GFPT Company Limited (GFPT(GFPT)) Analyst Meeting Q309 - 18Nov09.pdf · GFPT Public Company Limited...
Transcript of GFPT Company Limited (GFPT(GFPT)) Analyst Meeting Q309 - 18Nov09.pdf · GFPT Public Company Limited...
GFPT Public Company GFPT Public Company GFPT Public Company GFPT Public Company Limited (GFPTLimited (GFPT))
Analyst Meeting Q3 200918 November 2009
Dr Anan SirimongkolkasemChairman of Executive Committee
AgendaAgendaAgendaAgenda
1) 3Q 2009 Financial Highlight
2) Key Business Performance
3) Industry Outlook
4) Business Direction
5) Q&A
33rdrd Quarter Performance (Conso.) Quarter Performance (Conso.) (mm Bt) 3rd Qtr 09 3rd Qtr 08 % yoy 2nd Qtr 09 %qoq(mm Bt) 3rd Qtr 09 3rd Qtr 08 % yoy 2nd Qtr 09 %qoq
Sales 3,163 3,123 +1% 2,902 +9%
Cost of Sales (2,586) (2,512) +3% (2,546) +2%
Gross Profit 577 610 (5%) 355 +62%
Other Income 47 27 +72% 26 +77%
Participating Profit from Asso. Companies
17 9 +80% 13 +28%
SG&A (178) (180) (1%) (175) +2%
EBIT 463 467 (1%) 220 +110%
Interest Expense (32) (33) (4%) (28) +15%
( ) ( ) 5Taxes (12) (11) +14% 0 +17075%
Minority (6) (4) +35% (2) +198%
Net Profit 413 418 (1%) 191 +117%Net Profit 413 418 (1%) 191 +117%
Gross Margin 18% 20% (1%) 12% +6%
EBIT Margin 15% 15% ‐ 8% +7%
Net Profit Margin 13% 13% ‐ 7% +7%
33rd Quarter Performance (Conso.) rd Quarter Performance (Conso.) (mm Bt) 9Months 09 9Months 08 % change
Sales 8,420 7,967 +6%
Cost of Sales (7,221) (6,672) +8%
1 199 1 295 (7%)Gross Profit 1,199 1,295 (7%)
Other Income 107 108 (1%)
Participating Profit from 35 23 +48%Participating Profit from Asso. Companies
%
SG&A (526) (547) (4%)
EBIT 814 879 (7%)EBIT 814 879 (7%)
Interest Expense (88) (96) (9%)
Taxes (38) (16) +145%
Minority (9) (6) +42%
Net Profit 680 761 (11%)
Gross Margin 14% 16% (2%)
EBIT Margin 10% 11% (1%)
Net Profit Margin 8% 10% (1%)
GFPT Consolidated Revenue (mm Bt)GFPT Consolidated Revenue (mm Bt)3,123 3,029 2 902
3,163 25%3,500 10,997 25%12,000
2,355
2,902
15%
20%
2,000
2,500
3,000
7,967 8,420
15%
20%
6 000
8,000
10,000
5%
10%
500
1,000
1,500
Sales Gross Margin
5%
10%
2,000
4,000
6,000
Sales Gross Margin
+6%+9% qoq+1% yoy
33rd Quarter rd Quarter 2009 2009 : Bt : Bt 33 163 163 mnmn 9 9 Months Months 2009 2009 : Bt : Bt 88 420 420 mnmn
0%-Q308 Q408 Q109 Q209 Q309
Sales Gross Margin0%-
9M 08 9M 09 2008
Sales Gross Margin
33rd Quarter rd Quarter 2009 2009 : Bt : Bt 33,,163 163 mnmn
Process Food (GFF) 2%
Process Food (GFF) 2%
9 9 Months Months 2009 2009 : Bt : Bt 88,,420 420 mnmn
Chicken Meat & Food
(GFPT) 58%
DOC (KT) 3%
Other 4%
Chicken Meat & Food
(GFPT) 60%
DOC (KT) 2%
Other 3%
Animal Feed (KT) 36%
DOC (FKT) 1%Animal Feed
(KT) 35%DOC (FKT) 1%
Consolidated Net Profit (mm Bt)
13% 13%
16%
400
450
10%
12%1,200 13%
10%
7%
13%
8%
12%
250
300
350
400 10%
8%
10%
8%
600
800
1,000 +116% qoq-1% yoy
418
315
76
191
413
3%
7%
4%
8%
50
100
150
200
Net Profit Net Profit Margin
761 680
1,076
4%
200
400
600
Net Profit Net Profit Margin
-10%
EPS (Bt/Share)
76 0%-
Q308 Q408 Q109 Q209 Q309
Net Profit Net Profit Margin0%-
9M 08 9M 09 2008
Net Profit Net Profit Margin
EPS (Bt/Share)
3.34 3.29
3
4 8.58
10
2.51
1.52 2
3 6.07
5.42
5
0.61
-
1
- Q308 Q408 Q109 Q209 Q309 9M 08 9M 09 2008
Balance Sheet (mm Bt) Book Value & Market Value
8,0009,000
30.16 30.78 29.8133.15 35
4,614 5,201
237 1 430
3,781 4,156
3 0004,000 5,000 6,000 7,000 8,000
27.63 29.81
20 30 19 60
23.60
31.75
20
25
30
2,884 2,839 3,481 2,454
1,430
-1,000 2,000 3,000
Dec-08 7,500 mm Bt Sep-09 8,040 mm Bt
17.80 18.20 20.30 19.60
5
10
15
Book Value Market Value
Return on Asset (%) DE Ratio (x)
Current Assets Fixed Assets Current Liabilities
LT Liabilities Equity
- Q308 Q408 Q109 Q209 Q309 17-Nov-09
Book Value Market Value
Return on Asset (%) DE Ratio (x)8,040
8%
8,000
8,200 Total Asset (mm Bt) ROA (%) 0.9
0.8 0.8
0.8 0.8 1.0
3 800
3,900
4,000
7,254
7,499
7,318
7,516 6%
4%
5%4%
7,400
7,600
7,800
3 789 3 7783,883
0.5
3,500
3,600
3,700
3,800
1%
3%
0%6,800
7,000
7,200 3,789
3,718
3,459
3,778
-3,200
3,300
3,400
,
Total Liabilities D/E (x)
Q308 Q408 Q109 Q209 Q309 Q308 Q408 Q109 Q209 Q309
Key Business Key Business Key Business Key Business PerformancePerformance
2,500
GFPT GFPT –– Revenue from Chicken Business (mm Bt)Revenue from Chicken Business (mm Bt)
1,330
1,585
1,885 2,003
1,497 1,716
1,872
1,500
2,000
Export Sales40%
Domestic Sales41%
500
1,000
I di t S l
41%
-Q108 Q208 Q308 Q408 Q109 Q209 Q309
33rd Qtr rd Qtr 2009 2009 Sales (mm Bt)Sales (mm Bt)
Indirect Sales19%
9 9 Months Months 2009 2009 Sales (mm Bt)Sales (mm Bt)
1,716 1,872 1,885
1 500
2,000
33rd Qtr rd Qtr 2009 2009 Sales (mm Bt)Sales (mm Bt) 9 9 Months Months 2009 2009 Sales (mm Bt)Sales (mm Bt)
6,803
6 000
8,000
1,000
1,500 4,799 5,085
4,000
6,000
-
500
-
2,000
+6%+9% qoq -1% yoy
2Q09 3Q09 3Q08
Source: GFPT Consolidated Financial Statement
9M 08 9M 09 2008
GFPT GFPT ––Chicken Export Volume (MT)Chicken Export Volume (MT)
6,000 5 900200 7,000 18,400 20,000
4,700
6,000
3,900
5,300 5,900
4,000
5,000
6,000
12,400
15,100
10 000
15,000
1,000
2,000
3,000
5,000
10,000
+21%+11% qoq+24% yoy
Exchange Rate (Bt/USD)Exchange Rate (Bt/USD)33rdrd Qtr Export by MarketQtr Export by Market
--Q308 Q408 Q109 Q209 Q309
-9M 08 9M 09 2008
Exchange Rate (Bt/USD)Exchange Rate (Bt/USD)33 Qtr Export by MarketQtr Export by Market
34.85 35.34
34.72 Others2%
32.42 32.30
33.88 33.95
Japan43%
EUEU55%
Q108 Q208 Q308 Q408 Q109 Q209 Q309
Source: Company Data Source: www.bot.or.th
GFPT GFPT –– Indirect Export Sales Volume (MT)Indirect Export Sales Volume (MT)5,400 150 6,000 25,000
4,100 3,700
4,400 4,400
4,000
12,500
16,200
20,300
15,000
20,000
2,000
5,000
10,000
+30%0% qoq
-20% yoy
GFPT – Domestic Sales Volume (MT)
--Q308 Q408 Q109 Q209 Q309
-9M 08 9M 09 2008
GFPT – Domestic Sales Volume (MT)
21,600 22,000 40 22,500
64,400
54 500
75,200
60 000
80,000
19,500
20,700 20,800
20,000
54,500
40,000
60,000
-17,500 -
20,000
-15%+2% qoq
+13% yoy
Q308 Q408 Q109 Q209 Q309
Source: Company Data
9M 08 9M 09 2008
2 072 2 095
2,500
KT KT –– Revenue from Feed Business (mm Bt)Revenue from Feed Business (mm Bt)
1,501 1,747
2,072 1,871
1,670
1,948 2,095
1,500
2,000 Shrimp Feed22%
500
1,000
Animal Feed64%
Fishery Feed14%
+8% qoq+1% yoy
-Q108 Q208 Q308 Q408 Q109 Q209 Q309
KT KT Animal Feed Sales Volume (MT)Animal Feed Sales Volume (MT)KT KT –– Animal Feed Sales Volume (MT)Animal Feed Sales Volume (MT)
89,100 88,500 89,500
95,900 97,200
14
16
18 100,000
282 600
352,200 400,000
6
8
10
12
14 263,700
282,600
200,000
-
2
4
6
50,000 -
+7%+1% qoq+9% yoy
Q308 Q408 Q109 Q209 Q309
Source: Company Data
9M 08 9M 09 2008
KT KT –– Fishery Feed Sales Volume (MT)Fishery Feed Sales Volume (MT)46,000 50,000 25 20,000
34,600 37,700
30,000
40,000 14,900
11,400
8,900
12,700
16,100
15
20
10 000
15,000
10,000
20,000
+9%
8,900
5
10
5,000
10,000
+27% qoq+8% yoy
KT KT Shrimp Feed Sales Volume (MT)Shrimp Feed Sales Volume (MT)
-9M 08 9M 09 2008
--Q308 Q408 Q109 Q209 Q309
KT KT –– Shrimp Feed Sales Volume (MT)Shrimp Feed Sales Volume (MT)
13 600
16,300 16,900 40
15 000
17,500
20,000
42 70047,200
60,000
13,600 11,800
9,500
7,500
10,000
12,500
15,000 35,500
42,700
20 000
40,000
--
2,500
5,000
,
-
20,000
+20%+4% qoq
+24% yoy
Q308 Q408 Q109 Q209 Q309
Source: Company Data
9M 08 9M 09 2008
Industry OutlookIndustry Outlook
Thai Broiler IndustryExport Towards Cooked ProductsExport Towards Cooked Products
600 000
500,000
600,000
400,000
Bird FluShock
200,000
300,000
100,000
0
1973
1977
1982
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
(E)
Source : Thai Broiler Processing Exporters Association
400 000450,000
Thai Chicken Export by Country (MT)400,456 394,000
129,967 159,800 179,069 180,000
135,282
18,204 29,698
37,062 36,000
28,480
200,000 250,000 300,000 350,000 400,000 333,523
296,960 289,489
148,786 144,025 184,325 178,000 125,727
135,282
-50,000
100,000 150,000
2006 2007 2008 2009 (F) Q3 2009 (A)
Asia EU Other
Thai Chicken Export by Quarter Q3 Thai chicken Export Comparison
9,937 12,392100,000
120,000
95 746
104,913 110,000
120,000
Thai Chicken Export by Quarter Q3 Thai chicken Export Comparison
104,913108,078
47,07448,439
40,000
60,000
80,00088,830
95,746
80,000
90,000
100,000
51,067 44,082
0
20,000
Q3 08 Q3 09
89,969 91,382 108,078 111,027 60,000
70,000
Q1 Q2 Q3 Q4
Asia EU Other2008 2009
Source : Thai Broiler Processing Exporters Association
Maize Price (Bt/Kg)Maize Price (Bt/Kg)
9
12
7 8 8 8 7 7 7 6 6 6 6
8 9
7
4
6
8
10
8 9 9 10 9 10 11 10 9 8 8 7 -
2
4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2005 2006 2007 2008 2009
Soybean Price (Bt/Kg)
YTD
2008 2009 Avg.
Soybean Price (Bt/Kg)
15 16 16 16 17 18 17 17 17 17 16 20
25
15 12 11
13
5
10
15
17 17 17 17 17 18 20 19 18 16 14 12 -
5
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2005 2006 2007 2008 2009 YTD
2008 2009 Avg.
Live Bird Price (Bt/Kg)
35 34 35 35 35 35 36 37 3440
45 35 34 32 31
35 35 35 35 33
24
31 34
1520 25 30 35 40
36 36 39 40 38 34 37 42 38 30 35 35 -5
10 15
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2005 2006 2007 2008 2009
Dayoldchick Price (Bt/chick)
YTD
2008 2009 Avg.
Dayoldchick Price (Bt/chick)
14 15 15 15 15 13 12 13
1114 16 18
7 9
5 5
8
11
4 6 8
10 12
14 13 16 17 16 10 12 17 14 8 9 8 -2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2005 2006 2007 2008 2009 YTD
2008 2009 Avg.
Business DirectionBusiness Direction
GFPT Expansion Plan and Revenue GFPT Expansion Plan and Revenue ContributionContribution
2009 (E) 2011 (F)Other2%
Farm1%
Other2%
Farm18%
F d
Feed40%
Food45%
Growth in Revenue
Food57%
Feed35%35%
Q & AQ & A
Thank youThank youInvestor Relations Department
GFPT PCLTel: 662 – 473 ‐ 8000Tel: 662 473 8000
Email: [email protected]: www.gfpt.co.th
Disclaimer & DisclosureDisclaimer & Disclosure•The information, statements, forecasts and projections contained herein reflect the company’s current views with respect to future events and financial performance. •These views are based on assumptions subject to various risks. •No assurance is given that these future events will occur or that the company’s assumptions areNo assurance is given that these future events will occur, or that the company s assumptions are correct. •Actual results may differ materially from those projected.