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20251021_JPFA_Laporan Informasi dan Fakta Material_31978789_lamp1.pdf
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Page 1
PT JAPFA COMFEED INDONESIA Tbk
INVESTOR
PRESENTATION
1H2025
Pertumbuhan yang Kuat dan Berkelanjutan
Sustainable and Strong Growth
Page 2
Index Company Overview Key Investment Highlights Financial and Operational Highlights
Page 3
COMPANY OVERVIEW
Page 4
Company Overview
Core competencies across the value chain
POULTRY AQUACULTURE BEEF CATTLE
UPSTREAM
ANIMAL FEED
VERTICALLY INTEGRATED BUSINESS MODEL
PRODUCTION
UPSTREAM
BREEDING
MIDSTREAM
COMMERCIAL
FARMING
DOWNSTREAM
PROCESSING
DOWNSTREAM
CONSUMER
PRODUCTS
3
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Industrialized approach drives
operational and financial benefits
A Scale B Technology and Genetics
– 2nd largest feed and DOC producer in Indonesia with – Exclusive relationship with Aviagen (on broilers) for
significant scale across the value chain: the sourcing of grandparent stock with superior
genetics which is tailored for the Indonesian climate
15 feed mills, 78 breeding farms and 30
hatcheries across Indonesia. – Advanced feed technology for quality control and
optimal feed conversion ratios.
Around 120 company farms and +/- 9,000
contract farms. – Modern farming techniques and industry best
practices to further drive efficiency.
– Centralized procurement of raw materials with the
broader Japfa Group.
C Biosecurity and Animal Health D Standardization
– Advanced biosecurity measures for disease – Ability to replicate farming best practices and
prevention and control, comprising (i) isolation; (ii) infrastructural design across feed mills, breeding
sanitation and disinfection; and (iii) traffic control. farms and hatcheries.
– Stringent process adherence to prevent diseases. – Mechanized production processes and established
SOPs allow for consistency.
– In-house vaccine R&D and production unit, PT
Vaksindo, improves efficacy and shortens response – Opportunity to tap human resources across the Japfa
time to disease outbreaks. Group facilitates standardization.
Note: PT Japfa Comfeed Indonesia Tbk ( the “Company” or “PT Japfa Tbk”) 4
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Japfa: Well positioned for long-term growth
Poultry leader in Indonesia
− Aquaculture is primarily a
feed business with some − 2nd largest poultry feed producer in
farming overlay Indonesia
− Protein diversification − Core business and stable segment of
strategy for varying the value chain
consumer preferences Trading and − Cost plus pricing model provides the
Others Company with the ability to pass on
4% most commodity and foreign exchange
Aquaculture
6% currency movements
− DOC and Commercial Farming
help drive sales volume for feed
business Poultry Processing and
Consumer Products
− Shift downstream via investment 10% Poultry-related activity:
Poultry Feed
in slaughterhouses in order to 39% 90% of total revenue
reduce exposure to fluctuating
farm gate prices. Stable and growing
core business
− PT So Good Food (SGF) provides vertical
integration to the overall operation, as
SGF is known for among others:
(i) leading brands for consumer food
(ii) established network of marketing FY 2024 revenue: IDR 85.6 Trillion
channels Commercial Farming
(iii) has the experience, in-depth 32% Diversification efforts
knowledge and leading technology in food to position company
processing and product marketing. for long-term growth
Poultry Breeding
9%
− 2nd largest day-old chick (“DOC”)
producer in Indonesia
5
Note: The % sales contributions from operational segments shown above are based on gross sales, which exclude elimination adjustments between segments.
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Growing responsibly
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
Covid 19 Impact
Poultry Indonesia
in Indonesia
Down-cycle Sept
7.0 2014 to June 2015 85.6 90.0
80.7
77.1
80.0
6.0
69.5
70.0
5.0
55.3 54.2 60.0
49.4
4.0 50.0
40.0
36.0 6.4 40.0
3.0 33.1 33.7
28.1
23.0 4.5 4.5 30.0
2.0 19.7 4.1 3.9 3.9
17.0 3.7
3.4 20.0
2.9
1.0 2.2 2.3
1.8 2.0 1.8
1.3 10.0
0.6 1.0 1.4 1.6 1.6 0.7 0.8 1.5 2.3 3.1 1.6 1.9 1.9 2.0 1.6
- 3 3
0.0
3
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY2023 FY2024
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
6
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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KEY INVESTMENT HIGHLIGHTS
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Investment highlights
1 Attractive industry dynamics driven by strong structural growth in protein consumption
2 Leading integrated poultry national champion with nationwide footprint
3 Core feed business offers stable profitability
4 Industrialised Business Model: Leading Market Positions
5 Experienced and tenured management team
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1 Attractive industry dynamics driven by strong structural
growth in protein consumption
Poultry meat consumption has increased in tandem
Poultry Meat Consumption per capita in Asia with GDP in Indonesia
9
(kg per capita – 2024) 2023
Consumption per capita/ kg
2022
2021
Malaysia 31.1 2016 2020
8 2019
2017
Vietnam 15.7 2015 2018
7 2014
Philippines 10.1 2013
Indonesia 8.3 6
Thailand 4.7
5
India 1.3 3,000 3,500 4,000 4,500 5,000
GDP / Capita (USD)
• Ample room for sustained growth in business locations with some of the lowest poultry consumption per capita rates in
Asia.
• “Meat-of-choice” given poultry’s relative affordability, religious neutrality, consumer preference and increasing
penetration and popularity of quick service restaurants.
• Potential upside as diets evolve to include more meat-based protein from the currently carbohydrate-heavy diets.
• From 2013 to 2023, the poultry meat consumption per capita growth in Indonesia outpaced Indonesia’s GDP per capita,
recording a 3.2% CAGR growth and 2.5% CAGR growth over the period respectively.
9
Source:World Bank (2025),OECD (2025), Meat consumption (indicator, data extracted on 26 March 2025)
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Well-established market leader in the Indonesian animal
2 protein sector
Nationwide footprint with presence in all major islands
Logistical feat given that Indonesia is an archipelago;
serves as a barrier to entry and helps defend the
Company’s market position
Wide geographical reach offers unparalleled access to
Significant economies of scale given procurement both poultry farmers and domestic corn producers
volume of raw materials, especially in conjunction with
the broader Japfa Group Key to tapping pockets of demand across the country
given the highly localized market, which is a result of (i)
Heritage of more than 50 years in the poultry industry preference for live birds; and (ii) underdeveloped cold
provides brand recognition chain and transportation infrastructure
10
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Segmental Trends: PT Japfa Tbk (Poultry)
Revenue (IDR Billion) Operating Profit (IDR Billion) Operating Profit Margin (%)
77,130
72,574
68,555
8,719 5,715 25.0%
62,126 7,902
7,619 372
6,505
24,881 26,913 3,221 17.2%
22,424 3,521 1,589 16.3%
20,361 2,783
242 239
6,819 6,499 8,006 1,112 417 1,378
6,895 1,722 237 9.3%
7.2% 8.2% 8.2%
6.7% 5.3% 4.4% 7.1%
28,366 31,693 33,292 33,492 2,614 2,740 5.7%
2,376 4.3% 5.9%
1,900 3.7% 3.1% 3.6%
-1.7% -2.5%
(342) -3.3%
FY2021 FY2022 FY2023 FY2024 (744) (611)
Feed Breeding FY2021 FY2022 FY2023 FY2024 FY2021 FY2022 FY2023 FY2024
1 Feed Breeding
Commercial farms Poultry processing
1 Feed Breeding Commercial farms PT Japfa Tbk
1 1
Commercial farms Poultry processing
1 Poultry processing
Feed business continues to be a stable pillar of profitability in PT Japfa Tbk
The poultry business (feed, breeding and commercial farms) represents the bulk of PT Japfa Tbk’s revenue
We are generally able to pass on raw material costs increases in our feed selling prices, as reflected in our feed
operating margins, even during the periods of Rupiah volatility and the poultry market downturn. Since 2021,
margins were impacted by higher raw materials prices and transportation costs globally
In 2021, we recorded higher revenue on the back of higher sales volumes. Although margins have tightened,
profitability has improved on the back of strong growth in volumes
In 2022 and 2023, the impact of inflation has reduced consumer purchasing power and demand for chicken. This
resulted in a prolonged demand and supply imbalance in DOCs and broilers over these years
The exceptional FY2024 operating profit and operating profit margin resulted from a consistent performance in
each of the four quarters arising from stable poultry prices throughout the year
Notes: The revenue figures for the poultry operational units shown above include inter-segment sales. 11
1. Poultry Processing refers to Poultry Processing and Consumer Products
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3 Leading Pan-Asian Industrialised
Agri-Food Company
WHAT WE DO WHERE WE ARE WHY WE DO IT
We produce quality We employ over 1.7 billion people living
protein staples and 37,000 people across in our target markets
packaged food that Singapore, Indonesia, More than 20% of the
nourish millions of Vietnam, Myanmar, world’s total population
people India and Bangladesh
Pure-play integrated animal protein producer dedicated to
Feeding Emerging Asia
12
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4 Industrialised Business Model: Leading Market Positions
Leading upstream regional market positions
DOC Production1 Vietnam 19% #3
Poultry Feed Production1 Myanmar 27% #2
DOC Production1 Myanmar 18% #2
2nd largest Indonesian poultry feed and DOC producer2
Poultry feed production capacity market share (%) DOC production capacity share (%)
Japfa Japfa
CP 21% CP 25%
32% 38%
Malindo
7% CJ
10%
Others
Others 15%
41% Malindo
7%
New Hope
5%
1Company’s own estimate, 2024 data
2Frost & Sullivan Analysis, 2021 data 13
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5 Experienced and tenured management team
Proven track record of guiding the Company through various cycles
• Board of Commissioners*
Ito Sumardi
Syamsir Siregar Hendrick Kolonas Antonius Harwanto Djuni Sanyoto
Bambang Budi Hendarto
President Commissioner Suryo Sembodo Independent
Vice President
Commissioner Commissioner Commissioner
Commissioner
Year of agri Year of agri Year of agri Year of Agri
Year of agri
experience: 19 experience: 28 experience: 45 experience: 11
experience: 45
• Board of Directors*
Renaldo Santosa Tan Yong Nang Leo Handoko Rachmat Indrajaya
Gabriella Santosa
President Vice President Laksono Director
Director
Director Director Director
Year of agri Year of agri Year of agri Year of agri
Year of agri
experience: 14 experience: 16 experience: 35 experience: 16
experience: 9
*BOC and BOD as at 30 June 2025
• Timeline of PT Japfa Tbk: >50 years of ‘best-in-class’ poultry production
1971 1982 2008
2003 2017 2020 2022
• Establishment of new 2013
Company Established Acquisition of PT Secured a 5-year
Regional protein line beef PT Japfa Tbk’s Issuance 5Y
established as PT poultry breeding US$250mn bonds So Good Food, term Sustainable
expansion • Acquired Vaksindo first US$ Bond
Java Pelletizing operations to with established Linked Loan of
initiatives Satwa Nusantara, an issuance which Rp3.0tr unsecured
Factory Ltd compliment feed branded consumer Rp1.42tr with
started animal vaccine raised US$225m club banks loan
business foods BNI
manufacturer
1975 1989 2007 2012 2019 2021
2016
Poultry feed PT Japfa Tbk’s Merger with Multibreeder a 5Y Rp5.0tr unsecured PT Japfa Tbk’s
business started PT Japfa Tbk Received
listed on Jakarta first Rupiah Bond 73% owned subsidiary to bring club loan first Sustainable-
production capital injection
and Surabaya issuance which together the group’s poultry Rp3.0tr of revolving Linked Bond
raised Rp500bio from KKR issuance which
Stock Exchange feed and breeding operations loan
Issued Rp1.5tr Japfa bond I raised US$350m
Rp2.0tr of non
revolving loan
14
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FINANCIAL AND OPERATIONAL HIGHLIGHTS
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PT Japfa Tbk – Financial Performance
Revenue Operating Profit EBITDA PAT
IDR Billion IDR Billion IDR Billion IDR Billion
(0.6%) y-o-y (20.7%) y-o-y (15.1%) y-o-y (14.3%) y-o-y
1H2025 27,482 2,101 2,730 1,362
1H2024 27,649 2,650 3,217 1,590
Overall performance in 1H2025 is largely in line with 2024, albeit impacted by
lower poultry prices in 2Q2025
Feed remains a pillar of profitability, with fairly stable margins y-o-y.
Poultry prices in 2Q2025 were lower than the previous quarter mainly because of
market oversupply and lower demand post Ramadan. Even with lower poultry
prices, breeding and commercial farming operations recorded profits for 1H2025.
Overall the performance in first two quarters of 2025 is largely in line with the four
quarters of 2024.
16
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PT Japfa Tbk : Managing Cyclicality
Revenue Operating Profit
IDR Billion IDR Billion
5,500
60,000 55,801 5,213
5,000
51,176 4,500
48,972
50,000 4,000
3,500
40,000 3,000 2,803
2,500 2,101
30,000 27,482 2,264
2,000 1,535 1,430
1,361
1,500 979 941 1,115 1,133 1,119 982
20,000 1,000 748
14,332 13,150 543
340 220
500 -65
10,000 0
(500)
- 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2022 FY2023 FY2024 1Q2025 2Q2025
FY2022 FY2023 FY2024 FY2025
Cost-of-living pressures
Covid-19
Quarterly cyclicality tends to even out – long-term prospects of protein consumption remain solid
• DOC and broiler prices are prone to fluctuation according market demand/supply dynamics. This affects
ASPs and profitability, as reflected in the fluctuation of operating profit between quarters.
• Global macro-economic factors add to market dynamics:
• High raw material costs in FY2022 and FY2023
• In FY2022, inflationary pressures started affecting consumer purchasing power, causing cost-of-living
pressures
• This resulted in a prolonged demand and supply imbalance in DOCs and broilers in FY2022 and
FY2023
• A more balanced demand/supply dynamic has resulted in stable poultry prices throughout FY2024 as
reflected by a consistent performance in each of the four quarters
• The Operating Profit in the first two quarters of 2025 is largely in line with the four quarters of 2024 17
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PT Japfa Tbk: Growth plans
An established platform with more than 50 years experience
Leading market position: second largest poultry company
Economies of scale: cost advantage
Feed: a pillar of profitability
Proven ability to navigate agri-business cyclicality
Future growth drivers:
Downstream business: The Company will continue to strengthen
its downstream business through the development of its poultry
processing and consumer products business, as well as
encourage retail sales growth through its retail outlets both offline
and online.
Aquaculture
Vaksindo
18
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Global Environment
Challenging times
• Renewed trade tensions and geo-political instability are impacting economies worldwide,
potentially disrupting supply chains and commodities prices.
• Cost-of-living pressures continue to affect household spending and consumer purchasing power.
Riding through cycles
• These macroeconomic factors are largely outside our control.
• We have demonstrated resilience through past crises, including the Covid-19 pandemic, through
our ability to nimbly respond to challenging market conditions. We have held back on non-
essential capex and recalibrated our growth plans
• As Japfa produces affordable staple proteins, baseline demand for our products is expected to
remain stable. In addition, the long-term prospects for protein consumption growth in emerging
Asia remain favourable.
• As our business model prioritises local production for local consumption, our operations are
largely cushioned from trade restrictions, including tariffs.
By being one of the most efficient and lowest cost producers
Japfa is able to ride through down-cycles
19
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Japfa Sustainability Journey
Participated as a road tester in Japfa Tbk have
The standalone Japfa Tbk received an
the Social LCA/SLCA Project completed the
sustainability report SLL from BNI valued at
initiated by the United Nations construction of the 9th
Sustainability has been at was issued to IDR 1.42 trillion.
Environment Life Cycle Initiative and final water recycling
the core of our operations prominently Japfa Group sets
facility, thus achieving
since the Company’s showcase our and Social LC Alliance to Sustainability Targets
assess our contribution to our the Sustainability
inception sustainability efforts and Japfa is committed
poultry farmer partners Performance Targets
in our operations to support these targets
under SLB
The process of sustainability The Sustainability Committee was • Japfa Group sets
Issued the world’s first
monitoring established Sustainability
SLB for agri-food
and reporting was initiated The Sustainability Strategy Plan for Action Plans
industry and the first
2019-2021 was developed • Enhancing Japfa
USD denominated in
Launched Japfa Sustainability Reporting Sustainability
South- East Asia
System (JSRS) Reporting System
Commenced and
Initiated a preliminary crade-to-gate LCA
developed a supplier
study for poultry operations
survey on sustainability
practices
Our mission to be a leading dependable provider of affordable protein foods is aligned to the United Nations
Sustainable Development Goal (SDG) No.2: Zero Hunger
20
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Proven financial track record
Net Revenues Operating Profit EBITDA Net Profit
(IDR Billion) (IDR Billion) (IDR Billion) (IDR Billion)
27,649 27,482
2,650
2,101
3,217 1,590
2,730 1,362
1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025
Total Assets Net Debt / Equity (%) CAPEX Total Interest Bearing Debt
(IDR Billion) (IDR Billion) (IDR Billion)
36,109 36,374
13,539
12,044
77.3%
60.4%
932
715
30-Jun-24 30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 30-Jun-25
21
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Capex
(IDR Billion)
1,984
1,599
932
FY2023 FY2024 1H2025
22
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Thank You IMPORTANT NOTICE: This investor presentation is for information only and should not be relied upon to make any investment or divestment decision with respect to securities of the Japfa Group. Shareholders and potential investors are advised to seek independent advice in the making of any investment or divestment decision. Where this investor presentation includes opinions, judgements or forward-looking statements, these involve assumptions, risks and uncertainties that may or may not be realised. Any references to industry prices or price trends are Company estimates due to the absence of centralised public sources. Industry related data quoted has not been independently verified. For further information, please refer to the Company’s website www.japfa.com.
Names mentioned 15 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Vaksindo
p.5
unresolved
org
PT So Good Food
p.6
unresolved
org
PT Japfa Tbk’s
p.12 ×4
unresolved
person
Suryo Sembodo
· Commissioner
p.15
unresolved
org
Factory Ltd
p.15
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