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Tirathai Public Company Limited
Opportunity Day on August 30, 2018
Content
• Company Profile • Operating Result of Q2’2018 • Outlook 2018 • Q &A
2
Company Profile
3
Tirathai & Subsidiaries
Tirathai Public company Limited
Tirathai E&S Co.,ltd. Distribution , installation maintenance service of electrical power equipment
L.D.S. METAL WORK Co.,ltd. Manufacture for Tank and fabricate steel , EPC Conveyor System
JV L.D.S - N.D.P Operation and Maintenance of Conveyor System of Hongsa Power Co. Ltd, (HPC), Laos PDR
Thaifin Co.,ltd. Manufacture for Transformer’s fins and Tank support to Tirathai Plc.,ltd.
100% 100% 92.50%
20% 80%
Manufacturer of Distribution and Power Transformers and Repair Service
4
II.
Non-transformer
• Arial Derrick Crane • Steel Fabrication • Constructions • Bulk Handling System • Operation and Maintenance Conveyor Belt System
• Distribution Transformer
• Power Transformer • Transformer Service • Transformer Repair
Products of Tirathai Group
I. Transformer
5
I. Transformer Product & Service
6
Distribution Transformer
Power Transformer
Special Transformer
Our Main Customers
1. Utilities (PEA,MEA,EGAT)
2. Private 2.1 Steel industry 2.2 Sugar industry 2.3 Power Plant 2.4 Energy industry 2.5 International Contractors 2.6 Others 3. Export (ASIA+SE.ASIA)
[VALUE]
33%
[VALUE]
Utilites Private Export
Revenue Policy by Customer
II. Non Transformer Products
7
• Arial Crane Device and Digger Derick Unit
• Steel Fabrication
• Construction • EPC Conveyor Belt
System • Operating and
Maintenance Service of Conveyor Belt System
50% 50%
Transformer Non transformer
Revenue Policy by Product Group
TRT’s Key Strength
8
• Experience management team with more than 30 years in the Transformer business
• Engineering-to-Order
• High Quality Products and Services
• Top three of manufacturer of 300 MVA 230 kV Power Transformer in Thailand
• Well recognize as a successful player in bulk handling system including a provider of Operating & Maintenance Service for power plant, mining and related industry
Operating Result of Q2’2018
9
Consolidated financial Statements
10
Unit : Million Baht 2015 2016 2017 Q1'2018(3M) Q2'2018(6M)
Total Revenue 2,264.09 2,577.33 2,448.03 542.66 1,153.99
Revenue from Sales & 2,223.97 2,536.52 2,429.77 533.37 1,147.06
Gross Profit 413.65 661.01 488.45 133.06 258.56
EBITDA 44.87 192.89 (17.24) 38.88 69.76
EBIT (16.81) 125.81 (32.33) 17.36 26.12
Net Profit/(Loss) attributable
to equity holders(45.97) 61.22 (68.70) 2.74 (2.31)
Total Asset 3,024.84 3,303.62 3,147.29 3,072.89 3,193.15
Total Liabilities 1,351.86 1,608.65 1,416.36 2,033.46 2,159.59
Shareholders' equity 1,077.14 1,126.79 1,034.78 1,039.52 1,033.56
Financial Ratio
Gross Profit Margin (%) 18.60% 26.06% 20.10% 24.95% 22.54%
Net Profit/(Loss) Margin (%) -2.03% 2.38% -2.81% 0.50% -0.20%
Return on Asset (%) -2.05% 1.87% -2.29% - -
Return on Equity (%) -5.18% 5.36% -3.47% - -
Book Value Per shares 3.50 3.66 3.36 3.37 3.36
Earnings per Share (0.15) 0.20 (0.22) 0.10 (0.01)
Dividend per Share 0.05 0.13 - - -
Total Revenues QoQ
404 249
419 595
387 435
205
209
150
200
146 179
608 [VALUE] 570
795
534 614
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18
Bt.Mill
Transformer Non-Transformer
Increased 34% QoQ
11
[CATEGORY NAM
E] [PE…
[CATEGORY NAM
E] [PE…
6M as of 30/6/18 Total Revenue
Total Revenue of 457 in Q2’17 increased to 614 MBt in Q2’18. Transformer revenue of 249 MBt in Q2’17 increased to 435 MBt inQ’18, but Non-transformer revenue of 209 MBt in Q2’17 decreased to 179 MBt in Q2’18.
12
1,868 1,667
652 822
667 763
413 325
0
500
1,000
1,500
2,000
2,500
2016 2017 1st Half 2017 1st Half 2018
Bt. Mill
Transformer Non transformer
2,535 2,430
1,147 1,065
Total Revenues YoY
Gross Profit Margin by products, QoQ
13
14%
4%
15%
26% 23%
20%
30% 31%
5%
37%
29%
24%
Q1' 17 Q2'17 Q3' 17 Q4' 17 Q1' 18 Q2'18
Transformer Non transformer
14
Gross Profit Margin by Product YoY Compared to Half Year
22%
17%
10%
22%
38%
27%
31%
27%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2016 2017 1H'2017 1H'2018
Transformer Non-transformer
187
263
(75)
(38)
(84)
259 238
26
70
(2)
(150)
(100)
(50)
0
50
100
150
200
250
300
GP SG&A EBIT EBITDA NP attributed to Equity Holders
1H 2017 1H 2018
18%
23%
-4%
21%
-7%
2%
-8%
25%
6%
-0.2%
Bt.Mil
15
Total Gross Profit (GP) VS Net Profit Margin (NPM) VS SG&A QoQ (6 months to 30.6.2018) (Consolidated)
1.46 1.49
1.54
1.41
1.38
1.40
1.30
1.35
1.40
1.45
1.50
1.55
1.60
Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18 Q2' 18
Interest Bearing Debt/Equity
16
Interest Bearing Debt/Equity Ratio
Interest Bearing Debt/Equity Ratio is in line with our business plan Bt. Mil
Outlook 2018
17
Structure of Incomes by Group
Customer
2016
(A)
2017
(A)
2018
(F)
1st Half 2018
Transformer 1. Gov+Local 1,306 1,195 1,374-1,434
706
2.Export 479 401 461-481 95
3. Transformer Service
82 71 82-85 21
Total Transformer 1,867 1,667 1,917-2,000
822
Non-Transformer
4. Steel Structure & Fabricate
161 357 428-439 114
5. Distributing Digger/Arial truck
209 70 150-206 37
6. Operating & Maintenance
299 336 300-330 174
7. Others 41 18 - 7
Total non-transformer
710 781 878-975 332
Total 2,577 2,448 2,795- 2,975
1154 18
1,867 1,667
1,917
822 710 781 878
332
-
500
1,000
1,500
2,000
2,500
2016 2017 2018 (F) Q2 2018 (6M)
Transformer Non-Transformer
Bt. Mil
73% 68% 69% 71%
27% 32% 31% 29%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2016 2017 2018 (F) Q2 2018 (6M)
Transformer Non-Transformer
Bt. Mil
TRT Group Backlog As of 30.06.2018
Group Customer Total Backlog (1)+(2)
Delivery in 2018 (1)
Delivery in 2019 (2)
Transformer 1. GOV+Local 853 762 90
2. Export 617 470 148
3.Transformer Service
-
-
Total transformer 1,470 1,232 238
Non- Transformer
4. Steel Structure & Fabricate
123 123 -
5. Distributing Derrick/Arial truck
- - -
6. Operating & Maintenance
456 156 300
Total non-transformer 579 279 300
Total 2,049 1,511 538
Transformer
[VALUE]
Non- Transfor
mer [VALUE]
Transformer
Non-transformer
19
Bids and Quotations in Process As of 30 June 2018
Customer M’ Baht
1.MEA* 2,600
2.PEA 1,700
3.EGAT* 1,620
4.Local 1,750
5.Export 1,525
6. Transformer Service -
7. Distributing Derrick/Arial crane 2,155
8. Steel Structure & Fabricate 700
Total 12,050
** Expect to receive the above orders approximately 20-25%
20
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