2Q19 Financial Results Analyst Meeting Presentation Chememan - - PowerPoint PPT Presentation

2Q19 Financial Results Analyst Meeting Presentation

Chememan Analyst Presentation 2Q19 2

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Table of Contents

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Chememan Analyst Presentation 2Q19 3

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Key Highlights of 2Q19

• End of sugarcane extracting season
• PB1 Quicklime Kiln shutdown for maintenance for 46 days in 2Q19
• Recognition of the increase in employee benefits obligation in accordance to

the New Labor Protection Act amounting 8 MB

• Easternbulk Lime Product Privated Limitted, a 50% joint venture in India

commenced operation on 10 July 2019

• Interim dividend payment from net profit of 1H19 at 0.02 baht/share, totalling

19.2 MB to be paid on 11 September 2019

Chememan Analyst Presentation 2Q19

Financial Performance of 2Q19 & 1H19

Chememan Analyst Presentation 2Q19 5

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Financial Highlights

• f 2Q19

Unit : Million Baht 2Q19 1Q19 2Q18 %QoQ %YoY

Sales Revenue (1) 561 612 647

• 8.4%
• 13.3%

Cost of Sales (not include depreciation & amortization) (344) (353) (389)

• 2.5%
• 11.4%

Transportation cost (117) (116) (116) +0.7% +0.4% Gross Profit (net transportation cost and depreciation & amortization) 100 143 143

• 30.3%
• 29.9%

Gross Profit Margin (net transportation cost and depreciation & amortization) (2) (%) 22.5% 28.9% 26.8% Other income 5 3 9 +88.4%

• 40.1%

Selling expenses (10) (9) (8) +16.7% +22.8% Administrative expenses (37) (42) (42)

• 11.7%
• 11.6%

Gain (Loss) on exchange rate (9) (6) 17 +50.2%

• 149.8%

Share of loss from investment in joint ventures (2) (1) (1) +19.0% +28.0% Non-cash expenses 17 3 (4) N/A N/A EBITDA 64 92 113

• 29.9%
• 43.2%

Adjust : (a) Gain (Loss) on exchange rate 9 6 (17) +50.2%

• 149.8%

Adjust : (b) Cost incurred by temporary shutdown of kiln for maintenance 8 2 N/A N/A Normalized EBITDA (3) 81 99 95

• 18.0%
• 15.4%

Normalized EBITDA Margin (%) 14.4% 16.2% 14.8% Depreciation & Amortization (49) (49) (48) +0.5% +3.3% Depreciation & Amortization – Cost of sales (46) (45) (44) +0.9% +3.9% Depreciation & Amortization – Administrative expenses (4) (4) (4)

• 5.1%
• 3.6%

Finance costs (12) (10) (11) +18.9% +6.0% Interest received 1 1 1 +39.8%

• 2.3%

Gain (Loss) on tax 4 2 (0) N/A N/A Normalized Net Profit(3) 25 43 37

• 42.2%
• 33.9%

Normalized Net Profit margin (%) 4.4% 7.0% 5.8% (a) Gain (Loss) on exchange rate (9) (6) 17 +50.2%

• 149.8%

(b) Cost incurred by temporary shutdown of kiln for maintenance (8) (2) (0) N/A N/A (c) Non-cash expenses (17) (3) 4 N/A N/A Net profit (loss) (9) 32 59

• 126.6%
• 114.6%

Net Profit (Loss) Margin (4) ((%) (1.9%) 6.5% 11.1% Earnings (Loss) per share (baht) (0.01) 0.03 0.06

Chememan Analyst Presentation 2Q19 6

Unit : Million Baht 1H19 1H18 %YoY

Sales Revenue (1) 1,173 1,244

• 5.7%

Cost of Sales (not include depreciation & amortization) (697) (744)

• 6.3%

Transportation cost (232) (208) +11.5% Gross Profit (net transportation cost and depreciation & amortization) 243 291

• 16.4%

Gross Profit Margin (net transportation cost and depreciation & amortization) (2) (%) 25.9% 28.1% Other income 8 10

• 20.4%

Selling expenses (18) (16) +16.9% Administrative expenses (80) (78) +1.5% Gain (Loss) on exchange rate (14) 6 N/A Share of loss from investment in joint ventures (3) (2) +47.3% Non-cash expenses 20 1 N/A EBITDA 156 211

• 26.3%

Adjust : (a) Gain (Loss) on exchange rate 14 (6) N/A Adjust : (b) Cost incurred by temporary shutdown of kiln for maintenance 9 (0) N/A Normalized EBITDA (3) 179 206

• 12.8%

Normalized EBITDA Margin (%) 15.3% 16.5% Depreciation & Amortization (98) (90) +9.0% Depreciation & Amortization – Cost of sales (91) (84) +8.3% Depreciation & Amortization – Administrative expenses (7) (6) +18.6% Finance costs (22) (29)

• 25.7%

Interest received 1 1

• 2.1%

Gain (Loss) on tax 6 2 N/A Normalized Net Profit (3) 67 90

• 25.6%

Normalized Net Profit margin (%) 5.7% 7.3% (a) Gain (Loss) on exchange rate (14) 6 N/A (b) Cost incurred by temporary shutdown of kiln for maintenance (9) N/A (c) Non-cash expenses (20) (1) N/A Net profit 24 95

• 75.2%

Net Profit Margin (4) ((%) 2.5% 9.2% Earnings per share (baht) 0.03 0.11

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Financial Highlights

• f 1H19

Chememan Analyst Presentation 2Q19 7

459 491 438 434 483 427 950 910 98 97 89 107 60 69 195 129 39 59 62 51 69 65 99 134

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 Quicklime Hydrated Lime Limestone

152,262 153,551 134,949 124,893 148,330 128,525 305,814 276,855 25,684 24,243 22,588 26,147 13,850 17,074 49,927 30,924 90,909 146,939 147,813 105,421 167,187 158,244 237,848 325,431

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 Quicklime Hydrated Lime Limestone Unit : THB million

592 612 597 647 588

Sales Revenues Sales Quantities

329,368 305,350 256,461 268,855 324,733

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Sales by Products

Unit : MT

303,842 593,589 633,210 561 1,244 1,173

Chememan Analyst Presentation 2Q19 8

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 Domestic International 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 Domestic International

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Domestic Vs International

329,368 305,350 256,461 36% 64% 33% 33% 67% 67% 67% 40% 60% 33% 268,855 324,733

Unit : THB million

Sales Revenues

592 588 612 55% 62% 52% 45% 37% 64% 63% 597 647 38% 36% 48%

Unit : MT

Sales Quantities

63% 37% 58% 42% 1,244 593,589 633,210 303,842 29% 31% 71% 69% 58% 57% 42% 43% 561 1,173

Chememan Analyst Presentation 2Q19 9

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Sales by Industries – 1H19

1. Mining 2. Sugar 3. Pulp-Paper-PCC 4. Building, Construction & Roadways 5. Bio-Plastic 6. Chemicals 7. Environment 8. Agriculture 9. Iron & Steel

• 10. Glass & Bottle
• 11. Others

Industries Ranking

Mining, 41.7% Sugar, 15.7% Pulp - Paper - and PCC, 9.8% Building Construction and Roadways, 10.8% Bio-plastic, 3.5% Chemicals, 3.5% Environment, 3.6% Agriculture, 3.6% Iron and Steel, 1.9% Glass & Bottle, 1.7% Others, 4.2%

Chememan Analyst Presentation 2Q19 10

54 37 55 55 43 25 90 67 9.0% 5.8% 9.4% 9.4% 7.0% 4.4% 7.3% 5.7%

• 10.0%
• 5.0%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 Normalized Net Profit Normalized Net Profit Margin

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

EBITDA & Net profit

Net Profit

Unit : THB million

Normalized Net Profit

Unit : THB million

EBITDA

Unit : THB million

Normalized EBITDA

Unit : THB million

99 113 96 109 92 64 211 156 16.6% 17.5% 16.3% 18.3% 15.0% 11.4% 17.0% 13.3%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 EBITDA EBITDA Margin 111 95 107 111 99 81 206 179 18.6% 14.8% 18.1% 18.7% 16.2% 14.4% 16.5% 15.3%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 Normalized EBITDA Normalized EBITDA Margin 37 59 20 45 32 (9) 95 24 7.4% 11.1% 4.1% 9.4% 6.5%

• 1.9%

9.2% 2.5%

• 20.0%
• 15.0%
• 10.0%
• 5.0%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 Net Profit Net Profit Margin

Chememan Analyst Presentation 2Q19 11

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Analysis by Products Quicklime

Quicklime Unit 2Q19 1Q19 2Q18 1H19 1H18 Sales Quantities

MT

128,525 148,330 153,551 276,855 305,814 Domestic

MT

48,747 66,500 58,656 115,246 138,336 International

MT

79,778 81,831 94,895 161,609 167,478 Price per unit

BPT

3,323 3,259 3,199 3,289 3,108 COGS per unit

BPT

(2,340) (2,207) (2,208) (2,269) (2,111) Transportation expense per unit

BPT

(611) (562) (543) (585) (505) Sales Revenue

MB

427 483 491 910 950 Domestic

MB

140 191 159 330 372 International

MB

287 293 332 580 578 Cost of goods sold

MB

(301) (327) (339) (628) (646) Transportation expense

MB

(79) (83) (83) (162) (154) Gross Profit (Net Transportaion)

MB

47 73 69 120 150 % Gross Profit Margin (Net Transportation)

%

13.6% 18.2% 16.8% 16.0% 18.9%

Chememan Analyst Presentation 2Q19 12

213 159 134 140 191 140 372 330 246 332 303 293 293 287 578 580

21.1% 16.8% 18.2% 20.6% 18.2% 13.6% 18.9% 16.0%

• 15.0%
• 10.0%
• 5.0%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19

79,680 58,656 48,474 48,992 66,500 48,747 138,336 115,246 72,583 94,895 86,474 75,901 81,831 79,778 167,478 161,609

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Analysis by Products Quicklime

Sales Quantities

276,855 MT 1H19

Sales Revenue

910 MB

Price/unit

3,289 Baht

Gross Profit

Net transportation

120 MB

Gross Profit Margin

Net transportation

16.0%

Sales Quantities Sales Revenue

Unit : MT Unit : THB million

Domestic International % Gross Profit Margin (Net Transportation)

143,330 134,949 124,893 152,262 153,551

483 438 434 459 491

128,525 305,814 276,855

427 950 910

Chememan Analyst Presentation 2Q19 13

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Analysis by Products Hydrated Lime

Hydrated Lime Unit 2Q19 1Q19 2Q18 1H19 1H18 Sales Quantities

MT

17,074 13,850 24,243 30,924 49,927 Domestic

MT

9,754 8,050 8,604 17,804 18,426 International

MT

7,320 5,800 15,639 13,120 31,501 Price per unit

BPT

4,008 4,317 3,990 4,147 3,898 COGS per unit

BPT

(2,557) (2,546) (2,549) (2,552) (2,520) Transportation expense per unit

BPT

(820) (668) (537) (752) (453) Sales Revenue

MB

69 60 97 129 195 Domestic

MB

30 25 27 55 58 International

MB

39 35 70 74 137 Cost of goods sold

MB

(44) (35) (62) (79) (126) Transportation expense

MB

(14) (9) (13) (23) (23) Gross Profit (Net Transportaion)

MB

11 15 22 27 46 % Gross Profit Margin (Net Transportation)

%

20.6% 30.2% 26.2% 25.2% 26.9%

Chememan Analyst Presentation 2Q19 14

31 27 28 27 25 30 58 55 67 70 60 80 35 39 137 74

27.5% 26.2% 29.6% 29.4% 30.2% 20.6% 26.9% 25.2%

• 4.0%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19

9,822 8,604 8,924 8,541 8,050 9,754 18,426 17,804 15,862 15,639 13,665 17,606 5,800 7,320 31,501 13,120

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Analysis by Products Hydrated Lime

Sales Quantities

30,924 MT

Sales Revenue

129 MB

Price/unit

4,147 Baht

Gross Profit

Net transportation

27 MB

Gross Profit Margin

Net transportation

25.2%

Sales Quantities Sales Revenue

Unit : THB million Unit : MT

Domestic International % Gross Profit Margin (Net Transportation)

1H19

13,850 22,588 26,147 25,684 24,243 60 89 107 98 97 17,074 49,927 30,924 68 195 128

Chememan Analyst Presentation 2Q19 15

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Analysis by Products Limestone

Limestone and Construction Stone Unit 2Q19 1Q19 2Q18 1H19 1H18 Sales Quantities

MT

158,244 167,187 146,939 325,431 237,848 Domestic

MT

158,238 146,467 126,758 304,705 217,667 International

MT

5 20,720 20,181 20,726 20,181 Price per unit

BPT

412 411 403 412 415 COGS per unit

BPT

(237) (203) (215) (220) (238) Transportation expense per unit

BPT

(151) (138) (133) (144) (132) Sales Revenue

MB

65 69 59 134 99 Domestic

MB

65 57 50 122 89 International

MB

12 10 12 10 Cost of goods sold

MB

(38) (34) (32) (72) (57) Transportation expense

MB

(24) (23) (20) (47) (31) Gross Profit (Net Transportaion)

MB

4 12 8 16 10 % Gross Profit Margin (Net Transportation) % 9.2% 25.7% 20.3% 17.9% 15.6%

Chememan Analyst Presentation 2Q19 16

39 50 60 50 57 65 89 122 10 2 1 12 10 12

8.8% 20.3% 11.8% 12.2% 25.7% 9.2% 15.6% 17.9%

• 50.0%
• 40.0%
• 30.0%
• 20.0%
• 10.0%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19

90,909 126,758 147,513 105,321 146,467 158,238 217,667 304,705 20,181 300 100 20,720 5 20,181 20,726

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Analysis by Products Limestone

Sales Quantities

325,431 MT

Sales Revenue

134 MB

Price/unit

412 Baht

Gross Profit

Net transportation

16 MB

Gross Profit Margin

Net transportation

17.9%

Sales Quantities Sales Revenue

Unit : THB million Unit : MT

Domestic International % Gross Profit Margin (Net Transportation)

1H19

167,187 147,813 105,421 90,909 146,939 69 62 51 39 59 158,244 237,848 325,431 65 99 134

Chememan Analyst Presentation 2Q19 17

2Q19 1Q19 4Q18 3Q18 2Q18 1Q18 2Q19 1Q19 4Q18 3Q18 2Q18 1Q18

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Production Capacity

RY

73% 23% 35% 65% 27% 77%

146,375 MT 135,156 MT 169,826 MT

Hydrated Lime Production Quicklime Production

Remarks : - PB1 quicklime kiln shut down for maintenance for 46 days in 2Q19

• Only 1 quicklime kiln at PB was operated in 3Q18, 4Q18, 1Q19 & 2Q19
• KK1 quicklime kiln was temporary shut down for maintenance as per scheduled maintenance plan in 3Q18
• KK3 quicklime kiln was temporary shut down for system connection with KK4 in 4Q18
• KK4 quicklime kiln commenced operation in 1Q19

78% 22% 81% 19%

154,694 MT 138,075 MT 21,118 MT 20,663 MT 19,973 MT 18,048 MT 21,544 MT 136,884 MT

89% 11%

PB KK

13,039 MT

Chememan Analyst Presentation 2Q19 18 1,070 1,223 2,223 2,253 2,188 1,298 1,556 1,162 1,318 1,493 414 438 439 343 335 2016 2017 2018 1Q19 2Q19 Equities Interest Bearing Debt Others 650 739 875 877 950 2,132 2,478 2,950 3,037 3,066 2016 2017 2018 1Q19 2Q19 Current Asset Non-Current Asset

4,016

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Balance Sheet

Asset (THB million) Liabilities & Equity (THB million)

2,782 2,782 3,217 3,217 3,824 3,824 3,914 3,914 4,016

Chememan Analyst Presentation 2Q19 19

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Sources & Uses of Fund

Unit : THB million

Sources of Fund Uses of Fund

Cashflow from operation 156 Acquisition of Property, Plant & Equipment 168 Long-term loan received 341 Acquisition of intangible assets 9 Short-term loan received 51 Increase in working capital 90 Interest income & others 1 Interest and fee payment 23 Exchange Translation 8 Income tax paid Investment in Joint Ventures 97 Long-term loan repayment 61 Other debt repayment 11 Dividend paid 48 Increase in cash 49 SOURCE OF FUND 556 USE OF FUND 556 Beginning Cash 126 Ending Cash 175

Chememan Analyst Presentation 2Q19 20

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Ratios

Interest-bearing Debt to Equity ratio

Unit : times

Current ratio

Unit : times

0.68x 1.02x 1.41x 1.54x 1.56x 2016 2017 2018 1Q19 2Q19 1.21x 1.27x 0.52x 0.59x 0.68x 2016 2017 2018 1Q19 2Q19

Chememan Analyst Presentation 2Q19 21

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Exchange Rate

THB against USD & AUD

30.50 31.00 31.50 32.00 32.50 33.00 33.50 34.00 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

4Q18 32.99

21.00 21.50 22.00 22.50 23.00 23.50 24.00 24.50 25.00 25.50 26.00 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

1Q19 22.91 2Q19 22.49 1Q18 31.71 2Q18 32.12 3Q18 33.15 1Q19 31.79

USD AUD

2Q19 31.74 3Q18 24.52 2Q18 24.54 1Q18 25.19 4Q18 23.93

Chememan Analyst Presentation 2Q19 22

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Project Progress Update

Chememan Analyst Presentation 2Q19 23

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Project Progress Update Thailand

Project Location Ownership Estimated CAPEX Installed Capacity (MT/year) Commercial Operation Date To increase production capacity : Thailand Limestone Grinding Plant Tubkwang Quarry 100% 101.85 MB 108,000 Completed May 2019 To reduce cost of production : Thailand Super silo Kangkoi, Saraburi 100% 116.0 MB 4 Big Silos capacity 12,000 MT Completed April 2019 Screening Processing Hub Kangkoi, Saraburi 100% 56.24 MB 288,000MT End of April 2020 Limestone Grinding Plant Phase 2 Tubkwang Quarry 100% 32.4 MB 60,000 End of Sep 2019 Mobile Screen Tubkwang Quarry 100% 12.7 MB 266,000 End of Q4 2019 CALMIX COMPANY LIMITED Joint venture established To develop, manufacture and distribute construction materials Saraburi, Thailand 51% 30.6 MB End of Sep 2019 Business Expansion: Thailand Project Location Ownership Estimated Investment Commercial Operation Date

Chememan Analyst Presentation 2Q19 24

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Project Progress Update Thailand

Limestone Grinding Plant Phase 2

• Construction & Installation : in progress 30%

Completion

• Installing the steel structure for Vibrating

Screens and Air Classifier

• Commercial operation estimated on : End of Sep

2019

• Installed capacity : max. 60,000 tons/year

Chememan Analyst Presentation 2Q19 25

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Project Progress Update Thailand

CalMix Co., Ltd.

• Construction & Installation : in progress 70%

completion

• Silos’ raw material and the main

machines(Mixer and packing station) are complete.

• Installing the machines to feed the raw

material and electrical system

• Commercial operation estimated on : End of

Sep 2019

• Installed capacity : max. 100,000 tons/year

(For the 1st phase, the operating capacity will be 10,000 tons/year)

Chememan Analyst Presentation 2Q19 26

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Project Progress Update Thailand

Mobile Screen

Brief description of projects: To screen the limestone waste into different sizes suitable for sale and for further production processes. Location: Tubkwang Quarry Benefits:

• Generate revenue from waste
• Reduce cost of transportation and storage of

waste

• Clear obstacles for better mining activities

Screening Processing Hub

Brief description of projects: To screen the products into different sizes to accommodate various customers’ requirements Location: Kangkoi Plant Benefits:

• To meet specific demand of the customers, building

long-term relationship

• Reduce transportation cost to Prabuddhabaht Plant

for product screening process

• Reduce double handling and environmental pollution

Chememan Analyst Presentation 2Q19 27

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Project Progress Update Overseas

Project Location Owner ship Estimated Investment Installed Capacity (MT/year) Commercial Operation Date To expand the business : India EASTERNBULK LIME PRODUCTS PRIVATE LIMITED Joint venture established Quicklime manufacturing and distributing company Tuticorin, Tamil Nadu 50% 65 million INR 47,450 of Quicklime 10 July 2019 73,000 of Ground Limestone SIRIMAN CHEMICALS INDIA PRIVATE LIMITED Joint venture established Lime manufacturing and distributing company Visakhapatnam, Andhra Pradesh 50% 130 million INR 109,500 of Quicklime Y 2020 87,600 of Hydrated Lime To expand the business : Vietnam HA LONG QN LIME COMPANY LIMITED Indirect Subsidiary Lime manufacturing and distributing company with limestone mining concession Quang Ninh, Vietnam 80% Not exceeding 30 million USD 182,500 of Quicklime Within Q3 2019 (Subject to completion of conditions precedent) 73,000 of Hydrated Lime

Chememan Analyst Presentation 2Q19 28

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Project Progress Update Overseas

Easternbulk Lime Products Private Limited

• Construction & Installation completed
• Commercial operation commenced on

10 July 2019

• Installed capacity of quicklime production :

47,450 tons per year

• Installed capacity of ground limestone

production : 73,000 tons per year

Chememan Analyst Presentation 2Q19 29

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Project Progress Update Overseas

Siriman Chemicals India Private Limited

• Kiln shell erection has started, will be finished in

August 2019. Machinery installation has started.

• Coal grinding mill building completed. Machinery

installation has started.

• QL handling civil works are under construction;

expect to finish by end of this year.

Chememan Analyst Presentation 2Q19 30

• 1. Key Highlights of 2Q19
• 2. Financial Performance
• Financial Highlights – 2Q19
• Financial Highlights – 1H19
• Sales by Products
• Domestic Vs International
• Sales by Industries
• EBITDA & Net Profit
• Analysis by Product – Quicklime
• Analysis by Product – Hydrated Lime
• Analysis by Products – Limestone
• Production Capacity
• Balance Sheet
• Sources & Uses of Fund
• Ratios
• Exchange rate
• 3. Project Progress Update
• Progress Update – Thailand
• Progress Update – Overseas

Project Progress Update Overseas

Ha Long QN Lime Company Limited

• A multi-member limited liability company

established since 3 August 2018

• Locate in Quang Ninh Province, near

Hai Phong Port

• Operate limestone mining and manufacturing
• f lime products
• Mineral exploitation license, expire on

11 May 2046

• CMAN to acquire 80% capital contribution

via Northman Company Limited

• Investment Transaction estimated to be

completed by Q3-2019 (subject to completion of conditions precedent)

Thank You

Some statements made in this material are forward-looking statements with the relevant assumptions, which are subject to various risks and uncertainties. These include statements with respect to our corporate plans, strategies and beliefs and other statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “intend”, “estimate”, “continue” “plan” or other similar words. The statements are based on our management’s assumptions and beliefs in light of the information currently available to us. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Please note that the company and executives/staff do not control and cannot guarantee the relevance, timeliness, or accuracy of these statements.

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