Fraser & Neave Ltd. · SGX:F99
Fraser & Neave — Q1 FY2009 Earnings Presentation
20 slides from Fraser & Neave's earnings presentation, Oct 7, 2009
Slide 1: Fraser and Neave, Limited
Fraser and Neave, Limited First Quarter ended 31 December 2008
Slide 2: Important notice
Important notice Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual res
Slide 3: Corporate Profile
Corporate Profile A leading Asia Pacific Consumer Group with expertise and dominant standing in the Food & Beverage, Property and Publishing & Printing industries; shareholders’ funds and total assets employed of over S$5 billion and S$13 billion, respectively: • Food & Beverage (Soft drinks, Dairie
Slide 4: Our global presence
Our global presence Global presence in over 20 countries across Asia Pacific and Europe Fraser and Neave, Limited 1Q 2009 Results Slide 4
Slide 5: FY2009 1st Quarter Results
FY2009 1st Quarter Results Quarter ended 31 December 2008 Fraser and Neave, Limited 1Q 2009 Results Slide 5
Slide 6: Group Financial highlights
Group Financial highlights Change $’ million 1Q2008 1Q2009 Highlights (%) Revenue 1,320 1,241 -6% • healthy revenue growth from Soft Drinks (+8%) and Breweries (+6%) on price increases and strong festive sales • higher rental income and high occupancy rates from office and retail • progressive reven
Slide 7: Group 1Q2009 revenue and PBIT by SBU
Group 1Q2009 revenue and PBIT by SBU F&B and Investment Property contributed 65% of Group PBIT; Development Property (Resi) supported by pre-sold projects Revenue PBIT $1,241 million $157 million Comm Prop denotes Commercial Property, which includes investment property, REIT and hospitality Dev Prop
Slide 8: Group 1Q2009 revenue and PBIT by geography
Group 1Q2009 revenue and PBIT by geography Singapore remains the top revenue and profit contributor Revenue PBIT $1,241 million $157 million Rest of SEA: Myanmar, Thailand, Cambodia, Vietnam and Laos South Pacific : Australia, New Zealand and PNG Others: China, Taiwan, Japan, Korea, Mongolia , India
Slide 9: Group Healthy balance sheet
Group Healthy balance sheet Balance sheet information Debt expiry profile As at 31 December 2008 As at 31 December 2008 Total equity $6.3bil Cash $1.1bil Net debt $4.2 bil Gearing ratio 66% Interest cover 5.9X Cost of debt (weighted) 4.6% % of fixed debt 54% Fraser and Neave, Limited 1Q 2009 Results
Slide 10: Operations Review
Operations Review Fraser and Neave, Limited 1Q 2009 Results Slide 10
Slide 11: Non-beer Drivers of PBIT growth
Non-beer Drivers of PBIT growth • PBIT grew 2% to $27 million on stronger beer and soft drinks sales and improved margins from lower raw material costs • Dairies profit affected by losses incurred in an associated company; excluding the losses, PBIT surged 27% to $9 million on lower input costs and
Slide 12: Beer Drivers of PBIT growth
Beer Drivers of PBIT growth • Supported by 31 breweries in 13 countries, revenue and PBIT grew 6% and 13%, to $378 million and $57 million respectively, despite gestation and forex losses. Organically, PBIT grew 19% • Most markets performed strongly, led by Indochina(+12%, organically), PNG (+37%) a
Slide 13: Properties Drivers of PBIT growth
Properties Drivers of PBIT growth $ ’million 1Q2008 1Q2009 Highlights supported by pre-sold projects in Singapore; overseas contributions Development dipped as developments were completed and launches deferred. 64.6 41.2 Property Includes a $12m provision on overseas project. Excluding the provision
Slide 14: Properties Development Property
Properties Development Property • Earnings supported by strong pre-sold developments; continue to recognise earnings from The Infiniti, One Jervois and One St Michael’s • Overwhelming response from the launched of mass market project, Caspian (Lakeside Drive) in Feb; Waterfront Waves relaunch has al
Slide 15: Properties REIT – Frasers Centrepoint Trust
Properties REIT – Frasers Centrepoint Trust • Gross revenue decreased 3% to $19m due 1Q09 Gross Revenue By Property ($’m) to planned enhancement works at Northpoint (for completion by June 09); DPU grew 4% to 1.67 cents -$0.6m 3% 1Q09 1Q08 • 90% of FY2009 gross rental income locked- +S$0.8m 6% in •
Slide 16: Properties REIT – Frasers Commercial Trust
Properties REIT – Frasers Commercial Trust • Gross revenue dropped 7% to $25 million due mainly to weakening A$ and termination of income support for Central Park • DPU declined 43% to 1.26 cents on increased debt costs and higher property expenses • Continue to rationalise and ‘clean house’, result
Slide 17: Properties Hospitality
Properties Hospitality • Stronger operating results on the back of higher occupancy and room rates • No of properties managed increased to 29 properties from 18 properties in FY2008 and no of operational rooms increased 87% to 4,750 rooms, from 2,540 rooms • Penetrated new cities in Vietnam, Indones
Slide 18: Summary
Summary Fraser and Neave, Limited 1Q 2009 Results Slide 18
Slide 19: Group Summary
Group Summary • ride on our regional presence across 13 countries to build and Food & enhance leading brands (Tiger, Heineken, 100PLUS, Seasons, F&N, Beverage Magnolia) • focus on opportunities in high growth and high margin categories of our core business • strengthen our route to market through ac
Slide 20: Thank you
Thank you Appendices