Singapore Exchange Ltd. · SGX:S68

Singapore Exchange — Japfa — 9M2024 Earnings Presentation

40 slides from Singapore Exchange's earnings presentation, 2024

  1. Slide 1: Japfa Ltd Investor Presentation 9M2024

    Japfa Ltd Investor Presentation 9M2024

  2. 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

  3. Slide 3: Key Highlights

    KEY HIGHLIGHTS

  4. 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

  5. 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-

  6. Slide 6: Core PATMI w/o Forex Rolling Basis

    CORE PATMI w/o FOREX ROLLING BASIS

  7. 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

  8. 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

  9. Slide 9: 9M2024 Financial & Operational Analysis

    9M2024 FINANCIAL & OPERATIONAL ANALYSIS

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

  15. Slide 15: Other Financial Highlights

    . OTHER FINANCIAL HIGHLIGHTS

  16. 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

  17. 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

  18. 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

  19. Slide 19: Platform for Growth

    , PLATFORM FOR GROWTH

  20. 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: ▪

  21. 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

  22. 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

  23. 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

  24. 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

  25. Slide 25: Group Overview

    GROUP OVERVIEW

  26. 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

  27. 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

  28. 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

  29. 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

  30. 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

  31. Slide 31: Appendix

    _ APPENDIX

  32. 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

  33. 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

  34. 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,

  35. 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,

  36. 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,

  37. 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,

  38. 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,

  39. 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

  40. 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

Japfa — 9M2024 Earnings Presentation on 6ix