Institutional Presentation - GFPT Presentation Q1_55.pdfInstitutional Presentation May 2012 . Disclaimer This presentation may include forward-looking statements representing expectations

Institutional Presentation

May 2012

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 (30/04/2012) THB 10.10 per share (52 week High / Low: 12.10 / 7.95)

Share Outstanding 1,253.82 million share @ 1 Baht per share

Market Cap. (no. of Shareholders) THB 12.66 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

Sirimongkolkasem 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



Krungthai Farm Co., Ltd. Parent Breeder Farm and Hatchery



MKS Farm Co., Ltd. Broiler Farm



GF Food Co., Ltd. Processed Food i.e. Sausage



GFPT Nichirei (Thailand) Co., Ltd. Chicken Evisceration and

Processed Chicken Food

Registered Capital: 1,170.00 MB

Paid-up Capital: 1,170.00 MB

McKey Food Services (Thailand) Ltd. Processed Food Products



GFPT Group Str ucture

Source: 2011 Company Data

FKT: Breeder Farm

85%

GP: Rearing Farm

90%

MKS: Broiler Farm

100%

KT2: Feedmill

100%

KT1: Feedmill

Internal Use (%Internal)

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 Q 1 2 0 1 2 R e v e n u e B r e a k d o w n

Food 41%

Feed 35%

Farm 24%

Total Revenue 3,423 million THB

Chicken Export 11% Chicken Indirect

Export 12%

Chicken Domestic

14%

Processed Food 4%

Animal Feed 18%

Fish Feed 6% Shrimp Feed

11%

Live Chicken 22%

DOC 2%

Business Segment

Product Segment

Financial Performance

11

In million Baht Q1 Y12 Q1 Y11 %yoy Q4 Y11 %qoq

Revenue 3,423 3,060 12% 3,655 (6%)

COGS (3,218) (2,573) 25% (3,173) 1%

Gross Profit 205 487 (58%) 482 (57%)

Profit after Associated 254 509 (50%) 488 (48%)

EBIT 22 310 (93%) 234 (91%)

Net Profit for GFPT (14) 255 (105%) 218 (106%)

EPS * (THB/Share) (0.01) 0.20 0.17

Profit Margin 6% 16% (10%) 13% (7%)

Profit after Associated Margin 7% 17% (10%) 13% (6%)

EBIT Margin 1% 10% (9%) 6% (5%)

Net Profit Margin 0% 8% (8%) 6% (6%)

Quar ter ly Financial Highlight

12

471 487 587 470 490 600 672 482 205

17% 16%

18%

14%

16% 17% 17%

13%

6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

-

100

200

300

400

500

600

700

800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Gross Profit (mm Bt) Gross Margin (%)

717 934 1,849 1,774 2,018 2,244

10%

12%

17%

15% 16%

15%

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)

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

-

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

7,221 8,122

10,996 11,507

12,472

14,214

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2006 2007 2008 2009 2010 2011

Consolidated Revenue (mn THB)

+12%

13

198 388 1,222 1,250 1,391 1,444

3%

5%

11% 11% 11% 10%

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)

EBIT (mn Baht)

112 282 1,076 1,068 1,173 1,203

2%

3%

10%

9% 9% 8%

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)

Net Profit (mn Baht)


335 335 435 275 312 451 448 234 22

12% 11%

13%

8%

10%

13%

11%

6%

1%

0%

2%

4%

6%

8%

10%

12%

14%

-

50

100

150

200

250

300

350

400

450

500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

EBIT (mm Bt) EBIT Margin (%)

287 289 368 219 252 362 371 218

-14

10% 10%

11%

7%

8%

10%

9%

6%

0%

0%

2%

4%

6%

8%

10%

12%

-50

-

50

100

150

200

250

300

350

400

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Net Profit (mm Bt) Net Profit Margin (%)

14

6,255 6,297

3,814 3,796

5,984 5,974

2,654 2,638

1,430 1,481

-

2,000

4,000

6,000

8,000

10,000

2011 10,068 mm Bt Q1-2012 10,093 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 5,974

2.04 2.23

3.02

3.63

4.29

4.77 4.76

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(3m)

Book Value (Baht per Share)

2,650 3,453 3,718 3,614 3,839 4,084 4,119

1.04

1.23

0.98

0.79 0.71 0.68 0.69

0%

20%

40%

60%

80%

100%

120%

140%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2006 (A) 2007 (A) 2008 (A) 2009 (A) 2010 (A) 2011 (A) 2012(3m)

Debt to Equity Ratio (x)

15

112 282 1,076 1,068 1,166 1,203

-14

2%

5%

14%

13% 13%

12%

0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

-200

-

200

400

600

800

1,000

1,200

1,400

2006 (A) 2007 (A) 2008 (A) 2009 (A) 2010 (A) 2011 (A) 2012(3m)

Return on Asset (%)

112 282 1,076 1,068 1,166 1,203

-14

0.09

0.23

0.86 0.85 0.93 0.96

(0.01)

-20%

0%

20%

40%

60%

80%

100%

120%

-200

-

200

400

600

800

1,000

1,200

1,400

2006 (A) 2007 (A) 2008 (A) 2009 (A) 2010 (A) 2011 (A) 2012(3m)

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%

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)

Dividend Payout Ratio (%)


2,553 2,797 3,781 4,552 5,377 5,984 5,974

4%

10%

28%

23% 22%

20%

0%

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(3m)

Return on Equity (%)

16 Animal Feed

321,700 337,500 352,300

383,300 420,400

481,500

5% 5% 4% 9% 10% 13% 0%

2%

4%

6%

8%

10%

12%

14%

-

100,000

200,000

300,000

400,000

500,000

600,000

2006 (A) 2007 (A) 2008 (A) 2009 (A) 2010 (A) 2011 (A)

Animal Feed Volume (MT)

96,100 100,800

112,600 111,000 107,700 114,000

129,500 130,500 132,079

-

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 Q4 Y11 Q1 Y12

+23% yoy

+1% 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

17 Aqua Feed

51,800

43,200 46,000

51,800 52,900

57,000

(2%) (17%) 6% 13% 2% 8% -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)

Fish Feed Volume (MT)

11,600 11,100

16,600

13,800

10,500

12,500

19,100

14,900

10,800

-

5,000

10,000

15,000

20,000

25,000


+3% yoy

(28%) qoq

36,600

45,200 47,300

55,900 57,000 56,400

23% 5% 18% 2% (1%)

-5%

0%

5%

10%

15%

20%

25%

-

10,000

20,000

30,000

40,000

50,000

60,000

2006 (A) 2007 (A) 2008 (A) 2009 (A) 2010 (A) 2011 (A)

Shrimp Feed Volume (MT)

11,900

13,500

17,400

14,300

9,800

13,000

18,700

15,100

12,600

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


+29% yoy

(17%) qoq

18 Chicken Meat Business: Export Sales

6,300

10,200

18,500

20,900 21,200

14,000

11% 62% 81% 13% 1% (34%) -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)

Export Volume (MT)

4,800 5,100

5,500 5,900

3,800 3,700 3,300 3,200 3,100

-

1,000

2,000

3,000

4,000

5,000

6,000


(18%) yoy

(3%) qoq

33.00

34.56

33.36 33.52

31.80

30.66 31.00

28

29

30

31

32

33

34

35

2006 (A) 2007 (A) 2008 (A) 2009 (A) 2010 (A) 2011 (A) 2012 (3m)

FX Rate (Bt/USD)

JP 24%

EU 65%

Others 11%

Export Destination

19 Chicken Meat Business

20,100 19,000

20,300

16,200

18,300

16,300

1% (5%) 7% (20%) 13% (11%) -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)

Indirect Volume (MT)

5,000 4,900 4,500

4,000 4,200

4,500 4,100

3,700

4,700

-

1,000

2,000

3,000

4,000

5,000

6,000


12% yoy

27% qoq

20,200 21,800

23,700 23,400

18,600 17,200

20,100 18,900

16,700

-

5,000

10,000

15,000

20,000

25,000


(10%) yoy

(12%) qoq

71,400 71,200 75,300

87,300 85,600

74,800

8% 0% 6% 16% (2%) (13%)

-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)

Domestic Volume (MT)

Industry Outlook

21 37 Years of Thai Chicken Meat Export

0

100,000

200,000

300,000

400,000

500,000

600,0001973

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(f

)

546,000 MT

Bird Flu

Shock

Source: Thai Broiler Association

22 Major Commodity Pr ice

9 9 9 9 10 10

9 10

10

15 14 14 14 14

13 14 14

15

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Maize Soybean Meal

6 5 6

8 9

7

9 10

10

13

11 10

13

17 16

14 14

15

-

2

4

6

8

10

12

14

16

18

2004 2005 2006 2007 2008 2009 2010 2011 2012

Maize & Soybean Meal (Bt/Kg)

8

13

8

12 12 12

17 18

11

-

5

10

15

20

25

2004 2005 2006 2007 2008 2009 2010 2011 2012

Day-Old-Chick (Bt/Chick)

19 19

15 16

19

22

17 15

11

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Source: Market Data

Source: Market Data

23 Major Commodity Pr ice

26

33

28

33

38 38 41

45

35

-

10

20

30

40

50

60

2004 2005 2006 2007 2008 2009 2010 2011 2012

Live Broiler ex Factory (Bt/Kg)

44 43

37 39

48

52

41 40

35 38

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 May-12

3,200 3,400 3,500

3,300

4,200 4,050 4,050

4,500

4,000

-

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

4,100 3,900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Source: Thai Broiler Processing Exporters Association

Source: Market Data

24

Contact Person: Ms. Jutamas Ingpochai 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

mailto:[email protected]

http://www.gfpt.co.th/

Documents

Institutional Presentation - GFPT Presentation Q1_55.pdfInstitutional Presentation May 2012 . Disclaimer This presentation may include forward-looking statements representing expectations