FINANCIALHIGHLIGHTS

for six months ended 31 March 2024 ("1H2024")

(Unaudited)

IMPORTANT NOTICE

Certain statements in this Presentation constitute "forward-looking statements", including forward-looking financial information. Such forward-

looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual

results, performance or achievements of F&NL, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding F&NL's present and future business strategies and the environment in which F&NL will operate in the future. Because these statements and financial information reflect F&NL's current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information.

F&NL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement or financial information contained in this Presentation to reflect any change in F&NL's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement or information is based, subject to compliance with all applicable laws and regulations and/or the rules of the SGX-ST and/or any other regulatory or supervisory body or agency.

This Presentation includes market and industry data and forecast that have been obtained from internal survey, reports and studies, where appropriate, as well as market research, publicly available information and industry publications. Industry publications, surveys and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such included information. While F&NL has taken reasonable steps to ensure that the information is extracted accurately and in its proper context, F&NL has not independently verified any of the data from third party sources or ascertained the underlying economic assumptions relied upon therein.

1. Unless specifically stated otherwise, all figures in this presentation are quoted in Singapore Dollars

2

2. Due to rounding, numbers in charts may not always add up to 100% or totals

F&N ACHIEVES 52% PROFIT GROWTH DESPITE WEAKNESS IN REGIONAL CURRENCIES

1H2024 Financial Highlights

$1,071.1M

(+ 2.5%)

REVENUE

$125.5M

(+ 13.2%)

PAT

$162.5M15.2%

(+ 53.6%)

(+ 505 bps)

PBIT

PBIT MARGIN

$83.8M

5.8 CTS

(+ 52.5%)

(+ 52.6%)

ATTRIBUTABLE PROFIT1

EARNINGS PER SHARE1

Half-year ended 31 March 2024

1. Before exceptional items

3

BEVERAGES & DAIRIES LED 1H2024 REVENUEGROWTH

1H2024Revenue (by Business)

1H2023

$1,045.3m

KEY TAKEAWAYS

• F&B segment contributed to the Group's 2% (+6%

in constant currency) revenue growth

• Favourable sales mix and higher volume resulting

from the successful execution of festive

Beverages

Dairies

P&P

+ $25.8m (+ 2%)

F&B

+ 6%

(+4%)

+ 3%

- 14%

campaigns led to Beverages growth

• Robust export and higher domestic canned milk

volumes from Malaysia and Thailand supported

Dairies growth

• Despite stronger performance from Education,

reduced print orders (mainly due to the timing of sales

orders and lower international print demand), and lower retail sales (as a result of store closures) impacted P&P's revenue

Others

+ 11%

1H2024

$1,071.1 m

1H2024 Revenue

1H2023

1H2024

9% 4%

$1,045.3M

$1,071.1M

31%

Beverages

30%

31%

$1,071.1M

Dairies

55%

56%

P&P

11%

9%

56%

Others

4%

4%

Half-year ended 31 March 2024

•

Beverages comprises Soft Drinks and Beer

4

•

P&P denotes Publishing & Printing

FINANCIALANALYSIS

1H2024Revenue (by Geography)

9%

20%

1H2024 Revenue

31%

$1,071.1M

(by Geography)

40%

1H2023

1H2024

$1,045.3M

$1,071.1M

Singapore

20%

20%

Malaysia

41%

40%

Thailand

30%

31%

Others

9%

9%

Half-year ended 31 March 2024

KEY TAKEAWAYS

Malaysia's revenue fell due to weakness in

Malaysian Ringgit, despite improved F&B performance. In local currency, its revenue improved

  • Successful execution of festive campaigns and earlier sell-in of Hari Raya boosted Soft Drinks sales
  • Despite stronger export and canned milk volumes, Dairies revenue fell due to weakness in Malaysian Ringgit
  • Contribution from the packaged food business also supported growth

Thailand's revenue improved

  • Domestic revenue grew, mainly driven by successful launch of new pack size, and higher export sales

5

FINANCIALANALYSIS

1H2024PBIT (by Business)

1H2023

$105.8m

KEY TAKEAWAYS

• Group 1H2024 earnings grew 54% (+59% in

constant currency), benefiting from increased F&B

sales, effective cost reduction measures, and a

Beverages

Dairies

P&P

+ $56.7m (+ 54%)

+ 37%

F&B

(+ 47%)

+ 49%

+ 34%

more favourable commodity cost environment

• F&B earnings spearheaded earnings growth;

earnings grew 47% (+52% in constant currency)

• Beverages growth was driven by improved

profitability in Soft Drinks, despite forex impact

• Dairies earnings growth came from all core

markets in Malaysia, Singapore, Thailand and

Vietnam

• P&P losses narrowed due to strong cost discipline

and closure of loss-making business units

Others

+ 56%

1H2024

$162.5m

1H2024 PBIT

1H2023

1H2024

-3%8% 16%

$105.8M

$162.5M

Beverages

18%

16%

$162.5M

Dairies

82%

79%

P&P

-8%

-3%

79%

Others

8%

8%

Half-year ended 31 March 2024

•

Beverages comprises Soft Drinks and Beer

6

•

P&P denotes Publishing & Printing

FINANCIALANALYSIS

1H2024PBIT (by Geography)

-1%

28%

30%

1H2024 PBIT

$162.5M

(by Geography)

43%

1H2023

1H2024

$105.8M

$162.5M

Singapore

-9%

-1%

Malaysia

32%

30%

Thailand

42%

43%

Vietnam

37%

28%

Others

-2%

0%

Half-year ended 31 March 2024

KEY TAKEAWAYS

Despite weakness in the Malaysian Ringgit, Malaysia earnings grew

  • Supported by higher sales and favourable commodity prices and sales mix, despite increased brand spend

Thailand's profit increased

  • Mainly from higher sales, favourable commodity prices and savings from logistics

Higher share of profit from Vinamilk contributed

to Vietnam's increase

7

FINANCIAL HIGHLIGHTS

1H2024 Balance Sheet

$5,112.6M$1,761.8M

TOTAL ASSETS

TOTAL LIABILITIES

$3,350.8M

TOTAL EQUITY

Cash and Bank Balances

$473.3M

Other Current Assets

$757.7M

Non-Current Assets

$3,881.6M

Borrowings

$1,149.3M

Other Current Liabilities

$521.9M

Other Non-Current Liabilities

$90.6M

Share Capital

$865.7M

Reserves

$2,018.8M

Non-Controlling Interests

$466.2M

Half-year ended 31 March 2024

8

STRONG CAPITALSTRUCTURE

Maturity Profile of Group Debt

Generous debt headroom for acquisitions

FY2023

1H2024

Floating

Rates

Cash

$431.8M

$473.3M

20%

2 m

1m

Fixed

0 .

9 .

Borrowings

$1,133.6M

$1,149.3M

2 6

8 8

Rates

$

$

80%

Gearing1

20.6%

20.2%

MATURING < 1YR

MATURING > 1YR

Dividend

Interim Dividend of 1.5 Cents Declared

48.1%

50.0%

56.2%

59.8%

Interim (cents)

3.5

3.5

3.5

4.0

Final (cents)

1.5

1.5

1.5

1.5

1.5

FY2020

FY2021

FY2022

FY2023

Payout Ratio (%)

FY2024

Half-year ended 31 March 2024

1. (Borrowings less Cash and Bank Deposits) / Total Equity

9

CORPORATE

DEVELOPMENT

Half-year ended 31 March 2024

10

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Fraser and Neave Limited published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 09:46:09 UTC.