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Polyplex (Thailand) Public Limited Company Polyplex (Thailand) Public Limited Company Presentation at the SET Opportunity Day Friday, 3 rd December 2010 Website : www.polyplexthailand.com Contents BOPET Film Industry Polyplex group

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SLIDE 1

Polyplex (Thailand) Public Limited Company Polyplex (Thailand) Public Limited Company

Presentation at the SET Opportunity Day Friday, 3rd December 2010 Website : www.polyplexthailand.com

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SLIDE 2

Contents

  • BOPET Film Industry
  • Polyplex group
  • Polyplex Competitive Strength
  • Polyplex Competitive Strength
  • PTL : Financial Performance
  • Current Industry Scenario & Outlook

2

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SLIDE 3

Film business ‐ Value Chain

Polyplex’s area of operation

PTA Supplier

P E T

Industrial Industrial Buyers Buyers

R E S

MEG Supplier

B A S

Buyers Buyers

S I N

Supplier

S E F I L M S

Converters Converters FMCG FMCG

S

Companies Companies

3

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SLIDE 4

BOPET Thin Film Application

4

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SLIDE 5

BOPET Thick Film Application

5

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SLIDE 6

BOPET Film

  • BOPET is mainly segmented into Thin & Thick Films

– Thin Film : 50 Micron & Under (75% of total BOPET) – Thick Film : Over 50 Micron (25% of total BOPET) Thick Film : Over 50 Micron (25% of total BOPET)

  • The industry capacity is mainly divided based on above Thickness segments.
  • Some lines are designed to produce intermediate range of Films from 12µ to

100µ 100µ

  • Major End use of BOPET Film are

– Imaging & Graphics – Magnetic Tape – Packaging & Metalizing : Main Segment for POLYPLEX – Electronics / Electricals / – Other Industrial

6

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SLIDE 7

BOPET Film – Influencers on Price

COST DRIVEN FACTORS

CRUDEOIL PRICE IMPACT ON POLYESTER

MARKET DRIVEN FACTORS

CRUDE OIL PRICE IMPACT ON POLYESTER FILM (60%)

PTA MEG ENERGY COST (FUEL / POWER) ENERGY COST (FUEL / POWER) LOGISTICS COST

CURRENCY VOLATILITY DEMAND – SUPPLY BALANCE

COUNTRY EXPORT COMPETITIVENESS IMPORT INTENSITY CURRENCY WAR

TRADE AGREEMENTS AND BARRIERS

PROTECTIONISM, ANTI‐DUMPING BILATERALISM & REGIONAL TRADE

7

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SLIDE 8

BOPET Global Demand Supply

BOPET Thin Film "KMT" 2004 2009 2014 E BOPET Thick Film "KMT" 2004 2009 2014 E Capacity 1,388 2,171 3,166 Capacity 626 847 1,137 Production 1,235 1,806 2,781 Production 479 587 829 Capacity Utilisation % 89% 83% 88% Capacity Utilisation % 77% 69% 73% Demand 1,235 1,806 2,843 Demand 479 587 829 Imaging & Graphics 8 6 4 Imaging & Graphics 203 161 133 Magnetic Tape 94 22 7 Magnetic Tape ‐ ‐ ‐ Packaging & Metallising 730 1,232 1,998 Packaging & Metallising 4 17 32

f f

Electrical / Electronics 59 90 187 Electrical / Electronics 142 248 443 Other Industrial 344 456 647 Other Industrial 131 161 221 *Source: Industry Sources

  • Largest End use :Flexible Packaging ‐ which accounts for more than two‐third of

total Thin Film used.

  • Thin Film demand has witnessed a CAGR of about 8% Per Annum (2004‐09) and

expected to grow at CAGR of 9 5% (2010 2014) expected to grow at CAGR of 9.5% (2010‐2014).

  • Thick Film market has grown at a CAGR of about 4% per annum (2004‐09) and is

expected to grow at CAGR of 7.2% (2010‐2014). Th b CUF i b d “N Pl t ” C it A hi bl k CUF i 85%

  • The above CUF is based on “Name Plate” Capacity. Achievable peak CUF is 85%‐

90% for Thin Film and 70% ‐ 75% for Thick Film against Name Plate Capacity.

8

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SLIDE 9

Packaging :Sustainable Growth

  • Diversified application of BOPET has resulted in Sustainable Growth at better than

World GDP Growth rates World GDP Growth rates.

  • The growth in packaging segment proves it resilience to recessionary factors.

9

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SLIDE 10

Segment wise Demand of BOPET Film

4000 575 630 147 140 137 15 11 9 7 3000 3500 710 766 820 868 293 333 338 389 444 508 575 181 178 172 167 160 154 55 42 32 28 22 17 2000 2500 1698 1863 2030 474 524 568 616 638 617 659 710 201 222 255 293 211 198 181 94 1000 1500 734 842 951 1046 1149 1249 1392 1545 1698 500

  • BOPET (Thin + Thick) Film demand expected to grow @ CAGR of 9%

2004 2005 2006 2007 2008 2009 2010E 2011E 2012E 2013E 2014E

Packaging Other Industrial Electrical Imaging Magnetic Tape

( ) p g @

  • Packaging is expected to grow @ CAGR of 10%

10

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SLIDE 11

Structural Shift in Application of BOPET

3500 4000

17% 4%

  • P-I-E

segment to continue to grow at robust rate

2500 3000

7% 1% 24%

  • Electrical

segment to witness highest growth rate of 13%.

1500 2000

12% 12% 5% 26% 14%

g

  • Growth in Electrical

due to new applications

500 1000

43% 28% 52% 55%

K MT

applications.

  • Packaging to follow

closely at 10%

2004 2009 2014 E Packaging Other Industrial Electrical Imaging Magnetic Tape

  • Imaging and Tapes

to experience “Negative” growth

11 g g g g g p

Negative growth

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SLIDE 12

Packaging: Growth Drivers

Changing Consumer Habits, convenience is the key Consumer demand for fresh and healthy food, beverages driving need for intelligent as well as high barrier packing Emergence of strong Retail sector Securing product from counterfeiting Sustainability ‐ Growing concern on carbon footprint, promotion of Green Technology

12

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SLIDE 13

Contents

  • BOPET Film Industry
  • Polyplex group

P l l C titi St th

  • Polyplex Competitive Strength
  • PTL : Financial Performance
  • Current Industry Scenario & Outlook

13

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SLIDE 14

Polyplex Group – Global Presence

T k Pl t 3

India : Plant 1 & Plant

Thailand: Turkey: Plant 3

India : Plant 1 & Plant 4

Thailand: Plant 2

Factories Warehouses

Manufacturing Locations – India (PCL), Thailand (PTL) & Turkey (PE)

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Distribution Companies – USA (PA) & China (PTSL). Warehouses – 12 in USA, 3 in Mexico, 1 in Poland & 1 in Guangzhou, China

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SLIDE 15

Polyplex Group Structure

Polyplex (Asia) Pte. Ltd. (PAPL) SINGAPORE Polyplex Corproation Limited (PCL/Polyplex India) INDIA

100%

Private Investor Polyplex (America)

  • Inc. (PA) USA

Polyplex (Thailand) Plc.. (PTL/Polyplex Thailand) THAILAND Public/ Institutional Shareholdrers

9.88% 9.88% 16.5%% 43.5% 40% 80.24%

Polyplex (Singapore) Pte. Ltd. (PSPL) SINGAPORE Polyplex Trading (Shenzhen)

  • Co. Ltd. (PTSL)

100% 100% 40% 80.24%

( )

  • Co. td.

(PTS ) CHINA l l l l k Outside Interest Investment Company

100%

Polyplex Europa Polyester Film Sanayi Ve Ticaret Anonim Sirketi (PE/ Polyplex Turkey) TURKEY Manufacturing Company Distribution Company

15

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SLIDE 16

Polyplex Group: Serving Customers Worldwide Serving Customers Worldwide

More than 1,200 Customers in 80 countries More than 1,200 Customers in 80 countries

  • Customer solution oriented sales and technical

services teams (region specific ) & Global Innovation C t

  • Distributors & agents increase reach and service

small customers Centre PCL‐ SAARC, GCC and Africa PTL‐ SEA, Far East & Oceania PE ‐ Europe & CIS countries small customers

  • Customer centric customized delivery model:

– Container loads drop‐shipped for cost‐ effectiveness

  • Distribution subsidiaries in

PA ‐ North and South America, Canada & Mexico PTSL‐China – Local warehousing support for higher flexibility & security

16

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SLIDE 17

Polyplex : Business Strategy

Turkey Turkey India India Thailand Thailand

  • We’re a fully integrated global manufacturer of plastic films with Concentric

We re a fully integrated, global manufacturer of plastic films with Concentric Diversification into BOPP & CPP

  • Our vision is to continuously grow, create value and establish global leadership in

h l f l b the plastic film business

  • We’re expanding to meet demand in new geographies and for new applications

like Extrusion lamination, Silicone Coated release films etc.

  • Continually balance our Product & Market Portfolio to increase stability of our

Earnings.

  • J di i

i f O h Off h d N h

  • Judicious mix of On‐shore, Off‐shore and Near‐shore strategy.

17

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Polyplex Group: Existing Capacities

51000 58000

PET FILM (151,000 TPA) MET FILM (42,500 TPA)

51000 42000 58000 16300 15200 11000

Polyplex :Product Portfolio PET Film 151 KTPA,CPP 10KTPA, BOPP 35 KTPA

INDIA THAILAND TURKEY

151000 35000 10000 INDIA THAILAND TURKEY

Offli C 310 M SQM

77600 57600

PET RESIN 192,200 TPA

160 150

Offline Coater 310 Mn SQM

PET FILM (TPA) BOPP (TPA) CPP (TPA)

57000 INDIA THAILAND TURKEY

SILICONE COATING (Mn Sqm)‐India EXTRUSION COATING (Mn Sqm)‐Thailand

INDIA THAILAND TURKEY

18

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SLIDE 19

Polyplex Group capacities: 2012

Polyplex Group Capacity

1200 1400 80,000 90,000 100,000 m) (in tons)

PET BOPP CPP PET Chips Metallizer Silicon Coating Extrusion Coating

35,000 ‐ 10,000 800 1000 50,000 60,000 70,000 city (in Million Sqm erial and Metallizer , 650 400 600 20,000 30,000 40,000 Coating Capa Base Film, Raw Mate 54,600 42,000 89,000 77,600 57,000 85,600 20,400 15,200 19,600 160 ‐ 200 ‐ 10,000

Base Film Raw Material Metallized Film Coated Film Base Film Raw Material Metallized Film Coated Film Base Film Raw Material Metallized Film

B

Mio Sqm

  • The above capacities include Silicone Coated Film under implementation in Thailand &

Thin PET film line expansion ( Including Resin + metallized film line) under implementation in Turkey India Thailand Turkey

19

in Turkey.

  • Off‐ line coater represents Silicone Coating line in India and Extrusion Coating line in

Thailand

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SLIDE 20

Polyplex: Continuous Growth…

250 000 35,000 10,000 10,000 200,000 250,000 C A P

196K MT 231K MT

35,000 10,000 150,000 A C I T

120K MT

120 000 151,000 185,600 100,000 Y I N

62K MT 91K MT

20,000 62,000 91,000 120,000 50,000 M T

20K MT

From 20 KMT capacity in 2002, we have become a TOP 5 Manufacturer of Thin BOPET Fil ith it f 151 KMT d ddi f th 31KMT b 2012 I

2002 2003 2005 2007 2010 2012 BOPET BOPP CPP

BOPET Film with capacity of 151 KMT and adding further 31KMT by 2012. In addition existing BOPP capacity of 35 KMT and CPP Capacity of 10 KMT

20

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SLIDE 21

Polyplex Thailand : Journey So Far

Thailand

Apr/ Nov 2003 PET Film – Line 1 & 2 Sep 2004 Feb 2005 July 2005 Chip Plant –Batch /Continuous Metallizer-1

Turkey

April 2008 May 2008 Metallizer -2 Extrusion Coated Film PET Film – Line 1 December 2005 y Metallizer - 1 Chip Plant March 2006 December 2006 March 2010 Cast Polypropylene Film Expected H1 FY 2011-12 Silicone Coating line Metallizer -2 PET Film - Line 2 May 2008 May 2008 FY 2011 12

21

PET Film Line-3, Metalliser + Chips line Expected Q4 FY 2011-12

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SLIDE 22

Projects Under Implementation

SILCONE COATING LINE – THAILAND

  • Investment size – USD 19 44 million including working capital

Investment size – USD 19.44 million, including working capital.

  • Target markets – Europe, US and Asia
  • Applications – Used as a release liner for Label liners, graphic

pp , g p arts, medical liners and Shingle Tapes

  • Capacity – Dependant on the product mix being run on the line

d i ifi tl diff t d t t 200 and can vary significantly across different product types – 200 million sq.mts to 600 million sq.mts

  • Financial closure achieved.
  • Expected to be operational in H1 of FY 2011‐12.

22

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SLIDE 23

Projects Under Implementation

THIN PET FILM LINE – TURKEY

  • Investment size – USD 79 million, including working capital.
  • Capacity – Fully integrated line – Backward integration into resin and forward

integration into metalized film

  • Thin PET film line – 31,000 MT pa

, p

  • High speed Metallized Film line – 8,600 MT pa
  • Polyester Resin plant – 28,000 MT pa
  • Financing Pattern:
  • Debt Borrowing – Approx. 50 Million USD ‐ Financial closure expected to be done

within Q4 of FY 2010‐11 Q

  • Balance to be funded out of internal accruals
  • Main machinery ordered and down payment made.
  • Expected to be commercially operational in Q4 of FY 2011‐12.

23

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SLIDE 24

Contents

  • BOPET Film Industry
  • Polyplex group
  • Polyplex Competitive Strength
  • Polyplex Competitive Strength
  • PTL : Financial Performance
  • Current Industry Scenario & Outlook

24

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SLIDE 25

Polyplex : Competitive Strengths

  • State‐of‐the‐art machineries at all locations
  • Backward Integration enables:

g

– Consistent quality – Development of new and specialty application products – Assured supplies

  • Forward integration and Concentric diversification enables us to

ff l t t

  • ffer more value to customers.
  • Customer engagement initiatives
  • B

fit f Gl b l

  • Benefits of Global presence
  • Focus on Operational Excellence – Better efficiencies, lower
  • perating costs etc

25

  • perating costs etc.
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SLIDE 26

Polyplex Group: Changing Paradigm

Year Capacity (MT) Product Market Space/Focus Source of Competitive Advantage ( ) p / g Pre‐2002 20,000

  • Domestic & Export focus.
  • Operational Excellence
  • Low cost

Operational Excellence

  • Global manufacturing and

customer base

  • Near Shoring

C t S i 2003‐07 90,000

  • Operational, Intellectual &

Emotional Integration

  • Customer Service
  • Customer Intimacy

2009 + 200,000

  • Leveraging Economies of

Scale

  • Delivering Profitable Value
  • Concentric diversification
  • Innovation

Concentric diversification

26

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SLIDE 27

Contents

  • BOPET Film Industry
  • Polyplex group
  • Polyplex Competitive Strength
  • Polyplex Competitive Strength
  • PTL : Financial Performance
  • Current Industry Scenario & Outlook

27

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SLIDE 28

Financial performance :H1 “2010‐11”

H1 2009-10 H1 2010-11 YoY % Production (PF+MF)-MT 53,705 55,886 4% Total Revenues 3,558 4,670 31% EBITDA 687 1 445 110% EBITDA 687 1,445 110% Profit before Tax 445 1,223 175% Profit after Tax (excl.minority int) 431 1,175 172%

28

Financial Figs in Mn THB Production Qty includes only BOPET Film.

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SLIDE 29

Financial performance:Q2 “2010‐11”

Q2 2009-10 Q1 2010-11 Q2 2010-11 QoQ% YoY% Production (PF+MF)-MT 26,917 28,267 27,619

  • 2%

3% Total Revenues 1,747 2,133 2,561 20% 47% EBITDA 327 543 902 66% 176% EBITDA 327 543 902 66% 176% Profit before Tax 211 431 792 84% 275% Profit after Tax (excl.minority int) 200 412 762 85% 280%

29

Financial Figs in Mn THB Production Qty includes only BOPET Film.

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SLIDE 30

Financial Performance – Historical Data

30

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SLIDE 31

Financial Performance : Key Indicators

0.60 0.70 0.80 5 00 6.00 7.00 0.30 0.40 0.50 3.00 4.00 5.00 ‐ 0.10 0.20 0.30 ‐ 1.00 2.00 2005‐06 2006‐07 2007‐08 2008‐09 2009‐10 H1 2010‐ 11 DSCR C R i D/E

D/E DSCR &

  • C. Ratio

DSCR Current Ratio D/E

INDICATOR 2005-06 2006-07 2007-08 2008-09 2009-10 H1 2010-11 DSCR 2.46 2.76 3.35 3.14 2.69 5.73

31

D/E 0.44 0.46 0.69 0.72 0.57 0.42 Current Ratio 2.03 1.55 1.81 4.11 2.11 2.60

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SLIDE 32

Capacity Utilization BOPET – Thailand

42,000 42,000 42,000 42,000 42,000 120% 42 000 48,000 88% 95% 90% 97% 99% 71% 91% 67% 74% 81% 60% 80% 100% 24 000 30,000 36,000 42,000 5,000 5,000 10,250 11,000 11,000 20% 40% 60% 6 000 12,000 18,000 24,000 0%

  • 6,000

Financial Year

Plain Film Metallized Film Plain Film Metallized Film

32

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SLIDE 33

Capacity Utilization ‐ Turkey

54,375 58,000 58,000 92% 89% 91% 90% 100% 54,000 60,000 29 000 29 000 81% 74% 83% 57% 72% 78% 60% 70% 80% 36,000 42,000 48,000 , 29,000 29,000 10,250 11,000 11,000 50% 20% 30% 40% 50% 12 000 18,000 24,000 30,000 5,000 5,000 0% 10% 20%

  • 6,000

12,000

Financial Year

Plain Film Metallized Film Plain Film Metallized Film

33

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SLIDE 34

Sales Mix – Region Wise

PTL Consolidated Sales THB 4 54 Bn

EUROPE 39% THAILAND 9% ROW 2%

PTL Consolidated Sales ‐ THB 4.54 Bn

39% ASIA 24% North America 26%

Note: Above region wise break up is based on Sales Value for H1 2010 - 11 at Polyplex (Thailand) Consolidated level

EUROPE North America ASIA THAILAND ROW

  • Significant presence in all leading markets
  • The company’s sales reach in premium markets of Europe & North America validate company’s

strategy to set up manufacturing facility in Turkey and acquire the distribution company in the US - Judicious mix of On-shore Off-shore and Near-shore strategy

34

US - Judicious mix of On-shore, Off-shore and Near-shore strategy

  • Well balanced region wise mix – no dependency on any single region
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SLIDE 35

Sales Mix – Increasing Value Added Products

* Value added films include Chemically Coated films Metallized Film (PET + CPP)

Note: Above data is for PTL (standalone) based on Sales quantity

35

Value added films include Chemically Coated films, Metallized Film (PET + CPP) and Thermal Laminated film which have higher value addition as compared with normal plain film.

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SLIDE 36

Competitor Comparison – Financial highlights

Performance

35.64% 22.61% 6.69%

EBI TDA Margin

PTL* (July-Sept-2010) AJ* (July-Sept-2010) TFI * (July-Sept-2010)

30.85% 17.54% 0.08% 23.73% 24.99% 0.07%

Net Profit Margin ROA g

Financial Position

33.36% 66.01% 0.21%

ROE

1.89 0.61 0.48 0.41 1.64 1.92 41.25 18.73 0.02

Current Ratio Debt to Equity I nterest Coverage Ratio

6.79 2.39 0.72

I nterest Coverage Ratio DSCR

Note : Interest Coverage Ratio = EBIT / Interest 36 DSCR = EBITDA / (Interest + Current Portion of Long Term Loan(prorated for the quarter period) *From SET filings (unconsolidated)

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SLIDE 37

Stock price ‐ performance

20 25

Stock Price related trends

10 15 5 10

Q4 ‐2008 Q1 ‐2009 Q2 ‐2009 Q3 ‐2009 Q4 ‐2009 Q1 ‐2010 Q2 ‐2010 Q3 ‐2010 Annualized EPS 1.35 1.3 1.16 1.08 1.15 1.30 2.08 3.80 Share Price ‐THB per share * 3.42 3.98 4.84 6.60 6.25 6.85 8.60 22.00 Book Value of share THB/Share 5 98 5 72 6 09 6 29 6 52 6 24 6 43 7 41

‐

Book Value of share ‐THB/Share 5.98 5.72 6.09 6.29 6.52 6.24 6.43 7.41 P/E(times) ‐ based on trailing 4 qtr EPS (excl current qtr) 3.13 3.40 3.90 5.12 5.12 5.85 7.34 15.70

* Stock price of PTL as at 2nd December 2010 is 40 Baht per share.

37

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SLIDE 38

Contents

  • BOPET Film Industry
  • Polyplex group
  • Polyplex Competitive Strength
  • Polyplex Competitive Strength
  • PTL : Financial Performance
  • Current Industry Scenario & Outlook

38

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SLIDE 39

Global BOPET – Disruption “Factors”

M k D l Market Developments

  • Over the past few years demand has continued to grow despite the Economic

Crisis in 2008‐09.

  • There has been inadequate matching capacity addition (excluding China).
  • Revival of demand post the economic crisis.

Structural changes : g

  • Closure of some old uneconomic lines
  • Diversion of capacity from packaging to industrial segment as well as conversion
  • f thin film lines into intermediate and thick films for new applications
  • f thin film lines into intermediate and thick films for new applications.
  • Heightened anxiety with the convertors to develop alternative supply options

with a clear preference for onshore/ near shore suppliers. N li i New applications

  • Optical industry /Photovoltaic (PV) industry in Advanced World.

The above Factors have resulted in a tight supply situation of BOPET Films in 2010.

39

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SLIDE 40

Demand 2010: Key Drivers

Consumer Staples

Packaging of food &

Consumer Discretionary

Automotive

I ndustrial Segments

g g personal products 2008 Q4 -- -- 2009 + Electronics & Consumer durables 2008 Q4 -- -- 2009 Existing 2008 Q4 -- -- New 2008 Q4 -- -- 2009 + 2010 + + 2009 -- 2010 + + 2009 -- 2010 + + 2009 + 2010 + + +

Consumer staples: Less susceptible to economic cycles. Cash crunch during 2008 crisis & Consumer staples: Less susceptible to economic cycles. Cash crunch during 2008 crisis & destocking in supply chain led to exaggerated “apparent” reduction in demand. Consumer discretionary: Demand dependant on consumer confidence. Grew steadily in pre recession period, slowed down in 2008‐09, revived rapidly in 2010 with revival of consumer recession period, slowed down in 2008 09, revived rapidly in 2010 with revival of consumer confidence especially in the emerging economies. Further aided by pent up demand Industrial Segments: Economic recovery & increased business confidence led to robust demand in 2010 . Boosted by new applications especially PV with 30% + growth demand in 2010 . Boosted by new applications especially PV with 30% + growth

40

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SLIDE 41

Supply 2010: Key Drivers

  • Drastic reduction in “apparent” demand in Q4 2008 & Q1 2009.
  • Due to fragmented nature of converting industry & diverse applications poor
  • Due to fragmented nature of converting industry & diverse applications, poor

visibility of polyester film demand.

  • Postponement of capacity additions due to perceived uncertainty of

demand, cash crunch, risk aversion & low business confidence

  • Closure of old uneconomic capacities in Europe & USA
  • Increased specialization leading to rationalization of product mix by some of
  • Increased specialization leading to rationalization of product mix by some of

the industry leaders away from packaging film to other emerging application

41

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SLIDE 42

Industry Outlook

  • The demand of BOPET in flexible packaging segment is

expected to grow at more than 10% CAGR .

  • Polyplex's estimate of Global Demand supply situation of Thin
  • Polyplex s estimate of Global Demand supply situation of Thin

Film Segment till 2013 is as follows.

P ti l / Y 2010 2011 2012 2013 Particulars / Year 2010 2011 2012 2013 Demand 1,810 1,975 2,155 2,350 Capacity 1 810 1 890 2 100 2 390 Capacity 1,810 1,890 2,100 2,390 Growth in Demand 165 180 195 210 Net Capacity Addition 80 210 290 180 Net Capacity Addition 80 210 290 180 Supply - Demand Situation (85) (55) 40 10 Shortage Shortage Excess Balanced

42 Calendar Year

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SLIDE 43

Questions & Answers

43

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SLIDE 44

The views expressed here contain information derived from publicly available sources that have not b i d d tl ifi d N t ti t i d t th

Disclaimer

been independently verified. No representation

  • r

warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be

  • incorrect. This presentation should not be relied upon as a recommendation or forecast by Polyplex

(Thailand) Public Co., Ltd. Nothing in this release should be construed as either an offer to sell or a

Disclaimer

( ) , g solicitation to buy or sell shares in any jurisdiction.

44

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SLIDE 45

Thank you Thank you

45