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SRI TRANG AGRO-INDUSTRY PUBLIC COMPANY LIMITED
1Q16
ANALYST PRESENTATION
1
1Q16 RESULTS
2
1Q16 ANALYST PRESENTATION 1 1Q16 RESULTS 2 SICOM Oil Price - FX - - PowerPoint PPT Presentation
1Q16 ANALYST PRESENTATION 1 1Q16 RESULTS 2 SICOM Oil Price - FX - - PowerPoint PPT Presentation
SRI TRANG AGRO-INDUSTRY PUBLIC COMPANY LIMITED 1Q16 ANALYST PRESENTATION 1 1Q16 RESULTS 2 SICOM Oil Price - FX 1Q15 2Q15 3Q15 4Q15 1Q16 SICOM Price RSS (US cent : Kg.) 200 TSR 180 160 140 120 100 Jan-15 Feb-15 Mar-15
SLIDE 2
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100 120 140 160 180 200 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 RSS TSR
SICOM Price
(US cent : Kg.)
Crude Oil Price
(USD : Bbl.)
THB/USD
Movement
20 40 60 80 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 31 32 33 34 35 36 37 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
SICOM – Oil Price - FX
1Q15 2Q15 3Q15 4Q15 1Q16 3
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*Adjusting for (reversal) allowance of inventory and realised gains /(losses) from hedging activities (THB million) FY’14 FY’15 %YoY Q1’15 Q4’15 Q1’16 %YoY %QoQ Revenue 75,530 61,292 ▼19% 14,512 15,467 16,695 ▲15% ▲8% Sale volume (tons) 1,204,342 1,119,966 ▼7% 268,892 302,962 363,105 ▲35% ▲20%
- Avg. selling price
(Baht per ton) 60,583 48,858 ▼19% 48,265 45,117 40,465 ▼16% ▼10% Gross profit 3,348 3,521 ▲5% 1,040 617 817 ▼21% ▲32%
- Adj. gross profit*
4,642 4,981 ▲7% 1,077 1,059 749 ▼30% ▼29% EBITDA 2,568 3,008 ▲17% 788 314 174 ▼78% ▼44% Net profit 1,038 1,118 ▲8% 297 (47) (166) ▼156% ▼251%
- Adj. GP margin*
6.1% 8.1% ▲200bps 7.4% 6.8% 4.5% ▼290bps ▼230bps Net profit margin 1.4% 1.8% ▲40bps 2.0% (0.3%) (1.0%) ▼300bps ▼70bps
Financial Highlights
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Revenue by Product (THB million)
1,328 1,321 1,467 1,347 1,461 10,503 11,248 11,726 11,006 12,089 1,147 1,042 1,269 1,316 1,144 1,534 1,467 1,774 1,798 2,001 14,512 15,077 16,236 15,467 16,695 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
RSS TSR
- Con. Latex
Others
+15.0% +7.9%
Revenues & Sale volume
111,016 119,850 120,256 138,715 195,073 123,848 124,812 135,642 140,544 137,952 20,024 17,482 13,137 15,018 17,715 13,843 7,058 9,432 8,464 11,485 161 2 441 222 880 268,892 269,204 278,908 302,962 363,105 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
PRC Asia (Ex PRC) USA Europe Others
+35.0% +19.9%
Sale Volume by Geography (tons) 5
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Adjusted Gross Profit* Gross Profit
1,077 1,440 1,405 1,059 749 7.4% 9.6% 8.7% 6.8% 4.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Margin % THB mm
- 30.5%
- 29.3%
Gross Profit
1,040 1,294 570 617 817 7.2% 8.6% 3.5% 4.0% 4.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Margin % THB mm
- 21.4%
+32.4%
*Adjusting for (reversal) allowance of inventory and realised gains /(losses) from hedging activities
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Net Profit (THB million) EBIT (THB million)
486 525 473 (180) (193) 68 150 243 188 97 554 675 715 8
- 96
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
- 117.3%
- 1,253.6%
Share of profits from associates & a Joint Venture Operating profits
EBIT & Net Profit
297 518 350
- 47
- 166
2.0% 3.4% 2.2%
- 0.3%
- 1.0%
- 1.5%
- 1.0%
- 0.5%
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0%
- 400
- 200
200 400 600 800 1,000 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Net profit Net profit margin %
- 155.7%
- 251.3%
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BUSINESS UPDATES
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Upstream Business - Rubber Plantation
Note: Information as of 31 March 2016
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Under development 14% Under gestation 85% Tapping 1%
51,670 rai 8,267 HA
Area for Rubber Plantation
180 300 2,771 3,272 5,460 8,964 13,046 180 480 3,251 6,523 11,983 20,947 33,993
5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 2016 2017 2018 2019 2020 2021 2022 Mature plantation
- Accum. mature plantation
Estimated Mature Plantation
(rai)
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Midstream Business – NR Processing
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Technically Specified Rubber
Rubber Sheet Concentrated Latex
Production Capacity (Mil. tons) Capacity Expansion Plan
0.5 0.6 0.8 1.1 1.3 1.3 1.5 1.9 0.7 0.8 1.0 1.3 1.6 1.7 1.9 2.4 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2.4 Optimum capacity Engineering capacity
- In 2016, a new plant in Loei and
two expansion plant in Buriram and Ubon RatchThani adding around 209,000 tons (or adding optimum capacity of 120,000 tons).
- Engineering
capacity in 2016 included capacity
- f
Thaitech Rubber Co., Ltd. of 315,360 tons. (Optimum capacity = 254,016 tons)
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