Nestlé India Limited 20th Financial Analysts Meet - Gurgaon 30th November 2011
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1 Nestlé India Limited 20 th Financial Analysts Meet - Gurgaon 30 th November 2011
2
3 Disclaimer This presentation may contain statements which reflect Management s current views and estimates and could be construed as forward looking statements. The future involves certain risks and uncertainties that could cause actual results to differ materially from the current views being expressed. Potential risks and uncertainties include such factors as general economic conditions, commodities and currency fluctuations, competitive product and pricing pressures, industrial relations and regulatory developments. Responses can be given to questions, which are not price sensitive. Calculations in this presentation are based on non-rounded figures. Real Internal Growth (RIG) and Organic Growth (OG) are basis Nestlé Internal Reporting Standards in relation to third party sales only.
4 Jan - Sep highlights Jan-Sep 2011 INR 55.4 Bio INR 10.3 Bio 18.6% * INR 7.3 Bio 13.2% * + INR 9.5 Bio Weighted Volumes + INR 1.8 Bio % & Prices + 20 bps + INR 1.2 Bio - 20 bps INR 45.8 Bio INR 8.4 Bio INR 6.2 Bio Jan-Sep 2010 Net Sales RIG OG% Third Party Sales OPBIT 18.4% * Net Profit 13.4% * Includes figures from Nestlé Internal Reporting Standards * % of Net Sales
5 % YoY growth Sustained successive quarters of double digit growth and profitability NET SALES Q1 Q2 Q3 Q Bio = 18.6% 62.5 Bio = 21.9% 55.4 Bio = 20.8% INR Bio % of Net Sales OPBIT Bio = 17.9% 11.4 Bio = 18.2% 10.3 Bio = 18.6% INR Bio
6 Contributors & diluters to Net Sales Channel mix Product mix Government regulations 5.2 Price & mix 55.4 Volume 45.8 Jan-Sep 10 Jan-Sep 11 All figures are in INR Bio
7 Sales growth negatively impacted by... Volume % 8.7% Jan-Sep 11 Reported Channel mix Product mix Government regulations Jan-Sep 11 Restated Value % 20.8% Impacts computed basis stripping out discontinued/curtailed business from both periods Figures in boxes represent basis points
8 Underlying factors of Sales growth Price increase & Sales Mix Aggregate of Volume growth as reported Discontinued / curtailed business volumes * Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 * Impacts computed basis stripping out discontinued/curtailed business from both periods
9 Volume, Price & Mix led growth Volume (000 Tons) Domestic Value (INR Bio) +9.5% +21.5% Volume (000 Tons) Exports Value (INR Bio) -10.2% +8.9% Jan-Sep 10 Jan-Sep Jan-Sep 10 Jan-Sep 11
10 Contribution of Product categories to Net Sales % Share % Share Milk Products & Nutrition 28.5 Prepared Dishes & Cooking Aids Chocolate & Confectionery Beverages 13.3 Jan-Sep 11 Jan-Sep 10
11 Value Growth (%) All Product categories grow 32 x = 8.7 Milk Products & Nutrition Beverages Prepared Dishes & Cooking Aids x = Chocolate & Confectionery Bubble shows Net Sales (INR Bio) Volume Growth (%) Jan-Sep 11
12 Milk Products & Nutrition Weeded out non-strategic part of portfolio Innovation & Renovation Sales (000 tons) Sales (INR Bio) Market Position (Value) +4.4% +11.7% +19.9% +26.4% No. 1 in Baby Foods & Infant Formula No. 1 in Dairy Whitener & Sweetened Condensed Milk Jan-Sep 10 Jan-Sep Jan-Sep 10 Jan-Sep 11 Contribution 44.7%
13 Prepared Dishes & Cooking Aids Recent gains in market shares Innovation & Renovation Sales (000 tons) +15.4% Sales (INR Bio) +27.1% Market Position (Value) No. 1 in Instant Noodles, Sauces & Pasta No. 2 in Healthy Soups Jan-Sep 10 Jan-Sep 11 Jan-Sep 10 Jan-Sep 11 Contribution 28.5%
14 Chocolate & Confectionery Capped non-strategic part of portfolio Innovation & Renovation Sales (000 tons) Sales (INR Bio) +15.1% +22.9% +1.5% +15.1% Market Position (Value) No. 1 in Wafers and Whites Leading player in Éclairs Jan-Sep 10 Jan-Sep 11 Jan-Sep 10 Jan-Sep 11 Contribution 13.9%
15 Beverages Exports depress overall volume growth Innovation & Renovation Sales (000 tons) -0.5% Jan-Sep 10 Jan-Sep 11 Sales (INR Bio) +17.2% Jan-Sep 10 Jan-Sep 11 Market Position (Value) No. 1 in Instant Coffee Very strong presence in Vending Contribution 12.9%
16 Our Cost Structure 48.8 Jan-Sep 11 Jan-Sep 10 % Net Sales INR Bio Materials Employees cost Distribution A&SP Power & Fuel Depreciation Figures have been regrouped / reclassified to make them comparable. Not to scale
17 Margins remain within band Jan-Sep 10 Jan-Sep 11 OPBIT (INR Bio) OPBIT % of Net Sales 17
18 Contributors & diluters to OPBIT% Contingencies & Exceptions Commodities Employees cost 30 Scale* 18.4% Sales Mix Cost of Materials Power & Fuel 10 Exchange loss 30 A&SP 18.6% Jan-Sep 2010 % & basis points in boxes are with reference to Net sales Jan-Sep 2011 *w/o Employees cost
19 Effective tax rate % tax holiday drops to 30% from 1 Apr 2011 for 5 years at PANTNAGAR FACTORY Jan-Sep 10 Jan-Sep 11 Tax Expense (INR Bio) Marginal Tax Rate (%) Effective Tax Rate (%) Excludes Fringe Benefit & Dividend Distribution Tax
20 Net profit Tax Holiday Jan-Sep 10 Jan-Sep 11 Net Profit (INR Bio) % of Net Sales
21 Contributors & diluters to PAT% 15 OPBIT * % Tax holiday Marginal Tax rate 13.2% Jan-Sep 10 Jan-Sep 11 * Net of tax % & basis points in boxes are with reference to Net sales
22 Jan-Sep 10 Jan-Sep 11 EPS (INR) Earnings Per Share growth over 10 years X X CAGR 21.3%
23 Operating working capital... FG & RM -50bps Debtors +10bps Jan-Sep 10 Jan-Sep 11 Operating working capital (INR Bio) Basis Nestlé Internal Reporting Standards % of Net Proceeds of Sales Operating Working Capital = Inventories + Debtors Trade Payables (excluding Staff Costs, Contingencies, Capex & Taxes) Operating Working capital is average for 5 quarter end data points
24 15.5 Operating cash flow Working Capital Operating Margin # Jan-Sep 10 Jan-Sep 11 Operating cash flows (INR Bio) % of Net Sales # excludes one off inflows. Reported 16.7%
25 INR Bio Utilisation of cash generated / borrowed Cash Generated/ Borrowed Jan-Sep 10 Jan-Sep 11 Cash retained Dividends Fixed Assets
26 ROIC is 4 times ACC Jan-Sep 10 Jan-Sep 11 Economic Profit (INR Bio) Economic Profitability (%) Return on Invested Capital (%) ACC % Risk Free rate % Group risk Premium% Basis Nestlé Internal Reporting Standards
27 ROE decreases as earning retained to finance expansion Debt : Equity 0 :100 0 :100 0 :100 0 : : Average Share Price (INR) Jan-Sep 10 Jan-Sep 11 Period end Shareholders fund (INR Bio) DPS (INR) EPS (INR) ROE %
28 CAPEX on high trajectory Jan-Sep 10 Jan-Sep 11 Capex (INR Bio) Commitment Capex as % of Net Sales FA Rotation Dep (INR Bio) Fixed Assets exclude Intangibles Capex excludes Capital advances which are shown in commitments
29 External Commercial Borrowing (ECB) for CAPEX Financing Cost for USD 85 Mio Gross cost Net cost Accounting Treatment 32.2% Cost above benchmark Annualised Gross Cost 32.2% Jan-Sep (22.5) Interest cost FX movement Earning 22.8% local borrowing cost benchmark 9.4% 5.4% 4.0% Interest cost Exchange diff upto benchmark Exchange diff above benchmark Exchange differences capitalised per option given in AS 11 (rev) (amended by NACAS in March 2009) Cost upto benchmark (Per AS 16) Capitalised (INR 88 mio) Expensed off (INR 16 mio), after offsetting income earned on ECB ahead of utilisation ( INR 22.5 mio) INR Mio
30 53 USD:INR Movement Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
31
32 Nestlé India Limited rankings as given by & November 13, 2011 October 24, 2011 Total Income Net Profit ROCE Mkt Cap EPS Dividend % Tax paid Employee number
33 Thank You
34 July - September Quarter highlights INR 19.6 Bio INR 3.7 Bio 18.9% * INR 2.6 Bio 13.3% * Q INR 3.3 Bio Weighted Volumes + INR 0.7 Bio % & Prices + 60 bps + INR 0.4 Bio INR 16.4 Bio INR 3.0 Bio INR 2.2 Bio 18.3% * 13.3% * Q Net Sales RIG OG% Third Party Sales OPBIT Net Profit Includes figures from Nestlé Internal Reporting Standards * % of Net Sales
35 Nestlé India's Commodity Basket Price Index YTD 2011
36 Impact of price change (INR Mio) Sugar 1.4 Key Raw Materials Jan-Sep Wheat Flour Cocoa 0.3 represents consumption in (INR Bio) (20) (200) (400) (600) Fresh Milk 7.2 MSK Palm Oil Green Coffee 1.0 Fats (800) Price indices (%) Total Adverse Price Variance INR 2.3 Bio Impact of price change & Price indices reflect YoY change. Based on production and Internal Accounting Standards
37 Fresh Milk Fat prices 4.4 % over Current Q 1 Q2 Q3 Q Indexed with base Q1-08
38 MSK prices 27.2 % over Current Q 1 Q2 Q3 Q Indexed with base Q1-08
39 Green Coffee prices 35.2 % over 2010 Current Q 1 Q2 Q3 Q4 Indexed with base Q
40 Sugar prices 12.6 % over Current Q 1 Q2 Q3 Q Indexed with base Q1-08
41 Wheat Flour prices 1.4% over Current Q 1 Q2 Q3 Q Indexed with base Q1-08
42 Palm Oil prices 40.7 % over Current Q 1 Q2 Q3 Q Indexed with base Q
43 COFFEE ROBUSTA [LIFFE] London International Financial Futures Exchange
44 COFFEE ARABICA [ICE] Inter Continental Exchange
45 SUGAR [NCX] National Commodity Exchange- Muzafarnagar-Sugar
46 WHEAT [NCX] National Commodity Exchange- Wheat- Delhi
47 PALM OIL [BMD] Bursa Malaysia Derivatives
48 Evolution Crude Oil Prices [NYMEX] X Jan-Sep USD/Barrel Current 97.1 USD/Barrel % X Jan-Sep USD/Barrel New York Mecantile Exchange
49 Fuel Oils % % Furnace Oil Price - Rs./ltr HSD Jan-Sep 11 Jan-Sep 10 Share % in total Power & Fuel cost Furnace Oil ~ 55% HSD ~ 10%
50 Materials Cost as % of Net Sales Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 PY CY Change bps
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