Gfpt Public Co. Ltd. · SET:GFPT

Gfpt Public — Q2 2023 Earnings Presentation

39 slides from Gfpt Public's earnings presentation, Aug 10, 2023

  1. Slide 1: 2Q2023 Result Presentation

    2Q2023 Result Presentation Analyst Meeting No.3/2023 10 August 2023 GFPT Public Company Limited 1 Analyst Meeting No. 3/2023 | 10 August 2023 | page

  2. 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 30 June 2023 and, unless stated otherwise. The information does not purport to be complete or comprehensive. This presentation c

  3. Slide 3: Agenda

    Agenda GFPT Profile 2Q2023 Financial Results Broiler Industry Outlook 2023 Guidance Q&A Appendix: Key Statistics Analyst Meeting No. 3/2023 | 10 August 2023 | page 3

  4. Slide 4: About GFPT

    About  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, b

  5. 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. 2/2023 | 11

  6. Slide 6: GFPT's Vision

    GFPT’S VISION “GFPT strives to be a leading chicken meat exporter with its fully vertical integrated chicken production” A MISSIONS Quality Satisfaction Responsibility Enhance product quality to Attention to the needs Build awareness and the international standards of customers responsible to societ

  7. Slide 7: 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

  8. Slide 8: 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 Best Investor Sustainability Investor

  9. Slide 9: GFPT Profile

    GFPT Profile Symbol GFPT Shareholding Structure SETTHSI as of 8 March 2023 Industry / Sector Agro & Food Industry / Agribusiness 2022 CG Score Excellent [90 – 100 CG Report Score] Anti – Corruption Certified to be a member of CAC Closed Price THB 12.10 per share (31/07/2023) Average Price THB 11.61

  10. Slide 10: 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

  11. Slide 11: Fully Vertical Integrated Chicken Production

    Fully Vertical Integrated Chicken Production Analyst Meeting No. 3/2023 | 10 August 2023 | page 11

  12. Slide 12: Timeline

    Timeline Additional Capital Injection in GFN 2012 GFPT Initially established GFPT Listed in SET GFPT: Stock split from Invest additional 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 Growth w

  13. Slide 13: 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

  14. Slide 14: Product

    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]

  15. Slide 15: Y2022 Snapshot

    Y2022 Snapshot 2022 Consolidated Revenue = THB 18.22 billion Revenue by Segment + 32% 20,000 18,222 Farm 28% 17,000 14,000 Food 11,000 55% 8,000 Feed 17% 5,000 2,000 -1,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Revenue by Destination Revenue by Currency Reve

  16. Slide 16: Y2022 Market Position

    Y2022 Market Position 2nd in Thai Chicken Export 7th in Thai Chicken Production GFPT GFPT Group Group 5% 13% Export by Destination Export by Product Type Others 9% SP 12% Raw JP 27% 35% China 12% Cooked EU 73% 9% UK 23% Source: Thai Broiler Processing Exporters Association Note: 2022 Thai Broiler Pr

  17. Slide 17: 2Q2023 Financial Results

    2Q2023 Financial Results Analyst Meeting No. 3/2023 | 10 August 2023 | page 17

  18. Slide 18: 2Q2023 Financial Results

    2Q2023 Financial Results 2Q2023 Consolidated Revenue = THB 4.85 billion 2Q2023 Revenue Breakdown by Segment Business Segment of 2Q2023 2Q2022 Change GFPT Group THB million % THB million % THB million % Food (Chicken Processing) 2,375.93 48.96 2,218.13 52.58 157.80 7.11 Farm 1,559.23 32.13 1,283.97 3

  19. Slide 19: 2Q2023 Consolidated Income Statement

    2Q2023 Consolidated Income Statement (Unit in THB million) 2Q2022 %Sales 2Q2023 %Sales Change % Change Revenue from sales 4,218.53 100.00% 4,853.10 100.00% 634.58 15.04% Cost of sales (3,535.09) (83.80%) (4,284.45) (88.28%) 749.36 21.20% GROSS PROFIT 683.44 16.20% 568.65 11.72% (114.79) (16.80%) Oth

  20. Slide 20: 6M2023 Consolidated Income Statement

    6M2023 Consolidated Income Statement (Unit in THB million) 6M2022 %Sales 6M2023 %Sales Change % Change Revenue from sales 8,227.04 100.00% 9,394.68 100.00% 1,167.64 14.19% Cost of sales (6,974.85) (84.78%) (8,354.11) (88.92%) 1,379.25 19.77% GROSS PROFIT 1,252.18 15.22% 1,040.57 11.08% (211.61) (16.

  21. Slide 21: 2Q2023 Financial Results

    2Q2023 Financial Results Gross Profit & GP Margin (%) EBITDA & EBITDA Margin (%) 3,500 18.6% 21% 4,000 21.9% 24% 19.4% 20.6% 20.4% 16.4% 20.1% 16.2% 3,500 21% 3,000 15.7% 18% 17.4% 14.3% 14.4% 14.7% 13.7% 17.0% 15.6% 16.5% 18% 3,000 16.0% 2,500 11.7% 15% 10.4% 2,500 11.2% 15% 2,000 12% 7.8% 2,000 12

  22. Slide 22: 2Q2023 Financial Results

    2Q2023 Financial Results EPS (THB per share) Return on Asset (%) 2,500 1.63 174% 171% 30,000 9.9% 12% 168% 165% 162% 159% 156% 1.33 153% 150% 147% 25,000 9.2% 2,000 144% 141% 138% 1.08 135% 132% 129% 9% 126% 123% 120% 6.5% 6.9% 0.95 117% 114% 111% 20,000 1,500 0.83 108% 105% 102% 5.9% 5.4% 99% 96% 9

  23. Slide 23: 2Q2023 Consolidated Financial Position

    2Q2023 Consolidated Financial Position Selected Items (Unit in THB million) Y2022 Jun 2023 Change % Change Cash and Cash Equivalents 1,258.57 1,379.39 120.82 9.60% Trade and Other Receivables 1,012.35 1,159.18 146.82 14.50% Inventories 3,320.29 3,600.34 280.05 8.43% Current Biological Assets 689.28

  24. Slide 24: 2Q2023 Consolidated Financial Position

    2Q2023 Consolidated Financial Position Selected Items (Unit in THB million) Y2022 Jun 2023 Change % Change Short - Term Loans from Financial Institutions 1,320.00 1,715.43 395.43 29.96% Short - Term Loans from Related Persons - 30.00 30.00 100.00% Trade and Other Payables 1,112.89 1,268.38 155.49 13

  25. Slide 25: 2Q2023 Consolidated Financial Position

    2Q2023 Consolidated Financial Position Selected Items (Unit in THB million) 2Q2022 2Q2023 Change % Change EBIT 523.16 421.93 (101.23) (19.35%) Depreciation - Grandparent & Parent Chickens 156.29 184.02 27.73 17.74% Depreciation & Amortization 179.38 194.11 14.74 8.22% EBITDA 858.83 800.06 (58.76) (6

  26. Slide 26: 2Q2023 Consolidated Financial Position

    2Q2023 Consolidated Financial Position 2Q2023 Total Assets = THB 24.43 billion Book Value (THB per share) 30,000 18,000 13.24 13.56 1425% 1422% 1419% 1416% 1413% 1410% 1407% 1404% 1401% 1398% 1395% 1392% 1389% 1386% 1383% 1380% 1377% 1374% 1371% 1368% 1365% 1362% 1359% 1356% 1353% 1350% 1347% 1344%

  27. Slide 27: 2Q2023 Financial Results

    2Q2023 Financial Results 2Q2023 Interest-Bearing Debt = THB 5.03 billion Debt to EBITDA (THB million) 4,000 498% 495% 492% 489% 486% 4.26 483% 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

  28. Slide 28: Capital Expenditure

    Capital Expenditure Investment (million THB) 1,567 1,145 1,264 1,242 1,179 912 882 594 536 581 610 609 539 611 2016 2017 2018 2019 2020 2021 2022 Breeder Stocks Fixed Assets Y2023 Capital Expenditure 1-1.2 Billion  Broiler Farm  Breeder Farm  Primary Plant Analyst Meeting No. 3/2023 | 10 August 2

  29. Slide 29: Market Outlook and Trend

    @GFPT Market Outlook and Trend

  30. Slide 30: Global Broiler Meat Market

    Global Broiler Meat Market THAILAND Thai Broiler Export by Market Others The 6th Global Chicken Producer 16% China 2022 broiler production = 3,300,000 tons 8% Japan 44% The 4th Global Chicken Exporter EU 15% UK 2022 broiler meat export = 1,021,000 tons 17% Broiler Meat Production & Export Selected C

  31. Slide 31: 50 Years of Thai Chicken Meat Export

    50 Years of Thai Chicken Meat Export 1,200,000 Change Change 2021 2022 Forecast 2023 21 / 22 22 / 23 2023 (F) MT Mil. Baht MT Mil. Baht (%) MT Mil. Baht (%) 1,070,000 MT Product 1,000,000 - Raw 385,311 32,589 396,070 46,360 2.79 380,000 44,000 (4.06) Mar 2018: China Lift Ban 2022 (E) - Further (Cook

  32. Slide 32: Global Broiler Meat Market

    Global Broiler Meat Market Global Production [Y2022 = 102,059,000 tons] Global Import [Y2022 = 11,106,000 tons] USA 20,992 Japan 1,105 Brazil 14,465 Mexico 915 China 14,300 EU 750 EU 10,970 China 645 Mexico 3,940 Saudi Arabia 615 Thailand 3,300 Philippines 495 UK 1,815 Iraq 475 Japan 1,770 Angola 34

  33. Slide 33: Commodity Price

    Commodity Price Corn & Soybean Meal (THB/Kg.) Broiler at Farm Gate (THB/Kg.) 27.0 22.9 47.6 24.0 21.7 21.9 22.1 22.3 22.2 50.0 44.0 45.2 44.9 45.0 SBM 42.5 21.0 18.4 36.9 40.0 34.4 35.4 34.9 44.4 18.0 15.5 41.2 40.2 13.7 14.0 37.5 38.0 38.0 15.0 30.0 33.7 33.4 Corn 30.2 31.8 12.0 13.1 12.6 13.3 12.9

  34. Slide 34: Supporting & Risk Factors

    Supporting & Risk Factors + Economic & Covid-19 Recovery - High Feed Commodity Price + Tourism & Travel - Fuel Cost + Fast Food and Street Food Restaurants - Exchange Rate Fluctuation + New Export Market (Middle East) - New Variants of Covid-19 + BREXIT - Avian Flu Outbreak Analyst Meeting No. 3/202

  35. Slide 35: 2023 Guidance

    2023 Guidance 2023 Guidance Revenue 5-8% growth from 2022 sales Gross Profit Margin 11.0% - 12.0% SG&A 8.0% - 8.5% Financial Cost 1.5% - 2.5% Effective Tax Rate 13% - 15% CAPEX THB 1 - 1.2 billion Analyst Meeting No. 3/2023 | 10 August 2023 | page 35

  36. Slide 36: Key Statistics

    @GFPT Key Statistics

  37. 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) + 39% - 2% 34,400 - 12% 65,200 66,300 65,500 62,700 32,700 32,600 21,600 21,600 59,700 61,200 59,700 30,600 28,300 19,900 18,100 17,500 23,400 15,900 16,5

  38. Slide 38: Question & Answer

    Question & Answer Analyst Meeting No. 3/2023 | 10 August 2023 | page 38

  39. Slide 39: Thank You

    THANK YOU Dr. Jutamas Ingpochai jutamas@gfpt.co.th T +66 2 473 8000 ext. 1822 Veera Titayangkaruvong INVESTOR RELATIONS DEPARTMENT www.gfpt.co.th veera-tita@gfpt.co.th T +66 2 473 8000 ext. 1802 Analyst Meeting No. 3/2023 | 10 August 2023 | page 39

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