Thai Beverage Pcl Ord

Good evening, everyone, and thank you for joining the Thai Beverage Fiscal Year 2024 results call. All participants have been placed in a lesson-only mode. Later, we'll conduct a question-and-answer session, and instructions will be given at the time. I will now hand over the call to the presenters, Ms. Nemphong Ongston-Ronsi, Thai BEV's Head of Investor Relations, and the members of Thai BEV's Senior Management Team. Thank you.

Good evening, ladies and gentlemen. Welcome to Thai Privates' full year 2024 and the 30th of September 2024 Financial Resource Conference call. I am Namphu, Aung San Suu Kyi, Head of Investor Relations. For the call tonight, I will start with a summary of the full year results. Then we will open the line for Q&A with our management team here. For the summary of the full year results, on 28th of September 2024, InterBelf Investment Limited, or IBIL, an indirectly owned subsidiary of ThaiBel, completed a share swap transaction with TCC Asset Limited, or TCCAL. The transaction resulted in an increase in IBIL's percentage interest in Fraser & Neve Limited shares from 28.31% to 69.64%, making Tybeft the holding company of F&N and seed to hold any interest in Fraser's Property Limited. As IBIL and TCCAL are under common control of the same ultimate controlling shareholder, the transaction is accounted for as a business combination under common control. Accordingly, the group's full year 2023 consolidated financial statements have been restated for comparative purposes. Total sales revenue of the company for the fiscal year ended 30th September 2024 was 340,289 million baht, an increase of 2.2% when compared to the same period last year, driven by growth across our beverage and food segments. Net profit was 35,270 million, an increase of 0.6% compared to the same period last year. This was due to an increase in net profit from the beer business, non-alcoholic beverage business, and others business, partly offset by a decrease of net profit from spirits and food business. The Board of Directors has proposed a dividend for full year 2024 of 11,810 million baht, or 0.62 baht per share, which is higher than last year. This translates to a payout ratio of 53.9% of profit attributable to shareholders, which includes net profit of FNN Group, attributable to former shareholders during the year based on the group's percentage interest received for business restructuring under common control. Please note that the interim dividend was paid in June 2024 at 0.15 baht per share. Therefore, the final dividend will be 0.47 baht per share. In 2024, the spirits business reported sales revenue of 120,728 million baht, up 0.8% year-on-year. This was driven by an increase in sales volume of white spirits, as well as robust performance in Myanmar market. which showed improvement in both sales revenue and EBITDA. However, higher raw material costs, increased investment in brand and marketing activities led to a 4.6% year-on-year decline in net profit to 21,385 million baht. The beer business recorded sales revenue amounting to 126,332 million baht in 2024, an increase of 2.4% year-on-year, supported by rebound in tourism and higher beer consumption due to the warmer weather in Thailand, with lower raw material costs, improved operational efficiencies, and effective brand and marketing investments. The beer business achieved a net profit of 5,221 million baht, a 3.9% increase compared to previous year. The non-alcoholic beverage business saw a 4.2% year-on-year rise in sales revenue to 65,802 million baht in full year 2024. This was due to a higher sales volume across all categories, as a result of successful brand building from distribution expansion and effective consumption campaigns. Despite higher investment in brand and marketing activities, the business posted 9.3% year-on-year growth in net profit to 5,934 million baht, supported by lower packaging costs, favorable commodity price, and enhanced production efficiency. In 2024, the food business registered 5.5% year-on-year increase in sales revenue to 22,288 million baht, driven by the opening of new stores. However, the net profit fell to 301 million baht due to a combination of higher raw material costs, increased operational expenses, and investments to enhance brand visibility and accessibility. Additionally, the results were further impacted by a decrease in one-time fair value gains from the re-measurement of F&N investment in Cocoa Land in the prior year. In 2024, the group's other business registered a decline in sales revenue from publishing and printing business of 6% year-on-year to 5,400 million baht. This was mainly due to a decrease in sales revenue from lower international printing demand and the closure of unprofitable business units. Net profit, which includes a share of profit of investment in Fraser Property Limited, was 2,429 million baht. So this is the summary of our fiscal year 2024 financial results. Now we will open the call to any questions on our results. Operator, please help open the line for Q&A.

Thank you. We now begin the question and answer session. Participants with questions to pose, please press star 1 1 on the telephone keypad, and you will be placed in the queue. To cancel the queue, please press star 1 1 again.