Opportunity Day on March 18, 2020 Content Company Profile - - PowerPoint PPT Presentation

Tirathai Public Company Limited

Opportunity Day on March 18, 2020

Content

• Company Profile
• Operating Result of Year 2019
• Outlook 2020
• Forecast 2020
• Q &A

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Company Profile

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TIRATHAI & It’s subsidiary

TIRATHAI Public company Limited

TIRATHAI E&S Co.,ltd. Distribution , installation maintenance service of electrical power equipment L.D.S. METAL WORK Co.,ltd. Manufacture for Tank and fabricate steel , EPC Conveyor System JV L.D.S - N.D.P Operation and Maintenance of Conveyor System of Hongsa Power Co. Ltd, (HPC), Laos PDR THAIFINS Co.,ltd. Manufacture for Transformer’s fins and Tank support to Tirathai Plc.,ltd. 100% 100% 92.50% 20% 80%

Manufacturer of Distribution and Power Transformers and Repair Service

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II. Non-transformer

• Arial Derrick Crane
• Steel Fabrication
• Constructions
• Bulk Handling System
• Operation and Maintenance Conveyor Belt

System

• Distribution

Transformer

• Power Transformer
• Transformer Service
• Transformer Repair

Products of Tirathai Group

I.

Transformer

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• I. Transformer Product &

Service

Distribution Transformer Power Transformer Special Transformer Our Main Customers

• 1. Utilities

(PEA,MEA,EGAT)

• 2. Private

2.1 Steel industry 2.2 Sugar industry 2.3 Power Plant 2.4 Energy industry 2.5 International Contractors 2.6 Others

• 3. Export

(ASIA+SE.ASIA) [VAL UE] 33% [VAL UE]

Utilites Private Export

Policy Revenue by Customer

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• II. Non Transformer Products
• Arial Crane Device

and Digger Derick Unit

• Steel Fabrication
• Construction
• EPC Conveyor Belt

System

• Operating and

Maintenance Service

• f Conveyor Belt

System

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TRT’s Key Strength

• Experience management team with more than 30 years in the

Transformer business

• Engineering-to-Order
• High Quality Products and Services
• Top two of manufacturers of 333 MVA 500 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

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Operating Result of Year 2019

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Consolidated Financial Statements

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Unit : Million Baht 2016 2017 2018 2019 Total Revenue 2,577 2,448 2,637 2,466 Revenue from Sales & Service 2,537 2,430 2,616 2,416 Gross Profit 661 488 573 668 EBITDA 193 (17) 142 282 EBIT 126 (32) 59 196 Net Profit/(Loss) attributable to equity holders 59 (71) (31) 75 Total Asset 3,304 3,147 3,152 3,378 Total Liabilities 2,177 2,113 2,137 2,291 Total equity of parent Company's shareholders 1,127 1,035 1,015 1,107 Financial Ratio Gross Profit Margin (%) 26.06% 20.10% 21.90% 27.63% Net Profit/(Loss) Margin (%) 2.38%

• 2.81%
• 1.33%

3.07% Return on Asset (%) 1.87%

• 2.29%
• 1.12%

2.24% Return on Equity (%) 5.36%

• 3.47%
• 3.43%

6.84% Book Value Per shares 3.66 3.36 3.30 3.59 Earnings per Share 0.20 (0.22) (0.10) 0.24 12

Structure of Incomes by

1,975 1,857 661 609

• 500

1,000 1,500 2,000 2,500

2018 2019

Transformer Non-Transformer Million 75% 75% 25% 25%

0% 10% 20% 30% 40% 50% 60% 70% 80%

2018 2019

Transformer Non-Transformer

Group Customer 2018 2019 Transformer

• 1. Gov+Local

1,352 1,556 2.Export 580 244

• 3. Transformer Service

44 56 Total Transformer 1,975 1,857 Non- Transformer

• 4. Steel Structure &

Fabricate 221 98

• 5. Distributing

Digger/Arial truck 62 97

• 6. Operating &

Maintenance 358 364

• 7. Others

21 50 Total non-transformer 661 609 Total 2,637 2,466

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1,975 1,875 661 609 500 1,000 1,500 2,000 2,500 3,000 2018 2019

• Bt. Mil

Transformer Non transformer

Revenues 2019

Total Revenue 2019

[CATEG ORY NAME] [PERCEN TAGE] [CATEG ORY NAME] [PERCE NTAGE] 12

Gross Profit Margin by products

19% 26% 32% 33%

0% 5% 10% 15% 20% 25% 30% 35%

2018 2019

Transformer Non transformer

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Total Revenue vs SG&A Consolidated 2019 (MB)

2,636 157 378 535 2,466 96 378 474 500 1,000 1,500 2,000 2,500 3,000 Total Revenue Selling Expenses

• Admin. Expenses

Total SG&A 2018 2019 14.33% 15.32% 20.30% 19.22% 5.96% 3.89% 14

1.38 1.40 1.47 1.41 1.38 1.37 1.45 1.43 1.32 1.34 1.36 1.38 1.40 1.42 1.44 1.46 1.48 Q1' 18 Q2' 18 Q3' 18 Q4' 18 Q1' 19 Q2' 19 Q3' 19 Q4' 19 Interest Bearing Debt/Equity

Interest Bearing Debt/Equity Ratio

Interest Bearing Debt/Equity Ratio is in line with our business plan

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Outlook 2020

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2020F-Structure of Incomes by Product

1,975 1,857 2,585 661 609 571

• 500

1,000 1,500 2,000 2,500 3,000 2018 2019 2020F

Transformer Non-Transformer Million 75% 75% 82% 25% 25% 18%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

2018 2019 2020 F

Transformer Non-Transformer Group Customer 2018 2019 2020 F Transformer

• 1. Gov+Local

1,352 1,556 1,995 2.Export 580 244 540

• 3. Transformer Service

44 56 50 Total Transformer 1,975 1,857 2,585 Non-Transformer

• 4. Steel Structure & Fabricate

221 98 160

• 5. Distributing Digger/Arial

truck 61 97 399

• 6. Operating & Maintenance

358 364 12

• 7. Others

21 50

• Total non-transformer

661 609 571 Total 2,637 2,466 3,156

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Outlook 2020 Transformer Group

• Expected Revenue from Transformer Growth 39% from 2019
• Backlog as of 29 Feb 2020 of 2,226 Bt’M
• 2,133 Bt’M delivered in 2020
• 93 Bt’m delivered in 2021
• Bids and quotations in process as of February 2020 for transformer

group = 8,353 Bt’M with 20%-25% succession rate.

• Expected gross profit margin at least 18%-20%.

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Outlook 2020 Non-Transformer Group

• Expected Total Revenue of Non-Transformer decreased 6% from

2019 due to closing Operating and Maintenance WL2 Project

• perated by JV LDS-NDP since 31/12/2019.
• Backlog as of 29 Feb 2020 of 470 Bt’M to be delivered in 2020
• Bids and quotations in process as of February 2020 for non-

transformer group = 481 Bt’M with 20%-25% succession rate

• Expected gross profit margin in average of 15%-18%

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TRT Group Backlog As of Feb 29’ 20 + Delivery Jan – Feb 2020

Group Customer Total Backlog+ Delivery Jan-Feb 20 Delivery in 2020 Delivery in 2021 Transformer

• 1. Gov+Local

1,783 1,690 93 2.Export 443 443

• 3. Transformer Service
• Total Transformer

2,226 2,133 93 Non- Transformer

• 4. Steel Structure & Fabricate

105 105

• 5. Distributing Digger/Arial

truck 353 353

• 6. Operating & Maintenance

12 12

• 7. Others
• Total non-transformer

470 470

• Total

2,696 2,603 93

20 Transf

• rmer

77% Non Transf

• rmer

23%

Transformer Non Transformer

Bids and Quotations in Process As of 29/2/2020

With a succession rate approximately 20%-25%

Customer M’ Baht

• 1. MEA

1,595

• 2. PEA

3,146

• 3. EGAT

810

• 4. Local

2,082

• 5. Export

720 Subtotal - Transformer 8,353

• 6. Transformer Service
• 7. Distributing Derrick/Arial crane

400

• 8. Steel Structure & Fabricate

81 Subtotal - Non-Transformer 481 Grand Total 8,834

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