Public Company Limited SET Opportunity Day Q2/2017 : 29 August 2017 - - PowerPoint PPT Presentation
Head Office : 727 La Salle Road, Bangna, Bangna District, Bangkok 10260 Tel. : +66 2 338 8000, Fax : +66 2 338 8090 Christiani & Nielsen (Thai) Public Company Limited SET Opportunity Day Q2/2017 : 29 August 2017 Website: cn-thai.co.th
Christiani & Nielsen (Thai) Public Company Limited
Website: cn-thai.co.th Telephone: 0 2338 8000
Head Office : 727 La Salle Road, Bangna, Bangna District, Bangkok 10260
SET Opportunity Day
Q2/2017 : 29 August 2017
The contents of the presentation provided by Christiani & Nielsen (Thai) Public Company Limited (the “Company”) is provided as information for discussion purpose only. Past performance is not indicative of future performance. Some of the information in this presentation may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. The reader must make his/her own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment. Any opinion or estimate contained in this presentation is made on a general basis and is not to be relied on by the reader as advice. Neither the Company nor any of its employees or agents have given any consideration to nor have they or any of them made any investigation of the investment objectives, financial situation or particular need of the reader, any specific person or group of persons. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the reader, any person or group of persons acting on any information, opinion or estimate contained in this presentation.
DISCLAIMER
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AGENDA
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AGENDA
Q2/2017
COMPANY PROFILE
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Company Business Registered Capital Paid-up Capital Establishment Listed Date Industry / Sector Market
Christiani & Nielsen (Thai) Public Company Limited Construction services, including the design and construction of a wide variety of building and civil engineering works, the design, fabrication and erection of steel structures and a full range of electrical and mechanical engineering services Common shares: THB 1,102,904,144 at par value of THB 1.00 per share
(On 2 Aug 17, the EGM approved to change the Company’s registered share capital from THB 1,177,904,244 to THB 1,102,904,144.)
Common shares: THB 1,002,904,144 at par value of THB 1.00 per share 10 September 1930 1 March 1991 Property & Construction / Construction Services Stock Exchange of Thailand (“SET”) Main Board
VISION AND MISSION
VISION
Develop Sustained Competitiveness Aim to Produce High Quality Works Develop Optimum Sale & Services Develop Optimum Staff Cost Consciousness
MISSION
มุ่งมั่นพัฒนาธุรกิจให้สามารถแข่งขันได้ เพื่อให้องค์กรเจริญก้าวหน้ายั่งยืนต่อไป มุ่งมั่นพัฒนาผลิตภัณฑ์ให้มีคุณภาพเหมาะสมกับลูกค้า มุ่งมั่นพัฒนาเทคนิคการขายและการให้บริการ มุ่งมั่นพัฒนาจิตส านึกในเรื่องของต้นทุน
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TYPE OF CONSTRUCTION PROJECTS
7 Buildings Industrial Infrastructure
Retail hypermarkets and stores, distribution centres, universities, schools, hospitals, offices, condominiums, hotels, refurbishment and renovation and other commercial and general buildings. Industrial plants, factories and warehouses. Mass transit, roads, highways, bridges, overpasses, sports facilities, water distribution and wastewater collection tunnels, gas pipelines, flood protection, waste water treatment plants, environmental landfill sites.
PAST EXPERIENCE
8 Buildings Industrial Infrastructure
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Mahidol University Technology Theatre Hall (2014)Nakhon Si Thamarat Highway (Route No.403) (2004)
Klong Toey Port (1942-1945)Bangkok Wastewater Treatment Plant (1995-1997
New Plasterboard Plant (2013) PTT Polymer Logistics Platform (2013)Rama VI Bridge (1951-1952) Thung Phra Men Flyover (2015)
LNG Receiving Terminal (2009)Phitsanulok - Lom Sak Highway (2015)
Avani Bangkok Riverside (2016) New Sausage Plant (Phase 2) (2016) TARA Building Pattanakarn (2016) M Tower Sukhumvit 62 (2016) MUIC Education Building Mahidol University (2016) MJETS Hangar (2016)Nestle Water (2016)
SCG Head Office 3 & Parking (2014) IRPC UHV Civil Work (2016) CURRENT PROJECTS
9 Buildings Industrial Infrastructure
Somerset Maison Asoke Hotel 41.10%New Project U-Turn Ramps on Highway Route 305 (Outer Ring Road – Rangsit Road Section) Pathum Thani Start Date : 11 Aug.15 Finish Date : 30 Jul. 17
Rachapreuk Hospital 53.85%New Projects
New Projects
REF. CONTRACT TITLE LOCATION SEGMENT 1 IKEA Phuket Renovation PHUKET Industrials 2 MAKRO Chaing Mai CHAING MAI Hypermarket 3 CHIA TAI New Office BANGKOK Building 4 MEGAHOME Chiang Rai CHIANG RAI Hypermarket 5 Indochina Intersection PHITSANULOK Infrastructure 6 Si Mummuang Market & Shophouses PATHUM TA NI Hypermarket 7 BTG Slaughterhouse LOPBURI Industrials 8 CPRAM Chonburi Extension CHONBURI Industrials 9 New Parking Building NAKHON PATHOM Building 10 Kratingdaeng New Factory KHON KAEN Industrials 11 CPRAM KHON KAEN KHON KAEN Industrials 12 Klang Station Korat NAKHON RATCHASIMA Industrials 13 CARGILL HATCHER EXPANSION NAKHON RATCHASIMA Industrials 14 CP RAM PILING PATHUM THANI Industrials 15 Nestle Demolition YANGON,MYANMAR Industrials 16 THAIUNION OFFICE SAMUT SAKHON Industrials 17 MAKRO Pathum Thani PATHUM THANI Hypermarket 18 Simummuang Parking Building PATHUM THANI Building 19 BPS Foundation BANGKOK Building 20 Vistec 3.2 RAYONG Industrials
NEW CONTRACTS AWARDED DURING Jan – Aug’17 10
REF. CONTRACT TITLE LOCATION SEGMENT 21 BANG SAI Renovation Phase1 AYUTTHAYA Building 22 CPF Korat extension CHONBURI Industrials 23 New Parking Building for Prince Mahidol Hall NAKHON PATHOM Building 24 AIRASIA Warehouse BANGKOK Building 25 CPRAM Surat Thani SURAT THANI Industrials 26 SBRP SAMUT PRAKAN Industrials & Hypermarket 27 CPRAM Lamphun LAMPHUN Industrials 28 CPRAM Bo Ngoen2 PATHUM THANI Industrials 29 MAKRO Pracha Uthit BANGKOK Hypermarket
TOTAL VALUE AMOUNT ~ 5,980 MB.
NEW CONTRACTS AWARDED DURING Jan – Aug’17 11
TRAINING CENTER for Safety Officers at Supervisor Level
Registered with Department of Labour Protection and Welfare
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New Training Centre 2 Storey Training Building Location: Nimitmai 64, Minburi Area : 16,000 m2
Opened : 22 November 2013 Objectives:
Duration: 1 - 5 days 2017 plan: 75 classes (63 classes in 2016)
15% 85%
Workshop
Lecture Established on 8 April 2008
ศูนย์ฝึกอบรมบมจ.คริสเตียนีและนีลเส็นไทย ถนนนิมิตรใหม่ กรุงเทพฯ
Type of in-house training:
STEEL STRUCTURE & FABRICATION FACTORY
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Workshop
Lecture
Factory Location / area : Sriracha (New Factory 34,000 m2)
(Moved on 1 November 2013)
> More over 10,000 pieces on stock
> 4 types as worksite required > Capacity for
~ 600 – 1,000 Tons / month
Objectives:
material to in-house material from 80:20 to 50:50
SUPPORTING FACILITY
Establishment of a new subsidiary in Myanmar
Date of Incorporation: 15 July 2016 Name: Christiani & Nielsen (Myanmar) Limited Address:
Street,Bahan, Township, Yangon, The Republic of the Union of Myanmar Tel: (951) 540 188 Country of Incorporation: The Republic of the Union of Myanmar Nature of Business: Construction, engineering and related services Registered Capital: Common Shares: USD 500,000 divided into 500,000 ordinary shares at par value of USD 1.00 Paid-Up Capital: Common Shares : USD 200,000 dividend into 200,000 ordinary shares at par value of USD 1.00
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Establishment of a new subsidiary in Cambodia
Date of Incorporation: 4 July 2017 Name: Christiani & Nielsen (Cambodia) Co., Ltd. Address: KM16 National Road No.4, Phum Trapeang , Sangkat Kambol, Khan Porsen Chey, Phnom Penh, Kingdom of Cambodia Tel:(855) 23 36 6342-3 Country of Incorporation: Kingdom of Cambodia Nature of Business: Construction, engineering and related services Registered Capital: Common Shares: USD 100,000 divided into 100,000 ordinary shares at par value of USD 1.00 Paid-Up Capital: Common Shares : USD 100,000 dividend into 100,000 ordinary shares at par value of USD 1.00
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AGENDA
Q2/2017
FINANCIAL HIGHLIGHTS (Consolidated statements of income)
(Unit : Million Baht) Year 2012 Year 2013 Year 2014 Year 2015 Year 2016 HY 2016 HY 2017 Construction Revenue 7,269 8,933 9,413 7,322 6,972 3,220 3,324 Total Revenue 7,310 9,044 9,437 7,355 7,003 3,245 3,362 Gross Profit Margin 644 620 (96) 336 441 200 181
Gross Margin (%) 8.9 6.9 (1.0) 4.6 6.3 6.2 5.5
Administrative Expenses 229 289 298 292 330 164 148
% Admin. Exps. / Total Revenue 3.13 3.20 3.16 3.97 4.71 5.05 4.40
EBIT 456 441 (369) 77 142 61 71
% EBIT / Total Revenue 6.2 4.9 (3.9) 1.0 2.0 1.9 2.1
Interest & Corporate Tax (8) (7) (15) 50 2 24 22 Net Profit 464 448 (354) 27 140 37 49
% Net Profit Margin / Total Revenue 6.4 5.0 (3.8) 0.4 2.0 1.1 1.5
Backlog 7,943 10,324 5,210 4,449 6,469 4,538 7,445
(31 Dec. 12) (31 Dec. 13) (31 Dec. 14) (31 Dec. 15) (31 Dec. 16) (30 Jun.16) (30 Jun,17)
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STATEMENTS OF INCOME (Consolidated)
7,310 9,044 9,437 7,355 7,003 3,245 3,362 7,269 8,933 9,413 7,322 6,972 3,220 3,324 644 620 (96) 336 441 200 181 456 441 (369) 77 142 61 71 8.9% 6.9%
4.6% 6.3% 6.2% 5.5% 6.2% 4.9%
1.0% 2.0% 1.9% 2.1% 3.1% 3.2% 3.2% 4.0% 4.7% 5.1% 4.4%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
(2,000)
4,000 6,000 8,000 10,000 12,000
Year 2012 Year 2013 Year 2014 Year 2015 Year 2016 HY 2016 HY 2017
Total Revenue Construction Revenue Gross Margin EBIT %GSM % EBIT % Adm. Exps.
Unit: MB
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Note : in Year 2013 the EBIT was high due to the Company had Extraordinary income ~ 66 MB in Q1’13. (refund of w/t deducted at source of the year 1999-2001)
PERFORMANCE & REVENUE GROWTH
Unit: MB
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8.9% 6.9%
4.6% 6.3% 6.2% 5.5% 6.4% 5.0%
0.4% 2.0% 1.1% 1.5%
0.0% 5.0% 10.0%
2012 2013 2014 2015 2016 HY'2016 HY'2017
% Net Profit % GSM
Compare % GSM VS % Net Profit
Gross Profit Margin Average = 5% Net Profit Margin Averaged = 2%
7,310 9,044 9,437 7,355 7,003 3,245 3,362 7,269 8,933 9,413 7,322 6,972 3,220 3,324 644 620
336 441 200 181
464 448
27 140 37 49
2,000 4,000 6,000 8,000 10,000 12,000
2012 2013 2014 2015 2016 HY 2016 HY 2017 Total Revenue Construction Revenue Gross Profit Net Profit
+ From 2012 to 2014, the Company's Total Revenues increased substantially, with a CAGR of 13.62%, but a CAGR of -13.86% decreased from 2014 to 2016
and increased by 3.61 % in HY 2017 as compared in HY 2016 Total Revenue is 7,003 MB. in year 2016 and in HY 2017 is 3,362 MB.
PERFORMANCE BY QUARTER
Unit: MB
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1,971 1,746 1,515 1,730 1,786 1,972 1,399 1,962 1,963 1,741 1,513 1,707 1,783 1,969 1,396 1,928 81 100 90 110 127 114 87 94 16 20 12 49 38 43 20 51
0.8% 1.1% 0.8% 2.8% 2.1% 2.2% 1.4% 2.6% 4.1% 5.7% 5.9% 6.4% 7.1% 5.8% 6.2% 4.9%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
(500) 500 1,500 2,500 3,500 4,500
Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
Total Revenue Construction Revenue Gross Margin EBIT % GSM % EBIT
TOTAL REVENUE as of 30 June 2017 by Segments
Industrial Facilities, 46.3% Hypermarket, 8.8% Hotel/Resorts/ Condo, 1.6% Private Bldgs., 29.8% Government Bldgs., 9.6% Highway , 3.9%
Total Revenue by Segment
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Short Term 55.1% Long Term 44.9%
Hypermarket 16.0%
Industrial 84.0%
Short Term Revenue by Term
BACKLOG (MB)
7,943 10,324 5,210 4,449 6,469 7,445
2,000 4,000 6,000 8,000 10,000 12,000
2012 2013 2014 2015 2016 30 Jun'17 As at 31 Dec.
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Industrial Facilities, 24.0% Hypermarket, 2.4% Hotel/Resorts /Condo, 2.6% Private Bldgs., 27.0% Government Bldgs., 4.8% Highway , 39.2%
Backlog as of 30 Jun. 2017 by Segment
FINANCIAL HIGHLIGHTS
STATEMENTS OF FINANCIAL POSITION (Consolidated)
(Unit : Million Baht) 31 Dec. 2012 31 Dec. 2013 31 Dec. 2014 31 Dec. 2015 31 Dec. 2016 30 Jun. 2017
Total Assets 4,667 5,602 5,211 4,551 5,010 5,234 Total Liabilities 2,724 3,423 3,486 2,802 3,171 3,408 Net Equity 1,943 2,179 1,725 1,749 1,839 1,826 Paid-up Capital (THB. 1 / share) 501 1,003 1,003 1,003 1,003 1,003 BV per Share (Baht) 3.88 2.17 1.72 1.74 1.83 1.82 Diluted BV per Share (Baht) 1.94 2.17 1.72 1.74 1.83 1.82 23
STATEMENTS OF FINANCIAL POSITION
1.40 1.57 2.02 1.60 1.72 1.87
0.00 2.00 4.00
2012 2013 2014 2015 2016 Q2'17
D/E Ratio
2,000 4,000 6,000
2012 2013 2014 2015 2016 30 Jun'2017
4,667 5,602 5,211 4,551 5,010 5,234 2,724 3,423 3,486 2,802 3,171 3,408
1,943 2,179 1,725 1,749 1,839 1,826
Total Assets Total Liabilities Net Equity
As at 31 Dec.
Unit: MB
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( 4.47 %) ( 7.47%) ( 0.71 %)
FINANCIAL DATA & RATIOS (Consolidated F/S)
Year 2012 Year 2013 Year 2014 Year 2015 HY 2016 HY 2017
EPS (Baht) 0.93 0.45 -0.35 0.02 0.37 0.05
Diluted EPS 0.47 0.45
0.02 0.37 0.05
Paid-up Capital
(Million shares)
(1 ordinary share : 1 Baht)
501.45 1,002.90 1,002.90 1,002.90 1,002.90 1,002.90 GSM % 8.86 6.94 -1.02 4.59 6.21 5.45 EBIT Margin % 6.27 4.94 -3.92 1.05 1.89 2.11 Net Profit Margin % 6.35 4.95 -3.75 0.37 1.14 1.46 Current Ratio (Times) 1.43 1.36 1.21 1.27 1.29 1.21 Debt / Equity Ratio (Times) 1.40 1.57 2.02 1.60 1.57 1.87 *Dividend Yield % 3.00 4.95 4.50 1.56 N/A 2.78
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*source: www.set.or.th
FINANCIAL RATIOS & RATE OF RETURN
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ROA vs ROE
10.42% 8.72%
1.36% 2.93% 3.11% 25.05% 21.73%
1.57% 7.81% 8.45%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 2012 2013 2014 2015 2016 2017
ROA ROE
0.93 0.45
0.02 0.14 0.06 1.52 0.20 0.05
1.00 1.50 2.00
2012 2013 2014 2015 2016 HY 2017 EPS(Baht) Total Payment (Baht)
0.05
Dividend Payout
55.91% 44.44% 83.33% 71.43% 80.23% 163.44% 44.39% 83.33% 71.43% 80.23% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180%
2012 2013 2014 2016 HY'2017 Cash Dividend Total Dividend
Dividend Yield
8.86% 6.94%
4.59% 6.33% 5.45% 6.27% 4.94%
1.05% 2.04% 1.46% 6.35% 4.95%
0.37% 2.01% 2.11%
1.00% 3.00% 5.00% 7.00% 9.00% 11.00%
2012 2013 2014 2015 2016 HY'17 GSM % EBIT % Net Profit %
Margin % Dividend Payout
1.43 1.36 1.21 1.27 1.26 1.21 1.40 1.57 2.02 1.60 1.72 1.87
1.00 1.20 1.40 1.60 1.80 2.00 2.20 Current Ratio
D/E Ratio
Current Ratio vs D/E Ratio
3.00% 4.95% 4.50% 1.56% 2.78% N/A
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 2012 2013 2014 2015 2016 HY'17
% Dividend Yield YTD 15 Aug 17
stock dividend of THB. 1.00 per share
HISTORICAL DIVIDENDS (Separate F/S)
Year 2012 Year 2013 Year 2014 Year 2015 Year 2016 HY 2017
Interim
(6mths. Performance 1 Jan.– Jun.14)
2014
EPS (Baht) 0.93 0.45 0.06 (0.35) 0.02 0.14 0.06
Diluted EPS
0.47 0.45 0.06 (0.35) 0.02 0.14 0.06 Paid-up Capital (Million Shares) 501.45 1,002.9 1,002.9 1,002.9 1,002.9 1,002.9 1,002.9 Dividend Paid (Baht)
0.52 0.20 0.05 0.05
0.05
1.00**
1.52 0.20 0.05 0.05
0.05 Date of Payment
15 Jun 12 = 0.10 14 Jun 13 = 0.05 10 Sep 12 = 0.10 6 Sep 13 = 0.05 5 Sep 14 = 0.05 5 Sep 14 = 0.05 13 Dec16 = 0.05
(9mths Performance 1 Jan 16- 30 Sep 16)
8 Sep’17
(XD 23-25 Aug’17)
12 Dec12 = 0.10 13 Dec13 = 0.05 2 May 13 = 1.22 6 May 14 = 0.05 8 May 17 = 0.05
% Cash Dividend Paid 55.91 44.44 83.33
80.23 Payout (%) * 163.44 44.44 83.33
80.23
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* Dividend Payment Policy : Not less than 40% of net profit after tax as per Separate Financial Statements. ** Dividend Payment Ratio not calculated for 2014 as the Company had a net loss.
(Fm.EPS=0.06 HY) AGENDA
Q2/2017
REVENUE TARGET (MB)
5,072 4,376 4,107 4,822 7,310 9,044 9,437 7,355 7,003 8,000
2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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*will depend on the market environment and the Thai Economy.
*
IR Contact E- mail ir@cn-thai.co.th