Pt Cisarua Mountain Dairy Tbk · IDX:CMRY
Pt Cisarua Mountain Dairy Tbk — FY2022 Earnings Presentation
26 slides from Pt Cisarua Mountain Dairy Tbk's earnings presentation, February 2023
Slide 1: PT Cisarua Mountain Dairy Tbk 2022 Full Year Results Presentation
PT Cisarua Mountain Dairy Tbk 2022 Full Year Results Presentation February 2023
Slide 2: Disclaimer
Disclaimer IMPORTANT: You must read the following before continuing. By attending the meeting where this presentation (this “presentation”), is made, or by reading the presentation materials, you are agreeing to maintain absolute confidentiality regarding the information disclosed in this document a
Slide 3: Agenda
Agenda 1 Company Profile 5 2 Financial Results 8 3 Operational Performance 16 4 Key Takeaways 21 5 Appendix 23 3
Slide 4: Company Profile
ae ae 1 | Company Profile
Slide 5: Company Profile
Company Profile “I only want to produce products that I believe is good to be consumed by my family” Bambang Sutantio Group Founder & President Commissioner Mission Contribute to the nation’s Always innovating in product health through products design and ways of working high in nutritional value Vi
Slide 6: Indonesia Dairy Market Trajectory
Indonesia Dairy Market Trajectory Dairy market in Indonesia is in the early stages of development with significant headroom to grow, supported by strong Indonesian macroeconomic tailwinds Dairy Sales per Capita by Market (2021) Dairy Sales per Capita (USD)1 Indonesia Log of Market’s GDP per Capita (
Slide 7: Financial Results
2 Financial Results
Slide 8: Net sales
Net sales Total Net Sales (Rp bn) Commentary Premium Dairy Premium Consumer Foods ◼ Strong YoY Total Net Sales growth of 6,378 56%, supported by higher than expected growth in premium 4,096 consumer foods 1,862 1,391 FY19A FY20A FY21A FY22A Premium Dairy Net Sales (Rp bn) Premium Consumer Foods Net
Slide 9: Gross profit
Gross profit Cost of Sales % Net Sales (Rp bn) Commentary Raw Materials & Packaging Others ◼ Raw material prices in 2022 were at decade high, with whole milk powder prices being 62.8% 59.2% 58.2% particularly affected 15.1% 51.8% ◼ Inflationary pressures from post-COVID re- 8.6% 16.9% 7.7% opening a
Slide 10: Selling & marketing expenses
Selling & marketing expenses Selling & Marketing Expenses (Rp bn) Selling & Marketing Expenses % Net Sales (Rp bn) Advertising, Promotion & Marketing Advertising, Promotion & Marketing Salaries & Allowances Salaries & Allowances Distribution & Administration Distribution & Administration Others Othe
Slide 11: General & administrative expenses
General & administrative expenses General & Administrative Expenses (Rp bn) General & Administrative Expenses % Net Sales (Rp bn) Salaries & Allowances Salaries & Allowances Others Others 134 4.0% 76 3.5% 79 1.9% 66 1.6% 55 35 2.1% 1.9% 30 26 0.9% 1.2% 58 2.1% 44 1.9% 36 29 1.1% 0.9% FY19A FY20A FY2
Slide 12: Operating & net profit
Operating & net profit Operating Profit & Margin (Rp bn) 2,000 25% 20% 13% 30% 1,800 10% 10% 1,600 -10% 1,400 1,256 -30% 1,007 1,200 1,000 -50% 800 -70% 600 -90% 400 236 200 145 -110% 0 -130% FY19A FY20A FY21A FY22A Net Profit & Margin1 (Rp bn) Commentary 1,800 19% 17% ◼ Strong top-line growth led t
Slide 13: Quarterly performance
Quarterly performance Flat QoQ performance in- spite of macroeconomic 1,624 1,622 drivers softening consumer demand; Net Sales performance saw a 1,392 strong rebound in Dec 4Q21 3Q22 4Q22 70% 1,400 48% 60% 1,200 41% 40% 50% Inflation has begun to moderate, presenting an 1,000 40% Gross Profit 800 66
Slide 14: Balance sheet & cash flows
Balance sheet & cash flows Net Cash (Debt) Position (Rp bn) Strong balance sheet to support rapid growth strategies 2,159 2,125 2,700 2,200 1,700 1,200 700 200 (300) (800) (35) CC&E Debt Net Cash Net Operating Cash Flows vs Capital Expenditure (Rp bn) Commentary Net Operating Cash Flow ◼ Record CAPE
Slide 15: Operational Performance
3 Operational Performance
Slide 16: General Trade and Miss Cimory channel penetration
Successful execution of our channel penetration strategies, with an emphasis on improving productivity per MCM agent General Trade (“GT”) Sales Force & Distributor Network Outlet Footprint Distributor Partners 8,110 chillers GT Sales Force Headcount deployed to date 400 852 900 350 300 505 700 Moder
Slide 17: Production capacity for core products continues to grow
Our production capacity for core products continues to grow, with focus now shifting towards increasing channel penetration UHT Milk Cimory Pouch ◼ Further extension of new flavours ◼ Production capacity constraints have been alleviated ◼ To focus on increasing channel penetration ◼ To focus on laun
Slide 18: Margin pressure expected to ease in 2023
Margin pressure expected to ease in 2023 as raw material prices have been decreasing Premium Dairy Premium Consumer Foods Whole Milk Powder Prices (US$/MT)1 Annual Average Beef Purchase Price (US$/MT)2 6,500 7,000 (30%) Decline 5,766 5,500 US$4,596/MT 6,000 Inflation 15 Mar 2022 4,940 5,314 4,500 5,
Slide 19: Focus on channel growth and new product launches
We will maintain our focus on investing in channel growth and new product launches to capture rising consumer demand Channel Growth Launch of New Products Well positioned to increase our shelf space We will continue to expand our product while continuing to invest heavily across portfolio in respons
Slide 20: Key Takeaways
Draft 4 Key Takeaways
Slide 21: Key takeaways
Key takeaways 1 Rapid FY22 top-line growth of 56% YoY driven primarily by volume-based growth Consumer Foods exhibited exceptional performance of 97% YoY Net Sales growth in 2 FY22, driven by Kanzler Singles and Kanzler Nuggets Expanded production capabilities for both Dairy and Consumer Foods segme
Slide 22: Appendix
5 | Appendix
Slide 23: Consolidated statement of profit or loss
Consolidated statement of profit or loss Year Ended 31 December 2019 2020 2021 2022 (Rp Billions) (Rp Billions) (Rp Billions) (Rp Billions) Net Sales 1,390.8 1,861.9 4,095.7 6,378.3 Cost of Sales (873.4) (1,101.8) (2,122.6) (3,709.9) Gross Profit 517.3 760.1 1,973.0 2,668.5 Selling & Marketing Expen
Slide 24: Consolidated statement of financial position
Consolidated statement of financial position Year Ended 31 December 2019 2020 2021 2022 (Rp Billions) (Rp Billions) (Rp Billions) (Rp Billions) Cash and cash equivalents 20.4 67.0 3,661.8 2,159.3 Total Current Assets 341.2 556.9 4,832.3 4,025.2 Total Non-Current Assets 474.1 529.9 771.5 2,198.0 Tota
Slide 25: Consolidated statement of cash flows
Consolidated statement of cash flows Year Ended 31 December 2019 2020 2021 2022 (Rp Billions) (Rp Billions) (Rp Billions) (Rp Billions) Net cash provided by operating activities 48.9 198.9 725.6 486.0 Net cash used in investing activities (47.5) (105.3) (288.5) (1,475.1) Net cash provided by/(used i
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