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

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

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

SET Opportunity Day

Q3/2018 : 27 November 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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• Company Overview & Business
• Operational Performance Q3/2018
• Future Strategy
• Q & A

AGENDA

3

AGENDA

• Company Overview & Business
• Operational Performance

Q3/2018

• Future Strategy
• Q & A

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 1,102,904,144 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

AWARDS & CERTIFICATES

Certificates Awards

Christiani & Nielsen (Thai)

• PCL. was awarded ISO

9001:2000 by SGS which is valid from April 2nd, 2004 to August 30, 2007. Safety Awards issued by General Motors Ltd., Rayong, Thailand for Project Safety during 5,000,000 man hours constructing new Automotive Factory 1996 – 2000. ISO 9001:2001 General Motors Safety Award Contractor Monthly Safety Award Contractor monthly safety awarded 1997-1999 issued by Thai Aromatic Refinery Plant (TARP). Safety Award Project Completion Award Project completion awarded with world class safety performance issued by Thai Aromatic Refinery Plant (TARP). Quality Index Award Best Contractor of the year 2016-2017

VISION AND MISSION

VISION

Develop Sustained Competitiveness Aim to Produce High Quality Works Develop Optimum Sale & Services Develop Optimum Staff Cost Consciousness

MISSION

มุ่งมั่นพัฒนาธุรกิจให้สามารถแข่งขันได้ เพื่อให้องค์กรเจริญก้าวหน้ายั่งยืนต่อไป มุ่งมั่นพัฒนาผลิตภัณฑ์ให้มีคุณภาพเหมาะสมกับลูกค้า มุ่งมั่นพัฒนาเทคนิคการขายและการให้บริการ มุ่งมั่นพัฒนาจิตส านึกในเรื่องของต้นทุน

7

TYPES OF CONSTRUCTION PROJECTS

8 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

Avani Riverside Bangkok (Charoen Nakorn Road, Bangkok) (2016) TARA Building Pattanakarn (Bangkok) (2016) M Tower Sukhumvit 62 (Bangkok) (2016) MJets Hangar (Don Muang Road, Bangkok) (2016)

EGAT Head Office (Nonthaburi) (2017)

Buildings

MUIC Education Building Mahidol University (Nakorn Pathom) (2016)

Mahidol University Technology Theatre Hall (Nakorn Pathom) (2014) SCG Head Office 3 & Parking (Bang Sue Road ,Bangkok) (2014) Ratchapreuk Hospital (Mitraphap,Road,Khonkhean) (2018)

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Somerset Maison Asoke Hotel (Sukumvit Road, Bangkok)(2018) VISTEC 3.2 (Rayong) (2018) Chia Tai New Office (Sukhumvit Road, Bangkok) (2018)

Industrial

New Plasterboard Plant (Saraburi) (2013) PTT Polymer Logistics Platform (Rayong) (2013) LNG Receiving Terminal (Rayong) (2009) New Sausage Plant (Phase 2) (Nakhon Ratchasrima) (2016) Nestle Water (Surat Thani) (2016) IRPC UHV Civil Work (Rayong) (2016)

PAST EXPERIENCE

Thai Union Pilot Plant (Samut Sakhon) (2018) Cargill Korat Extension (Nakhon Ratchasrima) (2018) Fish oil Extraction Factory (Samut Sakhon) (2018) GTL Warehouse Phase 2 (Chonburi)(2018) Royal Factory Extension (Chiang Mai) (2018) CPRAM Delicatessen Food (Pathumthani) (2018)

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CPRAM (Lamphun) (2018)

Infrastructure

Nakhon Si Thamarat Highway (Route No.403) (Nakhon Si Thamarat) (2004)

Klong Toey Port (Bangkok) (1942-1945) Bangkok Wastewater Treatment Plant (Bangkok) (1995-1997 Rama VI Bridge (Bangkok) (1951-1952)

Thung Phra Men Flyover (Nakhon Pathom) (2015) Phitsanulok - Lom Sak Highway (Phitsanulok) (2015)

PAST EXPERIENCE

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CURRENT PROJECTS

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Buildings

PRIMO POSTO (Kaset Nawamin Road,

TIPCO BUILDING EXTENSION (RAMA VI Road ,BANGKOK) *Construction of 20-storey

• ffice building extended

from existing building. KHON KAEN AIRPORT EXTENSION (KHON KAEN)

MODI VILA BANG YAI (NONTHABURI)

KLAIMOR HOSPITAL (LAMPHUN)

New Projects

• TARA

PARKING BUILDING

• Isuzu

Showroom.

• PTTLNG ADMIN

• St. ANDREWS

BAMBINI VILLA (BANGKOK) Construction of 2- storey community mall (5,000 sq.m.). VIJIRA NUTRITION BUILDING (BANGKOK) *Construction of 6-storey nutritions and back

• ffice building total floor

area of 12,655 sq.m.

MANDARA INNOVAION HUB *Construction of 3-storey office building area 2,517 sq.m. MAHIDOL INNOVATION BUILDING

*Construction of 3-storey innovation collaboration building, underroof innovation space, and multipurpose outdoor ground.

MAHIDOL PARKING BUILDING

*Construction of 3- storey parking building with 2 level of basement for Prince Mahidol Hall with total floor area of 30,194 sq.m. KRABI AIRPORT EXTENSION (KRABI )

expansion (40,260 sq.m.) and renovation of existing passenger terminal (34,300 sq.m.). CHULA NURSES DORM (BANGKOK) *Construction of 26- storey dormitory building with total floor area of 34,740 sq.m.

Industrial

ALLIANCE THAILAND FACTORY (CHON BURI) *Construction of production facilities

consisting main production building, warehouse, office & lab, canteen, utility building for Alliance Thailand Factory at Hemaraj Eastern Seaboard Industrial Estate, Chon Buri.

UNION GALVANIZER FACTORY (CHACHOENGSAO)

*Construction of 3-level hot dip galvanizing plant with 2-storey office section.

CURRENT PROJECTS

SGA BOTTLE FACTORY (AYUTAYA)

*Construction of new furnace building, cooling tower, oil separator pit and transformer for Siam Glass Ayutthaya.

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THAINAMTHIP PATTAYA (CHON BURI)

MAKRO KABIN BURI *Construction of new Makro store at Kabin Buri. MAKRO ON NUT

*Design and construction of new food service store at On Nut (5,610 sq.m.)

POC NEW FACTORY *Structural, architectural,

and M&E work for construction of 3-storey factory building with on mezzanine floor (total 8,000sq.m.)

INTEQC SWINE FARM

*Design and construction for 130 units swine housing .

CP RAM BO GNOEN2

and MEP works for construction of 4-storey delicatessen food factory with single basement (total 24,500 sq.m.).

Infrastructure

Thung Song Interchange (Nakhon Si Thammarat)

*Construction of Highway interchange at Intersection of Highway Route No. 41 and 403.

INDOCHINA INTERSECTION (Phitsanulok) *Construction of Interchange Bridges at Intersection of Highway Route No. 11 and 12. Bang Yai Spur Line (Nakhon Phthom) *Construction of 6-lane asphaltic concrete motorway includes overpass and bridges for Bang Yai – Kanchanaburi Motorway km.1+119.007 to 5+000.000.

CURRENT PROJECTS

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Pak Tho Interchange (Rachaburi) *Construction of Highway Intersection consisting 4 nos.

28 Aug. 2018 Contract Signing Ceremony for construction of new Terminal Buildings with Department

• f Airports.
• Khon Kaen Airport Extension
• Krabi Airport Extension
• KHON KAEN AIRRORT EXTENSION
• KRABI AIRPORT EXTENSION

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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 Extension Saraburi Industrials 5 AirAsia Warehouse (For AirAsiaX) Bangkok Building 6 Simummuang Market (Vegetable Trimming Building) Pathum Thani Building 7 Simummuang Market (Garlic Market Parking) Pathum Thani Building 8 TIPCO Building Extension Bangkok Building 9 Simummuang Market (Toilet Building) Bangkok Building 10 NIST Lift Design and Construction Bangkok Building 11 Siam Kraft ETP5 Project Ratchaburi Industrials 12 VISTEC Institute (Observation Tower) Rayong Building 13 Modi Villa Bang Yai Nonthaburi Building 14 VISTEC Institute (Elevated Walkway) Rayong Building 15 Khon Kaen Airport Extension Khon Kaen Building

NEW CONTRACTS AWARDED DURING JAN18 – NOV18

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REF. CONTRACT TITLE LOCATION SEGMENT 16 Krabi Airport Extension Krabi Building 17 SGA Bottle Factory Ayutthaya Industrials 18 Sinmummuang Private Residence Bangkok Building 19 Tetra Pak Rayong Solar Rayong Industrials 20 Courtyard Boundary Wall Bangkok Hotel and Resort 21 CPRAM Warehouse Renovation Bangkok Industrials 22 INET DC-3 Phase 2 (Support Facilities) Saraburi Building 23 Union Galvanizer Factory Chachoengsao Industrials 24 Bambini Villa Bangkok Building 25 Makro On Nut Bangkok Hypermarket 26 Alliance Thailand Factory Chon Buri Industrials 27 Tara Parking Building Nonthaburi Building 28 Makro Kabin Buri Prachinburi Hypermarket 29 Thainamthip Pattaya Chon Buri Industrials 30 Isuzu Showroom Phathum Thani Building

NEW CONTRACTS AWARDED DURING JAN18 – NOV18 (CON’T)

17

REF. CONTRACT TITLE LOCATION SEGMENT 31 Cargill PP2 Expansion Nakhon Ratchasima Industrials 32 Inteqc Swine Farm Kanchanaburi Industrials 33 Mandala Innovation Hub Khon Kaen Building 34

• St. Andrews Sports Facility

Bangkok Building 35 Klaimor Hospital Lamphun Lamphun Building 36 POC New Factory Samut Prakan Industrials 37 PTT LNG Admin Building Rayong Industrials TOTAL VALUE AMOUNT ~ 9,900 MB

NEW CONTRACTS AWARDED DURING JAN18 – NOV18 (CON’T)

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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:

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

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)

• 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

OVERSEAS SUBSIDIARIES

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 par value of USD 1.00) Paid-Up Capital: Common Shares : USD 300,000 divided into 300,000 ordinary shares (par value of USD 1.00)

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Status : In the process of tendering.

OVERSEAS SUBSIDIARIES (Continued)

Date of Incorporation: 4 July 2017 Name: Christiani & Nielsen (Cambodia) Co. ,Ltd. Address: #116, Street 105K,Vimean Trong Village, Sangkat Krang Thnong, Khan Sensok, 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 (par value of USD 1.00) Paid-Up Capital: Common Shares : USD 100,000 divided into 100,000 ordinary shares (par value of USD 1.00) Project : Makro

Current Project : Makro (Siem Reap)

Past experience : Makro (Phnom Phen) : DEC. 2017

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AGENDA

• Company Overview & Business
• Operational Performance

Q3/2018

• Future Strategy
• Q & A

FINANCIAL HIGHLIGHTS (Consolidated statements of income)

(Unit : Million Baht) Year 2013 Year 2014 Year 2015 Year 2016 Year 2017 9M 2017 9M 2018 Construction Revenue 8,933 9,413 7,322 6,972 7,851 5,627 5,205 Total Revenue 9,044 9,437 7,355 7,003 7,944 5,705 5,214 Gross Profit Margin 620 (96) 336 441 363 270 233

Gross Margin (%) 6.9 (1.0) 4.6 6.3 4.6 4.8 4.5

Administrative Expenses 289 298 292 330 319 244 255

% Admin. Exps. / Total Revenue 3.20 3.16 3.97 4.71 4.02 4.28 4.89

EBIT 441 (369) 77 142 137 104 (118)

% EBIT / Total Revenue 4.9 (3.9) 1.0 2.0 1.7

1.82

(2.3) EBT before provision for doubtful debt

435 (387) 61 123 115 90 (30)

Provision for doubtful debt

• 105

EBT after provision for doubtful debt

435 (387) 61 123 115 90 (135)

% EBT/ Total Revenue 4.8 (4.1) 0.8 1.8 1.4 1.6 (2.6)

Corporate Tax (13) (33) 34 (17) 19 11 31 Net Profit (Loss) 448 (354) 27 140 96 79 (166)

% Net Profit Margin / Total Revenue 5.0 (3.8) 0.4 2.0 1.2

1.4

(3.2)

Backlog 10,324 5,210 4,449 6,469 7,904 8,171 11,643

(31 Dec. 13) (31 Dec. 14) (31 Dec. 15) (31 Dec. 16) (31 Dec.17) (30 Sep,17) (30 Sep,18)

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STATEMENTS OF INCOME (Consolidated)

9,044 9,437 7,355 7,003 7,944 5,705 5,214 8,933 9,413 7,322 6,972 7,851 5,627 5,205 620 (96) 336 441 363 270 233

441 (369) 77 142 137 104 (118) 435 (387) 61 123 115 90 (135)

6.9%

• 1.0%

4.6% 6.3% 4.6% 4.8% 4.5%

4.9%

• 3.9%

1.0% 2.0% 1.7% 1.8%

• 2.3%

4.8%

• 4.1%

0.8% 1.8% 1.4% 1.6%

• 2.6%
• 6.0%
• 4.0%
• 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

(2,000)

• 2,000

4,000 6,000 8,000 10,000 12,000 Year 2013 Year 2014 Year 2015 Year 2016 Year 2017 9M 2017 9M 2018

Total Revenue Construction Revenue Gross Margin EBIT EBT GSM % EBIT %

• Adm. Exps. %

EBT %

Unit: MB

25

Note : In Year 2013, the EBIT was high because the Company had Extraordinary income of ~66 MB in Q1’13 (refund of w/t deducted at source of the Years 1999- 2001)

PERFORMANCE & REVENUE GROWTH

Unit: MB

26

6.4% 5.0%

• 3.8%

0.4% 2.0% 1.2% 1.4%

• 3.2%

6.2% 4.8%

• 4.1%

0.8% 1.8% 1.4% 1.8%

• 2.6%

8.9% 6.9%

• 1.0%

4.6% 6.3% 4.6% 4.8% 4.5%

• 5.0%

0.0% 5.0% 10.0%

2012 2013 2014 2015 2016 2017 9M 2017 9M 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 5,705 5,214 7,269 8,933 9,413 7,322 6,972 7,851 5,627 5,205

644 620 (96) 336 441 363 270 233

• 2,000

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

2012 2013 2014 2015 2016 2017 9M 2017 9M 2018 Total Revenue Construction Revenue Gross Profit EBT Net Profit

+

Total Revenue is 7,944 MB. in year 2017 and in 9M 2018 is 5,214 MB.

From 2012 to 2014, the Company's Total Revenues increased substantially, with a CAGR of 13.62%. The Company's Total Revenues then contracted between 2014 and 2016, before increasing 13.44% between 2016 and 2017. Total Revenues are down 8.61% in 9M 2018 as compared to 9M 2017.

PERFORMANCE BY QUARTER

Unit: MB

27

1,786 1,972 1,399 1,962 2,344 2,238 1,765 1,654 1,795 1,783 1,969 1,396 1,928 2,303 2,224 1,762 1,651 1,792

127 114 87 94 89 92 192 (14) 55 38 43 20 51 33 32 (40) (42) (36) 33 40 16 46 27 25 (45) (47) (42)

7.1% 5.8% 6.2% 4.9% 3.9% 4.1% 10.9%

• 0.8%

3.0%

2.1% 2.2% 1.4% 2.6% 1.4% 1.4%

• 2.3%
• 2.5%
• 2.0%

• 2.5%
• 2.8%
• 2.3%
• 4.0%
• 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

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

Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18

Total Revenue Construction Revenue Gross Margin EBIT EBT GSM % EBIT % EBT%

TOTAL REVENUE as of 30 September 2018 by Segments

[CATEGORY NAME] [VALUE] [CATEGORY NAME] [VALUE] [CATEGORY NAME] [VALUE] [CATEGORY NAME] [VALUE] [CATEGORY NAME] [VALUE] [CATEGORY NAME] [VALUE]

Total Revenue by Segment

28

Short Term 43.1% Long Term 56.9%

Hypermarket s 12.0% [CATEGOR Y NAME] [VALUE]

Short Term Revenue by Term

Petrochem/Energy 3.9 %

BACKLOG (MB)

5,210 4,449 6,469 7,904 11,643

2,000 4,000 6,000 8,000 10,000 12,000 14,000

2014 2015 2016 2017 30 Sep'18 As at 31 Dec.

29

[CATEGOR Y NAME] [VALUE] [CATEGOR Y NAME] [VALUE] [CATEGOR Y NAME] [VALUE] [CATEGOR Y NAME] [VALUE] [CATEGOR Y NAME] [VALUE] [CATEGOR Y NAME] [VALUE]

Backlog as of 30 September 2018 by Segment

5,221 8,721 8,856 9,900

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

2015 2016 2017 23/11/2018

New Contracts Awarded

2015 2016 2017 23/11/2018

Unit : MB.

Projection of tenders for the rest of 2018 & 2019 (Total 40,000 MB.)

Government Segment: Highways/Infra structure – 3,000 [CATEGORY NAME][VALUE] Private Segment: Malls & Shopping Centers - [VALUE] Private Segment: Factories & Warehouses – 3,000 Private Segment: Hypermarkets - [VALUE] Private Segment: General Buildings - [VALUE] Private Segment: Civil works for power and petro segments

• [VALUE]

New Contracts awarded and projection of Tenders 30

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 30 Sep. 2018

Total Assets 5,602 5,211 4,551 5,010 5,813 5,798 Total Liabilities 3,423 3,486 2,802 3,171 3,879 4,082 Net Equity 2,179 1,725 1,749 1,839 1,934 1,716 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 1.67 31

STATEMENTS OF FINANCIAL POSITION

1.57 2.02 1.60 1.72 2.01 2.38

0.00 2.00 4.00

2013 2014 2015 2016 2017 Q3'2018

D/E Ratio

2,000 4,000 6,000

2013 2014 2015 2016 2017 30 Sep'2018

5,602 5,211 4,551 5,010 5,813 5,798 3,423 3,486 2,802 3,171 3,879 4,082

2,179 1,725 1,749 1,839 1,934 1,716

Total Assets Total Liabilities Net Equity

As at 31 Dec.

Unit: MB

32

( 0.26 %) ( 5.23%) ( 11.27%)

FINANCIAL DATA & RATIOS (Consolidated F/S)

Year 2013 Year 2014 Year 2015 Year 2016 Year 2017 9mths.

30 Sep.2017

9mths.

30 Sep.2018

EPS (Baht)

0.45 (0.35) 0.02 0.14 0.09 0.08 (0.16)

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 1,002.90 1,027.90

GSM % 6.94 (1.02) 4.59 6.33 4.62 4.80 4.48 EBIT Margin % 4.94 (3.92) 1.05 2.03 1.72 1.82 (2.26) EBT Margin % 4.81 (4.10) 0.83 1.76 1.45 1.56 (2.57) Net Profit Margin % 4.95 (3.75) 0.37 2.00 1.21 1.38 (3.18) Current Ratio (Times) 1.36 1.21 1.27 1.26 1.22 1.18 1.13 Debt / Equity Ratio (Times) 1.57 2.02 1.60 1.72 2.01 2.08 2.38 *Dividend Yield % 4.95 4.50 1.56 N/A 3.41 2.72 4.75

33

*source: www.set.or.th

FINANCIAL RATIOS & RATE OF RETURN

34

ROA vs ROE

8.72%

• 6.83%

1.36% 2.93% 2.95%

• 1.51%

21.73%

• 18.39%

1.57% 7.81% 8.16%

• 8.54%
• 25.00%
• 20.00%
• 15.00%
• 10.00%
• 5.00%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00%

2013 2014 2015 2016 2017 9M 2018

ROA ROE

0.45 (0.35) 0.02 0.14 0.10 (0.16) 0.20 0.05

• 0.10

0.10 (0.40) (0.30) (0.20) (0.10)

• 0.10

0.20 0.30 0.40 0.50

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 Q3'2018 Cash Dividend Total Dividend

Dividend Yield

• 1.02%

• 3.92%

• 2.26%

• 4.10%

• 2.57%

• 3.75%

• 3.18%
• 5.00%
• 3.00%
• 1.00%

Margin % Dividend Payout

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

1.36 1.21 1.27 1.26 1.22 1.13 1.57 2.02 1.60 1.72 2.01 2.38

1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 2.60

2013 2014 2015 2016 2017 Q3'2018

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% Dividend Yield %

4.75 %

HISTORICAL DIVIDENDS (Separate F/S)

Year 2013 Year 2014 Year 2015 Year 2016 Year 2017 9M 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 (0.16) 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)

• Cash Dividend

0.20 0.05 0.05

• 0.10

0.05 0.10

• Stock Dividend
• Total Payment

0.20 0.05 0.05

• 0.10

0.05 0.10

• Date of 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

6 May 14 = 0.05 8 May 17 = 0.05

% Cash Dividend Paid 44.44 83.33

• 71.43

83.33 100

• Payout (%) *

44.44 83.33

• **
• 71.43

83.33 100

• 35

* 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.

AGENDA

• Company Overview & Business
• Operational Performance

Q3/2018

• Future Strategy
• Q & A

REVENUE TARGET (MB)

4,376 4,107 4,822 7,310 9,044 9,437 7,355 7,003 7,944 8,000

• 1,000

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

37

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

*

Source :Thailand Industry Outlook 2018-20 by Krungsri Research (Apr. & Jul.18)

38

Construction material price movement & Trend during 2018 - 2020

Source :Thailand Industry Outlook 2018-20 by Krungsri Research (Apr. & Jul.18)

39

Disbursement of Government Investment Budget & Growth of Construction Materials Price Index

40

Source : Thailand Quarterly Industry Review by Krungsri Research (Construction Quarter 2/2018)

Mega Projects Investment Value

41

Source : Thailand Quarterly Industry Review by Krungsri Research (Construction Quarter 2/2018)

CLM Trend

42

Q & A

THANK YOU

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