Pt Cisarua Mountain Dairy Tbk · IDX:CMRY
Pt Cisarua Mountain Dairy Tbk — FY2023 Earnings Presentation
30 slides from Pt Cisarua Mountain Dairy Tbk's earnings presentation, March 2024
Slide 1: 2023 Full Year Results Presentation
PT Cisarua Mountain Dairy Tbk 2023 Full Year Results Presentation March 2024
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: Industry Overview & Operational Performance
1 Industry Overview & Operational Performance
Slide 4: Cimory continues resilient growth despite contractions in Indonesia food and beverage markets
Despite contractions across Indonesia’s food and beverage markets, Cimory continues to achieve resilient growth Indonesia Growth by FMCG Sector FY 2022 FY2023 8% 8% 7% 6% 5% 5% 4% Value Growth (%) (2%) 3% 2% 1% 0% Unit Growth (%) (1%) (3%) (4%) (5%) 8% 6% 6% 6% Price / Unit 5% 5% Growth (%) 3% 3% FM
Slide 5: Successful execution of channel penetration strategies
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 400 852 813 900 350 300 505 700 1
Slide 6: Positive market feedback on the launch of yogurt sticks
Positive market feedback on the launch of yogurt sticks juanneve 10corleone ekaghallery ndhiraa07 4.9+ Mio Views 4.1+ Mio Views 2.9+ Mio Views 2.5+ Mio Views
Slide 7: Moo-gical Treats by Cimory: Ice Cream Campaign
Moo-gical Treats by Cimory: Ice Cream Campaign esterlitaalexander Ravie.pie mgdalenafofficial Jkt.spot 11+ Mio Views 8.3+ Mio Views 7.6+ Mio Views
Slide 8: Similar marketing trend for Crispy Nugget sticks
Similar marketing trend for Crispy Nugget sticks Mak Beti @jktfoodmap @heychandra @sibungbung @siscakohl 2.4+ Mio Views 766K Views 15.9 Mio Views 8.1 Mio Views 2.1 Mio Views
Slide 9: Chicken Nugget Stick OOH marketing launch
Chicken Nugget Stick OOH marketing launch
Slide 10: Raw material prices normalised, FX movements adverse
Whilst the price of raw materials have normalised, FX movements have been adverse over the period Whole Milk Powder Prices (US$/MT)1 5,300 30% Decline 4,800 4,300 US$4,596/MT 3,800 15 Mar 2022 US$3,207/MT 23 Dec 2023 3,300 2,800 2,300 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22Sep 22 Oct
Slide 11: Growth supported by launches into new channels and new products
Growth supported by launch of products into new channels, and continued innovations through new products and extensions Premium Dairy Yoghurt Stick Flavour Extensions Yogurt Stick UHT Milk New Product Flavour Extensions 3Q 2023 3Q 2023 1Q 2024 1Q 2023 2Q 2023 3Q 2024 Crispy Chicken Crispy Nugget Nug
Slide 12: 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 13: Growth Strategy
Growth Strategy Organic Topline Growth Volume growth through trialship and repeatability of consumption Market share gains and category Leverage production facilities growth expansion and drive cost efficiencies Investment Continuous marketing investments and channel expansion
Slide 14: Financial Results
2 Financial Results
Slide 15: Net sales
Net sales Total Net Sales (Rp bn) Commentary ◼ Strong YoY Total Net Sales growth of Premium Dairy Premium Consumer Foods 7,773 22% supported by higher-than- 6,378 expected growth in premium 4,096 consumer foods 1,391 1,862 FY19A FY20A FY21A FY22A FY23A Premium Dairy Net Sales (Rp bn) Premium Consume
Slide 16: Gross profit
Gross profit Cost of Sales % Net Sales (Rp bn) Commentary Raw Materials & Packaging Others 62.8% ◼ Input prices have normalized, particularly for 59.2% 58.2% 58.4% dairy (milk powder prices declined 30% since its 15.1% 51.8% 8.4% peak in Q1’22), although packaging prices 8.6% 16.9% 7.7% remain eleva
Slide 17: 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 18: General & administrative expenses
General & administrative expenses General & Administrative Expenses (Rp bn) General & Administrative Expenses % Net Sales (Rp bn) Salaries & Allowances Salaries & Allowances Others Others 194 4.0% 134 3.5% 117 1.9% 76 1.6% 2.4% 79 2.1% 66 1.9% 55 35 1.5% 30 0.9% 1.2% 26 77 2.1% 1.9% 58 36 44 1.1% 29
Slide 19: Operating & net profit
Operating & net profit Operating Profit & Margin (Rp bn) 25% 20% 2,000 13% 18% 30% 1,800 10% 10% 1,600 1,428 -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 FY23A Net Profit & Margin1 (Rp bn) Commentary 1,800 19% 17% 16% ◼ Healthy
Slide 20: Quarterly performance
Quarterly performance A decent QoQ growth despite a high base effect in Q2 and Q3 2023 with a 1,964 2,031 1,622 rebound in dairy sales Net Sales 4Q22 3Q23 4Q23 70% 1,400 60% 1,200 40% 42% 42% Gross margins have 50% stabilised with a potential Axis Title 1,000 40% 829 857 upside in the near term 30%
Slide 21: Balance sheet & cash flows
Balance sheet & cash flows Net Cash Position (Rp bn) Dividend Payout Ratio (%) Commentary Strong balance sheet to support Minimum dividend ◼ Strong net cash position to continue to drive rapid growth strategies and payout ratio target 100% growth initiatives continued dividend payouts of 30.0% 90% 8
Slide 22: Key Takeaways
Draft 3 Key Takeaways
Slide 23: Key takeaways
Key takeaways 1 Strong FY23 top-line expansion of 22% YoY, driven primarily by volume-based growth. Consumer Foods exhibited exceptional performance of 45% YoY Net Sales growth in 2 FY23, with contributions from all categories Despite a challenging environment, Dairy sales grew 3% against a high bas
Slide 24: Investors' FAQ
Investors’ FAQ 1 If enacted, what is the anticipated effect of Indonesia’s proposed sugar tax on Cimory’s business? How will the new government program providing free milk to school kids nationwide impact 2 Cimory’s business moving forward ? 3 Is the dairy business now stablised and poised for futur
Slide 25: Appendix
4 | Appendix
Slide 26: Consolidated statement of profit or loss
Consolidated statement of profit or loss Year Ended 31 December 2020 2021 2022 2023 (Rp Billions) (Rp Billions) (Rp Billions) (Rp Billions) Net Sales 1,861.9 4,095.7 6,378.3 7,772.9 Cost of Sales (1,101.8) (2,122.6) (3,709.9) (4,540.2) Gross Profit 760.1 1,973.0 2,668.5 3,232.7 Selling & Marketing E
Slide 27: Consolidated statement of financial position
Consolidated statement of financial position Year Ended 31 December 2020 2021 2022 2023 (Rp Billions) (Rp Billions) (Rp Billions) (Rp Billions) Cash and cash equivalents 67.0 3,661.8 2,159.3 2,197.4 Total Current Assets 556.9 4,832.3 4,025.2 4,539.1 Total Non-Current Assets 529.9 771.5 2,198.0 2,507
Slide 28: Consolidated statement of cash flows
Consolidated statement of cash flows Year Ended 31 December 2020 2021 2022 2023 (Rp Billions) (Rp Billions) (Rp Billions) (Rp Billions) Net cash provided by operating activities 198.9 725.6 486.0 1,424.3 Net cash used in investing activities (105.3) (288.5) (1,475.1) (793.4) Net cash provided by/(us
Slide 29: 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 30: Slide 30
PT Cisarua Mountain Dairy — FY2023 Earnings Presentation on 6ix