MIRA
INFORM REPORT
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Report Date : |
22.06.2013 |
IDENTIFICATION DETAILS
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Name : |
CHAROEN POKPHAND FOODS PUBLIC CO. LTD. |
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Registered Office : |
C.P.Tower, 313 Silom Road, Silom, Bangrak, Bang Rak, Bangkok, 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.01.1978 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
manufacturer of animal feed, animal farming manufacturer of food products |
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No. of Employees : |
24,743 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Thailand ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
achieved steady growth due largely to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and processed
foods. Thailand is trying to maintain growth by encouraging domestic
consumption and public investment to offset weak exports in 2012. Unemployment,
at less than 1% of the labor force, stands as one of the lowest levels in the
world, which puts upward pressure on wages in some industries. Thailand also
attracts nearly 2.5 million migrant workers from neighboring countries. The
Thai government is implementing a nation-wide 300 baht ($10) per day minimum
wage policy and deploying new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic severely cut Thailand's
exports, with most sectors experiencing double-digit drops. In 2009, the economy
contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its
fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. Industry
recovered from the second quarter of 2012 onward with GDP growth at 5.5% in
2012. The government has approved flood mitigation projects worth $11.7
billion, which were started in 2012, to prevent similar economic damage, and an
additional $75 billion for infrastructure over the next seven years with a plan
to start in 2013.
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Source : CIA |
Company name & address
Charoen Pokphand Foods Public Co. Ltd.
C.P.Tower
313 Silom Road, Silom, Bangrak
Bang Rak
Bangkok, 10500
Thailand
Tel: 66-26-258000
Fax: 66-26-382139
Web: www.cpfworldwide.com
Branch Office
82/12-14, Moo 4, Bangtorad,
Muang, Samut Sakorn, Samut
Sakorn
Synthesis
Employees: 24,743
Company Type: Public Subsidiary
Corporate Family: 106
Companies
Ultimate Parent: Charoen Pokphand Group
Traded: Stock Exchange of Thailand (Bangkok): CPF
Over The Counter: CPOKY
Incorporation Date:
17-Jan-1978
Auditor: KPMG Phoomchai Audit Ltd.
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: Thai
Baht
Annual Sales: 11,491.8 1
Net Income: 604.6
Total Assets: 10,151.8 2
Market Value: 7,093.9 (07-Jun-2013)
Business Description
Charoen Pokphand Foods Public Company Limited is a Thailand-based
company operates fully integrated agro-industrial businesses comprising the
manufacturing of animal feed, animal farming, the manufacturing of food
products (including semi-cooked meat, fully-cooked meat and ready-to-eat
products) and the food retailer business. The Company’s two core fully
integrated business lines are livestock business mainly comprises of broilers,
layers, swine and duck and aquatic business mainly comprises of shrimp and
fish. As of 31 December 2011, it had investment in 10 countries including
Thailand, Turkey, Russia, Laos, Taiwan, United Kingdom, Malaysia, India, China,
and the Philippines. It also exports meat, semi-cooked meat, fully-cooked meat
and ready-to-eat products for more than 20 countries worldwide. Also, there
were 127 subsidiaries in which it directly or indirectly holds more than 50% of
their paid-up capital. For the three months ended 31 March 2013, Charoen
Pokphand Foods Public Co. Ltd. revenues increased 19% to BAH87.42B. Net income
decreased 92% to BAH1.03B. Revenues reflect Livestock Business segment increase
of 25% to BAH75.91B, Asia segment increase of 38% to BAH47.13B, Thailand
segment increase of 2% to BAH31.83B. Net income was offset by Gains on cha. in
fair value of inv.-ass decrease from BAH8.67B (income) to BAH0K.
Industry
Industry Fish and Livestock
ANZSIC 2006: 0171 - Poultry
Farming (Meat)
NACE 2002: 0124 - Farming of
poultry
NAICS 2002: 11232 - Broilers
and Other Meat Type Chicken Production
UK SIC 2003: 0124 - Farming of
poultry
UK SIC 2007: 0147 - Raising of
poultry
US SIC 1987: 0251 - Broiler,
Fryer, and Roaster Chickens
Key Executives
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Name |
Title |
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Adirek Sriprathak |
Chief Executive Officer, President, Executive Director, Director |
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Phaisan Chirakitcharoen |
Chief Financial Officer |
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Vittavat Tantivess |
Executive Vice President - Marketing Unit |
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Phatchara Chartbanchachai |
Company Secretary |
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Pradoem Chotisupharat |
Executive Vice President - Information Technology and Application Unit |
Significant Developments
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* number of significant developments within the last 12 months
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = THB 31.0808
2 - Balance Sheet Item Exchange Rate: USD 1 = THB 30.59
Corporate Overview
Location
C.P.Tower
313 Silom Road, Silom, Bangrak
Bang Rak
Bangkok, 10500
Thailand
Tel: 66-26-258000
Fax: 66-26-382139
Web: www.cpfworldwide.com
Quote Symbol - Exchange
CPF - Stock
Exchange of Thailand (Bangkok)
Sales THB(mil): 357,175.2
Assets THB(mil): 310,544.5
Employees: 24,743
Fiscal Year End: 31-Dec-2012
Industry: Fish and Livestock
Incorporation Date: 17-Jan-1978
Company Type: Public Subsidiary
Quoted Status: Quoted
Chief Executive
Officer, President, Executive Director, Director:
Adirek Sriprathak
Industry Codes
ANZSIC 2006 Codes:
0171 - Poultry Farming (Meat)
0203 - Onshore Aquaculture
017 - Poultry Farming
1192 - Prepared Animal and Bird Feed Manufacturing
0142 - Beef Cattle Farming (Specialised)
020 - Aquaculture
0192 - Pig Farming
NACE 2002 Codes:
0124 - Farming of poultry
0121 - Farming of cattle, dairy farming
157 - Manufacture of prepared animal feeds
05 - Fishing, Fish Farming and Related
Service Activities
0502 - Fish farming
0123 - Farming of swine
NAICS 2002 Codes:
11232 - Broilers and Other Meat Type Chicken Production
112111 - Beef Cattle Ranching and Farming
311119 - Other Animal Food Manufacturing
112511 - Finfish Farming and Fish Hatcheries
112210 - Hog and Pig Farming
112390 - Other Poultry Production
US SIC 1987:
0251 - Broiler, Fryer, and Roaster Chickens
2048 - Prepared Feed and Feed Ingredients for Animals and Fowls,
Except Dogs and Cats
0273 - Animal Aquaculture
0213 - Hogs
0212 - Beef Cattle, Except Feedlots
0921 - Fish Hatcheries and Preserves
0259 - Poultry and Eggs, Not Elsewhere Classified
UK SIC 2003:
0124 - Farming of poultry
05 - Fishing, Fish Farming and Related
Service Activities
0502 - Fish farming
0121 - Farming of cattle, dairy farming
157 - Manufacture of prepared animal feeds
0123 - Farming of swine
UK SIC 2007:
0147 - Raising of poultry
031 - Fishing
0141 - Raising of dairy cattle
0146 - Raising of swine/pigs
109 - Manufacture of prepared animal feeds
0321 - Marine aquaculture
Business
Description
Charoen Pokphand
Foods Public Company Limited is a Thailand-based company operates fully
integrated agro-industrial businesses comprising the manufacturing of animal
feed, animal farming, the manufacturing of food products (including semi-cooked
meat, fully-cooked meat and ready-to-eat products) and the food retailer
business. The Company’s two core fully integrated business lines are
livestock business mainly comprises of broilers, layers, swine and duck and
aquatic business mainly comprises of shrimp and fish. As of 31 December 2011,
it had investment in 10 countries including Thailand, Turkey, Russia, Laos,
Taiwan, United Kingdom, Malaysia, India, China, and the Philippines. It also
exports meat, semi-cooked meat, fully-cooked meat and ready-to-eat products for
more than 20 countries worldwide. Also, there were 127 subsidiaries in which it
directly or indirectly holds more than 50% of their paid-up capital. For the
three months ended 31 March 2013, Charoen Pokphand Foods Public Co. Ltd.
revenues increased 19% to BAH87.42B. Net income decreased 92% to BAH1.03B.
Revenues reflect Livestock Business segment increase of 25% to BAH75.91B, Asia
segment increase of 38% to BAH47.13B, Thailand segment increase of 2% to
BAH31.83B. Net income was offset by Gains on cha. in fair value of inv.-ass
decrease from BAH8.67B (income) to BAH0K.
More Business
Descriptions
Production and
sale of animal feed and shrimp feed; farming of fish, animals and poultry
Animal Farming
& Meat Processing Services; Owned 40% by Charoen Pokphand Group Co., Ltd.
Charoen Pokphand
Foods Public Company Limited (CPF) is an agro-industrial and integrated food
company. It conducts animal feed production, breeding animals, farming animals
for commercial purposes, meat processing and manufacturing processed food
products. The company’s operations cover the entire cycle of the
agro-industrial sector, which ranges from sourcing raw materials for animal
feed production, manufacturing animal feeds, breeding animals, farming animals
for commercial purposes, processing meat and manufacturing ready-to-eat food
products, to distributing products to domestic and international consumers.CPF
has categorized its operations into three divisions according to product type,
namely, feed, farm and food. For the fiscal year ended December 2011, the Farm
division accounted for 43%, Feed accounted for 38% and Food accounted for 19%
to the company's total revenue.The company operates in two business lines,
namely, the Livestock business and the Aquaculture business.The Livestock
business of the company is further divided into three divisions, namely, Feed,
Farm and Food. Its Feed business carries out the production of various forms of
livestock feeds including concentrate, powder and pellet. Corn and soybean meal
are the major ingredients used in the production of livestock feed. It offers
livestock feed for broilers, layers, swine and duck, parent stock swine,
broiler chicks, layer chicks, baby hogs and ducklings. The company offers its
feeds under the brand names CP, Hyprovite, Hi-Gro, Star Feed, Novo, Safe Feed,
Erawan, Hogtonal, C.F., and Anvipro. The company’s livestock farming business
include animal breeder, live animal, fresh eggs and processed livestock meat.
Products in this category include live chicken, layer egg, live duck, duck egg,
live swine and processed livestock meat. In Food category, the company offers
processed meat, which include boiled, steamed, fried, baked or grilled
according to the customer requirements. The company distributes its packed and
frozen food products to retailers and wholesalers, fast food operators,
convenience stores, supermarkets and supercenters. For the fiscal year ended
2011, the revenue generated from Livestock business segment was THB154,031m
which accounted for 74.7% of the total revenues of the company.The Aquaculture
business is further divided into three categories, namely Feed, Farm and Food.
In Feed category, the company produces various forms of shrimp and fish feed
such as concentrate, powder and pellet. The major ingredients of aquatic feed
include soybean meal, fish meal and wheat flour. CPF offers its aquatic feeds
under the brand names of CP, Star Feed, Marine, Hi-Grade, Novo, Erawan, Turbo,
D-Frog and Safe Feed. The company’s aquatic farming products include shrimp
fry and fish fry, and fresh shrimp and frozen shrimp. Aquatic Food category of
the company offers semi-cooked, cooked and ready-to-eat shrimp. The company
distributes its packed and frozen aquatic food, to convenience stores,
supermarkets, supercenters and CP Fresh Mart, a company-owned distribution
channel. For the fiscal year 2011, the revenue generated from Aquaculture
business segment was THB 52,068m which accounted for 25.3% of the total
revenues of the company.The company also operates its own outlets and retail
shops for selling chilled and frozen ready-to-eat products under the Five Star
and CP brands. It operates three types of outlets, namely, the Five Star
business, CP Fresh Mart and CP Food Market. As of December 2011, the company
operates five types of Five Star kiosks totaling 4,600 kiosks across the
country, comprising of 100 ready-meal kiosks; 180 noodles with shrimp wonton kiosks;
620 Hainan chicken rice kiosks; 1,300 fried-chicken kiosks; and 2,400
roasted-chicken kiosks. As of December 2011, CP Fresh Mart operates 600 stores,
of which 350 stores locates in provincial areas and 250 stores in Bangkok. The
company carries out its operations through 127 subsidiaries, of which 97
subsidiaries are based out in Thailand and 31 are overseas subsidiaries. Some
of the key subsidiaries of the company include CPF Training Center Co., Ltd.;
Charoen Pokphand Foods Kenya Co., Ltd.; Charoen Pokphand Foods Philippines
Corporation; CPF Investment Limited; C.P. Aquaculture (Beihai) Co., Ltd.; C.P.
Aquaculture (Dongfang) Co., Ltd; and C.P. Aquaculture (Hainan) Co., Ltd; C.P.
Aquaculture (Beihai) Co., Ltd.; C.P. Aquaculture (Hainan) Co., Ltd.; CPF (Thailand)
Public Company Limited; Asia Aquaculture (M) Sdn. Bhd.; C.P. Laos Co., Ltd.;
C.P. Standart Gida Sanayi ve Ticaret A.S.; Charoen Pokphand Enterprise (Taiwan)
Co., Ltd.; Charoen Pokphand (India) Private Limited; Charoen Pokphand (USA),
Inc.; Charoen Pokphand Foods (Overseas) LLC. and CPF Agro LLC.Internationally,
the company operates across Turkey, China, India, Malaysia, the UK, Taiwan,
Russia, Laos and Philippines through its direct and indirect subsidiaries. CPF
also exports its products to the US, Japan, and the European Union.
Geographically, the company divided its revenue into five regions, namely,
Thailand, Europe, Asia, America and Others. Thailand region contributed 60.9%
of the total revenue of the company for fiscal year ended 2011, followed by
Asia (22.7%), Europe (14.5%), America (1.5%) and Other (0.4%).In April 2012,
the company signed a joint business plan with E-Mart, one of the largest
discount store chain, to increase the growth of CPF frozen food products in
Korea. In March 2012, the company won five Thailand Energy Awards 2011
organized by the Ministry of Energy in cooperation with the Department of
Alternative Energy Development and Efficiency. In February 2012, the company
won the Laboratory Excellence Award from the Bureau of Laboratory
Accreditation.
Charoen Pokphand
Foods Public Company Limited (CPF) is one of Thailand’s leading
agro-industrial and food conglomerates. It undertakes a broad range of business
activities including the sourcing of raw materials for animal feed production,
manufacture and distribution of animal feeds, breeding animals, farming animals
for commercial purposes, processing meat, and producing and selling processed
food products. Its priority markets include Taiwan, Turkey, China, India,
Malaysia, the UK, Russia, Laos and Philippines. It also exports its products to
the US, Japan, and the European Union. CPF is headquartered in Bangkok,
Thailand.The company focuses on rapid, cost-effective delivery of quality
products to a diverse group of customers. CPF seeks to build a leading position
in the marketplace through internal development, strong partner relationships,
strategic alliances and acquisitions. As a part of its strategy, the company
recently signed a joint business plan with E-Mart; and in recent past the
company acquired Makin Jernih Sdn. Bhd.The company reported revenues of (Baht)
THB 357,175.19 million during the fiscal year ended December 2012, an increase
of 73.30% over 2011. The operating profit of the company was THB 30,071.18
million during the fiscal year 2012, an increase of 39.43% over 2011. The net
profit of the company was THB 18,789.93 million during the fiscal year 2012, an
increase of 16.59% over 2011.
Broilers and Other
Meat Type Chicken Production
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Strategic Initiatives
Key Organizational
Changes
To make matter
worse, over supply of swine, broiler and layer made market price for these
animals to be lowered than production cost. However, CPF’s growth and
profitability in other businesses remained favorable, particularly our ready
meal business. Acquisition of CP Pokphand Co., Ltd., with operations in China
and Vietnam, was also positive to CPF overall growth.
Planning
In the same month,
the company launched ready-to-eat rice. In January 2012, the company signed a
joint business planning agreement with E-Mart, the largest discount store chain
in Korea, with an aim of fostering the growth of CP Frozen Food products. Such
strategic initiatives would open new growth avenues for the company.Market
Potential - China's YouthThailand's processed and frozen-seafood products have
great potential to serve the youth of China, whose modern lifestyles and higher
purchasing power see them opting for meals that can be prepared quickly and
easily. Thai food exporters in general are looking to capture more of the
Chinese market, of which they currently have a 3% to 4% share. Chinese consumer's
purchasing power is still relatively high, as the impact of the global economic
downturn was less dramatic in China than in other countries.
Product
At present, the
Company has investments and operations in 12 countries with over 3 billion
population. We export to some 40 countries including the United States,
European Union and Japan. Our strategy to becoming top food company of the
World is through innovation, personnel development and research and
development. The Company also dedicates to providing products and services that
are of high quality, creating food security, as well as operating the business
with strict adherence to corporate social responsibility, environment
conservation and sound corporate governance. In addition to the above-mentioned,
CPF operates on three guiding principles - benefits to the country, benefits to
the society, and benefits to the Company.
Resource Management
Domestic demand
should increase marginally, while overseas markets such as Japan and the
European Union, which are the major customers for chicken, are likely to
increase their demand for imports of such produce. Considering the average
price of livestock products in 2013, chicken and swine prices are forecast to
rise due to higher costs and expected growth in demand, both domestically and
internationally. The company could benefit from such growth prospects in the
sector.Business Expansion InitiativesThe company continues to implement organic
and inorganic measures as a key part of its growth strategy. These strategic
moves are intended to supplement CPF’s growth and lead to enhancement of
business, adoption of new technologies and addition of new products, with wider
geographical reach. During the year, the company acquired a swine farming,
swine abattoir and retail business in Malaysia; a manufacturer and distributor
of animal feed in China as well as agro-industrial and food business in
Vietnam; and acquired Chester’s Food Co.
Overview
Charoen Pokphand
Foods Public Company Limited (CPF) is a food manufacturing company that
undertakes animal feed production, breeding animals, farming animals for
commercial purposes, meat processing and manufacturing processed food products.
Vertically integrated operations, geographic diversity and improvement in top-line
performance are its major strengths, even as huge debt is an area of concern
for the company. The company could benefit from various business expansion
activities, growth prospects in livestock sector and growth prospects in China.
However, various operational issues, stiff competition and high product costs
could pose challenges to the company.
Strengths
Top-line Performance
The company
reported improvement in its financial performance in 2012. For the fiscal year
ended December 2012, the company reported revenue of THB357,175m, reflecting an
increase of 73% over THB206,099m in 2011. The increase was driven by rise in
sales in both domestic and international market which grew 3% and 281%
respectively. Increase in domestic sales was driven by the rise in sales from
animal feed and food products. The company’s export sales increased Export 8%
to THB30,862m in 2012 from THB28,591m in 2011, due to an increase in the sales
of farm and food products. Continuous growth in top-line helps the company
enhance its overall profitability.
Geographical Diversity
The company has a
diversified global presence. By spreading its business across the world, CPF
managed to minimize the risks arising out of a specific geographical region.
The company exports its products to products to about 40 countries and has
investments in 12 countries such as China, Vietnam, Turkey, India, Malaysia,
the UK, Laos, Russia, Philippines and Taiwan as well as an associated company
in Cambodia. It is one of the leading global agro-industrial companies
undertaking animal farming and the manufacturing of animal feed and food
products. With overseas subsidiaries, the company exports meat, semi-cooked
meat, fully-cooked meat and ready-to-eat products under various brands. In
2012, the company generated 55.37% of the revenue from international
operations. The company’s diversified geographical presence ensures that it
remains shielded from macroeconomic risks associated with operational presence
in one location.
Vertically Integrated Operations
CPF is a
vertically integrated company, where the production of its food and livestock
products is backed by an extensive wholesale distribution network. The
integration has allowed it to deliver high quality products with low production
costs and high margins. The company’s operations include animal feed
production, breeding animals, farming animals for commercial purposes, meat
processing and manufacturing processed food products. CPF operates in three
product divisions, organized in two business segments, namely, the Livestock
business and the Aquaculture business. The company launched products under its
own brands in Thailand and overseas, and has set up a team of purchasing
experts especially to source raw materials for both livestock and aquatic feed
production. Its research and development activities stand as the backbone of
the company’s success in retaining its leadership in the agro-industrial and
food industry. The vertical integration helps CPF to differentiate its
operations from many of its competitors, on which it could leverage to create greater
value for customers in the production of its products.
Weaknesses
High Debt
Though the company
witnessed strong financial growth over the years, it is over leveraged due to
huge debt, which affects its earnings as a result of the additional interest
expense. In 2012, CPF’s total debt stood at THB146,202.65m, reflecting an
increase of 110.52% over THB69,449.23m in 2011. Total current liabilities of
the company increased 106.68% to THB95,218.41m from THB46,071.18m in 2011. As a
result, the company reported increase in its leverage ratios. In 2012, its debt
to equity ratio and debt to capital ratio were 139.87% and 67%, as compared to
108.25% and 86.83% respectively in 2011. In addition, the company’s current
ratio declined to 1.15 times, as compared to 1.66 times in 2011. Decline in
liquidity would make it difficult for the company to meet its increased
short-term liabilities. The company also reported decline in its interest
coverage ratio, which stood at 0.19 times as compared to 7.25 times in 2011.
High debt would force CPF to divert substantial portion of its cash flow from
operations to payments on its debt, thereby reducing the availability of cash
to fund capital expenditure, pursue other acquisitions and meet general
corporate requirements.
Opportunities
New Facilities
The company plans
to build more factories despite a loss in the first quarter of 2013. The
company would invest $205.16m to increase its production capacity with 50%
investment in chicken farms, 25% in the development of poultry feed factories
and the remaining 25% in food processing. The company would add two more
poultry feed factories in Bandung, West Java, and Mojokerto, East Java; a new
poultry slaughterhouse in Makassar, South Sulawesi, and three new food
processing factories and chick farms across Indonesia. The company intends to
enhance its production capacity by 33%, with production capacity of each
product increasing by no less than 10%. Currently, the company has about 6,000
tons per month of production capacity and predicts an increase to about 8,000
tons after the expansion.
Growth Prospects in Live Stock Sector
The company
estimates that, the live stock sector will expand by 1.8% to 2.8% in 2013. The
growth is expected due to various factors such as farm standards development,
capacity expansion, good farming management, and the continuous control and
monitoring of epidemics. The company expects domestic consumption and export
demand will continue to rise. Domestic demand should increase marginally, while
overseas markets such as Japan and the European Union, which are the major
customers for chicken, are likely to increase their demand for imports of such
produce. Considering the average price of livestock products in 2013, chicken
and swine prices are forecast to rise due to higher costs and expected growth
in demand, both domestically and internationally. The company could benefit
from such growth prospects in the sector.
Business Expansion Initiatives
The company
continues to implement organic and inorganic measures as a key part of its
growth strategy. These strategic moves are intended to supplement CPF’s
growth and lead to enhancement of business, adoption of new technologies and
addition of new products, with wider geographical reach. During the year, the company
acquired a swine farming, swine abattoir and retail business in Malaysia; a
manufacturer and distributor of animal feed in China as well as agro-industrial
and food business in Vietnam; and acquired Chester’s Food Co., Ltd. that
currently operates a fast food restaurant business in Thailand. In January
2013, the company entered into a joint business plan with Siammakro Plc to
develop products and distribution channel to serve demand of Makro customers.
In the same month, the company launched ready-to-eat rice. In January 2012, the
company signed a joint business planning agreement with E-Mart, the largest
discount store chain in Korea, with an aim of fostering the growth of CP Frozen
Food products. Such strategic initiatives would open new growth avenues for the
company.
Market Potential -
China's Youth
Thailand's
processed and frozen-seafood products have great potential to serve the youth
of China, whose modern lifestyles and higher purchasing power see them opting
for meals that can be prepared quickly and easily. Thai food exporters in
general are looking to capture more of the Chinese market, of which they
currently have a 3% to 4% share. Chinese consumer's purchasing power is still
relatively high, as the impact of the global economic downturn was less
dramatic in China than in other countries. The lifestyle of young Chinese, and
the middle class, has changed to resemble those in the West, with people living
in condominiums and eating fast food and ready-to-eat meals. Thailand's major
export markets for processed food products are concentrated mainly in the US,
the European Union and Japan. However, these markets have been hit by the
economic crisis, lowering the purchasing power of the consumers, who have
turned to cheaper goods. So far, orders have been strong for Thai ingredients
such as meatballs, beef, squid and shrimp. Chinese investors are also
interested in Thailand, owing to abundant availability of raw materials.
Though, Thai processed food and frozen-seafood prices have declined, the total
export volume has increased over the years.
Threats
High Production Costs
High production
costs could adversely affect the operational and financial performance of the
company. In 2012, the company faced many challenges related to fluctuation in
row material prices and higher costs. Severe drought in America and South
America caused prices of corn and soybean meal, sources of protein to animal
diets, to increase steeply. As a result, production cost of raising animal
protein increased accordingly. In addition, due to higher supply of swine,
broiler and layer, the market price of these animals were lowered as compared
to the production cost.
Operational Issues
Operational
hazards such as unpredictable weather conditions and disease outbreak could
adversely affect the operational and financial performance of the company. The
unpredictable world weather and ecological changes have caused floods and
drought to occur more frequently and have more severe affects than in the past.
These natural disasters adversely impact agricultural sector, including reduced
crop outputs used as raw material, damaged livestock farms and production,
higher transportation costs as well as overall costs of living and product
prices, As a producer of agricultural and food products, the company cannot
avoid or eliminate those risks arising from unpredictable weather and
environmental conditions. Although some animal diseases cannot spread to human
beings, disease outbreaks can cause panic and affect people’s confidence in
meat consumption, resulting in reduced volumes of meat consumption which may
directly affect the company’s business. As the country’s leading producer
and distributer of meat and processed food in domestic and international
markets, animal-disease outbreak in either Thailand or other countries is a
major risk for the company.
Competition
CPF operates in
livestock and aquaculture market which are highly competitive. The major
geographic markets in which the company operates are also highly competitive.
The competition has intensified considerably due to highly maturing and
saturating markets. CPF competes with major global players such as Emivest
Berhad, Kyokuyo Co., Ltd., Srithai Food and Beverage PLC, and Shandong Minhe
Animal Husbandry Co., Ltd., among others. The main factors for competition for
the company include price, product quality, brand reputation, customer service
and product features. Besides, decreasing barriers to entry have further
intensified competition. If the company is not able to maintain product quality
and consumer loyalty, rising competition will force the company to reduce its
prices which in turn may adversely affect its margins.
|
Corporate Family |
Corporate
Structure News: |
|
|
Charoen
Pokphand Group |
|
Charoen Pokphand Foods Public Co. Ltd. |
|
|
|
|
|
Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Parent |
Bangkok |
Thailand |
Crops |
|
250,000 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Retail (Grocery) |
6,071.3 |
31,713 |
|
|
|
Acquisition of
Siam Makro Public Company Limited proposed/announced.See corporate
structure news on
Charoen Pokphand Group for details |
|||||||
|
Subsidiary |
Lak Si, Bangkok |
Thailand |
Electronic Instruments and Controls |
|
1,000 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Computer Services |
|
600 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Fish and Livestock |
11,491.8 |
24,743 |
|
|
|
Subsidiary |
|
Hong Kong |
Food Processing |
4,959.1 |
35,000 |
|
|
|
Subsidiary |
Nanping, Fujian |
China |
Biotechnology and Drugs |
|
600 |
|
|
|
Subsidiary |
Istanbul |
Turkey |
Food Processing |
|
3,289 |
|
|
|
Subsidiary |
Beranang, Selangor |
Malaysia |
Food Processing |
109.5 |
130 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
100 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
100 |
|
|
|
Subsidiary |
Taipei |
Taiwan |
Food Processing |
|
100 |
|
|
|
Subsidiary |
San Fernando, Pampanga |
Philippines |
Fish and Livestock |
|
55 |
|
|
|
Subsidiary |
Sathorn |
Thailand |
Food Processing |
|
40 |
|
|
|
Subsidiary |
Selekoh, Perak |
Malaysia |
Fish and Livestock |
|
29 |
|
|
|
Subsidiary |
Waterloo |
Belgium |
Food Processing |
126.2 |
13 |
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Food Processing |
203.9 |
195 |
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.8 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.8 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.8 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.8 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.7 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.7 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.7 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.7 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.7 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.7 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.6 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.6 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.6 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.6 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.6 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.6 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.6 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.6 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.5 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.5 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.5 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.5 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.5 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.5 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.5 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.4 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.2 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
1.0 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
0.9 |
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
|
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
|
|
|
|
|
Subsidiary |
Kidderminster |
United Kingdom |
Personal and Household Products |
|
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Food Processing |
|
11 |
|
|
|
Subsidiary |
Chennai, Tamil Nadu |
India |
Fish and Livestock |
|
6 |
|
|
|
Subsidiary |
Varde |
Denmark |
Food Processing |
0.0 |
5 |
|
|
|
Subsidiary |
Moscow |
Russian Federation |
Food Processing |
|
3 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Crops |
858.5 |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Fish and Livestock |
|
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
|
|
Chia Tai Group Company Limited |
Subsidiary |
|
|
|
|
|
|
|
Subsidiary |
Ningbo, Zhejiang |
China |
Food Processing |
71.7 |
120 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Restaurants |
|
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Fish and Livestock |
|
|
|
|
|
Subsidiary |
Chachoengsao |
Thailand |
Food Processing |
|
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Business Services |
|
|
|
|
|
Subsidiary |
Saraburi |
Thailand |
Food Processing |
|
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Fish and Livestock |
|
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
|
|
Subsidiary |
Beihai, Guangxi |
China |
Food Processing |
|
|
|
|
|
Subsidiary |
Vientiane |
Lao People's Democratic Republic |
Fish and Livestock |
|
|
|
|
|
Subsidiary |
Haikou, Hainan |
China |
Fish and Livestock |
|
|
|
|
|
Subsidiary |
Surat Thani |
Thailand |
Fish and Livestock |
|
|
|
|
|
Subsidiary |
Ratchaburi |
Thailand |
Food Processing |
|
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Software and Programming |
|
|
|
|
|
Subsidiary |
Kuala Lumpur |
Malaysia |
Fish and Livestock |
|
|
|
|
|
Subsidiary |
Taipei |
Taiwan |
Personal and Household Products |
|
|
|
|
|
Subsidiary |
Lianyungang, Jiangsu |
China |
Food Processing |
|
|
|
|
|
Subsidiary |
Hong Kong |
Hong Kong |
Miscellaneous Financial Services |
|
3,000 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Communications Services |
2,875.8 |
2,703 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Communications Services |
1,217.8 |
2,900 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Broadcasting and Cable Television |
|
1,016 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Broadcasting and Cable Television |
|
954 |
|
|
|
Subsidiary |
Huai Khwang, Bangkok |
Thailand |
Communications Services |
24.2 |
27 |
|
|
|
Subsidiary |
Din Daeng, Bangkok |
Thailand |
Communications Services |
29.7 |
25 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Motion Pictures |
|
12 |
|
|
|
Subsidiary |
Huai Khwang, Bangkok |
Thailand |
Miscellaneous Financial Services |
11.3 |
|
|
|
|
Subsidiary |
Huai Khwang, Bangkok |
Thailand |
Business Services |
|
800 |
|
|
|
True Internet Company Limited |
Subsidiary |
|
|
|
|
|
|
|
Subsidiary |
Huai Khwang, Bangkok |
Thailand |
Communications Services |
|
103 |
|
|
|
Subsidiary |
Pelabuhan Klang, Selangor |
Malaysia |
Crops |
182.7 |
100 |
|
|
|
Subsidiary |
Pelabuhan Klang, Selangor |
Malaysia |
Food Processing |
|
260 |
|
|
|
Subsidiary |
Pelabuhan Klang, Selangor |
Malaysia |
Food Processing |
229.7 |
100 |
|
|
|
Subsidiary |
Kuala Lumpur |
Malaysia |
Fish and Livestock |
59.0 |
50 |
|
|
|
Subsidiary |
Pelabuhan Klang, Selangor |
Malaysia |
Food Processing |
101.6 |
|
|
|
|
Subsidiary |
Pelabuhan Klang, Selangor |
Malaysia |
Fish and Livestock |
0.0 |
|
|
|
|
Subsidiary |
Pelabuhan Klang, Selangor |
Malaysia |
Food Processing |
0.0 |
|
|
|
|
Subsidiary |
Huai Kwang, Bangkok |
Thailand |
Biotechnology and Drugs |
|
100 |
|
|
|
Subsidiary |
Singapore |
Singapore |
Food Processing |
70.2 |
58 |
|
|
|
Subsidiary |
Don Muang, Bangkok |
Thailand |
Miscellaneous Transportation |
6.4 |
50 |
|
|
|
Subsidiary |
Min Buri, Bangkok |
Thailand |
Food Processing |
|
30 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
|
|
Subsidiary |
Bien Hoa, Dong Nai Province |
Viet Nam |
Food Processing |
|
|
|
|
|
Subsidiary |
Bangrak |
Thailand |
Construction - Supplies and Fixtures |
|
|
|
|
|
Subsidiary |
Ningbo, Zhejiang |
China |
Fabricated Plastic and Rubber |
28.4 |
600 |
|
|
|
Subsidiary |
Bang Rak, Bangkok |
Thailand |
Textiles - Non Apparel |
|
|
|
|
|
Kasetphand Industry Company Limited |
Subsidiary |
|
|
|
|
|
|
|
Subsidiary |
Wang Noi, Phra Nakhon Si Ayutthaya |
Thailand |
Construction and Agriculture Machinery |
|
400 |
|
|
Executive report
|
Board of
Directors |
|
|
|
|
|||||||||
|
Chairman of the Board |
Chairman |
|
|||||||||
|
||||||||||||
|
Vice Chairman of the Board, Chairman of the Executive Board |
Chairman |
|
|
||||||||
|
||||||||||||
|
Vice Chairman |
Chairman |
|
|
||||||||
|
Board Member |
Vice-Chairman |
|
|
||||||||
|
||||||||||||
|
Vice Chairman of the Board |
Vice-Chairman |
|
|
||||||||
|
||||||||||||
|
Board Member |
Vice-Chairman |
|
|
||||||||
|
||||||||||||
|
Board Member |
Vice-Chairman |
|
|
||||||||
|
||||||||||||
|
Vice Chairman of the Board |
Vice-Chairman |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executive Director, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executive Vice President General Administrative Unit |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Chief Executive Officer, President, Executive Director, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
COO-Aquaculture Business |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executive Director, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Chief Operating Officer for Aquatic Breeds, Executive Director,
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
Chief Executive Officer, President, Executive Director, Director |
Chief Executive Officer |
|
|||||||||
|
||||||||||||
|
Chief Operating Officer for Land Animal
Business, Acting Deputy Managing Director of Land Animal Feeds |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Chief Operating Officer for International Trade |
Operations Executive |
|
|
||||||||
|
||||||||||||
|
Chief Operating Officer - Domestic Trading, Executive Vice President -
Livestock Food Processing Unit, and Acting Executive Vice President - Domestic
Trading Unit |
Operations Executive |
|
|
||||||||
|
||||||||||||
|
COO-Domestic Trading & Executive VP-Livestock Food Processing Unit |
Operations Executive |
|
|
||||||||
|
||||||||||||
|
COO-Aquaculture Business |
Operations Executive |
|
|
||||||||
|
||||||||||||
|
Chief Operating Officer for Aquatic Breeds, Executive Director,
Director |
Operations Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - General Administrative Unit |
Administration Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President General Administrative Unit |
Administration Executive |
|
|
||||||||
|
||||||||||||
|
Company Secretary |
Company Secretary |
|
|
||||||||
|
||||||||||||
|
Chief Financial Officer |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Aquatic Product Trading Strategy Unit |
Investment Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Human Resource
Unit |
Human Resources Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Marketing Unit |
Marketing Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Information
Technology and Application Unit |
Information Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Swine Breeding and Farming Research and
Development Unit |
Research & Development Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Ready Meal Research and Development Unit |
Research & Development Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President Aquatic Research & Development Unit |
Research & Development Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Aquatic Farming Unit and Aquatic Breeding
and Farming Research and Development Unit |
Research & Development Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President Poultry Breeding |
Research & Development Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Poultry Breeding and Farming Research and
Development Unit |
Research & Development Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Livestock Farming Unit |
Other |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Ready Meal Unit |
Other |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Aquatic Feed Unit |
Other |
|
|
||||||||
|
||||||||||||
|
Executive Vice President - Aquatic Food Processing Unit |
Other |
|
|
||||||||
|
||||||||||||
Significant Developments
Charoen Pokphand Foods PCL Consider Bidding For Smithfield Foods, Inc.- May 30, 2013
reported that Charoen Pokphand Foods Plc, controlled by Thai billionaire Dhanin Chearavanont had considered bidding for Smithfield Foods Inc. CP Foods declined to give more details due to a non-disclosure agreement.
Charoen Pokphand Foods PCL Establishes New Subsidiary May 13, 2013
Charoen Pokphand Foods PCL announced the establishment of a new subsidiary, namely IP (Thailand) Co., Ltd. IP (Thailand) Co., Ltd. will be engaged in investment. The Company holds 99.99% stake in IP (Thailand) Co., Ltd.
Charoen Pokphand Foods PCL Establishes New Subsidiary Apr 03, 2013
Charoen Pokphand Foods PCL announced the establishment of a new subsidiary, namely CP Food Investment Limited. CP Food Investment Limited will be engaged in investment in food business in China. CP China Investment Limited (CPCI) holds 100.00% stake in CP Food Investment Limited, whereby CPCI is a wholly owned subsidiary of the Company.
Charoen Pokphand Foods PCL Announces H2 2012 Cash Dividend Payment Feb 26, 2013
Charoen Pokphand Foods PCL announced a cash dividend of THB 0.50 per share for the second half of fiscal year 2012 (H2 2011: THB 0.60 per share). The payment date is May 23, 2013 and record date is May 8, 2013.
Charoen Pokphand Foods PCL's Sub-subsidiary Announces Establishment of New Subsidiary Jan 24, 2013
Charoen Pokphand Foods PCL announced that CP China Investment Ltd, a wholly owned subsidiary of C.P. Pokphand Co Ltd, a 76.13% owned subsidiary of the Company, will establish a new wholly owned subsidiary namely Chia Tai Food Enterprise (Qingdao) Co Ltd, a manufacturer and distributer of meat-processing, located in China, with the registered capital of USD 85,700,000. The transaction date will be within the first quarter of 2013.
Charoen Pokphand Foods PCL's Subsidiary Announces Stake Divestiture of CPF Logistics Co Ltd Dec 27, 2012
Charoen Pokphand Foods PCL announced that on December 27, 2012, C.P. Merchandising Co Ltd, a 99.99% owned subsidiary of the Company, has divested all 99.99% interest, worth THB 19.20 million since CPF Group has no intention to do business for commercial purpose.
Blackstone Group LP, China Firm Shortlisted For $1.5 Billion Ingham Chicken Deal; KKR & Co LP, Charoen Pokhand Foods PCL And Others Drop Out Of Bid- Nov 23, 2012
reported that Blackstone Group LP and China agribusiness company New Hope Group are through to the final round of bidding for Australia's poultry producer Inghams Enterprises, a deal that could be worth as much as AUD1.4 billion ($1.5 billion). Second-round bids are due by mid-December in the deal, which could be the private equity buyout in Asia this year. Blackstone is being advised by UK bank Barclays. Several other private equity funds, including Hong Kong-based Affinity Equity Partners, Bain Capital and KKR & Co LP, were initially drawn to the auction but did not lodge preliminary offers. Thailand's Charoen Pokhand Foods PCL also placed a preliminary bid, but has now dropped its interest in privately owned Ingham.
Charoen Pokphand Foods PCL Announces H1 2012 Interim Dividend Payment
Aug 10, 2012
Charoen Pokphand Foods PCL announced that it will pay an interim dividend for the first half of fiscal year 2012 of THB 0.60 per share, on September 7, 2012, to shareholders of record on August 24, 2012. The Company paid a dividend of THB 0.60 per share for the same period the year previous.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
KPMG Phoomchai
Audit Ltd. |
KPMG Phoomchai
Audit Ltd. |
KPMG Phoomchai
Audit Ltd. |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
11,491.8 |
6,760.7 |
5,959.0 |
4,807.9 |
4,682.3 |
|
Revenue |
11,491.8 |
6,760.7 |
5,959.0 |
4,807.9 |
4,682.3 |
|
Total Revenue |
11,491.8 |
6,760.7 |
5,959.0 |
4,807.9 |
4,682.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
10,161.8 |
5,658.2 |
5,030.1 |
3,957.6 |
4,067.9 |
|
Cost of Revenue, Total |
10,161.8 |
5,658.2 |
5,030.1 |
3,957.6 |
4,067.9 |
|
Gross Profit |
1,330.0 |
1,102.6 |
929.0 |
850.3 |
614.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
404.6 |
201.1 |
177.4 |
511.4 |
494.2 |
|
Labor & Related Expense |
558.8 |
355.1 |
311.6 |
17.0 |
15.3 |
|
Advertising Expense |
49.4 |
42.9 |
34.3 |
- |
- |
|
Total Selling/General/Administrative Expenses |
1,012.8 |
599.2 |
523.2 |
528.4 |
509.4 |
|
Depreciation |
57.3 |
21.1 |
25.4 |
- |
- |
|
Amortization of Acquisition Costs |
- |
- |
- |
-13.2 |
0.0 |
|
Depreciation/Amortization |
57.3 |
21.1 |
25.4 |
-13.2 |
0.0 |
|
Interest Income -
Operating |
-9.2 |
-8.2 |
-3.6 |
-1.7 |
-2.4 |
|
Investment Income -
Operating |
-611.3 |
-180.5 |
-141.3 |
-51.9 |
-46.0 |
|
Interest/Investment Income - Operating |
-620.5 |
-188.7 |
-144.8 |
-53.6 |
-48.4 |
|
Interest Expense (Income) - Net Operating Total |
-620.5 |
-188.7 |
-144.8 |
-53.6 |
-48.4 |
|
Other, Net |
-87.2 |
-36.4 |
-44.4 |
-44.7 |
-32.8 |
|
Other Operating Expenses, Total |
-87.2 |
-36.4 |
-44.4 |
-44.7 |
-32.8 |
|
Total Operating Expense |
10,524.3 |
6,053.3 |
5,389.5 |
4,374.5 |
4,496.1 |
|
|
|
|
|
|
|
|
Operating Income |
967.5 |
707.5 |
569.6 |
433.4 |
186.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-205.2 |
-79.8 |
-57.5 |
-56.8 |
-83.0 |
|
Interest Expense, Net Non-Operating |
-205.2 |
-79.8 |
-57.5 |
-56.8 |
-83.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-205.2 |
-79.8 |
-57.5 |
-56.8 |
-83.0 |
|
Income Before Tax |
762.3 |
627.7 |
512.1 |
376.6 |
103.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
86.1 |
95.1 |
75.3 |
74.0 |
6.5 |
|
Income After Tax |
676.3 |
532.6 |
436.8 |
302.6 |
96.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-71.7 |
-3.9 |
-9.3 |
-5.8 |
-2.9 |
|
Net Income Before Extraord Items |
604.6 |
528.7 |
427.5 |
296.8 |
93.8 |
|
Net Income |
604.6 |
528.7 |
427.5 |
296.8 |
93.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
604.6 |
528.7 |
427.5 |
296.8 |
93.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
604.6 |
528.7 |
427.5 |
296.8 |
93.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
7,266.0 |
6,656.0 |
6,656.0 |
6,710.0 |
7,114.0 |
|
Basic EPS Excl Extraord Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Basic/Primary EPS Incl Extraord Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
604.6 |
528.7 |
427.5 |
296.8 |
93.8 |
|
Diluted Weighted Average Shares |
7,266.0 |
6,656.0 |
6,656.0 |
6,710.0 |
7,114.0 |
|
Diluted EPS Excl Extraord Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Diluted EPS Incl Extraord Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Dividends per Share - Common Stock Primary Issue |
0.04 |
0.04 |
0.03 |
0.01 |
0.00 |
|
Gross Dividends - Common Stock |
299.0 |
265.9 |
222.2 |
68.1 |
36.8 |
|
Interest Expense, Supplemental |
205.2 |
79.8 |
57.5 |
56.8 |
83.0 |
|
Depreciation, Supplemental |
209.6 |
152.8 |
148.9 |
133.2 |
134.9 |
|
Total Special Items |
- |
- |
- |
-13.2 |
0.0 |
|
Normalized Income Before Tax |
762.3 |
627.7 |
512.1 |
363.4 |
103.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
- |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
86.1 |
95.1 |
75.3 |
74.0 |
6.5 |
|
Normalized Income After Tax |
676.3 |
532.6 |
436.8 |
289.4 |
96.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
604.6 |
528.7 |
427.5 |
283.6 |
93.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Diluted Normalized EPS |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
- |
-13.2 |
0.0 |
|
Amort of Intangibles, Supplemental |
21.3 |
2.7 |
2.4 |
1.8 |
1.8 |
|
Rental Expenses |
91.5 |
57.6 |
48.1 |
- |
- |
|
Advertising Expense, Supplemental |
68.6 |
56.1 |
47.3 |
30.8 |
28.4 |
|
Normalized EBIT |
347.1 |
518.7 |
424.7 |
379.8 |
137.7 |
|
Normalized EBITDA |
577.9 |
674.2 |
576.0 |
501.6 |
274.5 |
|
Current Tax - Other |
-1.3 |
0.9 |
-1.1 |
- |
- |
|
Current Tax - Total |
114.2 |
102.3 |
68.9 |
34.7 |
16.0 |
|
Current Tax - Total |
112.9 |
103.2 |
67.8 |
34.7 |
16.0 |
|
Deferred Tax - Other |
-26.8 |
-8.1 |
- |
- |
- |
|
Deferred Tax - Total |
- |
- |
7.4 |
39.2 |
-9.4 |
|
Deferred Tax - Total |
-26.8 |
-8.1 |
7.4 |
39.2 |
-9.4 |
|
Other Tax |
- |
- |
0.0 |
- |
- |
|
Income Tax - Total |
86.1 |
95.1 |
75.3 |
74.0 |
6.5 |
|
Interest Cost - Domestic |
7.2 |
7.1 |
- |
- |
- |
|
Service Cost - Domestic |
11.0 |
9.3 |
- |
- |
- |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
- |
- |
- |
|
Domestic Pension Plan Expense |
18.2 |
16.4 |
- |
- |
- |
|
Total Pension Expense |
18.2 |
16.4 |
- |
- |
- |
|
Discount Rate - Domestic |
1.50% |
2.25% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
1.50% |
2.00% |
- |
- |
- |
|
Compensation Rate - Domestic |
8.00% |
10.00% |
- |
- |
- |
|
Total Plan Interest Cost |
7.2 |
7.1 |
- |
- |
- |
|
Total Plan Service Cost |
11.0 |
9.3 |
- |
- |
- |
|
Total Plan Expected Return |
0.0 |
0.0 |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
30.59 |
31.55 |
30.145 |
33.34 |
34.78 |
|
Auditor |
KPMG Phoomchai
Audit Ltd. |
KPMG Phoomchai
Audit Ltd. |
KPMG Phoomchai
Audit Ltd. |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
376.6 |
168.0 |
- |
- |
- |
|
Cash & Equivalents |
24.1 |
603.5 |
257.5 |
315.6 |
99.3 |
|
Short Term Investments |
6.5 |
0.0 |
0.0 |
0.0 |
- |
|
Cash and Short Term Investments |
407.2 |
771.5 |
257.5 |
315.6 |
99.3 |
|
Accounts Receivable -
Trade, Gross |
777.8 |
508.6 |
- |
442.9 |
415.3 |
|
Provision for Doubtful
Accounts |
-16.8 |
-11.3 |
- |
-12.1 |
-9.4 |
|
Trade Accounts Receivable - Net |
761.0 |
497.4 |
510.4 |
430.7 |
405.8 |
|
Notes Receivable - Short Term |
630.9 |
396.7 |
338.9 |
0.0 |
- |
|
Other Receivables |
- |
- |
- |
7.7 |
7.7 |
|
Total Receivables, Net |
1,391.9 |
894.0 |
849.2 |
438.4 |
413.6 |
|
Inventories - Finished Goods |
510.6 |
314.1 |
- |
191.5 |
200.0 |
|
Inventories - Work In Progress |
20.3 |
16.8 |
- |
253.8 |
251.2 |
|
Inventories - Raw Materials |
1,056.0 |
348.2 |
- |
347.7 |
352.5 |
|
Inventories - Other |
-6.9 |
-6.2 |
- |
-4.7 |
-1.8 |
|
Total Inventory |
1,580.1 |
673.0 |
726.6 |
788.4 |
801.8 |
|
Prepaid Expenses |
69.3 |
29.1 |
29.5 |
30.2 |
10.4 |
|
Other Current Assets |
121.3 |
57.1 |
35.6 |
30.0 |
33.8 |
|
Other Current Assets, Total |
121.3 |
57.1 |
35.6 |
30.0 |
33.8 |
|
Total Current Assets |
3,569.8 |
2,424.8 |
1,898.4 |
1,602.7 |
1,358.8 |
|
|
|
|
|
|
|
|
Buildings |
1,580.6 |
1,095.8 |
1,071.5 |
961.2 |
859.3 |
|
Land/Improvements |
713.4 |
445.1 |
448.5 |
431.7 |
373.7 |
|
Machinery/Equipment |
1,666.4 |
1,177.7 |
1,147.9 |
1,020.9 |
918.0 |
|
Construction in Progress |
434.4 |
183.2 |
116.8 |
68.6 |
70.2 |
|
Property/Plant/Equipment - Gross |
4,394.8 |
2,901.9 |
2,784.7 |
2,482.4 |
2,221.3 |
|
Accumulated Depreciation |
-1,426.1 |
-1,252.9 |
-1,220.8 |
-1,056.4 |
-903.5 |
|
Property/Plant/Equipment - Net |
2,968.7 |
1,649.0 |
1,563.8 |
1,426.0 |
1,317.8 |
|
Goodwill - Gross |
- |
- |
- |
14.1 |
13.1 |
|
Accumulated Goodwill Amortization |
- |
- |
- |
-0.8 |
-0.8 |
|
Goodwill, Net |
1,791.2 |
13.3 |
14.7 |
13.3 |
12.3 |
|
Intangibles - Gross |
314.6 |
28.5 |
27.3 |
21.4 |
19.2 |
|
Accumulated Intangible Amortization |
-35.5 |
-13.4 |
-11.4 |
-8.2 |
-6.1 |
|
Intangibles, Net |
279.1 |
15.1 |
15.9 |
13.2 |
13.1 |
|
LT Investment - Affiliate Companies |
1,163.0 |
784.0 |
520.1 |
358.3 |
295.2 |
|
LT Investments - Other |
128.8 |
69.6 |
75.2 |
- |
7.7 |
|
Long Term Investments |
1,291.8 |
853.6 |
595.3 |
358.3 |
303.0 |
|
Note Receivable - Long Term |
170.0 |
67.2 |
61.4 |
0.0 |
- |
|
Deferred Income Tax - Long Term Asset |
25.7 |
44.6 |
54.6 |
33.3 |
65.6 |
|
Restricted Cash - Long Term |
7.2 |
3.2 |
5.3 |
9.0 |
9.9 |
|
Other Long Term Assets |
48.3 |
16.7 |
16.0 |
14.4 |
10.6 |
|
Other Long Term Assets, Total |
81.3 |
64.5 |
75.9 |
56.7 |
86.1 |
|
Total Assets |
10,151.8 |
5,087.4 |
4,225.4 |
3,470.3 |
3,091.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
674.1 |
371.9 |
322.0 |
273.1 |
218.7 |
|
Accrued Expenses |
167.7 |
61.6 |
62.1 |
51.2 |
33.6 |
|
Notes Payable/Short Term Debt |
1,727.1 |
725.7 |
333.4 |
292.3 |
602.7 |
|
Current Portion - Long Term Debt/Capital Leases |
304.2 |
180.3 |
268.3 |
188.8 |
234.5 |
|
Income Taxes Payable |
43.4 |
49.2 |
39.9 |
25.4 |
8.6 |
|
Other Current Liabilities |
196.3 |
71.6 |
63.2 |
70.1 |
60.8 |
|
Other Current liabilities, Total |
239.7 |
120.8 |
103.1 |
95.5 |
69.4 |
|
Total Current Liabilities |
3,112.7 |
1,460.3 |
1,089.0 |
900.9 |
1,158.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,747.4 |
1,295.3 |
945.8 |
802.6 |
528.0 |
|
Capital Lease Obligations |
0.7 |
0.0 |
0.0 |
- |
- |
|
Total Long Term Debt |
2,748.1 |
1,295.3 |
945.8 |
802.6 |
528.0 |
|
Total Debt |
4,779.4 |
2,201.2 |
1,547.5 |
1,283.7 |
1,365.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
165.8 |
53.7 |
87.4 |
86.4 |
77.3 |
|
Deferred Income Tax |
165.8 |
53.7 |
87.4 |
86.4 |
77.3 |
|
Minority Interest |
531.5 |
92.6 |
98.2 |
92.8 |
14.3 |
|
Reserves |
12.8 |
2.1 |
2.1 |
31.3 |
17.1 |
|
Pension Benefits - Underfunded |
164.0 |
150.0 |
145.2 |
- |
- |
|
Other Liabilities, Total |
176.8 |
152.1 |
147.3 |
31.3 |
17.1 |
|
Total Liabilities |
6,735.0 |
3,053.9 |
2,367.7 |
1,914.0 |
1,795.8 |
|
|
|
|
|
|
|
|
Common Stock |
253.1 |
238.3 |
249.5 |
225.6 |
216.2 |
|
Common Stock |
253.1 |
238.3 |
249.5 |
225.6 |
216.2 |
|
Additional Paid-In Capital |
1,305.4 |
521.0 |
545.2 |
562.9 |
539.6 |
|
Retained Earnings (Accumulated Deficit) |
1,751.9 |
1,383.1 |
1,167.1 |
876.2 |
612.7 |
|
Treasury Stock - Common |
-37.1 |
-90.5 |
-94.7 |
-85.6 |
-60.9 |
|
Translation Adjustment |
- |
- |
- |
-46.8 |
-29.0 |
|
Other Equity |
143.5 |
-18.5 |
-9.4 |
24.0 |
16.7 |
|
Other Equity, Total |
143.5 |
-18.5 |
-9.4 |
-22.9 |
-12.3 |
|
Total Equity |
3,416.9 |
2,033.4 |
1,857.7 |
1,556.2 |
1,295.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
10,151.8 |
5,087.4 |
4,225.4 |
3,470.3 |
3,091.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
7,452.1 |
4,665.0 |
4,665.0 |
4,665.0 |
7,118.4 |
|
Total Common Shares Outstanding |
7,452.1 |
4,665.0 |
4,665.0 |
4,665.0 |
7,118.4 |
|
Treasury Shares - Common Stock Primary Issue |
290.8 |
2,855.0 |
2,855.0 |
2,855.0 |
401.6 |
|
Employees |
- |
24,743 |
25,422 |
- |
23,774 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
- |
0.8 |
0.8 |
|
Accumulated Intangible Amort, Suppl. |
35.5 |
13.4 |
11.4 |
8.2 |
6.1 |
|
Total Long Term Debt, Supplemental |
4,775.8 |
2,200.9 |
- |
1,283.5 |
1,364.5 |
|
Long Term Debt Maturing within 1 Year |
2,031.1 |
905.9 |
- |
481.0 |
836.6 |
|
Long Term Debt Maturing in Year 2 |
326.1 |
157.2 |
- |
170.6 |
132.0 |
|
Long Term Debt Maturing in Year 3 |
326.1 |
157.2 |
- |
170.6 |
132.0 |
|
Long Term Debt Maturing in Year 4 |
326.1 |
157.2 |
- |
170.6 |
132.0 |
|
Long Term Debt Maturing in Year 5 |
326.1 |
157.2 |
- |
170.6 |
132.0 |
|
Long Term Debt Maturing in 2-3 Years |
652.1 |
314.3 |
- |
341.3 |
263.9 |
|
Long Term Debt Maturing in 4-5 Years |
652.1 |
314.3 |
- |
341.3 |
263.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
1,440.4 |
666.4 |
- |
120.0 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
- |
- |
- |
0.7 |
|
Capital Lease Payments Due in Year 1 |
- |
- |
- |
- |
0.6 |
|
Capital Lease Payments Due in Year 2 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in Year 3 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in Year 4 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in Year 5 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
- |
- |
- |
- |
0.1 |
|
Capital Lease Payments Due in 4-5 Years |
- |
- |
- |
- |
0.1 |
|
Total Operating Leases, Supplemental |
424.1 |
125.8 |
- |
66.4 |
54.9 |
|
Operating Lease Payments Due in Year 1 |
61.8 |
34.2 |
- |
23.2 |
21.4 |
|
Operating Lease Payments Due in Year 2 |
36.1 |
13.5 |
- |
8.3 |
7.0 |
|
Operating Lease Payments Due in Year 3 |
36.1 |
13.5 |
- |
8.3 |
7.0 |
|
Operating Lease Payments Due in Year 4 |
36.1 |
13.5 |
- |
8.3 |
7.0 |
|
Operating Lease Payments Due in Year 5 |
36.1 |
13.5 |
- |
8.3 |
7.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
72.2 |
27.0 |
- |
16.6 |
13.9 |
|
Operating Lease Pymts. Due in 4-5 Years |
72.2 |
27.0 |
- |
16.6 |
13.9 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
217.9 |
37.5 |
- |
9.9 |
5.5 |
|
Pension Obligation - Domestic |
19.5 |
23.8 |
- |
- |
- |
|
Plan Assets - Domestic |
2.3 |
1.9 |
- |
- |
- |
|
Funded Status - Domestic |
-17.1 |
-22.0 |
- |
- |
- |
|
Unfunded Plan Obligations |
146.8 |
128.1 |
- |
- |
- |
|
Total Funded Status |
-164.0 |
-150.0 |
- |
- |
- |
|
Discount Rate - Domestic |
1.50% |
2.25% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
1.50% |
2.00% |
- |
- |
- |
|
Compensation Rate - Domestic |
8.00% |
10.00% |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-164.0 |
-150.0 |
-145.2 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-164.0 |
-150.0 |
-145.2 |
- |
- |
|
Total Plan Obligations |
166.3 |
151.9 |
- |
- |
- |
|
Total Plan Assets |
2.3 |
1.9 |
- |
- |
- |
|
|
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
KPMG Phoomchai
Audit Ltd. |
KPMG Phoomchai
Audit Ltd. |
KPMG Phoomchai
Audit Ltd. |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
676.3 |
532.6 |
436.8 |
302.6 |
96.6 |
|
Depreciation |
209.6 |
152.8 |
148.9 |
133.2 |
134.9 |
|
Depreciation/Depletion |
209.6 |
152.8 |
148.9 |
133.2 |
134.9 |
|
Amortization of Intangibles |
26.5 |
2.7 |
2.4 |
1.8 |
1.8 |
|
Amortization of Acquisition Costs |
- |
- |
- |
-13.2 |
- |
|
Amortization |
26.5 |
2.7 |
2.4 |
-11.4 |
1.8 |
|
Unusual Items |
-229.9 |
-121.6 |
-24.8 |
1.4 |
2.4 |
|
Equity in Net Earnings (Loss) |
-133.2 |
-126.7 |
-79.2 |
-46.4 |
-34.8 |
|
Other Non-Cash Items |
-66.5 |
176.1 |
133.1 |
135.3 |
86.8 |
|
Non-Cash Items |
-429.6 |
-72.2 |
29.1 |
90.4 |
54.4 |
|
Accounts Receivable |
-137.5 |
-6.0 |
-44.3 |
29.5 |
-38.0 |
|
Inventories |
-327.7 |
8.2 |
-263.6 |
88.2 |
-54.1 |
|
Other Assets |
41.4 |
-20.2 |
2.3 |
-8.9 |
-10.1 |
|
Accounts Payable |
100.6 |
68.2 |
44.6 |
29.0 |
15.3 |
|
Other Liabilities |
1.3 |
5.2 |
4.9 |
19.1 |
4.6 |
|
Other Operating Cash Flow |
-143.9 |
-95.3 |
-59.1 |
-20.9 |
-12.2 |
|
Changes in Working Capital |
-465.7 |
-40.0 |
-315.2 |
135.9 |
-94.5 |
|
Cash from Operating Activities |
17.0 |
576.0 |
302.0 |
650.7 |
193.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-641.8 |
-337.5 |
-203.6 |
-122.9 |
-157.6 |
|
Purchase/Acquisition of Intangibles |
-12.0 |
-4.1 |
-2.2 |
-1.4 |
-3.7 |
|
Capital Expenditures |
-653.8 |
-341.5 |
-205.8 |
-124.3 |
-161.3 |
|
Acquisition of Business |
- |
- |
- |
-18.1 |
- |
|
Sale of Fixed Assets |
4.1 |
3.1 |
5.5 |
2.5 |
2.3 |
|
Sale/Maturity of Investment |
261.8 |
52.3 |
19.6 |
0.0 |
0.1 |
|
Purchase of Investments |
-287.3 |
-228.5 |
-144.7 |
-33.0 |
-8.0 |
|
Sale of Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow |
-1,239.0 |
53.8 |
73.4 |
29.7 |
22.6 |
|
Other Investing Cash Flow Items, Total |
-1,260.4 |
-119.3 |
-46.2 |
-18.9 |
17.0 |
|
Cash from Investing Activities |
-1,914.2 |
-460.8 |
-252.0 |
-143.2 |
-144.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-80.9 |
-79.2 |
-64.4 |
-140.3 |
-110.9 |
|
Financing Cash Flow Items |
-80.9 |
-79.2 |
-64.4 |
-140.3 |
-110.9 |
|
Cash Dividends Paid - Common |
-285.2 |
-251.0 |
-209.8 |
-66.6 |
-35.6 |
|
Total Cash Dividends Paid |
-285.2 |
-251.0 |
-209.8 |
-66.6 |
-35.6 |
|
Sale/Issuance of
Common |
- |
- |
0.0 |
0.0 |
0.0 |
|
Common Stock, Net |
- |
- |
0.0 |
0.0 |
0.0 |
|
Treasury Stock |
41.9 |
0.0 |
- |
-6.8 |
-41.8 |
|
Issuance (Retirement) of Stock, Net |
41.9 |
0.0 |
0.0 |
-6.8 |
-41.8 |
|
Short Term Debt Issued |
418.5 |
422.8 |
20.9 |
- |
- |
|
Short Term Debt
Reduction |
-3.4 |
0.0 |
- |
-351.0 |
30.1 |
|
Short Term Debt, Net |
415.1 |
422.8 |
20.9 |
-351.0 |
30.1 |
|
Long Term Debt Issued |
1,712.1 |
602.9 |
312.7 |
428.2 |
218.1 |
|
Long Term Debt
Reduction |
-308.6 |
-268.3 |
-198.1 |
-158.9 |
-98.1 |
|
Long Term Debt, Net |
1,403.5 |
334.6 |
114.6 |
269.3 |
120.0 |
|
Issuance (Retirement) of Debt, Net |
1,818.7 |
757.4 |
135.5 |
-81.8 |
150.1 |
|
Cash from Financing Activities |
1,494.5 |
427.2 |
-138.7 |
-295.4 |
-38.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
24.9 |
-9.6 |
1.6 |
-4.5 |
3.8 |
|
Net Change in Cash |
-377.8 |
532.7 |
-87.0 |
207.6 |
14.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
772.0 |
254.4 |
331.5 |
98.7 |
87.1 |
|
Net Cash - Ending Balance |
394.1 |
787.1 |
244.4 |
306.3 |
101.6 |
|
Cash Interest Paid |
177.2 |
74.0 |
54.4 |
58.9 |
67.6 |
|
Cash Taxes Paid |
143.9 |
95.3 |
59.1 |
20.9 |
12.2 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
KPMG Phoomchai
Audit Ltd. |
KPMG Phoomchai
Audit Ltd. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenue from sale of goods |
11,491.8 |
6,760.7 |
5,959.0 |
4,807.9 |
4,682.3 |
|
Total Revenue |
11,491.8 |
6,760.7 |
5,959.0 |
4,807.9 |
4,682.3 |
|
|
|
|
|
|
|
|
Interest Income |
-9.2 |
-8.2 |
-3.6 |
-1.7 |
-2.4 |
|
Dividend Income |
-1.2 |
-1.2 |
-1.1 |
-0.4 |
-0.6 |
|
Net foreign exchange gain |
0.0 |
-6.4 |
-31.8 |
-5.5 |
-11.2 |
|
Negative Goodwill |
- |
- |
- |
-13.2 |
0.0 |
|
Gain on sale of investments |
-193.3 |
-44.6 |
-30.3 |
0.0 |
- |
|
Other Income |
-86.0 |
-35.3 |
-43.4 |
-44.3 |
-32.2 |
|
Cost of Sales |
10,161.8 |
5,658.2 |
5,030.1 |
3,957.6 |
4,067.9 |
|
Employee Benefit Expenses - Selling |
211.4 |
105.2 |
89.2 |
- |
- |
|
Advertising and Promotion Expenses |
49.4 |
42.9 |
34.3 |
- |
- |
|
Depreciation and Amortion - Selling |
29.4 |
9.8 |
9.0 |
- |
- |
|
Selling Expense |
198.1 |
84.0 |
77.8 |
230.0 |
239.5 |
|
Employee Benefit Expenses - Admin |
347.4 |
250.0 |
200.0 |
- |
- |
|
Depreciation and Amort - Admin |
27.9 |
11.3 |
16.4 |
- |
- |
|
Admin. Expense |
206.5 |
117.2 |
99.6 |
281.4 |
254.6 |
|
G on cha. in fair value of of bio. |
-7.4 |
-2.9 |
- |
0.0 |
- |
|
Director's Fees |
- |
- |
22.3 |
17.0 |
15.3 |
|
Share of profits of ass./JC entities |
-133.2 |
-126.7 |
-79.2 |
-46.4 |
-34.8 |
|
Net foreign exchange losses |
1.7 |
0.0 |
- |
- |
- |
|
G on cha. in fair value of of inv. in a |
-279.1 |
0.0 |
- |
- |
- |
|
Rounding Adjustment |
- |
- |
0.0 |
- |
- |
|
Total Operating Expense |
10,524.3 |
6,053.3 |
5,389.5 |
4,374.5 |
4,496.1 |
|
|
|
|
|
|
|
|
Interest Expense |
-205.2 |
-79.8 |
-57.5 |
-56.8 |
-83.0 |
|
Net Income Before Taxes |
762.3 |
627.7 |
512.1 |
376.6 |
103.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
86.1 |
95.1 |
75.3 |
74.0 |
6.5 |
|
Net Income After Taxes |
676.3 |
532.6 |
436.8 |
302.6 |
96.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-71.7 |
-3.9 |
-9.3 |
-5.8 |
-2.9 |
|
Net Income Before Extra. Items |
604.6 |
528.7 |
427.5 |
296.8 |
93.8 |
|
Net Income |
604.6 |
528.7 |
427.5 |
296.8 |
93.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
604.6 |
528.7 |
427.5 |
296.8 |
93.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
604.6 |
528.7 |
427.5 |
296.8 |
93.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
7,266.0 |
6,656.0 |
6,656.0 |
6,710.0 |
7,114.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Basic EPS Including ExtraOrdinary Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
604.6 |
528.7 |
427.5 |
296.8 |
93.8 |
|
Diluted Weighted Average Shares |
7,266.0 |
6,656.0 |
6,656.0 |
6,710.0 |
7,114.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Diluted EPS Including ExtraOrd Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
DPS-Ordinary Shares |
0.04 |
0.04 |
0.03 |
0.01 |
0.00 |
|
Gross Dividends - Common Stock |
299.0 |
265.9 |
222.2 |
68.1 |
36.8 |
|
Normalized Income Before Taxes |
762.3 |
627.7 |
512.1 |
363.4 |
103.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
86.1 |
95.1 |
75.3 |
74.0 |
6.5 |
|
Normalized Income After Taxes |
676.3 |
532.6 |
436.8 |
289.4 |
96.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
604.6 |
528.7 |
427.5 |
283.6 |
93.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Diluted Normalized EPS |
0.08 |
0.08 |
0.06 |
0.04 |
0.01 |
|
Interest Expense |
205.2 |
79.8 |
57.5 |
56.8 |
83.0 |
|
Amortization Intangibles |
21.3 |
2.7 |
2.4 |
1.8 |
1.8 |
|
Amortization of Goodwill |
- |
- |
- |
0.0 |
0.0 |
|
Depreciation |
209.6 |
152.8 |
148.9 |
133.2 |
134.9 |
|
Rental Expense |
91.5 |
57.6 |
48.1 |
- |
- |
|
Advertising Expenses |
68.6 |
56.1 |
47.3 |
30.8 |
28.4 |
|
Negative Goodwill |
- |
- |
- |
-13.2 |
0.0 |
|
Current Tax |
114.2 |
102.3 |
68.9 |
34.7 |
16.0 |
|
Prior Year Domestic Tax |
-1.3 |
0.9 |
-1.1 |
- |
- |
|
Current Tax - Total |
112.9 |
103.2 |
67.8 |
34.7 |
16.0 |
|
Deferred Tax |
- |
- |
7.4 |
39.2 |
-9.4 |
|
Movements in temporary differences |
-6.8 |
-3.1 |
- |
- |
- |
|
Income tax reduction |
0.0 |
3.0 |
- |
- |
- |
|
Benefit of tax losses recognised |
-20.0 |
-7.9 |
- |
- |
- |
|
Deferred Tax - Total |
-26.8 |
-8.1 |
7.4 |
39.2 |
-9.4 |
|
Rounding Adjustment |
- |
- |
0.0 |
- |
- |
|
Income Tax - Total |
86.1 |
95.1 |
75.3 |
74.0 |
6.5 |
|
Service Cost - Domestic |
11.0 |
9.3 |
- |
- |
- |
|
Interest Cost - Domestic |
7.2 |
7.1 |
- |
- |
- |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
- |
- |
- |
|
Domestic Pension Plan Expense |
18.2 |
16.4 |
- |
- |
- |
|
Total Pension Expense |
18.2 |
16.4 |
- |
- |
- |
|
Discount Rate - Domestic |
1.50% |
2.25% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
1.50% |
2.00% |
- |
- |
- |
|
Compensation Rate - Domestic |
8.00% |
10.00% |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
30.59 |
31.55 |
30.145 |
33.34 |
34.78 |
|
Auditor |
KPMG Phoomchai
Audit Ltd. |
KPMG Phoomchai
Audit Ltd. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
- |
- |
257.5 |
315.6 |
99.3 |
|
Cash/Bank |
376.6 |
168.0 |
- |
- |
- |
|
Cash Equivalents |
24.1 |
603.5 |
- |
- |
- |
|
Accounts receivable - trade and others |
- |
- |
510.4 |
- |
- |
|
Current biological assets |
630.9 |
396.7 |
338.9 |
0.0 |
- |
|
Current Port. of LT Recvl. fr. Related |
- |
- |
- |
7.7 |
7.7 |
|
ST loans fr JC |
6.5 |
0.0 |
0.0 |
0.0 |
- |
|
Assoc/Relat Comp |
173.0 |
76.2 |
- |
39.6 |
44.9 |
|
Non-Related Comp |
604.9 |
432.4 |
- |
403.3 |
370.4 |
|
Doubtul Accounts |
-16.8 |
-11.3 |
- |
-12.1 |
-9.4 |
|
Inventories |
- |
- |
726.6 |
- |
- |
|
Raw Matetials |
1,019.1 |
322.1 |
- |
257.6 |
267.5 |
|
Chemicals/Suppli |
36.9 |
26.1 |
- |
17.5 |
16.9 |
|
Work In Progress |
20.3 |
16.8 |
- |
253.8 |
251.2 |
|
Swine/Poultry |
- |
- |
- |
72.7 |
68.1 |
|
Finished Goods |
361.3 |
253.9 |
- |
152.9 |
167.8 |
|
Inv. In Transit |
149.3 |
60.3 |
- |
38.6 |
32.2 |
|
Decline Val Inv |
-6.9 |
-6.2 |
- |
-4.7 |
-1.8 |
|
Accrued dividend income from subsidiari |
- |
- |
- |
0.0 |
- |
|
Advance Payment for Goods |
32.9 |
12.6 |
15.2 |
17.3 |
2.0 |
|
Prepaid Expenses |
36.4 |
16.5 |
14.3 |
12.9 |
8.4 |
|
Other current assets |
121.3 |
57.1 |
35.6 |
30.0 |
33.8 |
|
Rounding Adjustment |
- |
- |
- |
0.0 |
0.0 |
|
Total Current Assets |
3,569.8 |
2,424.8 |
1,898.4 |
1,602.7 |
1,358.8 |
|
|
|
|
|
|
|
|
Investments in jointly-controlled entiti |
107.3 |
0.0 |
0.0 |
0.0 |
- |
|
Available-for-sale investments |
80.2 |
43.5 |
45.6 |
- |
- |
|
Associate Invest |
1,005.7 |
741.8 |
492.1 |
316.6 |
261.6 |
|
Investment properties |
48.5 |
26.1 |
29.6 |
- |
- |
|
Investments in related companies |
49.2 |
42.2 |
28.0 |
35.3 |
28.9 |
|
Investments in other companies |
0.9 |
0.0 |
0.0 |
6.4 |
4.7 |
|
Land Held for Future Development |
- |
- |
- |
33.6 |
32.4 |
|
Non-current biological assets |
170.0 |
67.2 |
61.4 |
0.0 |
- |
|
Land Cost |
713.4 |
445.1 |
448.5 |
398.1 |
341.3 |
|
Building |
1,580.6 |
1,095.8 |
1,071.5 |
961.2 |
859.3 |
|
Machinery/Equipm |
1,438.7 |
1,038.4 |
1,014.9 |
898.3 |
807.1 |
|
Furn/Fixt/Office |
- |
- |
- |
122.6 |
110.8 |
|
Other |
227.7 |
139.4 |
133.0 |
- |
- |
|
Assets under Const. and installation |
434.4 |
183.2 |
116.8 |
68.6 |
70.2 |
|
Depreciation |
-1,426.1 |
-1,252.9 |
-1,220.8 |
-1,056.4 |
-903.5 |
|
Deff. Income Tax |
25.7 |
44.6 |
54.6 |
33.3 |
65.6 |
|
Other non-current assets |
48.3 |
16.7 |
16.1 |
14.4 |
10.6 |
|
Restricted deposits at financial ins. |
7.2 |
3.2 |
5.3 |
9.0 |
9.9 |
|
Goodwill |
1,791.2 |
13.3 |
14.7 |
- |
- |
|
Goodwill, Gross |
- |
- |
- |
14.1 |
13.1 |
|
Amort. of Goodwill |
- |
- |
- |
-0.8 |
-0.8 |
|
Software Appl., Gross |
6.4 |
5.6 |
6.1 |
5.1 |
4.7 |
|
Trademarks |
140.9 |
- |
- |
- |
- |
|
Other Intangible, Gross |
28.7 |
21.3 |
19.5 |
16.3 |
14.5 |
|
Accumulated Amort of Intangibles |
-35.5 |
-13.4 |
-11.4 |
-2.4 |
-1.9 |
|
Amort. of Other Intangibles |
- |
- |
- |
-5.8 |
-4.2 |
|
LT. Rcvbl. fr. Related fr. Sale of Invst |
- |
- |
- |
- |
7.7 |
|
Leasehold rights prepayment |
138.5 |
1.6 |
1.6 |
- |
- |
|
Negative Goodwill |
- |
- |
- |
- |
0.0 |
|
Amort of Negative Goodwill |
- |
- |
- |
- |
0.0 |
|
Rounding Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets |
10,151.8 |
5,087.4 |
4,225.4 |
3,470.3 |
3,091.1 |
|
|
|
|
|
|
|
|
Bank Overdr./ st bor. fr FI |
1,558.0 |
725.7 |
333.4 |
292.3 |
602.7 |
|
Accounts payable - trade and others |
- |
- |
322.0 |
273.1 |
218.7 |
|
Short-term borrowings fr JC-rel. |
7.2 |
0.0 |
0.0 |
0.0 |
- |
|
Current Portion for Long-Term Debt |
302.9 |
180.3 |
268.3 |
188.8 |
157.6 |
|
Accrued Expense |
167.7 |
61.6 |
62.1 |
51.2 |
33.6 |
|
Inc. tax Payable |
43.4 |
49.2 |
39.9 |
25.4 |
8.6 |
|
Deferred Gain on Sale of Investment |
- |
- |
- |
12.0 |
11.5 |
|
Other current liabilities |
196.3 |
71.6 |
63.2 |
58.1 |
49.3 |
|
Cur. Por. for Long-Term bor fr rel. |
1.3 |
0.0 |
0.0 |
- |
76.8 |
|
Bills of exchange |
161.9 |
0.0 |
0.0 |
- |
0.0 |
|
Accounts payable-Related parties |
67.5 |
34.9 |
- |
- |
- |
|
Accounts payable-Other parties |
606.6 |
337.0 |
- |
- |
- |
|
Total Current Liabilities |
3,112.7 |
1,460.3 |
1,089.0 |
900.9 |
1,158.9 |
|
|
|
|
|
|
|
|
Long-term debts |
2,747.4 |
1,295.3 |
945.8 |
802.6 |
528.0 |
|
Long-term borrowings from -related |
0.7 |
0.0 |
0.0 |
- |
- |
|
Total Long Term Debt |
2,748.1 |
1,295.3 |
945.8 |
802.6 |
528.0 |
|
|
|
|
|
|
|
|
Employee benefit obligations |
164.0 |
150.0 |
145.2 |
- |
- |
|
Deff. Tax Liab. |
165.8 |
53.7 |
87.4 |
86.4 |
77.3 |
|
Provisions and others |
12.8 |
2.1 |
2.1 |
31.3 |
17.1 |
|
Non-controlling interests |
531.5 |
92.6 |
98.2 |
92.8 |
14.3 |
|
Total Liabilities |
6,735.0 |
3,053.9 |
2,367.7 |
1,914.0 |
1,795.8 |
|
|
|
|
|
|
|
|
Issued and paid-up share capital |
253.1 |
238.3 |
249.5 |
225.6 |
216.2 |
|
Treasury Shares |
-37.1 |
-90.5 |
-94.7 |
-85.6 |
-60.9 |
|
Premium Share |
1,192.0 |
521.0 |
545.2 |
493.0 |
472.6 |
|
Other premium |
113.4 |
0.0 |
0.0 |
69.9 |
67.1 |
|
Reval. Equity in Associate |
- |
- |
- |
44.0 |
40.7 |
|
Invest Reval |
- |
- |
- |
-20.0 |
-24.0 |
|
Trans Fin Stat. |
- |
- |
- |
-46.8 |
-29.0 |
|
Legal Reserve |
26.8 |
26.0 |
27.2 |
24.6 |
23.6 |
|
Reserve for Treasury Shares |
0.0 |
51.6 |
54.0 |
48.9 |
40.1 |
|
Other components of equity |
143.5 |
-18.5 |
-9.4 |
- |
- |
|
Unapprop. Rsrv |
1,725.1 |
1,305.5 |
1,085.9 |
802.8 |
548.9 |
|
Total Equity |
3,416.9 |
2,033.4 |
1,857.7 |
1,556.2 |
1,295.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
10,151.8 |
5,087.4 |
4,225.4 |
3,470.3 |
3,091.1 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
7,452.1 |
4,665.0 |
4,665.0 |
4,665.0 |
7,118.4 |
|
Total Common Shares Outstanding |
7,452.1 |
4,665.0 |
4,665.0 |
4,665.0 |
7,118.4 |
|
T/S-Ordinary Shares |
290.8 |
2,855.0 |
2,855.0 |
2,855.0 |
401.6 |
|
Accumulated Intangible Amortization |
35.5 |
13.4 |
11.4 |
8.2 |
6.1 |
|
Accumulated Goodwill Amortization |
- |
- |
- |
0.8 |
0.8 |
|
Full-Time Employees |
- |
24,743 |
25,422 |
- |
23,774 |
|
Long-Term Lease due within 1 Year |
2,031.1 |
905.9 |
- |
481.0 |
836.6 |
|
Long-Term Lease due in 2-5 Year |
1,304.3 |
628.7 |
- |
682.5 |
527.9 |
|
Long-Term Lease after 5 Year |
1,440.4 |
666.4 |
- |
120.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
4,775.8 |
2,200.9 |
- |
1,283.5 |
1,364.5 |
|
Capital Lease due within 1 Year |
- |
- |
- |
- |
0.6 |
|
Capital Lease due in 2-5 Year |
- |
- |
- |
- |
0.2 |
|
Total Capital Leases, Supplemental |
- |
- |
- |
- |
0.7 |
|
Operating Lease due within 1 Year |
61.8 |
34.2 |
- |
23.2 |
21.4 |
|
Operating Lease due in 2-5 Year |
144.4 |
54.0 |
- |
33.2 |
27.9 |
|
Operating Lease due after 2-5 Year |
217.9 |
37.5 |
- |
9.9 |
5.5 |
|
Total Operating Leases, Supplemental |
424.1 |
125.8 |
- |
66.4 |
54.9 |
|
Unfunded Plan Obligations |
146.8 |
128.1 |
- |
- |
- |
|
Pension Obligation - Domestic |
19.5 |
23.8 |
- |
- |
- |
|
Funded Status - Domestic |
-17.1 |
-22.0 |
- |
- |
- |
|
Plan Assets - Domestic |
2.3 |
1.9 |
- |
- |
- |
|
Total Funded Status |
-164.0 |
-150.0 |
- |
- |
- |
|
Discount Rate - Domestic |
1.50% |
2.25% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
1.50% |
2.00% |
- |
- |
- |
|
Compensation Rate - Domestic |
8.00% |
10.00% |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-164.0 |
-150.0 |
-145.2 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-164.0 |
-150.0 |
-145.2 |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
KPMG Phoomchai
Audit Ltd. |
KPMG Phoomchai
Audit Ltd. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
676.3 |
532.6 |
436.8 |
302.6 |
96.6 |
|
Depreciation |
209.6 |
152.8 |
148.9 |
133.2 |
134.9 |
|
Amortisation |
26.5 |
2.7 |
2.4 |
1.8 |
1.8 |
|
Prov. Doubt. Account |
1.6 |
-1.3 |
1.5 |
0.3 |
-0.9 |
|
Reversal of Prov. for Decline in Inven. |
0.2 |
0.7 |
1.1 |
2.3 |
0.7 |
|
Interest Income |
-9.2 |
-8.2 |
-3.6 |
-1.7 |
-2.4 |
|
Dividend Income |
-1.2 |
-1.2 |
-1.1 |
-0.4 |
-0.6 |
|
Interest Expense |
205.2 |
79.8 |
57.5 |
56.8 |
83.0 |
|
Employee benefit obligations |
18.2 |
16.4 |
5.4 |
- |
- |
|
Other Provisions |
- |
- |
- |
4.1 |
3.3 |
|
Gain (loss) on sale of investments |
-193.3 |
-44.6 |
-30.3 |
0.0 |
-0.1 |
|
Losses on sales of investment properties |
0.0 |
- |
- |
0.0 |
0.0 |
|
Sale of Property, Plant and Equipment |
-0.4 |
0.5 |
0.2 |
0.0 |
0.3 |
|
Loss on Write off in Fixed Assets |
2.1 |
1.3 |
1.4 |
1.1 |
1.0 |
|
Impairment loss of PPE |
-0.2 |
0.2 |
0.0 |
0.0 |
0.3 |
|
Impairment losses on non-curr. asset |
-14.7 |
-1.1 |
4.0 |
0.0 |
- |
|
Depreciation of investment properties |
1.3 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Loss on Impairment of Goodwill |
- |
- |
- |
0.3 |
0.8 |
|
Negative Goodwill |
- |
- |
- |
-13.2 |
- |
|
Exchange Rate |
-10.3 |
1.2 |
-3.1 |
0.1 |
-2.8 |
|
Interest on Change in Proportion |
- |
- |
- |
0.0 |
- |
|
Share of profits of associates /JC |
-133.2 |
-126.7 |
-79.2 |
-46.4 |
-34.8 |
|
Income tax expense (income) |
86.1 |
95.1 |
75.3 |
74.0 |
6.5 |
|
Trade Rcvbl. |
-137.5 |
-6.0 |
-44.3 |
29.5 |
-38.0 |
|
Inventories |
-327.7 |
8.2 |
-263.6 |
88.2 |
-54.1 |
|
Other C.A. |
64.0 |
-22.8 |
-0.2 |
-9.0 |
-11.7 |
|
Other Assets |
-22.6 |
2.7 |
2.5 |
0.1 |
1.6 |
|
Trade Payable/Others |
100.6 |
68.2 |
44.6 |
29.0 |
15.3 |
|
Employee benefit paid |
-6.8 |
-4.6 |
0.0 |
- |
- |
|
Other Current Liab. |
8.1 |
9.8 |
4.9 |
19.1 |
4.6 |
|
Income tax paid |
-143.9 |
-95.3 |
-59.1 |
-20.9 |
-12.2 |
|
rev. of imp. on land/ inv.pro. |
-2.3 |
0.0 |
- |
- |
- |
|
Gains on cha. in fair value of inv. in a |
-279.1 |
0.0 |
- |
- |
- |
|
Current and non-current biological asset |
-24.7 |
-77.9 |
- |
- |
0.0 |
|
Impairment losses on investments |
- |
- |
- |
0.0 |
- |
|
(Reversal of) impairment losses on inv. |
-10.0 |
0.0 |
- |
- |
- |
|
Gain on sale of intangible assets |
0.0 |
0.0 |
- |
- |
- |
|
Unre. gains on cha. in fair value of bio |
-65.8 |
-6.3 |
- |
- |
- |
|
Cash from Operating Activities |
17.0 |
576.0 |
302.0 |
650.7 |
193.3 |
|
|
|
|
|
|
|
|
Interest Received |
5.7 |
7.5 |
3.5 |
1.7 |
2.6 |
|
Dividend Income Received fr. Subs.&Assoc |
79.8 |
46.2 |
62.2 |
20.2 |
12.2 |
|
Decrease in short-term loans to rel. |
136.1 |
0.0 |
- |
- |
0.0 |
|
Purchase of investments |
-287.3 |
-228.5 |
-144.7 |
-33.0 |
-8.0 |
|
Sale of Non-Current Assets Held for Sale |
9.7 |
0.8 |
0.0 |
- |
- |
|
Sale of investments |
252.2 |
51.5 |
19.6 |
0.0 |
- |
|
Net consi. paid for acq. of sub. |
-1,460.7 |
0.0 |
- |
0.0 |
- |
|
Purchase of investment property |
0.0 |
0.0 |
0.0 |
- |
- |
|
Long-Term Receivable from Related Com. |
- |
- |
7.6 |
7.8 |
7.8 |
|
Prop/Plant/Equipment |
-641.8 |
-337.5 |
-203.6 |
-122.9 |
-157.6 |
|
Sale of PPE |
4.1 |
3.1 |
5.5 |
2.5 |
2.3 |
|
Purch Intangible |
-4.5 |
-4.1 |
-2.2 |
-1.4 |
-3.7 |
|
Sale of other intangible assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Acq. Subsidiaries |
- |
- |
- |
-18.1 |
- |
|
Sale of long-term investments |
0.0 |
0.0 |
- |
0.0 |
0.1 |
|
Purchase of leasehold rights |
-7.6 |
0.0 |
- |
- |
- |
|
Cash from Investing Activities |
-1,914.2 |
-460.8 |
-252.0 |
-143.2 |
-144.3 |
|
|
|
|
|
|
|
|
Interest paid |
-177.2 |
-74.0 |
-54.4 |
-58.9 |
-67.6 |
|
ST Borrowings Fin.Institut. increase |
418.5 |
422.8 |
20.9 |
- |
- |
|
long-term borrowings fr rel. |
-1.3 |
0.0 |
- |
-351.0 |
- |
|
Notes Payable |
- |
- |
- |
-77.2 |
-40.5 |
|
ST Borrowing Subsidiary |
- |
- |
- |
0.0 |
0.0 |
|
Decr. Finance Lease |
-0.2 |
-0.1 |
-0.1 |
-0.6 |
-1.0 |
|
LT Loans |
1,034.5 |
78.1 |
29.0 |
154.4 |
38.2 |
|
Settlement LT Loans |
-164.5 |
-45.2 |
-24.6 |
-21.4 |
-37.1 |
|
Issuance Debentures |
677.6 |
524.9 |
283.7 |
273.8 |
179.8 |
|
Settlement of Debentures |
-143.9 |
-223.1 |
-173.4 |
-136.9 |
-59.9 |
|
Pymt. Financial Transaction Costs |
-10.8 |
2.3 |
-2.8 |
-2.9 |
-1.7 |
|
New Shr. Cap. Issuance of Subsidiary |
- |
- |
0.0 |
0.0 |
- |
|
Proceeds from sale of treasury shares G |
41.9 |
0.0 |
- |
-6.8 |
-41.8 |
|
Pymt. Liquidated to Minority Interests |
0.0 |
0.0 |
0.0 |
-0.1 |
- |
|
Dividends Payment |
-285.2 |
-251.0 |
-209.8 |
-66.6 |
-35.6 |
|
Dividends Payment to Minority Interests |
-49.9 |
-7.5 |
-7.2 |
-1.3 |
-1.2 |
|
short-term borrowings fr rel. |
-2.0 |
0.0 |
- |
- |
30.1 |
|
Increase in bills of exchange |
157.0 |
0.0 |
- |
- |
- |
|
Increase Capital from Min. Shareholders |
- |
- |
- |
- |
0.0 |
|
Cash from Financing Activities |
1,494.5 |
427.2 |
-138.7 |
-295.4 |
-38.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
24.9 |
-9.6 |
1.6 |
-4.5 |
3.8 |
|
Net Change in Cash |
-377.8 |
532.7 |
-87.0 |
207.6 |
14.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
772.0 |
254.4 |
331.5 |
98.7 |
87.1 |
|
Net Cash - Ending Balance |
394.1 |
787.1 |
244.4 |
306.3 |
101.6 |
|
Cash Interest Paid |
177.2 |
74.0 |
54.4 |
58.9 |
67.6 |
|
Cash Taxes Paid |
143.9 |
95.3 |
59.1 |
20.9 |
12.2 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Ratio
Comparisons
|
Traded: |
Financials in:
USD (actual units) |
|
Industry: Fish/Livestock |
As of
07-Jun-2013 |
|
Sector: Consumer/Non-Cyclical |
|
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
26.85 |
9.12 |
18.04 |
19.68 |
|
|
13.63 |
- |
31.70 |
32.79 |
|
|
7.23 |
4.35 |
13.50 |
10.71 |
|
|
0.91 |
0.42 |
0.66 |
1.00 |
|
|
0.58 |
0.80 |
2.38 |
2.57 |
|
|
2.03 |
2.66 |
6.62 |
3.67 |
|
|
5.14 |
2.79 |
7.14 |
5.21 |
|
|
12.52 |
7.00 |
13.96 |
14.22 |
|
|
- |
16.03 |
35.43 |
26.26 |
|
|
|
|
|
|
|
|
Dividends |
||||
|
3.93% |
2.90% |
3.17% |
2.26% |
|
|
0.77 |
2.34 |
2.64 |
1.99 |
|
|
126.79% |
- |
4.04% |
0.08% |
|
|
120.62% |
27.31% |
46.79% |
25.98% |
|
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
18.98% |
5.06% |
9.73% |
15.58% |
|
|
58.71% |
2.85% |
20.06% |
17.69% |
|
|
21.52% |
20.22% |
6.14% |
8.97% |
|
|
-92.09% |
-2.41% |
6.69% |
19.49% |
|
|
-71.23% |
40.12% |
27.67% |
32.55% |
|
|
70.91% |
-1.38% |
7.73% |
9.86% |
|
|
25.12% |
10.82% |
3.06% |
-2.04% |
|
|
|
|
|
|
|
|
Financial Strength |
||||
|
0.41 |
2.63 |
0.77 |
1.24 |
|
|
1.05 |
3.59 |
1.40 |
1.79 |
|
|
0.84 |
0.19 |
0.98 |
0.64 |
|
|
1.58 |
0.23 |
1.25 |
0.73 |
|
|
- |
-21.96 |
16.43 |
13.80 |
|
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
10.57% |
21.92% |
44.52% |
45.21% |
|
|
14.35% |
24.65% |
44.52% |
44.91% |
|
|
3.98% |
15.48% |
20.28% |
24.43% |
|
|
7.75% |
15.88% |
19.53% |
22.84% |
|
|
5.12% |
12.50% |
17.97% |
20.63% |
|
|
8.46% |
12.67% |
17.19% |
18.28% |
|
|
3.28% |
11.69% |
16.99% |
17.95% |
|
|
7.03% |
11.85% |
17.19% |
17.10% |
|
|
2.65% |
8.39% |
13.74% |
13.65% |
|
|
6.03% |
7.88% |
12.87% |
12.10% |
|
|
19.44% |
32.85% |
27.02% |
28.45% |
|
|
14.21% |
28.89% |
28.54% |
29.92% |
|
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
3.26% |
15.33% |
11.53% |
8.54% |
|
|
9.02% |
13.62% |
11.74% |
8.40% |
|
|
5.11% |
8.87% |
8.43% |
7.90% |
|
|
13.38% |
10.88% |
9.81% |
8.27% |
|
|
7.55% |
18.13% |
29.23% |
19.72% |
|
|
21.22% |
26.59% |
31.40% |
20.06% |
|
|
|
|
|
|
|
|
Efficiency |
||||
|
- |
11,766,830.34 |
633,399.19 |
927,613.77 |
|
|
- |
1,293,537.35 |
83,482.45 |
116,121.92 |
|
|
17.86 |
12.70 |
12.19 |
13.25 |
|
|
5.06 |
9.60 |
7.35 |
14.53 |
|
|
1.23 |
1.68 |
1.00 |
0.93 |
|
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Stock
Report
Stock Snapshot
Traded:
As of 7-Jun-2013 US Dollars
Recent Price $28.00 EPS $2.59
52 Week High $39.50 Price/Sales 0.61
52 Week Low $26.50 Dividend
Rate $1.10
Avg. Volume (mil) 23.70 Price/Earnings 31.41
Market Value (mil) $216,802.40 Price/Book 2.00
Beta 0.91
Price % Change Rel S&P 500%
4 Week -8.94% -2.56%
13 Week -12.50% -9.58%
52 Week -25.33% -44.92%
Year to Date -17.04% -23.84%
2 Year Weekly End
Price & Volume
Stock History
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
UK Pound |
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)