Fraser & Neave Holdings Bhd. · MYX:F&N
Fraser & Neave Holdings Bhd — H1 FY2011 Earnings Presentation
21 slides from Fraser & Neave Holdings Bhd's earnings presentation, May 6, 2011
Slide 1: FY10/11 Half Year Results Briefing
Fraser & Neave Holdings Bhd FY10/11 Half Year Results Briefing 6 May 2011 Presented by : Dato’ Ng Jui Sia, CEO
Slide 2: Group results
Group results pure enjoyment. pure goodness EN
Slide 3: Financial highlights
Financial highlights • Strong double digit growth from core F&B business • Revenue crossed RM 2 bil mark, PBIT gained 42% • Strong performance driven by soft drinks, Dairies Thailand & properties • Dairies Malaysia’s PBIT declined by 36% due to higher raw material cost • RM 10 mil EI gain from dispo
Slide 4: Financial highlights
Financial highlights • Improvement in all key ratios vs. LY • EPS jumped 54% vs.LY - with gains from soft drinks & properties • Interim dividend 112% higher vs. LY, special dividend of 15 sen • * No gearing - net cash position of RM212mil Key ratios 1H 2011 1H 2010 Change (%) Per share - EPS (sen) ^
Slide 5: Group revenue
Group revenue + 53 1,995 + 53 Discontinued +6 + 170 glass operations 240 +16.1% 2,037 1,755 1H10 Soft drinks Dairies Malaysia Dairies Thailand Property/Others 1H11 • Soft drinks key contributor - strong performance from core brands on successful festive initiatives, new tea drinks, juices and Redbul
Slide 6: Group PBIT
Group PBIT + 44 + 52 - 20 +8 Discontinued 216 glass 17 +42.4% operations 283 199 1H10 Soft drinks Dairies Malaysia Dairies T hailand Property/ Others 1H11 • Group PBIT jumped 42%. Excluding property, profit up 20% • Withdrawal of sugar subsidy increased input costs & impacted margins • Soft drinks –
Slide 7: Group PBIT
Group PBIT + 18 - 57 + 45 (d) (e) (c) -5 + 33 (b) + 50 +42.4% (a) 283 199 1H10 Selling price Volume Property profit New Product COGS A&P 1H11 (a) Recovery price increase in SCM, Evap & soft drinks (b) Volume expansion in soft drinks & Dairies Thailand – benefit from economies of scale (c) Brampton d
Slide 8: Segment revenue
Segment revenue 1H11 RM 2,037 mil 1H10 RM 1,755 mil Dairies Dairies Thailand, Thailand, 481m 427m (24%) Property / (24%) Others, 60m (3%) Property / Dairies Others, 8m (0%) Dairies Malaysia, Malaysia, 554m 560m (32%) Soft drinks, 766m (27%) Soft drinks, 936m (44%) (46%) • Stable overall F&B segments
Slide 9: Segment PBIT
Segment PBIT 1H11 RM 283 mil 1H10 RM 199 mil Dairies Dairies Property / Thailand, 33m Thailand, Others, 50m (16%) Property / 40m (18%) Others, 5m (3%) (14%) Dairies Dairies Malaysia, Malaysia, 35m 55m (12%) (28%) Soft drinks, 158m Soft drinks, (56%) 106m (53%) • Soft drinks contributed > half of gro
Slide 10: 5 year trend
5 year trend +16.1% +6.9% 2,037 +2.0% +48.7% 1,755 1,609 1,641 • Record half year results to date 1,082 • Revenue exceeds RM 2 bil mark Revenue • Consistent double digit profit growth over 5 years 1H07 1H08 1H09 1H10 1H11 +42.4% 283 +34.5% 199 +20.3% +33.7% 148 123 92 PBIT 1H07 1H08 1H09 1H10 1H11
Slide 11: Operations review
Operations review pure enjoyment. pure goodness EN
Slide 12: Soft drinks
Soft drinks +22.2% +15.0% +49.3% 935.8 157.7 18 0 10 00 90 0 765.5 16 0 80 0 14 0 70 0 12 0 105.6 60 0 10 0 50 0 80 40 0 60 30 0 40 20 0 20 10 0 0 0 Revenue PBIT • Volume expanded 15%, > 8.5 mil cases in Jan 11 - another CNY record • Revenue growth accelerated by : • strong demand from core brands –
Slide 13: Soft drinks
Soft drinks
Slide 14: Dairies Malaysia
Dairies Malaysia +1.1% 6.1 6.0 56 1 560.1 60 55.4 6.0 56 0 6.0 55 9 50 -36.1% 5.9 55 8 40 35.4 5.9 -5.9% 55 7 5.8 55 6 30 5.8 5.7 55 5 554.2 20 5.7 55 4 5.7 55 3 10 5.6 55 2 5.6 55 1 0 Volume (mil ctn) Revenue PBIT • Government removal of sugar subsidies, overall higher raw material costs dampen res
Slide 15: Dairies Thailand
Dairies Thailand +12.5% +24.4% +14.7% 49 0 480.9 45 40.5 48 0 40 47 0 35 32.5 46 0 30 45 0 25 44 0 20 43 0 427.4 15 42 0 10 41 0 5 40 0 0 Revenue PBIT • Strong volume growth in all markets : • Domestic +9% - growth from across all categories • Indochina +55% - strong market development, Tea Pot push
Slide 16: Properties / Others
Properties / Others 8x 9x 80 60.8 60 49.9 60 40 40 20 20 7.6 5.6 0 0 Revenue PBIT • Revenue jumped 8 fold vs. LY due to sale of college building in FBP2 • PBIT contributed by : • College building sale - 14mil • Brampton disposal - 36mil • KLG factory land sale - 10 mil (EI)
Slide 17: Dividends
Dividends pure enjoyment. pure goodness EN
Slide 18: Dividends
Dividends • Interim net dividend of 35 sen per share, 112% higher vs. LY • +21% if excluding special dividend • Payment date 3 Aug 2011 40 Interim dividend per share (sen) nett +112% 35 35 30 15 25 Special dividend 20 17.58 16.5 15 5.0 12.75 11.5 12 10 20 12.58 5 0 1H06 1H07 1H08 1H09 1H10 1H11
Slide 19: Business outlook
Business outlook pure enjoyment. pure goodness EN
Slide 20: Business outlook
Business outlook Positive factors Negative factors • Healthy GDP growth in • Rising inflationary pressure Malaysia, Thailand, Indochina • Unstable oil / commodity prices • Positive consumer sentiment • Higher competitive • Weak USD landscape • Tourism growth • Impact of perception of subsidy withdra
Slide 21: End of presentation
GN End of presentation pure enjoyment. pure goodness EN
Fraser & Neave Holdings — H1 FY2011 Earnings Presentation on 6ix