Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
Analyst Meeting 1/2013
22 February 2013
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.
2
Agenda
• Company Overview
• Financial Performance
• Industry Outlook
• Questions
Company Overview
5
Symbol GFPT (member of SET100 & SETHD)
Industry / Sector Agro & Food Industry / Agribusiness
Corporate Governance Score Very Good [80 – 89 CG Report Score]
Closed Price (28/12/2012) THB 8.05 per share (52 week High / Low: 11.20 / 7.05)
Share Outstanding 1,253.82 million share @ 1 Baht per share
Market Cap. (no. of Shareholders) THB 10.09 billion (6,669 shareholders)
% Free Float (5 Apr 2012) 45.07%
% Foreign Shareholder / %Limit 11.69% / 49.00%
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)
% Dividend Yield 3.35%
Dividend per Share 0.33 Baht per Share
C o m p a n y P r o f i l e
Sirimongkol
kasem Family
55%
Local
Individuals
28%
Local Funds
4%
Foreign Funds
10%
Foreign
Individuals
1%
Free Float
45%
Top 5 Major Shareholders
1) Mr. Sujin Sirimongkolkasem 17.77%
2) Mr. Prasit Sirimongkolkasem 17.55%
3) Mr. Virach Sirimongkolkasem 14.36%
4) Thai NVDR Company Limited 5.72% 5) Nichirei Foods Inc. 4.52%
6 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)
GFPT PCL. Chicken Evisceration and
Processed Chicken Food
Registered Capital: 1,400.00 MB
Paid-up Capital: 1,253.82 MB
Krungthai Feed Mill PCL. Feed Mill: Animal Feed and Aqua
Feed
Registered Capital: 400.00 MB
Paid-up Capital: 400.00 MB
GP Breeding Co., Ltd. Grandparent Farm and Hatchery
Registered Capital: 200.00 MB
Paid-up Capital: 200.00 MB
Krungthai Farm Co., Ltd. Parent Breeder Farm and Hatchery
Registered Capital: 350.00 MB
Paid-up Capital: 350.00 MB
MKS Farm Co., Ltd. Broiler Farm
Registered Capital: 550.00 MB
Paid-up Capital: 550.00 MB
GF Food Co., Ltd. Processed Food i.e. Sausage
Registered Capital: 40.00 MB
Paid-up Capital: 40.00 MB
GFPT Nichirei (Thailand) Co., Ltd. Chicken Evisceration and
Processed Chicken Food
Registered Capital: 3,014.00 MB
Paid-up Capital: 3,014.00 MB
McKey Food Services (Thailand) Ltd. Processed Food Products
Registered Capital: 100.00 MB
Paid-up Capital: 100.00 MB
GFPT Group Str ucture
Source: 2012 Company Data
FKT: Breeder Farm
85%
GP: Rearing Farm
90%
MKS: Broiler Farm
100%
KT2: Feedmill
100%
KT1: Feedmill
% Internal Use
Corn (Local)
Soybean Meal (Local)
Soybean (Import)
GP DOC (Import)
MCK: Further Processing
Animal Feed Aqua Feed
Breeder Feed Broiler Feed
PS DOC
DOC
Broiler
GFPT: Slaughter House / Further Plant
5%
GFN: Slaughter House / Further Plant
GFF: Sausage Plant
Chicken Sausage
Chicken Meat By-Product
Cooked Product
Cooked Product
GFPT Integrated Chicken Production
9
3,059
3,518
3,982 3,655
3,423
3,813 3,874
4,260
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Revenue by Quarter (mn THB) +17%YoY +10%QoQ
Y 2 0 1 2 R e v e n u e B r e a k d o w n
Food
43%
Feed
35%
Farm
22%
Business Segment
Total Revenue 15,370 million THB
Chicken Export
16%
Chicken
Indirect Export
10%
Chicken
Domestic
14%
Processed
Food
4%
Animal Feed
17%
Fish Feed
6% Shrimp Feed
12%
Live Chicken
20%
DOC
2%
Product Segment
Financial Performance
11
In million Baht 2012 2011 %Chg
Revenue 15,370 14,210 8%
COGS (14,374) (11,985) 20%
Gross Profit 996 2,224 (55%)
Profit after Associated 1,202 2,336 (49%)
EBIT 197 1,444 (86%)
Net Profit for GFPT 41 1,203 (97%)
EPS * (THB/Share) 0.03 0.96
Profit Margin 6% 16% (10%) Profit after Associated Margin 8% 16% (8%)
EBIT Margin 1% 10% (9%)
Net Profit Margin 0% 8% (8%)
2012 Financial Highlight
12
717 934 1,849 1,774 2,018 2,244 996
10%
12%
17% 15%
16% 15%
6%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
-
500
1,000
1,500
2,000
2,500
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Gross Profit (mn Baht)
Financia l Highl ights
2,843 2,996 3,310 3,323
3,059 3,518
3,982 3,655
3,423 3,813 3,874
4,260
-
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) 2010 2011 2012
+12%
7,221 8,122
10,996 11,507 12,472
14,214 15,370
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2006 2007 2008 2009 2010 2011 2012
Consolidated Revenue (mn THB)
+8%
490 605 672 449 205 258 219 313
16% 17% 17%
12%
6% 7%
6%
7%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
-
100
200
300
400
500
600
700
800
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Gross Profit (mm Bt) Gross Margin (%)
(3%) +17%
13
198 388 1,222 1,250 1,391 1,444 197
3%
5%
11% 11% 11% 10%
1%
0%
2%
4%
6%
8%
10%
12%
14%
-
200
400
600
800
1,000
1,200
1,400
1,600
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
EBIT (mn Baht)
112 282 1,076 1,068 1,173 1,203 41
2% 3%
10% 9% 9%
8%
0%
0%
2%
4%
6%
8%
10%
12%
-
200
400
600
800
1,000
1,200
1,400
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Net Profit (mn Baht)
Financia l Highl ights
312 451 448 234 22 23 14 138
10%
13%
11%
6%
1% 1% 0%
3%
0%
2%
4%
6%
8%
10%
12%
14%
-
50
100
150
200
250
300
350
400
450
500
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
EBIT (mm Bt) EBIT Margin (%)
252 361 371 218
(14) (16) (24)
95
8%
10% 9%
6%
0% 0% (1%)
2%
-2%
0%
2%
4%
6%
8%
10%
12%
(50)
0
50
100
150
200
250
300
350
400
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Net Profit (mm Bt) Net Profit Margin (%)
14
6,221
7,365
3,848
5,504
5,984 5,620
2,657 2,594
1,427
4,655
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2011 10,068
mm Bt
2012 12,869
mm Bt
Fixed Assets Current Asset
Equity LT Liabilities
Current Liabilities
Financial Highlights
2,553 2,797 3,781 4,552 5,377 5,984 5,620
2.04 2.23
3.02
3.63
4.29
4.77 4.48
0%
100%
200%
300%
400%
500%
600%
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2006 (A) 2007 (A) 2008 (A) 2009 (A) 2010 (A) 2011 (A) 2012 (A)
Book Value (Baht per Share)
2,650 3,453 3,718 3,614 3,839 4,084 7,249
1.04
1.23
0.98
0.79 0.71 0.68
1.29
0%
20%
40%
60%
80%
100%
120%
140%
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2006 (A) 2007 (A) 2008 (A) 2009 (A) 2010 (A) 2011 (A) 2012 (A)
Debt to Equity Ratio (x)
15
112 282 1,076 1,068 1,166 1,203 41
2% 5%
14% 13% 13%
12%
1%
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
200
400
600
800
1,000
1,200
1,400
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Return on Asset (%)
112 282 1,076 1,068 1,166 1,203 41
0.09
0.23
0.86 0.85 0.93 0.96
0.03
0%
20%
40%
60%
80%
100%
120%
0
200
400
600
800
1,000
1,200
1,400
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
EPS (Baht per Share)
Remark: The Company changed its Par Value from 10 Bt to 1 Bt since May 2010; thus, all per share data adjusted to 1 Bt per share for comparison purpose
0.03 0.08 0.25 0.25 0.30 0.33 -
34% 36%
29% 29% 32%
34%
0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-
0.05
0.10
0.15
0.20
0.25
0.30
0.35
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Dividend Payout Ratio (%)
Financia l Highl ights
2,553 2,797 3,781 4,552 5,377 5,984 5,620
4%
10%
28%
23% 22%
20%
1%
0%
5%
10%
15%
20%
25%
30%
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Return on Equity (%)
16 Animal Feed
107,700 114,000
129,500 130,500
132,100 134,500 133,100
144,000
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Q1 Y11Q2 Y11Q3 Y11Q4 Y11Q1 Y12Q2 Y12Q3 Y12Q4 Y12
+10% yoy +8% qoq
KT1: Animal feed to domestic market
• 10% sales growth since 2009
• Strong position in pig and layer hen
feed
KT2: Broiler feed for internal use
• Utilization rate up from increasing number of broilers raised
321,700 337,500
352,300 383,300
420,400
481,500
543,600
5% 5% 4% 9% 10% 15% 13% -
100,000
200,000
300,000
400,000
500,000
600,000
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Animal Feed Volume (MT)
17 Aqua Feed
51,800
43,200 46,000
51,800 52,900 57,000
49,500
(2%) (17%) 6% 13% 2% 8% (13%)
-20%
-15%
-10%
-5%
0%
5%
10%
15%
-
10,000
20,000
30,000
40,000
50,000
60,000
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Fish Feed Volume (MT)
10,500 12,500
19,100
14,900
10,800 12,100
13,400 13,300
-
5,000
10,000
15,000
20,000
25,000
Q1
Y11
Q2
Y11
Q3
Y11
Q4
Y11
Q1
Y12
Q2
Y12
Q3
Y12
Q4
Y12
(11%) yoy (1%) qoq
36,600
45,200 47,300
55,900 57,000 56,400 60,900
23% 5% 18% 2% (1%) 8%
-5%
0%
5%
10%
15%
20%
25%
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Shrimp Feed Volume (MT)
9,800
13,000
18,700
15,100
12,600
17,500
16,000 15,000
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Q1
Y11
Q2
Y11
Q3
Y11
Q4
Y11
Q1
Y12
Q2
Y12
Q3
Y12
Q4
Y12
(1%) yoy (6%) qoq
18 Chicken Meat Business: Export Sales
6,300
10,200
18,500
20,900 21,200
14,000
19,000
11% 62% 81% 13% 1% (34%) 36%
-40%
-20%
0%
20%
40%
60%
80%
100%
-
5,000
10,000
15,000
20,000
25,000
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Export Volume (MT)
3,800 3,700 3,300 3,200 3,100
4,900 4,900
5,900
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q1
Y11
Q2
Y11
Q3
Y11
Q4
Y11
Q1
Y12
Q2
Y12
Q3
Y12
Q4
Y12
+84% yoy +20% qoq
33.00
34.56
33.36 33.52
31.80
30.77 31.17
28
29
30
31
32
33
34
35
2006 (A) 2007 (A) 2008 (A) 2009 (A) 2010 (A) 2011 (A) 2012 (A)
FX Rate (Bt/USD)
JP 41%
EU 52% Others
7%
Export Destination
19 Chicken Meat Business
20,100 19,000
20,300
16,200
18,400 16,500 16,500
1% (5%) 7% (20%) 13% (10%) 0%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
-
5,000
10,000
15,000
20,000
25,000
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Indirect Volume (MT)
4,200 4,500
4,100
3,700
4,700 4,100
3,900 4,000
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Q1 Y11Q2 Y11Q3 Y11Q4 Y11Q1 Y12Q2 Y12Q3 Y12Q4 Y12
+8% yoy +3% qoq
18,600 17,200
20,100
19,100
16,700
19,200
17,900 18,500
-
5,000
10,000
15,000
20,000
25,000
Q1 Y11Q2 Y11Q3 Y11Q4 Y11Q1 Y12Q2 Y12Q3 Y12Q4 Y12
(3%) yoy +3% qoq
71,400 71,200 75,300
83,600 85,800
72,900 66,500
8% 0% 6% 16% (2%) (15%) (9%) -20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2006
(A)
2007
(A)
2008
(A)
2009
(A)
2010
(A)
2011
(A)
2012
(A)
Domestic Volume (MT)
Industry Outlook
21 40 Years of Thai Chicken Meat Export
0
100,000
200,000
300,000
400,000
500,000
600,000
700,0001973
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
2010
2011
2012
20
13
(F)
546,000 MT
Bird Flu
218,000 MT
Source: Thai Broiler Association
538,500 MT
620,000 MT
71%
24% 29%
76%
22 Major Commodity Pr ice
9 9 9 9 10 10 9 10 10 10 11 10
15 14 14 14 14 13
14 14 15 16
21 20
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Maize Soybean Meal
6 5 6
8 9
7
9 10 11
13
11 10
13
17 16
14 14
18
-
2
4
6
8
10
12
14
16
18
20
2004 2005 2006 2007 2008 2009 2010 2011 2012
Maize & Soybean Meal (Bt/Kg)
8
13
8
12 12 12
17 18
11
-
2
4
6
8
10
12
14
16
18
20
2004 2005 2006 2007 2008 2009 2010 2011 2012
Day-Old-Chick (Bt/Chick)
19 19
15 16
19
22
17 15
11 10
13
11
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Source: Market Data
Source: Market Data
23 Major Commodity Pr ice
26
33
28
33
38 38 41
45
36
-
5
10
15
20
25
30
35
40
45
50
2004 2005 2006 2007 2008 2009 2010 2011 2012
Live Broiler ex Factory (Bt/Kg)
44 43
37 39
48 52
41 40
35 37 36
38
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
3,200 3,400 3,500
3,300
4,200 4,050 4,050
4,500
4,100
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2004 2005 2006 2007 2008 2009 2010 2011 2012
Cooked Chicken Price (USD/MT)
3,900 4,000 4,200 4,200 4,300
4,600 4,800
4,500 4,600 4,300 4,400 4,300
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Source: Thai Broiler Processing Exporters Association
Source: Market Data
24
Contact Person: Ms. Jutamas Ingpochai, Ph.D. Email: [email protected]
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