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Revenue (US$ m) 2011 2012 2013 CAGR

Animal protein 1,762.5 2,010.3 2,347.2 15%


Dairy 38.4 72.1 122.5 79%
Consumer food 228.8 239.4 227.6 n.m.
Total Revenue 2,029.8 2,321.8 2,697.3 15%
Gross profit margin 2011 2012 2013 Avg.
Animal protein 17.4% 19.3% 17.7% 18.1%
Dairy 30.3% 34.0% 41.8% 35.4%
Consumer food 21.1% 15.1% 14.7% 17.0%
Overall 18.1% 19.3% 18.5% 18.6%
1,762.5
2,010.3
2,347.2
228.8
239.4
227.6
0
500
1,000
1,500
2,000
2,500
3,000
2011 2012 2013
Revenue (US$ m)
Animal protein Dairy Consumer food
The Groups business is organized into 3 operating segments:
1. animal protein production of poultry, swine, beef, aquaculture, and animal feed.
2. diary - production of raw milk and downstream milk products such as UHT milk and cheeses.
3. consumer foods production of downstream food products using in-house animal protein
products.

The revenue and gross profit margin of the operating segments for FY2011 to FY2013 are presented
below.
17.4%
19.3%
17.7%
30.3%
34.0%
41.8%
21.1%
15.1%
14.7%
10%
15%
20%
25%
30%
35%
40%
45%
2011 2012 2013
Gross Profit Margin
Animal protein Dairy Consumer food
1,960.0
254.2
79.7
20.0
33.1
83.2
93.5
54.6
145.9
42.7
0
500
1,000
1,500
2,000
FY13 Segment Revenue Contribution*
Animal protein
Poultry & feed = PF
Swine = SW
Beef = BF

Dairy = DRY

Consumer food = CF

*Figures include revenue
from internal & external
sales











Strategies to drive growth:

1. Expand dairy operations in China [customers = dairy companies in China]
Groups dairy business has been profitable highest profit margins amongst segments
Quality of product (raw milk) evidenced by high average selling prices and passing of audit
process from Starbucks China
Standardized business model that is highly industrialized, efficient and easily replicable
poised to capture continued growth in demand of quality raw milk and structural supply
shortage in China (supported by plans in place for second five-farm hub by 2018)

2. Enhance profitability of poultry business in Indonesia [customers = consumers in Indonesia]
Poultry operations in Indonesia a core part of the business (FY13 revenue US$1,960
million). 71% of Groups FY13 total revenue (including both internal and external sales)
Full integration across value chain + established significant market shares poised to
capture continued growth from rise of Indonesias per capita income, especially from
growing middle- and lower-income consumer classes and due to the affordability of
chicken as a source of protein

3. Expand other animal protein business and consumer foods business in targeted markets
Swine in Vietnam
Poultry in Myanmar
Beef in China


Group is making further investments in the emerging markets that they have established operations in to
capture growth in these markets. While the core poultry business in Indonesia will continue to provide a
stable source of revenue, the Group recognizes growth potential in its high-margin dairy business in China,
as well as the other animal protein business in Vietnam, Myanmar, and China. With established operational
expertise across the agri-food value chain that is based on quality and safety, we are confident that the
Group will be able to capture the growth in their targeted markets and reap significant topline growth in
the next 5 years.