Tirathai Public Company Limited Opportunity Day on March 16, 2017
Content • Company Profile • Operating Result of Year 2016 • Outlook 2017 • Forecast 2017-2019 • Q &A 2
Company Profile 3
TIRATHAI & It’s subsidiary TIRATHAI Public company Limited Manufacturer of Distribution and Power Transformers and Repair Service 100% 100% 92.50% L.D.S. METAL WORK Co.,ltd. THAIFINS Co.,ltd. TIRATHAI E&S Co.,ltd. Manufacture for Transformer’s Distribution , installation Manufacture for Tank and fins and Tank support to maintenance service of fabricate steel , EPC Tirathai Plc.,ltd. electrical power equipment Conveyor System 80% 20% JV L.D.S - N.D.P Operation and Maintenance of Conveyor System of Hongsa Power Co. Ltd, (HPC), Laos PDR 4
Products of Tirathai Group II. I. Non-transformer Transformer • Arial Derrick Crane • • Distribution Steel Fabrication • Transformer Constructions • • Power Transformer Bulk Handling System • • Transformer Service Operation and Maintenance Conveyor Belt • Transformer Repair System 5
I. Transformer Product & Service Distribution Transformer Our Main Customers Transformer Revenue 2016 by Customer 1. Utilities (PEA,MEA,EGAT) 16% 2. Private 26% Power Transformer 2.1 Steel industry 2.2 Sugar industry 2.3 Power Plant 2.4 Energy industry 58% 2.5 International Contractors Special Transformer 2.6 Others Utilites Private Export 3. Export (ASIA+SE.ASIA) 6
II. Non Transformer Products Total Revenue 2015 • Arial Crane Device by Product Group and Digger Derick Unit 27% • Steel Fabrication 73% • Construction • EPC Conveyor Belt System Transformer Non transformer • Operating and Maintenance Service of Conveyor Belt System 7
TRT’s Key Strength • Experience management team with more than 25 years in the Transformer business • Engineering-to-Order • High Quality Products and Services • Top three of manufacturer of 300 MVA 230 kV Power Transformer in Thailand • Well recognize as a successful player in bulk handling system including a provider of Operating & Maintenance Service for power plant, mining and related industry 8
Operating Result of Year 2016 9
Consolidated financial Statements Unit: Million Baht 2013 2014 2015 2016 2,265.90 2,577.33 Total Revenue 2,534.96 2,163.26 2,517.89 2,131.63 2,223.97 2,536.52 Revenue from Sales & Service 411.84 661.01 657.94 508.29 Gross Profit 320.30 170.24 44.87 192.89 EBITDA ( 6.81 ) EBIT 268.35 66.59 125.81 Net Profit/ ( Net Loss ) attributable ( 45.97 ) 177.52 48.64 61.22 to equity holders 2,575.98 2,653.19 3,024.84 3,303.62 Total Assets 1,947.70 2,176.83 1,391.62 1,478.97 Total Liabilities 1,184.36 1,174.22 1,077.14 1,126.79 Shareholders' Equity Financial Ratio 26.13% 23.85% 18.52% 26.06% Gross Profit Margin (%) Net Profit ( Loss ) Margin (%) ( 2.57% ) 6.98% 2.24% 2.38% ( 2.05% ) 10.53% 1.85% 1.87% Return on Asset (%) ( 5.18% ) Return on Equity (%) 16.08% 4.10% 5.36% Book Value Per Share 3.50 3.66 3.85 3.81 (Par1Baht) ( 1.15 ) 0.58 0.20 Earning Per Share 0.16 Dividend Per Share 0.30 0.10 0.05 0.13 10
Structure of Incomes by Million 2015 2016 Group Customer 1,867 2,000 1,643 Transformer 1. Gov+Local 937 1,306 1,500 2.Export 650 479 1,000 621 426 3. Transformer 56 82 500 Service - Total Transformer 1,643 1,867 2015 2016 Non- 4. Steel Structure & 370 161 Transformer Non-Transformer Transformer Fabricate 73% 73% 80% 5. Distributing 99 209 70% Digger/Arial truck 60% 50% 6. Operating & 111 299 40% Maintenance 27% 27% 30% 7. Others 41 41 20% 10% Total non-transformer 621 710 0% 2015 2016 Transformer Non-Transformer 11 Total 2,264 2,577
Total revenue 2016 Bt. Mil Revenues 2016 3,000 2,500 710 Non-Transformer 2,000 621 27% 1,500 1,000 1,867 1,643 Transformer 500 73% 0 2015 2016 Transformer Non transformer • An increase in transformer revenue, mainly from private sector which 50% increase from last year. • An increase in non-transformer revenue, mainly from Operation and Maintenance business which it is the first full year to recognize its revenue of 299 Bt’M compared to last year of 111 Bt’M . 12
Gross Profit Margin by products QoQ 47% 47% 47% 39% 38% 28% 27% 27% 25% 25% 23% 22% 20% 19% 19% 15% 14% 14% 13% 2015 2016 Q1' 15 Q2' 15 Q3' 15 Q'4 15 Q1' 16 Q2' 16 Q3' 16 Q4' 16 Transformer Non transformer -38% • Improve in gross profit margin both Transformer and Non-Transformer group due to selective market which need engineering design in all business group of TRT 13
Total Gross Profit (GP) VS Net Profit Margin (NP) VS SG&A (Consolidated) SG&A still being in line with our budget 30% 26% 23% 25% 22% 19% 20% 15% 10% 5% 2% 0% 2015 2016 -2% -5% GP NP SG&A 14
Interest Bearing Debt/Equity Ratio Interest Bearing Debt/Equity Ratio is in line with our business plan Times Mill Baht 1800 1.49 1.60 1.46 1.38 1.37 1600 1.40 1.31 1.25 1400 1.12 1.20 1200 0.99 1.00 1000 0.80 800 0.60 600 0.40 400 0.20 200 0 0.00 Q1 2105 Q2 2105 Q3 2105 Q4 2105 Q1 2106 Q2 2106 Q3 2106 Q4 2106 Interest Bearing Debt Interest Bearing Debt/Equity Ratio 15
Outlook 2017 16
Outlook 2017 Transformer Group • Expected total revenue growth 15-20% from 2016. • Increase in Distribution Transformer Demand especially Utilities sector due to spending 2016 and 2017 budget starting from 2017. • Increase in Power Transformer Demand due to increase in Transformer demand to support ASIAN Grid as per PDP 2015. • Backlog as of 31.12.2016 of 1,012 Bt’M , of which 861 Bt’M to be delivered in 2017, 122 Bt’M in 2018 and 29 Bt’M 2019. • Bids and quotations in process as of 31.12.2016 for transformer group = 10,857 Bt’M with 20%-25% succession rate. • Expected gross profit margin 20%-23% 17
Outlook 2017 Non-Transformer Group • Expected total revenue growth 45%-50%from 2016. • Expected 27% increase in revenue from operation and maintenance from 2016 due to having potential service to be awarded in 2017. • Expected 73% increase in revenue from steel fabrication and EPC from 2016 due to having backlog to be delivered in 2017 of 302 Bt’M . • Backlog as of 31.12.2016 of 1,202 Bt’M , of which 602 Bt’M to be delivered in 2017, 300 Bt’M in 2018 and 300 Bt’M 2019. • Bids and quotations in process as of 31.12.2016 for non-transformer group = 2,618 Bt’M with 20%-25% succession rate. • Expected gross profit margin 20%-23% 18
TRT Group Backlog As of 31.12.2016 Group Customer Total Delivery in Delivery in Delivery in (1)+(2)+(3) 2017 (1) 2018 (2) 2019 (3) Transformer 1. GOV+Local 653 566 87 - 2. Export 359 295 35 29 3.Transformer - - Transformer Service Non- 46% Transformer Total transformer 1, 012 861 122 29 54% Non- 4. Steel Structure 302 302 - - Transformer & Fabricate 5. Distributing - - - - Transformer Derrick/Arial truck Non-transformer 6. Operating & 900 300 300 300 Maintenance Total non- 1,202 602 300 300 transformer Total 2,214 1,463 422 329 19
Bids and Quotations in Process As of 31 December 2016 ** Expect to receive the above orders approximately 20-25% Customer M’ Baht 1.MEA 2,000 2.PEA 2,500 3.EGAT 3,587 4.Local 1,800 5.Export 970 6. Transformer Service - 7. Distributing Derrick/Arial crane 1,500 8. Steel Structure & Fabricate 1,118 Total 13,475 20
Forecast 2017 - 2019 Forecast % Growth from last year 2017 2018 2019 Revenue growth from last year 25%-30% 19% 8% Expected Revenue from Transformer 68% 63% 64% Group as % of Total Revenue Expected Revenue from Non- 32% 37% 36% Transformer Group % of Total Revenue Expected gross margin 20-23% 20%-23% 20%-23% SG&A Growth 4% 5% 5% SG&A as % of sales 17%-18% 15% 15% 21
Investment Progress of New Distribution Transformer Plant 22
Investment Progress of New Distribution Transformer Plant Detail Time Schedule Construction of Factory and office March2015 – March 2016 Installation of machinery and equipment April - August 2016 Test Run September - November 2016 Start the production December 2016 23
Increase Transformer Production Capacities from 5,000 MVA to 9,000 MVA or 80% Increase After Investment MVA 10,000 9,000 9,000 8,000 7,000 6,000 5,000 7,500 5,000 4,000 4,000 3,000 2,000 1,000 1,500 1,000 - Before Investment After Investment Distribution transformer Power Transformer 24
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APPENDIX APPENDIX TRT GROUP 26
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Summary of PDP 2015 28
Summary of PDP 2015 * ที่มา : www.eppo.go.th 29
Products of Tirathai II. I. III. Distribution Transformer Special Transformer Power Transformer Capacity Capacity Capacity 5-300 MVA Rated 1-100 MVA Rated 1-10 MVA Rated Voltage 230 kV. Voltage 36 kV. Voltage 36 kV. 30
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