Gfpt Public Co. Ltd. · SET:GFPT
Gfpt Public — Q1 2024 Earnings Presentation
39 slides from Gfpt Public's earnings presentation, May 9, 2024
Slide 1: 1Q2024 Result Presentation
1Q2024 Result Presentation Analyst Meeting No.2/2024 9 MAY 2024 GFPT Public Company Limited Analyst Meeting No. 2/2024 | 9 MAY 2024 | 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 March 2024 and, unless stated otherwise. The information does not purport to be complete or comprehensive. This presentation
Slide 3: Agenda
Agenda GFPT Profile 1Q2024 Financial Results Broiler Industry Outlook 2024 Guidance Q&A Appendix: Key Statistics Analyst Meeting No. 2/2024 | 9 MAY 2024 | 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. 2/2024 | 9
Slide 6: Net Zero by 2050
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 Outstanding Sustainability Investor Re
Slide 10: GFPT Profile
GFPT Profile Symbol GFPT Shareholding Structure sSET / SETESG as of 5 March 2024 Industry / Sector Agro & Food Industry / Agribusiness 2023 CG Score Excellent [90 – 100 CG Report Score] Anti – Corruption Certified to be a member of CAC Closed Price THB 12.90 per share (30/04/2024) Average Price THB
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 | 98.33% 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. 2/2024 | 9 MAY 2024 | 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: 2023 Snapshot: Consolidated Revenue THB 18.97 billion
Y2023 Snapshot 2023 Consolidated Revenue = THB 18.97 billion Revenue by Segment + 4% 18,963 18,000 Farm 35% 15,000 Food 48% 12,000 9,000 6,000 Feed 3,000 17% - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Revenue by Destination Revenue by Currency Revenue by P
Slide 17: 2023 Market Position
Y2023 Market Position 2nd in Thai Chicken Export 6th in Thai Chicken Production GFPT GFPT Group Group 6% 12% Export by Destination Export by Product Type Others 11% JP EU 11% 24% Raw Cooked 39% 61% Malaysia 12% UK China 24% 18% Source: Thai Broiler Processing Exporters Association Note: 2023 Thai Br
Slide 18: 1Q2024 Financial Results
1Q2024 Financial Results Analyst Meeting No. 2/2024 | 9 MAY 2024 | page 18
Slide 19: 1Q2024 Revenue Breakdown by Segment
1Q2024 Financial Results 1Q2024 Consolidated Revenue = THB 4.53 billion 1Q2024 Revenue Breakdown by Segment Business Segment of 1Q2024 1Q2023 Change GFPT Group THB million % THB million % THB million % Food (Chicken Processing) 2,194.06 48.47 2,065.42 45.44 128.64 6.23 Farm 1,523.86 33.66 1,735.83 3
Slide 20: 1Q2024 Consolidated Income Statement
1Q2024 Consolidated Income Statement (Unit in THB million) 1Q2023 %Sales 1Q2024 %Sales Change % Change Revenue from sales 4,545.34 100.00% 4,526.84 100.00% (18.50) (0.41%) Cost of sales (4,081.01) (89.78%) (3,958.61) (87.45%) (122.40) (3.00%) GROSS PROFIT 464.33 10.22% 568.23 12.55% 103.90 22.38% Ot
Slide 21: Gross Profit, EBITDA, Net Profit and Exchange Rate
1Q2024 Financial Results Gross Profit & GP Margin (%) EBITDA & EBITDA Margin (%) 3,500 15.7% 18% 4,000 20.1% 20.5% 24% 20.6% 14.4% 14.7% 18.5% 3,000 3,500 16.9% 21% 12.1% 12.4% 12.6% 15% 17.0% 16.7% 11.7% 15.6% 16.5% 11.7% 3,000 18% 2,500 10.2% 12% 2,500 11.2% 15% 2,000 7.8% 9% 2,000 12% 1,500 1,500
Slide 22: EPS, ROA and Dividend Payout
1Q2024 Financial Results EPS (THB per share) Return on Asset (%) 2,500 1.63 174% 171% 30,000 12% 168% 165% 162% 159% 156% 153% 150% 147% 25,000 9.2% 2,000 144% 141% 138% 1.08 1.10 135% 132% 129% 9% 126% 123% 120% 6.5% 6.9% 7.3% 0.95 117% 114% 111% 20,000 1,500 0.83 108% 105% 102% 99% 5.9% 5.6% 96% 9
Slide 23: 1Q2024 Consolidated Financial Position: Assets
1Q2024 Consolidated Financial Position Selected Items (Unit in THB million) Y2023 Mar 2024 Change % Change Cash and Cash Equivalents 1,610.13 2,286.31 676.19 42.00% Trade and Other Current Receivables 1,078.13 1,119.57 41.44 3.84% Inventories 3,840.27 3,433.05 (407.21) (10.60%) Current Biological As
Slide 24: 1Q2024 Consolidated Financial Position: Liabilities and Equity
1Q2024 Consolidated Financial Position Selected Items (Unit in THB million) Y2023 Mar 2024 Change % Change Short - Term Loans from Financial Institutions 1,470.00 1,370.00 (100.00) (6.80%) Short - Term Loans from Related Persons 108.00 - (108.00) (100.00%) Trade and Other Current Payables 1,586.14 1
Slide 25: 1Q2024 Financial Position: Cash Flow
1Q2024 Consolidated Financial Position Selected Items (Unit in THB million) 1Q2023 1Q2024 Change % Change EBIT 357.46 548.58 191.12 53.47% Depreciation - Grandparent & Parent Chickens 167.43 180.23 12.81 7.65% Depreciation & Amortization 185.64 200.40 14.76 7.95% EBITDA 710.53 929.22 218.68 30.78% N
Slide 26: 1Q2024 Total Assets and Book Value
1Q2024 Consolidated Financial Position 1Q2024 Total Assets = THB 26.05 billion Book Value (THB per share) 30,000 20,000 14.15 14.52 1525% 1522% 1519% 1516% 1512% 1509% 1506% 1503% 1500% 1497% 1494% 1491% 1488% 1485% 1482% 1479% 1476% 1473% 1470% 1467% 1464% 1461% 13.24 1458% 1455% 1451% 1448% 1445%
Slide 27: 1Q2024 Interest-Bearing Debt
1Q2024 Financial Results 1Q2024 Interest-Bearing Debt = THB 4.85 billion Debt to EBITDA (THB million) 4,000 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% 417% 414% 411% 408% 405% 402% 399% Short-Term Loans
Slide 28: Capital Expenditure
Capital Expenditure Investment (million THB) 1,567 1,264 1,242 1,179 1,120 912 882 536 581 610 609 539 611 682 2017 2018 2019 2020 2021 2022 2023 Breeder Stocks Fixed Assets Y2024 Capital Expenditure 1-1.2 Billion Broiler Farm Breeder Farm Primary Plant Analyst Meeting No. 2/2024 | 9 MAY 2024
Slide 29: Market Outlook and Trend
Market Outlook and Trend Analyst Meeting No. 2/2024 | 9 MAY 2024 | page 29
Slide 30: Global Broiler Meat Market: Thailand
Global Broiler Meat Market THAILAND Thai Broiler Export by Destination Others The 6th Global Chicken Producer 19% 2023 broiler production = 3,490,000 Metric tons Japan China 42% 11% The 4th Global Chicken Exporter EU 2023 broiler meat export = 1,135,000 Metric tons 13% UK 15% Broiler Meat Production
Slide 31: Years of Thai Chicken Meat Export
50 Years of Thai Chicken Meat Export 1,200,000 Change Change 2021 2022 2023 21 / 22 22 / 23 2023 MT Mil. Baht MT Mil. Baht (%) MT Mil. Baht (%) 1,097,446 MT Product 1,000,000 - Raw 385,311 32,589 396,070 46,360 2.79 514,886 53,115 30.00 Mar 2018: China Lift Ban 2022 - Further (Cooked) 547,950 75,047
Slide 32: Global Broiler Meat Market
Global Broiler Meat Market Global Production [Y2023 = 103,260,000 Metric Tons] Global Import [Y2023 = 11,358,000 Metric Tons] USA 21,201 Japan 1,055 Brazil 15,050 Mexico 1,025 China 13,870 UK 950 EU 11,200 China 800 Mexico 3,950 EU 760 Thailand 3,490 Saudi Arabia 610 UK 1,880 Iraq 500 Japan 1,790 Ph
Slide 33: Commodity Price
Commodity Price Corn & Soybean Meal (THB/Kg.) Broiler at Farm Gate (THB/Kg.) 27.0 22.9 22.2 50.0 44.9 45.0 24.0 21.7 21.6 21.2 21.4 44.0 43.6 43.7 20.6 40.5 40.3 21.0 18.4 SBM 40.0 36.9 35.4 34.4 34.9 18.0 15.5 40.2 13.7 14.0 37.1 38.0 38.0 15.0 30.0 37.1 35.2 36.4 33.7 33.4 Corn 30.2 31.8 12.0 13.3
Slide 34: Supporting & Risk Factors
Supporting & Risk Factors Compartment & Traceability High Feed Commodity Price Economic & Covid-19 Recovery Fuel Cost Fluctuation Fast Food & Street Food Exchange Rate Fluctuation New Export Market (Middle East) Non-Tariff Measures (NTMs) Existing Export Market Growth (China) Competition from Rivals
Slide 35: 2024 Guidance
2024 Guidance 2024 Guidance Revenue 3-5% growth from 2023 sales Gross Profit Margin 11.5% - 12.5% SG&A 8.0% - 8.5% Financial Cost 1.5% - 2.5% Effective Tax Rate 15% - 20% CAPEX THB 1 - 1.2 billion Source: BOD Resolutions (No.1/2024) Analyst Meeting No. 2/2024 | 9 MAY 2024 | page 35
Slide 36: Key Statistics
Key Statistics Analyst Meeting No. 2/2024 | 9 MAY 2024 | 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) + 2% - 10% 65,500 34,400 32,600 + 2% 59,700 61,200 59,700 61,000 21,600 21,600 29,300 19,900 17,500 17,900 23,400 21,900 + 20% + 1% + 21% 8,300 14,900 15,
Slide 38: Question & Answer
Question & Answer Analyst Meeting No. 2/2024 | 9 MAY 2024 | 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. 2/2024 | 9 MAY 2024 | page 39