Wilmar International Limited · SGX:F34
Wilmar International — Q1 2012 Earnings Presentation
23 slides from Wilmar International's earnings presentation, May 10, 2012
Slide 1: Financial Statement and Related Announcement
FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT Page 1 of 1 FIRST QUARTER 2012 RESULTS BRIEFING PRESENTATION * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT Like 0 0 0 * Asterisks denote mandatory information Name of Announcer * WILMAR INTERNATIONAL LIMITED Company Registration No. 199904785Z Announceme
Slide 2: 1Q2012 Results Briefing
WILMAR INTERNATIONAL LIMITED 1Q2012 Results Briefing May 10, 2012
Slide 3: Important Notice
IMPORTANT NOTICE Information in this presentation may contain projections and forward looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may cha
Slide 4: Agenda
Agenda 1 1Q2012 Financial Performance 2 Business Outlook 3 Questions and Answers 2
Slide 5: 1Q2012 Financial Performance
1Q2012 Financial Performance 3
Slide 6: Overview of Results
Overview of Results 1Q12 Vs 1Q11 US$M Revenue 10,471 + 10% EBITDA 622 - 6% Net profit 256 - 34% Earnings per share 4.0 - 33% in US cents (fully diluted) Net profit – excl non- 206 - 51% operating items 4
Slide 7: Revenues
Revenues 10,600 12 10,400 10.2 10 Palm & Laurics/Oilseeds & Grains/Sugar 10,200 8.2 8 10,000 Volume in Million MT: US$ Million 9,800 6 10,471 9,600 4 9,400 9,536 2 9,200 9,000 0 1Q11 1Q12 Revenues Volume 5
Slide 8: Net Profit
Net Profit 450 416.6 400 386.7 350 300 255.9 US$ Million 250 205.6 200 150 100 50 0 1Q11 1Q12 Net Profit Net Profit excl non-op 6
Slide 9: Business Segment Results: Profit before Tax
Business Segment Results: Profit before Tax US$ million 1Q12 1Q11 ∆ Merchandising & Processing 182.5 345.6 -47% Palm & laurics 235.0 153.5 53% Oilseeds & grains (52.5) 192.1 n.m. Consumer Products 50.3 36.8 37% Plantations & Palm Oil Mills 98.7 81.8 21% Sugar (47.9) (7.2) 561% Milling (58.0) (22.6)
Slide 10: Business Segment Results: Palm and Laurics
Business Segment results: Palm and Laurics 1Q12 1Q11 ∆ Revenue (US$ million) 5,431 5,093 7% Sales volume (‘000 MT) 5,169 4,292 20% Profit before tax (US$ million) 235.0 153.5 53% Profit before tax per MT (US$/MT) 45.5 35.8 27% • Overall margins improved as the Group maximised its capacity utilisatio
Slide 11: Business Segment Results: Oilseeds and Grains
Business Segment results: Oilseeds and Grains 1Q12 1Q11 ∆ Revenue (US$ million) 2,690 2,327 16% Sales volume (‘000 MT) 4,408 3,510 26% Profit before tax (US$ million) (52.5) 192.1 n.m. Profit before tax per MT (US$/MT) (11.9) 54.7 n.m. • Crush margins remained weak amidst a challenging operating env
Slide 12: Business Segment Results: Consumer Products
Business Segment results: Consumer Products 1Q12 1Q11 ∆ Revenue (US$ million) 1,891 1,729 9% Sales volume (‘000 MT) 1,206 1,122 7% Profit before tax (US$ million) 50.3 36.8 37% Profit before tax per MT (US$/MT) 41.7 32.8 27% • Sales volume increased on the back of consumption growth in edible oils,
Slide 13: Business Segment Results: Plantations & Palm Oil Mills
Business Segment results: Plantations & Palm Oil Mills 1Q12 1Q11 ∆ Revenue (US$ million) 433.8 396.8 9% Profit before tax (US$ million) 98.7 81.8 21% Planted area (ha) 249,199 242,965 3% Mature area harvested (ha) 213,569 194,561 10% FFB production (MT) 945,760 844,069 12% FFB Yield (MT/ha) 4.4 4.3
Slide 14: Plantation Age Profile
Plantation Age Profile 31 Mar 2012 0 to 3 yrs 4 - 6 yrs 7 - 14 yrs 15 - 18 yrs >18 yrs Total Indonesia 12,206 67,852 60,218 20,074 25,450 185,800 Malaysia 2,674 3,048 18,137 15,496 19,366 58,721 Africa 729 743 1,749 3 1,454 4,678 Total planted area 15,609 71,643 80,104 35,573 46,270 249,199 % of tot
Slide 15: Business Segment Results: Sugar Milling
Business segment results: Sugar Milling 1Q12 1Q11 ∆ Revenue (US$ million) 50 42 20% Sales volume (‘000 MT) 85 80 6% Profit before tax (US$ million) (58.0) (22.6) 156% Excluding non-operating items*: Profit before tax from operations (59.9) (54.3) 10% (US$ million) Profit before tax per MT (US$/MT) (
Slide 16: Business Segment Results: Sugar Merchandising and Processing
Business segment results: Sugar Merchandising and Processing 1Q12 1Q11 ∆ Revenue (US$ million) 407 326 25% Sales volume (‘000 MT) 495 359 38% Profit before tax (US$ million) 10.1 15.4 -34% Excluding non-operating items*: Profit before tax from operations 12.3 13.8 -10% (US$ million) Profit before ta
Slide 17: Non-Operating Items
Non-Operating Items In US$ million 1Q12 1Q11 ∆ Foreign exchange gain arising from intercompany loans to 6.0 (1.8) n.m. subsidiaries Net gain/(loss) from investment securities 45.7 (0.2) n.m. Changes in the fair value of derivatives embedded in (0.3) (42.2) -99% convertible bonds Interest expense dir
Slide 18: Cashflow
Cashflow US$ million 1Q12 1Q11 Operating cashflow (530) 144 Less : Investment in subsidiaries and associates (188) (127) Capital expenditure (412) (236) Net proceeds from bank borrowings 533 301 Fixed deposits withdrawal 1,244 Other deposits and financial products with (423) 340 financial institutio
Slide 19: Gearing
Gearing US$ million As at As at March 31, 2012 December 31, 2011 Debt/Equity (x) 1.08 0.97 - Net Debt 14,600 12,991 - Shareholders' funds 13,541 13,370 Adjusted Debt/Equity (x) 0.53 0.47 - Liquid working capital * 7,419 6,687 - Adjusted Net Debt 7,181 6,303 Interest coverage (x) # 4.4 7.3 * Liquid w
Slide 20: Funding and Liquidity
Funding and Liquidity As at March 31, 2012 US$ million Available Utilised Balance Credit facilities : Committed 6,615 6,457 158 Trade finance 25,214 14,644 10,570 Short term 654 381 273 Total credit facilities 32,483 21,482 11,001 Cash & cash equivalents 1,431 Total liquidity 12,432 • 68% of utilise
Slide 21: Key Indicators
Key Indicators 3 months ended 3 months ended Year ended March 31, 2012 March 31, 2011 December 31, 2011 Return on Average Equity 7.6% * 12.8% * 12.7% Return on Average Capital 5.0% * 7.9% * 7.7% Employed Return on Average Assets 2.8% * 4.9% * 4.6% in US cents EPS (fully diluted) 4.0 6.0 25.0 NTA per
Slide 22: Business Outlook
Business Outlook • The oilseeds crushing margin in China remains challenging due to excess capacity. • All other key business segments of the Group are expected to perform satisfactorily for the rest of the year 20
Slide 23: Questions & Answers
Questions & Answers ilmar We Invest + You Harvest 21