Universal Robina Corp. · PSE:URC
Universal Robina — FY2024 Earnings Presentation
20 slides from Universal Robina's earnings presentation, Mar 17, 2025
Slide 1: Full Year CY2024 Unaudited Results Investor Briefing
Full Year CY2024 Unaudited Results Investor Briefing March 17, 2025 Irwin C. Lee Pancho M. Del Mundo Jose Miguel T. Manalang President and CEO Chief Finance and Strategy Officer Strategy & Investor Relations Director
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Universal Robina Corporation (URC) and plans and objectives of the management of URC. Such forward looking statements involve known and unknown risk
Slide 3: Executive Summary
EXECUTIVE SUMMARY • 2024 Revenues reached Php161.9B, up +3% vs. SPLY. International continued its strong growth, offsetting the challenging Philippine environment • 2024 Operating Income ended at Php16.7B, down 4% vs. SPLY, as Sugar and Renewables profits corrected against windfall and record-high 2
Slide 4: Total URC (Continuing Operations)
TOTAL URC (CONTINUING OPERATIONS) SALES EBIT NET INCOME In billion pesos In billion pesos In billion pesos 12.7 12.5 2% 157.8 161.9 3% 17.4 16.7 4% 12.6 12.2 3% 2023 2024 2023 2024 2023 2024 Core NI • Total revenue up 3%, driven by the • Total operating income declined 4% • Net income ahead of opera
Slide 5: BCF Philippines
BCF PHILIPPINES Volume growth sustained for most categories, offsetting challenged segments • Q4 volume and revenue growth seen across most 75.6 74.7 1% categories; faster growth in value tier segments continues SALES In billion pesos • Initial wave of value interventions performing well, building m
Slide 6: BCF International
BCF INTERNATIONAL Sustained revenue growth and record-high profit delivery • All business units delivering solid volume and value growth SALES 34.8 8% • Sustained revenue delivery despite tepid consumer 32.2 In billion pesos sentiment in the region Constant forex • Market share gains against key com
Slide 7: Agro-Industrial and Commodities
AGRO-INDUSTRIAL AND COMMODITIES Volume growth across most segments; improving Feeds and Flour margins against normalizing Sugar profits • AIG navigating challenging market, with Philippine swine populations affected by disease • Flour volume growth offsets price adjustments 51.3 5% SALES 48.8 • SURE
Slide 8: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Cash and Financial Debt Gearing Ratio In billion pesos 0.23 26.7 0.17 20.6 13.3 12.8 CY 2023 CY 2024 CY 2023 CY 2024 Cash + Financial Assets at FVPL + AFS Financial Debt • Working capital improvements as Cash Position In billion pesos commodity inventories are optimized 3
Slide 9: New reporting structure, emphasizing Branded businesses
New reporting structure, emphasizing Branded businesses Driving growth of Brands, with steady cashflow generation from Commodities Branded Businesses (~80%) Commodity Businesses (~20%) Sugar & Renewables BCF Philippines URC International Animal Nutrition and Health Foods Vietnam Branded Feeds Bevera
Slide 10: Key Focus Areas for 2025
Key Focus Areas for 2025 • BCFG Philippines: Volume growth and market share recovery. • BCF International: Sustain growth and market share. Scale Munchy’s and build new legs. • Animal Nutrition and Health: Pet food expansion. Strengthen lead in Dog. Build and grow Cat. • Commodities: Focus on profit
Slide 11: Senior Leadership Movements aligned with Operational Excellence
Senior Leadership Movements aligned with Operational Excellence Proven growth track record with more than 20 years of Anna Milagros D. David sales and marketing experience in FMCG; previously President, BCFG Philippines Chief Marketing Officer and head of URC International Experience built across 30
Slide 12: Market Share and Volume Initiatives into 2025
Market Share and Volume Initiatives into 2025 Better Value Packs Better Value Innovations… Better and More A&P Investment …with more coming to market
Slide 13: Signs of Philippine consumer turnaround
Signs of Philippine consumer turnaround Inflation settling in low single digits Rising wages providing relief Consumer sentiment improving 10-13% cumulative wage hike from 2022-2023 7-8% cumulative wage hike from 2024 2025 Wage Increases 2025 increase in Filipino consumers, businesses Slower Inflati
Slide 14: Executive Summary
EXECUTIVE SUMMARY • 2024 Revenues reached Php161.9B, up +3% vs. SPLY. International continued its strong growth, offsetting the challenging Philippine environment • 2024 Operating Income ended at Php16.7B, down 4% vs. SPLY, as Sugar and Renewables profits corrected against windfall and record-high 2
Slide 15: Thank You!
Thank You!
Slide 16: Income Statement
Income Statement 2024 2023 (Php Millions) YoY (Unaudited) (Audited) NET SALES 161,867 157,752 3% Cost of Sales 117,839 115,010 2% GROSS PROFIT 44,029 42,742 3% Operating Expense -27,377 -25,353 8% OPERATING INCOME 16,651 17,389 -4% Equity in net income of JVs -140 -287 Finance cost – net -1,261 -1,2
Slide 17: Income Statement
Income Statement 2024 (Unaudited) 2023 (Audited) (Php Millions) Ex-China China Total Ex-China China Total NET SALES 161,867 227 162,094 157,752 615 158,367 Cost of Sales 117,839 116 117,955 115,010 349 115,359 GROSS PROFIT 44,029 111 44,139 42,742 266 43,008 Operating Expense -27,377 -171 -27,548 -2
Slide 18: Balance Sheet
Balance Sheet 2024 CY 2023 (Php Millions) (Unaudited) (Audited) Cash & cash equivalents 12,821 13,311 (including Financial assets at FVPL and FVOCI) Other current assets 70,927 76,316 Property, plant, and equipment 65,444 62,410 Other noncurrent assets 29,383 28,264 TOTAL ASSETS 178,574 180,302 Curr
Slide 19: Divisional Financials (Continuing Operations)
Divisional Financials (Continuing Operations) SALES EBIT EBIT MARGIN (Php Millions) 2024 2023 YoY 2024 2023 YoY 2024 2023 bps Branded Consumer Foods 110,559 109,001 1% 14,314 11,945 20% 12.9% 11.0% 199 Philippines 74,713 75,599 -1% 9,632 8,759 10% 12.9% 11.6% 131 International 34,777 32,177 8% 4,744
Slide 20: Market Shares
Market Shares Philippines Thailand MARKET MARKET CATEGORY #1 #2 #3 CATEGORY #1 #2 #3 SHARE SHARE Snacks 33.8% URC 25.0% 6.8% Biscuits 14.7% URC 13.2% 7.8% Candies 24.2% URC 15.9% 13.1% Wafers 19.5% 24.7% URC 7.8% Chocolates and 20.1% URC 14.4% 7.7% Coated Wafers Vietnam Biscuits 14.5% 28.4% 27.3% U