Gfpt Public Co. Ltd. · SET:GFPT
Gfpt Public — FY2024 Earnings Presentation
39 slides from Gfpt Public's earnings presentation, Feb 20, 2025
Slide 1: FY2024 Result Presentation
FY2024 Result Presentation Analyst Meeting No.1/2025 20 February 2025 GFPT Public Company Limited Analyst Meeting No. 1/2025 | 20 February 2025 | 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 2024 and, unless stated otherwise. The information does not purport to be complete or comprehensive. This presentati
Slide 3: Agenda
Agenda GFPT Profile FY2024 Financial Results Broiler Industry Outlook FY2025 Guidance Q&A Appendix: Key Statistics Analyst Meeting No. 1/2025 | 20 February 2025 | page 3
Slide 4: About GFPT
About GFPT GFPT Public Company Limited (TB:GFPT), founded in 1981 with headquarters in Bangkok, Thailand, is one of Thailand’s chicken processors and marketers. We are specialized in fully vertical integrated chicken production starting from feed mill, grandparent breeder farm, parent breeder farm,
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. 1/2025 | 20
Slide 6: Our Targets for Zero Greenhouse Gas Emissions
Our Targets for Zero Greenhouse Gas Emissions Sustainable Business Operations Carbon Neutrality by 2030 NetBy 2050 Zero The Company gives importance to ESG by achieving good corporate governance based on the principles of good governance, supporting and developing employees to their full potentials,
Slide 7: GFPT's Vision and Missions
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 Build awareness and the international standards of customers responsible to society
Slide 8: 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 9: 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 Sustainability Investor Relations
Slide 10: GFPT Profile
GFPT Profile Symbol GFPT Shareholding Structure sSET as of 5 March 2024 Industry / Sector Agro & Food Industry / Agribusiness 2024 CG Score Excellent [90 – 100 CG Report Score] Anti – Corruption Certified to be a member of CAC Closed Price THB 9.20 per share (31/01/2025) Average Price THB 10.87 per
Slide 11: 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% McKey Food Services (Thailand) Ltd. Frozen Processed Food KT | 98.34% FKT | 99.99% GFF | 99.99% Krungthai Food PCL. Krungthai Farm Co., Lt
Slide 12: Fully Vertical Integrated Chicken Production
Fully Vertical Integrated Chicken Production Analyst Meeting No. 1/2025 | 20 February 2025 | page 12
Slide 13: GFPT Timeline
GFPT Timeline Additional Capital Injection in GFN 2012 GFPT: Stock split from Invest additional GFPT Initially established GFPT Listed in SET 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 Gro
Slide 14: 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 15: Product: Feed, Farm, Food
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 16: FY2024 Snapshot
FY2024 Snapshot FY2024 Consolidated Revenue = THB 19.31 billion Revenue by Segment + 2% 19,314 Farm 18,000 33% 15,000 Food 12,000 50% 9,000 6,000 Feed 17% 3,000 - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenue by Destination Revenue by Currency Reve
Slide 17: FY2024 Market Position
FY2024 Market Position 2nd in Thai Chicken Export 6th in Thai Chicken Production GFPT GFPT Group Group 6% 13% Export by Destination Export by Product Type Others 7% EU 12% UK 30% China Raw Cooked 14% 42% 58% Malaysia 16% Japan 21% Source: Thai Broiler Processing Exporters Association Note: 2024 Thai
Slide 18: FY2024 Financial Results
FY2024 Financial Results Analyst Meeting No. 1/2025 | 20 February 2025 | page 18
Slide 19: FY2024 Revenue Breakdown by Segment
FY2024 Financial Results FY2024 Consolidated Revenue = THB 19.31 billion FY2024 Revenue Breakdown by Segment Business Segment of FY2024 FY2023 Change GFPT Group THB million % THB million % THB million % Food (Chicken Processing) 9,603.55 49.72 9,107.19 47.99 496.36 5.45 Farm 6,435.17 33.32 6,565.53
Slide 20: FY2024 Consolidated Income Statement
FY2024 Consolidated Income Statement (Unit in THB million) FY2023 %Sales FY2024 %Sales Change % Change Revenue from sales 18,979.00 100.00% 19,314.08 100.00% 335.08 1.77% Cost of sales (16,799.34) (88.52%) (16,645.27) (86.18%) (154.07) (0.92%) GROSS PROFIT 2,179.66 11.48% 2,668.81 13.82% 489.15 22.4
Slide 21: Gross Profit, EBITDA and Net Profit Margins
FY2024 Financial Results Gross Profit & GP Margin (%) EBITDA & EBITDA Margin (%) 15.7% 21.0% 22.7% 21.7% 3,500 15.5% 18% 4,500 20.6% 20.5% 24% 14.2% 20.1% 14.7% 18.5% 19.0% 21% 3,000 13.8% 4,000 12.6% 12.8% 15% 16.8% 12.3% 3,500 11.5% 18% 2,500 12% 3,000 15% 2,000 7.8% 2,500 11.2% 9% 12% 1,500 2,000
Slide 22: EPS, Return on Asset, Dividend Payout
FY2024 Financial Results EPS (THB per share) Return on Asset (%) 2,500 1.63 1.57 174% 171% 30,000 12% 168% 165% 162% 159% 156% 153% 150% 147% 25,000 9.2% 2,000 1.10 144% 141% 138% 135% 132% 7.6% 9% 1.08 129% 126% 123% 6.5% 0.95 120% 117% 114% 20,000 6.9% 111% 108% 5.6% 1,500 105% 102% 99% 5.9% 96% 9
Slide 23: FY2024 Consolidated Financial Position: Assets
FY2024 Consolidated Financial Position Selected Items (Unit in THB million) FY2023 FY2024 Change % Change Cash and Cash Equivalents 1,610.13 2,101.40 491.27 30.51% Trade and Other Current Receivables 1,078.13 1,071.04 (7.09) (0.66%) Inventories 3,840.27 3,499.51 (340.75) (8.87%) Current Biological A
Slide 24: FY2024 Consolidated Financial Position: Liabilities and Equity
FY2024 Consolidated Financial Position Selected Items (Unit in THB million) FY2023 FY2024 Change % Change Short - Term Loans from Financial Institutions 1,470.00 770.00 (700.00) (47.62%) Short - Term Loans from Related Persons 108.00 180.00 72.00 66.67% Trade and Other Current Payables 1,586.14 1,19
Slide 25: Selected Cash Flow Items
FY2024 Consolidated Financial Position Selected Items (Unit in THB million) FY2023 FY2024 Change % Change EBIT 1,685.46 2,372.31 686.85 40.75% Depreciation - Biological Assets 737.60 813.35 75.75 10.27% Depreciation & Amortization 773.24 869.60 96.36 12.46% EBITDA 3,196.31 4,055.27 858.96 26.87% Net
Slide 26: Total Assets and Book Value
FY2024 Consolidated Financial Position FY2024 Total Assets = THB 26.32 billion Book Value (THB per share) 30,000 25,000 15.55 1632% 1629% 1626% 1623% 1619% 14.15 1616% 1613% 1610% 1606% 1603% 1600% 1596% 1593% 1590% 1587% 1583% 1580% 1577% 1574% 1570% 1567% 1564% 1561% 1557% 1554% 1551% 1548% 1544%
Slide 27: Interest-Bearing Debt and Debt to EBITDA
FY2024 Financial Results FY2024 Interest-Bearing Debt = THB 4.43 billion Debt to EBITDA (THB million) 5,000 4.26 498% 495% 492% 489% 486% 483% 480% 477% 474% 471% 468% 465% 462% 459% 456% 453% 450% 447% 444% 441% 438% 435% 432% 429% 426% 423% 420% 4,000 417% 414% 411% 408% 405% 402% 399% Short-Term
Slide 28: Capital Expenditure
Capital Expenditure Investment (million THB) 1,567 1,264 1,120 1,120 1,242 1,179 882 581 610 609 611 682 742 539 2018 2019 2020 2021 2022 2023 2024 Breeder Stocks Fixed Assets FY2025 Capital Expenditure 1-1.2 Billion Broiler Farm Breeder Farm Primary Plant Analyst Meeting No. 1/2025 | 20 Febru
Slide 29: Market Outlook and Trend
Market Outlook and Trend Analyst Meeting No. 1/2025 | 20 February 2025 | page 29
Slide 30: Global Broiler Meat Market: Thailand
Global Broiler Meat Market THAILAND Thai Broiler Export by Destination Others The 7th Global Chicken Producer 20% Japan 2024 broiler production = 3,490,000 Metric tons 40% China 9% The 4th Global Chicken Exporter EU 2024 broiler meat export = 1,150,000 Metric tons 14% UK 17% Broiler Meat Production
Slide 31: Years of Thai Chicken Meat Export
50 Years of Thai Chicken Meat Export 1,400,000 Change Change 2022 2023 2024 22 / 23 23 / 24 2024 MT Mil. Baht MT Mil. Baht (%) MT Mil. Baht (%) 1,224,343 MT 1,200,000 Product - Raw 396,070 46,360 514,853 53,115 30.00 564,611 58,014 9.66 - Further (Cooked) 643,711 102,553 582,593 93,752 (9.50) 659,73
Slide 32: Global Broiler Meat Market
Global Broiler Meat Market Global Production [Y2024 = 103,046,000 Metric Tons] Global Import [Y2024 = 11,065,000 Metric Tons] USA 21,384 Japan 1,130 Brazil 15,000 Mexico 970 China 15,000 UK 965 EU 11,385 EU 720 Russia 4,800 Saudi Arabia 600 Mexico 3,985 Iraq 550 Thailand 3,490 China 510 Argentina 2,
Slide 33: Commodity Price
Commodity Price Corn & Soybean Meal (THB/Kg.) Broiler at Farm Gate (THB/Kg.) 27.0 24.0 21.7 21.6 50.0 44.0 21.2 21.4 20.7 43.5 19.7 40.6 40.5 40.3 40.3 41.0 40.7 41.0 21.0 19.3 18.4 SBM 17.6 36.9 40.0 35.4 34.9 18.0 16.2 40.2 13.7 14.0 37.1 37.9 38.4 37.5 15.0 30.0 36.4 35.2 36.4 33.7 33.4 33.0 31.8
Slide 34: Supporting & Challenging Factors
Supporting & Challenging Factors Globally Recognized Food Safety Standards Animal Disease Outbreaks & Hygiene Risk Growing Poultry Demand Global Market Competition Cooked & Processed Chicken Market Growth Cost Volatility & Rising Expenses Strong Export Competitiveness Non-Tariff Measures (NTMs) Lowe
Slide 35: FY2025 Guidance
FY2025 Guidance FY2025 Guidance Revenue 2-3% growth from FY2024 sales Gross Profit Margin 13.0% - 14.0% SG&A 8.0% - 8.5% Financial Cost 1.5% - 2.5% Effective Tax Rate 10% - 15% CAPEX THB 1 - 1.2 billion Source: BOD Resolutions (No.1/2025) Analyst Meeting No. 1/2025 | 20 February 2025 | page 35
Slide 36: Key Statistics
Key Statistics Analyst Meeting No. 1/2025 | 20 February 2025 | page 36
Slide 37: 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) + 25% + 0% 36,600 32,600 + 7% 59,700 61,200 59,700 61,000 60,900 21,600 29,300 19,900 19,100 17,500 17,900 23,400 21,900 + 27% - 5% - 2% 9,800 16,100 15,3
Slide 38: Question & Answer
Question & Answer Analyst Meeting No. 1/2025 | 20 February 2025 | page 38
Slide 39: Thank you
Thank you Dr. Jutamas Ingpochai jutamas@gfpt.co.th T +66 2 473 8000 ext. 1822 Veera Titayangkaruvong veera-tita@gfpt.co.th T +66 2 473 8000 ext. 1802 INVESTOR RELATIONS DEPARTMENT www.gfpt.co.th Analyst Meeting No. 1/2025 | 20 February 2025 | page 39