Embed Size (px)
Citation preview
SRI TRANG AGRO-INDUSTRY PUBLIC COMPANY LIMITED
FY15 & 4Q15
ANALYST
PRESENTATION 3 March 2016
FY2015 AND 4Q15 RESULTS
2
100
150
200
250RSS
TSR
SIC
OM
Pri
ce
(U
S c
en
t :
Kg
.)
2014 Avg.
RSS = 196
TSR = 171
2015 Avg.
RSS = 156
TSR = 137 ▼20% YoY
Cru
de
Oil
Pri
ce
(U
SD
: B
bl.
)
TH
B/U
SD
M
ov
em
en
t
30
50
70
90
110▼39% YoY
31
32
33
34
35
36
37
▲5% YoY
SICOM – Oil Price - FX
3
*Adjusting for (reversal) allowance of inventory and realised gains /(losses) from hedging activities
(THB million) FY’14 FY’15 %YoY Q4’14 Q3’15 Q4’15 %YoY %QoQ
Revenue 75,530 61,292 ▼19% 17,543 16,236 15,467 ▼12% ▼5% Sale volume
(tons) 1,204,342 1,119,966 ▼7% 326,095 278,908 302,962 ▼7% ▲9%
Avg. selling price
(Baht per ton) 60,583 48,858 ▼19% 51,665 51,852 45,117 ▼13% ▼13%
Gross profit 3,348 3,521 ▲5% 1,130 570 617 ▼45% ▲8% Adj. gross profit* 4,642 4,981 ▲7% 1,343 1,405 1,059 ▼21% ▼25% EBITDA 2,568 3,008 ▲17% 413 983 314 ▼24% ▼68% Net profit 1,038 1,118 ▲8% 13 350 (47) ▼462% ▼113%
Adj. GP margin* 6.1% 8.1% ▲200bps 7.7% 8.7% 6.8% ▼90bps ▼190bps
Net profit margin 1.4% 1.8% ▲40bps 0.1% 2.2% (0.3%) ▼40bps ▼250bps
Financial Highlights
4
Revenue – Yearly (THB million) Revenue – Quarterly (THB million)
9,819 5,462
57,512
44,483
5,631
4,774
2,567
6,573
75,530
61,292
FY 2014 FY 2015
RSS TSR Con. Latex Others
-18.9%
1,851 1,328 1,321 1,467 1,347
13,620
10,503 11,248 11,726 11,006
1,377
1,147 1,042 1,269
1,316
696
1,534 1,467
1,774 1,798
17,543
14,512 15,077 16,236
15,467
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
RSS TSR Con. Latex Others
-11.8% -4.7%
Revenue by Product
5
Adjusted Gross Profit – Yearly Adjusted Gross Profit – Quarterly
4,642
4,981
6.1%
8.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
4,000
4,200
4,400
4,600
4,800
5,000
FY 2014 FY 2015
Margin % THB mm
+7.3%
1,343
1,077
1,440 1,405
1,059
7.7% 7.4%
9.6%
8.7%
6.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Margin % THB mm
-21.1% -24.6%
Adjusted Gross Profit*
6
*Adjusting for (reversal) allowance of inventory and
realised gains /(losses) from hedging activities
EBIT – Yearly (THB million) EBIT – Quarterly (THB million)
+15.5% -95.5% -98.8%
Earning Before Interest and Tax (EBIT)
185
554
675 715
8
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
1,690
1,952
FY 2014 FY 2015
7
Net Profit – Yearly (THB million) Net Profit – Quarterly (THB million)
1,038 1,118
1.4%
1.8%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
0
400
800
1,200
1,600
2,000
FY 2014 FY 2015
Net profit Net profit margin %
+7.7%
13
297
518
350
-47
0.1%
2.0%
3.4%
2.2%
-0.3% -0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
-200
0
200
400
600
800
1,000
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Net profit Net profit margin %
-462.6% -113.5%
Net Profit
8
Key Financial Ratios
3.59%
4.50%
2.53%
2.74%
7.46%
9.37%
5.11%
5.33%
1.47 1.31 1.42 1.21
0.86 1.12
0.73
0.95
4.00
3.48
3.87 3.51
FY2012 FY2013 FY2014 FY2015
75.20 78.31 83.33
87.84
FY2012 FY2013 FY2014 FY2015
RO
A
RO
E
Int.
Co
ve
rag
e
Cu
rre
nt
Ra
tio
N
et
D/E
C
as
h c
yc
le
(Times)
(Times) (Days)
(Times)
9
NATURAL RUBBER INDUSTRY
10
World Natural Rubber Balance
11.0 11.0
11.4
12.1 12.3
12.6
11.2
11.7
12.3 12.1 12.3
12.7
2011 2012 2013 2014 2015 2016f
242
645
851
-23 -81
62
2011 2012 2013 2014 2015 2016F
Unit : million tons Unit : ‘000 tons Demand Supply Supply Surplus / (Deficit)
11
Source : IRSG
Natural Rubber Balance Natural Rubber Demand & Supply
2016 NR consumption forecast 2016 NR production forecast
4,370
3,141
1,058 943 700 684 480 0
1,000
2,000
3,000
4,000
5,000
Thailand Indonesia Vietnam China India Malaysia CAMAL
NR Production (000'tons)
2016 global production growth = 3.1%
+21.1% -1.6%
-2.6%
-1.1%
+4.0% +18.8% +20.0%
%growth from 2015
4,918
1,190 1,051 988 723 612 572 0
1,000
2,000
3,000
4,000
5,000
6,000
China Europe India USA Japan Thailand Indonesia
NR consumption (000'tons)
+0.7%
%growth from 2015
2016 global consumption growth = 2.0% +3.3%
+1.4% +6.0% +1.9%
+5.5% +0.2%
