The East Asiatic Company Ltd. A/S. H1 Results and 2002 Outlook

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1 The East Asiatic Company Ltd. A/S H1 Results and 2002 Outlook

2 Today s agenda Highlights and events Results for H Mark Wilson Iqbal Jumabhoy EAC s Four Strategic Businesses EAC Nutrition Mark Wilson EAC Foods Mark Wilson EAC Industrial Ingredients Niels Henrik Jensen EAC Moving and Relocation Services Niels Henrik Jensen Other Activities Niels Henrik Jensen Outlook for 2002 Mark Wilson EAC Page 2

3 Strong H1 performance Outlook for H2 reduced Nutrition: Best H1 sales ever DKK 1bn 10.8% operating margin shows steady recovery from 7.8% low in Q outlook affected by product recall in Thailand operating margin about 9.0% Foods: Improvements in market shares Net sales and profits affected by 44% devaluation of Bolivar Hyperinflation increases uncertainties related to full-year estimates Industrial Ingredients: Best H1 operating profit excl. one-off s ever Overall progress in main markets and core industries Strong performance leads to a positive adjustment of full-year estimates Moving & Relocation Services: Still affected by September 11 and weak economic climate 10% growth vs. H due to consolidation of Sino Santa Fe Int. Delay in recovery in Singapore and Hong Kong to affect full-year EAC Page 3

4 Events for H Free float of VEB from mid-february 2002 Sale of share holding in Fibertex A/S EAC Nutrition recalls Mamex/Mamil powder products in Thailand Sale of share holding in R.T. Briscoe in Nigeria Completion of 2001 share repurchase scheme. Cancellation of shares initiated as announced in Statstidende on June 2, share repurchase scheme initiated. Change in accounting policies with minimal impact on results or balances. EAC Page 4

5 Profit & Loss - H DKK M illion /01 Net sales Strategic businesses 2,457 2,477-1% Other businesses 1,050 1,365-23% EBITDA % -11% Operating result % Financing, net Revaluation of financial assets Taxes Result after tax % Net result % EAC Page 5

6 Net sales by geographic area Asia focus maintained H1 H H1 Asia H South America Africa 8% 2% Other 10% 2% 25% 25% 65% 63% EAC Page 6

7 Net sales by currency Strong reliance on USD H1 H USD H1 H THB 12% 7% 8% JPY NGN DKK Others 14% 1% 10% 65% 6% 2% 67% 3% 5% EAC Page 7

8 Net sales - H DKK M illion /01 Nutrition 1, % Foods % Industrial Ingredients % Moving & Relocation % Subtotal 2,457 2,477-1% Other Activities 1,050 1,096-4% Disposed Businesses % Total 3,507 3,842-9% EAC Page 8

9 Operating result - H DKK M illion /01 Nutrition % Foods % Industrial Ingredients % Moving & Relocation % Subtotal % Other Activities % Dispose d Businesse s % Unallocated Inc./Exp. net % Total % EAC Page 9

10 Operating result adjusted for nonrecurring items - H DKK M illion /01 Nutrition % Foods % Industrial Ingredients % Moving and Relocation % Subtotal % Othe r Activitie s % Disp o se d Bu sin e sse s % Unallocated Inc./Exp. net % Total % Disp o se d Bu sin e sse s % Continuing activities % EAC Page 10

11 Operating result from underlying continuing operations - H /01 Result from continuing operations % Result of underlying operations % Items not directly related to the recurring operations, net Results as reported % Profit from sale of shareholding in Fibertex A/S of about DKK 40m and a gain of about DKK 12m from sale of the Yoplait franchise in China. EAC Page 11

12 Reduced financing, net H DKK M illion /01 Income % Expenses % Translation adjustments and exchange gain/ losses, net % Financing Income and Expenses, net % Revaluation of financial fix e d a sse ts n/a Total financial items % EAC Page 12

13 Balance Sheet as at 30 June 6,000-15% 5,000 4,000 +1% +3% 3,000 2, , ,000 Total Assets Group Equity EAC's Share of Equity Net Interest Bearing Debt EAC Page 13

14 Invested capital in strategic businesses as at 30 June DKKm June June 2002 EAC Nutrition -17% vs EAC Foods -25% vs EAC Industrial Ingredients -9% vs EAC Moving & Relocation Services -16% vs EAC Page 14

15 Ratios H H YE 2001 Operating margin 7.5% 8.0% 8.1% 7.4% Interest coverage Equity ratio 62.9% 62.8% 53.0% 57.2% Return on invested capital 20.3% 24.4% 21.9% Annualised earnings per Share Stock exchange quotation, end of period Number of employees 6,813 6,697 6,534 EAC Page 15

16 EAC s Four Strategic Businesses EAC Nutrition EAC Foods EAC Industrial Ingredients EAC Moving And Relocation Services EAC Page 16

17 EAC Nutrition - Profile EAC Nutrition develops, produces and markets a wide range of infant and child nutrition products. EAC Nutrition enjoys a market-leading position in its established markets in China, Malaysia, Singapore and Thailand. EAC Page 17

18 EAC Nutrition - H DKK Million /01 Net sales 1, % EBITDA Operating result % Operating margin 11.9% 11.7% 0.2pp Operating result, excl. one-off's % Operating margin excl. one-offs 10.7% 11.7% -1pp 0.9pp 10.8% EAC Page 18

19 EAC Nutrition Quarterly earnings DKKm % 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Q Q Q Q Margin in % Q Q Q Q Q Q EBIT in DKK excluding one-offs EBIT margin Reduced milkpowder prices starts to contribute to margin recovery from Q EAC Page 19

20 EAC Nutrition Net sales growth and margin recovery For the first time, half-year sales surpassed DKK 1b Continued strong sales growth in China 24% in H1 vs. H Price increases in Q2 affected growth, however market shares increased Product upgrades include oligosaccharides for infant and follow-on formula Launch of honey flavoured Dumex 3-Plus Continued high growth in the Philippines Rebound in Malaysia in Q2 sales up 14% in local currency vs. Q Product recall in Thailand affects outlook Product recall of Mamex/Mamil products in July EAC Page 20

21 EAC Nutrition Products launched in new products and products upgrades introduced in 2002 DKK 164m in A&P spendings in H vs. DKK 140m in H Product introductions include: Dumex 1Plus Maxi-Q Chocolate, Malaysia Dumex 3Plus Maxi-Q Honey, China, Philippines and Vietnam Dumex Infant formula and follow-on with oligosaccharides in China EAC Page 21

22 EAC Foods - Profile EAC Foods is an integrated manufacturer and distributor of processed meat products. Operating under the brand names Plumrose and Oscar Mayer. EAC Foods retains its market-leading position and is the most active company with regards to product launches in Venezuela and Ecuador. EAC Page 22

23 EAC Foods - H DKK M illion /01 Net sales % EBITDA Operating result % Operating margin 9.1% 7.6% 1.5pp EAC Page 23

24 EAC Foods Quarterly earnings 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% EAC Page 24 DKKm Q Q Q Q Q Q Q Q Q Q Margin in % EBIT in DKK excluding one-offs EBIT margin

25 EAC Foods Positive H1 despite difficulties A positive financial performance despite continued unstable political and economic situation in Venezuela with an operating result 5% above last year. Negative effect from impact of adjustments in economy only evidenced during month of June. Net sales in DKK 12% below last year due to devaluation of the VEB from mid-february Y-t-d devaluation of 44%. In Ecuador net sales grew 30% compared to H and operating result increased substantially. EAC Page 25

26 VEB devaluation and volatility vs. USD 120% 100% 80% 60% 40% 20% 0% 1-Feb 15-Feb 1-Mar 15-Mar 29-Mar 12-Apr 26-Apr 10-May 24-May 7-Jun 21-Jun 5-Jul 19-Jul 2-Aug 16-Aug -20% -40% -60% Depreciation since 31Dec 1 Month avg. Volatility EAC Page 26

27 EAC Foods Products launched in new products and products upgrades introduced in 2002 DKK 25m in A&P spendings in H vs. DKK 27m in H Product introductions include: FIESTA brand EAC Page 27

28 EAC Industrial Ingredients - Profile From its strong platform as a market leading independent distributor of industrial ingredients in Thailand, EAC Industrial Ingredients has successfully expanded its distribution business in Southeast Asia. In addition, Industrial Ingredients has invested in a number of production joint ventures in Thailand. EAC Page 28

29 EAC Industrial Ingredients Market presence EAC Page 29

30 EAC Industrial Ingredients H DKK M illion /01 Net sales % EBITDA Operating result % Operating margin 14.6% 26.2% -11.6pp Operating result, excl. one-off's % Operating margin, excl. one-off's 14.6% 11.7% 2.9pp EAC Page 30

31 EAC Industrial Ingredients Quarterly earnings % 20.0% 15.0% 10.0% 5.0% 0.0% EAC Page 31 Q Q Q Q Q Q Q Q DKKm Q Q Margin in % EBIT in DKK excluding one-offs EBIT margin

32 EAC Industrial Ingredients Strong performance in H1 Net sales grew by 15% compared to H Thailand distribution benefited from improvement in economy and from increasing commodity prices. Regional markets continue to sustain a higher rate of growth with Vietnam being a major contributor. The operating result is the best achieved in a first half year and up 43% vs. H after adjustment for non-recurring items. EAC Page 32

33 EAC Moving & Relocation Services Profile EAC Moving & Relocation Services is a market leading player in the Asian moving and relocation industry. Operating from 22 units and covering a wide range of destinations, services include value-added relocation, household removals, office relocations and record management. EAC Page 33

34 EAC Moving & Relocation Services Market Presence 22 offices in 8 countries EAC Page 34

35 EAC Moving & Relocation Services H DKK Million /01 Net sales % EBITDA Operating result % Operating margin 1.7% 7.6% -5.9pp Operating result, excl. one-off's % Operating margin excl. one-offs 1.7% 3.8% -2.1pp EAC Page 35

36 EAC Moving & Relocation Services Quarterly Earnings % % % % 6.0% Q Q Q Q Q Q Q Q Q Q DKKm Margin in % 4.0% 2.0% 0.0% EBIT in DKK excluding one-offs EBIT margin EAC Page 36

37 EAC Moving & Relocation Services H1 affected by worldwide slowdown Performance below expectations due overall slowdown in worldwide relocations. Net sales increased 10% as a result of consolidation of the China entity, Sino Santa Fe International from 1 January The relocation market remains price competitive affecting overall margins. Office in Chongqing operational during Q2. Number of offices in China now 12. Industry data support market shares are being maintained EAC Page 37

38 Other Activities - Profile Other Activities consists of businesses outside the strategic businesses. The main businesses remaining in this segment are EAC Trading and EAC Holdings Malaysia. EAC Page 38

39 Profit & Loss Other Activities DKK Million /01 Net sales 1,050 1,096-4% Operating result % +8% EAC Page 39

40 Expected Full Year EAC Page 40

41 Full year expectations H2 outlook reduced Net sales below last year s level Net sales in Asia to increase around 5% Operating result from underlying operations will be about DKK 330m compared to DKK 420m previously expected. Result before tax from underlying operations is expected at about DKK 300m compared to DKK 370m previously expected. Net result from underlying operations is now expected to be about DKK 180m compared to DKK 240m previously expected. EAC Page 41

42 Strategic Businesses Outlook for 2002 EAC Nutrition Sales similar to 2001 level with operating margin at about 9.0% vs. 10.0% in 2001 EAC Foods 10% volume decline and up to 30% reduction in DKK sales. Operating margin increased to around 8% EAC Industrial Ingredients Double-digit growth in net sales and an operating result more than 25% above 2001 when disregarding non-recurring items. EAC Moving and Relocation Services Growth in net sales of around 15%. Operating margin of around 5%. EAC Page 42

43 Major impacts on previous outlook 3 main events Weakening of USD exchange rate Impact of DKK (10m) on operating result. Assumption for remainder of 2002 DKK 7.55 vs. USD (2002 average of 7.91). Mamex/Mamil contamination issue Impact of DKK (40m) on operating result on assumption of minus 30% sales in Thailand for H and additional marketing spend (before any off-setting compensation). Stable situation anticipated at year end. Economic and political situation in Venezuela Further DKK (5m) impact on operating result. EAC Page 43

44 EAC Foods assumptions Oil prices YTD average USD per bbl for Venezuela basket. Present prices above this level and expected to remain high. Exchange rate 50% devaluation (VEB 1500) expected versus previous estimate of 40% (VEB 1400). GDP Assumption of more than 4% decline vs. previous estimate of 1-2% Annual inflation rate assumed of 35%. H1 inflation rate was 12.8% Interest rate 40% average for Assumption unchanged. EAC Page 44

45 Other impacts on previous outlook Operational impacts EAC Nutrition DKK (10m) for additional A&P for product launches in China. EAC Industrial Ingredients + DKK 15m due to improved net sales and operating margins. EAC Moving & Relocation Services DKK (25m) due to slower than expected pick-up in expatriate relocations due to continuing security concerns. One-off s A net of DKK (15m) from disposals, provisions and write-offs. EAC Page 45

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