Opportunity day 2016 Results Presentation 16 th March 2017 At Stock - - PowerPoint PPT Presentation

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Opportunity day 2016 Results Presentation 16 th March 2017 At Stock - - PowerPoint PPT Presentation

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Opportunity day 2016 Results Presentation 16 th March 2017 At Stock Exchange of Thailand Presented by: Sompong Phaoenchoke, MD Phakkawat Suwanmajo, CFO Naiyana Prachotrattanakul, IR Mgr. Contents Company Profile Industry Overview

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SLIDE 1

Opportunity day

2016 Results Presentation

16th March 2017 At Stock Exchange of Thailand

Presented by: Sompong Phaoenchoke, MD Phakkawat Suwanmajo, CFO Naiyana Prachotrattanakul, IR Mgr.

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SLIDE 2

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Contents

  • Company Profile
  • Industry Overview
  • Financial Review
  • 2017 Direction
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SLIDE 3

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Group Structure & Business

Thai Rung Union Car Plc. “TRU”

  • R&D, Auto Assembly
  • Pressed Metal Parts, Plastic Parts, Car Seat

Thai Rung Tools and Dies Co. Ltd. “TRT”

  • Tooling (Dies/Jigs/CF)

Thai Auto Conversion Co. Ltd. “TAC” (JV. with Toyota group)

  • Special Purpose Vehicles

Thai Auto Pressparts Co. Ltd. “TAP”

  • Pressed Metal Parts

Delta Thairung Co. Ltd. “DTC” (JV. with Delta Kogyo, Japan)

  • Seats & Seat Components

Thai V.P. Auto Service Co. Ltd. “TVS”

  • After-sales Services & Spare Parts

Thai Ultimate Car Co. Ltd. “TUC”

  • Automotive, consulting & admin. services

Subsidiary Companies Associated Companies

94% 91% 94% 20% 30% 99.53%

Kyowa Thairung Co. Ltd. “KTR” (JV. with Kyowa Sangyo, Japan)

  • Parts & Cabin of Industrial Machinery and etc.

49%

Trex Thairung Co. Ltd. “TTR” (JV. with Trex group, Japan)

  • Truck body, dump truck, mixer truck and etc.

40%

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SLIDE 4

Scope of Business

  • Research & Development (R&D)
  • Tooling (Dies/Jigs/CF/1)
  • Pressed metal parts & plastic

parts

  • Auto Seats
  • EDP/2 & Painting
  • Auto Assembly
  • Special Purpose Vehicles
  • After-sales service & Spare parts

Note : 1. CF = Checking Fixture

  • 2. EDP = Electro Deposit Primer

4

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SLIDE 5

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TRU’s Strengths

  • Comprehensive and

integrated scope of work: from R&D, tooling, parts stamping, auto seats, EDP/1 & painting, through to production of various kinds of vehicles and after-sale service.

Note : 1. EDP = Electro Deposit Primer

After-sales service Special Purpose Vehicles Auto Assembly

(Welding, Trimming)

EDP/1 & Painting Auto Seats Part Making

(Metal & Plastic)

Tooling

(Dies/Jigs/CF)

R&D

TRU Group

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SLIDE 6
  • Own EDP/1 & paint shop with top quality

to meet latest global standards for export

  • Flexible production line can quickly

adapt to customers’ needs

  • Leading producer of “flat deck”

cargo boxes for pick-ups

  • Specialist producer of pick-up

based special purpose vehicles

6

TRU’s Strengths (Cont.)

Note : 1. EDP = Electro Deposit Primer

  • 2. MUV4 = Military Utility Vehicle 4WD

MUV4/2 & Transformer

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SLIDE 7

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Business Units

Special Purpose Vehicles & Service centre Tooling & OEM Parts Contract Assembly & Painting

59% 26% 10% Total Revenues as of 2016

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SLIDE 8

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Contents

  • Company Profile
  • Industry Overview
  • Financial Review
  • 2017 Direction
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SLIDE 9

Thai Auto Industry 2004-2017F

0.93 1.13 1.19 1.29 1.39 1.00 1.65 1.46 2.45 1.88 1.91 1.94 2.00 0.63 0.70 0.68 0.63 0.62 0.55 0.80 0.80 1.44 1.33 0.88 0.80 0.77 0.80 0.33 0.44 0.54 0.69 0.78 0.54 0.90 0.74 1.03 1.13 1.13 1.20 1.19 1.20

0.00 0.50 1.00 1.50 2.00 2.50 3.00 2017(F)

Production Domestic Export

  • Mil. Units

Source : The Federation of Thai Industries.

+65%

  • 28%
  • 11%

+68% +8% +8% +21% +6% +0.1%

  • 23%

+2% Hamburger crisis

  • Japanese tsunami in Q2

and Thai floods in Q4

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First car tax scheme +4% +1% +2% +3%

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SLIDE 10

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Production Volumes in Thailand 2016

481,243 483,356 467,681 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Q4/15 Q3/16 Q4/16

Units

Source : The Federation of Thai Industries

  • 3% QoQ
  • 3% YoY

1,913,002 1,944,417

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

Units

+2% YoY

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SLIDE 11

397,282 394,390 356,063 328,053 46,287 46,345 200,000 400,000 600,000 800,000 1,000,000

Commercial vehicle Passenger cars Pick-ups+PPV

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Domestic Sales in Thailand 2016

130,331 90,223 111,453 103,025 86,113 87,237 12,444 11,559 13,573 100,000 200,000 300,000 Q4/15 Q3/16 Q4/16

Source : - The Federation of Thai Industries Note : - PPV = Pickup truck-based Passenger Vehicles

  • Commercial vehicles = trucks, vans, buses

Units

+13% QoQ

  • 14% YoY

+17%

187,895

QoQ +1% +24%

212,263 245,800

YoY +9%

  • 15%
  • 14%

768,788 799,632

  • 4% YoY

Units

  • 8%
  • 1%
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SLIDE 12

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CBU Exports 2016

198,777 170,525 161,088 100,752 135,378 126,701

50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 Q4/15 Q3/16 Q4/16

Units

Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up

  • PPV = Pickup truck-based Passenger Vehicles

287,789 305,903

  • 6% QoQ
  • 4% YoY

299,529

QoQ

  • 6%
  • 6%

YoY +26%

  • 19%

742,631 702,796 462,264 485,719

200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000

Passenger cars Pick-ups+PPV

1,188,515 1,204,895

  • 1% YoY

Units

+5%

  • 5%
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SLIDE 13

Toyota, 376,763, 31% Mitsubishi, 289,916, 24% Ford, 104,394, 9% Isuzu, 104,248, 9% Nissan, 98,066, 8% Mazda, 85,262, 7% Honda, 71,884, 6% Suzuki, 38,285, 3% GM, 35,981, 3% BMW , 96, 0%

CBU Exports by Brand 2016

Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up

2016 = 1,188,515 units (-1%) 2015 = 1,204,895 units

2015

Toyota, 318,658, 27% Mitsubishi, 307,623, 26% Ford, 126,581, 11% Isuzu, 93,581, 8% Nissan, 73,890, 6% Mazda, 92,559, 8% Honda, 88,894, 7% Suzuki, 37,678, 3% GM, 39,602, 3% BMW , 9,449, 1%

2016

  • 15%

+6% +21% +8%

  • 25%

+9% +24%

  • 2%

+10% +9,743%

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SLIDE 14

ASIA, 297,949, 25% OECANIA, 295,501, 24% M/E, 229,547, 19% EU, 145,753, 12% C&S AM, 130,547, 11% North America, 66,792, 6% AFRICA, 38,806, 3%

CBU Exports by Region 2016

Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up

2015

ASIA, 326,333, 27% OECANIA, 328,471, 28% M/E, 155,634, 13% EU, 148,104, 12% C&S AM, 101,415, 9% North America, 102,316, 9% AFRICA, 26,242, 2%

2016

+10% +11%

  • 32%
  • 32%

+2%

  • 22%

+53%

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Note : C&S AM = Central & South America OCEANIA = Australia, New Zealand and Other M/E = Middle East

2016 = 1,188,515 units (-1%) 2015 = 1,204,895 units

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SLIDE 15

Contents

  • Company Profile
  • Industry Overview
  • Financial Review
  • 2017 Direction

15

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SLIDE 16

Tooling & OEM Parts, 1,222, 57% Contract Assembly & Painting, 607, 28% Sales of Cars & Service Center, 209, 10% Others, 95, 5%

Revenue Breakdown 2016

Note: 1. Tooling (Dies/Jigs/CF) & OEM Parts include GM, Nissan, Isuzu, Komatsu, Yanmar, Kawasaki, Triumph, Volvo truck etc..

  • 2. Contract Assembly & Painting includes Flat deck, Komatsu, Kobelco, Yanmar, Vacuum, etc..
  • 3. Other income includes interest, scrap sale, share of profit from investments in associated companies, etc.

1,222 1,113 607 486 209 182 95 87

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

Others Sales of Cars & Service Center Contract Assembly & Painting Tooling & OEM Parts

  • Bt. millions

Total 1,868 MB. Total 2,132 MB.

  • 12%
  • 13%
  • 20%
  • 9%
  • 8%

Tooling & OEM Parts, 1113, 59% Contract Assembly & Painting, 486, 26% Sales of Cars & Service Center, 182, 10% Others, 87, 5% 85%

2016

85%

2015

2016 Total revenues Bt.1,868 million, -12% YoY.

  • Revenues from Tooling & OEM Parts decreased by 9% YoY, mainly from Tooling work were drop since many brands postpone to launch new model.
  • Revenues from Contract Assembly & painting decreased by 20% YoY, mainly from flat deck were drop.

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Revenues Portfolio 2016

Tooling & OEM Parts, 1113, 59% Contract Assembly & Painting, 486, 26% Sales of Cars & Service Center, 182, 10% Others, 87, 5%

2016 Total revenues Bt.1,868 million, decreased by 12% YoY from BU Tooling & OEM Parts, and Contract Assembly & Painting.

85%

Breakdown of Tooling & OEM parts and Contract Assembly & Painting by customer sector.

Automotive 70% Industrial Machinery 21% Motorcycle 7% Others 2% (2015 = 80%) (2015 =13%) (2015=6%) (2015=2%)

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SLIDE 18

332 272

16.3% 15.3% 0% 5% 10% 15% 20% 100 200 300 400

Gross Profit / Net Profit

% Gross Profit = Gross profit / Sales and Service Income

18

  • Bt. millions

% of Sales

  • 18% YoY

2016 gross profit -18% YoY due to product mix changes. 126 78

5.9% 4.2% 0% 2% 4% 6% 8% 100 200

  • Bt. millions
  • 38% YoY

% of Total Revenues % Net Profit = Net profit attributable to equity holders of the company / Total Revenues

2016 net profit -38% YoY mainly from total revenues was drop.

Gross Profit Net Profit

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SLIDE 19

3.77 2.32 2 4 6

Profitability Ratio

4.01 2.49 2 4 6 Return on Assets (ROA) Return on Equity (ROE)

  • 1.45%
  • 1.52%

% ROA = EBIT / Average total assets % ROE = Net profit attributable to equity holders of the company / Average major shareholders’ equity.

19 2016 EBIT decreased by 53 MB or 39%, while average total assets slightly increased by 28 MB or 0.8%. 2016 Net profit decreased by 47 MB or 38%, while average major shareholders’ equity increased by 21 MB or 1%.

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0.12 0.11 0.1 0.2 0.3 Dec 31, 2015 Dec 31, 2016

Times

3.17 3.63 1 2 3 4 5 Dec 31, 2015 Dec 31, 2016

Times

Financial Ratios

As of Dec 31, 2016 Current assets increased by 72 MB or 7% mainly from Cash, current investment and Inventory, while Current liability decreased by 19 MB or 6% mainly from Account payable.

Current Ratio Debt to Equity (D/E) +0.46

  • 0.01

As of Dec 31, 2016 Total debt decreased by 23 MB or 6% mainly from Account payable, while Major shareholder’s equity decreased by 4 MB.

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Contents

  • Company Profile
  • Industry Overview
  • Financial Review
  • 2017 Direction
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2017 Direction

  • Tooling :
  • Seeking for the new customers in Thailand and overseas.
  • Focus on high technology and high value added tooling such as high tensile dies.
  • OEM Parts :
  • Expand customer base both automotive and non-automotive industry.
  • Focus on high value added parts such as high tensile parts, or new materials which

have light weight such as composites parts.

  • Contract Assembly :
  • Seeking for the new customers who moving their production bases to Thailand.
  • Establish Free Zone for tax privilege.
  • Special purpose vehicles :
  • Expand market both domestic and export.
  • Push sales to government departments by Thai innovation list.
  • New product : Minibus, Flat deck for medium truck, logistic truck, etc.
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Questions & Answers