Beruflich Dokumente
Kultur Dokumente
* 9M 2017 & Q2 2017 res ul ts a re a djus ted for non-recurri ng ta x rel a ted expens es of IDR10.5 bi l l i on
Comments:
Q3 2017 Sales:
1) decreased by 6% QoQ mainly due to: Feed segment (decrease by 6%) and Breeder segment (decrease by 11%)
2) increased by 12% YoY mainly due to: Feed segment (increase by 20%) and Consumer Foods segment (increase by 87%)
3) Consumer Foods segment recorded sales growth of 87% YoY & 8% QoQ and volume growth of 71% YoY & 14% QoQ
The decrease in Q3 2017 EBIT (ex-FX) by Rp41.4 billion QoQ is mainly due to:
- Feed, Breeder and Broiler divisions EBIT (ex-FX) declined by Rp19.1 billion, Rp29.0 billion and Rp1.7 billion respectively. The Feed division was
affected by an increase in cost of raw materials, the Breeder division was affected by higher depletion/culling costs and the Broiler division
was affected by a slightly higher Feed input cost (Feed ASP increased by 1.5% in Q3 2017)
- Partially offset by Consumer Foods division’s EBIT (ex-FX) loss decreasing by Rp8.3 billion
Q3 2017 SG&A costs is lower by Rp8.2 billion QoQ mainly due to higher Q2 2017 SG&A costs for Staff costs (13th month bonus payment in June
2017) and A&P costs for the Consumer Foods division (TV commercial & promotion costs)
Forex losses in Q3 2017 is mainly due to hedging cost and settlement of USD bank borrowings; USD bank borrowings as at 30 September, 2017
amounted to USD8 million (or 5.6% of total bank borrowings) and have been fully hedged at average rate of 13,492
1
CONSOLIDATED STATEMENTS OF COMP. INCOME
(IN MILLIONS OF RUPIAH)
Feed 9M 2017 9M 2016 Variance Q3 2017 Q2 2017 Variance Q3 2017 Q3 2016 Variance
Sales 2,649,364 2,559,334 3.5% 882,053 933,632 -5.5% 882,053 733,916 20.2%
EBIT (ex-FX) * 231,544 437,615 (206,071) 62,097 81,167 (19,070) 62,097 113,288 (51,191)
ASP 6,160 6,330 -2.7% 6,170 6,080 1.5% 6,170 6,230 -1.0%
Quantity Sold 436,000 396,000 10.1% 145,000 155,000 -6.5% 145,000 120,000 20.8%
* 9M 2017 & Q2 2017 results are adjusted for non-recurring tax related expenses of Rp9.354 billion
Comments:
The decrease in Q3 2017 EBIT (ex-FX) YoY is mainly due to:
1) an increase in overall cost of raw materials (in Rp) – Corn cost was higher by 24%, while SBM was lower by 6%
2) a decrease in Feed ASP by 1.0% (mainly due to decrease in layer feed ASP by 9%)
3) partially offset by an increase in quantity sold by 20.8%
The decrease in Q3 2017 EBIT (ex-FX) QoQ is mainly due to:
1) an increase in overall cost of raw materials (in Rp) – Corn cost was higher by 7%, while SBM was lower by 5%
2) a decrease in quantity sold by 6.5% due to Lebaran seasonality in Q2 2017
3) partially offset by an increase in feed ASP by 1.5% (mainly due to increase in Broiler & Breeder feed ASP by
1.2%)
Feed ASP for in October 2017 ranged between Rp6,150 – Rp6,250 /kg
2
TREND ANALYSIS – FEED DIVISION
18.7%
17.0% 16.9%
15.4%
13.4%
12.1% 11.5%
10.6%
8.7%
5.5% 7.0%
162.9 161.4
140.0
109.4 113.3
95.2 94.5 88.3 81.2
62.1
43.7
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
3
CONSOLIDATED STATEMENTS OF COMP. INCOME
(IN MILLIONS OF RUPIAH)
Breeder 9M 2017 9M 2016 Variance Q3 2017 Q2 2017 Variance Q3 2017 Q3 2016 Variance
Sales 863,444 885,986 -2.5% 274,556 306,872 -10.5% 274,556 296,043 -7.3%
EBIT (ex-FX) * (75,672) 44,097 (119,769) (48,368) (19,397) (28,971) (48,368) 24,683 (73,051)
ASP 4,500 4,700 -4.3% 4,300 4,600 -6.5% 4,300 5,000 -14.0%
Quantity Sold (mn) 158.7 156.2 1.6% 52.0 54.0 -3.7% 52.0 49.2 5.7%
* 9M 2017 & Q2 2017 results are adjusted for non-recurring tax related expenses of Rp1.160 billion
Comments:
Sales revenue for Q3 2017 decreased by 7.3% YoY and 10.5% QoQ, respectively. The YoY decrease is mainly due to a
decrease in ASP by 14.0%, while the QoQ decrease is mainly due to a decrease in ASP by 6.5% and a decrease in quantity sold
by 3.7%
EBIT (ex-FX) in Q3 2017 reported a negative YoY swing of Rp73.1 billion and an increased QoQ loss of Rp29.0 billion,
respectively. The YoY swing and increased QoQ loss were mainly due to:
1) higher depletion/culling costs from reduction of Parent Stock & hatching eggs in July & September 2017
2) a decrease in ASP by 14.0% (YoY) and by 6.5% (QoQ)
To address potential oversupply in the market during the Suro-Safar religious observance (October-November), the
Government has instructed producers to reduce hatching eggs by 6% per week in September & October 2017
On the decision by the Business Competition Supervisory Commission (“KPPU”) against the 12 major poultry integrators, on
allegations of cartel practices, the appeal is currently being heard in the High Court
DOC ASP in October 2017 ranged between Rp4,000 – Rp4,700 /DOC
4
TREND ANALYSIS – BREEDER DIVISION
4,700 5,000 5,000 4,600
4,000 4,200 4,300 4,400 4,300
3,600 3,800
7.2% 8.3%
0.4% 2.3%
-15.9% -17.6%
-24.7%
3,600 3,800 4,000 4,200 4,300 4,700 5,000 5,000 4,400 4,600 4,300
54.2 54.0
53.5
52.7 52.7
52.0
50.1 50.5 50.3
49.7 49.2
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
5
CONSOLIDATED STATEMENTS OF COMP. INCOME
(IN MILLIONS OF RUPIAH)
Broiler 9M 2017 9M 2016 Variance Q3 2017 Q2 2017 Variance Q3 2017 Q3 2016 Variance
Sales 438,731 453,878 -3.3% 152,969 160,268 -4.6% 152,969 158,526 -3.5%
EBIT (ex-FX) 8,364 4,795 3,569 6,404 8,123 (1,719) 6,404 10,732 (4,328)
ASP 16,900 17,600 -4.0% 17,300 17,000 1.8% 17,300 18,400 -6.0%
Quantity Sold (mn kg) 23.0 22.5 2.2% 7.9 8.5 -7.1% 7.9 7.6 3.9%
Comments:
Sales revenue for Q3 2017 decreased by 4.6% QoQ, mainly due to a decrease in quantity sold (per kg) of 7.1% as a
result of Lebaran seasonality in Q2 2017
Sales revenue for Q3 2017 decreased 3.5% YoY, mainly due to a decrease in ASP by 6.0%, partially off-set by an
increase in quantity sold (per kg) of 3.9%. The lower ASP in Q3 2017 is mainly due to a combination of softer
consumer purchasing power and moderate oversupply of broilers; the oversupply issue is being addressed by the
culling in PS DOC numbers & hatching eggs (see discussion in Breeder segment)
EBIT (ex-FX) decreased slightly by Rp1.7 billion QoQ, which is mainly due to the decrease in quantity sold (per kg)
by 7.1% and higher production cost due to the increase in Feed ASP by 1.5%
Broiler ASP in October 2017 ranged between Rp14,000 – Rp17,000 /kg
6
TREND ANALYSIS – BROILER DIVISION
17,800 17,000 16,600 17,600 18,400 17,100 16,300 17,000 17,300
15,600 15,800
6.8%
5.1% 4.2%
3.5% 2.7%
0.8%
-1.1%
-4.2% -4.9%
-9.5%
-12.4% EBIT (ex-FX) margin (%) ASP (Rp)
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
7
CONSOLIDATED STATEMENTS OF COMP. INCOME
(IN MILLIONS OF RUPIAH)
Consumer Foods 9M 2017 9M 2016 Variance Q3 2017 Q2 2017 Variance Q3 2017 Q3 2016 Variance
Sales 106,266 60,997 74.2% 40,925 37,785 8.3% 40,925 21,895 86.9%
EBIT (ex-FX) (34,358) (37,250) 2,892 (8,766) (17,086) 8,320 (8,766) (10,407) 1,641
ASP 43,000 40,100 7.2% 42,100 44,300 -5.0% 42,100 38,600 9.1%
Quantity Sold (MT) 2,471 1,522 62.4% 972 854 13.8% 972 567 71.4%
Comments:
Sales revenue for Q3 2017 increased by 86.9% YoY and 8.3% QoQ. The increase in sales revenue is mainly due to
increases in sales volume of 71.4% YoY and 13.8% QoQ and an increase in ASP by 9.1% YoY. The increase in sales
volume in Q3 2017 is mainly due to:
1) sales promotions in the traditional and modern market channels and via greater brand awareness through
social media and launch of nationwide Sunny Gold TV commercial in April 2017. The TV commercial can also
be viewed on YouTube at https://www.youtube.com/watch?v=X7fdIK5gkZU
2) for the period 9M 2017, 200 additional new distribution channels were added (1H 2017: 130)
The decrease in EBIT (ex-FX) QoQ loss in Q3 2017 of Rp8.3 billion is mainly due to higher A&P expenses in Q2
2017 for the cost of the Sunny Gold TV commercial of Rp8.3 billion (Q3 2017: Rp3.0 billion)
8
TREND ANALYSIS – CONSUMER FOODS DIVISION
-65.4% -72.8% -63.0% -91.2% -83.1% -57.5% -47.5% -40.3% -30.9% -45.2% -21.4%
972
854
649 645
531 567
392 395 370 351 424
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
972
854
649 645
531 567
392 395 370 351 424
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17