Highlights

 

 

FY2017 Results

  • Group sales reached US$2.3bn in FY2017, down 0.9% from prior year on higher Philippines and S&W Asia sales offset by lower USA sales
  • The US business accounted for US$1.7bn or 75% of total sales
  • The Asian business, both packaged and fresh segments, delivered record sales of US$611.7m, up 9%
  • Without one-off items, the Group generated
    • EBITDA of US$211.8m, up 2%
    • Operating profit of US$145.5m, up 8%
    • Net profit of US$45.5m, up 80%
  • Including one-off items, the Group generated
    • EBITDA of US$194.0m, down 20%
    • Operating profit of US$127.6m, down 24%
    • Net profit of US$24.4m,down 57%
  • Declared dividend of US$0.0061 per share or 50% payout of FY2017 earnings
  • CEO Joselito D Campos, Jr won Entrepreneur of the Year Award
  • Received Best Investor Relations (Gold) and Best Annual Report (Bronze) Awards from the Singapore Corporate Awards
  • New product Del Monte® Fruit Refreshers™ won the 2017 Product of the Year Award in the Healthy Snacking category in the USA
  • US$200m of Preference Shares issued, reducing DMPL’s gearing
  • Four new joint ventures with Fresh Del Monte Produce, Inc
  • Nice Fruit plant for frozen pineapple commenced operation
  • New Del Monte Pacific website launched
  
 

Five-Year Summary

Financial Year1 FY2017 FY2016 FY2015
(As Restated2)
CY2013 CY2012
(Amounts in US$ million unless otherwise stated)          
Profitability3          
Turnover 2,252.80 2,267.8 2,186.7 492.2 459.7
Gross Profit

494.9

481.9 408.2 115.6 112.8
EBITDA 194.0 235.2 86.5 42.3 59.9
EBITDA - without Non-Recurring items 211.8 202.1 146.1 68.8 59.9
Profit/(loss) from Operations 127.6 161.7 35.0 27.5 49.7
Net Profit Attributable to Owners 24.4 51.5 (43.2) 16.1 32.0
EPS (US cents) 1.21 2.65 (3.10) 1.24 2.47
Net Profit - without Non-Recurring items 45.5 19.8 (6.7) 33.9 32.0
EPS - without Non-Recurring items (US cents) 2.29 1.02 (0.48) 2.62 2.47
           
Gross Margin (%) 22.0 21.2 18.7 23.5 24.5
EBITDA Margin (%) 8.6 10.4 4.0 8.6 13.0
Operating Margin (%) 5.7 7.1 1.6 5.6 10.8
Net Margin (%) 1.1 2.3 na 3.3 7.0
EPS Growth (%) 58.7 185.5 na (49.8) 15.4
Return on Equity (%) 5.1 15.0 na 6.7 13.4
Return on Assets (%) 0.7 2.0 na 2.9 6.9
           
Balance Sheet          
Cash 37.6 47.2 35.6 132.9 24.6
Debt 1,714.0 1,843.8 1,718.5 276.7 140.5
Net Debt 1,676.4 1,796.6 1,682.9 143.8 116.0
Fixed Assets 657.2 563.6 578.4 99.5 93.4
Total Assets 2,757.1 2,694.6 2,622.1 617.6 496.7
Shareholders' Equity 578.6 365.2 324.2 228.4 250.7
Net Tangible Asset Per Share (US cents) (8.4) (19.8) (22.4) 16.5 21.8
Net Debt to Equity Ratio (%) 289.8 491.9 519.1 62.9 46.3
           
Cash Flow          
Cash Flow from Operations 187.1 31.0 239.6 27.8 19.5
Capital Expenditure 144.1 60.3 75.2 24.7 17.3
           
Share Statistics4          
Number of Outstanding Shares (million) 1,943.2 1,943 1,944 1,297 1,080
 Number of Outstanding Preference Shares (million)5 20.0 - - - -
           
Average for period          
Share Price (Singapore cents) 33.9 34.4 45.9 71.2 38.3
Share Price (US cents equivalent) 24.4 24.8 35.5 57.0 30.6
Market Capitalisation (S$ million) 658.7 668.5 892.3 923.2 413.7
Market Capitalisation (US$ million) 474.6 482.6 690.1 739.1 330.2
P&L rate: US$1 : S$ 1.39 1.39 1.29 1.25 1.25
Price Earnings Multiple3 (x) 20.2 9.4 na 46.0 12.4
Share Price - Preference Shares (US$)5 10.2 - - - -
           
End of period          
Share Price (Singapore cents) 33.5 30.0 42.0 56.3 47.3
Share Price (US cents equivalent) 24.0 22.2 30.5 44.4 38.8
Market Capitalisation (S$ million) 651.0 583.0 816.5 730.0 510.9
Market Capitalisation (US$ million) 465.6 431.9 593.7 575.2 418.8
P&L rate: US$1 : S$ 1.40 1.35 1.38 1.27 1.22
Price Earnings Multiple3 (x) 19.8 8.4 na 35.8 15.7
Share Price - Preference Shares (US$)5 10.0 - - - -
           
Dividend          
Dividend Per Share (US cents) 0.61 1.33 - 0.62 2.23
Dividend Per Share (Singapore cents) 0.84 1.80 - 0.78 2.77
Dividend Yield (%) 2.5 5.2 - 1.1 7.2
Dividend Payout (%) 50.0 50 - 50 75
1 DMPL changed its fiscal year to end in April in line with its USA subsidiary Del Monte Foods, Inc. For 2012-2013, fiscal year was ending December.
2 DMPL adopted amendments to IAS 16 and IAS 41 (Agriculture: Bearer Plants in April 2017). The change in accounting standard was applied retrospectively. This involved reclassifying a portion of biological assets to plant, property and equipment leading to much higher depreciation expense. However, for EBITDA calculation, the Group retained the old calculation using the lower depreciation for comparability. For more information on these amendments, please refer to Note 3 of the financial statements.
3 The profitability of the Group from 2013-FY2017 had been impacted by non-recurring items mostly due to the acquisition of the US company. Please refer to the Operating and Financial Review section for more details.
4 DMPL was listed on 2 August 1999 on the Singapore Exchange (SGX) and on 10 June 2013 on the Philippine Stock Exchange (PSE). Singapore share prices are converted to US cents for the purpose of computing financial ratios. DMPL did a 2:10 Bonus Issue with ex-date of 9 April 2013. It also did a Rights Issue in March 2015. New shares issued resulted in a 33% dilution.
5 Preference Shares started trading on the Philippine Stock Exchange on 7 April 2017.
6 Dividend per share (Singapore cents) for FY2017 is based on an indicative exchange rate as the dividend has not been paid yet at the time of print.