Christiani & Nielsen (Thai) Public Company Limited SET - - PowerPoint PPT Presentation
Head Office : 727 La Salle Road, Bangna Tai, Bangna District, Bangkok 10260 Tel. : +66 2 338 8000, Fax : +66 2 338 8090 Christiani & Nielsen (Thai) Public Company Limited SET Opportunity Day Q1/2018 : 28 May 2018 Website: cn-thai.co.th
Christiani & Nielsen (Thai) Public Company Limited
Website: cn-thai.co.th Telephone: 0 2338 8000
Head Office : 727 La Salle Road, Bangna Tai, Bangna District, Bangkok 10260
SET Opportunity Day
Q1/2018 : 28 May 2018
The contents of the presentation provided by Christiani & Nielsen (Thai) Public Company Limited (the “Company”) is provided as information for discussion purpose only. Past performance is not indicative of future performance. Some of the information in this presentation may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. The reader must make his/her own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment. Any opinion or estimate contained in this presentation is made on a general basis and is not to be relied on by the reader as advice. Neither the Company nor any of its employees or agents have given any consideration to nor have they or any of them made any investigation of the investment objectives, financial situation or particular need of the reader, any specific person or group of persons. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the reader, any person or group of persons acting on any information, opinion or estimate contained in this presentation.
DISCLAIMER
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AGENDA
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AGENDA
Q1/2018
COMPANY PROFILE
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Company Business Registered Capital Paid-up Capital Establishment Listed Date Industry / Sector Market
Christiani & Nielsen (Thai) Public Company Limited Construction services, including the design and construction of a wide variety of building and civil engineering works, the design, fabrication and erection of steel structures and a full range of electrical and mechanical engineering services Common shares: THB 1,102,904,144 at par value of THB 1.00 per share
(On 2 Aug 17, the EGM approved the changing of the registered share capital from THB. 1,177,904,244 to THB. 1,102,904,144)
Common shares: THB 1,027,904,144 at par value of THB 1.00 per share 10 September 1930 1 March 1991 Property & Construction / Construction Services Stock Exchange of Thailand (“SET”) Main Board
VISION AND MISSION
VISION
Develop Sustained Competitiveness Aim to Produce High Quality Works Develop Optimum Sale & Services Develop Optimum Staff Cost Consciousness
MISSION
มุ่งมั่นพัฒนาธุรกิจให้สามารถแข่งขัน ได้ เพื่อให้องค์กรเจริญก้าวหน้ายั่งยืน ต่อไป มุ่งมั่นพัฒนาผลิตภัณฑ์ให้มีคุณภาพเหมาะสมกับลูกค้า มุ่งมั่นพัฒนาเทคนิคการขายและการให้บริการ มุ่งมั่นพัฒนาจิตส านึกในเรื่องของต้นทุน
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TYPE OF CONSTRUCTION PROJECTS
7 Buildings Industrial Infrastructure
Retail hypermarkets and stores, distribution centers, universities, schools, hospitals, offices, condominiums, hotels, refurbishment and renovation and other commercial and general buildings. Industrial plants, factories and warehouses. Mass transit, roads, highways, bridges, overpasses, sports facilities, water distribution and wastewater collection tunnels, gas pipelines, flood protection, waste water treatment plants, environmental landfill sites.
PAST EXPERIENCE
8 Buildings Industrial Infrastructure
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Mahidol University Technology Theatre Hall (2014)Nakhon Si Thamarat Highway (Route No.403) (2004)
Klong Toey Port (1942-1945)Bangkok Wastewater Treatment Plant (1995-1997
New Plasterboard Plant (2013) PTT Polymer Logistics Platform (2013)Rama VI Bridge (1951-1952) Thung Phra Men Flyover (2015)
LNG Receiving Terminal (2009)Phitsanulok - Lom Sak Highway (2015)
Avani Bangkok Riverside (2016) New Sausage Plant (Phase 2) (2016) TARA Building Pattanakarn (2016) M Tower Sukhumvit 62 (2016) MUIC Education Building Mahidol University (2016) MJETS Hangar (2016)Nestle Water (2016)
SCG Head Office 3 & Parking (2014) IRPC UHV Civil Work (2016) EGAT Head Office (2017) CURRENT PROJECTS
9 Buildings Industrial Infrastructure
Somerset Maison Asoke Hotel 89.92 %
New Project U-Turn Ramps on Highway Route 305 (Outer Ring Road – Rangsit Road Section) Pathum Thani
Rachapreuk Hospital 99.00 %
New Projects
Vistec 3.2 50.93 % Chia Tai New Office 88.57 %
CPF Korat
extension 99.71 % Primo Posto 67.41 % Klang Station Korat 43.10 %
New Projects
Thai Union Office 75.50% Vajira Nutrition Building 47.68 % CPRAM Lamphun 51.82 % Batch House RBI 94.47 %
Thung Song Interchange (Nakhon Si Thammarat) Start Date 29 Sep.16 Finish 13 Sep.20 24.24 % INDOCHINA INTERSECTION (Phitsanulok) Start Date 16 Feb.17 Finish 4 Aug.19 22.481 %Kratingdaeng New Factory 82.45 %
Bang Yai Spur Line (Nakhon Phthom) Start Date 29 Sep.16 Finish 16 May.19 36.174 %Guardian Laminate Line 33.83 %
REF. CONTRACT TITLE LOCATION SEGMENT
1 MEGAHOME RANGSIT RENOVATION PATHUM THANI Hypermarket 2 MEGAHOME BO WIN RENOVATION CHON BURI Hypermarket 3 MCKEY DRY STORAGE CHON BURI Industrials 4 KNAUF FACTORY EXENSION SAMUT PRAKAN Industrials 5 AIRASIA WAREHOUSE (FOR AIRASIA X) BANGKOK Building 6 SIMUMMUANG MARKET (VEGETABLE TRIMMING BUILDING) PATHUM THANI Hypermarket 7 SIMUMMUANG MARKET (GARLIC MARKET PARKING) PATHUM THANI Hypermarket 8 TIPCO BUILDING EXTENSION BANGKOK Building 9 SIMUMMUANG MARKET (Toilet Buildings) BANGKOK Building 10 NIST International School (NIST Lift DAC) BANGKOK Building 11 SIAM KRAFT ETPS PROJECT PATHUM THANI Hypermarket 12
VISTEC INSTITUTE (OBSERVATION TOWER) RAYONG Building
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MODI VILA BANG YAI NONTHABURI Hypermarket
TOTAL VALUE AMOUNT ~ 1,100 MB
NEW CONTRACTS AWARDED DURING Jan – May’18 10
TRAINING CENTER for Safety Officers at Supervisor Level
Registered with Department of Labor Protection and Welfare
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Training Centre 2 Storey Training Building Location: Nimitmai 64, Minburi Area : 16,000 m2
Opened : 22 November 2013 Objectives:
Duration: 1 - 5 days 2018 plan: 87 classes (93 classes in 2017)
15% 85%
Workshop
Lecture Established on 8 April 2008
ศูนย์ฝึกอบรมบมจ.คริสเตียนีและนีลเส็นไทย ถนนนิมิตรใหม่ กรุงเทพฯ
Type of in-house training:
STEEL STRUCTURE & FABRICATION FACTORY
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Workshop
Lecture
Factory Location / area : Sriracha (Factory 34,000 m2)
(Moved on 1 November 2013)
> More over 10,000 pieces on stock
> 4 types as worksite required > Capacity for
~ 600 – 1,000 Tons / month
Objectives:
material to in-house material from 80:20 to 50:50
SUPPORTING FACILITY
OVERSEAS SUBSIDIARIES
Date of Incorporation: 15 July 2016 Name: Christiani & Nielsen (Myanmar) Limited Address:
Yangon, The Republic of the Union of Myanmar Tel: (951) 540 188 Country of Incorporation: The Republic of the Union of Myanmar Nature of Business: Construction, engineering and related services Registered Capital: Common Shares: USD 500,000 divided into 500,000 ordinary shares at par value of USD 1.00 Paid-Up Capital: Common Shares : USD 200,000 divided into 200,000 ordinary shares at par value of USD 1.00
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Christiani & Nielsen (Myanmar) Limited Christiani & Nielsen (Cambodia) Co.,Ltd
Date of Incorporation: 4 July 2017 Name: Christiani & Nielsen (Cambodia) Co.,Ltd Address: KM16 National Road No.4,Phum Trapeang , Sangkat Kambol, Khan Porsen Chey, Phnom Penh,Kingdom of Cambodia Tel:(855) 23 36 6342-3 Country of Incorporation: Kingdom of Cambodia Nature of Business: Construction, engineering and related services Registered Capital: Common Shares: USD 100,000 divided into 100,000 ordinary shares at par value of USD 1.00 Paid-Up Capital: Common Shares : USD 100,000 divided into 100,000 ordinary shares at par value of USD 1.00
AGENDA
Q1/2018
FINANCIAL HIGHLIGHTS (Consolidated statements of income)
(Unit : Million Baht) Year 2013 Year 2014 Year 2015 Year 2016 Year 2017 Q’1 2017 Q’1 2018 Construction Revenue 8,933 9,413 7,322 6,972 7,851 1,396 1,762 Total Revenue 9,044 9,437 7,355 7,003 7,944 1,399 1,765 Gross Profit Margin 620 (96) 336 441 363 87 192
Gross Margin (%) 6.9 (1.0) 4.6 6.3 4.6 6.2 10.9 Provision for doubtful debt
Administrative Expenses 289 298 292 330 319 70 80
% Admin. Exps. / Total Revenue 3.20 3.16 3.97 4.71 4.02 5.00 4.53
EBIT 441 (369) 77 142 137 20 (40)
% EBIT / Total Revenue 4.9 (3.9) 1.0 2.0 1.7 1.4 (2.3) EBT
435 (387) 61 123 115 16 (45)
% EBT/ Total Revenue 4.8 (4.1) 0.8 1.8 1.4 1.1 (2.5)
Corporate Tax (13) (33) 34 (17) 19 9 16 Net Profit 448 (354) 27 140 96 7 (61)
% Net Profit Margin / Total Revenue 5.0 (3.8) 0.4 2.0 1.2 0.5 (3.5)
Backlog 10,324 5,210 4,449 6,469 7,904 8,817 7,214
(31 Dec. 13) (31 Dec. 14) (31 Dec. 15) (31 Dec. 16) (31 Dec.17) (31 Mar,17) (31 Mar,18)
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STATEMENTS OF INCOME (Consolidated)
9,044 9,437 7,355 7,003 7,944 1,399 1,765 8,933 9,413 7,322 6,972 7,851 1,396 1,762 620 (96) 336 441 363 87 192
441 (369) 77 142 137 20 (40) 435 (387) 61 123 115 16 (45)
6.9%
4.6% 6.3% 4.6% 6.2% 10.9%
4.9%
1.0% 2.0% 1.7% 1.4%
3.1% 3.2% 3.2% 4.0% 4.0% 5.0% 4.5% 4.8%
0.8% 1.8% 1.4% 1.1%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%
(2,000)
4,000 6,000 8,000 10,000 12,000 Year 2013 Year 2014 Year 2015 Year 2016 Year 2017 Q1' 2017 Q1' 2018
Total Revenue Construction Revenue Gross Margin EBIT EBT GSM % EBIT %
EBT %
Unit: MB
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Note : in Year 2013 the EBIT was high due to the Company had Extraordinary income ~ 66 MB in Q1’13. (refund of w/t deducted at source of the year 1999-2001)
PERFORMANCE & REVENUE GROWTH
Unit: MB
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6.4% 5.0%
0.4% 2.0% 1.2% 0.5%
6.2% 4.8%
0.8% 1.8% 1.4% 1.1%
8.9% 6.9%
4.6% 6.3% 4.6% 6.2% 10.9%
0.0% 5.0% 10.0% 15.0%
2012 2013 2014 2015 2016 2017 Q1'2017 Q1'2018
GSM% EBT% Net Profit %
GSM % VS EBT % VS Net Profit % Average Gross Profit Margin = 5% Average Earning Before Tax Margin = 2% Average Net Profit Margin = 2%
7,310 9,044 9,437 7,355 7,003 7,944 1,399 1,765 7,269 8,933 9,413 7,322 6,972 7,851 1,396 1,762
644 620 (96) 336 441 363 87 192
455 435 (387) 61 123 115 16 (45)464 448 (354) 27 140 96 7 (61)
2,000 4,000 6,000 8,000 10,000 12,000
2012 2013 2014 2015 2016 2017 Q1 2017 Q1'2018 Total Revenue Construction Revenue Gross Profit EBT Net Profit
+
From 2012 to 2014, the Company's Total Revenues increased substantially, with a CAGR of 13.62%, and a CAGR of 13.86%, decreased from 2014 to 2016 and
increased by 13.44 % in year 2017 as compared in year 2016 and increase by 26.16% in Q1’18 as compared in Q1’17.
Total Revenue is 7,944 MB. in year 2017 and in 3 M. year 2018 is 1,765 MB.
PERFORMANCE BY QUARTER
Unit: MB
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1,515 1,730 1,786 1,972 1,399 1,962 2,344 2,238 1,765
1,513 1,707 1,783 1,969 1,396 1,928 2,303 2,224 1,762
90 110 127 114 87 94 89 92 192 12 49 38 43 20 51 33 33 (40) 6 44 33 40 16 46 27 25 (45)
5.9% 6.4% 7.1% 5.8% 6.2% 4.9% 3.9% 4.1% 10.9%
0.8% 2.8% 2.1% 2.2% 1.4% 2.6% 1.4% 1.4%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%
(500) 500 1,500 2,500 3,500 4,500
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
Total Revenue Construction Revenue Gross Margin EBIT EBT GSM % EBIT % EBT%
TOTAL REVENUE as of 31 March 2018 by Segments
Industrial Facilities, 41.6% Hypermarkets, 3.8% Hotels/Resorts/ Condos, 3.8% Private Bldgs., 36.3% Government Bldgs., 3.5% Highways, 7.5%
Total Revenue by Segment
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Short Term 45.4% Long Term 54.6%
Hypermarkets 8.4%
Industrial 91.6%
Short Term Revenue by Term
Petrochem/Energy 3.5 %
BACKLOG (MB)
5,210 4,449 6,469 7,904 7,214
1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
2014 2015 2016 2017 31 Mar'18 As at 31 Dec.
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Industrial Facilities, 18.6% Hypermarkets , 0.7% Hotels/Resorts/ Condos, 0.5% Private Bldgs., 16.8% Petrochem / Energy, 4.4% Government Bldgs., 19.1% Highways, 39.9%
Backlog as of 31 Mar. 2018 by Segment
FINANCIAL HIGHLIGHTS
STATEMENTS OF FINANCIAL POSITION (Consolidated)
(Unit : Million Baht) 31 Dec. 2013 31 Dec. 2014 31 Dec. 2015 31 Dec. 2016 31 Dec. 2017 31 Mar. 2018
Total Assets 5,602 5,211 4,551 5,010 5,813 5,227 Total Liabilities 3,423 3,486 2,802 3,171 3,879 3,354 Net Equity 2,179 1,725 1,749 1,839 1,934 1,873 Paid-up Capital (THB. 1 / share) 1,003 1,003 1,003 1,003 1,028 1,028 BV per Share (Baht) 2.17 1.72 1.74 1.83 1.88 1.82 21
STATEMENTS OF FINANCIAL POSITION
1.57 2.02 1.60 1.72 2.01 1.79
0.00 2.00 4.00
2013 2014 2015 2016 2017 Q1'2018
D/E Ratio
2,000 4,000 6,000
2013 2014 2015 2016 2017 31 Mar'2018
5,602 5,211 4,551 5,010 5,813 5,227 3,423 3,486 2,802 3,171 3,879 3,354
2,179 1,725 1,749 1,839 1,934 1,873
Total Assets Total Liabilities Net Equity
As at 31 Dec.
Unit: MB
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( 10.08 %) ( 13.53%) ( 3.15 %)
FINANCIAL DATA & RATIOS (Consolidated F/S)
Year 2013 Year 2014 Year 2015 Year 2016 Year 2017 Q1’ 2018
EPS (Baht)
0.45 (0.35) 0.02 0.14 0.09 (0.059)
Paid-up Capital
(Million Baht)
(1 ordinary share : 1 Baht)
1,002.90 1,002.90 1,002.90 1,002.90 1,027.90 1,027.90
GSM % 6.94 (1.02) 4.59 6.33 4.62 10.90 EBIT Margin % 4.94 (3.92) 1.05 2.03 1.72 (2.26) EBT Margin % 4.81 (4.10) 0.83 1.76 1.45 (2.55) Net Profit Margin % 4.95 (3.75) 0.37 2.00 1.21 (3.46) Current Ratio (Times) 1.36 1.21 1.27 1.26 1.22 1.21 Debt / Equity Ratio (Times) 1.57 2.02 1.60 1.72 2.01 1.79 *Dividend Yield % 4.95 4.50 1.56 N/A 3.41 4.26
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*source: www.set.or.th
FINANCIAL RATIOS & RATE OF RETURN
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ROA vs ROE
8.72%
1.36% 2.93% 1.77% 1.47% 21.73%
1.57% 7.81% 5.09% 1.60%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 2013 2014 2015 2016 2017 Q1'18
ROA ROE
0.45 (0.35) 0.02 0.14 0.10 (0.06) 0.20 0.05
0.10 (0.40) (0.30) (0.20) (0.10)
0.20 0.30 0.40 0.50
2013 2014 2015 2016 2017 Q1'18 EPS(Baht) Total Payment (Baht)
Dividend Payout
44.39% 83.33% 71.43% 100.00% 0.00% 44.39% 83.33% 71.43% 100.00% 0.00% 0% 20% 40% 60% 80% 100% 120%
2013 2014 2016 2017 Q1'18 Cash Dividend Total Dividend
Dividend Yield
6.94%
4.59% 6.33% 4.62% 10.90% 4.94%
1.05% 2.04% 1.72%
4.80%
0.80% 1.80% 1.40%
1.00% 3.00% 5.00% 7.00% 9.00% 11.00% 13.00%
2013 2014 2015 2016 2017 Q1'18 GSM % EBIT % EBT % Net Profit %
Margin % Dividend Payout
1.36 1.21 1.27 1.26 1.22 1.21 1.57 2.02 1.60 1.72 2.01 1.79
1.00 1.20 1.40 1.60 1.80 2.00 2.20
2013 2014 2015 2016 2017 Q1'18
Current Ratio
D/E Ratio
Current Ratio vs D/E Ratio
4.95% 4.50% 1.56% 0.00% 3.41% N/A
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 2013 2014 2015 2016 2017 Q1'18 Dividend Yield %
4.26%
HISTORICAL DIVIDENDS (Separate F/S)
Year 2013 Year 2014 Year 2015 Year 2016 Year 2017 Q1’ 2018
Interim
(6mths. Performance 1 Jan.– Jun.14)
2014
Interim
(6 mths. Performance 1 Jan.17– Jun.17)
2017
EPS (Baht) 0.45 0.06 (0.35) 0.02 0.14 0.06 0.10 (0.058) Paid-up Capital
(Million Baht)
1,002.9 1,002.9 1,002.9 1,002.9 1,002.9 1,002.9 1,027.9 1,027.9
Dividend Paid (Baht)
0.20 0.05 0.05
0.05 0.10
0.20 0.05 0.05
0.05 0.10
Payment
14 Jun 13 = 0.05 6 Sep 13 = 0.05 5 Sep 14 = 0.05 5 Sep 14 = 0.05 8 Sep’17 = 0.05 8 Sep’17 = 0.05 13 Dec13 = 0.05 13 Dec16 = 0.05 8 May 18 = 0.05
paid from a combination of year 2017’s net profits and the retained earnings as at 31st December 20176 May 14 = 0.05 8 May 17 = 0.05
% Cash Dividend Paid 44.44 83.33
83.33 100
44.44 83.33
83.33 100
* Dividend Payment Policy : Not less than 40% of net profit after tax as per Separate Financial Statements. ** Dividend Payment Ratio not calculated for 2014 as the Company had a net loss.
(Fm.EPS=0.06 HY) (Fm.EPS=0.06 HY) AGENDA
Q1/2018
REVENUE TARGET (MB)
4,376 4,107 4,822 7,310 9,044 9,437 7,355 7,003 7,944 8,000
2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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*will depend on the market environment and the Thai Economy.
*
IR Contact E- mail ir@cn-thai.co.th