Slide 1: Japfa Ltd Investor Presentation 9M2024
Japfa Ltd Investor Presentation 9M2024
Slide 2: Index
Index 1 Key Highlights 2 Core PATMI w/o Forex Rolling Basis 3 9M2024 Financial & Operational Analysis 4 Other Financial Highlights 5 Platform for Growth 6 Group Overview 7 Appendix: Segment Information 1
Slide 3: Key Highlights
KEY HIGHLIGHTS
Slide 4: Key Highlights for 9M2024
Key Highlights for 9M2024 • Core PATMI without Forex turnaround to a positive US$90.5 million in 9M2024 from a negative US$17.0 million in 9M2023. • Stronger y-o-y performance driven by PT Japfa Tbk and APO-Vietnam: • Steady feed margins across our major markets. • Higher DOC and broiler margins in
Slide 5: 9M2024 Group Financials
9M2024 Group Financials Revenue Operating Profit EBITDA PATMI Core PATMI w/o Forex US$m US$m US$m US$m US$m 3.7% y-o-y 177.5% y-o-y 91.6% y-o-y n/m n/m 3,293.2 3,415.0 375.2 293.0 195.8 105.6 87.5 90.5 (22.7) (17.0) 9M2023 9M2024 9M2023 9M2024 9M2023 9M2024 9M2023 9M2024 9M2023 9M2024 Substantial y-
Slide 6: Core PATMI w/o Forex Rolling Basis
CORE PATMI w/o FOREX ROLLING BASIS
Slide 7: Rolling Core PATMI w/o Forex For The Group
Rolling Core PATMI w/o Forex For The Group 126.0 114.0 117.1 96.7 79.3 80.6 74.5 79.1 65.3 3Q2024 49.4 37.2 40.0 33.4 17.3 32.5 2Q2024 46.4 15.5 6.9 32.4 26.0 24.7 27.5 27.3 23.1 18.5 18.8 (1.0) 1Q2024 12.5 4.3 (2.2) 4Q2023 (22.1) (28.2) (36.6) (51.4) (53.6) (11.2) (37.9) (11.4) (81.6) Mar'20 Jun'20
Slide 8: Rolling Core PATMI w/o Forex by Business Segments
Rolling Core PATMI w/o Forex by Business Segments Rolling Core PATMI w/o Forex attributable to Japfa Ltd (US$m) 59.5 71.9 90.3 5.8 16.6 75.3 17.7 79.3 33.0 56.7 88.8 77.8 77.4 70.1 66.9 69.7 68.2 62.1 56.7 60.3 54.3 43.4 44.1 46.1 48.1 30.4 30.4 15.8 9.3 (14.3) (28.0) (39.1) (37.7) (49.7) (47.3) (54
Slide 9: 9M2024 Financial & Operational Analysis
9M2024 FINANCIAL & OPERATIONAL ANALYSIS
Slide 10: 9M2024 Segmental Overview
9M2024 Segmental Overview 9M2023 9M2024 %change GROUP (US$m) Revenue 3,293.2 3,415.0 3.7% Operating Profit 105.6 293.0 177.5% Operating Profit Margin 3.2% 8.6% 5.4 pts Japfa Ltd EBITDA 195.8 375.2 91.6% PAT 6.0 153.4 2457.3% PATMI (22.7) 87.5 n/m Core PATMI w/o Forex (17.0) 90.5 n/m BUSINESS SEGMENT
Slide 11: PT Japfa Tbk – Financial Performance
PT Japfa Tbk – Financial Performance Revenue Operating Profit EBITDA PAT US$m US$m US$m US$m 3.8% y-o-y 79.6% y-o-y 51.4% y-o-y 126.5% y-o-y 2,596.0 285.8 2,501.0 232.9 188.7 136.2 129.7 60.1 9M2023 9M2024 9M2023 9M2024 9M2023 9M2024 9M2023 9M2024 Substantial improvement due to higher sales volumes
Slide 12: APO – Financial Performance
APO – Financial Performance Revenue Operating Profit EBITDA PAT US$m US$m US$m US$m 3.4% y-o-y n/m n/m n/m 772.5 798.6 83.3 50.5 (1.6) 22.2 (33.4) (53.0) 9M2023 9M2024 9M2023 9M2024 9M2023 9M2024 9M2023 9M2024 Turnaround in 9M2024 on the back of higher sales volumes and prices, as well as lower cost
Slide 13: Animal Protein – Operational Performance
Animal Protein – Operational Performance ('000 tons) Animal Feed - Poultry Sales Volume 5,000 3,931 4,000 3,652 3,000 2,000 1,356 1,378 1,266 1,310 1,242 1,000 0 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 9M2023 9M2024 PT Japfa Tbk Japfa India Japfa Vietnam Japfa Myanmar (mil birds) ('000 tons) DOC - Broile
Slide 14: Animal Protein – Operational Performance
Animal Protein – Operational Performance Aquaculture - Aqua-feed: Sales Volume ('000 tons) 300 200 239 236 100 82 79 75 81 80 0 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 9M2023 9M2024 PT Japfa Tbk ('000 tons) ('000 tons) Animal Feed - Swine: Sales Volume Swine Fattening: Sales Volume 500 100 90 400 80 70 3
Slide 15: Other Financial Highlights
. OTHER FINANCIAL HIGHLIGHTS
Slide 16: Other Financial Highlights
Other Financial Highlights Balance Sheet Highlights (US$m) As at As at 31-Dec-2023 30-Sep-2024 % change Total Assets 3,083.8 3,196.6 4% Cash and cash equivalent 211.9 182.0 -14% Total Inventory 952.0 999.0 5% - Inventory (excluding fattening livestock) 754.2 807.7 7% - Inventory - Fattening Livestoc
Slide 17: Net Debt Profile as at 30 September 2024
Net Debt Profile as at 30 September 2024 Animal Protein - PT Japfa Tbk Others Total Other Bonds & other term loans 535 80 615 Working capital loans 261 125 147 533 Total Debt 796 205 147 1,148 Cash 91 54 37 182 Net Debt 706 150 110 966 ▪ PT Japfa Tbk debt includes US$350m 5.375% Sustainability-Linke
Slide 18: Capex FY2022 – 9M2024
Outstanding Tbk Capex FY2022 – 9M2024 Tbk not ready FY2022 FY2023 9M2024 Total: Total: Total: US$206m US$156m US$87m 83 29 19 123 127 68 2022 2023 9M2024 PT Japfa Tbk APO The chart above refers to capital expenditure for new property, plant and equipment as well as maintenance capex 17
Slide 19: Platform for Growth
, PLATFORM FOR GROWTH
Slide 20: PT Japfa Tbk: Platform for Growth
PT Japfa Tbk: Platform for Growth An established platform with more than 50 years experience ▪ Leading market position: second largest poultry company ▪ Economies of scale: cost advantage ▪ Feed: a pillar of profitability Proven ability to navigate agri-business cyclicality Future growth drivers: ▪
Slide 21: PT Japfa Tbk: Aquaculture 4-year trend
PT Japfa Tbk: Aquaculture 4-year trend Revenue Operating Profit US$m US$m 350 318.7 301.3 25 22.3 300 275.7 20.0 237.3 20 17.6 250 220.3 200 14.1 14.4 15 150 10 8.1 100 70.3 71.5 78.5 5.4 4.1 50 5 0 0 FY2020 FY2021 FY2022 FY2023 1Q2024 2Q2024 3Q2024 FY2020 FY2021 FY2022 FY2023 1Q2024 2Q2024 3Q2024 T
Slide 22: PT Japfa Tbk: Vaksindo 4-year trend
PT Japfa Tbk: Vaksindo 4-year trend Revenue Operating Profit US$m US$m 40 37.3 16 34.8 13.6 14.1 35 32.8 14 12.6 27.9 30.0 30 12 9.9 10.0 25 10 20 8 15 11.2 6 9.2 9.6 3.7 10 4 3.1 3.2 5 2 0 0 FY2020 FY2021 FY2022 FY2023 1Q2024 2Q2024 3Q2024 FY2020 FY2021 FY2022 FY2023 1Q2024 2Q2024 3Q2024 Vaksindo c
Slide 23: APO–Vietnam: Platform for growth
APO–Vietnam : Platform for growth Japfa has made strategic investments to set a strong base to grow in line with expected protein consumption growth, including: ▪ Feed – Capacity at 1.9 million tons p.a. ▪ Swine – Over the last few years, we have established a robust industrialised value chain throu
Slide 24: Major Global External Factors
Major Global External Factors ▪ Geopolitical tensions, especially the situation in Europe and, more recently, in the Middle East, may cause disruptions to global economies, supply chains and commodities prices. These may impact the cost of raw materials and consumer purchasing power. We continue to
Slide 25: Group Overview
GROUP OVERVIEW
Slide 26: Group Overview
Group Overview ▪ Established since 1971 ▪ Pure-play animal protein producer Feeding Emerging Asia in growing emerging markets ▪ Japfa Ltd’s market capitalisation: approx. US$ 556.7million1 ▪ FY2023 revenue: US$4.4 billion 1 As at 30 September 2024 25
Slide 27: Leading Pan-Asian Industrialised Agri-Food Company
Leading Pan-Asian Industrialised Agri-Food Company WHAT WE DO WHERE WE ARE WHY WE DO IT We produce quality We employ more than 1.7 billion people living protein staples and 37,000 people across in our target markets packaged food that Singapore, Indonesia, More than 20% of the nourish millions of Vi
Slide 28: Vertically Integrated Business Model
Vertically Integrated Business Across Entire Value Chain Business Segments PT Japfa Tbk Animal Protein Other (APO) Vertically Integrated Business Model India Indonesia Vietnam Bangladesh Myanmar UPSTREAM Animal Feed Poultry Aqua Poultry Swine Poultry Production Feed Feed Feed Feed Feed Breeding Farm
Slide 29: Japfa's Core Competencies
Japfa’s Core Competencies Industrialized approach to farming and food production CORE COMPETENCIES Vertically Integrated Business Model FEED LARGE SCALE UPSTREAM Enjoys economies of • Mega-scale farming operations with over 38,000 scale and an employees across growing markets established network • S
Slide 30: Growth Prospects – Animal Protein
Growth Prospects – Animal Protein Poultry consumption per capita1 Strong market positions ▪ As GDP per capita increases, there is more upside potential as diets Malaysia 50.1 Poultry Feed Day Old Chicks (DOC) evolve to include Vietnam 17.2 more meat-based protein Ranking3: #2 Ranking3: #2 from exist
Slide 31: Appendix
_ APPENDIX
Slide 32: Segment Information – 9M2024
Segment Information – 9M2024 9M 2024 (Jan-Sep 2024) Notes: • Animal Protein – PT Japfa Tbk refers to animal ANIMAL PROTEIN OTHERS GROUP protein operations through IDX-listed PT Japfa TBK AP Other Total Comfeed Indonesia Tbk (“PT Japfa Tbk”). • Animal Protein – Other (APO) refers to the TOTAL REVENUE
Slide 33: Segment Information – 9M2023
Segment Information – 9M2023 9M 2023 (Jan-Sep 2023) Notes: • Animal Protein – PT Japfa Tbk refers to animal ANIMAL PROTEIN OTHERS GROUP protein operations through IDX-listed PT Japfa Comfeed Indonesia Tbk (“PT Japfa Tbk”). TBK AP Other Total • Animal Protein – Other (APO) refers to the TOTAL REVENUE
Slide 34: Segment Information – 3Q2024
Segment Information – 3Q2024 3Q 2024 Notes: • Animal Protein – PT Japfa Tbk refers to animal ANIMAL PROTEIN OTHERS GROUP protein operations through IDX-listed PT Japfa TBK AP Other Total Comfeed Indonesia Tbk (“PT Japfa Tbk”). • Animal Protein – Other (APO) refers to the TOTAL REVENUE 872.4 283.2 1,
Slide 35: Segment Information – 2Q2024
Segment Information – 2Q2024 2Q 2024 Notes: • Animal Protein – PT Japfa Tbk refers to animal ANIMAL PROTEIN OTHERS GROUP protein operations through IDX-listed PT Japfa Comfeed Indonesia Tbk (“PT Japfa Tbk”). TBK AP Other Total • Animal Protein – Other (APO) refers to the TOTAL REVENUE 840.8 269.5 1,
Slide 36: Segment Information – 1Q2024
Segment Information – 1Q2024 1Q 2024 Notes: • Animal Protein – PT Japfa Tbk refers to animal ANIMAL PROTEIN OTHERS GROUP protein operations through IDX-listed PT Japfa Comfeed Indonesia Tbk (“PT Japfa Tbk”). TBK AP Other Total • Animal Protein – Other (APO) refers to the TOTAL REVENUE 882.8 245.9 1,
Slide 37: Segment Information – 4Q2023
Segment Information – 4Q2023 4Q 2023 Notes: • Animal Protein – PT Japfa Tbk refers to animal ANIMAL PROTEIN OTHERS GROUP protein operations through IDX-listed PT Japfa Comfeed Indonesia Tbk (“PT Japfa Tbk”). TBK AP Other Total • Animal Protein – Other (APO) refers to the TOTAL REVENUE 861.7 270.1 1,
Slide 38: Segment Information – 3Q2023
Segment Information – 3Q2023 3Q 2023 Notes: • Animal Protein – PT Japfa Tbk refers to animal ANIMAL PROTEIN OTHERS GROUP protein operations through IDX-listed PT Japfa Comfeed Indonesia Tbk (“PT Japfa Tbk”). TBK AP Other Total • Animal Protein – Other (APO) refers to the TOTAL REVENUE 891.7 271.9 1,
Slide 39: Segment Information – FY2023
Segment Information – FY2023 FY 2023 (Jan-Dec 2023) Notes: • Animal Protein – PT Japfa Tbk refers to animal ANIMAL PROTEIN OTHERS GROUP protein operations through IDX-listed PT Japfa Comfeed Indonesia Tbk (“PT Japfa Tbk”). TBK AP Other Total • Animal Protein – Other (APO) refers to the TOTAL REVENUE
Slide 40: Important Notice
IMPORTANT NOTICE: This investor presentation is for information only and should not be relied upon to make any investment or divestment decision with respect to securities of the Japfa Group. Shareholders and potential investors are advised to seek independent advice in the making of any investment