menus around The World Y2009 Results 19 February 2010
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1 Charoen Pokphand Foods Plc. Enjoy menus around The World Y2009 Results 19 February 2010
2 Content Company s Brief Overview Highlights: 2009 Results Highlights: 31 Dec 09 Financial Status Appendix A: Acquisition of 28.80% of Charoen Pokphand (India) Pvt.Ltd. Appendix B: Acquisition of 32.41% of Charoen Pokphand Enterprise (Taiwan) Appendix C: Consolidation of CP Vietnam Appendix D: Share Repurchase Program 2009 Results : 19 February 2010 Kitchen of The World Page 1
3 Corporate in Brief Position : Thailand s leading agribusiness and food conglomerate Vision : Kitchen of the World : Bring out Thailand s competitiveness into Global Market FY09 Sales : THB165 billion or ~USD4.956 billion* Operations : 66% Domestic (Thailand); 15% Export (Thailand); 19% Overseas Paid-Up Capital : 7,520 million, par value of THB1.00 per share Outstanding Shares : 7,049 million, net of 471 million shares of Share Buy-Back program (Y0 Market Cap. : THB90,240 million or ~USD2.7 billion* Note : *1 USD = 33.3 THB (as of Feb 18, 2010) Dividend Policy : Semi-Annually, minimum of 50% of annual net profit (The Company Only) Major Shareholders : Charoen Pokphand Group Ltd. 41% of Paid-Up Capital (as of April 2, 2009) Rating : A+ by Tris Rating Co., Ltd (Y09) Background : Set in 1978; Listed on the SET since CPF ; Member of SET Results : 19 February 2010 Kitchen of The World Page 2
4 Consolidated Sales Structure by Operations Unit: THB, M Overseas Export (Thailand) Domestic (Thailand) Y-o-Y Growth 156, ,063 53,122 17% 83% 83,109 91,790 74,828 75,147 61,958 6% 15% 7% 6% 22% 15% 2% 23% 22% 23% 70% 75% 70% 72% 72% 113,374 13% 19% 68% 134, ,931 16% 12% 18% 18% 70% 66% 16% 19% 16% 15% 68% 66% % +21% - +11% +10% +24% +10% +8% +16% +6% 2009 Results : 19 February 2010 Kitchen of The World Page 3
5 Thailand Operations: From Feed to Foods Complete Value Chain. Utilizing High-technology & Applying international recognized standards. Better quality control and cost effectiveness. Feedmill Breeding Farming Processing Adding Value Branding & Marketing Feed Breeder Live Animal Fresh Meat Farm Food & Ready Meal Global Branding 2009 Results : 19 February 2010 Kitchen of The World Page 4
6 CPF Operations CPF (Consolidated) Thailand Overseas Associated Domestic Feed Farm Export 18 Trading Offices in 17 Countries Farm Foods UK Y2002 (52%) China Y2003 (100%) Turkey Y2004 (100%) India Y2005 (100%) Malaysia Y2005 (100%) Laos Y2006 (99.61%) CP ALL (27%) CP Vietnam (29%) CPH (Malaysia) (49%) CP Aqua (India) (32%) CP Insurance (32%) (24%) Foods Russia Y2006 (99.99%) CPE (Taiwan) Y2009 (32%) Philippines Y2007 (100%) Kenya By 2010 (99.99%) Arbor (50%) Ross (50%) Nava84 (25%) Tanzania By 2010 (99.99%) 2009 Results : 19 February 2010 Kitchen of The World Page 5
7 Business Profile 2009: Sales of THB 165,063 M Thailand Livestock Thailand Aquatic Of Sales 26% 5% Poultry+Egg 13% Swine 13% Thailand Livestock Of Sales 16% Farm 43% Export 2% Overseas 10% Thailand Aquatic 12% Overseas Livestock 5% Overseas Aquatic 4% Feed 37% Food* 20% Thailand Livestock Export Of Sales 6% 9% Aquatic Export 4% Overseas 0.6% * Food = All processed/cooked/semi-cooked meat, and ready meal products 2009 Results : 19 February 2010 Kitchen of The World Page 6
8 Overseas Operations Countries Controlled Year Livestock Aquaculture % holding China - Beihai Feed, Farm 100% - Hainan Feed, Farm 100% - Dongfang Shrimp Hatchery 100% UK 2002 Distributor & Chilled Plant 52% Subs sidiaries Turkey 2004 Feed, Chicken Integration - 100% India 2005 Feed, Farm Feed, Farm 100% Malaysia Feed, Processed 100% Russia 2006 Feed, Farm % Laos 2006 Feed, Farm Feed 99.61% Philippines 2007 Taiwan Feed, Chicken Integration Feed, Shrimp Hatchery 100% 32.41% 2008 : Results Associates Malaysia Feed, Farm % Vietnam Feed, Farm Feed, Farm 29.18% India - Feed, Farm 31.70% 2009 Results : 19 February 2010 Kitchen of The World Page 7
9 Consolidated Net Profit Unit: THB, M Divestment Net Profit Equity (Share in Profit of Associates) Operating Mainly from - CP All - CP Vietnam ROE ROE & D/E D/E Ratio (Interest Bearing Debt) 14 1, , , , , : Results -25 8, % 18.5% 3.9% 5.9% 6.9% 2.9% NP: 1,237 6,747 2,510 1,275 3,128 10, Results : 19 February 2010 Kitchen of The World Page 8
10 Consolidated Net Profit - Quarterly Unit: THB, M Q1 Q2 Q3 Q4 2,733 2,050 3,193 4,116 2, , ,307 1,388 1, : Results (598) (1,135) Results : 19 February 2010 Kitchen of The World Page 9
11 Milestone Vision KITCHEN OF THE WORLD To provide meat and food products that are nutritious with food safety integrity to satisfy customers in each market region 5YR Mission Expand business and sales territory to other countries, achieving 1/3 of Feed sales, 1/3 of Farm sales and 1/3 of Food sales Focus 2008 : Results Innovation Production Process Products People Branding Food Safety and Traceability Distributions Market Diversification 2009 Results : 19 February 2010 Kitchen of The World Page 10
12 Y2010 : Strengthening the Focus Move towards the future Future of Consumers Preference Food security Preferred taste with nutrition Brand loyalty Demography Convenience-oriented group (Food Business Expansion) High populated (Oversea Expansion) Globalization 2008 : Results Pro-active Enterprise Risk Management Cautious financial management & planning 2009 Results : 19 February 2010 Kitchen of The World Page 11
13 Y2010 : Strategy Sustained profit driver Cost competitiveness with supply chain excellence Brand driver Outside Thailand growth Thailand Focus : Retail Distribution (CP Fresh Mart & Five Star Kiosk) 2008 : Results Minimize debt with enhanced return 2009 Results : 19 February 2010 Kitchen of The World Page 12
14 2009: Consolidated Income Statement Highlight Quarter 1 Quarter 2 Quarter 3 Quarter 4 12 Months % Net sales 33,864 34,779 39,080 40,614 43,241 44,022 40,053 45, , ,063 6% Gross Profit Margin (%) 12.0% 14.7% 13.3% 19.4% 14.0% 20.0% 12.8% 16.2% 13.1% 17.7% EBITDA 1,695 2,576 2,418 5,011 3,052 5,684 2,053 3,997 9,230 17,261 87% EBIT 567 1,441 1,294 3,865 1,899 4, ,799 4,672 12, % Share in Profit of Associates (21) 382 1,162 1,592 37% Financial Costs (676) (715) (525) (392) (616) (407) (952) (435) (2,769) (1,949) -30% Income Taxes Expense (96) (166) (243) (678) 15 (1,027) 106 (668) (218) (2,539) 1,065% Gain / (Loss) from FX (314) % Negative Goodwill NET PROFIT ,193 1,388 4, ,110 3,128 10, % EPS (THB) # of capital shares * 7,191 6,743 7,191 6,720 7,182 6,720 7,114 6,565 7,114 6,709 Dividend (THB/Share) A B Note: # of capital shares = weighted net of [Share Buy Back (471ms) + Subs Holding Treasury Stock (329ms)] : A = Dividend Paid on Sep 4, 2009 : B Will be paid on May 20, 2010 (XD = Apr 29, 2010) 2009 Results : 19 February 2010 Kitchen of The World Page 13
15 2009: Sales & Gross Profit Margin by Business In THB, m ,238 +6% 165,063-3% 98,012 95, % 33,968 37,497 16, % 21,508 8, % 10,555 Thai-Livestock 2008 Thai-Aqua : Results Overseas-Livestock Overseas-Aqua TOTAL GPM 14% 18% 16% 20% 4% 15% 12% 14% 13% 18% OPM 4% 8% 8% 12% -6% 5% 5% 7% 4% 9% 2009 Results : 19 February 2010 Kitchen of The World Page 14
16 2009: Consolidated Sales Livestock business in Thailand Sales : THB 95, M (-3% Y-o-Y) Y) In THB, m 30,559-12% 26,987 23,809-5% 22,533 17% 23,602 Market 67% EU 31% Asia 2% Others ,205-6% 16,647 15,581 1% 98%Cooked 2% Fresh 5,927 6,011-9% Feed Poultry Swine Eggs Export Others 2009 Results : 19 February 2010 Kitchen of The World Page 15
17 Average Market Price: Major Products Broiler (THB / KG.) Swine (THB / KG.) Q1 Q2 Q3 Q4 Fresh Egg (THB / piece) 10.0 Q1 Q2 Q3 Q Source: CPF 1.0 Q1 Q2 Q3 Q Results : 19 February 2010 Kitchen of The World Page 16
18 Average Market Price: Major Feed Raw Materials Corn (THB / KG.) Q1 Q2 Q3 Q4 Fishmeal (THB / KG.) Q1 Q2 Q3 Q Soybean Meal (THB / KG.) Results : 19 February 2010 Kitchen of The World Q1 Q2 Q3 Q Source: CPF 16.6 Page 17
19 2009: Consolidated Sales Aqua business in Thailand Sales : THB 37,497 M (+10% Y-o-Y) Y) 16, % 19,001 Market 43% Asia 40% EU 12% USA In THB, m % Others +9% +8% 8,201 8,928 8,835 9,549 65% Cooked 35% Fresh +58% Feed Domestic Export Others 2009 Results : 19 February 2010 Kitchen of The World Page 18
20 2009: Consolidated Sales Overseas by Country Sales : THB 32,063 M (+32% Y-o-Y) Y) +4% 13,702 14,206 In THB, m % +42% +22% 4,424 4,241 4,164 3,323 2,982 3,145 2,569 1, % 1,883 Turkey Malaysia India Taiwan China Others 2009 Results : 19 February 2010 Kitchen of The World Page 19
21 Financial Status (1) In THB million In THB 102, , , ,234 44,706 46, PP&E 2008 : Results BV/Share Total Assets Book Value per Share 2009 Results : 19 February 2010 Kitchen of The World Page 20
22 Financial Status (2) In THB million Time 58,331 61,959 60, ,278 47,483 42,797 (5.1%) (5.2%) (4.2%) 44,215 45,551 54,979 41,199 44,030 32,274 In THB million Equity Net Debt Interest Bearing Debt (Cost of Debt) Total Liabilities 2008 : Results Net Debt to Equity Ratio (Interest Bearing Debt Cash & Cash equivalent) / Total Equity 2009 Results : 19 February 2010 Kitchen of The World Page 21
23 Interest Bearing Debt as of 30 Dec 09 Interest Bearing Debt : THB 42,797 M Repayment Schedule In THB million Current Portion 15% S/T Loan 23% 8,556 7,905 Loan Bond L/T Loan 12% 4,519 6,423 3,910 Bond 51% Results : 19 February 2010 Kitchen of The World Page 22
24 Appendix A : Acquisition of Charoen Pokphand (India) Transaction Acquirer Acquisition of 28.80% of shares outstanding in Charoen Pokphand (India) Pvt. Ltd. ( CPI ) to reach 100% CPF Pre Acquisition Shareholding Structure CPF (via Charoen Pokphand Industry Co.,Ltd): 71.2% Charoen Pokphand Group Co., Ltd. : 13.24% Perfect Companion Group Co., Ltd. : 15.56% Seller Proposed Price Closing Charoen Pokphand Group Co., Ltd. Perfect Companion Group Co., Ltd. Equity Value: THB 1,240.0 m 28.8% stake, equivalent to THB m June 2009 Post Acquisition Shareholding Structure CPF (via Charoen Pokphand Industry Co.,Ltd): 71.2% CPF 28.8% 2009 Results : 19 February 2010 Kitchen of The World Page 23
25 Appendix B : Acquisition of CPE - Taiwan Transaction Buyer Acquisition of 32.41% of indirect shareholding invest in Charoen Pokphand Enterprise (Taiwan) Co. Ltd. ( CPE ) CPF Investment Limited Seller Sole shareholders of target companies (5 individual) Transaction Size Closing CPE s Equity Value : Bt 2,550.0mm 32.41% stake, equivalent to Bt 766 mm Implied P/BV08A = 0.96x (Market Price = 1.49x) Implied P/E08A = 11.7x (Market Price = 18.0) August Settlement in cash Other Considerations Not a connected transaction, but considered as if a connected transaction Calculation of transaction size threshold for connected transaction also included CPI transaction 2009 Results : 19 February 2010 Kitchen of The World Page 24
26 Appendix C : Merger of CP Vietnam Parties Involved Transaction C.P.Vietnam livestock ( CPVL ) Charoen Pokphand Vietnam ( CPV ) CPVL issued 33,111,836 new shares to CPV s shareholders for assuming CPF s assets & liabilities. The value of net assets acquired and of new common shares issued are determined based on the net assets value of CPVL and CPV as shown in the audited financial statements as of June 30, Shareholding Structure Pre Post CPVL CPV CPVL + CPV Registered Capital = VND 898.8m Registered Capital = VND 342.3m Registered Capital = VND 1,223.9m CPF (Via Bangkok Foods products) 40.00% CP Group 50.00% Others (4 Companies) 10.00% CP Group 40.00% Worth Access Trading 30.00% Modern State Investments 30.00% CP Group 47.29% CPF (Via Bangkok Foods products) 29.18% Worth Access Trading 8.12% Modern State Investments 8.12% Others (4 Companies) 7.29% Expected Closing 3Q, Results : 19 February 2010 Kitchen of The World Page 25
27 Appendix D : Share Buy-Back Program The repurchase period started from August 28, 2008 to February 27, 2009 Cumulative number of shares repurchased : 471,000,000 shares = 6.26% of paid-up capital THB 1,624,478,974 Reasons for the proposed share repurchase : To manage and maximize the benefits of Company s excess liquidity To enhance the return on shareholder's equity 2009 Results : 19 February 2010 Kitchen of The World Page 26
28 Disclaimer This presentation contains some information from other sources, that CPF does not make any representations regarding the use, validity, accuracy, or reliability of, or the results of the use of information, data but not limited to, all text, and images ( the Content ) on this presentation. Some content may contain forward-looking statements, that based on management s view upon the information currently available to us. These statement are subject to certain risks and uncertainties that could cause the actual results materially differed from what had been previously stated. The Content and the Forward-looking statements state within this presentation only as the date they made. The Company undertakes no responsibility on the change after that date stated herein. The material set forth herein is for informational purposes only. It should not be construed, as an offer of securities for sale. Investor Relations Office Charoen Pokphand Foods Public Company Limited 313 C.P.Tower Building, 26 th Floor, Silom Road, Bangrak, Bangkok 10500, Thailand 2008 : Results Tel. Ms.Kobboon S. (662) / Mr.Warrawut T. (662) / Ms.Primpang B. (662) Fax.(662) kobboon@cpf.co.th / warrawut@cpf.co.th / primpang.b@cpf.co.th Page 27
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