Diamond Building Products PCL
Corporate Presentation : Year 2015 Performance
Opportunity Day
On Thursday 10 March 2016 at 10.10 – 11.10 at SET Meeting Room 603
Diamond Building Products PCL Corporate Presentation : Year 2015 - - PowerPoint PPT Presentation
Diamond Building Products PCL Corporate Presentation : Year 2015 Performance Opportunity Day On Thursday 10 March 2016 at 10.10 11.10 at SET Meeting Room 603 Disclaimer The information contained in this presentation is for information
Corporate Presentation : Year 2015 Performance
Opportunity Day
On Thursday 10 March 2016 at 10.10 – 11.10 at SET Meeting Room 603
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Note: All currency figures within this presentation are presented in Thai Baht (“THB”) unless otherwise stated.
(“DRT” and shares in DRT, “shares”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever.
unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which DRT operates and general achievement of DRT business forecasts, which will cause the actual results, performance or achievements of DRT to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.
representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the DRT or any of its agents or advisers,
howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.
upon directly or indirectly for any investment decision-making or for any other purposes.
in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws.
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manufacturers and distributors
roofing products in Thailand.
ceilings, siding boards, roof accessories, and some non-roofing products.
(mom&pop shops) and modern trade nationwide.
improvement and development and gradual production expansion.
(SET) with a market capitalization of approximately THB 4,485 million/1. Construction materials market share /2
Siam Cement Group 45% Mahaphant Group 25% DRT 15% Kiternit Group 5% Others 10% Source:
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1985 - 1999 2000 - 2009
2014 2005 Listed on the Stock Exchange of Thailand (SET) 2012 Launched its first non-asbestos fibre cement tile 2002 Myriad Materials Co., Ltd became a major shareholder 2006 Launched its first non-asbestos tile “Jearanai Tile” 2001 Changed the name to Diamond Roofing Tiles Co., Ltd. 2013
center (DC), located in Khon Kean
(AAC) plant in Chiangmai
autoclaved aerated concrete (AAC) in Saraburi 2015 1985 Established under the name Siam City Tiles and Pipes Co., Ltd. Launched new products :
Board
Launched new products :
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Established in 2002 as a holding company to acquire DRT from the previous owner – Siam City Cement Plc.(SCCC)., Myriad Materials is a major shareholder of DRT, having Srivikorn Family and Pradipasen Family as major shareholders. As entrepreneurs of various businesses with long and successful records, the families bring to DRT business know-how’s and expertise in construction and property development markets.
Source: Company estimates as of September 15, 2015.
Myriad Materials 60% Srivikorn and Pradipasen Families & Management 4% Free-float 36% Foreign Institutions 4% Thai Institutions 31% Thai Individuals 65%
Totaling 64%
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Source: Company estimate as at March 4, 2016.
Existing production facilities Future production facilities Existing distribution center (DC)
Chiangmai
Capacity: 50,000 ton/yr Product:
concrete (AAC)
Saraburi
Capacity: 892,000 ton/yr Product:
concrete (AAC)
Khon Kean
Capacity : 40,000 ton/yr Product:
Suratthani
Distribution Center, Khon Kean
Total Capacity FY2015: 982,000 ton/yr
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Product variety & differentiation Strong relationship with distributors Excellent services Prudent financial policies Strong brand awareness
Product delivery with 24 hours with regular training on product handling and safety Strong balance sheet yielding financial flexibility
Extensive distribution network
Over 6,000 nationwide agents and modern trade specialties with growing exporting channel With the main focus in consumer’s needs and satisfaction, product variety and differentiation as well as value for money are keys to retain and enhance market base.
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CT, Adamas, Roman tiles, Small corrugated tile, Jatulon Board, Flat sheet, Gypsum, Diamond wall, Autoclaved aerated concrete (AAC)
Siding board Special products
Siding and Artificial wood Roof equipment, Foil, Roof paint, Ultra Truss,
Services
Roof stripping and installation Re-roofing
Sales of Products 92% Service income 8%
Note: 1. Percentage based on FY2015 revenues from sales and services.
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13% Modern Trade
Leading construction materials and home improvement specialty stores
16% Export
To 9 Destinations in Asia Region
11% Projects
Direct sales to leading residential developers:
Note: Percentage based on value of FY2015 sales.
Laos Vietnam Cambodia China Myanmar India Taiwan Philippines Malaysia
Agent (mom&pop )
60%
Agent (mom&pop )
FY2014 11% 60% 14% 15%
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Service excellence with timely product delivery and training assistance
safety precautious
Trailers Trucks Shipping
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Diamond Brand has been known as a high quality tile for nearly 30 years. Through its consistently seeking customer feedback and continuous product development,
Diamond Brand is now one of the Thailand’s most trusted brands in tile/1.
Source: “BrandAge” Magazine dated February 2016.
เครื่องหมาย มอก. กระเบื้องคอนกรีต แบบลอน & เรียบ THAILAND TRUSTED MARK ตราสัญลักษณ์รับรองสินค้า ประเทศไทย
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“บ้านปลุกปรีดี” ได้รับ “รางวัลอาคารอนุรักษ์ศิลปสถาปัตยกรรมดีเด่น” ประจ าปี 2558 ประเภทอาคาร เคหสถานและบ้านเรือนเอกชน เมื่อวันที่ 10 เมษายน 2558 จาก สมาคมสถาปนิกสยาม ในพระบรมราชูปถัมภ์
(The Association of Siamese Architects under Royal Patronage of His Majesty the King : ASA)
Source: “BrandAge” Magazine dated January 2012.
Over decades, DRT has marketed its products through traditional dealers (mom and pop shops). Its strong and aged relationship with these distributors nationwide is one of DRT’s competitive advantages and part of DRT’s continued success.
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Stable growth with strong balance sheet
0.13 0.05 0.03 0.18 0.23 0.07 0.29 0.39 0.62 0.53 0.35 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Net interest-bearing debt to equity
Low level of debt to equity allowing financial flexibility
2,063 2,386 2,590 2,500 2,789 3,325 3,707 3,896 4,429 4,250 4,174 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Total revenues (Bt.mil) /1
Note: 1. Excludes non-recurring items and includes other income, gains on FX rate, and gains on sales of assets classified as hold for sale.
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Excludes non-recurring items. Note: 1. Include other income, gains on FX rate, and gains on sales of assets classified as hold for sale.
3,325 3,707 3,896 4,429 4,250 4,174 782 864 869 901 747 765 453 459 502 451 289 331 1,000 2,000 3,000 4,000 5,000 2010 2011 2012 2013 2014 2015
Total revenues EBITDA Net profit
% YoY Growth 2010 2011 2012 2013 2014 2015 Total revenues 19% 11% 5% 14% (4%) (2%) EBITDA 28% 11% 1% 4% (17%) 2% Net profit 20% 2% 9% (10%) (36%) 14%
FY2015 Net Profit analysis
strong price competition
construction materials. Nevertheless, the Corporate Group has put emphasis on better management of production cost and inventory, resulting in a lower cost of production and higher gross profit, despite reduction in revenues from sales and services.
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19 YoY 1% QoQ 3% FY2015 Total revenues analysis
1% YoY, due to the decrease in revenues from sales
in revenues from sales of siding board, board and ceiling.
1,180 1,137 940 908 4,228 4,165 1,000 2,000 3,000 4,000 5,000 1Q15 2Q15 3Q15 4Q15 FY2014 FY2015 THB million Tiles Board & ceilings Siding boards Special products Other products Service
Tiles 51% Board & ceilings 16% Siding boards 17% Special products 6% Other products 2% Service 8%
FY2015 Revenues breakdown
889 828 699 672 3,213 3,088 1,000 2,000 3,000 4,000 1Q15 2Q15 3Q15 4Q15 FY2014 FY2015 THB million Raw materials Utilities Depreciation Labour Services Permanent labour
Raw materials 53% Utilities 7% 9% Labour 2% Services 11% 7% 5% Others 6%
FY2015 Costs breakdown
Depreciation maintenance Permanent labour
20 YoY 4% QoQ 4% FY2015 Costs analysis
decreased in sales volume of 0.09 percent and reduction of fuel cost of 31.02 percent.
Costs 1Q15 2Q15 3Q15 4Q15 FY2014 FY2015 Variable costs 71% 70% 67% 67% 69% 68% Fixed costs 18% 19% 21% 22% 20% 21% Service costs 11% 11% 12% 11% 11% 11%
165 166 152 153 622 636 100 200 300 400 500 600 700 1Q15 2Q15 3Q15 4Q15 FY2014 FY2015 THB million Personnel Promotion Packaging Others
21 YoY 2% QoQ 2% FY2015 SG&A analysis
implementation of marketing management, brand creation and product management which has resulted in an increase in Selling expenses of Baht 20.86 million, but there was a decrease in Administrative expenses of Baht 6.53 million (such as the depreciation and amortization, fuel expenses, etc.).
Personnel 41% Promotion 21% Packaging 10% Others 28%
FY2015 SG&A breakdown
291 309 241 236 1,015 1,077 25% 27% 26% 26% 24% 26%
0% 10% 20% 30% 40% 50% 200 400 600 800 1,000 1,200 1,400 1,600 1,800 1Q15 2Q15 3Q15 4Q15 FY2014 FY2015 % Margin THB million
Gross Profit
Gross profit (LHS) GP Margin
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Excludes non-recurring items. Note: 1. Includes revenues from services and other income.
YoY 6% QoQ 2% YoY 14% QoQ
13%
YoY 2% QoQ 7% Gross Profit EBITDA Net Profit
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211 226 170 158 747 765 95 109 68 59 289 331 18% 20% 18% 17% 18% 18% 8% 10% 7% 6% 7% 8%
0% 10% 20% 30% 200 400 600 800 1,000 1Q15 2Q15 3Q15 4Q15 FY2014 FY2015 % Margin THB million
EBITDA and Net Profit
EBITDA Net Profit EBITDA Margin/1 Net profit Margin/1
95 109 68 59 289 331 314 264 77 47 688 702 100 130 100 100 248 430 11 9 6 8 50 34
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100 150 200 250 300 350 400 450 500 550 600 650 700 750 1Q15 2Q15 3Q15 4Q15 FY2014 FY2015 THB million
Net Profit CFO Repayment Long Term Interest paid Dividends paid
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FY2015 cash flows analysis
ฯ ยังมีสภำพคล่อง มีกระแสเงินสดจำกกำรด ำเนินงำน 702 ล้ำน บำท ซึ่งเพียงพอต่อกำรจ่ำยช ำระเงินกู้ระยะยำว เงินปันผล และ ดอกเบี้ยจ่ำย
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debt to equity was 0.35 times, which is decreased from end of the previous quarter, due to the decrease in Interest bearing debts.
Long- term 12% Short- term 88%
Interest bearing debt THB 838 million
Average interest rate of 3.27% p.a. as follows
57 22 57 59 14 31 24 29 28 192 610 930 1,486 1,212 931 802 868 838 1,859 2,047 2,214 2,300 2,245 2,340 2,323 2,265 2,324 0.07 0.29 0.39 0.62 0.53 0.38 0.33 0.37 0.35
0.00 0.20 0.40 0.60 0.80 500 1,000 1,500 2,000 2,500 3,000 3,500 FY2010 FY2011 FY2012 FY2013 FY2014 1Q15 2Q15 3Q15 4Q15
Times THB million Cash & current investment Interest bearing debts Equity Net D/E
Fixed 46% 54% Floating
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Source: www.set.or.th as of March 4, 2016.
Dividend policy is not less than 50% of normal net profit
Par value: THB 1.00 Listed share: 1,048 million shares Market capitalization: THB 4,485 million Foreign limit: 49.00%
Share information
Stock price : THB 5.00 per share P/E 13.55 Times P/BV 1.93 Times Dividend yield 5.84%
0.29 0.39 0.47 0.46 0.53 0.43 0.29 0.33 0.25 0.30 0.36 0.38 0.40 0.38 0.27 0.25 86% 77% 77% 83% 75% 88% 93% 76% 0% 20% 40% 60% 80% 100% 0.0 0.2 0.4 0.6 0.8 1.0
2008 2009 2010 2011 2012 2013 2014 2015
% Tons per year EPS DPS Dividend payout (RHS)
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P&L Highlight (in THB million) FY2015 FY2014 % YoY change REVENUES Revenues from sales and services 4,165 4,228
Other incomes 9 22
Total revenues 4,174 4,250
COSTS Costs of sales and services 3,088 3,213
Other costs
Total costs 3,088 3,213
Selling and administrative expenses 636 622 2.2% Operating profit 451 415 8.6% Finance costs 34 51
Income tax 86 75 13.7% Net profit 331 289 14.4%
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Balance Sheet (in THB million) Dec 31, 2015 Dec 31, 2014 % change Assets Cash & cash equivalents 28 14 110.1% Trade & account receivables 596 523 13.9% Inventories (if any) 682 675 1.0% Other current assets 30 41
Total current assets 1,335 1,252 6.7% Property, plant, and equipment 2,144 2,404
Non-current assets 114 135
Total assets 3,593 3,791
Liabilities Short-term loans 450 394 14.2% Current portion of long-term loans 288 400
Other current liabilities 332 253 30.9% Total current liabilities 1,069 1,048 2.1% Long-term loans 100 418
Other non-current liabilities 100 82 22.1% Total liabilities 1,269 1,547
Equities Retained earnings 944 865 9.2% Total equities 2,324 2,245 3.5%
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Revenue Growth Target ≥ 10% pa. Gross Profit Margin
Total Debt to Equity
Growth strategies 2013 - 2017
and gains on market share
accommodate growing demand and for logistic efficiency
Growing the business with prudent financial policy
Modern Trade
15%
25% Export
12%
20% Project
10%
15%
Note: 1. Percentage based on total sales.
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Aug 2015
Sep 2015
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Oct 2015
Sep 2015
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Aug 2015
Oct 2015
Nov 2015
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12 ขาย 2 : ยงเฮ้าส์ กาญจนบุรี
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Jan 2016
Feb 2016
Jan 2016
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Indonesia customers Visit 11 Jan. 2016 Visit Myanmar customers 9 Feb. 2016 Visit Cambodia customers 26 Feb. 2016 Visit Laos customers China customers visit 19 Feb. 16
บริษัทฯ ได้เข้าร่วมเครือข่ายแนวร่วมปฏิบัติของ ภาคเอกชนไทยในการต่อต้านการทุจริต (ACT)
บริษัทฯได้รับรางวัล Investors’ Choice Award จากสมาคมส่งเสริมผู้ลงทุน ไทย จากการประเมินคุณภาพการประชุมสามัญผู้ถือหุ้น (AGM) เต็ม 100 คะแนนต่อเนื่อง 4 ปี
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บริษัทฯ ได้รับ ESG-100 เป็นองค์กรที่มีความรับผิดชอบต่อสังคม สิ่งแวดล้อมและมีธรรมาภิบาลจาก สถาบันไทยพัฒน์ และเข้าเป็นสมาชิก เครือข่ายหุ้นส่วนต้านทุจริตเพื่อประเทศไทย (PACT Network)
บริษัทฯ ได้รับรองการเป็นสมาชิกของแนวร่วมปฏิบัติของภาคเอกชนไทยในการ ต่อต้านทุจริต
ตราเพชร ดูแลพนักงาน ใส่ใจชุมชน เอื้อเฟื้อสังคม
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Diamond Building Products Public Company Limited
69-70 Moo 1, Mitraphap Road - km. 115, Tambon Talingchan, Amphur Muang, Saraburi 18000 Tel: 0-3622-4171-8 Fax: 0-3622-4187 Call Center : 0-2619-2333 Website: www.dbp.co.th
For further information & enquiries, please contact our investor relations at:
Telephone: 0-3622-4171-8 Ext. 193 Email: corpcenter@dbp.co.th