Christiani & Nielsen (Thai) Public Company Limited SET - - PowerPoint PPT Presentation

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Christiani & Nielsen (Thai) Public Company Limited SET - - PowerPoint PPT Presentation

May 28, 2023 316 likes •617 views

Head Office : 727 La Salle Road, Bangna, Bangna District, Bangkok 10260 Tel. : +66 2 338 8000, Fax : +66 2 338 8090 Christiani & Nielsen (Thai) Public Company Limited SET Opportunity Day Q1/2017 : 30 May 2017 Website: cn-thai.co.th

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SLIDE 1

Christiani & Nielsen (Thai) Public Company Limited

Website: cn-thai.co.th Telephone: 0 2338 8000

Head Office : 727 La Salle Road, Bangna, Bangna District, Bangkok 10260

  • Tel. : +66 2 338 8000, Fax : +66 2 338 8090

SET Opportunity Day

Q1/2017 : 30 May 2017

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SLIDE 2

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

2

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SLIDE 3
  • Company Overview & Business
  • Operational Performance Q1/2017
  • Future Strategy
  • Q & A

AGENDA

3

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SLIDE 4

AGENDA

  • Company Overview & Business
  • Operational Performance

Q1/2017

  • Future Strategy
  • Q & A
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SLIDE 5

COMPANY PROFILE

5

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 1,177,904,204 at par value of THB 1.00 per share Common shares: THB 1,002,904,144 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

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SLIDE 6

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

6

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SLIDE 7

TYPE OF CONSTRUCTION PROJECTS

7 Buildings Industrial Infrastructure

Retail hypermarkets and stores, distribution centres, 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.

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SLIDE 8

PAST EXPERIENCE

8 Buildings Industrial Infrastructure

.

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)
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SLIDE 9

CURRENT PROJECTS

9 Buildings Industrial Infrastructure

Somerset Maison Asoke Hotel 22.10%

New Project U-Turn Ramps on Highway Route 305 (Outer Ring Road – Rangsit Road Section) Pathum Thani Start Date : 11 Aug. 15 Finish Date : 30 Jul. 17

Rachapreuk Hospital

41.49%

New Projects

  • CP RAM chon buri
extension
  • BTG Slaunghterhouse
  • NESTLE Demoliton
(Yangon Myanmar)
  • CP RAM Khon Kaen
  • CP RAM Piling
Royal Factory Extension 91.21 % EGAT Head Office 70.22% KABINBURI Glass 96.94% Prrimo Posto 22.07 % MCKEY New Plant 78.93 %

New Projects

  • New Sports Pavilion
  • Makro Kalasin
  • Megahome Chiang Rai
  • IKEA Phuket Renovation
  • Makro Chaing Mai
  • Chia Tai New Office
  • Simummuang Market
Thai Union Office 19.93 % The Park Avenue 86.58 % SCG Health Center 39.64% Cargill Korat extensiion 50.08 % Thung Song Interchange (Nakhon Si Thammarat) Start Date 29 Sep.16 Finish 13 Sep.19 6.93% INDOCHINA INTERSECTION (Phitsanulok) Start Date 16 Feb.17 Finish 4 Aug.19 1.87% BTG FEED SILOS 94.53% New Parking Building 64.65 % Kratingdaeng New Factory 16.05 % Bang Yai Spur Line (Nakhon Phthom) Start Date 29 Sep.16 Finish 16 May.19 4.806%
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SLIDE 10

REF. CONTRACT TITLE LOCATION SEGMENT 1 IKEA Phuket Renovation PHUKET Industrials 2 MAKRO Chaing Mai CHAING MAI Hypermarket 3 CHIA TAI New Office BANGKOK Building 4 MEGAHOME Chiang Rai CHIANG RAI Hypermarket 5 Indochina Intersection PHITSANULOK Infrastructure 6 Si Mummuang Market & Shophouses PATHUM TA NI Hypermarket 7 BTG Slaughterhouse LOPBURI Industrials 8 CPRAM Chonburi Extension CHONBURI Industrials 9 New Parking Building NAKHON PATHOM Building 10 Kratingdaeng New Factory KHON KAEN Industrials 11 CPRAM KHON KAEN KHON KAEN Industrials 12 Klang Station Korat NAKHON RATCHASIMA Industrials 13 CARGILL HATCHER EXPANSION NAKHON RATCHASIMA Industrials 14 CP RAM PILING PATHUM THANI Industrials 15 THAIUNION OFFICE SAMUT SAKHON Industrials 16 Nestle Demolition YANGON,MYANMAR Industrials 17 MAKRO Pathum Thani PATHUM THANI Hypermarket 18 Simummuang Parking Building PATHUM THANI Building 19 Fish Oil Extraction Plant for Thai Union Manufacturing SAMUT SAKHORN Building 20 BPS Foundation BANGKOK Building

TOTAL VALUE AMOUNT ~ 4,170 MB.

NEW CONTRACTS AWARDED DURING Jan – May’17 10

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SLIDE 11

TRAINING CENTER for Safety Officers at Supervisor Level

Registered with Department of Labour Protection and Welfare

11

New Training Centre 2 Storey Training Building Location: Nimitmai 64, Minburi Area : 16,000 m2

Opened : 22 November 2013 Objectives:

  • To increase quality of work
  • To decrease cost of work
  • To increase efficiency

Duration: 1 - 5 days 2017 plan: 75 classes (63 classes in 2016)

15% 85%

Workshop

Lecture Established on 8 April 2008

ศูนย์ฝึกอบรมบมจ.คริสเตียนีและนีลเส็นไทย ถนนนิมิตรใหม่ กรุงเทพฯ

Type of in-house training:

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SLIDE 12

STEEL STRUCTURE & FABRICATION FACTORY

12

Workshop

Lecture

Factory Location / area : Sriracha (New Factory 34,000 m2)

(Moved on 1 November 2013)

  • Equipment & Tools (15,000 m2)

> More over 10,000 pieces on stock

  • Scaffolding (9,000 m2 )

> 4 types as worksite required > Capacity for

  • Ringlock system ~ 60,000 m3 .
  • Triangle ~16,000 m3 /
  • BS Pipe&Clam lock ~13,000 m3 and
  • Japanese ~95,000 m3
  • Steelwork (10,000 m2 )

~ 600 – 1,000 Tons / month

Objectives:

  • To better control work quality
  • To shift current ratio of outsourced

material to in-house material from 80:20 to 50:50

SUPPORTING FACILITY

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SLIDE 13

Establishment of a new subsidiary in Myanmar

Date of Incorporation: 15 July 2016 Name: Christiani & Nielsen (Myanmar) Limited Address:

  • No. (24/C) Natmout Yeikthar,

Street,Bahan, Township, 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 dividend into 200,000 ordinary shares at par value of USD 1.00

13

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SLIDE 14

AGENDA

  • Company Overview & Business
  • Operational Performance

Q1/2017

  • Future Strategy
  • Q & A
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SLIDE 15

FINANCIAL HIGHLIGHTS (Consolidated statements of income)

(Unit : Million Baht) Year 2012 Year 2013 Year 2014 Year 2015 Year 2016 Q 1 2016 Q 1 2017 Construction Revenue 7,269 8,933 9,413 7,322 6,972 1,513 1,396 Total Revenue 7,310 9,044 9,437 7,355 7,003 1,515 1,399 Gross Profit Margin 644 620 (96) 336 441 90 87

Gross Margin (%) 8.9 6.9 (1.0) 4.6 6.3 6.0 6.2

Administrative Expenses 229 289 298 292 330 80 70

% Admin. Exps. / Total Revenue 3.13 3.20 3.16 3.97 4.71 5.28 5.00

EBIT 456 441 (369) 77 142 12 20

% EBIT / Total Revenue 6.2 4.9 (3.9) 1.0 2.0 0.8 1.4

Interest & Corporate Tax (8) (7) (15) 50 2 19 13 Net Profit 464 448 (354) 27 140 (7) 7

% Net Profit Margin / Total Revenue 6.4 5.0 (3.8) 0.4 2.0 (0.5) 0.5

Backlog 7,943 10,324 5,210 4,449 6,469 5,087 8,817

(31 Dec. 12) (31 Dec. 13) (31 Dec. 14) (31 Dec. 15) (31 Dec. 16) (31 Mar.16) (31 Mar,17)

15

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SLIDE 16

STATEMENTS OF INCOME (Consolidated)

7,310 9,044 9,437 7,355 7,003 1,515 1,399 7,269 8,933 9,413 7,322 6,972 1,513 1,396 644 620 (96) 336 441 90 87 456 441 (369) 77 142 12 20 8.9% 6.9%

  • 1.0%

4.6% 6.3% 6.0% 6.2% 6.2% 4.9%

  • 3.9%

1.0% 2.0% 0.8% 1.4% 3.1% 3.2% 3.2% 4.0% 4.7% 5.3% 5.0%

  • 6.0%
  • 4.0%
  • 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

(2,000)

  • 2,000

4,000 6,000 8,000 10,000 12,000

Year 2012 Year 2013 Year 2014 Year 2015 Year 2016 Q1 2016 Q1 2017

Total Revenue Construction Revenue Gross Margin EBIT %GSM % EBIT % Adm. Exps.

Unit: MB

16

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)

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SLIDE 17

PERFORMANCE & REVENUE GROWTH

Unit: MB

17

8.9% 6.9%

  • 1.0%

4.6% 6.3% 6.0% 6.2% 6.4% 5.0%

  • 3.8%

0.4% 2.0%

  • 0.5%

0.5%

  • 5.0%

0.0% 5.0% 10.0%

2012 2013 2014 2015 2016 Q1'2016 Q1'2017

% Net Profit % GSM

Compare % GSM VS % Net Profit

Gross Profit Margin Average = 5% Net Profit Margin Averaged = 2%

7,310 9,044 9,437 7,355 7,003 1,515 1,399 7,269 8,933 9,413 7,322 6,972 1,513 1,396 644 620

  • 96

336 441 90 87

464 448

  • 354

27 140

  • 7

7

  • 2,000

2,000 4,000 6,000 8,000 10,000 12,000

2012 2013 2014 2015 2016 Q1 2016 Q1 2017 Total Revenue Construction Revenue Gross Profit Net Profit

+ From 2012 to 2014, the Company's Total Revenues increased substantially, with a CAGR of 13.62%, but a CAGR of -13.86%, decreased from 2014 to 2016

and decreased by 7.66% in Q1’17 as compared in Q1’16 Total Revenue is 7,003 MB. in year 2016 and in 3 M year 2017 is 1,399 MB.

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SLIDE 18

PERFORMANCE BY QUARTER

Unit: MB

18

1,793 1,971 1,746 1,515 1,730 1,786 1,972 1,399 1,775 1,963 1,741 1,513 1,707 1,783 1,969 1,396 73 81 100 90 110 127 114 87 23 16 20 12 49 38 43 20

1.3% 0.8% 1.1% 0.8% 2.8% 2.1% 2.2% 1.4% 4.1% 4.1% 5.7% 5.9% 6.4% 7.1% 5.8% 6.2%

  • 20.0%
  • 18.0%
  • 16.0%
  • 14.0%
  • 12.0%
  • 10.0%
  • 8.0%
  • 6.0%
  • 4.0%
  • 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

(500) 500 1,500 2,500 3,500 4,500

Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Total Revenue Construction Revenue Gross Margin EBIT % GSM % EBIT

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SLIDE 19

TOTAL REVENUE as of 31 March 2017 by Segments

Industrial Facilities, 52.6% Hypermarket, 10.4% Hotel/Resorts/ Condo, 1.6% Private Bldgs., 24.7% Government Bldgs., 6.5% Highway , 4.2%

Total Revenue by Segment

19

Short Term 63.0% Long Term 37.0%

Hypermarket 16.5%

Industrial 83.5%

Short Term Revenue by Term

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SLIDE 20

BACKLOG (MB)

7,943 10,324 5,210 4,449 6,469 8,817

2,000 4,000 6,000 8,000 10,000 12,000

2012 2013 2014 2015 2016 2017 As at 31 Dec.

20

Industrial Facilities, 29.5% Hypermarket, 2.0% Hotel/Resorts /Condo, 2.6% Private Bldgs., 23.4% Government Bldgs., 7.0% Highway , 35.5%

Backlog as of 31 Mar. 2017 by Segment

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SLIDE 21

FINANCIAL HIGHLIGHTS

STATEMENTS OF FINANCIAL POSITION (Consolidated)

(Unit : Million Baht) 31 Dec. 2012 31 Dec. 2013 31 Dec. 2014 31 Dec. 2015 31 Dec. 2016 31 Mar. 2017

Total Assets 4,667 5,602 5,211 4,551 5,010 5,202 Total Liabilities 2,724 3,423 3,486 2,802 3,171 3,357 Net Equity 1,943 2,179 1,725 1,749 1,839 1,845 Paid-up Capital (THB. 1 / share) 501 1,003 1,003 1,003 1,003 1,003 BV per Share (Baht) 3.88 2.17 1.72 1.74 1.83 1.84 Diluted BV per Share (Baht) 1.94 2.17 1.72 1.74 1.83 1.84 21

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SLIDE 22

STATEMENTS OF FINANCIAL POSITION

1.40 1.57 2.02 1.60 1.72 1.82

0.00 2.00 4.00

2012 2013 2014 2015 2016 Q1'17

D/E Ratio

2,000 4,000 6,000

2012 2013 2014 2015 2016 31 Mar'2017

4,667 5,602 5,211 4,551 5,010 5,202 2,724 3,423 3,486 2,802 3,171 3,357

1,943 2,179 1,725 1,749 1,839 1,845

Total Assets Total Liabilities Net Equity

As at 31 Dec.

Unit: MB

22

( 3.83 %) ( 5.87%) ( 0.33 %)

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SLIDE 23

FINANCIAL DATA & RATIOS (Consolidated F/S)

Year 2012 Year 2013 Year 2014 Year 2015 Year 2016 Q1’ 2017

EPS (Baht) 0.93 0.45

  • 0.35

0.02 0.14 0.004

Diluted EPS 0.47 0.45

  • 0.35

0.02 0.14 0.004

Paid-up Capital

(Million shares)

(1 ordinary share : 1 Baht)

501.45 1,002.90 1,002.90 1,002.90 1,002.90 1,002.90 GSM % 8.86 6.94

  • 1.02

4.59 6.33 6.23 EBIT Margin % 6.27 4.94

  • 3.92

1.05 2.03 1.4 Net Profit Margin % 6.35 4.95

  • 3.75

0.37 2.00 0.5 Current Ratio (Times) 1.43 1.36 1.21 1.27 1.26 1.23 Debt / Equity Ratio (Times) 1.40 1.57 2.02 1.60 1.72 1.82 *Dividend Yield % 3.00 4.95 4.50 1.56 N/A 2.59

23

*source: www.set.or.th

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SLIDE 24

FINANCIAL RATIOS & RATE OF RETURN

24

ROA vs ROE

10.42% 8.72%

  • 6.83%

1.36% 2.93% 3.08% 25.05% 21.73%

  • 18.39%

1.57% 7.81% 8.60%

  • 25.00%
  • 20.00%
  • 15.00%
  • 10.00%
  • 5.00%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 2012 2013 2014 2015 2016 2017

ROA ROE

0.93 0.45

  • 0.35

0.02 0.14

  • 1.52

0.20 0.05

  • 0.10
  • 0.50
  • 0.50

1.00 1.50 2.00

EPS(Baht) Total Payment (Baht)

Dividend Payout

55.91% 44.44% 83.33% 71.43% 0.00% 163.44% 44.39% 83.33% 71.43% 0.00% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180%

2012 2013 2014 2016 Q1'2017 Cash Dividend Total Dividend

Dividend Yield

8.86% 6.94%

  • 1.02%

4.59% 6.33% 6.23% 6.27% 4.94%

  • 3.92%

1.05% 2.04% 1.43% 6.35% 4.95%

  • 3.75%

0.37% 2.01% 0.50%

  • 5.00%
  • 3.00%
  • 1.00%

1.00% 3.00% 5.00% 7.00% 9.00% 11.00%

2012 2013 2014 2015 2016 2017 GSM % EBIT % Net Profit %

Margin % Dividend Payout

  • In 2014 % Dividend Payout of 83.33%
  • cal. from HY’s EPS. (THB. 0.06 per share)

1.43 1.36 1.21 1.27 1.26 1.23 1.40 1.57 2.02 1.60 1.72 1.82

1.00 1.20 1.40 1.60 1.80 2.00 2.20

2012 2013 2014 2015 2016 Q1'2017

Current Ratio

D/E Ratio

Current Ratio vs D/E Ratio

3.00% 4.95% 4.50% 1.56% 2.59% N/A

0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 2012 2013 2014 2015 2016 2017

% Dividend YieldYTD 16 May 17

  • In 2012, cash dividend of THB.0.52 and

stock dividend of THB. 1.00 per share

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SLIDE 25

HISTORICAL DIVIDENDS (Separate F/S)

Year 2012 Year 2013 Year 2014 Year 2015 Year 2016 Q1’ 2017

Interim

(6mths. Performance 1 Jan.– Jun.14)

2014

EPS (Baht) 0.93 0.45 0.06 (0.35) 0.02 0.14 0.004

Diluted EPS

0.47 0.45 0.06 (0.35) 0.02 0.14 0.004 Paid-up Capital (Million Shares) 501.45 1,002.9 1,002.9 1,002.9 1,002.9 1,002.9 1,002.9 Dividend Paid (Baht)

  • Cash Dividend

0.52 0.20 0.05 0.05

  • 0.10
  • Stock Dividend

1.00**

  • Total Payment

1.52 0.20 0.05 0.05

  • 0.10

Date of Payment

15 Jun 12 = 0.10 14 Jun 13 = 0.05 9mths Performance (1 Jan 16- 30 Sep 16) 10 Sep 12 = 0.10 6 Sep 13 = 0.05 5 Sep 14 = 0.05 5 Sep 14 = 0.05 13 Dec16 = 0.05 12 Dec12 = 0.10 13 Dec13 = 0.05 2 May 13 = 1.22 6 May 14 = 0.05 8 May 17 = 0.05

% Cash Dividend Paid 55.91 44.44 83.33

  • 71.43

Payout (%) * 163.44 44.44 83.33

  • **
  • 71.43

25

* 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)
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SLIDE 26

AGENDA

  • Company Overview & Business
  • Operational Performance

Q1/2017

  • Future Strategy
  • Q & A
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SLIDE 27

REVENUE TARGET (MB)

5,072 4,376 4,107 4,822 7,310 9,044 9,437 7,355 7,003 8,000

  • 1,000

2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

27

*will depend on the market environment and the Thai Economy.

*

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SLIDE 28

Q & A

THANK YOU

IR Contact E- mail ir@cn-thai.co.th