Charoen Pokphand Foods Public Co. Ltd. · SET:CPF
Charoen Pokphand Foods Public — FY2024 Earnings Presentation
47 slides from Charoen Pokphand Foods Public's earnings presentation, Feb 27, 2025
Slide 1: FY2024 Results Briefing
FY2024 Results Briefing Charoen Pokphand Foods Public Company Limited Results Briefing FY2024 Investor Presentation, February 27, 20251
Slide 2: Table of Content
Table of Content • Business Overview………………………….. 03-09 • FY2024 Financial Results……………… 10-16 • FY2025 Outlook……………………………. 17 Appendix A: 3Yr Historical Results B: Products & Raw Materials Price Trend C: Highlights Q4/2024 Results D: Group of Associate Companies & Joint Ventures E: Product Sample &
Slide 3: Why Invest in CPF
Why Invest in CPF “CPF is one of the world's leaders in the agro-industrial and food business, dedicated to generating sustainable returns for shareholders while benefiting all stakeholders. Through our commitment to “Sustainovation“, CPF leverages technology, science, and innovation to improve effi
Slide 4: Sustainable Kitchen of the World
Sustainable Kitchen of the World Philosophy of Sufficient Economy Three-Benefits Principle GRC Protecting our Climate “Take action towards positive environmental impact throughout our value chain ” Food Security Biodiversity & Improving Quality Living of People Ecosystems “Create positive social imp
Slide 5: Company Highlight
Company Highlight Market Cap THB 193 billion Sales in FY2024 THB 581 billion (or ~USD 5.7 billion) as of February 26, 2024 (or ~USD17.2 billion) • 8,414 million shares Sales Breakdown Livestock, TH-Domestic, (paid-up) with par THB 1.00 per share 89% Feed, 31% TH-Export, 23% 6% • Book Value THB 28.27
Slide 6: Vertically Integrated Business in Thailand
Vertically Integrated Business in Thailand Our integrated food process is designed to deliver top-quality products in nutrition, taste, food safety, and traceability with "Sustainovation" concept, leveraging technology and innovation to improve efficiency and minimize the environmental impact of our
Slide 7: CPF Geographical Footprints
CPF Geographical Footprints Russia UK Belgium Türkiye Poland • Livestock feed Food & Trading Ready to eat foods Livestock feed • Broiler farm & Hatchery • Swine farming business business • Food processing plants • Chicken integrated • Seafood business Operations and investment in business • Plant-ba
Slide 8: Our Strategy for Growth
Our Strategy for Growth Globalization Digital expand market in 17 Transformation existing countries by utilize digital tools to establishing a proper improve operation business model suitable efficiency and to better for each strategic serve needs of customer. market • Agri-Tech • Smart Farm • Smart
Slide 9: CPF Operation Structure
CPF Operation Structure as of Dec 31, 2024 % % to Sales Revenue 37% 63% CPF Thailand 1 CPF International Associates & Joint Ventures (1) % holding by CPF 36% direct & indirect CP Meiji 31% Domestic 21% Vietnam (83.18%) 6% China (59.99%) TW:1215 CPE Taiwan (39.00%) 2 CPP ( 76.24%) HyLife (Canada) (50
Slide 10: Performance Summary
Performance Summary YoY QoQ Unit: THB, m FY2023 FY2024 %Change Q4/2023 Q4/2024 %Change Sales Revenue 585,844 580,747 -1% 147,319 148,509 1% Gross Profit Margin 9.7% 14.6% 8.4% 15.7% Selling and administrative expenses 50,866 50,239 -1% 13,668 12,824 -6% EBIT 10,069 37,948 277% 156 10,939 6,912% EBIT
Slide 11: FY2024: Sales & Profit Margin by Business
FY2024: Sales & Profit Margin by Business In THB, m -1% FY2023 FY2024 585,844 580,747 +2% -0% 322,064 316,296 193,310 -11% -14% 192,384 27,945 48,293 24,932 41,367 Thai-Livestock Thai-Aqua Overseas-Livestock Overseas-Aqua TOTAL GPM 10.7% 14.8% 9.1% 12.4% 9.5% 15.3% 7.3% 10.5% 9.7% 14.6% OPM** 1.9% 6
Slide 12: FY2024: Sales Structure by Business
FY2024: Sales Structure by Business Sales Breakdown Livestock Aquaculture TOTAL FY2023 FY2024 %Change FY2023 FY2024 %Change FY2023 FY2024 %Change Thailand 193,310 192,384 0% 27,945 24,932 -11% 221,255 217,316 -2% Domestic 163,132 162,618 0% 23,228 20,567 -11% 186,360 183,185 -2% Export 30,178 29,766
Slide 13: FY2024: Sales Structure by Products
FY2024: Sales Structure by Products Feed Farm Food 52% 44% 55% Thailand Vietnam 68% China Others 53% 23% TOTAL 25% 27% 22% 21% 27% 7% 29% 25% 22% THB 217,316 m THB 122,033 m THB 36,240 m THB 205,158 m THB 580,747 m % to sales 37% % to sales 21% % to sales 6% % to sales 36% % to sales 100% Sales Brea
Slide 14: Financial Status (As of Dec 31, 2024)
Financial Status (As of Dec 31, 2024) Interest Bearing Debt: THB 458,251 m* Net Debt to Equity & Net Debt to EBITDA (THB, m) Net D/E 1.59x 485,050 479,748 -4% 1.51x 1.48x 1.36x 458,251 430,717 2021 2022 2023 2024 Net D/EBITDA 9.5x 2021 2022 2023 2024 7.1x 6.8x 5.7x Current Portion, 14% Cost of Debts
Slide 15: FY2024 Investment and Financing Activities
FY2024 Investment and Financing Activities 1Q 2Q 3Q 4Q February April September October Thai Baht Debenture Establishment of a New Dissolution of an oversea Acquisition of Newburgh THB 14,000 m by CPF Subsidiaries subsidiary Foods Limited Tenor 1.8,5,7,10 yrs. (@ 3.6%) RBPI (Thailand) Co., Ltd. Yipe
Slide 16: CPF's Investment in Listed Companies
CPF’s Investment in Listed Companies As of Dec 31, 2024 Stock Price Market Cap. CPF Holding Holding Value (Local Curr.) (THB mm) (%) (THB mm) CPALL THB 55.75 500,808 34.50% 172,779 (SET:CPALL) CP AXTRA THB 27.25 288,314 8.85% 25,516 (SET:CPAXT) TRUE THB 11.10 383,528 1.28% 4,909 (SET:TRUE) CPE TWD 9
Slide 17: FY2025 Outlook
FY2025 Outlook • Broaden distribution channels • Continue to selectively increase production • Drive innovation in products and processes • Enhance market reach Growth Target Enhance operation efficiency FY2025 • • Expand market presence include international Key Drivers & Focus trading Outlook • Le
Slide 18: Appendix A: 3Yr Historical Results
Appendix A Highlights : 3Yr Historical Results Charoen Pokphand Foods Public Company Limited 18 Results Briefing FY2024
Slide 19: Gross Profit Margin & Operating Profit Margin
Gross Profit Margin & Operating Profit Margin GPM GPM Thai-Livestock OPM** Thai-Aqua OPM** 25.0% 21.3% 19.1% 19.4% 23.0% 20.0% 16.4% 16.0% 18.0% 14.1%13.8% 15.4% 14.4% 14.2% 13.0% 11.8% 10.4%11.0% 9.8% 11.4% 15.0% 12.3% 13.0% 9.9% 10.0% 11.1% 9.9% 10.9% 6.8% 8.9% 7.2% 9.5% 8.7% 7.1% 10.0% 7.2% 6.6%
Slide 20: Thailand Operations – Export Destination
Thailand Operations – Export Destination FY2022 FY2023 FY2024 77% ASIA ASIA ASIA 80% 86% Farm Farm Farm 9% EU 3% 11% 1% 11% 8% EU 1% 11% OTHERS OTHERS OTHERS 2% EU USA USA USA THB 9,369 million +35% THB 8,568 million -9% THB 7,886 million -8% ASIA ASIA ASIA 44% EU EU EU 42% 38% Food 46% Food 51% Foo
Slide 21: Consolidated Income Statement Highlight
Consolidated Income Statement Highlight Full Year FY2022 FY2023 % Change FY2024 % Change Net sales 614,197 585,844 -5% 580,747 -1% Gross Profit Margin (%) 13.3% 9.7% 14.6% Selling and Administrative Expenses 54,879 50,866 -7% 50,239 -1% Gain / (Loss) from FX 93 1,023 1000% 547 -47% EBIT 30,778 10,06
Slide 22: CAPEX & EBITDA
CAPEX & EBITDA CAPEX EBITDA Unit: THB, m Unit: THB, m EBITDA Margin% 90000 20.0% CPP CPF 80000 76,264 18.0% 66,043 16.0% 70000 13.1% 27,256 14.0% 60000 10.8% 47,578 12.0% 6,091 21,496 50000 15,569 10.0% 3,560 40000 8.1% 8.0% 1,035 30000 6.0% 21,165 17,936 20000 4.0% 14,534 10000 2.0% 0 0.0% 2022 202
Slide 23: Consolidated Net Profit, ROA and ROE
Consolidated Net Profit, ROA and ROE Net Profit ROA & ROE Gain on one time transaction Unit: THB, m Divestment and Dividend ROA Equity (Share in Profit of Associates) EBIT 6.0% 4.2% 4.6% 192 2.6% 12,699 145 2021 2022 2023 2024 2,613 3,745 ROA = Total Profit before Income tax and Financial costs/Aver
Slide 24: Consolidated Net Profit- Quarterly
Consolidated Net Profit- Quarterly Unit : THB, m Q1 Q2 Q3 Q4 FY2022 FY2023 FY2024 10,000 8,000 7,309 6,925 6,000 5,108 4,208 4,172 4,000 2,842 1,812 2,000 1,152 121 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -2,000 (793) (1,810) -4,000 (2,725) -6,000 -8,000 -10,000 Full Year : 13,970 (5,207) 19,558 Net P
Slide 25: EPS & Dividends per Share
EPS & Dividends per Share Earnings Per Share Dividends Unit : THB Per Share Unit : THB Per Share Final Dividend Interim Dividend Dividend Semi-annually, not less than 30% of Policy consolidated annual net profit 2.39 1.69 1.00 0.75 0.55 0.35 (0.75) 0.40 0.45 0.00 2022 2023 2024 2022 2023 2024 Charoe
Slide 26: Appendix B: Products & Raw Materials Price Trend
Appendix B Products & Raw Materials Price Trend Charoen Pokphand Foods Public Company Limited 26 Results Briefing FY2024
Slide 27: Average Farm Prices - Thailand
Average Farm Prices - Thailand Thailand’s Broiler price (THB/kg) Average Price 43.6 47.4 43.8 43.6 Y22 Y23 Y24 50.0 39.0 42.6 39.2 41.7 42.7 39.0 46.0 36.6 37.9 38.1 43.4 39.4 41.5 42.0 38.0 34.0 % Chg -9% +5% 30.0 26.0 22.0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Cur
Slide 28: Average Raw material Prices - Thailand
Average Raw material Prices - Thailand Thailand’s Corn price (THB/kg) Average Price 20.0 Y22 Y23 Y24 11.4 13.1 12.1 12.6 13.3 12.8 11.7 12.1 15.0 10.4 10.4 10.8 10.0 10.7 12.3 12.1 10.8 10.0 % Chg -2% -10% 5.0 0.0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Current Price
Slide 29: Vietnam: Average Market Price and Major Feed Raw Materials
Vietnam: Average Market Price and Major Feed Raw Materials 100,000 80,000 62,760 62,848 61,708 60,333 52,809 55,387 52,819 50,045 55,095 57,023 47,082 53,400 60,000 Swine 40,000 (VND/kg) 20,000 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 50,000 40,000 33,294 35,656 33,676
Slide 30: India: Average Market Price and Major Feed Raw Materials
India: Average Market Price and Major Feed Raw Materials 150.0 113.8 115.0 100.0 95.7 102.8 98.9 94.2 82.9 77.5 78.6 85.2 83.2 100.0 50.0 Broiler (INR/kg) 0.0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 500.0 367 400.0 303 327 313 307 328 275 280 263 280 292 268 300.0 Shr
Slide 31: Russia: Average Market Price and Major Feed Raw Materials
Russia: Average Market Price and Major Feed Raw Materials 140.0 122.6 118.6 109.7 115.0 114.8 116.6 120.5 120.0 105.8 104.0 108.6 100.9 96.6 100.0 Swine 80.0 (RUB/kg) 60.0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 180.0 159.6 168.0 160.0 143.9 150.9 138.4 146.2 140.0 12
Slide 32: Cambodia: Average Market Price and Major Feed Raw Materials
Cambodia: Average Market Price and Major Feed Raw Materials 16,000 12,732 11,514 11,093 12,000 9,395 9,568 8,117 8,068 8,572 8,779 8,758 7,237 7,287 Swine 8,000 (KHR/kg) 4,000 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 1,700 1,578 1,550 1,600 1,468 1,460 1,500 1,347 1,38
Slide 33: Philippines: Average Market Price and Major Feed Raw Materials
Philippines: Average Market Price and Major Feed Raw Materials 240.0 200.3 201.7 211.7 220.0 190.3 193.7 200.0 175.0 166.8 163.5 162.3 170.0 168.3 180.0 180.0 160.0 140.0 Swine 120.0 (RUB/kg) 100.0 80.0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 140.0 117.7 113.4 114.7 1
Slide 34: China: Average Market Price and Major Feed Raw Materials
China: Average Market Price and Major Feed Raw Materials 40 22.4 24.6 19.6 17.4 14.6 15.1 15.2 14.4 16.1 15.3 14.9 16.2 20 Swine (RMB/kg) 0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 4 2.9 3.0 3.0 3.0 3.0 2.9 3.0 2.9 2.6 2.6 2.6 2.4 2 Corn (RMB/kg) 0 Q1'22 Q2'22 Q3'22 Q4
Slide 35: Appendix C: Highlights Q4/2024 Results
Appendix C Highlights : Q4/2024 Results Charoen Pokphand Foods Public Company Limited Results Briefing FY2024
Slide 36: Q4/2024 Results Highlights
Q4/2024 Results Highlights Consolidated Revenue Gross Profit Net Profit (THB millions) (THB millions) (THB millions) +0.8% YoY +89% YoY +3,348% YoY 147,319 148,509 23,274 12,327 4,172 121 Q4/23 Q4/24 Q4/23 Q4/24 Q4/23 Q4/24 Consolidated sales +0.8% Y-o-Y Gross profit margin Net profit margin Q4/23 8
Slide 37: Q4/2024: Sales & Profit Margin by Business
Q4/2024: Sales & Profit Margin by Business In THB, m +1% Q4/23 Q4/24 148,509 147,319 +3% 81,938 84,223 +4% 47,636 49,379 -22% -6% 6,606 11,139 8,705 6,202 Thai-Livestock Thai-Aqua Overseas-Livestock Overseas-Aqua TOTAL GPM 8.5% 16.0% 5.0% 10.0% 8.8% 16.6% 6.5% 8.8% 8.4% 15.7% OPM** -1.5% 7.1% -10.3%
Slide 38: Q4/2024: Sales Structure by Business
Q4/2024: Sales Structure by Business Sales Breakdown Livestock Aquaculture TOTAL Q4/23 Q4/24 %Change Q4/23 Q4/24 %Change Q4/23 Q4/24 %Change Thailand 47,636 49,379 4% 6,606 6,202 -6% 54,242 55,581 2% Domestic 39,303 42,254 8% 5,361 4,861 -9% 44,664 47,115 5% Export 8,333 7,125 -14% 1,245 1,341 8% 9,
Slide 39: Q4/2024: Sales Structure by Products
Q4/2024: Sales Structure by Products Sales Breakdown by Products Feed Farm Food TOTAL Q4/23 Q4/24 %Change Q4/23 Q4/24 %Change Q4/23 Q4/24 %Change Q4/23 Q4/24 %Change Thailand 12,026 11,055 -8% 27,326 29,608 8% 14,890 14,918 0% 54,242 55,581 2% Domestic 11,986 11,009 -8% 24,883 27,691 11% 7,795 8,415
Slide 40: Appendix D: Group of Associate Companies & Joint Ventures
Appendix D Group of Associate Companies & Joint Ventures Charoen Pokphand Foods Public Company Limited Results Briefing FY2024
Slide 41: Group of Associate Companies & Joint Ventures
Group of Associate Companies & Joint Ventures Associates Type of Business CPF's Direct and Indirect Interest (%) Arbor Acres Thailand Company Limited Broiler Breeder business 49.98 Ross Breeders Siam Company Limited Broiler Breeder business 49.99 CP All Public Company Limited Convenience store busin
Slide 42: Appendix E: Product Samples & Retail Outlet Formats
Appendix E Product Samples & Retail Outlet Formats Charoen Pokphand Foods Public Company Limited Results Briefing FY2024
Slide 43: Food Retail Products
Food Retail Products Charoen Pokphand Foods Public Company Limited Results Briefing FY2024 44
Slide 44: Food Retail Products
Food Retail Products Charoen Pokphand Foods Public Company Limited Results Briefing FY2024 45
Slide 45: Food Service : Five Stars Chain
Food Service : Five Stars Chain More Than 7,000 Outlets Vietnam India Cambodia Laos Philippines Charoen Pokphand Foods Public Company Limited Results Briefing FY2024 46
Slide 46: Food Service : Chester's
Food Service : Chester’s Charoen Pokphand Foods Public Company Limited Results Briefing FY2024 47
Slide 47: Disclaimer
Disclaimer This presentation contains some information from other sources that Investor Relations Office CPF does not make any representations regarding the use, validity, accuracy, or reliability of, or the results of the use of information, data Charoen Pokphand Foods Public Company Limited but no
Charoen Pokphand Foods Public Company — FY2024 Earnings Presentation on 6ix