View
3
Download
0
Category
Preview:
Citation preview
Institutional Presentation
November 2011
Company Overview
3
Symbol GFPT (member of SET100)
Industry / Sector Agro & Food Industry / Agribusiness
Corporate Governance (2010) Very Good [80 – 89 CG Report Score]
Position To become a leading manufacturer in livestock and agricultural business,
the company sets its operational policies to comply with the international food standards to ensure quality and safety of our products
Closed Price (30/09/2010) THB 8.75 per share (52 week High / Low: 12.10 / 7.30)
Share Outstanding 1,253.82 million share @ 1 Baht per share
Market Cap. (no. of Shareholders) THB 10.97 billion (6,620 shareholders)
% Free Float (8 Apr 2011) 43.12 %
% Foreign Shareholder / %Limit 12.09% / 49.00 %
Top 5 Major Shareholder 1) Mr. Sujin Sirimongkolkasem 17.77%
2) Mr. Prasit Sirimongkolkasem 17.55%
3) Mr. Virach Sirimongkolkasem 14.36%
4) Nichirei Foods Inc. 4.52% 5) Mr. Anucha Kijthanamongkolchai 4.11%
Dividend Policy Not more than 50% of net profit of Company's separated financial
statement after deductions of any reserved portion required by law or the Company (with additional conditions)
C o m p a n y P r o f i l e
4 30 years Roadmap
Initially established
1981
1991
99.99% in GFF (sausage plant) 65% in KT (feed mill)
Listed in the Stock Exchange
of Thailand 1992
1993
49% of McKey (further processing plant)
2008 New feed mill plant (KT2) @ Cholburi area 49% of GFN (chicken processing and further
processing plant)
Stock split from THB 10 to
THB 1 per share
2010
2003
99.99% of GP (grandparent farm)
1990
99.99% in FKT (parent breeder farm) 99.99% in MKS (broiler farm)
5
Company Objective
GFPT GFPT Public Company Limited Slaughter House and Further Processing Plant
96.86% KT Krungthai Feedmill PCL. Feed mill
100% MKS M.K.S. Farm Co., Ltd. Broiler Farm
100% FKT Krungthai Farm Co., Ltd. Breeder Farm and Hatchery
100% GP GP Breeding Co., Ltd. Grandparent Breeder Farm
100% GFF GF Foods Co., Ltd. Processing Plant
49% MCK McKey Food Services (Thailand) Ltd. Further Processing Plant
49% GFN GFPT Nichirei (Thailand) Co., Ltd. Slaughter House and Further Processing Plant
GFPT Fully Integrated Chicken Production
GFPT KT MKS FKT GP GFF
Feed mill Parent Breeding Farm
Slaughter House Broiler Farm Grand Parent
Breeding Farm Processing / Further Plant
GFN MCK
GFPT Group Structure
Animal Feed / Aqua Feed
Breeder Day-old-Chick Broiler Day-old-Chick Broiler Cooked Chicken / Chicken Meat Product Sausage
Cooked Chicken / Chicken Meat Product Cooked Chicken
6 Fully Integrated Chicken Production
Source: 2010 Company Data
Broiler
M K S
F K T
Broiler DOC Breeder DOC
G P
K T 1
Animal Feed
Aqua Feed
K T 2
Broiler Feed
M C K
Cooked Product
G F F
Sausage
G F P T
Chicken Meat
Chicken Part
Cooked Product
Chicken Meat
Chicken Part
Cooked Product
G F N
95%
15% 10%
100%
100%
100%
100%
Internal Use
External Sell
2010 Capacity expansion
From 12,000 MT to 24,000 MT
2010 New JV Plant (SH & FP)
Require live chicken from GFPT
Group @ 100,000 bird per day
2010 -2011 Farm expansion
From 150,000 to 250,000 bird
per day
2008 New Feed mill
Utilization increase; thus,
feed cost decrease.
2011 Farm expansion
Corn (Local)
Soybean Meal (Local)
Soybean (Import)
GP DOC (Import)
7
2,355 2,902 3,163 3,088
2,843 2,996 3,310 3,323
3,059
3,518
3,982
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Qtr1 Qtr2 Qtr3 Qtr4
Revenue by Quarter (mn THB)
2009 2010 2011
Broiler sales to GFN
Feed sales growth
2 0 1 1 S t r a t e g y & D r i v e r s
Growth Drivers 2011
7,221
8,122
10,996 11,507
12,472
10,560
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2006 2007 2008 2009 2010 2011 YTD
Consolidated Revenue (mn THB)
+20%
+8%
Target 14,300 mm THB [+15%]
+17%
8
MKS: Broiler Farm Expansion FKT: Parent Stock Farm and
Hatchery Facility
44%
28%
45%
30% 34%
56%
72%
55%
70% 66%
2006 2007 2008 2009 2010
Operating Expenditure Capital Expenditure
2006 – 2011 Capital Expenditure
• GP Breeding: New Grand Parent Farm and Hatchery facility 2006
• GFPT: Further Processing Plant Expansion • KT2: New Feedmill at Chonburi Province
2007
• KT2: New Feedmill at Chonburi Province (Cont.) 2008
• KT2: New Feedmill at Chonburi Province (Cont.) • GFPT: New Worker Dormitory • GFN: Investing in GFN
2009
• GFN: Capital Increase • GFPT: Further Processing Plant Expansion • MKS: Broiler Farm Expansion
2010
800-1,000 mln Baht 2011
3rd Quarter 2011
Performance
10
In million Baht Q3 Y11 Q3 Y10 %yoy Q2 Y11 %qoq
Revenue 3,982 3,310 20% 3,518 13%
COGS (3,310) (2,723) 22% (2,918) 13%
Gross Profit 672 587 15% 600 12%
Profit before Associated 501 428 17% 441 14%
EBIT 448 435 3% 451 (1%)
Profit before Tax 408 400 2% 413 (1%)
Net Profit for GFPT 371 368 1% 362 2%
EPS * (THB/Share) 0.30 0.29 0.29
Profit Margin 17% 18% 17% Profit before Associated Margin 13% 13% 13%
EBIT Margin 11% 13% 13%
Net Profit Margin 9% 11% 10%
Quar ter ly Financial Highlight
Note: Number of share is adjusted to 1 Bt per share for comparison purpose
11
In million Baht 9mo Y11 9mo Y10 %yoy
Revenue 10,560 9,150 15%
COGS (8,797) (7,605) 16%
Gross Profit 1,762 1,545 14%
Profit before Associated 1,297 1,064 22%
EBIT 1,210 1,106 9%
Profit before Tax 1,098 1,005 9%
Net Profit for GFPT 985 948 4%
EPS * (THB/Share) 0.79 0.76
Profit Margin 17% 17%
Profit before Associated Margin 12% 12%
EBIT Margin 11% 12%
Net Profit Margin 9% 10%
9 months Financial Highlight
12 Gross Margin & Net Prof i t Margin
471 487 587 470 490 600 672
17% 16% 18%
14%
16% 17% 17%
0%
5%
10%
15%
20%
-
100
200
300
400
500
600
700
800
Q1 Y10 Q2 Y10 Q3 Y10 Q4 Y10 Q1 Y11 Q2 Y11 Q3 Y11
Gross Profit
Gross Profit (mm Bt) Gross Margin (%)
319 317 428 318 355 441 501
11% 11%
13%
10%
12% 13% 13%
0%
2%
4%
6%
8%
10%
12%
14%
-
100
200
300
400
500
600
Q1 Y10 Q2 Y10 Q3 Y10 Q4 Y10 Q1 Y11 Q2 Y11 Q3 Y11
Operating Profit
Operating Profit (mm Bt) Operating Profit Margin (%)
522 525 627 470 511 654 656
18% 18%
19%
14%
17% 19%
16%
0%
5%
10%
15%
20%
-
100
200
300
400
500
600
700
Q1 Y10 Q2 Y10 Q3 Y10 Q4 Y10 Q1 Y11 Q2 Y11 Q3 Y11
EBITDA
EBITDA (mm Bt) EBITDA Margin (%)
287 289 371 219 252 362 371
10% 10%
11%
7%
8%
10% 9%
0%
2%
4%
6%
8%
10%
12%
-
50
100
150
200
250
300
350
400
Q1 Y10 Q2 Y10 Q3 Y10 Q4 Y10 Q1 Y11 Q2 Y11 Q3 Y11
Net Profit (GFPT Portion)
Net Profit (mm Bt) Profit Margin (%)
13
5,931 6,170
3,284
3,679
5,382 5,763
2,578
2,672
1,256
1,414
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2010 9,215 mm Bt Q3 - 2011 9,849 mm Bt
Fixed Assets Current Asset Equity LT Liabilities Current Liabilities
2.02 2.21 2.99 3.59 4.25 4.32 4.30 4.60
0.60 0.55 0.60 1.06
1.89 2.18
2.56
1.90
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
2006 2007 2008 2009 2010 Q1 -2011
Q2 -2011
Q3 -2011
Book Value (Bt/Share)
Book Value P/BV (x)
2,650 3,453 3,718 3,614 3,833 4,045 4,366 4,086
1.04
1.23
0.98
0.79 0.71 0.75
0.81 0.71
-
0.50
1.00
1.50
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2006 2007 2008 2009 2010 Q1 -2011
Q2 -2011
Q3 -2011
DE Ratio (x)
Total Liabilities (mm THB) D/E (x)
Balance Sheet
Q 3 Y 2 0 1 1 R e v e n u e B r e a k d o w n
Food 44%
Feed 37%
Farm 19%
Revenue 3,982 million THB
Business Segment
Chicken Export 12%
Chicken Indirect Export 11%
Chicken Domestic
18%
Processed Food 3%
Animal Feed 14%
Fish Feed 9% Shrimp
Feed 14%
Live Chicken
16%
DOC 3%
Product Segment
15 Feed Business
96,100 100,800 112,600 111,000 107,700 114,000 129,500 -
20,000
40,000
60,000
80,000
100,000
120,000
140,000
Q1 Y10 Q2 Y10 Q3 Y10 Q4 Y10 Q1 Y11 Q2 Y11 Q3 Y11
Animal Feed (MT)
11,600 11,100 16,600 13,800 10,500 12,500 19,100 -
5,000
10,000
15,000
20,000
25,000
Q1 Y10 Q2 Y10 Q3 Y10 Q4 Y10 Q1 Y11 Q2 Y11 Q3 Y11
Fish Feed (MT)
11,900 13,500 17,400 14,300 9,800 13,000 18,700 -
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Q1 Y10 Q2 Y10 Q3 Y10 Q4 Y10 Q1 Y11 Q2 Y11 Q3 Y11
Shrimp Feed (MT)
+15% yoy
+14% qoq
+15% yoy
+53% qoq
+7% yoy
+44% qoq
16 Chicken Meat Business
4,800 5,100 5,500 5,900 3,800 3,700 3,300 -
1,000
2,000
3,000
4,000
5,000
6,000
Q1 Y10 Q2 Y10 Q3 Y10 Q4 Y10 Q1 Y11 Q2 Y11 Q3 Y11
Export Volume (MT)
5,000 4,900 4,500 4,000 4,200 4,500 4,100 -
1,000
2,000
3,000
4,000
5,000
6,000
Q1 Y10 Q2 Y10 Q3 Y10 Q4 Y10 Q1 Y11 Q2 Y11 Q3 Y11
Indirect Export Volume (MT)
20,200 21,800 23,700 23,400 18,600 17,200 20,100 -
5,000
10,000
15,000
20,000
25,000
Q1 Y10 Q2 Y10 Q3 Y10 Q4 Y10 Q1 Y11 Q2 Y11 Q3 Y11
Domestic Volume (MT)
(40%) yoy
(11%) qoq
(9%) yoy
(9%) qoq
(15%) yoy
+17% qoq
17
6 5 6
8 9
7
9 10
10 9
-
2
4
6
8
10
12
Maize (Bt/Kg)
8
13
8
12 12 12
17 19
22
17
-
5
10
15
20
25
Day-old-Chick (Bt/DOC)
13 11
10
13
17 16
14 14 13
14
-
2
4
6
8
10
12
14
16
18
20
Soybean (Bt/Kg)
26
33 28
33 38 38
41
48 52
41
-
10
20
30
40
50
60
Broiler Price (Bt/Kg)
Source: Market Data
Major Commodity Pr ice
18 GFN Transaction GFN Joint Venture between GFPT 49% and NFI (51%)
Objective To produce and distribute cooked chicken products to Japan and international
markets
Operation Slaughter House and Further Processing Plant
Capacity SH @ 100,000 birds per day and FP @ 1,500 MT per month
Project Investment Project Investment: 2,250 million Baht
Registered Capital 1,170 million Baht
Capital Structure: GFPT 49% and Nichirei Foods 51%
BOI Privileges: Corporate tax exempt for 8 years
Products: Cooked Chicken products and Fresh Chicken Meat
MKS (GFPT) GFN Nichirei (JP)
Live Broiler Cooked Products
100,000
birds per day
1,500
MT per month
A Market Leader in Frozen
Processed Chicken Meat
Products in Japan
A Fully Integrated
Chicken Production
Company in Thailand
Strength: Quality and Safety Chicken
(100% own chicken farms) Strength: Distribution Channel &
Marketing Expertise
Project and Capacity Plan:
2009: Factory construction
2010: Factory construction
2011: Ramp up capacity
Q1 @ 25,000; Q2 @ 50,000;
Q3 @ 75,000; Q4 @ 100,000
2012: Running at 100,000 bpd
GFPT Group Location
KT 1 GFPT
GFN
KT 2
MKS
MKS
Facilities that are located in Bangkok and nearby areas
Most of our Farms and Factories are located in Chonburi area
Flood Impact as of 16 November 2011
All of GFPT’s facilities are in the
non-flood zone and have been operated normally.
Disclaimer This presentation may include forward-looking statements representing expectations about future events or anticipated result
based on factors such as economic scenario, market conditions and expected future events, over many of which the Company
has no control. This material includes forward-looking statements subject to risks and uncertainties, which are based on
current expectations and projections about future events and trends that may affect the Company’s business. These statements
include projections of economic growth, as well as information about competitive position, the regulatory environment,
potential opportunities for growth and other matters. Several factors may adversely affect the estimates and assumptions on which these statements are based.
Among the factors that may lead to materially different between actual results and anticipated results expressed in such
forward-looking statements include: (i) the effect of, or changes in, general economic conditions of Thailand and other major
trading countries such as GDP growth rate, interest rate, foreign exchange rate, import/export restriction, labor wage, and
unemployment rate; (ii) fluctuations in the cost and availability of inputs and raw materials, such as feed grains (including corn
and soybean meal); (iii) market conditions for finished products, including competition from other global and domestic food
processors, demand, supply and pricing of competing products and alternative proteins, and changes in consumer preference
and diets; (vi) outbreak of a livestock disease such as avian influenza (AI), which could have an adverse effect on livestock we
own, the availability of livestock we purchase, consumer perception of certain protein products or our ability to access certain
domestic and foreign markets; (v) issues related to food safety, including costs resulting from product recalls, regulatory
compliance and any related claims or litigation; and (vi) compliance with and changes to regulations and laws (both domestic
and foreign), including changes in accounting standards, tax laws, environmental laws, agricultural laws and occupational,
health and safety laws.
The content and forward-looking statements state within this presentation only as the date they made. The Company
undertakes no responsibility on changes after that date stated herein. The material set forth herein is for informative purposes
only. It should not be taken as an offer of securities for sale.
20
21
Contact Person: Ms. Jutamas Ingpochai Email: jutamas@gfpt.co.th
Investor Relations Department
GFPT Public Company Limited 312 Rama 2 Road Bangmod Jomthong Bangkok 10150 Thailand
Phone: +66 2 473 8000
Fax: +66 2 473 8398
www.gfpt.co.th
IR Contact
Recommended