PRESENTATION ON 2015 THIRD QUARTERLY RESULTS€¦ · PRESENTATION ON 2015 THIRD QUARTERLY RESULTS ....
Transcript of PRESENTATION ON 2015 THIRD QUARTERLY RESULTS€¦ · PRESENTATION ON 2015 THIRD QUARTERLY RESULTS ....
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
PRESENTATION ON 2015 THIRD QUARTERLY RESULTS A presentation in relation to the results of Tingyi (Cayman Islands) Holding Corp. for the Quarterly Results For The Nine Months Ended 30th September 2015 is appended to this announcement. By order of the Board Tingyi (Cayman Islands) Holding Corp. Ip Pui Sum Company Secretary Hong Kong, 16 November 2015 As at the date of this announcement, Mr. Wei Ing-Chou, Mr. Junichiro Ida, Mr. Wu Chung-Yi, Mr. Nagano Teruo, Mr. Wei Hong-Ming and Mr. Koji Shinohara are executive Directors of the Company. Mr. Hsu Shin-Chun, Mr. Lee Tiong-Hock and Mr. Hiromu Fukada are independent non-executive Directors of the Company. * For identification purposes only
website: http://www.masterkong.com.cn
http://www.irasia.com/listco/hk/tingyi
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• Tingyi Holding Corp.3Q 2015 Results
16 November 2015Hong Kong
0322 HK
@2015 Tingyi (Cayman Islands) Holding Corp., All rights reserved.
Disclaimer
The information contained in this presentation is intended solely for your personal reference. Such information issub j ec t to change wi t ho u t no t i ce and no repre sen ta t io n or war r an t y exp ress o r imp l i ed is mad e as to , and noreliance, should be placed on, the fairness, accuracy, completeness or correctness of the information contained inthi s p re senta t io n . Thi s pre senta t io n do es no t int end to pro vid e , and yo u may not r e ly o n thi s pr e sen ta t io n asprovid ing, a co mple te or co mprehensive analys is o f the Co mp any’s f inanc ia l o r t rad ing p osi t io n or pro spec t s .None of the Company nor any of i ts respective affi l ia tes, advisors or representat ives shall have any liabil ity ( innegligence or otherwise) whatsoever for any loss or damage howsoever ar ising from any use of this presentat ionor its contents or otherwise arising in connection with this presentation.
This presenta t io n co nta ins p ro jec t io ns and forward loo king st a t ements tha t ma y re f l ec t the Co mp any’s cur r entviews with respect to future events and financial performance. Readers are cautioned not to place undue relianceon these forward -looking sta tements which a re subjec t to var ious r i sks and uncer ta int ies and no assurance canbe given that actual results will be consistent with these forward-looking statements. The Company undertakes noobliga t ion to publ ic ly update or revise any forward-looking statements, whether as a resul t o f new information,future events or otherwise.
This presentation does not constitute an offer or invitation to purchase or subscribe for any securities or financialinstruments or the provision of any investment advice, and no part of it shall form the basis of or be relied upon inconnec tion wi th any contract , commitment or inves tment decision in relat ion thereto , nor does this presentat ionconstitute a recommendation regarding the securities or financial instruments of the Company.
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3Q 2015 review
Financial highlights
Market shares
Distribution network
Production summary
Contents
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3Q 2015 – Sales & Profit
US$ million 3Q2015 3Q2014 Change%
Turnover 2,764 2,954 -6.45
Gross Profit 920 947 -2.87
Gross Margin 33.30% 32.07% 1.23ppt.
EBITDA 408 401 1.67
Profit 188 206 -8.48
Profit attributable to owners of the Company 144 160 -9.63
EPS (US cents) 2.57 2.85 -0.28cents
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1-9/ 2015 – Sales & Profit
US$ million 1-9/2015 1-9/2014 Change%
Turnover 7,634 8,458 -9.75
Gross Profit 2,522 2,658 -5.10
Gross Margin 33.04% 31.42% 1.62ppt.
EBITDA 1,088 1,105 -1.55
Profit 461 543 -14.96
Profit attributable to owners of the Company 342 392 -12.67
EPS (US cents) 6.10 6.99 -0.89cents
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Beverages58%
Noodles38%
Instant food2%
Others2%
3Q2014
Turnover by Products
US$ million 3Q2015 3Q2014 Change%
Instant noodles 1,062 1,132 - 6.20Beverages 1,638 1,729 -5.26
Instant food 36 47 -23.44Others 28 46 -40.22Total 2,764 2,954 -6.45
Beverages
59%Noodles
39%
Instant
food
1%
Others
1%
3Q2015
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Beverages60%
Noodles37%
Instant food2%
Others1%
1-9/2014
Turnover by Products
US$ million1-9/2015 1-9/2014 Change%
Instant noodles 2,854 3,166 - 9.85Beverages 4,600 5,061 -9.11
Instant food 103 137 -24.73Others 77 94 -18.58Total 7,634 8,458 -9.75
Beverages
60%Noodles
38%
Instant
food
1%
Others
1%
1-9/2015
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Bowl46%
Mid end
Packet
11%
Snack Noodle & Others
3%
High end
Packet40%
Bowl47%
High end Packet
41%
Mid end Packet
10%
Snack Noodle
& Others
2%
US$ million 3Q2015 3Q2014 Change%
Bowl 502 520 -3.60
High end Packet 433 452 -4.10
Mid end Packet 106 130 -18.48
Snack Noodle & Others 21 30 -29.59
Total 1,062 1,132 -6.20
Instant Noodle Sales by Products
3Q2014 3Q2015
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Bowl
48%
High end
Packet
38%
Mid end
Packet
11%
Snack Noodle & Others
3%
Bowl48%
High end Packet
40%
Mid end Packet
10%
Snack Noodle
& Others
2%
US$ million 1-9/2015 1-9/2014 Change%
Bowl 1,376 1,511 -8.97
High end Packet 1,123 1,211 -7.20
Mid end Packet 294 356 -17.54
Snack Noodle & Others 61 88 -30.51
Total 2,854 3,166 -9.85
Instant Noodle Sales by Products
1-9/2014 1-9/2015
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Tea36%
Water20%
Juice15%
Tea41%
Water20%
Juice14%
CSD & Others25%
US$ million 3Q2015 3Q2014 Change%
Tea 665 626 6.36
Water 327 350 -6.65
Juice 235 248 -5.13
Carbonated drinks and Others 411 505 -18.72
Total 1,638 1,729 -5.26
Beverage Sales by Products
3Q2014 3Q2015
CSD & Others29%
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Tea40%
Water20%
Juice17%
Tea42%
Water18%
Juice15%
CSD & Others
25%
US$ million 1-9/2015 1-9/2014 Change%
Tea 1,922 2,011 -4.41
Water 855 1,000 -14.54
Juice 678 867 -21.69
Carbonated drinks and Others 1,145 1,183 -3.32
Total 4,600 5,061 -9.11
Beverage Sales by Products
1-9/2014 1-9/2015CSD & Others
23%
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Gross Margin by Products
0
10
20
30
40
Instant
noodles
Beverages Instant
food
Overall
29.81
33.4136.19
32.0731.76 34.47
32.44 33.30
3Q2014
3Q2015%
1.95 1.06 -3.75 1.23
Change (ppt.)
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Gross Margin by Products
0
5
10
15
20
25
30
35
40
Instant
noodles
Beverages Instant
food
Overall
28.19
33.4335.59
31.4230.84
34.64 32.96 33.04
1-9/20141-9/2015%
2.65 1.21 -2.63 1.62
Change(ppt.)
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EBIT by Products
US$’ 000 3Q2015 3Q2014 Change%
Instant noodles 148,071 153,121 -3.30
Beverages 117,933 113,443 3.96
Instant food -5,683 -4,141 -37.23
Others 10,084 15,467 -34.82
EBIT 270,405 277,890 -2.69
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EBIT by Products
US$’ 000 1-9/2015 1-9/2014 Change%
Instant noodles 341,172 342,010 -0.24
Beverages 340,527 387,368 -12.09
Instant food -16,702 -15,488 -7.84
Others 18,177 14,043 29.42
EBIT 683,174 727,933 -6.15
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Profit
US$’ 000 3Q2015 3Q2014 Change%
Instant noodles 112,645 119,174 -5.48
Beverages 78,837 82,646 -4.61
Instant food -5,651 -4,125 -37.02
Others 2,263 7,837 -71.12
Profit 188,094 205,532 -8.48
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Profit
US$’ 000 1-9/2015 1-9/2014 Change%
Instant noodles 265,856 280,404 -5.19
Beverages 215,890 279,656 -22.80
Instant food -16,606 -14,777 -12.38
Others -3,754 -2,752 -36.41
Profit 461,386 542,531 -14.96
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Financial Position
*ROA(Annualized)
9.76% 7.78%
*ROE(Annualized)
14.90% 13.54%
Current Ratio 0.77 0.64
Gearing Ratio 0.28 0.48
A/R Turnover /Days 9.81 8.89
Finished Goods Turnover/Days 9.71 11.73
At 30/09/2015, Cash and cash equivalents was US$1.666 billion*ROA:EBIT to average total assets *ROE:Profit attributable to equity holders of the Company to average net assets
As at 31/12/2014As at 30/09/2015
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Material Price
RMB/Ton
5,050
3,430
19
2,000
2,300
2,600
2,900
3,200
3,500
3,800Flour
3,500
4,500
5,500
6,500
7,500
8,500
9,500
10,500Palm Oil
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
PET Resin
7,2500
2,000
4,000
6,000
8,000
10,000 Sugar
5,570
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42.741.2
43.3 42.9 44.0 43.9 44.9 44.245.7 46.3
47.7 47.4 47.2 46.3 46.9 46.0 46.3
13.3
15.8 16.8 17.6 17.4
11.210.4 9.0
7.1
7.49.3 8.8 9.0 7.7
8.1
0.0
10.0
20.0
30.0
40.0
50.0
60.0
11.Q3 12.Q3 13.Q3 14.Q3 15Q3
Instant Noodle Market Share-by Volume Instant Noodle Market Share-by Value
Source:Nielsen
Tingyi Holding
Company B
Company A
Company C
57.1 56.2 56.7 56.3 56.5 56.3 56.5 55.6 56.0 56.4 57.2 57.1 56.4 55.6 55.9 55.2 55.0
13.916.4 17.6 18.2 18.1
8.3 7.8 6.9 5.7 6.1
5.9 5.8 6.0 5.3 5.70.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
11.Q3 12.Q3 13.Q3 14.Q3 15Q3
Tingyi Holding
Company B
Company A
Company C
%%
20
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54.1
51.5
47.247.4
48.3
47.6
46.3
51.2
53.6
52.5 51.3
54.2
56.054.5
53.956.4
56.6
21.2
27.8 28.5 27.9 27.7
1.9 1.1 0.7 0.2 0.0
12.411.2
7.45.8 5.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
11 Q3 12 Q3 13Q3 14Q3 15Q3
51.6
47.8
42.4
43.9 45.2
44.0 41.8
45.7 47.8
45.8
43.4
46.8
48.9 47.0
46.0
48.5 49.4
21.9
29.031.5 31.1 31.6
1.9 1.1 0.70.3 0.0
13.5 12.1
8.3 6.5 5.5
0.0
10.0
20.0
30.0
40.0
50.0
60.0
11 Q3 12 Q3 13Q3 14Q3 15Q3
RTD Tea Market Share-by Volume RTD Tea Market Share-by Value
Tingyi Holding
Company A
Company B
Company C
Tingyi Holding
Company A
Company B
Company C
21
% %
Source: Nielsen
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55.9
55.253.152
51.1
51.9
52.253.4 53.8 54.8
55.9 56.1
56.5
56.1
56.5 56.355.7
18.6
23.224.7
23.424.5
2.1 1.4 0.9 0.3 0
11.910.8
8.16.7
5.4
0.0
10.0
20.0
30.0
40.0
50.0
60.0
11 Q3 12 Q3 13 Q3 14Q3 15Q3
RTD Tea (no milk tea) Market Share-by Volume RTD Tea (no milk tea)Market Share-by Value
57.1
56.855.1 53.3
52.5
53.5
54.5
57.1
58.059.4 60.8
60.9 61.4 61.4
62.3
62.4 61.4
19.0
23.8 23.922.6 22.6
2.0 1.3 0.8 0.3 0.0
11.3 10.2
7.25.8 5.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
11 Q3 12 Q3 13 Q3 14Q3 15Q3
Tingyi Holding
Company A
Company B
Company C
Tingyi Holding
Company A
Company B
Company C
22
% %
Source: Nielsen
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21.1
20.3
17.8
28.9
30.0
27.125.2
30.5
33.8
31.0
25.4
28.3
28.4
26.1
21.9
21.4
23.9
16.1 17.419.0 18.6
20.3
32.4
28.2
26.925.7
26.2
4.63.7 3.4 3.5
4.6
5.7
8.2
6.35.4
4.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
11 Q3 12 Q3 13Q3 14Q3 15Q3
25.3 22.7
20.6
22.5
24.1
21.5
19.7
22.7
25.9
22.6
20.3
21.821.9
19.1
17.6
17.718.6
13.6
11.4
11.3
10.99.3
17.422.1
21.2
20.2
20.1
7.0
8.8
8.3 8.0 7.86.5
7.7
9.8
13.1
17.1
2.4 2.1 1.7 1.3 1.00.0
5.0
10.0
15.0
20.0
25.0
30.0
11 Q3 12 Q3 13 Q3 14Q3 15Q3
Bottle Water Market Share-by Volume
Company D
Tingyi Holding
Company B
Company A
Company C
Company E
Diluted Juice Drinks (below39% juice content) Market Share-by Volume
Company A
Company B
Company D
Company C
23
Tingyi Holding
%%
Source: Nielsen
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A) Nation-Wide Distribution Network
As at 30/09/2015 As at 31/12/2014
Sales Offices: 606 582
Warehouse: 73 77
Wholesaler: 30,574 36,837
Direct Retailer: 113,094 18,359
B) Production LinesNoodles 230 238
Beverage 470 444
Instant food 15 15
24