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Analyst MeetingSAPPE PUBLIC COMPANY LIMITED, THAILAND
Full-Year 2016 & 2017 Outlook
28 March 2017
AGENDA:
1. Financial Review Q4/2016
2. Business Overview
3. 2017 Outlook
2
Financial Review Q4/2016
3
2016 Key Highlights
• Top-line revenues:
– Majority of sales & marketing resources in Q3-Q4/2016 were reallocated
from domestic to international markets.
– International business contributed +14% YoY growth.
– Domestic markets dropped by -8% YoY, mainly due to National Mourning
period in Q4/2016.
• Investments and expenses:
– Investments in capacity expansion & cost-saving projects, implemented
since end-2015, drove %COGS down by 4.3 pts.
– 40% share purchase of All Coco Group as a long-term prospect
– 51% share selling of Sappe Indonesia on temporary basis
4
Full-Year Revenue Breakdown
5
▪ SAPPE’s %COGS continued to decrease due to the new production line and cost saving projects during Q4-2015 to Q1-2016.
Cost of Goods Sold by Quarters
6
Gross Profit Margin
(THB mm)
7
SAPPE’s Selling Expenses in first half were significantly increased but remain in the budget through out the year
▪ Domestic sales and marketing campaigns for summer.
▪ Regional campaigns for international business for Q1-Q4/2016.
Selling Expenses
(THB mm)
8
Administration Expenses 2016 was up YoY by 0.6 percentage points, driven by:
1. Organic growth of normal expenses, such as employee salaries
2. Investment in infrastructure to support its international business growth, including manpower, IT system and a new office of a subsidiary.
Admin Expenses
(THB mm)
9
Net Profit Margin
(THB mm)
10
Net Profit Margin of the Parent Company
(THB mm)
▪The net profit of the parent company was slightly higher than consolidated net profit due to net loss in Sappe Indonesia.
11
Asset Components
(THBmm)
12
568.1
238.2465.2265.5 283.8
298.2
300.8
256.6
172.9
226.9
215.9
172.5204.8
223.1
197.1
189.2
586.8663.7
763.41,207.9
1,154.5
0.0
500.0
1000.0
1500.0
2000.0
2500.0
3000.0
2012 2013 2014 2015 Q3-2016
Cash and current Investment Account receivable Other recievable Inventory Plant property and equipment Intangible asset Other asset
1,168
1,341
2,081
2,2752,408
Liabilities Components
1.0x 1.2x NilNilIBD/E
(THBmm)
Nil
13
275.0350.0
187.0
181.8
216.8151.9 151.5
191.3
216.9
252.9303.7
255.4
44.6
49.3 54.9
48.0
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1000.0
2012 2013 2014 2015 Q3-2016
Short term loan from FI Account payable Other payable Loan from related party Long term loan Financial lease Other liabiliies
459
787
939
524515
600
Capital Expenditure
(THBmm)
▪ The company had no mega capital expenditure project plan in year 2016 only a small cost saving projects through the year and
a preventive maintenance expenses.
14
Short term loan from FI Account payable Other payable Loan from related party Long term loan Financial lease Other liabiliies
279
141
192
552
62
-
100
200
300
400
500
600
2012 2013 2014 2015 Q3-2016
Business Overview
15
No. 1 market share in value in
Thailand (women segment)
No. 1 coffee volume in Thailand
Production Categories Description Key Brands Sale Structure
Strong Portfolio
2016 Total Sales :
THB 2,712.5 MB
16
RTD Coconut
Water
“We derive our sale from more than 70 countries around the world”
Europe
Sale structure by geography
Asia
Geographical Overview of Our Market
Indonesia
17
2016 Total Sales :
THB 2,712.5 MB
Innovative Milestones
2001
2004
2006 2011
2015
2014
2017
2017 Outlook
19
Sappe’s Long-Term Strategy
- In-house product/category development
- Potential product/brand acquisition
- Regional campaign for Mogu Mogu
- Effective market penetration
- Upgrade strategic countries
- JV for distribution coverage
in a new country
- Open new markets
Existing Product; Existing Network Existing Product; New Network
New Product; New NetworkNew Product; Existing Network
20
Sappe’s Action Plans
New lineup for domestic markets
Go-to-market strategy
• 3 TT market penetrations in Thailand, China & Indonesia
TT Market Penetrations
• Newly appointed TT distributor with far more outlet coverage
• Full-year domestic growth target at 5%
• Investments in both markets, particularly to boost up TT
coverage, via our newly set-up subsidiary
• Full-year China growth target at 20%
• Coverage expansion in local MT – a developed version of TT
format across the country
• Full-year Indonesia growth target at 6%
Mogu Mogu To Go
Key Concept:– Affordable price point, at a smaller size of 180 ml., for TT market only– Different flavors to avoid cannibalization– Currently limited version to test the concepts in selective country
All Coco Group: Business Update
International Distribution :– Working on FDAs in selective countries
Industrial Products / Bulk Sale :– Currently the fastest-growing segment– Bulk coconut water sold to global players & bulk coconut flesh in
Makro, Thailand
International Franchise :– Under discussion with a number of master franchise prospects,
with the target of at least 1 Signature Café within 2017
Exhibitions
GULFOOD, DUBAI 125 leads
Exhibitions (cont’d)
FOODEX, JAPAN 71 leads
Exhibitions (cont’d)
EXPOWEST, USA 37 leads
Signature Café Concept
Q&A