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2nd Quarter & 1st Half 2015 Financial Results 11 August 2015
Disclaimer
The presentation is prepared by Super Group Ltd (“Super” or “the Group”) and is solely for the purpose of corporate communication and general reference only. The presentation is not intended as an offer to sell, or to solicit an offer to buy or to form any basis of investment decision for any class of securities of the Group in any jurisdiction. All such information should not be used or relied on without professional advice. The presentation is a brief summary in nature and does not purport to be a complete description of the Group, its business, its current or historical operating results or its future business prospects. The statements are not and should not be construed as management’s representation on the future performance of Super. Our forward-looking statements involve risks and uncertainties, many of which are beyond our control, and important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, increased competition, pricing actions, continued volatility in commodity costs, increased costs of sales, risks from operating globally and tax law changes. This presentation is provided without any warranty or representation of any kind, either expressed or implied. The Group specifically disclaim all responsibilities in respect of any use or reliance of any information, whether financial or otherwise, contained in this presentation.
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Content
Performance Summary for 2Q15
Segmental Review Balance Sheet Highlights
Appendix
Profit & Loss Highlights
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Performance Summary for 2Q15 Performance in certain core markets improved
Operations’ ability to generate income remains intact - EBITDA margin improved to 16.4% despite lower net profit Certain core markets saw improved performance - Branded Consumer (“BC”) sales from core Asian markets such as Thailand, Myanmar and China continued to
improve but were offset by lower sales from markets such as Philippines and Eastern Europe - Food Ingredient (“FI”) registered stronger sales in Indonesia while lower sales were recorded in Philippines
and China
Strong balance sheet - Cash and cash equivalents of S$103.4m - NAV per share at 44.9 cents – up 0.6% YoY
Continue to manage challenges amid the competitive landscape - Group’s core markets continue to be impacted by weaknesses in respective domestic currencies which depreciated against US Dollar/ Singapore Dollar in 2Q15 - Weakened consumer spending within the Asian markets
Continue to focus on Branding, Product Innovations and Geographical Diversification to drive long-term
growth
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Sales Branded Consumer (“BC”) sales 4% to S$80.0m Food Ingredients (“FI”) sales 5% to S$45.5m
S$125.5m
Operating Profit Gross profit margin (“GPM”) remained constant at 36% in 2Q15
Selling and distribution expenses stable at 12% of total sales
General and administrative expenses declined marginally to S$13.8m S$15.5m
Net Profit (after tax ) Higher effective tax rate of 28% (2Q14: 12%) – Expiry of an overseas subsidiary’s tax incentive in July 2014 – Withholding tax expense on dividend remittances from an overseas
subsidiary S$11.1m
EBITDA MARGIN EBITDA margin improved to 16.4% despite lower net profit Reflects the resilience of the Group’s income generating capability
16.4%
5%
12%
29%
Performance Summary for 2Q15 Income generating capability remained intact
0.1 ppt
Segmental Review BC remained the major revenue contributor
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Super’s integrated business model
Downstream
BC segment
Upstream
FI segment
FI accounts for 36% of sales (2Q14: 36%) BC accounts for 64% of sales (2Q14: 64%)
Segmental Review – BC Sales Coffee & cereals remained major revenue contributors for BC segment
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Branded Consumer Segment Sales down by 4% to S$80.0m Coffee remained the major
revenue contributor at 79%, followed by Cereals at 8%
BRANDING and PRODUCT
INNOVATION will remain the focus for growth
Sales by Product Category (S$m)
Segmental Review – BC Sales Improved performance from anchor markets such as Thailand, Myanmar and China
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Sales by Geographical Area (S$m) Southeast Asia 2Q15 revenue dipped 4% YoY
―Dragged by Philippines (streamlining of product portfolio)
―Mitigated by stronger performance in Thailand and Myanmar
East Asia Sales in 2Q15 dipped 3% despite better
performance in China Others 2Q15 sales decreased by 11% due mainly
to weaker sales in Eastern Europe
Segmental Review – FI Sales Non-diary creamer and soluble coffee powder are major revenue contributors
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Food Ingredients Segment Sales dipped 5% to S$45.5m
SCP contributed 50% to sales
revenue, followed by NDC at 49% Roll out more premium products,
and value-add existing products to drive growth
- Nutritional Oil Powders - Botanical Herbal Extracts
Sales by Product Category (S$m)
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Southeast Asia Sales in 2Q15 dipped 4% YoY
mainly due to weaker sales from the Philippines market despite stronger performance by Indonesia
East Asia Revenue fell 8% YoY due to lower
sales recorded in the China market
Others Sales jumped 114%
Segmental Review – FI Sales Improved contribution from Indonesia
Sales by Geographical Area (S$m)
Balance Sheet Highlights Strong cash position
Inventories decreased due to lower raw material balances
Trade and other receivables increased due to higher import tax receivables and advance payments made
Cash and cash equivalents increased to S$103.4m
Trade and other payables decreased due to settlement of trade debts and payment of accrued expenses
Bank loans were used to finance working capital
NAV per share stood at 44.90 cents
D/E ratio of 0.21 times; low gearing
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In S$’000 Jun 15 Dec 14
Non-Current Assets Property, plant and equipment
290,209 276,001
287,194 276,274
Current Assets Inventories Trade and other receivables Cash and cash equivalents
335,864 107,759 121,008 103,388
343,927 115,059 118,237 101,336
Current Liabilities Trade and other payables Bank loan
100,952 57,823 33,000
107,307 79,466 20,000
In S$’000 Jun 15 Dec 14
Non-Current Liabilities Deferred tax liabilities
6,434 6,349
6,788 6,746
Equity attributable to owners of the Company
500,698 497,562
Ratios NAV per share (cents) Debt-to-equity ratio (times)* Current ratio (times) Trade Receivables turnover (mths) Inventory turnover (mths) Trade Payables turnover (mths)
44.90 0.21 3.33 2.35 4.29 1.07
44.62 0.22 3.21 2.16 3.81 1.20
*: Computed based on Total Liabilities divided by Total Equity.
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Appendix
Profit & Loss Highlights
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Financial Highlights
(S$’000)
2Q15 2Q14 %
Change
1H15 1H14 %
Change
Revenue 125,531 131,674 (5) 247,200 256,302 (4)
Gross Profit 44,573 46,917 (5) 88,512 93,657 (5)
Gross Profit Margin (%) 36 36 NM 36 37 (1)^
Total Operating Expenses (29,083) (29,408) (1) (56,634) (56,202) 1
Profit from Operating Activities 15,490 17,509 (12) 31,878 37,455 (15)
Profit from Operating Activities (%) 12 13 (1)^ 13 15 (2)^
Net Other Income 375 202 86 1,046 699 50
Net Finance (Cost)/Income (464) 75 (719) 964 689 40
Net Profit 11,067 15,647 (29) 25,638 34,284 (25)
Net Profit Margin (%) 9 12 (3)^ 10 13 (3)^
EBITDA 20,590 21,498 (4) 45,017 45,880 (2)
EBITDA Margin (%) 16.4 16.3 0.1^ 18.2 17.9 0.3^
Earnings per share (cents) 0.94 1.35 (30) 2.16 2.95 (27)
^ Denote percentage points. NM: Not meaningful
For Investor Relations, please contact:
Candy Chng Group Corporate Affairs & Investor Relations
Tel: (65) 6753 3088
www.supergroupltd.com
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