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Tirathai Public Company Limited
Opportunity Day on November 22, 2018
Content
• Company Profile
• Operating Result of Q3’2018
• 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.POperation 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 Products & Services
6
Distribution Transformer
Power Transformer
Special Transformer
Our Main Customers
1. Utilities(PEA,MEA,EGAT)
2. Private2.1 Steel industry2.2 Sugar industry2.3 Power Plant2.4 Energy industry2.5 International
Contractors2.6 Others
3. Export(ASIA+SE.ASIA)
33%
33%
33%
Utilites Private Export
Revenue Policyby 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 Policyby 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 Q3’2018
9
Consolidated financial Statements
10
Unit : Million Baht 2015 2016 2017 Q3'17(9M) Q3'18(9M)
Total Revenue 2,264.09 2,577.33 2,448.03 1,650.00 1,752.86
Revenue from Sales & Service 2,223.97 2,536.52 2,429.77 1,635.04 1,740.48
Gross Profit 413.65 661.01 488.45 261.28 373.07
EBITDA 44.87 192.89 (17.24) (94.09) 65.08
EBIT (16.81) 125.81 (32.33) (154.21) (0.99)
Net Profit/(Loss) attributable (58.28) 59.05 (71.19) (157.19) (35.61)
Total Asset 3,024.84 3,303.62 3,147.29 3,048.47 3,264.28
Total Liabilities 1,947.70 2,176.83 2,112.51 2,121.63 2,265.29
Shareholders' equity 1,077.14 1,126.79 1,034.78 926.84 998.99
Financial Ratio
Gross Profit Margin (%) 18.60% 26.06% 20.10% 15.98% 21.43%
Net Profit/(Loss) Margin (%) -2.03% 2.38% -2.81% -9.69% -2.03%
Return on Asset (%) -2.05% 1.87% -2.29% -5.16% -1.09%
Return on Equity (%) -5.18% 5.36% -3.47% -16.96% -3.56%
Book Value Per shares 3.50 3.66 3.36 3.01 3.24
Earnings per Share (0.15) 0.20 (0.22) (0.51) (0.12)
Dividend per Share 0.05 0.13 - - -
11
1,868 1,667
1,072 1,278
667763
563463
0
500
1,000
1,500
2,000
2,500
2016 2017 9M 2017 9M 2018
Bt. Mill
Transformer Non transformer
2,535 2,430
1,7411,635
Total Revenues YoY
Total Revenues QoQ
404 249
419 595
387 435 455
205
209
150
200
146 179 145
608 457
570
795
534 614 600
-
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 Q3'18
Bt.Mill
Transformer Non-Transformer
Increased 5% QoQ
12
Transfomer73%
NonTransformer27%
9M as of 30/9/18Total Revenue
Total Revenue of 570 MBt in Q3’17 increased to 600 MBt in Q3’18. Transformer revenue of 419 MBt in Q3’17 increased to 455 MBt inQ3’18, but Non-transformer revenue of 419 MBt in Q3’17 slightly decreased to 145 MBt in Q3’18.
13
Gross Profit Margin by Product YoY Compared to 9 Months
22%
17%
12%
19%
38%
27%
24%
28%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2016 2017 9M 2017 9M 2018
Transformer Non-transformer
Gross Profit Margin by products, QoQ
14
14%
4%
15%
26%23%
20%16%
30% 31%
5%
37%
29%24%
30%
Q1' 17 Q2'17 Q3' 17 Q4' 17 Q1' 18 Q2'18 Q3' 18
Transformer Non-Transformer
261
414
(154)
(94)
(157)
373 386
(1)
65
(36)
(200)
(100)
0
100
200
300
400
500
GP SG&A EBIT EBITDA
Net ProfitAttributed to
Equity Holders
9M'2017 9M'2018
16%
21%
-9%
22%
-0.06%
-10%
25%
-2%
Bt.Mil
15
Total Gross Profit (GP) VS Net Profit Margin (NPM) VS SG&A QoQ (9 months to 30.9.2018) (Consolidated)
4%
-6%
1.46 1.49
1.54
1.41
1.38
1.40
1.47
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 Q3' 18
Interest Bearing Debt/Equity
16
Interest Bearing Debt/Equity Ratio
Interest Bearing Debt/Equity Ratio is in line with our business planBt. Mil
Outlook 2018
17
Structure of Incomes by Products
18
1,867 1,667
1,917
1,278
710 781 878
463
-
500
1,000
1,500
2,000
2,500
2016 2017 2018 (F) Q3 2018(9M)
Transformer Non-Transformer
Bt. Mil
73%68% 69% 73%
27%32% 31%
24%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2016 2017 2018 (F) Q3 2018(9M)
Transformer Non-Transformer
Bt. Mil
2016
(A)
2017
(A)
2018
(F)
9M'
2018(A)
Q4,3M'
2018(F)
1,306 1,195 1,374-1,434 1,053 504
2.Export 479 401 461-481 194 425
82 71 82-85 31 -
1,867 1,667 1,917-2,000 1,278 929
161 357 428-439 169 106
209 70 150-206 45 -
299 336 300-330 250 80
41 18 - - -
710 781 878-975 463 186
2,577 2,448 2,795- 2,975 1,740 1,115
Non-Transformer
Transformer
1. Gov+Local
3. Transformer Service
Group/ Customer
Total non-transformer
Total
Total Transformer
4. Steel Structure &
Fabricate
5. Distributing
Digger/Arial truck
6. O&M
7. Others
TRT Group Backlog As of 30.09.18
Group Customer Total Backlog(1)+(2)
Delivery in 2018 (1)
Delivery in 2019 (2)
Transformer 1. GOV+Local 631 504 127
2. Export 653 425 228
3.Transformer Service
- -
Total transformer 1,284 929 355
Non-Transformer
4. Steel Structure & Fabricate
106 106 -
5. Distributing Derrick/Arial truck
5 - 5
6. Operating & Maintenance
380 80 300
Total non-transformer 491 186 305
Total 1,775 1,115 660
Transformer 72%
Non- Transformer 28%
Transformer
Non-transformer
19
Customer M’ Baht
1.MEA* 2,450
2.PEA 2,100
3.EGAT* 1,410
4.Local 1,900
5.Export 1,680
6. Transformer Service -
7. Distributing Derrick/Arial crane 2,000
8. Steel Structure & Fabricate 700
Total 12,240
20
Bids and Quotations in Process As of 30 September 2018
** Expect to receive the above orders approximately 20-25%
21