1 ood and Drinks ood and Drinks Public Company Limited Opportunity Day 9 March 2010 F F
FOOD AND DRINKS PUBLIC COMPANY LIMITED COMPANY PROFILE 2
FOOD AND DRINKS PUBLIC COMPANY LIMITED Company Profile Established in 1985 as a fruit and Established in 1985 as a fruit and vegetable processor at Bangbung, Chonburi. Chonburi. Listed on the SET in 1994. 3
FOOD AND DRINKS PUBLIC COMPANY LIMITED Type of products : Fruits & vegetables Fruits & vegetables Juices & beverages Spices & curries Frozen products Frozen products 4
FOOD AND DRINKS PUBLIC COMPANY LIMITED FRUITS Mango Mango Papaya Passion fruit fruit Mixed Fruits 5
FOOD AND DRINKS PUBLIC COMPANY LIMITED VEGETABLES Water Chestnut Bamboo Shoot Bean sprouts Bean sprouts Mixed vegetables Baby corn 6
FOOD AND DRINKS PUBLIC COMPANY LIMITED JUICES & BEVERAGE 7
FOOD AND DRINKS PUBLIC COMPANY LIMITED SPICES & PASTE Dipping sauce : Sweet chilli dipping sauce, Sweet chilli dipping sauce, Hot chilli dipping sauce Curry paste : R d G Curry paste : Red, Green, Yellow, Pad Thai, Masaman, Spice : Minced coriander Lemon Spice : Minced coriander, Lemon grass, Kaffir lime leaves 8
FOOD AND DRINKS PUBLIC COMPANY LIMITED SPICES & PASTE I ndian paste range: Korma, Masala, Chilli , , con carne 9
FOOD AND DRINKS PUBLIC COMPANY LIMITED MEAT PRODUCTS Pork in sauces Pork in sauces Chicken curries 10
FOOD AND DRINKS PUBLIC COMPANY LIMITED FROZEN PRODUCTS Aloe vera Baby corn Eggplant E l t Mango g Coconut Milk Ready-to-eat R d (Pork in sauce) ( ) 11
FOOD AND DRINKS PUBLIC COMPANY LIMITED SEASON OF FRUITS & VEGETABLES 12
FOOD AND DRINKS PUBLIC COMPANY LIMITED Essentially an OEM manufacturer with 99% of sales derived from sales of OEM f l d i d f l f OEM products. Current customers number 121 and are located in 22 countries. l t d i 22 t i Export sales account for 74% of 2009 total sales. 13
FOOD AND DRINKS PUBLIC COMPANY LIMITED Export breakdown by destinations : Export breakdown by destinations : Switzerl Switzerland France France D D Denm enmark k k Finland Finland Sweden Sweden Russi Russia U.K U.K. Canada Canad Norw Norway ay Japan Jap Hong Kong Hon Kong U.A.E U.A.E U.S.A U.S.A New New Spain Spai Aus Australia ralia Zeal Zealan and South Africa South Africa Malaysia Malaysia laysia laysia Argentina Argentina Germany Germany Sing Singap apore ore 14
FOOD AND DRINKS PUBLIC COMPANY LIMITED Export breakdown by destinations : North America Others (EU) Germany 1% 3% 15% Australia A i UK 40% 13% Japan Others (Asia) Others (Asia) 25% 4% 15
FOOD AND DRINKS PUBLIC COMPANY LIMITED Sales breakdown by product group : 16
FOOD AND DRINKS PUBLIC COMPANY LIMITED Factory Overview Production Shift :- One shift per day except Beverage f Workers & Staff :- 650 (normal) – 900 (peak season) (80-90% are daily workers) ( y ) Area :- Total 93 Rai Total 93 Rai Production area : 33,000 m 3 Waste Water : 13 000 m 3 Waste Water : 13,000 m 17
FOOD AND DRINKS PUBLIC COMPANY LIMITED O Organizational Structure i i l S & Management Profile Management Profile 18
FOOD AND DRINKS PUBLIC COMPANY LIMITED The Board of Directors 1. Mr. Phirasilp Subhapholsiri Chairman, Independent Director 2. Mr. Kasem Deemaitree 2. Mr. Kasem Deemaitree Managing Director Managing Director 3. Mrs.Chintana Asdornnithee Deputy Managing Director 4. Ms. Huai Hui Lee Executive Director 5 Mr Huai Hsin Lee 5. Mr. Huai Hsin Lee Executive Director Executive Director 6. Mr. Udom Karoonkornsakul Director 7. Mr. Aditep Nontratip Director 8 M Ch 8. Mr. Chun Nam Wong N W Di Director t 9. Mr. Sansern Nilrat Director 10. Mrs.Vilai Kiatsrichart Independent Director 11. Ms. Chavana Vivatpanachati Independent Director 12. Mr. Sumet Chey-O-nanund Independent Director 13. Ms. Chitkarn Kiatkanokkul Independent Director 19
FOOD AND DRINKS PUBLIC COMPANY LIMITED Financials 20
FOOD AND DRINKS PUBLIC COMPANY LIMITED Financial Highlights Line Description 2007 2008 2009 1 Sales 597,208 554,722 564,720 2 GPM (%) 11.0% 8.9% 16.7% 3 OPM (%) 6.6% 5.3% 13.5% 4 4 OPM less admin & fin exp (%) OPM less admin & fin exp. (%) -3 3% -3.3% -5 0% -5.0% 7.1% 7 1% 5.1 NPM-1 (alone) (%) -1.5% -3.1% 6.3% 5.2 NPM-2 (Incl. JV) (%) -2.2% 2.4% 12.9% 5.3 NPM-1 (alone) -9,083 -17,280 35,806 5.4 NPM-2 (Incl. JV) -13,067 13,464 72,590 6 EBITDA 59,154 49,406 86,523 7 EBIT 13,630 3,607 39,948 21
FOOD AND DRINKS PUBLIC COMPANY LIMITED Financial Highlights (Cont.) Li Line Description D i ti 2007 2007 2008 2008 2009 2009 8 Shareholders' equity 338,801 352,265 474,855 9 9 Retained earnings Retained earnings -19,525 (6,061) 19 525 (6 061) 66 528 66,528 10 ROA -1.6% 1.7% 9.4% 11 1 11.1 ROE-1 (incl Reval ) ROE-1 (incl.Reval.) -3 8% -3.8% 3 9% 3.9% 17 6% 17.6% 11.2 ROE-2 (excl.Reval.) -7.0% 7.2% 28.5% 12 EPS (Bht.) -1.05 1.08 5.63 13.1 BVPS-1 (incl.Reval.) (Bht.) 27.10 28.18 31.66 13.2 BVPS-2 (excl.Reval.) (Bht.) 14.39 15.47 21.06 14.1 D/E Ratio-1 (incl.Reval.) 1.2 1.2 0.6 14.2 D/E Ratio-2 (excl.Reval.) 2.3 2.2 0.9 22
FOOD AND DRINKS PUBLIC COMPANY LIMITED (Unit: Million Baht) 690.0 590.0 490.0 390.0 Sales 290.0 EBITDA EBITDA 190.0 Net Profit 90.0 -10.0 2007 2008 2009 597.2 554.7 564.7 Sales EBITDA EBITDA 59 2 59.2 49 4 49.4 86 5 86.5 -13.0 13.4 72.6 Net Profit 23
FOOD AND DRINKS PUBLIC COMPANY LIMITED Balance Sheet Balance Sheet (U i Th (Unit: Thousand Baht) d B h) 2008 2009 1. Cash 1 C h 2 637 2,637 6 567 6,567 2. A/R 56,894 38,031 3. Inventories 114,409 100,336 4. Total Current Assets 182,855 154,724 5. Non-Current Asstes 601,073 601,097 6. Total Assets 783,928 , 755,820 , 7. O/D + S-T Loans 281,089 147,110 8. CPLTD 29,201 21,070 9. A/P 9 A/P 64 415 64,415 38 196 38,196 10. Total Liabilities 431,663 280,965 11. Paid-up Capital 125,000 150,000 12. Share premium 74,425 99,425 13. Land Revaluation Surplus 158,901 158,901 14. Retained Earnings -6,061 66,529 15. Net Worth 352,265 474,855
FOOD AND DRINKS PUBLIC COMPANY LIMITED I Income Statement St t t (Unit: Thousand Baht) Year 2008 Year 2009 Sales 554,722 100% 564,720 100% Cost of Goods Sold -505,525 -91.1% -470,682 -83.3% Selling /Adm.Exp -55,814 -10.1% -54,091 -9.6% Operating Profit Operating Profit -6,617 6,617 -1.2% 1.2% 39,947 39,947 7.1% 7.1% Interest Exp. -20,887 -3.8% -14,475 -2.6% Fx Exchange(Loss) Fx Exchange(Loss) -3,680 -3 680 -0.7% -0 7% 1 354 1,354 0 2% 0.2% Other Non-Operating items 13,905 2.5% 8,980 1.6% Profit before share of income Profit before share of income -17,280 17 280 -3.1% 3 1% 35 806 35,806 6 3% 6.3% Share of income-HCFD 30,744 5.5% 36,784 6.5% Net Profit fi 13 464 13,464 2 4% 2.4% 72,590 2 90 12 9% 12.9%
FOOD AND DRINKS PUBLIC COMPANY LIMITED K Key Ratios R ti (Unit: Thousand Baht) 2008 2009 1. No. of Customers 109 121 2. Avg. Sales/Customer 5,089 4,667 3. GPM (%) 3 GPM (%) 8 9% 8.9% 16 7% 16.7% 4. OPM (%) -1.2% 13.5% 5. NPM-1 (Alone) (%) -3.1% 6.3% 6. NPM-2 (incl.HCFD) (%) 2.4% 12.9% 7. A/R Turnover (days) 45 31 8. Inventory Turnover (days) 8 Inventory Turnover (days) 51 51 55 55 9. RoA (%) -annualized 1.7% 9.4% 10. RoE (%) 3.9% 28.5% 11. EPS ( ฿ ) 1.08 5.63 12. BVPS ( ฿ ) 28.18 31.66 13. D/E Ratio 13. D/E Ratio 1.2 1.2 0.6 0.6
FOOD AND DRINKS PUBLIC COMPANY LIMITED Key Ratios Key Ratios 2008 2009 1. Fixed assets to Net worth ratio 174% 143% 2. Fixed assets to I nvested capital ratio p 159% 111% 3. Current ratio 45% 70% 4 Quick ratio 4. Quick ratio 29% 29% 24% 24% 5. Net worth to Total Assets ratio 30% 63% 6 R 6. Receivables turnover ratio i bl t ti (Ti (Time) ) 8.0 8 0 11 8 11.8 (Day) 45 31 7. Payable turnover ratio (Time) 9.7 9.1 (Day) 37 40
FOOD AND DRINKS PUBLIC COMPANY LIMITED Sales VS Net Profit : 1985 2009 Sales VS Net Profit : 1985-2009 * * ** ** 779 Million Baht 732 800 0 660 638 622 623 595 597 571 565 555 508 600 495 484 475 473 451 9 4 399 369 400 308 280 58 15 200 87 73 57 55 43 44 29 24 17 18 15 13 7 8 5 5 2 1 - - - - 0 0 3 -0 -10 -3 -13 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -51 -200 * Significant Baht devaluation effect * Significant Baht devaluation effect -400 ** Green tea sale effect ** Green tea sale effect Sales Sales Net Profit after tax Net Profit after tax -536 -600 * * 28
FOOD AND DRINKS PUBLIC COMPANY LIMITED SWOT ANALYSIS 29
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