Investor Presentaiton
Growing responsibly
V
JAPFA
■ Japfa's animal protein business in Indonesia showed strong sales growth in the 2010 - 2014 period driven by strong poultry
demand, which then stagnated in the 2014 - 2015 period. After the down-cycle, Japfa's poultry business resumed growth in 2016
■New and non-essential Capex was frozen in 2020 and 2021 due to the impact of covid
■ Japfa's annual capex budget is primarily based on management's expectations of market demand growth. However, we have the
flexibility to adjust our capex spending roll-out during the course of the year because we “build small boats, not big ships" in our
animal protein business. This allows Japfa to prudently manage cash flows
Strong annual growth for 4 year period
Stagnant demand
Strong Growth
Demand Adjusted
IDR trillion
IDR trillion
5.0
Poultry Indonesia
Down-cycle Sept
2014 to June 2015
Covid 19 Impact
in Indonesia
90.0
77.1
4.5
80.0
69.5
4.0
70.0
3.5
55.3
54.2
60.0
3.0
49.4
50.0
2.5
40.0
36.0
33.1
33.7
4.5
4.5
40.0
2.0
28.1
13.7
3.9
3.9
30.0
23.0
1.5
19.7
2.9
17.0
2.2
2.3
20.0
1.0
2.0
1.8
1.8
1.3
0.5
10.0
0.6
1.0
0.7
0.8
0.0
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014 FY 2015
FY 2016
FY 2017
FY 20183 FY 2019
3
FY 2020
3
FY 2021
FY 2022
1
1
1,2
EBITDA (LHS)
CAPEX (LHS)
Total Sales (RHS)
Notes:
¹EBITDA, CAPEX, and Total Sales refer to PT Japfa Tbk consolidated financial statements
2 Total Sales includes inter-segment sales within PT Japfa Tbk
3 Certain prior periods' figures have been restated to conform with the presentation in the audited consolidated financial statements as of and for the year ended 31 December 2020
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