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Analyst Briefing for 31 December 2020 Final Year Results

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Analyst Briefing for 31 December 2020 Final Year Results UNAUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 Disclaimer: The contents of this presentation include materials which may be capable of being interpreted as forward-looking statements. Such statements are merely estimates and targets, based on circumstances and reasonable assumptions which apply only at the date of such statements. Accordingly, no reliance should be placed on any forward-looking statements, express or implied, contained in this presentation. 1 AGENDA GROUP FINANCIAL HIGHLIGHTS REVIEW OF MAJOR OPERATIONS Financial Performance Key Events in 2020 Developments for 2021 5-YEAR PBT TRACK RECORD CAPITAL AND OTHER COMMITMENTS DIVIDEND RECORD SHARIAH-COMPLIANCE STATUS PROSPECTS FOR 2021 2 GROUP FINANCIAL HIGHLIGHTS 3 FINANCIAL RESULTS FOR THE YEAR ENDED 31 DEC 2020 (Figures in RM) 2020 2019 Change Revenue 4.19 bil 4.68 bil (10.5%) Operating Expenses 4.17 bil 4.48 bil (6.9%) Share of Wilmar’s Profit 1.24 bil 0.96 bil 29.4% PBT 1.42 bil 1.27 bil 11.7% Profit attributable to 1.32 bil 1.15 bil 14.3% owners of the parent EPS 92.57 sen 81.02 sen 14.3% 4 SEGMENTAL INFORMATION FOR THE YEAR ENDED 31 DEC 2020 1% 1% 4% 3% 15% Total Segment Revenue: RM 4.19 billion Grains & Agribusiness Consumer Products Film Exhibition & Distribution 76% Environmental Engineering & Utilities Investments & Other Operations Property 5 SEGMENTAL INFORMATION FOR THE YEAR ENDED 31 DEC 2020 19% 2% 1% Total Segment Profit: RM1.42 billion -9% Grains & Agribusiness Consumer Products n.m Film Exhibition & Distribution Environmental Engineering & Utilities Investments & Other Operations 87% Property n.m. = Not Meaningful 6 REVIEW OF MAJOR OPERATIONS Financial Performance Key Events in 2020 Developments for 2021 7 GRAINS & AGRIBUSINESS FINANCIAL PERFORMANCE - + 28% Revenue Segment Profit FY20 RM3.29 bil FY20 RM272 mil FY19 RM3.30 bil FY19 RM213 mil Segment revenue remained relatively unchanged. Improved segment profit mainly attributable to lower raw material costs and higher share of profit from associates. 8 GRAINS & AGRIBUSINESS DEVELOPMENTS IN 2021 Construction of a new 500-mt/day wheat flour mill by VFM-Wilmar Flour Mills Co Ltd at its existing factory in Quang Ninh Province, in northern Vietnam at an estimated cost of USD19.7 million. (Expected completion : 3Q2021) 9 CONSUMER PRODUCTS FINANCIAL PERFORMANCE - + >100% Revenue Segment Profit FY20 RM628 mil FY20 RM32 mil FY19 RM627 mil FY19 RM0.6 mil Segment profit was higher mainly attributable to a one-off gain on step- acquisition of an associate of RM21 million and better performance at bakery division. 10 CONSUMER PRODUCTS KEY EVENTS IN 2020 On 24 June 2020, FFM entered into an agreement to acquire the entire 70% shareholding in FFM Further Processing Sdn Bhd from BRF Foods GmbH for a total consideration of RM 31.5 million. The acquisition has been completed and FFP is now a wholly-owned subsidiary of FFM. 11 CONSUMER PRODUCTS KEY EVENTS IN 2020 FFM Marketing Sdn Bhd launched :- Snow Brand MBP® NeoMilk in July 2020. Marina Pasta Sauce with Tuna in November 2020. The Italian Baker Sdn Bhd launched :- Massimo Primo sandwich roll in April 2020 Massimo Lemon Krunch cream roll in October 2020. 12 CONSUMER PRODUCTS DEVELOPMENTS IN 2021 The construction of a new production facility for halal-certified frozen food in Pulau Indah at an estimated cost of RM22 million has just been completed and the commission date has yet to be fixed. 13 FILM EXHIBITION & DISTRIBUTION FINANCIAL PERFORMANCE - 79% - >100% Revenue Segment (Loss)/Profit FY20 RM114 mil FY20 RM(136) mil FY19 RM556 mil FY19 RM66 mil Performance was significantly impacted by reduced admissions from prolonged total and partial closures of cinemas and deferment of movie titles during the year as the country fought the Covid-19 pandemic through the Movement Control Order ("MCO"). 14 FILM EXHIBITION & DISTRIBUTION KEY EVENTS IN 2020 Adopted the new norm in cinema operating procedures to ensure the safety and well-being of moviegoers and cinema staff. Galaxy Studio JSC, Vietnam opened 1 new cinema :- OPENING LOCATION SCREENS SEATS AREA REGION DATE 10-Jan-2020 CoopXtra Linh 5 690 Thu Duc HCMC Trung Todate, the Group operates :- SCREENS LOCATIONS Malaysia 343 34 Vietnam 108 18 15 FILM EXHIBITION & DISTRIBUTION KEY EVENTS IN 2020 Developed revenue diversification initiatives to optimise the use of GSC’s existing assets, such as new media advertising packages, site branding, thematic and experiential events and corporate collaborations. Launched Keepsake, an e-commerce platform on 17 August 2020. 16 FILM EXHIBITION & DISTRIBUTION DEVELOPMENTS IN 2021 On 23 February 2021, GSC signed an Asset Sale Agreement to acquire the majority of MBO Cinemas’ assets. The acquisition is expected to complete by end-June 2021. Will launch GSC Rewards – GSC’s upgraded, new and improved loyalty programme that allows moviegoers to earn GSCoins (points) for every spending, and exchange GSCoins with complimentary movie tickets and concession vouchers. Will introduce Happy Food Co, a new F&B brand that will be established across selected GSC cinemas. The first cafe is expected to be launched in Southkey, Johor Bahru in the 2nd half of 2021. Increase co-production of local content by GSC Movies. 17 ENVIRONMENTAL ENGINEERING AND UTILITIES FINANCIAL PERFORMANCE - 3% + 28% Revenue Segment Profit FY20 RM190 mil FY20 RM14 mil FY19 RM195 mil FY19 RM11 mil Segment profit increased mainly attributable to share of profit from joint venture as a one-time impairment of RM8.9 million of an overseas joint venture was made in FY2019. Excluding that, performance was affected by slower project activities due to the imposition of MCO during the year. 18 ENVIRONMENTAL ENGINEERING & UTILITIES KEY EVENTS IN FY2020 Completed one water project in Sarawak and one sewage network pump station in Kuala Lumpur with a total contract value of RM33 million. Secured two water projects in Johor and Sarawak with a total contract value of RM110 million. Order book of RM409 million as at 31 December 2020. 19 ENVIRONMENTAL ENGINEERING & UTILITIES DEVELOPMENTS IN 2021 Tendered for water projects in Malaysia and Brunei valued at more than RM400 million. Continue to focus on opportunities in our core sectors. 20 PROPERTY FINANCIAL PERFORMANCE + 4% - 72% Revenue Segment Profit FY20 RM67 mil FY20 RM4 mil FY19 RM65 mil FY19 RM14 mil The lower segment profit was mainly attributable to lower rental income coupled with absence of a one-time gain of RM4.7 million on disposal of property in FY2019. 21 PROPERTY KEY EVENTS IN 2H2020 Construction progress of Megah Rise has reached Level 37. The Ministry of Housing has approved our Extension of Time (EOT) application to complete the project under the ‘COVID-19’ Act 2020. 22 5-YEAR PBT TRACK RECORD 23 5-YEAR PBT OF PPB GROUP RM Million CAGR* +3.77% 1,500 1,421 1,400 1,300 1,271 1,272 1,211 1,200 1,168 1,100 1,000 900 800 700 2016 2017 2018 2019 2020 Year * CAGR = Compound Annual Growth Rate 24 CAPITAL AND OTHER COMMITMENTS 25 CAPITAL AND OTHER COMMITMENTS BY SEGMENT RM425 mil RM383 mil RM51 mil RM31 mil • Grains & • Film Exhibition & • Property • Consumer Products Agribusiness Distribution & Others • Investments in China • New cinemas in • Investment • Construction of new flour mills Malaysia commitment production facility • Construction of 500 • Upgrading of existing • Renovation of existing • Purchase of plant & mt/day flour mill in cinemas office building machinery Vietnam • Purchase of motor • Silo and maize facility vehicle, equipment & in Pulau Indah office renovation TOTAL CAPITAL AND OTHER COMMITMENTS FOR THE NEXT 4 YEARS : RM890 million 26 DIVIDEND RECORD 27 DIVIDEND RECORD Dividend Payout Ratio Dividend Paid/ Dividend Per Share Payable Yield Group Company Year (sen) (RM Million) (%) (%) (%) 2020 - Interim 8 114 # - Final* 22 313 2.5 50 >100 - Special* 16 228 46 655 2019 31 441 1.6 38 94 2018 28 399 1.6 37 89 2017 30 356 1.7 30 93 2016 25 296 1.6 28 81 * PPB Board has recommended a final dividend of 22 sen per share and a special dividend of 16 sen per share for the financial year ended 31 December 2020 payable on 1 June 2021. # Dividend yield is based on PPB share price of RM18.52 as at 31 December 2020. 28 STATUS OF SHARIAH COMPLIANCE 29 STATUS OF SHARIAH COMPLIANCE PPB is classified as shariah-compliant based on an updated list of shariah-compliant securities by the Securities Commission's Shariah Advisory Council dated 27 November 2020. 30 PROSPECTS 31 PROSPECTS The Grains and agribusiness segment is expected to weather the volatile commodities market. The segment, which is in the business of production and distribution of staple food, is expected to perform satisfactorily, riding on its strong technical competency, extensive marketing and distribution network as well as in-depth procurement experience. The Consumer Products segment is expected to perform satisfactorily as the Group endeavours to expand sales into the food service channel and e-commerce marketplace. 32 PROSPECTS The Film exhibition and distribution segment performance will be weighed down by intermittent cinema closures, operating in reduced seating capacity due to strict adherence to maintaining social distancing, and deferment of movie titles. Management is confident that the movie industry will start to recover as the Covid-19 cases are brought under control and after the planned rollout of the vaccination programme in February 2021. We remain resilient during this transitory period and continue to work on revenue diversification and cost optimisation initiatives, in addition to stringent cash flow management. 33 PROSPECTS The Environmental engineering and utilities segment will continue to focus on replenishing its order book and exploring new project opportunities. Performance of the Property segment remains challenging, both in the area of investment properties and property development.
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