • Volume grew 17% o Driven by strong consumer demand in Vietnam PBIT : S$167.1m (+S$34.0m or +26%) • Higher volume • Improved margins in Vietnam • Excluding translation differences of S$25.3m (due
Slide 15: Oceania
OCEANIA (New Zealand, Papua New Guinea & New Caledonia) Half Year Results Revenue : S$443.5m (+S$35.2m or +9%) • Lifted by acquisition of brewery in New Caledonia • Double digit volume growth in Papua New Guinea (+12%) • Offset by lower volume in New Zealand (-5%) PBIT : S$80.0m (+S$12.9m or +19%) •
Slide 16: North Asia
NORTH ASIA (China & Mongolia) Half Year Results Revenue : S$13.0m (+S$4.0m or +44%) • Volume growth of 30% in Mongolia PBIT : S$0.5m (+S$2.8m) • Favorable sales mix in China • Higher exchange gain from currency realignment of USD loans in Mongolia (+S$0.4m) 16
Slide 17: Developments
DEVELOPMENTS ASIA PACIFIC BREWERIES LIMITED
Slide 18: New Brewery
NEW BREWERY Guangdong, China • Completed construction of a 1 million-hectolitre greenfield brewery in Dec 2010 • To accelerate Group’s advancement in South China 18
Slide 19: Brewery Enhancements
BREWERY ENHANCEMENTS Ulaanbaatar, Mongolia • Annual production capacity increased to 300,000 hectolitres in Feb 2011 • Cater to volume increase and growth potential 19
Slide 20: Brewery Divestment
BREWERY DIVESTMENT China • Completed divestment of 21.37% stake in Kingway Brewery in May 2011 • APB’s share of exceptional income - S$36.2 million * APB holds 50% interest in Heineken-APB (China) 20
Slide 21: Footprint
FOOTPRINT • Interest in 29 brewery operations in 13 markets in the Asia Pacific region • Robust distribution 8 network • Strategic partnerships and alliances • Continual growth of Asian economies 21
Slide 22: Outlook
ASIA PACIFIC BREWERIES LIMITED OUTLOOK 22
Slide 23: Outlook
OUTLOOK • Rising inflation may dampen consumer demand. • Strengthening Singapore Dollar, especially against Vietnamese Dong, to adversely affect the financial report. • Similar provisions for employee share-based expenses expected in 2H 2011. 23
Slide 24: Thank You
CMF ry ;@) ASIA PACIFIC oeewerits LIMITED THANK YOU 24
Asia Pacific Breweries — H1 2011 Earnings Presentation on 6ix