Edita Food Industries - Results Commentary - 1H2016

PRIME INVESTMENT RESEARCH
FOOD & BEVERAGE |EGYPT
EDITA FOOD INDUSTRIES – 1H2016 RESULTS COMMENTARY
AUGUST 10, 2016
SOURCE: EDITA
EDITA FOOD INDUSTRIES …
SLIGHT GROWTH IN TOP LINE …MASSIVE DROP IN BOTTOM LINE …
“SELL”
MARKET PRICE EGP 11.90
FAIR VALUE EGP 10.43
POTENTIAL 12.35% DOWNSIDE
INVESTMENT GRADE
“VALUE”
Stock Data
Outstanding Shares [Mn] 725.4
Mkt. Cap [Bn] 8.6318
Bloomberg – Reuters EFID EY / EFID.CA
52-WEEKS LOW/HIGH 11.75 – 19.99
DAILY AVERAGE TURNOVER (‘000S) 7,182
Ownership
Berco Ltd. 41.82%
Exoder Ltd. (Chipita) 12.98%
Africa Samba B.V. (Actis) 7.5%
Others (Free Float) 37.7%
Prices are as 9th
August 2016
0
5
10
15
20
25
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
EFID EGX 30 - Rebased
Source: Bloomberg
1H2016 RESULTS: SLIGHT GROWTH IN TOP LINE, DRIVEN BY SUCCESSFUL PRICE MITIGATION …
BOTTOM LINE SEVERELY HIT BY FX SHORTAGE AND FINANCE COSTS …
On August 9th
, Edita Food Industries S.A.E. (EFID.CA) announced its consolidated results for the 1H2016 and the 2Q2016. As
for the 2Q2016, Edita reported revenues of EGP 550.2mn, up 6.9% y-o-y compared to EGP 514.8mn in the same period a
year ago. For 1H2016, revenues came in at EGP 1,068.3mn, against EGP 1,043.7mn a year ago, representing an increase of
2.4%. The Cakes and Croissants segments remained to be the top contributors to revenues, where they contributed 50.3%
and 33.4%, respectively, compared to 57.9% and 29.0% in the same period last year.
Even though the demand for packaged snacks is usually subdued in the Holy month of Ramadan, Edita has been able to
achieve strong growth in the Croissants, Rusks, and Candy segments. Edita’s Croissants and Rusks segments posted solid
revenues growth in 2Q2016 of 21.5% and 100.5%, respectively, driven by the new capacities that were added in 2015 and
the launch of the strudel line in March 2016. The Candy segment also posted impressive sales growth of 18.7% y-o-y, while
on the other hand, seasonal demand patterns for chocolate-coated wafers saw Edita’s Freska sales (the company’s flagship
Wafers product) decline by 14.3% y-o-y in 2Q2016. As for the Cakes segment, the market is still adjusting to the new
pricing structure on the higher-margin SKUs introduced to the segment in 4Q2015. Consequently, Edita’s top line growth
was muted to some extent by the ongoing recovery in Cakes sales – the company’s largest segment. Revenues growth was
driven by an increase in Edita’s price points across its product portfolio, where on the other hand, Edita’s overall sold
volumes -by tonnage and by the number of packs- dropped.
The management believes that the Cakes segment is regaining momentum, reflecting growing consumer acceptance of
higher-priced, higher-margin upsized Twinkies Extra. This is demonstrated in the slowing relative rate of decline q-o-q
(Cakes sales were down 6.7% y-o-y in 2Q2016 against a drop of 15.3% y-o-y in 1Q2016). The product was introduced in
September 2015 with the delisting of the Twinkies SKU. Twinkies sales volumes were initially impacted by the elasticity of
demand. Usually, the second half of the year is stronger than the first six months, thus Edita is better-positioned as a result
of being ahead in its price point mitigation strategy, with market data showing other players in the sector are now
following suit. Also the management believes that the other new, higher-priced SKUs including the Molto Pate as well as
the TODO Bomb and Twinkies Icing are exceeding the company’s internal sales forecast. These new products, in addition to
the new products to be introduced in the coming years are expected to help Edita maintain or even improve its margins.
Strong management of cost structure helped protect gross margins, which eased fractionally despite significant inflationary
pressure, closing the quarter at 36.7% (2Q2015: 37.6%). Key aspects of the cost control program included the downsizing
of several products in the Cakes segment and the reduction in margins allowed to traders. Relative stability in gross
margins came despite the ongoing shortage of the FX in Egypt and the devaluation of the EGP that took place in March
2016. Coupled with the company’s successful price-point migration strategy, GPM for 1H2016 was maintained at 38.2%
compared to 38.0% in 1H2015.
Edita’s Net Profit after Tax and Minority Interest closed 2Q2016 at EGP 47.4mn, down 28.4% y-o-y from EGP 66.2mn and
with a Net Profit Margin of 8.6% compared 12.86% in 2Q2015. Meanwhile, on a q-o-q basis, the company’s bottom-line
increased 36.5% with Net Profit Margin improving 2.3 percentage points from 6.3%. Overall, the company’s bottom-line for
1H2016 dropped by a massive 41.8%, standing at EGP 85.42mn, down from EGP 146.75mn last year. In 1H2016, the NPM
dropped to reach 8% from 14.06% in 1H2015. The drop in net profit was mainly driven by severe hikes in; Selling &
Distribution Expenses, General & Administrative Expenses, FX Losses and Interest Expenses.
2Q2016 2Q2015 Change (%) 1H2016 1H2015 Change (%)
Revenues (EGP Mn.) 550.2 514.8 6.9% 1,068.3 1,043.7 2.4%
Gross Profit (EGP Mn.) 202.1 193.7 4.3% 407.8 396.3 2.9%
Gross Profit Margin (%) 36.70% 37.60% 38.20% 38%
Net Profit (EGP Mn.) 47.4 66.2 -28.4% 85.42 146.75 -41.8%
Net Profit Margin (%) 8.6% 12.86% 8% 14.06%
SUMMARY INCOME STATEMENT (EGP MN.)
1

AUGUST 10, 2016
SOURCE: EDITA
On the operational front, Edita has moved forward with its plan to launch new products with the introduction of Twinkies Icing in
May 2016, in addition to the TODO Bomb and a new cake product with no similar products in the market to follow suit in 3Q2016.
All are higher-margin products that are produced using the cake capacity freed-up following the upsizing of the Twinkies SKU.
Further operational developments include that the company signed a contract to acquire around 12,878sqm of land in 6th
of
October City’s Polaris Al-Zamil Industrial Park, valued at EGP 19.0mn. The project aims to protect the recipe and know-how
confidentiality of the company’s products, where a pre-mix formula will be produced and supplied to all of Edita’s factories.
Additionally, the project will enhance efficiency and quality through standardization of all input blends.
On the latest industrial operations developments, the new candy line is expected to come online in 2H2016 with an annual capacity
of 2,000tpa. Moreover, the company finalized a contract for a new wafers line with a total capacity of 3,000tpa. The line is expected
to be operational sometime in 2Q2017 in the new E08 factory where construction is currently in progress.
Revenues:
Despite the challenges faced during the 2Q2016, Edita posted revenues of
EGP 550.2mn, representing a growth of 6.9% y-o-y. Revenues growth was
mainly driven by the Croissants, Rusks and Candy segments, growing by
21.5%, 100.5% and 18.7% y-o-y, respectively. Improved performances across
these segments were partially offset by the lower, albeit recovering, sales
volume in the Cakes segment after the Twinkies upsizing, as well as an 11.2%
y-o-y decline in Wafers sales volumes.
Revenues growth was driven by an increase in Edita’s price points across its
product portfolio, standing at an average of EGP 0.80 in 2Q2016 compared to
EGP 0.63 in the same period last year. Edita’s overall sold volumes -by
tonnage and by the number of packs- dropped in 2Q2016 against 2Q2015 by
5.5% and 15.5% respectively.
Edita is usually among the first producers who start increasing prices and
usually the competitors would follow suit. Egyptian consumers tend to be
very price-sensitive, yet it is expected that consumers would gradually
become more adaptive and accepting to the higher price points in the
context of the current inflationary environment and the continuous price
hikes among most of the consumable goods.
Overall, Edita sold a total of 25.7 thousand tons across its five segments in
2Q2016, down from 27.2 thousand tons in the same period last year,
dropping by 5.5%. The company sold 50.5 thousand tons in 1H2016, down
8.2% y-o-y from 55.0 thousand tons in 1H2015.
Cakes Segment Overview: Total segment revenues eased 6.7% in 2Q2016 to
EGP 275.6mn, contributing 50.1% of 2Q2016 revenues compared to 57.4% in
2Q2015. The company is proactively launching several new cake products
using the freed up capacity on the Twinkies lines at higher price points in
2016, bearing the fruit of the Hostess contract and the new technical know-
how acquired as well as in-house R&D activities. The launch of TODO Bomb in
1Q2016 as well as the Twinkies Icing in 2Q2016, both of which are priced at
EGP 2/pack, the highest price point within the cakes segment compared to an
average of EGP 0.9, are the first steps of this roadmap and in line with the
company’s strategy to provide the market with higher value offers while
protecting margins and achieving profitable growth. On a first half basis, the
segment contributed 50.3% of revenues against 57.9% in the same period last
year.
Croissants Segment Overview: For the 2Q2016, croissant revenues were up
21.5% y-o-y and 9.0% q-o-q reflecting the introduction of the new Molto
Patte SKU following the commissioning of the segment’s new strudel line in
March 2016. The segment’s revenues stood at EGP 186mn in 2Q2016 versus
EGP 153mn in 2Q2015. The segment contributed 33.8% to Edita’s revenues in
2Q2016 (1H2016: 33.4%), up from 29.8% in the same period last year
(1H2015: 29.0%). For the first half, revenues from the croissant segment grew
17.9% y-o-y to EGP 357.0mn, mostly driven by the impact of capacity
additions of the two new Molto lines commissioned during March 2015 and
April 2015.
550 515
1,068.3 1,043.7
0
200
400
600
800
1000
1200
2Q2016 2Q2015 1H2016 1H2015
EGP Mn %
Cakes 275.6 50.1%
Croissants 186.2 33.8%
Rusks 44.3 8.0%
Wafers 19.6 3.6%
Candy 22.3 4.1%
Imports 2.3 0.4%
Total 550.3 100%
EGP Mn %
Cakes 295.5 57.4%
Rusks 22.1 4.3%
Wafers 22.8 4.4%
Candy 18.8 3.7%
Imports 2.4 0.5%
Total 514.8 100%
REVENUES (EGP MN.)
SEGMENT CONTRIBUTION- 2Q2016 - REVENUES
SEGMENT CONTRIBUTION- 2Q2015 - REVENUES
2

AUGUST 10, 2016
SOURCE: EDITA
SOURCE: EDITA
Candy Segment Overview: Candy segment revenues came in at EGP 22.3mn in 2Q2016, up 18.7% y-o-y owing to capacity enhancements that
increased total capacity versus the same period in 2015. Soft candy capacity also increased after adding a new packaging machine. The candy
segment contributed 4.1% of Edita’s total revenues in 2Q2016 (1H2016: 4.4%) compared to 3.7% in 2Q2015 (1H2015: 3.8%). For 1H2016
segment revenues were up 20.4% y-o-y to EGP 47.2 million versus EGP 39mn in 1H2015.
2Q2016 2Q2015 % Change 1H2016 1H2015 % Change
Cakes 0.7 0.53 32.7% 0.69 0.53 30.5%
Croissants 0.93 0.85 8.6% 0.92 0.86 6.2%
Rusks 0.83 0.81 2.3% 0.83 0.81 1.9%
Wafers 0.75 0.77 -2.5% 0.75 0.74 1.8%
Candy 1.68 1.12 49.7% 1.51 1.11 35.8%
Average Edita 0.8 0.63 26.5% 0.79 0.63 24.8%
2Q2016 2Q2015
Net Sales (EGP Mn) Packs (Mn) Tons (000s) Net Sales (EGP Mn) Packs (Mn) Tons (000s)
Cakes 276 394 12.7 295 561 16.6
Croissants 186 201 9.4 153 179 8
Rusks 44 53 1.9 22 27 0.9
Wafers 20 26 0.7 23 30 0.8
Candy 22 13 1 19 17 0.8
Imports 2 - - 2 - -
Total 550 688 25.7 515 814 27.2
Rusk Segment Overview: In 2Q2016 rusks sales were up an impressive 100.5%
y-o-y to EGP 44.3mn with overall sales for the 1H2016 posting a 64.8% y-o-y
increase to EGP 77.0mn. Segment growth came as rusks production capacity
doubled in December 2015 to 7.4tpa. Even with the capacity additions, the
rusks segment continues to operate at full capacity utilization post ramp-up
phase initiated in December 2015. The rusks segment constituted 8.0% of total
revenues for the 2Q2016 (1H2016; 7.2%), up from 4.3% in 2Q2015 (1H2015:
4.5%).
Wafers Segment Overview: Revenues from the wafers segment declined by
14.3% y-o-y in 2Q2016 to reach EGP 19.6mn, due to the market seasonality
which typically sees lower demand for chocolate-coated wafers during the
summer. This also coincided with the Holy month of Ramadan during which
demand for snack foods in general is subdued. Wafers revenues for 1H2016
dropped by 3.1% y-o-y to EGP 45.3mn against EGP 47mn in the comparable
period. The segment contributed 3.6% of Edita’s total sales in 2Q2016
(1H2016: 4.2%) compared to 4.4% in the same period last year (1H2015: 4.5%).
-6.7%
21.5%
100.5%
-14.3%
18.7%
-50.0% 0.0% 50.0% 100.0% 150.0%
Cakes
Croissants
Rusks
Wafers
Candy
2Q2016 REVENUE GROWTH BY SEGMENT (Y-O-Y)
AVERAGE FACTORY PRICE PER PACK (EGP)
TOTAL SEGMENT REVENUES AND VOLUMES SOLD
3

AUGUST 10, 2016
SOURCE: EDITA
SOURCE: EDITA
1H2016 1H2015
Net Sales(EGP Mn) Packs (Mn) Tons (000s) Net Sales (EGP Mn) Packs (Mn) Tons (000s)
Cakes 537 778 25.4 604 1142 33.9
Croissants 357 390 18.2 303 351 15.8
Rusks 77 93 3.2 47 58 1.9
Wafers 45 60 1.6 47 63 1.7
Candy 47 31 2 39 35 1.7
Imports 5 - - 4 - -
Total 1,068 1,352 50.5 1,044 1,649 55
Cost of Goods Sold:
In 2Q2016, the cost of goods sold (COGS) (Including depreciation) increased by 8.4% y-o-y to reach EGP 348.1mn, with a COGS/Sales
ratio of 63.3% compared to 62.4% in the same period last year. The increase in COGS is driven by several factors, including higher
cost of direct materials, which stood at EGP 260.4mn in 2Q2016, up 5.1% y-o-y due to the impact of a weaker EGP, as well as the rise
in cost of imported materials, such as cocoa powder. In addition to the general increase in cocoa prices, the contribution of cocoa
powder to direct materials increased due to the higher volumes required for the introduction of new products. All materials,
including oils and fats, were affected by the recent devaluation of the EGP and the overall inflationary macro environment. Direct
materials cost/sales ratio in 2Q2016 came in slightly lower y-o-y, booking 47.3% compared to 48.1% in 2Q2015. Due to the
weakening of the EGP, the cost of imported direct materials increased to 26% of total direct costs in 2Q2016 compared to 24% in
2Q2015. During the first half of 2016, imported direct materials constituted 26% of total direct materials cost, compared to 23% of
costs in 1H2015.
Meanwhile, the company also incurred higher MOH related to the new strudel line commissioned in March 2016, in addition to
increases in electricity, natural gas and other utilities costs related to machinery maintenance. On a 1H2016 basis, however, cost of
direct materials decreased by 0.6% with total COGS increasing by just 2.5% y-o-y and COGS/sales ratio remaining flat at 61.3%
compared to 61.2% in 1H2015.
Packaging
Materials ,
27.10%
Milk
Powder,
2.70%
Cocoa
Powder,
4.70%
Eggs, 5.80%
Flour,
11.60%
Sugar,
10.90%
Oils & Fats,
20.20%
Others,
17.10%
Packaging
Materials ,
28.1%
Milk
Powder,
3.3%
Cocoa
Powder,
2.9%
Eggs, 9.9%
Flour, 11.6%
Sugar, 13.6%
Oils & Fats,
14.0%
Others,
16.5%
TOTAL SEGMENT REVENUES AND VOLUMES SOLD
DIRECT MATERIALS BREAKDOWN – 2Q2016 DIRECT MATERIALS BREAKDOWN – 2Q2015
4

AUGUST 10, 2016
SOURCE: EDITA
Gross Profit:
Gross profit recorded EGP 202.1mn in 2Q2016, a 4.3% increase over 2Q2015, with gross profit margin slightly dropping to 36.7%
compared to 37.6% in the same period last year on the back of higher manufacturing overheads (MOH). For 1H2016 gross profit
margin was maintained at 38.2% compared to 38.0% in the same period last year.
In 2Q2016, Gross Profit for the Cakes Segment was flat year on year at EGP
114.2mn despite lower cake revenues. This reflects margin expansion within
the segment mostly due to the upsizing of the Twinkies as well as
contributions from higher margin products such as the TODO Bomb
introduced in 1Q2016 and most recently the Twinkies Icing.
The segment’s GPM for the quarter stood at 41.4% compared to 38.5% in
2Q2015. On a six-month basis, gross profit was down by 2.3% y-o-y to EGP
227.8mn with a GPM of 42.4% compared to 38.6% in 1H2015.
Gross Profit in the Croissants Segment increased 5.5% y-o-y in 2Q2016 to
EGP 59.8mn with a margin of 32.1% compared to 37.0% in 2Q2015. The
croissants segment is experiencing a squeeze in margins owing to increased
costs of direct materials. A high percentage of imported components within
the segment, such as cocoa and hazelnut, or other materials sourced locally
but include an FX component, such as oil and fats, have been affected by the
weakened EGP. Meanwhile, the shift in the product mix to higher margin
products has not yet been reflected on the segment’s performance. For the
1H2016 the croissants gross profit came in at EGP 121.7mn, with a GPM of
34.1% compared to 39.1% in 1H2015.
The Rusks Segment’s Gross Profit showed strong growth of 122.2% to EGP
14.0mn during 2Q2016, with a margin of 31.6% compared to 28.5% in
2Q2015. The strong growth and margin expansion is attributable to capacity
additions after commissioning the new rusks line at year-end 2015, as well as
several cost cutting initiatives taken within the segment. Edita has changed
the packaging size and thickness for the rusks which resulted in less packaging
material cost per pack. For the 1H2016 gross profit stood at EGP 23.9mn, up
80.3% y-o-y, with GPM of 31.0%.
In the Wafers Segment, Gross Profit in 2Q2016 declined by 24.8% y-o-y to
EGP 8.0mn, with a GPM of 40.7% compared to 46.4% in 2Q2015. The slower
performance came on the back of lower utilization rates during the summer
months when demand for coated wafers is weakened. In 1H2016, GPM was
at 42.4% compared to 43.2% in 1H2015.
The Gross Profit in the Candy Segment recorded a 3.5% y-o-y increase in
2Q2016, with a margin of 24.0% compared to 27.6% in 2Q2015 owing to
pressures on its cost base. In 1H2016, segment gross profit was up 47.7%
compared to 1H2015, recording EGP 13.6 million with a margin of 28.9%
compared to 23.5% in 1H2015. In order to sustain the segment’s margins
going forward, Edita has downsized some of its candy SKUs as well as reduced
the allowable margin for traders.
202 194
407.7 396.3
0
50
100
150
200
250
300
350
400
450
2Q2016 2Q2015 1H2016 1H2015
36.7% 37.6%
38.2% 38%
EGP Mn %
Cakes 113.7 58.7%
Rusks 6.3 3.3%
Wafers 10.6 5.5%
Candy 5.2 2.7%
Imports 1.2 0.6%
Total 194 100%
EGP Mn %
Cakes 114.2 56.5%
Rusks 14 6.9%
Wafers 8 4.0%
Candy 5.4 2.7%
Imports 0.8 0.4%
Total 202 100%
41.4%
32.1% 31.6%
40.7%
24.0%
38.5% 37.0%
28.5%
46.4%
27.6%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
Cakes Croissants Rusks Wafers Candy
2Q2016 2Q2015
GROSS PROFIT (EGP MN.) & GROSS PROFIT MARGIN (%)
SEGMENT CONTRIBUTION – GROSS PROFIT- 2Q2015
SEGMENT CONTRIBUTION – GROSS PROFIT- 2Q2016
GROSS PROFIT MARGIN BY PRODUCT SEGMENT
5

AUGUST 10, 2016
SOURCE: EDITA
CAPEX:
Total CAPEX reached EGP 167.2mn, of which EGP 43.4mn were related to the construction of Hub A in the E08 plant in addition to EGP
11.2mn for the new hall in E15, where the EGP 45.5mn lollipop candy line is scheduled to be installed by 3Q2016. Additionally, EGP
10.7mn was the residual of the Strudel line (total cost EGP 44mn) and EGP 2.0mn related to the residual cost of the rusks line installed
in December 2015.
47.4
66.2
85.42
146.75
0
20
40
60
80
100
120
140
2Q2016 2Q2015 1H2016 1H2015
12.86% 8%
14.06%
8.6%
Net Profit:
Net Profit After Tax and Minority Interests for 2Q2016 decreased 28.4%
compared to 2Q2015 coming in at EGP 47.4mn, translating into a Net Profit
Margin of 8.6% compared to 12.86% in the same quarter last year. The
decline in bottom-line was due to softer top-line growth, as well as higher
operating expenses. The company’s bottom-line for 1H2016 dropped by a
massive 41.8%, standing at EGP 85.42mn, down from EGP 146.75mn last
year. In 1H2016, the NPM dropped to reach 8% from 14.06% in 1H2015.
Even though the revenues and gross profits improved slightly in 1H2016, the
drop in net profit was mainly driven by severe hikes in: Selling & Distribution
Expenses, General & Administrative Expenses, FX Losses and Interest
Expenses.
1. FX Gains / Losses: In 1H2016, the company incurred FX losses of EGP
53.98mn vs. a FX gain of EGP 4.99mn in 1H2015.
2. Selling & Distribution Expenses: In 1H2016, S&D expenses recorded EGP
158.42mn, up 23.98% y-o-y from EGP 127.77mn and constituting 14.79%
of revenues compared to 12.24% in 2Q2015.
3. General & Administrative Expenses: In 1H2016, G&A expenses recorded
EGP 85.25mn, up 14.78% y-o-y from EGP 74.27mn.
4. Interest Expenses: In 1H2016, the company incurred interest expense of
EGP 24.64mn, up 82.3% from EGP 13.52mn.
NET PROFIT (EGP MN.) & NET PROFIT MARGIN (%)
6

AUGUST 10, 2016
Stock Recommendation Guidelines
Recommendation Target-to-Market Price (x)
Buy x > 15%
Accumulate 5%< x <15%
Hold -5% < x < 5%
Reduce -15% < x < -5%
Sell x < -15%
Strong Buy x > 40%
Investment Grade Explanation
Growth 3 Yr. Earnings CAGR > 20%
Value Equity Positioned Within Maturity Stage of Cycle
Speculative Quality Earnings Reflect Above Normal Risk Factor
7

AUGUST 10, 2016
PRIME SECURITIES
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8

Edita Food Industries - Results Commentary - 1H2016

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