SET OPPORTUNITY DAY 2Q17 RESULTS PRESENTATION 2Q17 RESULTS PRESENTATION 14 SEPTEMBER 2017
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SET OPPORTUNITY DAY 2Q17 RESULTS PRESENTATION 2Q17 RESULTS PRESENTATION 14 SEPTEMBER 2017 1 Disclaimer Certain forward looking statements may be made in the course of the presentation. These forward looking statements generally can be
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Certain forward looking statements may be made in the course of the presentation. These forward‐looking statements generally can be identified by use of statements that include words or phrases such as LST UPOIC statements generally can be identified by use of statements that include words or phrases such as LST , UPOIC and UFC or we or our management “believe”, “expect”, “anticipate”, ”intend”, ”plan”, ”foresee”, ”project”, ”may”, “will”, “shall”, or other similar words or phrases. Similarly, statements that describe LST , UPOIC and UFC ’s objective, plans or goals also are forward‐looking statements. These statements involve known and unknown uncertainties and risks that could differ materially from actual results, performance or events. The forward‐looking statements contained in the slides are not and should not be constructed as representations of the future performance of LST , UPOIC and UFC and that such statements are an expression
ili i d k t diti d tl il bl i f ti Th d th li t i prevailing economic and market conditions and currently available information. The reader or the listener is cautioned to not unduly rely on these forward‐looking statements. We do not undertake any duty to publish any update or revision of any forward looking statements. 2
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1974 Bangkok Edible Oil was founded 1978 Established Vegetable Oil Refinery at Bang Poo Industrial Estate
1983 Lam Soon (Thailand) Co,. Ltd was established 1996 LST was listed on the Stock Exchange of Thailand 2003 Became a major shareholder of “UPOIC” 2004 A i i i f “UFC”
2004 Acquisition of “UFC” 2008 ‐Joined the Roundtable on Sustainable Palm Oil (RSPO) ‐ Constructed Biogas power plant at Trang mill 1974 1978 1996 1983 2004 2003 2008 2007 2006 2009 2011 2012 2017
1974 1978 1996 1983 2004 2003 2008 2007 2006 2009 2011 2012 .. 2017
2006 Launched new product targeted at health conscious consumers under the brand “Naturel” 2007 Implemented Electricity power project under Clean Development Mechanism (CDM) and Carbon Credit Program
2009 “Jade” palm cooking oil was the first cooking oil awarded “Carbon Label” 2011 Launched soy milk products under the “UFC HomeSoy” 2012 UFC Launched Coconut water 2013 UFC launched “Chrysanthemum plus Lo Han Gua” l h d h l h l d “ ” b d
2014 LST launched the multipurpose ‐ chocolate under “Daisy” brand 2015 LST launched Naturel 100% Coconut cooking oil and Naturel 100% Sunflower cooking oil. LST lauched Yok Extra and Naturel Rice Bran Oil Gold UFC lauched "The Asian Variants" 100% coconut water with real juice , Homesoy new flavor and Chooze new flavor. 2016
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LST launchedNaturel Forte 100% Extra Virgin Coconut Oil UFC launched new flavor Homesoy , UFC velvet almond milk , Bio‐ Home dishwash liquid and Bio‐Home kitchen cleaner & multi surface cleaner 2017
98.83% 69.96%
100 00% 50.00% 99.98%
Union Frost Siam Elite Palm Phansrivivat
100.00% 99.99% 99.99%
Phansri (Concession – Chaiburi) Prachakvivat (Concession – Khiansa)
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R M i l A i i i P d i S l & M k i Raw Material Acquisition Production Sales & Marketing Nursery Plant Oil Palm Plantation Crushing Mill Value Adding Refinery Distribution Channel Germinated Seeds Start from nursery plant to ensure product quality 2 locations in Trang and Krabi with combined capacity 120 Oil palm planted area
Total capacity 368,650 tons /year Build Awareness and brand recognition JV with CIRAD to develop own palm seeds species quality capacity 120 tons FFB / hr. Cost saving from integrated species integrated distribution channel
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Seedling Germinated Seeds Seeds
Crude Palm Oil Crude Palm Kernel Oil Electricity Power from Biogas
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Symbol LST Share Price ( 12 SEP 2017) 8.45 THB Stock Information
Major Shareholders (As of May 9, 2017) Percentage of Paid‐up Capital (1) Lam Soon Holding Co., Ltd. 42.11 (2) Hap Seng Consolidated Berhad 20.00 (3) L S C P L d 7 48
Historical price :
8.75 THB
3.40 THB No of paid up shares : 820 Million
(3) Lam Soon Cannery Pte Ltd. 7.48 (4) CIMB Securities (Singapore) Pte Ltd 6.47 (5) RAFFLES NOMINEES (PTE) LIMITED 4.53 (6) CIMB Securities Limited 1.62 (7) Mr. Suwit Laohapolwattana 1.49 (8) Ms Supaporn Smittinun 1 32
820 Million Par value : 1 THB/Share Market Capitalization : THB 6,929 mn.
Source: www.setsmart.com
(8) Ms. Supaporn Smittinun 1.32 (9) Thai NVDR Co.,Ltd. 1.04 (10) Ms.Arunee Wongwalapaporn 0.65 (11) Mr. Niti Chongsawadchai 0.65 (12) Ms. Nalin Chongsawadchai 0.65 (13) The Hongkong and Shanghai Banking 0 64
3 years share price performance (%) Dividend Payout Policy
The Company’ s policy is to pay dividends to shareholders of an amount not less than 40% of its net earnings after tax subject to the Company’s future investment d f di i t
Source: www.setsmart.com
(13) The Hongkong and Shanghai Banking 0.64 and funding requirements. 51.3% 42.6% 58.8% 60.0% 59.4% 40.0% 50.0% 60.0% 70.0% 0.60 0.80 1.00 0.39 0.47 0.34 0.25 0.17 0.20 0.20 0.20 0.15 0.10 0.0% 10.0% 20.0% 30.0% ‐ 0.20 0.40 2012 2013 2014 2015 2016
Source: www.setsmart.com
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EPS (Baht/Share) DPS (Baht/Share) Dividend Payout Ratio (Based on operational year)
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Mission
business so as to be competitive and recognizing in the future
high yield and adaptable to a range of cultivation area to fulfill grower requirements as well as providing the best services. g y p g g q p g
taking care of the environment, biodiversity, communities, and society.
grower/suppliers and generate return to shareholders and other stakeholders appropriately.
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g o e /supp e s a d ge e ate etu to s a e o de s a d ot e sta e o de s app op ate y
UPOIC was established Issuing new share in exchange for an 100% stake in Phansrivivat UPOIC entered into a joint venture with CIRAD to form Siam Elite Palm Co., Ltd.
1978 1991 1997 1994 2003 2006
established stake in Phansrivivat
2008 1978 1991 1997 1994 2003 2006
UPOIC was 1997 LST began
2008
listed company
Exchange of Thailand (SET) purchasing UPOIC shares 2003 LST acquired more shares in UPOIC , and as a Joined the result became the major shareholder of UPOIC Joined the Roundtable on Sustainable Palm Oil (RSPO) (RSPO) 19
Stock Information
Symbol UPOIC Major Shareholders as of May 9,2017 Percentage of Paid‐up Capital (1) Lam Soon (Thailand) Plc. 69.96 (2) Wattanachote Co., Ltd. 5.70 Share Price ( 12 SEP 2017) 5.80 THB Historical price :
7.95 THB
eek lo 5 55 THB ( ) , (3) Mr. Somkiat Peetakanonda 1.68 (4) Mr.Thammanoon Sahadithdamrong 1.17 (5) Wattanasophonpanich Co., Ltd. 1.12 (6) Thai NVDR Co., Ltd. 0.98 (7) M D k l Th i 0 74
5.55 THB
324.05 Million Par value : 1 THB/Share Market Capitalization : THB 1,879 mn. (7) Ms.Duangkamol Thanissaranont 0.74 (8) GreenSpot Co., Ltd. 0.73 (9) Mr. Chawalit Tsao 0.71 (10) Mrs. Nancy Chalermkanjana 0.63
Source: www.setsmart.com
Dividend Payout Policy
UPOIC has a policy of paying not less than 50% of net profit after tax as
3 years share price performance (%)
0.90 0.60 89.1% 88.2% 57.7% 54.1% 80% 100% 1.00 1.50
UPOIC has a policy of paying not less than 50% of net profit after tax as dividend.
1.01 0.68 0.52 ‐0.02 0.28 0.60 0.30 0.15 0.15 0.0% 0% 20% 40% 60% ‐0.50 ‐ 0.50 2012 2013 2014 2015 2016
Source: www.setsmart.com
Remark : Dividend payment for year 2015 was paid from retain earning
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2012 2013 2014 2015 2016 EPS (Baht/Share)
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Generated from 5 million rai of harvested area, FFB output in 2017 expected to be 15‐20% higher than 2016 due to the good weather condition.
‘000 MT 000 MT
48.1% 49.4% 50.0% 60.0% 12,000 14,000 32.0% 18.5% 30.0% 40.0% 8,000 10,000 ‐5.3% ‐0.6% 5.5% 11.4% ‐4.2% 0.9% 0.0% 10.0% 20.0% 4,000 6,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H17 ‐13.3% ‐12.5% ‐20.0% ‐10.0% ‐ 2,000
l d
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H17 FFB Output 6,540 6,195 9,254 8,021 7,976 10,529 11,106 12,373 11,859 11,968 10,478 6,527 % Growth 48.1% ‐5.3% 49.4% ‐13.3% ‐0.6% 32.0% 5.5% 11.4% ‐4.2% 0.9% ‐12.5% 18.5%
Source: Internal Trade Department
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‘000 MT
CPO production in 2017 turns to be normal level at 2 million MT with the following usage:‐ 1) Consumption and Industrial use 900,000–1,000,000 MT; 2) Bio‐diesel (B5‐B7) 1,000,000 MT ; 3) Potential export 80,000 ‐100,000 MT.
000 MT 2,135 2 068 48.9% 46.9% 42.3% 50.0% 60.0% 2 000 2,500 1,544 1,345 1,288 1,832 1,891 2,001 2,068 1,804 26.70% 30.0% 40.0% 1,500 2,000 1,168 1,052 1,137 3.2% 12.9% 3.4% 10.0% 20.0% 1,000 ‐9.9% ‐12.9% ‐4.3% ‐6.3% ‐12.8% ‐10.0% 0.0% 500
S I l T d D
‐20.0% Y2006 Y2007 Y2008 Y2009 Y2010 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 1H2017 CPO FOR FOOD,INDUSTRIAL USE, EXPORT CPO USED BY BIO‐DIESEL % GROWTH
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Source: Internal Trade Department
FFB output in the Kingdom was much higher than the same period of last year thanks to the good weather condition and continual raining.
‘000 MT Baht/ K.G.
7.02 6 13 6 14 7.00 8.00 3,000
5.70 5.48 4.95 5.60 5.81 5.91 6.13 5.83 5.91 5.85 5.87 5.77 6.14 5.49 4.89 4.78 4.32 4.00 5.00 6.00 7.00 1,500 2,000 2,500 1.00 2.00 3.00 500 1,000 , Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Output '15 451 683 1,193 1,449 1,573 1,224 1,030 947 982 989 826 623 Output '16 538 717 1,063 1,158 1,096 908 806 876 920 834 812 750 ‐ ‐ Output '17 629 716 1,156 1,398 1,484 1,145 Price '15 6.48 6.61 5.26 4.69 4.61 5.14 4.46 4.29 3.86 4.34 4.71 5.00 Price '16 5.70 5.48 4.95 5.60 5.81 5.91 7.02 6.13 5.83 5.91 5.85 5.87 Price '17 5.77 6.14 5.49 4.89 4.78 4.32
Source: Internal Trade Department
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Price 17 5.77 6.14 5.49 4.89 4.78 4.32
O.E.R. ‘000 MT
Average OER (nearly 18%) in Thailand improved from last year however it was much lower than 20% as the standard level in Malaysia who targets to improve to 25% within 2020
17.9% 16.7% 16 5% 16 2% 16 3% 18.0% 18.7% 18.3% 18.4% 18.0% 17.7% 17.0% 17.2% 17.3% 17.3% 17.6% 17.8% 16.0% 18.0% 20.0% 300 350 400 16.5% 16.2% 15.4% 16.3% 8.0% 10.0% 12.0% 14.0% 150 200 250 300 0 0% 2.0% 4.0% 6.0% 50 100 150 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CPO 2015 70 105 188 227 268 218 183 174 177 185 152 122 CPO 2016 96 120 176 188 168 148 145 164 168 153 146 132 CPO 2017 108 123 200 241 261 203 0.0% ‐ CPO 2017 108 123 200 241 261 203 O.E.R. '15 16.6% 16.0% 16.3% 16.0% 16.6% 17.5% 18.2% 18.4% 18.6% 18.7% 18.9% 18.6% O.E.R. '16 17.9% 16.7% 16.5% 16.2% 15.4% 16.3% 18.0% 18.7% 18.3% 18.4% 18.0% 17.7% O.E.R. '17 17.0% 17.2% 17.3% 17.3% 17.6% 17.8%
Source: Internal Trade Department
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‘000 MT Baht/ K.G.
CPO output in the Kingdom increased dramatically; therefore, the nationwide CPO stock at the end of June increased to 454,182 MT . Price decreased to 23.84 Baht/K.G.
29.63 30.10 29.02 32.26 33.93 35.50 37.49 34.00 31.05 30.00 29.63 30.80 30 00 35.00 40.00 600 700 800 31.40 31.97 28.97 26.91 26.77 23.84 20.00 25.00 30.00 400 500 600 5.00 10.00 15.00 100 200 300 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CPO Stock 2015 117 156 203 285 385 449 450 462 448 449 394 335 CPO Stock 2016 261 215 195 213 220 223 217 229 259 290 297 293 CPO Stock 2017 237 221 275 359 448 454
237 221 275 359 448 454 CPO Price 2015 35.44 36.39 28.54 26.15 26.17 27.43 26.22 25.29 21.50 23.94 24.94 26.00 CPO Price 2016 29.63 30.10 29.02 32.26 33.93 35.50 37.49 34.00 31.05 30.00 29.63 30.80 CPO Price 2017 31.40 31.97 28.97 26.91 26.77 23.84
Source: Internal Trade Department
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‐ 2017F : 19 million MT ‐ 2016 : 17.3 million MT ‐ 2015 : 20 million MT
‘000 MT ‘000 MT 2,500 Y2015 Y2016 Y2017 2,000 1,000 1,500 500 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec
Source : Malaysian Palm Oil Board
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Palm oil stock in Malaysia was not as high as earlier expected due to strong demand for export.
‘000 MT
3,000 Y2015 Y2016 Y2017 2 000 2,500 1,500 2,000 500 1,000 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec
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Source : Malaysian Palm Oil Board
CPO price difference reduced to less than 5 Baht/K.G. when compared to CPO price in global market.
.59 6 5 3
15.77 24.45 28.96 24.33 29.10 36. 30.86 25.24 28.57 27.33 31.95 28.31 15.73 24.80 28.56 21.96 27.02 32.6 28.89 23.27 24.05 19.24 22.72 23.45 20.00 30.00 40.00 ‐ 10.00 Y2006 Y2007 Y2008 Y2009 Y2010 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 1H17 CPO Wholesale Price in Bangkok market CPO Wholesale Price in Malaysian market
Source: Internal Trade Department
CPO Wholesale Price in Bangkok market CPO Wholesale Price in Malaysian market
Source: http://www.indexmundi.com
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Palm oil contributes the highest portion at 35% of global consumption of vegetable oils , followed by Soybean oil.
Million MT
23 9 23.2 23.7 145 4 151 9 157.7 159.1 171.8 178.3 184.1 200.0 53 2 22 4 23.3 23.7 23.7 24.3 27.2 27.8 27.7 9 8 10 3 9.4 10.6 11.4 11.8 13.0 13.2 13.0 14.2 14.9 15.6 19.8 20.0 20.5 20.9 21.2 22.0 22.8 23.2 23.7 23.9 23.2 115.4 121.2 125.1 129.7 137.8 145.4 151.9 100.0 150.0 37 7 39 4 42 1 44 5 47 6 50 2 55.0 55.5 58.5 61.0 64.0 19 7 33.6 35.6 37.5 36.0 38.3 40.7 42.2 42.6 42.7 48.0 51.5 53.2 11.2 16.9 17.6 18.3 20.1 22.4 8.6 9.8 10.3 16.4 71.7 50.0 15.8 35.3 37.7 39.4 42.1 44.5 47.6 50.2 55.0 55.5 19.7 ‐
Source : Statista.com
Palm Oil Soybean Oil Canola Oil Sunflowerseed Oil Other 30
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down more than 19% of the USA’s refinery capacity
and dry weather could impact to US crop in this year that will effect to soy bean oil price.
Ri i h b d i 4 10 RM/USD
by year‐end.
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Source: Bloomberg
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put pressure on palm oil as the palm oil often takes price direction for P l i Wi h h f lli il i h l G li
Petroleum price. With the falling oil prices over the last years, Gasoline prices have fallen sharply in tandem and left the rather costly substitute ‐ biodiesel
US d i t d ti bi di l i t f A ti
and Indonesia, which received improper government subsidies. The countervailing duties on soy‐based Argentina biodiesel could be as much as 64.17%, according to a statement from the U.S. Commerce
biodiesel imports from Indonesia
biodiesel imports from Indonesia.
gap between refined bleached and deodorized (RBD) palm olein and
gap between refined, bleached and deodorized (RBD) palm olein and crude palm oil (CPO).
proposed by the Agriculture and Cooperatives Ministry, hoping the law will allow for the systematic development of the oil palm and palm oil industry.
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559 349 Sales revenue
149 37 Gross Profit
102 14 EBIT
80 5 Net Profit
1H17 1H16
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51% 53% 49% 49% 51% 65% 57% 60% 80% 100% 51% 53% 49% 35% 43% 49% 47% 51% 20% 40% 60% 0% Y2012 Y2013 Y2014 Y2015 Y2016 Own Estates Out‐grower
58% 59% 63% 80% 100% 61% 80% 100% 46% 42% 41% 37% 54% 58% 59% 63% 20% 40% 60% 44% 39% 56% 61% 20% 40% 60% 0% 20% 1Q16 2Q16 1Q17 2Q17 Own Estates Out grower 0% 20% 1H16 1H17 Own Estates Out grower
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Own Estates Out‐grower Own Estates Out‐grower
Million Baht
1,536 2,000 2,500 1,536 1,352 1,154 1,260 946 349 500 1,000 1,500 ‐ Y2012 Y2013 Y2014 Y2015 Y2016 1H17 CPO CPKO Others 8% 10% 12% 13% 14% 9% 6% 6% 6% 4% 4% 7% 80% 100% 85% 84% 81% 83% 82% 84% 20% 40% 60% 0% Y2012 Y2013 Y2014 Y2015 Y2016 1H17 CPO CPKO Others
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Return on Asset (ROA)
27.9% 14.7% 16.8% 6 3% ‐1.1% 6.3% 0.3% 20 2 20 3 20 20 20 6
Return on Equity (ROE)
Y2012 Y2013 Y2014 Y2015 Y2016 1H17 31.4% 20.0% 12.1% 4 7% ‐0.8% 4.7% 0.5% Y2012 Y2013 Y2014 Y2015 Y2016 1H17
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Y2012 Y2013 Y2014 Y2015 Y2016 1H17
Total Asset (Million Baht) 1 501 1,560 1,582 1,547 1,718 495 938 919 976 921 893 398 268 383 273 307 541 1,174 1,501 , , 281 295 258 332 319 283 Y2012 Y2013 Y2014 Y2015 Y2016 1H17 Other Asset PP&E Current Asset Total Debt & D/E Ratio Interest Coverage Ratio (Times)
Million Baht
Times
232.0 232.0 623 0 13 0.36 0.38 0.49 0.35 0.57 0 20 0.40 0.60 400 600 800 39.0 9.0 24.0 12.9 Y2013 Y2014 Y2015 Y2016 1H17 131 399 431 397 397 623 0.13 ‐ 0.20 ‐ 200 Y2012 Y2013 Y2014 Y2015 Y2016 1H17
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Y2013 Y2014 Y2015 Y2016 1H17 Debt (Mil.Baht) D/E Ratio (times)
(Million baht) 2Q17 % to Sales 2Q16 % to Sales 1Q17 % to sales 2Q17/ 2Q16 Ch 2Q17/ 1Q17 Ch Consolidated Change Change Sales 208.72 100.0% 267.02 100.0% 140.37 100.0% ‐21.83% 48.69% Cost of sales (179.00) ‐85.8% (183.41) ‐68.7% (133.12) ‐94.8% ‐2.40% 34.47% Gross profit 29.72 14.2% 83.62 31.3% 7.25 5.2% ‐64.46% 309.71% SG&A expense (17.42) ‐8.3% (16.14) ‐6.0% (16.22) ‐11.6% 7.90% 7.39% Other income 5.12 2.5% 8.04 3.0% 1.87 1.3% ‐36.29% 174.33% Gain / (Loss) from change in fair value
11.21 5.4% (28.59) ‐10.7% (2.16) ‐1.5% 139.21% 618.94% Share of profit (loss) from investment in joint venture 0.05 0.0% (3.97) ‐1.5% (5.45) ‐3.9% 101.21% 100.88% EBIT 28.67 13.7% 42.95 16.1% (14.71) ‐10.5% ‐33.23% 294.98% FinanceCost (2.48) ‐1.2% (2.22) ‐0.8% (1.58) ‐1.1% 11.73% 56.87% FinanceCost (2.48) 1.2% (2.22) 0.8% (1.58) 1.1% 11.73% 56.87% EBT 26.20 12.6% 40.73 15.3% (16.29) ‐11.6% ‐35.68% 260.87% Tax (3.19) ‐1.5% (7.59) ‐2.8% (1.64) ‐1.2% ‐58.01% 94.27% Net income 23.01 11.0% 33.14 12.4% (17.93) ‐12.8% ‐30.57% 228.37% N t i (L tt ib t t Net income (Loss attribute to : Equity holder of the Company 11.29 5.4% 33.14 12.4% (17.93) ‐12.8% ‐65.93% 162.99% Non‐Controlling interests of the subsidiar (11.72) ‐5.6% 0.00 0.0% 0.00 0.0% Earning per share 0.07 0.10 (0.06)
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(Million baht) 2Q17 % to total assets 2016 % to total assets Change Cash and cash equivalents 155 54 9 1% 96 04 6 2% 0 62 Consolidated Cash and cash equivalents 155.54 9.1% 96.04 6.2% 0.62 Trade and other receivables 23.50 1.4% 14.55 0.9% 61.48% Inventories 253.58 14.8% 98.35 6.4% 157.82% Other current assets 108.83 6.3% 97.82 6.3% 11.26% Total current assets 541.45 31.5% 306.77 19.8% 76.50% Fixed assets 893.03 52.0% 921.18 59.5% ‐3.06% Cost of forest land rights and cost of palm plant 223.60 13.0% 214.77 13.9% 4.11% Other non‐current assets 59.59 3.5% 104.66 6.8% ‐43.07% Total assets 1,717.66 100.0% 1,547.37 100.0% 11.00% B k d ft d h t t l 560 00 32 6% 340 00 22 0% 64 71% Bank overdrafts and short‐term loans 560.00 32.6% 340.00 22.0% 64.71% Trade and other payables 32.69 1.9% 40.01 2.6% ‐18.28% Current portion of long‐term loans ‐ 0.0% ‐ 0.0% Other current liabilities 10.20 0.6% 6.30 0.4% 62.02% Total current liabilities 602.89 35.1% 386.30 25.0% 56.07% Total current liabilities 602.89 35.1% 386.30 25.0% 56.07% Long‐Term Borrowings ‐ 0.0% ‐ 0.0% Other non‐current liabilities 19.92 1.2% 10.98 0.7% 81.39% Total liabilities 622.81 36.3% 397.28 25.7% 56.77% Paid‐up capital 324.05 18.9% 324.05 20.9% 0.00% Paid‐in surplus 321.55 18.7% 321.55 20.8% 0.00% Retained earnings 449.25 26.2% 504.50 32.6% ‐10.95% Non‐Controlling interests of the subsidiaries ‐ 0.0% ‐ 0.0% Total liabilities and shareholders' equity 1,717.66 100.0% 1,547.37 100.0% 11.00%
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2,970 3,225 Sales revenue
+255 Million Baht
4,080 4,260 Sales revenue
+180 Million Baht
209 326 Gross Profit
+117 Million Baht
685 702 Gross Profit
+17 Million Baht
81 159 EBIT
+78 Million Baht
260 320 EBIT
+60 Million Baht
78 141 Net Profit
+63 Million Baht
189 253 Net Profit
+65 Million Baht
1H17 1H16 1H17 1H16
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Net Profit to Equity Holder
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Return on Asset (ROA)
6.8% 6.0% 8.5% 5.6% 6.0% 4.1% Y2012 Y2013 Y2014 Y2015 Y2016 1H17
Return on Equity (ROE)
Y2012 Y2013 Y2014 Y2015 Y2016 1H17 14.1% 11.1% 14.8% 9.8% 10.6% 7 0% 7.0%
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Y2012 Y2013 Y2014 Y2015 Y2016 1H17
Total Asset (Million Baht) 5 947 6,473 2,785 2,396 2,448 2,803 2,880 3,481 5,221 5,163 5,124 5,871 5,947 , 571 586 591 643 654 594 1,865 2,181 2,085 2,425 2,413 2,398 Y2012 Y2013 Y2014 Y2015 Y2016 1H17 Total Debt & D/E Ratio Interest Coverage Ratio (Times)
Million Baht Times 0 90
22.2 Other Asset PP&E Current Asset
0.90 0.81 0.66 0.82 0.70 0.78 0 40 0.60 0.80 1.00 1 500 2,500 3,500 4,500
9.3 10.9 13.9 16.2 14.5 17.0 22.2
2,468 2,311 2,030 2,648 2,455 2,836 ‐ 0.20 0.40 ‐500 500 1,500 Y2012 Y2013 Y2014 Y2015 Y2016 1H17 D bt (Mil B ht) D/E R ti (ti )
Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 1H17
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Debt (Mil.Baht) D/E Ratio (times)
(Million baht) 2Q17 % to Sales 2Q16 % to Sales 1Q17 % to sales 2Q17/ 2Q16 Change 2Q17/ 1Q17 Change Consolidated g g Sales 2,178.61 100.0% 2,102.92 100.0% 2,081.62 100.0% 3.6% 4.7% Cost of sales (1,771.11) ‐81.3% (1,718.75) ‐81.7% (1,787.38) ‐85.9% 3.0% ‐0.9% Gross profit 407.51 18.7% 384.16 18.3% 294.25 14.1% 6.1% 38.5% SG&A (216 76) 9 9% (217 59) 10 3% (213 74) 10 3% 0 4% 1 4% SG&A expense (216.76) ‐9.9% (217.59) ‐10.3% (213.74) ‐10.3% ‐0.4% 1.4% Other income* 27.85 1.3% 19.68 0.9% 16.86 0.8% 41.5% 65.2% Gain / (Loss) from change in fair value of biological assets 11.21 0.5% (28.59) ‐1.4% (2.16) ‐0.1% 139.2% 618.9% Share of profit (loss) from investment in Share of profit (loss) from investment in joint venture 0.05 0.0% (3.97) ‐0.2% (5.45) ‐0.3% 101.2% 100.9% EBIT 229.86 10.6% 153.69 7.3% 89.76 4.3% 49.6% 156.1% FinanceCost (10.66) ‐0.5% (11.47) ‐0.5% (9.11) ‐0.4% ‐7.1% 17.1% EBT 219.20 10.1% 142.22 6.8% 80.66 3.9% 54.1% 171.8% Tax (30.89) ‐1.4% (27.73) ‐1.3% (15.67) ‐0.8% 11.4% 97.1% Net income 188.30 8.6% 114.49 5.4% 64.98 3.1% 64.5% 189.8% Net income (Loss attribute to : Net income (Loss attribute to : Equity holder of the Company 180.59 8.3% 103.55 4.9% 69.93 3.4% 74.4% 158.2% Non‐Controlling interests of the subsidiaries 7.71 0.4% 10.95 0.5% (4.95) ‐0.2% ‐29.6% 255.8% Earning per share 0.22 0.13 0.09
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(Million baht) 1H17 % to Sales 1H16 % to Sales 1H17/ 1H16 Change Consolidated Sales 4,260.24 100.0% 4,080.47 100.0% 4.4% Cost of sales (3,558.48) ‐83.5% (3,395.91) ‐83.2% 4.8% Gross profit 701.76 16.5% 684.57 16.8% 2.5% SG&A expense (430.50) ‐10.1% (437.77) ‐10.7% ‐1.7% Other income* 44.72 1.0% 39.26 1.0% 13.9% Gain / (Loss) from change in fair value of biological assets 9.05 0.2% (19.17) ‐0.5% 147.2% g ( ) Share of loss from investment in joint venture (5.40) ‐0.1% (6.93) ‐0.2% ‐22.1% EBIT 319.62 7.5% 259.96 6.4% 23.0% FinanceCost (19.77) ‐0.5% (22.72) ‐0.6% ‐13.0% EBT 299.85 7.0% 237.24 5.8% 26.4% Tax (46.57) ‐1.1% (48.62) ‐1.2% ‐4.2% Net income 253.29 5.9% 188.61 4.6% 34.3% N t i (L tt ib t t Net income (Loss attribute to : Equity holder of the Company 250.53 5.9% 164.46 4.0% 52.3% Non‐Controlling interests of the subsidiaries 2.76 0.1% 24.16 0.6% ‐88.6% Earning per share 0 31 0 20 Earning per share 0.31 0.20
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(Million baht) 2Q17 % to total assets 2016 % to total assets Change Cash and cash equivalents 438.19 6.8% 420.39 7.0% 4.2% Consolidated q Trade and other receivables 938.98 14.5% 911.80 15.3% 3.0% Inventories 1,956.72 30.2% 1,425.89 23.9% 37.2% Other current assets 147.15 2.3% 147.90 2.5% ‐0.5% Total current assets 3,481.05 53.8% 2,905.98 48.6% 19.8% Fixed assets 2,398.27 37.0% 2,413.75 40.4% ‐0.6% Goodwill and other intangible assets 207.91 3.2% 205.07 3.4% 1.4% Other non‐current assets 386.17 6.0% 448.94 7.5% ‐14.0% Total assets 6,473.39 100.0% 5,973.74 100.0% 8.4% Bank overdrafts and short term loans 1 975 00 30 5% 1 555 00 26 0% 27 0% Bank overdrafts and short‐term loans 1,975.00 30.5% 1,555.00 26.0% 27.0% Trade and other payables 515.31 8.0% 503.95 8.4% 2.3% Current portion of long‐term loans 103.57 1.6% 103.57 1.7% 0.0% Other current liabilities 93.24 1.4% 96.65 1.6% ‐3.5% Total current liabilities 2,687.12 41.5% 2,259.18 37.8% 18.9% Total current liabilities 2,687.12 41.5% 2,259.18 37.8% 18.9% Long‐Term Borrowings 82.63 1.3% 134.35 2.2% ‐38.5% Other non‐current liabilities 66.32 1.0% 61.94 1.0% 7.1% Total liabilities 2,836.07 43.8% 2,455.46 41.1% 15.5% Paid‐up capital 820.00 12.7% 820.00 13.7% 0.0% Paid‐in surplus 247.24 3.8% 247.24 4.1% 0.0% Retained earnings 2,234.08 34.5% 2,073.62 34.7% 7.7% Non‐Controlling interests of the subsidiaries 336.00 5.2% 351.44 5.9% ‐4.4% Total liabilities and shareholders' equity 6,473.39 100.0% 5,947.76 99.6% 8.8%
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53
UK Germany Netherlands China Japan Netherlands
Japan South Korea Taiwan Hong Kong Oman UAE Kuwait Malaysia Si Singapore Brunei Philippines USA Canada
Australia New Zealand 54
17.0% 20.0% 4,000 Sales Revenue
Million Baht
2 393 7.6% 11.2% 10.0% 15.0% 2,000 3,000 , 1,839 2,045 2,393 0.0% 5.0% 1,000 Y2014 Y2015 Y2016 Sales Sales Growth Net Profit Gross Profit
Million Baht Million Baht
568 647 22.4% 27.8% 27.0% 10 0% 20.0% 30.0% 400 600 800 230 5.0% 7.4% 9.5% 5.0% 10.0% 100 200 300 413 568 647 0.0% 10.0% 200 Y2014 Y2015 Y2016 Gross profit GP Margin 91 151 230 0.0% 100 Y2014 Y2015 Y2016 Net profit Net profit margin
55
Gross profit GP Margin Net profit Net profit margin
+3.59% YOY
+33.38% 2Q17 vs 1Q17
‐2.31% YOY Million Baht Million Baht
1,200 1,400 800 1,000 1,000 1,200 600 800 1,201 1,174 600 800 647 503 671 200 400 200 400 2Q16 1Q17 2Q17 1H16 1H17 56
+10.60% YOY +53.81% 2Q17 vs 1Q17 +2.76% YOY Million Baht Million Baht 35 0% 40.0% 350 400 40.0% 350 400 28.8% 26.6% 30.7% 25.0% 30.0% 35.0% 250 300 350 27.5% 29.0% 30.0% 250 300 350 186 206 10 0% 15.0% 20.0% 100 150 200 331 340 10 0% 20.0% 100 150 200 186 134 206 0.0% 5.0% 10.0% 50 100 2Q16 1Q17 2Q17 0.0% 10.0% 50 100 1H16 1H17 Q Q Q Gross profit GP Margin 1H16 1H17 Gross profit GP Margin
57
+31.00% YOY +117.51% 2Q17 vs 1Q17 +18.21% YOY Million Baht Million Baht
14 5% 16.0% 20.0% 140 160 16 0% 20.0% 140 160 11.4% 8 9% 14.5% 12.0% 80 100 120 10.0% 12.1% 12.0% 16.0% 80 100 120 74 97 8.9% 8.0% 40 60 80 120 142 8.0% 40 60 80 74 45 0.0% 4.0% 20 40 0.0% 4.0% 20 40 2Q16 1Q17 2Q17 Net profit Net profit margin 1H16 1H17 Net profit Net profit margin 58
Total Asset (Million Baht) 1,789 1,661 1,778 732 1,076 889 993 1,443 , 90 70 94 71 620 643 679 715 Y2014 Y2015 Y2016 1H17 Other Asset PP&E Current Asset Total Debt & D/E Ratio ROA & ROE
Million Baht Times
Other Asset PP&E Current Asset
35 4% 40 0%
1 111 1,306 1 012 987 3.35 2.70 1.56 1.24 1.50 2.50 3.50 500 1,000 1,500
6 3% 8.5% 13.8% 5 5% 27.5% 31.3% 35.4% 12.4% 20.0% 30.0% 40.0%
1,111 1,012 987 ‐0.50 0.50 ‐ 500 Y2014 Y2015 Y2016 1H17 Debt (Mil Baht) D/E Ratio (times)
6.3% 5.5% 0.0% 10.0% Y2014 Y2015 Y2016 1H17 ROA ROE
59
Debt (Mil.Baht) D/E Ratio (times)
ROA ROE
60
Lam Soon (Thailand) Public Company Limited 64 Soi Bangna ‐ Trad 25, Bangna, Bangkok 10260
Email: secretary@lamsoon.co.th For further information & enquiries, please contact us at: Anchalee Suebchantasiri Piyathida Sukchan Managing Director Executive Director Tel: +66‐(0)2‐361 8959/87 Tel: +66‐(0)2‐361 8959/87 Email: anchales@lamsoon.co.th Email: piyatida@lamsoon.co.th
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