afgri presentation final

7/31/2019 Afgri Presentation FINAL

1/52

Interim results presentation

29 February 20121 March 2012


2/52

Agenda

2

The past six months

Operational overview

Financial overview

Prospects

Questions and answers


3/52

Highlights

Revenue

HEPS (continuing operations)

Interim dividend Retain 2x dividend cover

No discontinued operations

Improved gearing

3

24.8%

(17.3) %

18.45 cps


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Trading conditions

Challenges for the period

Grain Management

Animal Protein

General margin pressure in Foods segment

Positive influences for the period

Retail, Equipment and Australia

Balance sheet strengthening

Working capital

Financial Services

Procurement process (strategic sourcing)

Cost control

4

Lower silo volumes+

Price and input cost pressure in Foods=

HEPS decline


5/52

Operational overview

Chris Venter


6/52

Agri services segment

6

2,013

1,7321,620

2,014

308283 287 252

2008 2009 2010 2011

Revenue (Rm)

Retail & Equipment Grain Management

6959

35

62

95

114

132

106

2008 2009 2010 2011

Profit before tax (Rm)

Retail & Equipment Grain Management

Retail and Equipment: High maize price contributed to enhanced earnings

Improved retail conditions in Australia

Grain Management: Significant volume reduction in silos


7/52


7

Retail & Equipment

High maize price and good rainfall brought recovery from second half

Strong maize price boosted revenue

Strong volume growth

Margins maintained

Farmers positive on agricultural sector


8/52

Agri services: Tractor sales

8

* Value of tractors sold only includes new tractors sold

Sales value of AFGRI tractors sold in South Africa:

2011 (interim) R250 million

2010 (interim) R174 million

2,254

2,7152,417

3,117

3,709

4,382

2,907

3,577

5,143

615814

609863 791

1,024

687 821

1,130

191 240 182 309 302426 237 220

0

1,000

2,000

3,000

4,000

5,000

6,000

2003 2004 2005 2006 2007 2008 2009 2010 2011

National AFGRI area AFGRI sales

Current market share of 31%(27% - 2010)

513

AFGRI Africa

354


9/52


9

Africa

John Deere dealership established in Zimbabwe and Zambia

Tractor sales:

Zimbabwe 25 (Aug Dec 2011)

One center in Zimbabwe

Cash sales

Zambia 134

In process of negotiating an additional two John Deere agencies in Africa

Supporting 24 farmers in Congo Brazzaville


10/52


10

Lower silo volumes

Exports continued during the six months

Successful move of Procurement arm of Trading into Grain Management

Expanded Collateral Management footprint

Plantings (AFGRI area of operation):

9% increase - maize

4% decrease - soya beans

24% decrease - sunflower

Grain Management

Grain Current year (ha) Prior year (ha)

White maize 226 056 223 807

Yellow maize 408 851 358 220

Total maize 634 907 582 027

Sunflower 28 099 36 927

Soya beans 221 107 230 037

TOTAL HA 896 424 861 185


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White and yellow maize plantings

11

1,737,000

1,489,000

1,719,700

1,418,300

1,590,200

500,000

700,000

900,000

1,100,000

1,300,000

1,500,000

1,700,000

1,900,000

2008 2009 2010 2011 2012

White maize: area planted (ha)

1,062,000

938,500

1,022,700

954,000

1,040,000

840,000

880,000

920,000

960,000

1,000,000

1,040,000

1,080,000

2008 2009 2010 2011 2012

Yellow maize: area planted (ha)


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AFGRI closing silo stocks (000)

12

Source: AFGRI

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

Dec-03

Mar-04

Jun-04

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

Sep-06

Dec-06

Mar-07

Jun-07

Sep-07

Dec-07

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

December

Drought conditions &

low plantings


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AFGRI closing silo stocks (000) Dec 10 Dec 11

13

Source: AFGRI

Tons

1,928,000

2,748,000

2,605,000

2,259,000

1,967,000

1,668,000

1,463,000

1,207,000

932,000

686,000

573,000

705,000

1,308,000

1,838,000

1,691,000

1,460,000

1,231,000

1,090,000

915,000

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Low closing stock levels resulted in R48 million shortfall in income

Key:

Jun 10 Jun 11

Dec 10 Dec11


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Import and export price parity

14

Source: SAFEX

500.00

900.00

1,300.00

1,700.00

2,100.00

2,500.00

2,900.00

3,300.00

3,700.00

2-Jan-08

1-Feb-08

2-Mar-08

1-Apr-08

1-May-08

31-May-08

30-Jun-08

30-Jul-08

29-Aug-08

28-Sep-08

28-Oct-08

27-Nov-08

27-Dec-08

26-Jan-09

25-Feb-09

27-Mar-09

26-Apr-09

26-May-09

25-Jun-09

25-Jul-09

24-Aug-09

23-Sep-09

23-Oct-09

22-Nov-09

22-Dec-09

21-Jan-10

20-Feb-10

22-Mar-10

21-Apr-10

21-May-10

20-Jun-10

20-Jul-10

19-Aug-10

18-Sep-10

18-Oct-10

17-Nov-10

17-Dec-10

16-Jan-11

15-Feb-11

17-Mar-11

16-Apr-11

16-May-11

15-Jun-11

15-Jul-11

14-Aug-11

13-Sep-11

13-Oct-11

12-Nov-11

12-Dec-11

11-Jan-12

10-Feb-12

R/ton

PRICES OF YELLOW MAIZE DELIVERED (RANDFONTEIN)

Import parity

SAFEX

Export parity

SAFEX, Jul 12


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Maize exports (total)

15

Source: SA Grain Information Service

000tons

0

50

100

150

200

250

300

350

400

450

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11


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Yellow and white maize price

16

Year White maize Yellow maizeAverage for the year

2008 1 830 1 844

2009 1 537 1 425

2010 1 201 1 263

2011 1885 1895

2012 (Jan) 2738 2764 Source: JSE and SAGIS

R

/ton

9001100

1300

1500

1700

1900

2100

2300

2500

2700

2900

3100

02/11/2007

02/01/2008

02/03/2008

02/05/2008

02/07/2008

02/09/2008

02/11/2008

02/01/2009

02/03/2009

02/05/2009

02/07/2009

02/09/2009

02/11/2009

02/01/2010

02/03/2010

02/05/2010

02/07/2010

02/09/2010

02/11/2010

02/01/2011

02/03/2011

02/05/2011

02/07/2011

02/09/2011

02/11/2011

02/01/2012

WMAZ YMAZ


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Financial services segment

17

485

339

214 201

2008 2009 2010 2011

Revenue (Rm)

Financial Services

27

7

3235

2008 2009 2010 2011


Financial Services

GroCapital Restructure in 2009 demonstrates positive trend

Strategic direction well entrenched with proven results

AFGRI Capital Position for fee income rather than interest income


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18

GroCapital

Product diversification

Focus on commodities in Africa reaping rewards

Sale of corporate debtors book

Enhancing structured finance and procurement business and mitigating risk witha logistics partner

1,315

817

1,208

-

200

400

600

800

1,000

1,200

1,400

2009 2010 2011

Corporate debtors book (Rm)

Source: AFGRI data


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19

AFGRI Capital

Successful implementation of sale of debtors book

Improve financial position and gearing

Increase access to funding

Opportunity to utilise capacity and infrastructure

Change from interest income to fee income model

5,389

4,864

3,965

2,886

0

1,000

2,000

3,000

4,000

5,000

6,000

2009 2010 2011 2012

Farm debtors under management (Rm)

Source: AFGRI data

Farm debtors under management(Land Bank and Wesbank)


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20

AFGRI Capital

AFGRI retains strong working relationship with clients

Farmers experienced no negative effect or change in service level

Marketing opportunity exists now that available capital funding is in place

How is AFGRI experiencing the relationship with the Land Bank?

Is AFGRI still of the opinion that this transaction was the correct one?


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21

260 296 264379

1,287

1,5811,390

1,780

2008 2009 2010 2011

Revenue (Rm)

Oil, Milling & Protein Animal Protein

13 1219

11

55

68

83

33

2008 2009 2010 2011


Oil, Milling & Protein Animal Protein

Yellow maize milling integration Margin pressure on Foods segment as a result of high raw material prices

Foods segment


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22

External market factors

Increased raw material price - therefore increased margin

pressure

Year - year increase of 33%

NSV increased by 18% Imports continued at 39%

Internal efficiency factors

Hubbard breed

Impact of volume on unit costs

Changes in Animal Protein

New appointments Nick Wentzel and Izaak Breitenbach

Focus on increased volume to reduce unit costs

Appointed as YUMs 3rd supplier

Animal Protein

Foods segment

AFGRI Board

Nick Wentzel

Independent Non-Executive Director

AFGRI Poultry

Izaak Breitenbach

MD


23/52

Broiler pricing

23

Source: South African Poultry Association

10

11

12

13

14

15

16

Jan-07

Mar-07

May-07

Jul-07

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Nov-10

Jan-11

Mar-11

May-11

Jul-11

Sep-11

Nov-11

Total sales realised of frozen broilers

R

/kg


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24

Oil, Milling and Protein

One month inclusion of yellow maize milling business revenue

Higher raw material price

Margins remain under pressure

Nedan expansion project progressing well

Foods segment

Impact of new crushing plants around South Africa?


25/52

Financial overview

Jan van der Schyff


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26

Income statement impact

Increase in interest paid : R 39 million

Increase in taxation : R 7 million

Increase in profit attributable to ordinary shareholders : R 9 million

Balance sheet impact

Decrease in total equity : R 838 million

Decrease in net assets : R 838 million

Consolidation of BEE structure


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27

DescriptionR million

6 months to31 Dec 2011

6 months to31 Dec 2010 Change

Total revenue 4 579 3 669 24.8%

Cost of Sales (3 477) (2 578) (34,9)%

Gross Profit 1 102 1 091 1,0%

Net operating expenses (721) (657) (9,7)%

Operating profit 381 434 (12,2)%

Finance cost / associate profit (193) (205) (5,9)%

Profit before taxation - continuing 188 229 (17.9)%

Taxation (54) (70) 22.9%

Profit for continuing operations 134 159 (15.7)%

Discontinued operations - (12) (100)%

Profit for the period 134 147 (8.8)%

Diluted weighted average number of shares in issue (m) 356.7 356.5 -Diluted EPS (cents) 37.1 40.9 (9.3)%

Diluted HEPS (cents) 34.5 41.2 (16.3)%

Consolidated income statement


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49%

4%

47%

Revenue - 31 December 2011

Agri Services

Financial Services

Foods

50%

6%

44%

Revenue - 31 December 2010

Agri Services

Financial Services

Foods

Segmental overview

51%

27%

22%

Operating profit - 31 Decmber 2011

Agri Services

Financial Services

Foods

42%

27%

31%

Operating profit - 31 December 2010

Agri Services

Financial ServicesFoods

28


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Segmental overview

68%

14%

18%

PBT 2011

Agri Services

Financial Services

Foods

55%

11%

34%

PBT 2010

Agri ServicesFinancial Services

Foods

52%

27%

21%

PBIT - 2011

Agri Services

Financial Services

Foods

42%

27%

31%

PBIT - 2010

Agri Services

Financial Services

Foods

29


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30

Agri Services Retail & Equipment

Description

R million


6 months31 Dec 2010

Change

Total revenue 2 014 1 620 24.3%

PBIT 85 54 57.4%

PBT 62 35 77.1%

Profit beforeinterest margin

4.2% 3.3% 27.3%

2,014

1,620

62

3530

35

40

45

50

55

60

65

0

500

1000

1500

2000

2500

2011 2010

Revenue (R'm) PBT (R'm)

Business Results

Description

R million


6 months31 Dec 2010

Change

Analysis of PBT

Normalised 44 35 25.7%

Sale of assets 18 0 -

Total 62 35 77.1%


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31

Agri Services Retail & Equipment

Description

R million

6 months to

31 Dec 2011

%

Contribution

6 months to

31 Dec 2010

%

Contribution

Revenue Retail (Continuing**) 523 26% 391 24%

Revenue Mechanisation 627 31% 457 28%

Revenue Primary Inputs 123 6% 164 10%

Revenue Other services 518 26% 416 26%

Revenue Australia 223 11% 192 12%

Total revenue 2 014 100% 1 620 100%

PBT Retail 16 26% 10 29%

PBT Mechanisation 23 37% 15 43%

PBT Primary Inputs 1 2% 3 9%

PBT Other services 24 39% 12 34%

PBT Australia (2) (4)% (5) (15)%

Total profit before taxation* 62 100% 35 100%

Net Profit Retail 3.1% 2.6%

Net Profit Mechanisation 3.7% 3.3%

Net Profit Primary Inputs 0.8% 1.8%

Net Profit Other services 4.6% 2.9%

Net Profit Australia (0.9)% (2.6)%

Net profit margin 3.1% 2.2%

* Other operating income (including capital profits), other services and Africa


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32

Agri Services Grain Management

Description

R million



Change

Total revenue 252 287 (12.2)%

PBIT 124 142 (12.7)%

PBT 106 132 (19.7)%

Total tonnage received(million)

2.3 2.6 (11.5)%

Opening stock

(million)

1.3 1.9 (31.6)%

Average storageperiod (months)

3.3 3.8 (13.2)%

Notes

Low opening stock

Impact of volumes and storage period on HEPS (R48 million) Offset by:

- Handling out

- Trading

- Grain sales

252

287

106

132

0

20

40

60

80

100

120

140

230

240

250

260

270

280

290

2011 2010


Business Results


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33

Financial Services

Description

R million

6 months to

31 Dec 2011

6 months to

31 Dec 2010

Change

Total revenue 201 214 (6.1)%

PBIT 109 125 (12.8)%

PBT 35 32 9.4%

Loan book margin 2.7% 2.6% 3.8%

Notes

Sale of debtors book

Cash collateral deposit releases

Fee income improved

Good capital profits

Reduction in OPEX

201

214

35

32

30.531

31.5

32

32.5

33

33.5

34

34.5

35

35.5

190

195

200

205

210

215

2011 2010


Business Results


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Net interest calculation

34* - Included in other operating income ** - Included in other operating expenses

Description

R million

6 months to 31

Dec 2011

6 months to 31

Dec 2010

Finance cost: continuing (201) (205)

Interest related to debtors finance 110 105

Other interest paid: continuing (91) (100)

Other interest paid: discontinued - (2)

Other interest paid (91) (102)

Dividend income* 3 3Interest received: Guarantee deposit* 3 13

Interest received: Other** 12 12

Net interest (73) (74)

Interest effect of consolidation 39 40

Interest: Other guarantee deposits** 3 4

Net interest and dividends (31) (30)


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Impact of debtors book sale

35

31 Dec 2010 31 Dec 2011DescriptionR million

ActualsBefore

ActualsAfter

Debt 4 036 3 209

Equity 1 598 1 739

Debt: Equity ratio 2.53 1.85

Before = Before sale of farming lending book

After = After sale of farming lending book

30 Jun 2011 30 Jun 2011 30 Jun 2011 30 Jun 2011

Farmerlending

included

Farmerlending

excluded

Corporatelending

excluded

BEEstructure

completed


Actual Pro-formaAfter

Pro-formaAfter

Pro-formaAfter

Debt 4 539 2 662 2 062 1 362

Equity 1 575 1 575 1 575 2 275

Debt: Equity ratio 2.88 1.69 1.31 0.60


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36

Animal Protein

Description

R million



Change

Total revenue 1 780 1 390 28.1%

PBIT 67 120 (44.2)%

PBT 33 83 (60.2)%

Notes

Animal Feeds

Lower margins

Broilers

Higher feed costs

Lower NSV

High cost per unit

1,780

1,390

33

83

010

20

30

40

50

60

70

80

90

0200

400

600

800

1000

1200

1400

16001800

2000

2011 2010


Business Results


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37

Oil, Milling and Protein

Description

R million



Change

Total revenue 379 264 43.6%

PBIT 20 22 (9.1)%

PBT 11 19 (42.1)%

Notes

Lower volumes

Reduced margins

Offset by lower OPEX

379

264

11

19

02

4

6

8

10

12

14

1618

20

050

100

150

200

250

300

350

400

2011 2010


Business Results


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38


6 Months toDec 2011

6 Months toDec 2010

Change%

Assets

Non-current assets 2 718 2 196 23.8%

Property, plant and equipment 1 845 1 512 22.0%

Goodwill 248 37 570.3%

Other intangible assets 256 286 (10.5)%

Investments in associates 48 36 33.3%

Available-for-sale financial assets 41 42 (2.4)%

Financial receivables 164 161 1.9%

Deferred income tax assets 116 122 (4.9)%

Current assets 4 310 5 656 (23.8)%

Inventories 1 227 934 31.4%

Biological assets 47 64 (26.6)%

Trade and other receivables 630 509 23.8%

Trade receivables financed by banks 1 895 3 290 (42.4)%Derivative financial instruments 44 64 (31.3)%

Current income tax assets 22 2 1 000%

Cash and cash equivalents and cash collateral deposits 445 793 (43.9)%

Assets of disposal groups classified as held-for-sale 7 17 (58.8)%

Total assets 7 035 7 869 (10.6)%

Balance sheet - assets


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39

Balance sheet - liabilities


6 Months toDec 2011

6 Months toDec 2010

Change%

Equity - Capital & reserves attributable to equity holders 1 734 1 592 8.9%

Treasury shares (86) (90) 4.4%

Incentive trust shares (130) (151) 13.9%

Fair value and other reserves (22) (63) 65.1%

Retained earnings 1 972 1 896 4.0%

Non-controlling interest 5 6 (16.7)%

Total equity 1 739 1 598 8.8%

Liabilities - Non-current liabilities 770 1 016 (24.2)%

Borrowings 572 832 (31.3)%

Deferred income tax liabilities 183 184 (0.5)%

Provisions for other liabilities and charges 15 - -

Liabilities - Current liabilities 4 526 5 255 (13.9)%

Trade and other payables 1 393 1 164 19.7%

Derivative financial instruments 44 79 (44.3)%

Current income tax liabilities 7 15 (53.3)%

Call loans and bank overdrafts 1 187 674 76.1%

Bank borrowings to finance trade receivables 1 895 3 323 (43.0)%

Total liabilities 5 296 6 271 (15.5)%

Total equities and liabilities 7 035 7 869 (10.6)%


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40

Cash generated from ops

Working capital utilised

Taxation

Investments made

Finance activities

31 Dec 2011Rmillion

Movement in guarantee deposits

(103)

(93)

1 528

(2)

1 330

-139

-122

-12

-554

279

-600 -400 -200 - 200 400

31 Dec 2010Rmillion

Cash flow statement

287

-282

-27

-340

259

-400 -200 - 200 400

(548)

(23)

572

(554)

(553)

Net movement in overdraft

Movement in debt to finance debtors

Movement in borrowings (incl short term)

Movement in net debt


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41


6 Months to

31 Dec 2011

Agri Services 48

Financial Services -

Foods 57

Corporate 6

Total 111

Group capex and activities


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Prospects

Chris Venter

AFGRI DNA


43/52

AFGRI DNA

Production Grain Management Industrial Processing

Grain value chain will always remain embedded in the AFGRI DNA

43

AFGRI DNA i h l dd d i


44/52

AFGRI DNA with value added services

Retail

Production Grain ManagementIndustrial

Processing

Partrite

GroCap

Mechani

-sation

Insurance Farmer

Lending

LabWorld

Tobacco

44

V l dd d i


45/52

Value added services

Retail

Partrite

GroCap

Mechani-sation

Insurance FarmerLending

LabWorld

Tobacco

Focus on service deliveryand financial returns (RONA

and ROE)

45

I t t


46/52

Investment case

46

Foodsecurity

Sustainable

Balance sheetrestructured

Outstandingknowledge on

agricultural marketplace

Strategic assetswith good market

share

BrandequityVision

People

Assets

Liquidity

Strategicoperations being

strengthened

To be the leadingagricultural

services and foodcompany

If correct calibre isnot in place -

replace

AFGRI main assetgroup has an

averageRONA of 30% +

Debt:equity

ratio improvedto 1.69

AFGRI will continue to strive for a balance of growth through capex spend, acquisition andother organic growth

Strengthening

exercise remainsfocus

I t t


47/52

Investment case

47

2009 - 2010 2011 2012 2014 onwards

Disposal and

closure of non-core,

unprofitabledivisions

Successfulrestructure of

balance sheet

Strong operations

and boardmembers appointed

to assist in Foodsstrategy

development

2013

Purchase ofRossgro and Pride

Milling to bolster

Foods division

Consolidation ofongoing operations

Establish additionalbunker and

collateralmanagement sites

Focus on

efficiencies inPoultry

Increased capacity

for DOC and

slaughter birds

Nedan expansion

completed withintention of doubling

capacity

Benefit of Africa

Expansion of Milling

Daybreak abattoir

extensionscompleted

Daybreak and

Delmas abattoirproduction to

increase

Benefits across GP, parent, broiler and

abattoir operations will improve

Implemented new SAP system - extraction of value continues with the benefit of the procurement initiative

Focus on increased ROE and value added services

Benefit of new Financial Services structure fee income

Continue to expand Grain Management

footprint across Africa

Key:

Group

Agri ServicesFinancial Services

Foods

P t


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48

Current external environment

Price expected to remain strong

Margin pressure on Poultry will remain

Expect good crop in AFGRI area

Price expectation

White maize R1,800 R2,600

Yellow maize R1,800 R2,600

Wheat R2,700 R3,100

Sunflower R4,100 R4,700

Soya beans R3,100 R3,600

Focus areas for the period ahead

Counter empty silos

Financial services will continue to grow

Poultry expansion and efficiencies

Sale of corporate debtors book

Potential to take BEE funding off balance sheet

Prospects


49/52

Thank you for your attendance andparticipation

www.afgri.co.za

For any further Investor Relations questions please contact:

Chris Venter (CEO) 011 063 2001

Vanessa Rech (Keyter Rech Investor Solutions) 011 447 8656


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Appendix

Loan book margin calculation


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51

Loan book: margin calculation

Description

R million

6 Months to

Dec 2011

6 Months to

Dec 2010 Change

Total interest received 154 161 (4.3)%

Total interest received 151 151 -

Interest on cash guarantees 3 10 (70.0)%

Total interest paid(115) (110) 4.5%

Total interest paid (110) (105) 4.7%

Other interest (paid) / received

(5) (5) - Net interest 39 51 (23.5)%

Average debtors balances 2 886 3 965 (27.2)%

Loan book margin 2.7% 2.6% 3.8%

Debt / cash flow calculation


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Debt / cash flow calculation

DescriptionR million 6 months ending Dec 2010 6 months ending Dec 2011

Jun 2010 Dec 2010 Movement Jun 2011 Dec 2011 Movement

Overdraft (207) (674) (467) (951) (1 187) (236)

Cash 475 394 (81) 258 391 133

Net overdraft (excl guarantee deposits) 268 (280) (548) (693) (796) (103)

Cash guarantee deposits 422 399 (23) 147 54 (93)

Net overdraft 690 119 (571) (546) (742) (196)

Short tem debt (105) 0 105 (10) 0 10

Debt to finance debtors (3 895) (3 323) 572 (3 423) (1 895) 1 528

Net short term debt (3 310) (3 204) 106 (3 979) (2 637) 1 342

Long term borrowings (173) (832) (659) (560) (572) (12)

Net debt (3 483) (4 036) (553) (4 539) (3 209) 1 330

afgri presentation final

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