Pt Malindo Feedmill Tbk · IDX:MAIN
Pt Malindo Feedmill Tbk — Investor Presentation (January 2016)
28 slides from Pt Malindo Feedmill Tbk's investor presentation, January 2016
Slide 1: Investor Presentation January 2016
INVESTOR PRESENTATION January 2016
Slide 2: Agenda
Agenda Company Background Industry Outlook Business Lines Company Financials 1
Slide 3: Company Background
COMPANY BACKGROUND hte tet SunnyGold Giaiixno>
Slide 4: Introduction to Malindo
Introduction to Malindo • Established in 1997, Malindo is a fully integrated Revenues (IDR bn) poultry producer with 4 main divisions – Feed, Breeder, Broiler & Processed Food. Malindo was 5,000 listed on the Indonesia Stock Exchange in 2006 and has a IDR 3.1 tn market cap(1) 4,500 • Successful mana
Slide 5: Key Financial Highlights
Key Financial Highlights • Fast industry growth at c.15% CAGR from 2012 – 2022, driven by rising incomes(1) Attractive, Fast • Amongst the lowest consumption in SE Asia at 10 kg vs. Malaysia at 38 kg(2) Growing Industry • The preferred protein due to its cultural & religious fit and affordability •
Slide 6: 2016 Outlook
2016 Outlook • Expected DOC ASP improvement in 2016 Projected Poultry Consumption – Government initiatives on GPS imports (stable or lower numbers vs 2015) & 6 million PS culling 8,000 14 program (4 million culled up to December 2015) 7,000 CAGR(2) 12 [ DOC ASP: Dec’15 Rp4,500 – Rp5,500 11% 6,000 10
Slide 7: Impact of volatility in FX & Prices of Raw Materials
Impact of volatility in FX & Prices of Raw Materials Corn Price (USD$ per bu) Soybean Meal Price (USD$ per kg) 7.5 5.5 6.5 5.0 4.5 5.5 4.0 4.5 3.5 3.5 3.0 2.5 2.5 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Dec-15 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Dec-15 USD/IDR MAIN Profitability 25.0% GP Mar
Slide 8: Capex plans 2016 – 2017: Expanding our footprint
Capex plans 2016 – 2017 : Expanding our footprint Capex (IDR bn) Feed capacity (tons) Processed foods capacity (tons) CAGR 2,000,000 4% 10,000 9,000 9,000 9,000 1,620,000 1,500,000 1,500,000 1,500,000 5,000 1,000,000 - 2015 2016 2017 2015 2016 2017 140 150 225 25 5 5 DOC capacity (birds) CAGR Broile
Slide 9: Strategic and Diverse locations
Strategic and Diverse locations Current operation Medan Future location – 2016 / 2017 Pontianak Balikpapan Pekanbaru Cikande, Cakung Palembang Banjarmasin Purwakarta Lampung Majalengka Cikarang Semarang Bogor Probolinggo Makassar Sukabumi Gresik Subang Cikaum, Lumajang Bandung Wonosari 2015 Annual A
Slide 10: Industry Outlook
Change pictures, for each section dividers INDUSTRY OUTLOOK
Slide 11: Fast-growing industry driven by rising incomes
Fast-growing industry driven by rising incomes Indonesia’s consuming class is growing, adding 90 Consumption per capita is projected to grow to 12 kg by million people in the consuming class by 2030 2017 (1) Million people 280 280 8,000 14 265 Accelerated consumption rate at 240 12 GDP per capita of
Slide 12: Poultry has been gaining share of consumption
Poultry has been gaining share of consumption Indonesia’s consumption per capita by meat type (1980-2009) 1980 Kilograms per capita 2009 2.4x 23.9 10.0 5.1x 2.1x 1.3x 6.1 3.3 2.3 1.2 1.6 1.8 Fish Poultry Pork/Lamb Beef Share of meat 69% 67% 8% 17% 11% 9% 12% 6% consumption Poultry is well-positioned
Slide 13: Future opportunities in processed food
Future opportunities in processed food Food spending as portion of total Processed food spend in Indonesia Frozen processed chicken spend in income (2002-2013) (2002-2012)(2) Indonesia Percent of total income(1) Trillions of IDR Billions of IDR Spending on food 83 8,869 70 Spending on processed food
Slide 14: Business Lines
BUSINESS LINES
Slide 15: Emerging market leader in poultry
Emerging market leader in poultry Malindo is well-positioned to capture market share from the overall growth in the poultry industry, including the growing branded processed poultry segment Indonesia feed production capacity share (2015) Indonesia DOC production capacity share (2015) CPIN CPIN JPFA
Slide 16: Feed
Feed • Highest contributor to revenues and EBITDA – 2014 sales of IDR 3.2 tn ($246 mn) with sales growth of 12% at 70%+ of optimal utilization – 71% of total revenue, EBIT margin of 8% – EBIT margin in 2015 estimated at 12%-13% • Expanding capacity from 1.26 mn tons to 1.5 mn tons by 2015 (19%) – 36
Slide 17: Production Process – Poultry Feed
Production Process – Poultry Feed Raw Material Raw Material Grinding & Mixing Pelleting Feed Additive, Poultry Feed Feed Vitamin and (Pellet/ Others (Mass) Crumble) QUALITY CONTROL to maintain high QUALITY CONTROL quality raw material DELIVERY 16
Slide 18: DOC
DOC • 2014 sales of IDR 708 bn ($54 mn) – 16% of revenues; market stabilization in 2015 with further improvement in 2016 • High quality, disease-resistant DOC sourced from Cobb-Vantress – Efficient Feed Conversion Ratio (FCR), low mortality rates, high uniformity and fast weight gain – Technical exp
Slide 19: Production Process – DOC
Production Process – DOC BREEDING FARM DOC Growing Producing Hatching Eggs Hatchery (Parent Stock) (1-24 weeks) (25-66 weeks) Poultry Feed, Poultry Feed, Holding Room Vaccine, Vitamin Vaccine, Vitamin (Max 3 days) and Other and Other Incubator (18 days) High quality Advanced technology and Hatcher s
Slide 20: Broiler
Broiler • 11% of total revenues in 2014 with sales of IDR 502 bn; sales growth of 12% • High quality DOC and best-in-class farm management ensures high-quality broiler • Diverse geographic location limits disease outbreaks • Extensive network of distributors and wholesalers to access both traditiona
Slide 21: Processed Food
Processed Food • Processed food commenced operations in Q3 2013; 1% of total revenues in 2014 • State-of-the-art production plant with installed production capacity of 9,000 tons per annum – Current installed capacity will be sufficient to cover projected demand for the next 2-3 years – With project
Slide 22: Company Financials
Change pictures, for each section dividers COMPANY FINANCIALS
Slide 23: Financial Performance
Financial Performance Net Sales Chicken Gross Profit IDR bn consumption grew IDR bn at 6% CAGR from CAGR CAGR 2009-14 6.8% 718 21.9% 638 4,502 4,193 3,350 3,396 3,534 461 388 360 2,634 322 336 2,037 2010 2011 2012 2013 2014 2014 2015 2010 2011 2012 2013 2014 2014 2015 (9M) (9M) (9M) (9M) EBITDA Net
Slide 24: Financial Performance
Financial Performance 2015 (9M) Revenue Breakdown Shareholders' Equity 1% IDR bn 11% 1,081 1,012 11% Feed 865 DOC 685 19% Broiler 424 69% Processed food 258 2010 2011 2012 2013 2014 2015 (9M) Leverage Ratio Historical Capex IDR bn Debt/Equity 12.8 665 Debt/EBITDA CAGR 44% 6.9 5.3 320 354 314 207 1.6
Slide 25: Appendix
APPENDIX a SunnyGold Giaiixno>
Slide 26: Experienced professional team with recognized track record
Experienced professional team with recognized track record • Founding shareholders have more than 40 years of experience in the industry in South East Asia • Senior management has 15-20 years of industry experience • Winner of Forbes Indonesia’s Top 50 Best of the Best Companies award 4 times in a r
Slide 27: 18 Years of Excellence
18 Years of Excellence 1997-98 2000 2003 2006 2007-08 • Established PT. • Acquired feedmill • Acquired a feedmill • Listed in JSX • Established a Gymtech Feedmill business from Subur from PT Unggul Sari • Started Grand Parent subsidiary for Indonesia in 1997 Group (150,000 MT Citra Topfeed (300,000
Slide 28: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to the following l imitations and notifications and represent that you are a person who is permitted under applicable law and regulation to receive information of the kind contained
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