Del Monte Pac    Last:0.084    -0.004

Del Monte Results Announcement

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DIVIDEND ANNOUNCED ON  2021-06-23

 

  Del Monte Pacific 4Q FY2021 Results Briefing Conference Call

https://www.delmontepacific.com/hubfs/Concall/Del%20Monte%20Pacific%204Q%20FY2021%20Results%20Briefing%20LR.mp4

Charity88      ( Date: 25-Jun-2021 15:17) Posted: https://www.delmontepacific.com/investors/results-and-reports   FY2021 (latest) & Past 5 Year Summary (from Annual Report 2020)               In US$m FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 Turnover   2,162.7       2,128.3       1,954.8       2,197.3       2,252.8       2,274.1 Gross profit     556.0         452.2         395.0         432.5         494.9           485.8 Gross profit margin (%)       25.7           21.2           20.2           19.7           22.0             21.4               EBITDA     309.0         142.2         143.7         102.3         194.0           241.3 Operating profit     211.9           51.0           80.1           29.5         127.6       168.0 Operating profit margin (%)               9.8                                   2.4                                   4.1                                   1.3                                   5.7                                   7.4               Net profit/(loss)       63.3         (81.4)           20.3         (36.5)             24.4             57.0 Net profit margin (%)       2.9 na             1.0 na             1.1               2.5               Net debt   1,256.8       1,362.6       1,457.0       1,441.0       1,676.4         1,796.6 Gearing (%)     195.6         240.8         242.4         236.9         289.8           476.6

 

https://www.delmontepacific.com/investors/results-and-reports
 

FY2021 (latest) & Past 5 Year Summary (from Annual Report 2020)
In US$m	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Turnover	2,162.7	2,128.3	1,954.8	2,197.3	2,252.8	2,274.1
Gross profit	556.0	452.2	395.0	432.5	494.9	485.8
Gross profit margin (%)	25.7	21.2	20.2	19.7	22.0	21.4
EBITDA	309.0	142.2	143.7	102.3	194.0	241.3
Operating profit	211.9	51.0	80.1	29.5	127.6	168.0
Operating profit margin (%)	9.8	2.4	4.1	1.3	5.7	7.4
Net profit/(loss)	63.3	(81.4)	20.3	(36.5)	24.4	57.0
Net profit margin (%)	2.9	na	1.0	na	1.1	2.5
Net debt	1,256.8	1,362.6	1,457.0	1,441.0	1,676.4	1,796.6
Gearing (%)	195.6	240.8	242.4	236.9	289.8	476.6

 

Observers      ( Date: 24-Jun-2021 07:52) Posted: hte CFO must have been hard at work. 1.3bil total liabilty,  loan refinancing turnover can hit 4bil+ in one year. i guess credit rating makes a big difference on interest rates and the number of banks wanting to push their loans to you. hope they can get even better ratings as the US business stablize and the IPO cuts down the gearing ratio even further. the annual USD100mil interest expense is better off being paid as dividends to shareholders.

 

 

The successful IPO listing of DMPI in Phillipines is very critical to the parent company DMPL.
 

PhillipTan      ( Date: 24-Jun-2021 16:50) Posted: Del Monte eyes higher selling prices, production efficiencies to combat inflationary pressures Del Monte is looking at ways to offset margin erosion across its different product lines and markets, as higher commodity prices and increased transportation costs hit its expenses, top executives said in a call on Thursday to discuss the company' s latest financial results. Parag Sachdeva, chief financial officer of Del Monte' s subsidiary Del Monte Philippines Inc (DMPI), said the company is likely to see " cost headwinds" in the form of raw commodities as well as the metal packaging that the company uses to can its fruits and vegetables. Del Monte sells a range of fruits and vegetables in canned, frozen and other forms. It also recently expanded its product line to include milk and biscuits. Mr Sachdeva estimates such price increases could amount to as much as two to three percentage points of the group' s sales figures. " The biggest pressure we' re facing are the inflationary headwinds," he said. " We need to make sure that we' re on top of things, and identify offsets for increases in cost." He is, however, confident that such cost increases will be offset by various programmes the company has put in place, including automation, increases in volumes and other production efficiencies. A favourable sales mix that relies more on products with higher margins, or an increase in production volume, could also help to lessen the company' s costs on a per unit basis, he added. Del Monte on Wednesday posted net profit of US$14.5 million for the fourth fiscal quarter ended April, reversing from a net loss of US$12.4 million for the corresponding quarter last year. The company' s gross margin for the quarter rose to 26.8 per cent from 17.8 per cent, on the back of a combination of factors including a better sales mix and lower trade promotions. Del Monte' s top line for Q4 came in at US$497.8 million, down 22 per cent from US$638.4 million for the same quarter last year. The group attributed this to a decline in sales contributions of its US subsidiary Del Monte Foods Inc from an " extremely high base" , due to peak pantry loading in March and April last year. In a bid to combat rising cost pressures, Del Monte increased the prices of its products in May. In the United States, the company' s canned vegetable products saw an increase of 7 to 10 per cent. In Asia, the prices rose by an average of 2 to 3 per cent across the board. Del Monte is not ruling out further price hikes, said Mr Sachdeva. " We will continue looking at opportunities to go for a higher average selling price in case we can' t cover any additional headwinds that come our way." The impact of the Covid-19 pandemic has also cost the company an estimated US$5 million from a group perspective, but Mr Sachdeva said he does not expect this to have a significant impact on the group' s financial results as it has been largely offset by savings in overhead costs. In April, DMPI reported that it had submitted a registration statement to the Philippine Securities and Exchange Commission to propose an initial public offering (IPO) of its common shares. Del Monte owns 87 per cent of DMPI, while the remaining 13 per cent is owned by Sea Diner Holdings. Mr Sachdeva declined to comment on the timeline of the IPO, saying it was subject to regulatory approval and market conditions. However, he said the company is working with the regulators. The money raised from the IPO will be used partly to repay debt at the holding company level, and is expected to reduce its gearing to one to 1.2 times equity, down from two times currently. The listing will also unlock value in DMPI, and have a positive spillover impact on the valuation of Del Monte, said Mr Sachdeva. As at 4.02pm, shares in Del Monte are trading at 39.5 Singapore cents, down 7.1 per cent or three cents.

 

No need to feel sad as elsewhere also same happening. That is life. My Silverlake Axis though profitable also priced down when reporting decreasing profits quarter to quarter. Del Monte Q3 net profit US$30.16mill and US$14.5mill for Q4. 

ahhuat08      ( Date: 24-Jun-2021 17:11) Posted: such a good dividend counter also ganna sold down, sad Joelton      ( Date: 24-Jun-2021 09:04) Posted: Del Monte swings back into the black for Q4, declares final dividend of 1.2 US cent per share CANNED-food brand Del Monte Pac: D03 +4.94% on Wednesday posted net profit of US$14.5 million for the fourth fiscal quarter ended April, reversing from a net loss of US$12.4 million in the corresponding quarter last year.   This pushed the company' s net profit for the full year up to US$63.3 million, turning around from a net loss of US$81.4 million in FY 2020.   Earnings per share for the quarter stood at 0.49 US cent, compared to a loss per share of 0.89 US cent last year.   Del Monte' s board of directors have approved a final dividend of 1.2 US cent per ordinary share for FY 2021, representing 37 per cent of the group' s net profit for the fiscal year.   The group said it had improved its sales mix and margins through reduced sales of low-margin segments, as well as lower trade promotions, costs and interest expense.   The company' s gross margin for the quarter also rose to 26.8 per cent from 17.8 per cent   Del Monte' s topline for Q4 came in at US$497.8 million, down 22 per cent from US$638.4 million in the same quarter last year. The group attributed this to a decline in sales in the US.   Del Monte' s US subsidiary, Del Monte Foods Inc (DMFI), generated sales of US$328.2 million in Q4, down 34.4 per cent from the previous year on the back of an " extremely high base" due to peak pantry loading that took place in March to April last year. Reduced promotions and lower private label sales also contributed to the decline. This was, however, partially offset by lower trade spend and cash discounts.   In the Philippines, sales rose by 11.9 per cent in US dollar terms due to higher retail and foodservice sales. The group booked higher sales volume in its convenience cooking and dessert, as well as healthy beverages and snacks segments.   Del Monte said it has decreased its net debt to US$1.3 billion from US$1.4 billion, and reduced its gearing to 2.0 times from 2.4 times its equity in the previous year   In its outlook statement, Del Monte said it will strengthen its core business and expand its product portfolio in response to market trends for health and wellness. The company will also grow its branded business while reducing non-strategic business segments.   The company will also continue to strengthen its product offerings and enter new categories. It is also proactively addressing any inflationary impact from commodity headwinds and increased transportation costs through revenue and cost drivers.   Barring unforeseen circumstances, Del Monte said it is expecting to generate a higher net profit in FY 2022.

 

such a good dividend counter also ganna sold down, sad

Joelton      ( Date: 24-Jun-2021 09:04) Posted: Del Monte swings back into the black for Q4, declares final dividend of 1.2 US cent per share CANNED-food brand Del Monte Pac: D03 +4.94% on Wednesday posted net profit of US$14.5 million for the fourth fiscal quarter ended April, reversing from a net loss of US$12.4 million in the corresponding quarter last year.   This pushed the company' s net profit for the full year up to US$63.3 million, turning around from a net loss of US$81.4 million in FY 2020.   Earnings per share for the quarter stood at 0.49 US cent, compared to a loss per share of 0.89 US cent last year.   Del Monte' s board of directors have approved a final dividend of 1.2 US cent per ordinary share for FY 2021, representing 37 per cent of the group' s net profit for the fiscal year.   The group said it had improved its sales mix and margins through reduced sales of low-margin segments, as well as lower trade promotions, costs and interest expense.   The company' s gross margin for the quarter also rose to 26.8 per cent from 17.8 per cent   Del Monte' s topline for Q4 came in at US$497.8 million, down 22 per cent from US$638.4 million in the same quarter last year. The group attributed this to a decline in sales in the US.   Del Monte' s US subsidiary, Del Monte Foods Inc (DMFI), generated sales of US$328.2 million in Q4, down 34.4 per cent from the previous year on the back of an " extremely high base" due to peak pantry loading that took place in March to April last year. Reduced promotions and lower private label sales also contributed to the decline. This was, however, partially offset by lower trade spend and cash discounts.   In the Philippines, sales rose by 11.9 per cent in US dollar terms due to higher retail and foodservice sales. The group booked higher sales volume in its convenience cooking and dessert, as well as healthy beverages and snacks segments.   Del Monte said it has decreased its net debt to US$1.3 billion from US$1.4 billion, and reduced its gearing to 2.0 times from 2.4 times its equity in the previous year   In its outlook statement, Del Monte said it will strengthen its core business and expand its product portfolio in response to market trends for health and wellness. The company will also grow its branded business while reducing non-strategic business segments.   The company will also continue to strengthen its product offerings and enter new categories. It is also proactively addressing any inflationary impact from commodity headwinds and increased transportation costs through revenue and cost drivers.   Barring unforeseen circumstances, Del Monte said it is expecting to generate a higher net profit in FY 2022.

 

Del Monte eyes higher selling prices, production efficiencies to combat inflationary pressures

Del Monte is looking at ways to offset margin erosion across its different product lines and markets, as higher commodity prices and increased transportation costs hit its expenses, top executives said in a call on Thursday to discuss the company' s latest financial results.

Parag Sachdeva, chief financial officer of Del Monte' s subsidiary Del Monte Philippines Inc (DMPI), said the company is likely to see " cost headwinds" in the form of raw commodities as well as the metal packaging that the company uses to can its fruits and vegetables.

Del Monte sells a range of fruits and vegetables in canned, frozen and other forms. It also recently expanded its product line to include milk and biscuits.

Mr Sachdeva estimates such price increases could amount to as much as two to three percentage points of the group' s sales figures.

" The biggest pressure we' re facing are the inflationary headwinds," he said. " We need to make sure that we' re on top of things, and identify offsets for increases in cost."

He is, however, confident that such cost increases will be offset by various programmes the company has put in place, including automation, increases in volumes and other production efficiencies.

A favourable sales mix that relies more on products with higher margins, or an increase in production volume, could also help to lessen the company' s costs on a per unit basis, he added.

Del Monte on Wednesday posted net profit of US$14.5 million for the fourth fiscal quarter ended April, reversing from a net loss of US$12.4 million for the corresponding quarter last year.

The company' s gross margin for the quarter rose to 26.8 per cent from 17.8 per cent, on the back of a combination of factors including a better sales mix and lower trade promotions.

Del Monte' s top line for Q4 came in at US$497.8 million, down 22 per cent from US$638.4 million for the same quarter last year. The group attributed this to a decline in sales contributions of its US subsidiary Del Monte Foods Inc from an " extremely high base" , due to peak pantry loading in March and April last year.

In a bid to combat rising cost pressures, Del Monte increased the prices of its products in May. In the United States, the company' s canned vegetable products saw an increase of 7 to 10 per cent. In Asia, the prices rose by an average of 2 to 3 per cent across the board.

Del Monte is not ruling out further price hikes, said Mr Sachdeva.

" We will continue looking at opportunities to go for a higher average selling price in case we can' t cover any additional headwinds that come our way."

The impact of the Covid-19 pandemic has also cost the company an estimated US$5 million from a group perspective, but Mr Sachdeva said he does not expect this to have a significant impact on the group' s financial results as it has been largely offset by savings in overhead costs.

In April, DMPI reported that it had submitted a registration statement to the Philippine Securities and Exchange Commission to propose an initial public offering (IPO) of its common shares. Del Monte owns 87 per cent of DMPI, while the remaining 13 per cent is owned by Sea Diner Holdings.

Mr Sachdeva declined to comment on the timeline of the IPO, saying it was subject to regulatory approval and market conditions. However, he said the company is working with the regulators.

The money raised from the IPO will be used partly to repay debt at the holding company level, and is expected to reduce its gearing to one to 1.2 times equity, down from two times currently.

The listing will also unlock value in DMPI, and have a positive spillover impact on the valuation of Del Monte, said Mr Sachdeva.

As at 4.02pm, shares in Del Monte are trading at 39.5 Singapore cents, down 7.1 per cent or three cents.

 

 

 

short ar!!!!!

 

philippines unit reported good results, maybe investors there expecting IPO to be fixed at higher end of IPO price range

stockman20      ( Date: 23-Jun-2021 15:23) Posted: trading in philippines at SGD0.44 good news ahead of result

 

hte CFO must have been hard at work. 1.3bil total liabilty,  loan refinancing turnover can hit 4bil+ in one year. i guess credit rating makes a big difference on interest rates and the number of banks wanting to push their loans to you. hope they can get even better ratings as the US business stablize and the IPO cuts down the gearing ratio even further. the annual USD100mil interest expense is better off being paid as dividends to shareholders.

 

Oh...ok, thanks, one third earnings goes paying off preference.... , still respectable eps, hope more to come.

katak88      ( Date: 23-Jun-2021 22:58) Posted: EPS before preference dividends (US cents) =  3.25 EPS after preference dividends (US cents) =  2.24   rainbowman      ( Date: 23-Jun-2021 22:11) Posted: Eps is US 2.24 cts...is that correct? As usual, the Asian business outshine the American side (DMFI), but it's a relief they finally turnaround the US market, thanks to, of all things, covid spurring the US packaging & can sales. The gem is probably the expected listing of the lucrative DMP Philippine.

 

EPS before preference dividends (US cents) =  3.25
EPS after preference dividends (US cents) =  2.24
 

rainbowman      ( Date: 23-Jun-2021 22:11) Posted: Eps is US 2.24 cts...is that correct? As usual, the Asian business outshine the American side (DMFI), but it's a relief they finally turnaround the US market, thanks to, of all things, covid spurring the US packaging & can sales. The gem is probably the expected listing of the lucrative DMP Philippine. tcctcc      ( Date: 23-Jun-2021 20:33) Posted: EPS is 4.4 cents. Giving a PE of 15 would means it is worth 60 cents. Furthermore, company is optimistic about this year result. With a yield of 3.8% based on current price, looks attractive

 

Eps is US 2.24 cts...is that correct? As usual, the Asian business outshine the American side (DMFI), but it's a relief they finally turnaround the US market, thanks to, of all things, covid spurring the US packaging & can sales. The gem is probably the expected listing of the lucrative DMP Philippine.

tcctcc      ( Date: 23-Jun-2021 20:33) Posted: EPS is 4.4 cents. Giving a PE of 15 would means it is worth 60 cents. Furthermore, company is optimistic about this year result. With a yield of 3.8% based on current price, looks attractive. stockman20      ( Date: 23-Jun-2021 20:28) Posted: the share price has been steadily growing and well absorbed until the fed annoucement which trigger alot of profit taker, there are a few examples just look around. for what i see quite a strong rebound these 2 days. i guess most could have already took profit last week and re-enter again. following the result report after going through in details on their road map, i do think they are very well positioned in the market and outlook, as mentioned FY22 is expected to be better and stronger, i think more investors would come and join in for the ride in the long run

 

Del Monte swings back into the black for Q4,
declares final dividend of 1.2 US cent per share

 

CANNED-food brand  Del Monte Pac: D03 +4.94%  on Wednesday posted net profit of US$14.5 million for the fourth fiscal quarter ended April,
reversing from a net loss of US$12.4 million in the corresponding quarter last year.

This pushed the company' s net profit for the full year up to US$63.3 million, turning around from a net loss of US$81.4 million in FY 2020.

Earnings per share for the quarter stood at 0.49 US cent, compared to a loss per share of 0.89 US cent last year.

Del Monte' s board of directors have approved a final dividend of 1.2 US cent per ordinary share for FY 2021, representing 37 per cent of the
group' s net profit for the fiscal year.

The group said it had improved its sales mix and margins through reduced sales of low-margin segments, as well as lower trade promotions,
costs and interest expense.

The company' s gross margin for the quarter also rose to 26.8 per cent from 17.8 per cent

Del Monte' s topline for Q4 came in at US$497.8 million, down 22 per cent from US$638.4 million in the same quarter last year. The group
attributed this to a decline in sales in the US.

Del Monte' s US subsidiary, Del Monte Foods Inc (DMFI), generated sales of US$328.2 million in Q4, down 34.4 per cent from the previous year
on the back of an " extremely high base" due to peak pantry loading that took place in March to April last year. Reduced promotions and lower
private label sales also contributed to the decline. This was, however, partially offset by lower trade spend and cash discounts.

In the Philippines, sales rose by 11.9 per cent in US dollar terms due to higher retail and foodservice sales. The group booked higher sales volume
in its convenience cooking and dessert, as well as healthy beverages and snacks segments.

Del Monte said it has decreased its net debt to US$1.3 billion from US$1.4 billion, and reduced its gearing to 2.0 times from 2.4 times its equity in
the previous year

In its outlook statement, Del Monte said it will strengthen its core business and expand its product portfolio in response to market trends for health
and wellness. The company will also grow its branded business while reducing non-strategic business segments.

The company will also continue to strengthen its product offerings and enter new categories. It is also proactively addressing any inflationary impact
from commodity headwinds and increased transportation costs through revenue and cost drivers.

Barring unforeseen circumstances, Del Monte said it is expecting to generate a higher net profit in FY 2022.

Shares in Del Monte closed at 42.5 Singapore cents on Wednesday, up 4.9 per cent or S$0.02.



 

 

EPS is 4.4 cents. Giving a PE of 15 would means it is worth 60 cents. Furthermore, company is optimistic about this year result. With a yield of 3.8% based on current price, looks attractive.

stockman20      ( Date: 23-Jun-2021 20:28) Posted: the share price has been steadily growing and well absorbed until the fed annoucement which trigger alot of profit taker, there are a few examples just look around. for what i see quite a strong rebound these 2 days. i guess most could have already took profit last week and re-enter again. following the result report after going through in details on their road map, i do think they are very well positioned in the market and outlook, as mentioned FY22 is expected to be better and stronger, i think more investors would come and join in for the ride in the long run. crystalbee      ( Date: 23-Jun-2021 20:08) Posted: Results out. My guess on why drastic drop in share price from $0.475 to $0.380 in 4 days last week probably because some investors think net profit already peaked for quarter end 31 January 2021 at US$30.16mill. Net profit for quarter end 30 April 2021 is US$14.5mill. Dividend US$0.012 about S$0.0162. Not bad lah 3.8% based on today' s closing price $0.425.

 

the share price has been steadily growing and well absorbed until the fed annoucement which trigger alot of profit taker, there are a few examples just look around.

for what i see quite a strong rebound these 2 days. i guess most could have already took profit last week and re-enter again.

following the result report after going through in details on their road map, i do think they are very well positioned in the market and outlook, as mentioned FY22 is expected to be better and stronger, i think more investors would come and join in for the ride in the long run.

crystalbee      ( Date: 23-Jun-2021 20:08) Posted: Results out. My guess on why drastic drop in share price from $0.475 to $0.380 in 4 days last week probably because some investors think net profit already peaked for quarter end 31 January 2021 at US$30.16mill. Net profit for quarter end 30 April 2021 is US$14.5mill. Dividend US$0.012 about S$0.0162. Not bad lah 3.8% based on today' s closing price $0.425.  crystalbee      ( Date: 19-Jun-2021 19:07) Posted: Why so drastic drop in share price from $0.475 to $0.380 in 4 days? Could be due to profit taking but a 20% drop is a lot. If investors believe to be announced results for quarter end 30 April 2021 is going to be super good, why many sell now? My guess is coming results is gonna be good but not super good. Not vested and just watching to see if I am right.