Jollibee Foods Corp. · PSE:JFC
Jollibee Foods — Q3 2023 Earnings Presentation
20 slides from Jollibee Foods's earnings presentation, Nov 15, 2023
Slide 1: Jollibee Foods Corporation PSE STAR Investor Day for Q3 2023
Jollibee Foods Corporation PSE STAR Investor Day for Q3 2023 CFO’s Update November 15, 2023
Slide 2: Reminder to Participants of JFC's Investor/Analyst Briefing
Reminder to Participants of JFC’s Investor/ Analyst Briefing This earnings call may include forward-looking statements that are based on certain assumptions of Management and are subject to risks and opportunities or unforeseen events. Actual results could differ materially from those contemplated i
Slide 3: Business Overview: Quarter and Nine months ending September 2023
Business Overview Quarter and Nine months ending September 2023 JFC delivers Strongest Quarter yet All-time Highest P87Bn Quarterly Global SWS* - 8 consecutive quarters of breaking topline records* and 3 consecutive quarters of posting All-time Best Operating Income demonstrating JFC’s continued fin
Slide 4: All-time high duo: SWS and Operating Income
All-time high duo: SWS and Operating Income • New Best Quarterly SWS and 8 SWS Same Store Sales consecutive quarters of breaking historical topline records* Q3 '23 9M '23 Q3 ‘23 9M ‘23 • Organic Growth remains to be P87.0Bn P251.1Bn +8.8% +12.7% driven by traffic amidst price TC +4.9% TC +8.5% press
Slide 5: All-time high Global Quarterly Operating Income (absolute & margins)
All-time high Global Quarterly Operating Income (absolute & margins) Both international and domestic fronts posted record-breaking results Key Financial Highlights 2023 vs 2022 for quarter and 9 months ending September 30 Q3 %G 9M %G in Php Bn 2023 vs LY 2023 vs LY Best International System Wide Sal
Slide 6: Q3 & YTD Sept – Bottomline Metrics
Q3 & YTD Sept – Bottomline Metrics Key Bottomline Metrics 2023 vs 2022 for quarter and 9 months ending September 30 Q3 %G %G 9M %G %G in Php Bn adjusted* adjusted* 2023 vs LY 2023 vs LY EBITDA 8.6 5.1 48.4 24.5 6.4 37.9 Net Income 2.5 9.2 4,315.5 7.2 (1.1) 254.3 NIAT 2.4 13.6 1,133.5 6.8 (5.7) 246.3
Slide 7: SWS & SSSG%
SWS & SSSG% 7
Slide 8: Quarterly SWS highest ever, +12% vs. high base SPLY
Quarterly SWS highest ever, +12% vs. high base SPLY Systemwide Sales in PHP billions All-time highest Highest vs similar quarters Global Philippines International 86 85 87 78 79 73 73 62 59 59 60 57 55 54 53 54 51 51 32 33 34 50 24 48 31 46 28 33 15 16 16 41 14 15 16 25 10 19 25 31 20 21 22 20 19 16
Slide 9: Double-digit SWS Growth driven pre-dominantly by rolling base
Double-digit SWS Growth driven pre-dominantly by rolling base; some challenges ahead of us in 2024 esp. CN and VN due to macros Quarter-to Date Year-to Date New New G% vs. LY SWS RB Forex SWS RB Forex Stores Stores Philippines 16.5 13.0 3.5 - 21.4 17.5 3.9 - China 2.6 1.9 6.9 (6.3) 24.3 12.5 14.4 (2
Slide 10: Store Network
Store Network 10
Slide 11: 57% Franchised Global Store Network
57% Franchised Global Store Network Coffee and Tea segment drives store expansion; China (especially YHK) with significant closures %G Key Markets Dec-22 Open Close Net Sep-23 vs LY Philippines 3,285 64 54 10 3,295 1.8% China 521 62 41 21 542 6.3% North America 385 13 10 3 388 0.8% NA Asian Brands 1
Slide 12: Earnings KPI
Earnings KPI 12
Slide 13: Operating Income and NIAT - Philippines vs. International
Operating Income and NIAT - Philippines vs. International Significant improvement seen in International Business Decline in Philippines NIAT due to lower Other Income/One-Off gains; baseline NIAT stabilizing Key Bottomline Metrics 2023 vs 2022 for quarter and nine months ending September 30 (amounts
Slide 14: Q3 International contribution increase from 36% to 42% vs. SPLY
Q3 International contribution increase from 36% to 42% vs. SPLY while SepYTD International contribution increased from 22% to 35% vs. SPLY EBITDA by Region Quarter-to Date Year-to Date % % in Php Mn 2023 2022 vs. LY 2023 2022 vs. LY Philippines 4,955 5,207 -4.8% 15,926 17,963 -11.3% China 597 1,246
Slide 15: All key metrics ahead vs same quarter last year
All key metrics ahead vs same quarter last year as percentages to Revenues 18.3% 17.1% 12.8% 10.9% 7.0% 5.4% 3.9% 4.0% Gross Profit Margin Operating Profit Margin NIAT Margin Free Cash Flow Margin GPM improvement driven by efficiencies in cost of inventories and manufacturing costs: further, CSC rep
Slide 16: Cash KPI
Cash KPI 16
Slide 17: Fortified Balance Sheet remains to be one of JFC's key strengths
Fortified Balance Sheet remains to be one of JFC’s key strengths amounts in Php Bn (unless stated otherwise) 9M '23 FY22 Cash and Cash Equivalents and Short-term Investments 33.7 29.5 Financial Assets at FVTPL 7.6 8.3 Bank Loans 53.1 53.9 Net Debt 11.8 16.2 Working Capital Metrics (in days) Average
Slide 18: Free Cash Flow improvement mainly driven by operations
+Ps7Bn or +280bps SepYTD Free Cash Flow improvement mainly driven by operations In Php Mn Q3 2023 Q3 2022 9M 2023 9M 2022 EBITDA 8,583 8,163 24,469 23,008 Adjustments: Gain on land conveyance and disposal - 2,378 - 2,891 Marked-to-market gain (loss) on FVTPL (25) (234) 125 (1,297) Foreign Exchange g
Slide 19: All YTD key metrics favorably ahead of guidance
All YTD key metrics favorably ahead of guidance SepYTD: SWS Growth ~+20% and RB Growth of 13% Guidance: SWS Growth of 15% to 20%; RB Growth of 7% to 10% SepYTD: 6% Store Network Growth, 429 new stores and Php7.4Bn Capex Guidance: Store network increase of at least 5%; Global gross store opening of 5
Slide 20: Jollibee Foods Corporation
Jollibee Foods Corporation PSE STAR Investor Day for Q3 2023 November 15, 2023