Jakarta, 28 October M16 Results Presentation

Transcription

1 Jakarta, 28 October 2016 Results Presentation

2 Highlights Inflation rate increased from 3.35% YoY (FY15) to 3.07% () Rupiah strengthened from 13,795 (FY15) to closing at 12,998 () CPO prices (CIF Rotterdam) strengthened from US$ 632 / MT (9M15) to US$ 687 / MT () 2

3 CPO Price Monthly Average CPO Price (CIF Rotterdam) Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Source : Oil World (in US$/Ton) 3

4 Financial Performance Rp Bn 9M15 Growth 9M15 Net Sales 47, , % Gross Profit Margin 27.1% 29.2% Cost of Goods Sold (34,696.9) (35,304.0) 1.7% EBIT Margin 11.4% 11.9% Gross Profit 12, , % EBITDA Margin 15.3% 15.9% Selling & distribution expenses (5,203.4) (5,517.4) 6.0% Net Income Margin 1) 3.5% 6.5% General & administrative expenses (2,581.2) (2,919.1) 13.1% Other operating income % EPS 1) Other operating expenses (253.4) (502.1) 98.1% Income From Operations (EBIT) 5, , % ROA 2) 3) 3.7% 6.2% EBITDA 7, , % ROE 2) 3) 8.1% 13.2% Finance income % ROCE 2) 3) 10.3% 11.0% Finance expenses (2,975.2) (1,191.7) -59.9% Share in net losses of associates (283.8) (187.0) -34.1% Income Before Income Tax Expense 2, , % Income tax expense (937.4) (1,627.6) 73.6% Income for the period from continuing operations 1, , % Income for the period from a discontinued operation % Income for the period 2, , % Equity holders of the parent entity 1, , % Non-controlling interests % Core Profit 1) 2, , % 1) Attributable to equity holders of the parent entity 2) Returns represent total return including non-controlling interests 3) Trailing 4

5 Changes in Sales and EBIT Sales (Rp Bn) EBIT (Rp Bn) * 47, , , , ( ) , , , M15 CBP Bogasari Agribusiness Distribution 9M15 CBP Bogasari Agribusiness Distribution * After elimination and before unallocated expenses (other operating income and other operating expenses) 5

6 Segment Contribution Sales (Rp Bn) 1) EBIT (Rp Bn) 2) Distribution Agribusiness Bogasari 47, , % 7.8% 18.3% 17.7% 23.8% 22.8% 5, % 20.4% 17.9% 6, % 15.1% 19.5% Consumer Branded Products 49.9% 51.7% 59.2% 63.0% 9M15 9M15 1) After elimination 2) After elimination and before unallocated expenses (other operating income and other operating expenses) 6

7 CBP Sales (Rp Bn) EBIT (Rp Bn)* 12.6% 14.7% 23, , , , M15 9M15 Sales Growth 8.7% EBIT Growth 26.9% * Before elimination and unallocated expenses (other operating income and other operating expenses) 7

8 Bogasari Sales (Rp Bn) EBIT (Rp Bn)* 8.6% 6.5% 14, , , M15 9M15 Sales Growth 2.3% Volume Growth (Food Flour) 4% EBIT Growth 36.4% * Before elimination and unallocated expenses (other operating income and other operating expenses) 8

9 Agribusiness Sales (Rp Bn) EBIT (Rp Bn)* 10.3% 9.0% 10, , , M15 9M15 Sales Growth 2.0% EBIT Growth -10.7% * Before elimination and unallocated expenses (other operating income and other operating expenses) 9

10 Distribution Sales (Rp Bn) EBIT (Rp Bn)* 3.4% 3.7% 3, , M15 9M15 Sales Growth 3.3% EBIT Growth 14.2% * Before elimination and unallocated expenses (other operating income and other operating expenses) 10

11 Financial Position Rp Billion FY15 Growth Cash & Cash Equivalent 13, , % Total Assets 91, , % Total Equity 43, , % Total Funded Debt 27, , % - Fcy (in US$ mn) * , % - Rupiah 16, , % Rp Billion FY15 Growth Short Term Debt & Trust Receipt 7, , % Current Maturities 2, , % Long Term Debt 16, , % Total Funded Debt 27, , % Note: * Including Trust Receipts: US$ 11.1 Mn (FY15) and US$ 23.5 Mn () 11

12 Debt Composition 58.9% 49.8% 61.2% 55.0% 41.1% 50.2% 38.8% 45.0% FY15 FY15 Foreign Currency Debt Rupiah Debt Short Term & T/R Long Term Debt Times FY15 Gross Gearing Net Gearing Interest Coverage Ratio * * Trailing for figures 12

13 Cash Flow Rp Billion 9M15 Net Cash Generated from Operating Activities 2, ,823.5 Net Cash Used in Investing Activities (5,068.6) (3,346.2) Net Cash Provided by / (Used in) Financing Activities (1,212.9) Net Effects of Changes in Exchange Rates on Cash & Cash Equivalents (263.4) Net Decrease in Cash & Cash Equivalents (2,521.0) (1,484.2) Cash & Cash Equivalents at Beginning of Period * 14, ,962.0 Cash & Cash Equivalents at End of Period * 11, ,477.9 * Cash & Cash Equivalents Beginning & End after taking into account overdraft 13

14 Capital Expenditure Budget Group / Division Budget 16 CBP 3,865 Bogasari 1,367 Agribusiness 1,968 Distribution 375 Total 7,574 14

15 APPENDIX 15

16 Segment Performance: Indofood Division Sales (Rp Bn) Volume 1) EBIT (Rp Bn) EBIT Margin 2) 9M15 Growth Growth 9M15 Growth 9M15 Consumer Branded Products 23, , % 3, , % 12.6% 14.7% Bogasari 1) 14, , % 4% , % 6.5% 8.6% Agribusiness 10, , % 1, % 10.3% 9.0% Distribution 3, , % % 3.4% 3.7% Total 51, , % 5, , % Elimination (4,140.5) (4,570.0) 1.9 (0.8) Unallocated Income (Expenses) (193.3) Net 47, , % 5, , % 11.4% 11.9% 1) Food Flour only 2) EBIT margin per segment: Before elimination and unallocated expenses 16

17 Segment Performance: ICBP (based on ICBP figures) Division Sales (Rp Bn) Volume EBIT (Rp Bn) EBIT Margin ¹) 9M15 Growth Growth 9M15 Growth 9M15 Noodles 16, , % 1% 2, , % 17.9% 17.3% Dairy 4, , % 22% % 9.3% 18.5% Snack Foods 1, , % 19% % 5.8% 6.4% Food Seasonings , % -1% % 7.8% 7.6% Nutrition & Special Foods % 3% % 2.0% 6.2% Beverages 1, , % 3% (317.8) (218.5) 31.2% -23.1% -16.7% Elimination (632.7) (711.9) (0.7) (1.6) Unallocated Income (Expenses) Net 24, , % 3, , % 13.3% 15.0% 1) EBIT margin per segment: Before elimination and unallocated expenses 17

18 Segment Performance: Agribusiness (based on SIMP figures) Division Sales (Rp Bn) Volume EBIT (Rp Bn) EBIT Margin ¹) 9M15 Growth Growth 9M15 Growth 9M15 Plantations 6, , % , % 15.1% 16.0% CPO -13% PK, PKO, PKE -16% Sugar 16% Rubber -22% Edible Oils & Fats 6, , % % 2.5% 2.6% Elimination (2,772.2) (3,129.0) 0.4 (98.3) Unallocated Income (Expenses) 13.0 (87.6) Net 10, , % 1, , % 11.6% 9.8% 1) EBIT margin per segment: Before elimination and unallocated expenses 18

19 Combined Plantations Area as of Sep 30, 2016 In Hectar Dec 31, 2015 Sep 30, 2016 Increase/ (Decrease) Oil Palm Plantations Profile Nucleus Total Planted Area 300, , Planted Oil Palm 246, , Mature 187, ,934 11,534 - Immature 58,959 48,211 (10,748) 7-20 yrs, 47% Over 20 yrs, 29% Other Crops - Rubber 21,338 20,130 (1,208) - Sugar 13,358 13,263 (95) - Others* 19,578 20, yrs, 4% Immature, 20% * Mainly industrial timber, cocoa and tea 19

20 Plantation Highlights 9M15 Growth Planted Area (Ha) (Nucleus) 246, , % Mature Area (Ha) 188, , % FFB Production (Ths MT) (Nucleus) 2,443 2, % FFB Yield (Nucleus) (MT/Ha) CPO Production (Ths MT) % CPO Extraction Rate (%) PK Production (Ths MT) % PKO & PKE Production (Ths MT) % PK Extraction Rate (%)

21 Disclaimer This presentation was prepared solely and exclusively for the parties presently being invited for the purpose of discussion. Neither this presentation nor any of its content may be reproduced, disclosed or used without prior written consent of PT Indofood Sukses Makmur Tbk ( Company ). The Company is not responsible or liable for any decisions made by investors or analysts based on the information provided in this presentation. 21

22 Thank You