BJC BJC BJC BJC Opportunity Day Opportunity Day 4Q09 - - PowerPoint PPT Presentation

BJC BJC BJC BJC

Opportunity Day Opportunity Day – 4Q09 09 & 2009 2009 Opportunity Day Opportunity Day – 4Q09 09 & & 2009 2009

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

พร้อม

y y y y y y y

พรอม

เพื่อชีวิต

ที่ดีกว่าใน ทกๆวัน

March 10th, 2010

Berli Jucker Public Company Limited Berli Jucker Public Company Limited

ทุกๆวน

AGENDA

KEY HIGHLIGHTS 4Q09 & 2009

AGENDA

• KEY HIGHLIGHTS 4Q09 & 2009
• FINANCIAL HIGHLIGHTS 4Q09 & 2009
• FINANCIAL HIGHLIGHTS 4Q09 & 2009
• PERFORMANCE BY BUSINESS
• PERFORMANCE BY BUSINESS
• SHARE PRICE PERFORMANCE
• SHARE PRICE PERFORMANCE

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NOTE ON NOTE ON FORWARD LOOKING FORWARD LOOKING STATEMENTS STATEMENTS STATEMENTS STATEMENTS

The following presentation may contain forward looking statements by the t f B li J k P bli C Li it d (“BJC”) l ti t management of Berli Jucker Public Company Limited (“BJC”), relating to financial or other trends for future periods, compared to the results for previous periods. Some of the statements contained in this presentation that are not historical facts are statements of future expectations with respect to the financial conditions results of operations and businesses and related plans and conditions, results of operations and businesses, and related plans and

• bjectives. Forward looking information is based on management’s current

views and assumptions including, but not limited to, prevailing economic and market conditions. These statements involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those in the statements as originally made. Such statements are not, and should not be constructed as a representation as to future performance of BJC. In particular, such targets should not be regarded as a forecast or projection of future performance of BJC. It should be noted that the actual performance of BJC may vary significantly from such targets.

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AGENDA

• KEY HIGHLIGHTS 4Q09 & 2009

AGENDA

• FINANCIAL HIGHLIGHTS 4Q09 &

2009

• PERFORMANCE BY BUSINESS
• SHARE PRICE PERFORMANCE

4

KEY KEY HIGHLIGHTS HIGHLIGHTS 4Q Q09 09 & & 2009 2009 2009 2009

4Q09 2009

• Sales continued to improve both

QoQ and YoY while 2009 sales were slightly better than 2008

• Sales increased by 2.5% while net

profit attributable to equity holder increased by 16 5% from 2008 were slightly better than 2008

• EBIT and net profit tripled from

4Q08 and continued to show strong increased by 16.5% from 2008

• The Industry Supply Chain

remained the highest sales 4Q08 and continued to show strong improvement from 3Q09 remained the highest sales contributor while the Consumer Supply Chain was the highest net profit contributor

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SALES & NET PROFIT SALES & NET PROFIT BREAKDOWN BREAKDOWN BREAKDOWN BREAKDOWN

Others 3% Others 1% HS C & T S C

Sales Breakdown

2008 2009

3% HS C & T S C 20% IS C 46% 1% HS C & T S C 20% IS C CS C 31% 46% CS C 31% 48%

Net Profit Breakdown

Oth

2008 2009

HSC & T SC ISC 36% Others (3)% Others 0% HSC & TSC 31% ISC 33% 43%

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Others include IBG, INFO and other businesses

CSC 24% CSC 36%

NEW PRODUCT NEW PRODUCT LAUNCHES LAUNCHES LAUNCHES LAUNCHES

1Q09 2Q09 3Q09 4Q09 ISC CSC HSC

Calci-10

TSC

Refrigerants

IBG

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AGENDA AGENDA

• KEY HIGHLIGHTS 4Q09 & 2009
• FINANCIAL HIGHLIGHTS 4Q09 &

2009

• PERFORMANCE BY BUSINESS
• SHARE PRICE PERFORMANCE

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FINANCIAL FINANCIAL HIGHLIGHTS HIGHLIGHTS 4Q09 & 4Q09 & 2009 2009 2009 2009

S l THB 6 175 illi S l THB 22 799 illi

4Q09 2009

• Sales were THB 6,175 million,

increasing of 12.8% QoQ and 7.9% YoY

• Sales of all Supply Chains increased

Q Q d Y Y

• Sales were THB 22,799 million,

increasing 2.5% from 2008

• BJC was able to maintain sales of all

l h i d it h ll i QoQ and YoY

• Gross profit improved both QoQ and

YoY, from higher gross profit of Ind strial S ppl Chain and Cons mer supply chains despite challenging environment in 2009

• Industrial Supply Chain remains a major

revenue contribution representing 50% Industrial Supply Chain and Consumer Supply Chain

• Net profit attributable to equity holders

was THB 440 million increasing 31 0% revenue contribution, representing 50%

• f total sales, followed by Consumer

Supply Chain, representing 29% of total sales was THB 440 million, increasing 31.0% from higher net profit of Industrial Supply Chain, and 263.6% YoY, from higher net profit of Consumer Supply

• Net profit attributable to equity holders

was THB 1,262 million, increasing 16.5% YoY, from higher net profit of g p pp y Chain , g p Consumer Supply Chain

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KEY FINANCIAL HIGHLIGHTS KEY FINANCIAL HIGHLIGHTS 4Q Q09 09 & & 2009 2009 2009 2009

THB MM 4Q09 4Q08 %YoY 3Q09 %QoQ 2009 2008 %YoY Revenue from sale of goods and rendering of services 6,175 5,721 7.9 5,474 12.8 22,799 22,243 2.5 Gross profit 1,727 1,013 70.5 1,357 27.3 5,601 4,780 17.2 EBIT 691 232 197.8 492 40.4 1,894 1,709 10.8 EBITDA 1,049 562 86.7 863 21.6 3,290 3,018 9.0 Net profit 494 153 222.9 354 39.5 1,320 1,256 5.1 Attributable to : Minority interest 54 32 68.8 19 184.2 58 173 (66.5) Equity holders 440 121 263.6 336 31.0 1,262 1,083 16.5 Key Ratios 4Q09 4Q08 %YoY 3Q09 %QoQ 2009 2008 %YoY Gross profit margin 28.0 17.7 10.3 24.8 3.2 24.6 21.5 3.1 SG&A as % of sales 17 8 14 8 2 9 16 9 0 8 17 5 15 2 2 3 SG&A as % of sales 17.8 14.8 2.9 16.9 0.8 17.5 15.2 2.3 EBIT margin 11.2 4.1 7.1 9.0 2.2 8.3 7.7 0.6 EBITDA margin 17.0 9.8 7.2 15.8 1.2 14.4 13.6 0.9

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Net profit margin (to equity holders) 7.1 2.1 5.0 6.1 1.0 5.5 4.9 0.7

BALANCE SHEET BALANCE SHEET HIGHLIGHTS HIGHLIGHTS

20 1.15x 1.08x 1.08x 1.06x 1.03x 1.2x

HIGHLIGHTS HIGHLIGHTS

Debt to Capitalization (Times) Balance Sheet (THB BN)

Assets = 23.0 BN Liabilities = 11.6 BN Equity = 11 4 BN 10 15 0.72x 0.60x 0.57x 0.57x 0.53x 0.4x 0.6x 0.8x 1.0x Equity = 11.4 BN

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4Q08 1Q09 2Q09 3Q09 4Q09 Asset s Liabilit ies Equit y 0.0x 0.2x 0.4x 4Q08 1Q09 2Q09 3Q09 4Q09

Interest-bearing Debt to Equity Liabilities to Equity 2 4

q y

g q y q y

DSCR (Times) EBITDA Interest Coverage (Times)

1 0x 1.3x 1.3x 1.6x 1.6x 2.4x 16.7x 20.9x 16x 18x 20x 22x 1.0x 0.3x 0.8x 8.8x 9.9x 13.1x 10x 12x 14x 16x 11 0.0x 4Q08 1Q09 2Q09 3Q09 4Q09 8x 4Q08 1Q09 2Q09 3Q09 4Q09 EBITDA Interest Coverage = EBITDA / Interest expenses DSCR = EBIT / Debt Repayment

AGENDA

• KEY HIGHLIGHTS 4Q09 & 2009

AGENDA

• FINANCIAL HIGHLIGHTS 4Q09 &

2009

• PERFORMANCE BY BUSINESS
• SHARE PRICE PERFORMANCE

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INDUSTRIAL INDUSTRIAL SUPPLY SUPPLY CHAIN CHAIN

Highlights Sales & Gross Margin

• 4Q09 sales were THB 3,098 million, an increase of 4.6% YoY

and 22.4% QoQ

CHAIN CHAIN

Highlights Sales & Gross Margin

2,962 2,640 2,531 3,098 2 431 17.8%

• Sales of Glass Packaging business continued to pick up from

previous quarter while sales of Aluminum Can and Galvanized Steel Structures businesses significantly improved both YoY and QoQ

2,431 12.4% 14.8% 7.2% 8.6%

• Net profit was THB 268 million, a recovery from 4Q08 and a

significant increase of 111.0% QoQ

• Improving net profit mainly attributed to the better performance
• f Glass Packaging and Aluminum Can businesses

4Q08 1Q09 2Q09 3Q09 4Q09 S ales (T HB MM) Gross m argin (%)

• Lower energy and raw material prices as well as selling &

administrative expenses were the key contributions to the good earnings results of the Industry Supply Chain in this quarter

Operating Profit & Margin

378

Net Profit & Margin

176 378 127 12.2% 268 8.7% 2 5 127 6.9% 5.2% 0.1% 0.2% 4Q08 1Q09 2Q09 3Q09 4Q09 127 (33) (32) 69 5.0% 2.9% 13 4Q08 1Q09 2Q09 3Q09 4Q09 Operating profit (T HB MM) Operating profit m argin (%) (1.2)% (1.1)% 4Q08 1Q09 2Q09 3Q09 4Q09 Net profit (T HB MM) Net profit m argin (%)

INDUSTRIAL INDUSTRIAL SUPPLY SUPPLY CHAIN CHAIN

Highlights Sales

• 2009 sales were THB 10,700 million, a slight decrease of 0.4%

YoY, while net profit was THB 432 million, a decrease of 5.3% YoY Gl P k i b i t d hi h l d t d

CHAIN CHAIN

Highlights Sales

10,742 10,700 (0.4)%

(THB MM)

• Glass Packaging business reported higher sales and posted

remarkable net profit growth

• The performance of Can Packaging business continued to

recover

• Reasonable performance for the Galvanized Steel Structures
• Reasonable performance for the Galvanized Steel Structures

and Engineering Products & Services businesses despite the shrinking market demand due to the economic slowdown

• More favorable energy and key raw material prices contributed

to the better performance of the group

2008 2009

10 000 15,000

to the better performance of the group

Net Profit & Margin

456 432

Soda Ash, THB / ton

5,000 10,000 Ja n F eb M a r Ap r M a y Jun Jul Aug Sep Oct Nov Dec

432 4.2% 4.0%

Aluminum USD/ ton

2008 2009

Aluminum, USD/ ton

3,000

14 2008 2009

Net Profit (THB MM) Net Profit Margin (%)

1,000 Ja n F eb M a r Ap r M a y Jun Jul Aug Sep Oct Nov Dec 2007 2008 2009

CONSUMER CONSUMER SUPPLY SUPPLY CHAIN CHAIN CHAIN CHAIN

• 4Q09 sales were THB 1,779 million, an increase of 9.7%

YoY and 2.6% QoQ, an increase YoY was attributed to every business particularly Personal Care business

Highlights Sales & Gross Margin

1,622 1,776 1,734 1,779 1,775

every business particularly Personal Care business

• Good consumer response of “Dozo Soseji” introduced

in 3Q09 and ongoing solid performance of other owned- brand products such as “Party” and “Campus” contributed to the strong performance of Foods

32.4% 32.3% 31.9% 24 5% 27.5%

g p business

• Tissue industry remained in the intense competition,

however, net profit of Tissue business continued to grow exponentially YoY

24.5% 4Q08 1Q09 2Q09 3Q09 4Q09 S ales (T HB MM) Gross m argin (%)

• Net profit was THB 133 million, a significant increase of

92.8% YoY but a decrease of 8.9% QoQ

Net Profit & Margin Operating Profit & Margin

S ales (T HB MM) Gross m argin (%) 100 148 195 175 143 11 2% 69 99 146 133 99 8.4% 7 5% 8.1% 11.2% 9.8% 6.2% 8.3% 4Q08 1Q09 2Q09 3Q09 4Q09 69 5.6% 7.5% 4.3% 5.6% 15 4Q08 1Q09 2Q09 3Q09 4Q09 Operating profit (T HB MM) Operating profit m argin (%) 4Q08 1Q09 2Q09 3Q09 4Q09 Net profit (T HB MM) Net profit m argin (%)

CONSUMER CONSUMER SUPPLY SUPPLY CHAIN CHAIN

Highlights Sales

6,854 7,063 3.0%

CHAIN CHAIN

• 2009 sales were THB 7,063 million, an increase of 3.0%

YoY, while net profit was THB 478 million, a significant increase of 60.4% YoY

• For Foods business the key owned brand products

Highlights Sales

(THB MM)

6,854

• For Foods business, the key owned-brand products

such as “Party” and “Campus” and the 3rd party products such as “Kato” and “Droste” still showed the strong performance throughout the year

• Profitability hit the high record for Tissue business due

2008 2009

y g to successful cost saving programs, improving production efficiency and decreasing trend of paper pulp price

• Personal Care business posted ongoing outstanding

f f th b i i f th

30

performance from the beginning of the year

• Logistics business continued to expand with increasing

warehouse utilization rate

Net Profit & Margin

Pulp, THB / Kg

478

• 15

Ja n F eb M a r Ap r M a y Jun Jul Aug Sep Oct Nov Dec

298 6.8%

Ja n F eb M a r Ap r M a y Jun Jul Aug Sep Oct Nov Dec 2007 2008 2009

Selected New Products

4.3% 2008 2009 16

Net Profit (THB MM) Net Profit Margin (%)

2008 2009

HEALTHCARE & TECHNICAL HEALTHCARE & TECHNICAL SUPPLY SUPPLY CHAIN CHAIN

Highlights Sales & Gross Margin

• 4Q09 sales were THB 1,147 million, an increase of 9.6%

YoY and 8.1% QoQ

• For the Healthcare Supply Chain the Medical Equipment

CHAIN CHAIN

Highlights Sales & Gross Margin

1,047 1,122 1,061 1,147 1,128

• For the Healthcare Supply Chain, the Medical Equipment

Division posted the strongest sales growth while the Medical Imaging Division posted the strongest net profit growth YoY

• For the Technical Supply Chain Graphics businesses

38.7% 36.2% 35.1% 36.2% 34.9%

• For the Technical Supply Chain, Graphics businesses

reported the strongest sales growth both YoY and QoQ while Specialties business reported remarkable net profit improvement YoY

• Net profit was THB 106 million a decrease of 7 8% YoY but

4Q08 1Q09 2Q09 3Q09 4Q09 S ales (T HB MM) Gross m argin (%)

• Net profit was THB 106 million, a decrease of 7.8% YoY but

an increase of 14.0% QoQ

Net Profit & Margin Operating Profit & Margin

141 133 130 145 168 14.9% 12.2% 12.6% 11.9% 13.5% 115 84 93 106 124 10.9% 8.8% 9.2% 11.0% 7.5% 4Q08 1Q09 2Q09 3Q09 4Q09 17 4Q08 1Q09 2Q09 3Q09 4Q09 Operating profit (T HB MM) Operating profit m argin (%) Net profit (T HB MM) Net profit m argin (%)

HEALTHCARE & TECHNICAL HEALTHCARE & TECHNICAL SUPPLY SUPPLY CHAIN CHAIN

Highlights Sales

• 2009 sales were THB 4,458 million, an increase of 2.1%

YoY, while net profit was THB 407 million, a decrease of 23.9% YoY

CHAIN CHAIN

Highlights Sales

4,365 4,458 2.1%

(THB MM)

• For the Healthcare Supply Chain, sales improved for all

businesses particularly the Medical Equipment Division

• For net profit, the Medical Equipment Division and the

Medical Imaging Division posted the outstanding earnings compared to 2008 compared to 2008

• 2009 was a reasonable year for the Technical Supply

Chain, as the business was able to sustain sales to be in line with the same level as last year despite the economic slowdown

2008 2009

slowdown

• The Specialties business in Vietnam started off with the

promising outlook

Net Profit & Margin

535 407 12.3% 9.1% 2008 2009 Refrigerants 18

Net Profit (THB MM) Net Profit Margin (%)

AGENDA

• KEY HIGHLIGHTS 4Q09 & 2009
• KEY HIGHLIGHTS 4Q09 & 2009
• FINANCIAL HIGHLIGHTS 4Q09 & 2009

FINANCIAL HIGHLIGHTS 4Q09 & 2009

• PERFORMANCE BY BUSINESS

PERFORMANCE BY BUSINESS

• SHARE PRICE PERFORMANCE

SHARE PRICE PERFORMANCE

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SHARE PRICE SHARE PRICE PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE

1-Year Share Price Performance

BJC THB 5 55

6.0

BJC THB 5.55 +26.1%

5.5 5.0 4.5 4.0 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 F eb-10 Mar-10

20

Source: The Stock Exchange of Thailand as of 8 March 2010

PEERS PEERS COMPARISON COMPARISON

105.1 7.2% 6.3% 5.9%

COMPARISON COMPARISON

Dividend Yield (%) Market Cap (THB BN)

35.9 22.0 17.9 12.7 8 8 8 4 7 3 4.5% 4.4% 3.7% 3.6% 3.4% 2.6% 1.2% 8.8 8.4 7.3 3.7 2.8 2.3 0.6 0.6 0.4 CPALL BIGC MAKRO HMPRO ROBINS BJC SPI SPC LOXLEY GLOBAL IT MIDA SSE SINGER IT MAKRO BJC HMPRO ROBINS BIGC SPC CPALL SPI GLOBAL LOXLEY MIDA SINGER SSE 21.1x 15 6 5.6x

P/BV (times) P/E (times)

15.6x14.4x 13.8x 13.2x12.4x 11.8x 11.5x10.3x 9.0x 7.7x 7.0x 3.4x 2.5x 2.4x 2.0x 1.9x 1.2x 1.2x 1.1x 0.9x 0.8x 0.8x 0.7x CPALL MPRO AKRO IT BIGC OBINS INGER SPC OXLEY SPI LOBAL BJC MIDA SSE 0.7x 0.2x CPALL HMPRO MAKRO IT BIGC ROBINS SPC GLOBAL SSE LOXLEY SINGER BJC SPI MIDA 21 C HM M RO SI LO GL

Data as of 8 March 2010 Note: 1) Based on 2009 financials 2) MIDA 2009 EPS was Bt 0.01 and SSE 2009 EPS was negative 3) No dividend paid for LOXLEY, MIDA, SINGER and SSE

THANK THANK YOU YOU

Q& Q& Q&A Q&A

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