SAT SAT ... To Become the Auto Parts Manufacturing Leader in ASEAN - - PowerPoint PPT Presentation
SAT SAT ... To Become the Auto Parts Manufacturing Leader in ASEAN ... To Become the Auto Parts Manufacturing Leader in ASEAN 2Q09 Operating Results 2Q09 Operating Results th August 2009 28 th August 2009 28 Agenda Industry
... To Become the Auto Parts Manufacturing Leader in ASEAN ... To Become the Auto Parts Manufacturing Leader in ASEAN… …
2Q09 Operating Results 2Q09 Operating Results
28 28th
th August 2009
August 2009
3
Thailand Car Production & Sales
360 158 327 412 459 585 751 928 1,125 1,188 1,287 1,394
940
(- 33%)
363,156 144,065 218,330 262,189 296,985 409,362 533,176 626,026 703,261 682,161 631,251 615,270 430,000
(-30%)
42,218 67,857 125,702 152,835 181,471 175,299 510,000
(-34% )
775,652 235,122 332,053 440,705 538,966 690,100
400 800 1,200 1,600
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009F
Actual Production TAI & FTI Prod Forecast Domestic Sales Export Sales
Asia’s Recovery Thousand units Asia Financial Crisis of 1997-98
Source: 1997-2008 Federation of Thai Industry
4
6M09 Car Production & Sales
Source: TAIA
Units % Growth Units % Growth
Domestic P/C 18,323
19,340
P/U 19,789
21,498
Others 1,202
2,564
39,314
43,402
Export P/C 9,111
9,111
P/U 26,292
26,292
35,403
35,403
Total P/C 27,434
28,451
P/U 46,081
47,790
Others 1,202
2,564
74,717
78,805
Total Domestic Total Export Grand Total June 2009 Production Sales (By Type) Units % Growth Units % Growth
Domestic P/C 79,609
98,991
P/U 68,267
118,167
Others 6,392
14,270
154,268
231,428
Export P/C 43,449
43,449
P/U 191,368
191,368
234,817
234,817
Total P/C 123,058
142,440
P/U 259,635
309,535
Others 6,392
14,270
389,085
466,245
Total Export Grand Total Production Sales (By Type) Total Domestic 6M09 Units % Growth Units % Growth Toyota
172,395
192,447
Isuzu/GM
49,320
67,546
Mitsubishi
35,226
45,796
Honda
55,832
58,773
Nissan
24,619
29,618
AAT (Ford&Mazda)
39,227
43,362
Others
12,466
28,703
389,085
466,245
(By Brand) Total 6M09 Production Sales
Jan Feb Mar Apr May Jun Jul
Dom P/C 13,912 14,587 16,864 16,361 17,927 19,340 P/U 16,222 17,563 21,610 21,065 20,209 21,498 32,085 34,361 41,328 39,713 40,539 43,402 43,156 Exp SP/C 8,945 5,721 6,310 5,972 7,390 9,111 P/U 40,509 38,888 38,465 22,691 24,523 26,292 49,454 44,609 44,775 28,663 31,913 35,403
2009 Sales Dom Sales Exp Sales
Jan Feb Mar Apr May Jun Jul
Dom Sales
YTD
Exp Sales
YTD
Total Sales -21.8%
YTD
Production -33.0%
YTD
%Growth (units)
5
6M09 Car Production & Sales Overview
719,189 389,085 321,475 231,428 385,370 234,817
100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000
6M08 6M09 Production Domestic Sales Export Sales
Source : TAIA (pls. find details on page 31)
Units
5 . 9 %
Prod Dom Sales Exp Sales
Pick Up & PPV 81% Passenger 19% Pick Up & PPV 51% Passenger 43% Others 6% Pick Up & PPV 67% Passenger 32% Others 2%
6
6M09 Car Production by Type & Brand
506,056 259,635 123,058 202,983 6,392 10,150 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000
6M08 6M09 Pickup & PPV Passenger Car Others
Units
Toyota 46% Isuzu 19% Nissan 7% Mitsubishi 13% AAT 15%
P/U &PPV P/C
Honda 45% Toyota 43%
Nissan 6% Others 5% Source : TAIA (pls. find details on page 31)
Mitsubishi 1%
7
6M09 Domestic Car Sales by Type & Brand
Toyota 41% Isuzu 41% Mitsubishi 5% AAT 5% N i s s a n 7 % Toyota 42% Honda 40% Others 10%
116,701 183,709 118,167 98,991 21,065 14,270
50,000 100,000 150,000 200,000 250,000 300,000
6M08 6M09
Pickup & PPV Passenger Car Others
Units
P/U &PPV P/C
Nissan 4%
Mitsubishi 1% Mazda 2%
Source : TAIA (pls. find details on page 31)
8
6M09 Export Car Sales by Type & Brand
93,189 191,368 292,181 43,449
50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000
6M08 6M09
Pickup & PPV Passenger Car
Units
4 . 5 %
3 . 4 % Toyota 44% Isuzu 10% Nissan 7% Toyota 42% Honda 43%
Mitsubishi 1%
Nissan 11% Mitsubishi 20% AAT 20%
P/U &PPV P/C
Others 3% Source : TAIA (pls. find details on page 31)
9
6M09 Export Car Sales Destinations
Source: TAIA
17% 21% 29% 27% 24% 25% 25% 24% 24% 12% 12% 7% 7% 7% 8% 12% 13% 6%
0% 25% 50% 75% 100%
6M08 2008 6M09
385,370 Units
%
Middle East (+ 5% yoy) Aus, NZ & Oceania (-43% yoy) Asia (-41% yoy) Central&S. America (-63% yoy) Europe (-68% yoy) Africa (-29% yoy)
775,652 Units 234,817 Units
10
SBG’s Order Progress OEM Update Carmakers
competitor
land for construction of the manufacturing facility
2010 to 2012
3/2011
Industrial Park, Rayong
2010 to 2011
yr, and double in the 2nd yr
Nissan AAT (B Car)
Toyota
TATA
Mitsubishi
Honda
Suzuki
Note: Toyota and Honda are negotiating for lower production requirement from 100K units, Mitsubishi’s negotiating for lower excise tax
11
2009 Global Auto Sales Growth
Source : Marklines, ARA, FCIA , publications and media sources * Vehicle export destinations of Thailand Region Jan. Feb. Mar. Apr. May Jun. Jul. Germany*
21.0% 40.0% 19.4% 39.7% 40.5% 29.5%
France*
8.1%
11.9% 7.1% 3.1%
UK*
2.4%
Spain*
Italy*
0.2%
12.4% 6.2%
Belgium*
USA
Canada
1.0%
5.5%
Brazil*
17.0%
2.1% 17.0%
South Africa*
Australia*
Japan
South Korea
10.0%
China
33.0% 5.0% 25.0% 34.0% 36.5% 63.6%
Taiwan
25.8% 23.4%
Indonesia*
Malaysia*
India
3.0% 1.0% 4.2% 2.5% 7.8% 31.0%
Thailand
Unit: % yoy
12
scrappage incentive/ tax breaks
Government’ stimulus package Improving CCI and consumer
spending
Travelling/ tourism
Environmentally-friendly Energy-saving
scrappage incentive/ tax breaks
Government’ stimulus package Improving CCI and consumer
spending
Travelling/ tourism
Environmentally-friendly Energy-saving
Rising unemployment Decreasing CCI and consumer
spending
2009 Flu Pandemic
Declining availability of loans
Rising unemployment Decreasing CCI and consumer
spending
2009 Flu Pandemic
Declining availability of loans
13
Production Base Comparison
CON Thailand Oversea PRO
co., no national brand, one-stop service center
force
transportation facilities
and GMS*
* GMS : the Greater Mekong Sub-Region
Area (AFTA)
OEMs
rapid capability improvement required
USD more than Asian currencies
investment ; Vietnam
Malaysia, Indonesia
India, Vietnam
technology change, design, testing, cost reduction
accepted ; China, India, Malaysia
China
world’s leading OEMs
scales i.e. china, India
enforcement; China
shaping the auto industry and strongly encourage R&D on alternative power trains; China
15
SMT 7% Other 5%
SAT 88%
Market share H1’09
Rear Axle Shaft Y08 = 86 % Rear Axle Shaft Y08 = 86 %
Customer Model
Toyota (100%) Fortuner, Vigo Mitsubishi (100%) Triton, 3E45 AAT (Mazda & Ford) (100%) BT-50, Ranger Isuzu (70%) D-Max 4x4, 2x4 , 4x2 (3,000cc. Only), MU-7
Pickup car
NHK 65% Other 1%
BSK 34%
Market share H1’09
Coil Spring Y08 = 28 % Coil Spring Y08 = 28 %
Customer Model
Mitsubishi (29%) Lancer (Rear) Toyota (10%) Camry (Rear) Honda (26%) (Accord excl.) Jazz, City (Rear) Nissan (9%) New Teana (Front)
Customer Model
Toyota (59%) Fortuner, Vigo 4x4 Mitsubishi (100%) Triton, 3E45
Pickup car Passenger car
Market Share of Product Champions
16
BSK 37%
Other 1% NHK 62%
Market share H1’09
Stabilizer Bar Y08 = 35% Stabilizer Bar Y08 = 35%
Customer Model
Mitsubishi (29%) Lancer Honda (52%) Jazz/City (FR) / Accord (RR) Toyota (20%) New Altis (FR)
Customer Model
Toyota (56%) Fortuner, Vigo 4x4 Mitsubishi (100%) Triton, 3E45 Nissan (90%) LCV 4x2, Navara
Passenger car Pickup car
NHK 89% BSK 11%
Market share H1’09
Leaf Spring Y08 = 17% Leaf Spring Y08 = 17%
Customer Model
Mitsubishi (100%) Triton
Pickup car
Customer Model
Hino (2%) Bus Mitsubishi Fuso Truck (88%) Trucks
Commercial car
Market Share of Product Champions
17
Other 1% Aisin 65% Kiriu 4%
SBM 30%
Market share H1’09
Disc Brake Y08 = 29% Disc Brake Y08 = 29%
Customer Model
Honda (100%) Jazz/City, Civic, Accord, CR-V Mitsubishi (21%) Space Wagon
Customer Model
Mitsubishi (100%) Triton, 3E45
Passenger car Pickup car
SBM 23%
Kiriu 5% Aisin 51%
Other 21%
Market share H1’09
Drum Brake Y08 = 26 % Drum Brake Y08 = 26 %
Customer Model
Mitsubishi Fuso Truck (88%) Trucks
Customer Model
Mitsubishi (100%) Triton, 3E45 Isuzu (70%) D-Max 4x4, 2x4, 4x2 (3,000 cc. only), MU-7
Customer Model
Honda (31%) City (Rear)
Commercial car Passenger car Pickup car
Market Share of Product Champions
18
Other 21% Aisin 59%
Calsonic 2%
SBM 18%
Exhaust Manifold Y08 = 20% Exhaust Manifold Y08 = 20%
Market share H1’09
Customer Model
Mitsubishi (53%) Lancer
Customer Model
Mitsubishi (88%) Triton, 3E45 AAT (100%) BT-50, Ranger
Pickup car Pickup car
Market Share of Product Champions
19 Note : Full Capacity= 500 hrs./month
%utilization Capacity
(pcs)
%utilization Capacity
(pcs)
2009E 2008 Production Volume
(Per Month) 86% 80% 95% 89% 75% 65% 79% 60% 90% 1,500 11,000 46,000 95,000 100,000 109,000 255,000 210,000 1,500 11,000 46,000 95,000 100,000 109,000 255,000 240,000 55% Leaf Spring (tons) 55% Axle Shaft 40% Coil Spring 65% Exhaust Manifold 65% Drum Brake 57%
Weighted Utilization rate
65% Fly Wheel 45% Stabilizer Bar 65% Disc Brake
Revised Full Capacity and Utilization Rate
21
Unit: Bt.mn
2Q08 1Q09 2Q09 YoY QoQ 6M08 6M09 YoY Sales 1,401 939 815
2,800 1,754
Total Revenue 1,426 957 837
2,854 1,794
GP 287 130 101
603 231
SG&A 89 82 87
7.1% 172 169
EBITDA 322 161 138
678 299
NOPAT 196 57 30
420 87
Net Profit 165 25 1
351 27
Total Assets 5,756 5,863 5,741
5,756 5,741
2,149 2,483 2,501 16.4% 0.7% 2,483 2,501 0.7% Total Liabilities 3,297 3,279 3,158
3,279 3,158
Equity 2,459 2,584 2,583 5.0% 0.0% 2,584 2,583 0.0% Depreciation 88 102 105 18.3% 2.8% 174 207 18.8% CAPEX 226 85 238 5.3% 180.2% 285 323 13.2% Effective Tax Rate 18.4% 8.7% 67.3% 19.4% 16.1%
22
2Q08 1Q09 2Q09 6M08 6M09
GPM
(%)
20.49 13.85 12.39 21.55 13.17 EBITDAM
(%)
22.56 16.86 16.46 23.76 16.67 NPM
(%)
11.60 2.65 0.16 12.31 1.49 ROA (annualized)
(%)
12.40 1.76 0.09 13.17 0.93 ROFA (annualized)
(%)
31.07 13.31 10.81 32.14 11.89 EBITDA/CAPEX (Times) 1.43 1.90 0.58 2.38 0.93 ROE (annualized)
(%)
29.45 4.06 0.21 31.28 2.12 ROCE (annualized)
(%)
23.25 5.67 3.19 24.66 4.46 ROIC (annualized)
(%)
18.06 4.66 2.46 17.51 3.54 IBD/Equity
(Times)
0.87 0.96 0.97 0.96 0.97 DER (Times) 1.34 1.27 1.22 1.27 1.22
(Times)
10.56 5.09 4.74 9.91 4.93 EPS
(Bt.)
0.55 0.08 0.00 1.17 0.09 BVPS
(Bt.)
8.20 8.61 8.61 8.61 8.61
SECTOR => SAT, AH, STANLY, YNP, TSC 2.94
12.10
3.43
10.44
23
33% 31% 29% 30% 32% 10% 11% 14% 13% 10% 12% 11% 12% 12% 11% 4% 5% 4% 4% 3% 5% 4% 4% 3% 3% 7% 7% 7% 7% 8% 21% 25% 25% 23% 26% 7% 7% 6% 6% 7%
0% 25% 50% 75% 100%
2Q08 3Q08 4Q08 1Q09 2Q09
Domestic 93% OEM 98% 1,401
Axle Shaft Leaf Spring Disc & Drum Brake Exhaust Manifold Fly Wheel (+Comp) Stabilizer Bar Coil Spring Others
(i.e. Big Hub, Bracket, Timing Cover, Camshaft)
Bt.mn
1,439 1,575 939 815
24
32% 34% 32% 25% 21% 23% 21% 23% 25% 27% 8% 8% 8% 9% 8% 5% 4% 23% 26% 26% 26% 23% 8% 6% 9% 7% 7% 5% 5% 5% 5% 7%
0% 25% 50% 75% 100% 2Q08 3Q08 4Q08 1Q09 2Q09
Mitsubishi Toyota Honda Isuzu AAT Others
Pickup+ PPV ~ 75%
Bt.mn
1,401 939 1,575 1,439
Kubota
815
26
Financial Sales Operation
effectively
Inventory Day and A/R Day
pre-payment transactions
stocks and non- core assets
repayment
target of 120 MB
Maintenance
production lines from Bangna to Rayong for tax benefit
stakeholders’ satisfaction through company’s CG
employees’ competence and skills
customers for KD parts
customers’ overseas production base
agribusiness
share by maintaining customers’ satisfaction
R&D
software for coil spring and disc/drum brake
machinery for coil spring: dimension/ stress inspection, fatigue/ creep testing, and 6-axis evaluation machine
for disc/ drum brake: to test performance, noise, and vibration
27
2009 Capital Expenditures Update
Unit: Million Baht
1Q09 2Q09 3Q09 4Q09
R&D (SBM)
32.1
Machinery
32.1
R&D (BSK)
46.0
Machinery
46.0
Kubota (10 new parts, 50K)
76.0
Machinery
76.0
48.3 33.1 13.0 Kubota (Rotary Blade)
103.0
Machinery
8.0
Kubota (Axle Shaft)
58.4
Machinery
27.0
Kubota (Front Diff Case Assy)
12.0
Machinery
12.0
Total Amount
327.5
126.4
201.1
Loans
319.6 31.4
160.9
Internal Cash Flow
40.2
40.2 Payment Plan in 2009 Payment Schedule Project Description Capex Amount
28
Incremental Back Orders 2009-2017
Confirmed 4Q09 1,820 (6) Kubota, Thailand
(for Tractor by Kubota, Thailand)
Rotary Blade Axle Shaft Confirmed 4Q09 610 (6) Kubota, Thailand
(for Tractor by Kubota, Thailand)
PPAP ~ Jun 10 Oct11 1,190 (7) American Axle, Thailand
(for GM by GM, Thailand)
Mass Run 3,620 Total Progress Total Sales (Bt.mn) (yrs) Backlogs
PPAP = Production Part Approval Process
29
Await quotation & production trial 2010 354,900 (5) (Bt 880 mn) Hino, Memphis_USA
(forging part for Toyota, USA)
Sample submitted; To confirm by Sep 09 April10 88,000 (5) (Bt 130 mn) Toyota, Thailand
(for IMV4 by Toyota, India)
Await quotation & production trial 2010 76,000 (5) (Bt 475 mn) IGP, Indonesia
(for truck by IGP, Indonesia)
Coil Spring Price confirmed; Await production trial 2010 285,740 (5) (Bt 766 mn) Hino, Long Beach_USA
(forging part for Toyota, USA)
Postpone from Jun 09; await volume recovery Sep10 190,000 (5) (Bt 900 mn) American Axle, Thailand
(for MPV by VW, Mexico & GM Brazil)
Axle Shaft Mass Run 3,151 Total Progress Pcs./yr (yrs) (Total Sales ) Customer
31
6M08 6M09
∆
Jan 108,129 72,456
Feb 123,551 61,067
Mar 133,943 65,449
Apr 97,453 53,644
May 125,564 61,752
Jun 130,549 74,717
YTD 719,189 389,085
6M08 6M09
∆
Jan 104,217 81,539
Feb 115,641 78,970
Mar 139,428 86,103
Apr 107,621 68,376
May 124,840 72,452
Jun 115,098 78,805
YTD 706,845 466,245
6M08 6M09
∆
Jan 45,715 32,085
Feb 49,565 34,361
Mar 66,456 41,328
Apr 54,721 39,713
May 54,910 40,539
Jun 50,108 43,402
YTD 321,475 231,428
6M08 6M09
∆
Jan 58,502 49,454
Feb 66,076 44,609
Mar 72,972 44,775
Apr 52,900 28,663
May 69,930 31,913
Jun 64,990 35,403
YTD 385,370 234,817
Export Sales Production Total Sales Domestic Sales
Details of 6M09 Thailand Car Production & Sales
Quarterly Overview Quarterly Overview Quarterly Overview Production Production Production Domestic & Export Sales Domestic & Export Sales Domestic & Export Sales
Units % Units % %Growth Pick-up 1 Ton Toyota 204,814 40% 119,047 46%
Isuzu 123,182 24% 49,320 19%
AAT 68,307 13% 39,227 15%
Mitsubishi 78,541 16% 34,528 13%
Nissan 31,070 6% 17,088 7%
Others 142 0% 425 0% 199.3% Total Pick-up 506,056 100% 259,635 100%
Passenger car Honda 78,627 39% 55,832 45%
Toyota 93,206 46% 53,348 43%
Nisssan 8,623 4% 7,531 6%
Mitsubishi 3,567 2% 698 1%
Others 18,960 9% 5,649 5%
Total Passenger 202,983 100% 123,058 100%
Others Hino 3,978 39% 2,868 45%
Isuzu (Truck) 4,492 44% 2,215 35%
Mitsubishi(Truck) 666 7% 558 9%
Nissan Diesel 642 6% 482 8%
Others (eg.Van,B 372 4% 269 4%
Total Others 10,150 100% 6,392 100%
719,189 389,085
6M09 Production (YoY) 6M08 Units % Units % % Growth Pick-up 1 Ton Isuzu&GM 74,357 40% 48,789 41%
Toyota 74,576 41% 48,714 41%
Nissan 13,956 8% 8,466 7%
Mitsubishi 11,921 6% 6,378 5%
Ford 8,857 5% 5,399 5%
Other 42 0% 421 0% 902.4% Total Pick-up 183,709 100% 118,167 100%
Passenger car Toyota 54,021 46% 41,554 42%
Honda 43,126 37% 39,967 40%
Nissan 3,608 3% 3,498 4%
Mazda 1,865 2% 2,320 2% 24.4% Mitsubishi 2,160 2% 1,364 1%
Others 11,921 10% 10,288 10%
Total Passenger 116,701 100% 98,991 100%
Others Total Others 21,065 14,270
321,475 231,428
Domestic Sales (YoY) 6M08 6M09 Units % Units % % Growth Pick-up 1 Ton Toyota 113,538 39% 84,041 44%
AAT 56,847 19% 37,963 20%
Mitsubishi 65,596 22% 37,597 20%
Isuzu&GM 41,889 14% 18,757 10%
Nissan 14,311 5% 13,010 7%
Others 0% 0% n.a. 292,181 100% 191,368 100%
Passenger car Honda 38,761 42% 18,806 43%
Toyota 39,195 42% 18,138 42%
Nissan 5,169 6% 4,644 11%
Mitsubishi 1,146 1% 457 1%
Others 8,918 10% 1,404 3%
93,189 100% 43,449 100%
385,370 234,817
Export Sales (YoY) 6M08 6M09
32
Siam Kubota Industry Co., Ltd (SKI)
(since 1978, paid up 208 mb)
Siam Cement Plc. (SCC) Kubota Corporation, Japan Marubeni Corporation, Japan Min Sen Machinery Co., Ltd.
51% 40% 4.74% 4.26%
Siam Kubota Tractor Co., Ltd (SKT)
(since 2007, paid up 1,100 mb)
60% 40%
Estimated Mass Run ~ 1Q09 with volume planned ~ 25,000 units per annum
Delivery
Sales ~ ¥ 1,155 bn, TA ~ ¥ 1,464 bn, NPM 5.9% Sales’07 ~ 13,500 mb, TA~ 10,000 mb, GPM 22.9% , NPM 7.0%
33
with outstanding totally ~ 1,220 mb
31/7/09 30/7/10 31/3/13 31/3/14
~ 840 mb
Before Resche duling After Resche duling
~ 380 mb
In case of dividend paidout
~ 380 mb ~ 840 mb ~ 380 mb ~ 840 mb
289/2/10 31/10/13 12m - Grace period 7m- grace period Maturity Date
1 1 1 2 2 2 3 3 3
1 1 1
2 2 2 3 3 3
All loans repayment (mb) 2009 2010 2011 2012 2013 2014 Total Before 510 560 547 513 137 2,267 After 305 420 552 531 441 18 2,267
34
concentration on the OEM market.
1962, and is considered as one of Thai pioneers in the business.
Somboon Spring Ltd.
Somboon Malleable Iron (SBM)
Spring Industrial (BSK)
market
1962
Somboon Advance Technology (SAT)
supply TOYOTA
Restructuring
SET
1975 1977 1995 2002 2004 2005 2007
by 100% shareholding
35
SAT
(Paid Up 300 mb)
SBM
(Paid Up 160 mb)
BSK
(Paid Up 130 mb)
Tsuchiyoshi Somboon Coated Sand
(Paid Up 72 mb)
Yamada Somboon
(Paid Up 150 mb)
Nishinbo Somboon Automotive
(Paid Up 732.6 mb)
Somboon Somic Manufacturing
(Paid Up 300 mb)
100% 100% 21.25% 20.00% 2.90% 1.80%
Somboon Holding 27% Kittapanich Family 26% Thailand Equity Fund 10% Others 37%
Sales ~ 231 mb, TA~ 225mb, GPM 12.1% , NPM 2.6% Sales ~ 2,150 mb, TA~ 1,697 mb, GPM 17.5% , NPM 5% Sales ~ 1,851 mb, TA~ 1,703 mb, GPM 23.8% , NPM 16.7% Sales ~ 1,972 mb, TA~ 1,259 mb, GPM 18.4% , NPM 9.8%
(Rasin/Sand)
ICP
(Paid Up 185 mb)
100%
36
unique developing and its production quality-being rate as one of the finest in Supplier List.
MMth (zero defect), TPS (Toyota Production System), QCC award & network by HINO
Somboon Advance Technology Public Company Limited –Investor Relations Department