Parmalat IH 2009 Results

Transcription

1 July 30, 2009 Parmalat IH 2009 Results Listed on the Italian Stock Exchange since October 6 th, 2005

2 Imortant information IH 2009 This resentation has been reared by the Comany only for illustrative uroses for use in communicating with the financial community. Readers are advised to refer to the ress release issued by the Comany on July 30, 2009, which contains the secific accounts and related matters aroved by the Comany s Board of Directors. Please note that this resentation includes IH 2009 and IH 2008 figures subject to external auditor limited review No reliance should be laced for any uroses whatsoever on the information contained in this resentation or on any other materials that may be discussed at the resentation, or on its comleteness, accuracy, or fairness of any information contained in this resentation or of any other materials discussed at the resentation. Although care has been taken to ensure that the facts stated in this resentation are accurate, and that the oinions exressed are fair and reasonable, no reresentation or warranty, exress or imlied, is made or given by, or on behalf of, the Comany or any of its resective members, directors, officers, emloyees, advisors, or any other erson as to the accuracy, comleteness or fairness of the information or oinions contained in this resentation or any other material discussed at the resentation. None of the Comany or any of its resective members, directors, officers, emloyees, advisors nor any other erson accets any liability whatsoever for any loss howsoever arising from any use of this resentation or any other materials discussed at the resentation or otherwise arising in connection therewith. The oinions exressed in the resentation may be those of the resenter(s) and may not be formally endorsed by the Comany or its Board of Directors The information in this document may include forward-looking statements which are based on current exectations and rojections about future events. These forward-looking statements, as well as those included in any other material discussed at the resentation, are subject to risks, uncertainties and assumtions about the Comany and its subsidiaries and investments, including, among other things, the develoment of its business, trends of its oerating industry, and future caital exenditures and acquisitions. In light of these risks, uncertainties and assumtions, the events in the forward-looking statements may not occur. No one undertakes to ublicly udate or revise any forward-looking statement The information and oinions contained in this resentation are based on historical information. Facts and exectations about the Comany and its financial condition are subject to change and Parmalat disclaims any obligation to udate the facts reflected and the statements contained herein either at the resentation or after the resentation By attending the resentation you agree to be bound by the foregoing limitations Figures are in millions unless different stated. Totals may not add due to rounding and % are calculated on units 2

3 IH 2009: main achievements and key figures 1. Parmalat: oerations 2. IH 2009 Grou financials 3. Legal 4. Cororate events 5.

4 Main achievements IH 2009 Dividend Distribution of a artial statutory dividend for the 2009 reorting year for a total ayout of about 69.8 m (0.041 euros er share) comared to the 2008 artial statutory dividend of about m (0.077 euros er share) Financial + 2.6% to-line growth at constant erimeter, FX 8.7% EBITDA margin, +20.8% at constant erimeter, FX Cash flow from oeration 72.3 m comared to IH 2008 cash flow from oeration 14.9 m; net cash osition 1,130.0 m Oerations Australia: Recovering rofitability Acquisition to strengthen PLT Australia osition in the Country South Africa: recovering on track Legal matters Settlements: m (Deutsche Bank, UBI Grou, Banca Poolare di Vicenza Grou, Banca Poolare Emilia Romagna, Credito Emiliano, Gruo Banco Poolare, Banca Antonveneta, Gruo Banca Carige, Banca C.R. Firenze and few others ) 4

5 IH 2009 key consolidated figures REVENUES m (-2.9 % vs 2008) % constant fx/ erimeter REPORTED NET FINANCIAL POSITION (1,130.0) m % constant fx/ erimeter EBITDA (1) m Margin 8.7 % (growth % vs 2008) CASH FLOW FROM OPERATIONS 72.3 m (1) The oerating margin does not include restructuring costs and legal fees for revocatory and damages actions 5

6 Share caital ( m) Extr. Gen. Meeting Setember 19, 2005 Extr. Gen. Meeting Aril 29, 2007 Udate as of July 23, 2009 Aroved Aroved Issued Share Caital 1, , ,686.3 Warrant Total 2, , ,703.1 (1) (1) Of which arox million shares at ar value (1 Euro) registered in the name of the Foundation, of which: 11.8 million shares or 0.7% of share caital which ertain to currently undisclosed creditors 120,000 shares reresenting the initial share caital of Parmalat S..A. 6

7 IH 2009: main achievements and key figures 1. Parmalat: oerations 2. IH 2009 Grou financials 3. Legal 4. Cororate events 5.

8 Parmalat World dairy market scenario World Dairy Volume 2008: 198 Bln Kg/Lt** CAGR 04/ 08: 2.8% Bln Lt / Kg Y on Y % Growth Resilient sector % 3.1% % 2.3% 4% 3% 3% 2% 2% 50 1% 1% % VOLUME BREAKDOWN by CATEGORY Yoghurt 9% Others* 10% Flavoured milk CAGR 04 / 08 by CATEGORY 0% 2% 4% 6% 8% 7.3% Cheese 7% Flavoured milk 6% Milk 68% Yoghurt Cheese Milk 2.1% 3.2% 5.4% Others* 2.9% Source: IMIS - Euromonitor *Others: Cream, Dessert, Cultured, Coffee Whiteners, Condensed Milk, Soy Beverages ** Loose milk not included 8

9 Parmalat Dairy market overview breakdown by region 7.3% 0.7% 21% 2.8% 10% 24% 24% 0.2% 2.8% 14% 5.8% 7% 2.2% 2% Volume growth CAGR 04 / 08 % Weight on total volume Growth mainly from develoing regions Dairy losses offset by significant growth in Asia Source: IMIS - Euromonitor 9

10 Parmalat: guidelines for organic growth Parmalat strategic lan guidelines for organic growth Grow to line Develoing revenue/margins through branding and R&D effort on to brands Global roll out for our successful roducts and brands Increase adv on key brands/roducts Growth in alternative channels R&D excellence centres Organic growth Bottom line efficiency Achieving cost leadershi in basic roducts and in G&A Investment in lant automation and comlexity reduction Cost otimization of ingredients and ackaging G&A cost reduction 10

11 IH 2009: main achievements and key figures 1. Parmalat: oerations 2. IH 2009 Grou financials 3. Legal 4. Cororate events 5.

12 Revenue breakdown by region Primary reorting - m 10.8% 14.6% n.s. (0.4) 100% Of Total Revenue 34.6% 9.0% , % 3.7% Italy Other Euroe Canada Africa Australia Central / South Organic Growth (1) America Other Total (7.2%) (7.8%) 4.4% 9.2% 1.9% 22.3% 2.6% 1. Constant erimeter, FX 12

13 EBITDA breakdown by region Primary reorting - m 31.6% 3.8% % % 26.3 n.s. (11.8) n.s. (0.2) 100% Of Total EBITDA % % Italy Other Euroe Canada Africa Australia Central / South EBITDA Margin America Holding Others Total 12.2% 15.6% 8.0% 3.7% 8.8% 9.7% 8.7% 13

14 Revenue breakdown by segment Secondary reorting - m 30.4% 8.7% 1.7% % Of Total Revenue % 1, Organic Growth (3) Milk Milk Derivatives (1) Fruit Based Drinks Others (2) Grou 3.5% (1.4%) 14.6% (3.5%) 2.6% 1. Includes mainly Yogurt, Cheeses, Dessert 2. Includes mainly milk whey and other roducts 3. Constant erimeter, FX 14

15 EBITDA breakdown by segment Secondary reorting - m 32.6% 19.4% 31.4 n.s. (11.8) 1.4% % Of Total EBITDA % Milk Milk Derivatives (1) Fruit Based Drinks Holding Others (2) Grou EBITDA Margin 8.0% 9.4% 19.5% 7.0% 8.7% 1. Includes mainly Yogurt, Cheeses, Dessert 2. Includes mainly milk whey and other roducts 15

16 Revenues and EBITDA analysis Revenues IH 2009 vs IH 2008 ( m) % +0.03% 1,902.4 (54.9) 1, (57.2) (14.4) 1, (47.7) 1, Net Revenues before dis. Disosals 2008 Net Revenues Price Discounts/ Returns Volume Mix Other 2009 Net Revenues FX 2009 Net Revenues EBITDA IH 2009 vs IH 2008 ( m) % +18.0% (4.2) (9.2) (15.8) (2.0) (3.8) EBITDA before dis. Disosals 2008 EBITDA Price/ Discounts Variable costs Sales volume Mix Fixed and Gen. "Oerations" costs Cororate OH Writedown & other 2009 EBITDA FX 2009 EBITDA 16

17 Parmalat Raw milk rice variance m Price Variance by Unit% Italy (38) (20%) Other Euroe (5) Canada 11 +3% m (40) Venezuela 4 +10% Center/South America 3 Colombia (1) (3%) Others 0 n.s. Price variance by Unit% Australia (4) (5%) South Africa (7) (12%) Others 0 n.s. (1) Data reresent the raw milk cost variance due to rice effect 17

18 Caex and advertising, romo consumer & other costs CAPEX (1) Advert., Promo Consumer & Other Costs m IH 2008 IH IH % m IH 2008 IH 2009 % Euroe (32.2%) North America (34.8%) Central/South America (14.5%) Africa and Australia (56.4%) Grou (36.9%) Euroe (13.1%) North America % Center and South America (29.3%) Africa and Australia % Other (0.5) 0.0 n.s. Grou (5.7%) (1) Caex excluding land and buildings 18

19 Key IH 2009 earnings figures (IFRS/IAS GAAP) m IH 2008 IH 2009 Revenues 1, ,848.0 Growth (2.9%) EBITDA Margin 7.4% 8.7% Other gains/(losses) Dereciation and amortization (119.0) (46.7) Net oerating result (EBIT) Margin 23.3% 15.6% Net financial income/(charges) and other Taxes (27.4) (46.3) Result of the eriod Margin 22.4% 13.5% Minority interest (rofit)/loss (1.9) (1.4) Result for the eriod (of the Grou) IH 2009 Other gains/(losses) mainly include: Proceeds from revocatory and damage actions: m Legal fees: 6.1 m IH 2009 Taxes include: Current taxes: - Italy 17.5 m - Other countries 25.4 m Deferred taxes: -Italy 3.2 m - Other countries 0.2 m 19

20 Key IH 2009 balance sheet items (IFRS/IAS GAAP) m 31 Dec June 2009 Fixed assets 1, ,765.8 Intangible assets ,029.7 Tangible assets Financial assets and reaid taxes Net working caital Oerating working caital Other assets/liabilities Discontinuing oerations Emloyee severance indemnity liabilities (87.1) (94.6) Provisions (266.1) (274.4) Net invested caital 1, ,851.1 m 31 Dec June 2009 Shareholders equity 2, ,981.1 Share caital 1, ,702.9 Contested liabilit. and late creditors excl. convert. into share caital Other reserves and net result ,074.8 Minority interest Net financial debt (1,108.8) (1,130.0) Financial debt Cash & other financial assets (1,607.6) (1,621.7) Total sources of funds 1, , June 2009 Oerating working caital includes: Inventories: m Trade receivables: m Trade ayables: (434.7) m Other assets/liabilities include: Other current assets: m Other current liabilities: (146.6) m 30 June 2009 Provisions include: Deferred tax liabilities: m Provision for tax risk: 69.4 m Provision for contingent liabilities/others: 43.4 m 30 June 2009 Other reserves and net result include: IH 2009 result: m Prior year results: m Reserve for currency translation differences: (94.5) m Other reserves: 86.7 m 20

21 IH 2009 consolidated cash flow statement Cash flow from oerating activities 72.3 m Cash flow from litigation m Cash flow from tax (38.8 m) Net Cash at 31 Dec EBITDA Change in net working caital Caex (1) Settlements Legal fees for actions to void and actions for damages Taxes relating to oerating activities Net financial interests Dividends aid Exercise of warrants Change in other assets and liabilities Cash at 30/06/09 net of forex imact Forex imact Net Cash at 30 June (18.6) (38.8) (1.8) 1,108.8 (52.1) (37.2) (1) Including tangible and intangible caex 21 (163.8) , ,130.0 (11.5)

22 IH 2009: main achievements and key figures 1. Parmalat: oerations 2. IH 2009 Grou financials 3. Legal 4. Cororate events 5.

23 US cases Class action: Settlement comleted Citigrou: Aeal brief filed Aellate Court Hearing exected in fall 2009 Pending in SDNY for re-trial coordination (MDL) Bofa: S.J. hearing July 29, 2009 GT: S.J. hearing July 29,

24 Italian cases Revocatory Actions Few left Damages Actions Advanced discovery JPM, S&P Contested/late claims Efforts continue to close these cases Court of aeal of Bologna 120 cases ending (contested, late claims) Italy - Criminal Cases Milan 2 nd Trial on market abuse, in rogress Parma Three roceedings at trial (fraudulent bankrutcy) Two roceedings at reliminary hearing stage Parmalat is rivate arty in Parma 24

25 IH 2009: main achievements and key figures 1 Parmalat: oerations 2. IH 2009 Grou financials 3. Legal 4. Cororate events 5.

26 Calendar of events Board Meetings: Date Subject November 6, 2009 Aroval of the Reort for the Third Quarter 2009 Investor Relations contact: Cristina Girelli Tel

27 Q&A 27

28 Aendix Parmalat SA 1. Country Analysis 2. 28

29 Parmalat SA: IH 2009 and IH 2008 figures m PARMALAT SPA I H 2009 % I H 2008 % REVENUES m m EBITDA 41.5 m m 5.4 NET OPERATING RESULT m m 82.0 NET RESULT m m 97.6 OPERATIONS IH 2009 % IH 2008 % CORPORATE IH 2009 IH 2008 Revenues m m EBITDA 53.3 m m 9.0 Revenues 0.4 m 0.4 m EBITDA (11.8) m (16.3) m 29

30 Net Cash at 31 Dec EBITDA Change in net working caital Caex (1) Settlements Legal fees for actions to void and actions for damages Taxes relating to oerating activities Net financial income Dividends received Dividends aid Exercise of warrants Change in other assets and liabilities Net Cash at 30 June 2009 IH 2009 Parmalat SA cash flow statement Cash flow from oerating activities 36.5 m Cash flow from litigation m Cash flow from tax (12.7) , (18.6) (12.7) (8.8) (1) Including tangible and intangible caex (162.2) 0.3 1,480.3 (12.6)

31 Country analysis Parmalat Italy IH 2009 Revenues m IH 2009 EBITDA 10% 3% Milk 57.9 Milk Derivates % 77% Fruit Based Drinks 4.2 Milk Milk Derivates Fruit Based Drinks Other Other (1.1) Italy IH 2008 IH 2009 m Revenues EBITDA EBITDA % Revenues EBITDA EBITDA % Milk % % Milk Derivates % % Fruit Based Drinks % % Other 14.0 (0.1) (0.8%) 14.8 (1.1) (7.2%) Total % % 31

32 Country analysis Parmalat Canada IH 2009 Revenues m IH 2009 EBITDA 0% 2% 45% Milk % Milk Derivates 35.1 Fruit Based Drinks 0.3 Milk Milk Derivates Fruit Based Drinks Other Other 1.5 Canada IH 2008 IH 2009 m Revenues EBITDA EBITDA % Revenues EBITDA EBITDA % Milk % % Milk Derivates % % Fruit Based Drinks % % Other % % Total % % 32

33 Country analysis Parmalat Australia IH 2009 Revenues 1% 1% m IH 2009 EBITDA 17% Milk 15.9 Milk Derivates 1.2 Milk 81% Fruit Based Drinks 0.5 Milk Derivates Fruit Based Drinks Other Other 0.0 Australia IH 2008 IH 2009 m Revenues EBITDA EBITDA % Revenues EBITDA EBITDA % Milk % % Milk Derivates 38.9 (0.7) (1.9%) % Fruit Based Drinks % % Other % n.s. Total % % 33

34 Country analysis Parmalat Africa IH 2009 Revenues m IH 2009 EBITDA 9% 0% 40% Milk (2.5) Milk Derivates % Fruit Based Drinks (0.5) Milk Milk Derivates Fruit Based Drinks Other Other 0.7 Africa IH 2008 IH 2009 m Revenues EBITDA EBITDA % Revenues EBITDA EBITDA % Milk 62.6 (0.5) (0.9%) 66.2 (2.5) (3.8%) Milk Derivates % % Fruit Based Drinks 12.1 (0.1) (0.7%) 14.1 (0.5) (3.6%) Other 0.4 (0.1) n.s % Total % % 34