The 2018 Performance Announcement Presentation February 2019 - - PowerPoint PPT Presentation

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The 2018 Performance Announcement Presentation February 2019 - - PowerPoint PPT Presentation

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The 2018 Performance Announcement Presentation February 2019 Global Connection PCL. Company Vision Company Mission Ethic Sustainable Doing business with ethics and no Build sustainable growth of profitability legal offense and revenue to

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SLIDE 1

The 2018 Performance Announcement Presentation February 2019

Global Connection PCL.

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SLIDE 2

Ethic

Doing business with ethics and no legal offense

Sustainable

Build sustainable growth of profitability and revenue to be market leader

Employee

Develop knowledge skill and expertise to staff as professional. to create a happy workplace

Business Partner

Connect the best supplier and bridge advanced technologies for customer’s best value as business partner. Work closely with Financial Institute as business partner to success

Company Mission

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Company Vision

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SLIDE 3

Company Overview Industry Info. and Economic Situation Competitors and Market Outlook Strategic Direction The 2018 Performance IR Report & Investment Highlight Q&A

Today Content

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SLIDE 4

3,550 3,600 3,650 3,700 3,750 2017 BU1 BU2 BU3 2018 3,727 3,660 107 43 3

Since 1994

Over 30 Leading producers

  • Top 3 in the world -

Business Unit

Performance Overview (Unit : MB.)

Sales decreased in 2018 Value -1.82 % (YoY) Quantity -1.64 % (YoY)

Company Overview

Commodity Polymer Specialty Engineering Polymer & Rubber Specialty Chemicals & Intermediate

4

Statements of Financial Position

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SLIDE 5

Olefin&Aromatic Producers Monomer producers (MEG, VCM) Converters

Petrochemical and plastic producers Petrochemical and plastic producers Petrochemical and plastic producers

Upstream End users Intermediate Compounders Master batch producers Compounders Polymer producers (PP, PE, PVC) Downstream

Where we are in the value chain of Thai Petrochemical Industry

5

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SLIDE 6

GC’s business platform : total outsourcing business platform Leads the differentiation

Suppliers

S1 S2 S3 S4 S5 Sn

Customers

C1 C2 C3 C4 C5 Cn

Economy of Scope to Customers Economy of Scale to Suppliers

Logistic : Warehousing, small delivery, and repacking Sales & Marketing : Closely contact Demand forecasting & Inventory planning Technical Services : Troubleshooting : Product, Market and Application Development Financing & structuring solution : Extending our expertise to customer

Provided

6

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SLIDE 7

BU1

COMMODITY POLYMER

BU3

SPECIALTY CHEMICALS & INTERMEDIATE

BU2

SPECIALTY ENGINEERING POLYMER & RUBBER

  • Polyolefins

PE: HDPE, LDPE, LLDPE (C4,C8) PP: Homo, Block Copo, Random

  • PU
  • Tie Layer Polymer
  • Specialty Polyolefins
  • Nylon, POM, PBT, TEEE, PCT, LCP, PC
  • Black/White MB
  • PETG/PCTG, CA
  • PS, HIPS, ABS, SAN, SBC
  • EVA for HMA, Hydrocarbon Resin
  • PE Plastomer, PP Plastomer, TPO
  • TPVs, TPU
  • TPE, TPR, Reinforcement compound
  • Glass Fiber (Chop Strand, Long glass)
  • EPDM , BUTYL
  • BR, SBR, FKM
  • TALC, SILICA, CARBON BLACK
  • FLAME RETARDANT (ZB, ATO)
  • Plastic Additives
  • Intermediate chemical
  • Water cooling system solutions

Our Business Unit

7

Business Overview

PTT Group 37%

ExxonM

  • bil

23%

BSTE/CABOT/C hiMei/CP/DuPo nt/Eastman/Sab ic/Trinseo 22%

Others 18%

Key Suppliers

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SLIDE 8

8 AUTOMOTIVE

  • Interior Part
  • Exterior Part
  • Under hood

INDUSTRIAL

  • Electrical & Appliances
  • Constructions
  • Adhesives& Sealant

CONSUMERS PRODUCTS

  • Flexible Film & Packaging
  • Rigid Packaging
  • Shoes – Medicals - Others

Industry Focus

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SLIDE 9

Packaging 40% Consumer products & Household 19% Automotive 18% Petrochemical & Intermediate 12% Electrical & Electronics 7% Construction 1% Others 0%

2017 3,735 MB. 3,667 MB.

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Customer Segment by Sale Percent of Value 2018

Packaging 40% Consumer products & Household 17% Automotive 21% Petrochemical & Intermediate 13% Electrical & Electronics 5% Agriculture 2% Construction 1% Others 1%

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SLIDE 10

Customer Segment by Sale Percent of Quantity 64,802 Tons 63,742 Tons 2017

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Packaging 49% Consumer products & Household 19% Petrochemical & Intermediate 11% Automotive 11% Electrical & Electronics 6% Agriculture 3% Construction 1% Others 0% Packaging 49% Consumer products & Household 17% Petrochemical & Intermediate 11% Automotive 14% Electrical & Electronics 4% Agriculture 2% Construction 1% Others 0%

2018

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SLIDE 11

Free Float Overview As of December 28th, 2018

Total Shareholders 1,615 % Shares in Minor Shareholders (Free float) 33.31%

Rank #shares %shares 1 44,499,900 22.25% 2 28,625,000 14.31% 3 26,125,000 13.06% 4 25,780,430 12.89% 125,030,330 62.52% Total Major Shareholders

  • Mr. Somchai Kulimakin
  • Mr. Sumruay Tichachol
  • Mr. Bhiya Jriyasetapong
  • Mrs. Nisaporn Sirijuntanan

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Major Shareholders

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Company Overview Industry Info. and Economic Situation Competitors and Market Outlook Strategic Direction The 2018 Performance IR Report & Investment Highlight Q&A

Today Content

12

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$46 $53 $74 Crude Oil Price 2018

https://www.mckinsey.com/solutions/energy-insights/global-oil-supply-demand-outlook-to-2035/~/media/231FB01E4937431B8BA070CC55AA572E.ashx

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Demand / Supply of Oil Price

The oil price continued to rise in 1H 2018 – yet a Q4 2018 renewed supply build-up contributed to a steep 40% price drop

https://www.mckinsey.com/solutions/energy-insights/global-oil-supply-demand-outlook-to-2035/~/media/231FB01E4937431B8BA070CC55AA572E.ashx 14

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Crude Oil Price 2018

https://www.mckinsey.com/solutions/energy-insights/global-oil-supply-demand-outlook-to-2035/~/media/231FB01E4937431B8BA070CC55AA572E.ashx 15

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http://www.nesdb.go.th/nesdb_en/ewt_dl_link.php?nid=4360&filename=Macroeconomic_Planning

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Thai Economic Projection of 2019

Source: www.nesdb.go.th

In 2018, The Thai economy expanded by 4.1 percent, up from 4.0 percent in 2017 and was recorded as the fastest expansion in 6 years. The Thai economy in 2019 is projected to grow in the range of 3.5 – 4.5 percent, supported by (i) a favorable growth momentum of private consumption (ii) an improvement of private investment attributed by rising capacity utilization and increased BOI’s investment applications (iii) an acceleration of public investment following progresses of key public infrastructure projects (iv) a recovery of tourism sector in line with normalizing trend of tourist numbers and receipts (v) a clearer redirection of global trade, production, and investment which will help ease the impacts from global slowdown.

GDP 2018 (%YoY) = 4.1 2019F(%YoY) = 3.5 – 4.5

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SLIDE 17

In 2018, the average exchange rate was at 32.49 baht per US dollar, appreciating by 4.42 percent from 2017. 17

Thai Baht Exchange Rate (USD to THB) ฿31.31

27 Mar 18

฿33.65

24 Jul 18

฿31.41

31 Jan 19

฿32.49

Average https://tradingeconomics.com/thailand/currency

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Company Overview Industry Info. and Economic Situation Competitors and Market Outlook Strategic Direction The 2018 Performance IR Report & Investment Highlight Q&A

Today Content

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3,979 4,697 3,083 2,604 2,612 781 545 1,652 2,648 4,630 3,727 4,624 3,199 2,759 2,346 803 632 1,477 2,474 4,215

GC A B C D E F GC H I 2016 2017

Competitor sales analysis 2016 – 2017 (MB.)

Benchmark avg. = 2400 MB.

Benchmark avg. 2017 : Sales income average of Plastic Distributor business around 2,400 Million Baht

Remark : Benchmark of Sales income 2017 is the average including some small sizes business.

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SLIDE 20
  • BU1_Commodity

2,287 MB, 9%

  • BU2,3_Specialty and Other

1,691 MB, 6%

  • BU1_Commodity

1,976.42 MB, 8%

  • BU2,3_Specialty and Other

1,751.08 MB, 7 %

2017

Competitor sales analysis 2016 – 2017 (MB.)

2016

20

GC, 3,727 , 14% A, 4,624 , 18% B, 3,199 , 12% C, 2,759 , 11% D, 2,346 , 9% E, 803 , 3% F, 632 , 2% GC, 1,477 , 6% H, 2,474 , 9% I, 4,215 , 16% GC, 3,979 , 15% A, 4,697 , 17% B, 3,083 , 11% C, 2,604 , 9% D, 2,612 , 10% E, 781 , 3% F, 545 , 2% GC, 1,652 , 6% H, 2,648 , 10% I, 4,630 , 17%

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SLIDE 21

http://plastic.oie.go.th/IndustryStructure.aspx Value + 5.59% Volume + 2.37% Value + 19.57% Volume + 4.75% Value + 9.82% Volume + 6.43% Value

  • 18.88%

Volume - 12.79% Value

  • 4.14%

Volume + 2.00%

2016

Value + 16.63% Volume + 1.80% Updated on: June, 2018 Source: PTIT Data, Modified by PITH Value + 14.04% Volume + 6.70% Value + 3.09% Volume + 9.18% Value + 25.12% Volume + 20.07% Value

  • 3.92%

Volume + 9.52% Value

  • 1.48%

Volume - 2.65% Value

  • 31.90%

Volume + 2.04%

2016

Plastic Consumption

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Thailand plastics conversion value 2017

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SLIDE 22

ทีมา: http://plastic.oie.go.th/IndustryStructure.aspx

2016 2017

Thailand Plastic Industry 2017

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SLIDE 23

ทีมา: http://plastic.oie.go.th/IndustryStructure.aspx

+1.00 %

  • 1.10 %
  • 0.61 %

+4.15 % +1.66 % +0.02 % +0.10 % +0.10 %

  • 0.61%

+0.06 % +1.62 %

Thailand Plastic Industry 2017

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Plastic manufacturers in Thailand

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Company Overview Industry Info. and Economic Situation Competitors and Market Outlook Strategic Direction The 2018 Performance IR Report & Investment Highlight Q&A

Today Content

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Company Strategy in 2019 : VALUE

Value

creation thru Innovation and Differentiation

Aligned

investment for future sustainable growth

Lean

management thru Efficiency and Effectiveness

Utilized

customer base and cumulate Big Data

Efficiency

  • n Cost

Management

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Forward business plan for next 3 to 5 years

Organic Growth at 8-10% average on our existing business by Maintain market share and Increase sales to new customers Add in new products from new suppliers to diversify our product range. Base on partnership co-creation product and application development focus on Construction, Packaging and automotive industry. Emphasize on new business and innovation development to look for investment opportunity. Focus on domestic market in Thailand where GC brand is strong

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Today Content

Company Overview Industry Info. and Economic Situation Competitors and Market Outlook Strategic Direction The 2018 Performance IR Report & Investment Highlight Q&A

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SLIDE 28

Unit : Million Baht 2018 2017 Change 2018 2017 Change Sales 849.67 843.54 1% 3,660.38 3,727.50

  • 2%

COGS 793.63 775.25 2% 3,397.84 3,480.15

  • 2%

Gross Profit 56.04 68.29

  • 18%

262.54 247.35 6% Selling & Admin Expenses 29.78 31.31

  • 5%

143.23 121.56 18% Reduction of inventory to net realisable value (Reversal) 0.50 0.00 100% (2.00) 1.00

  • 300%

EBITDA 25.76 36.98

  • 30%

121.31 124.79

  • 3%

Depreciation 2.52 2.98

  • 15%

9.91 12.29

  • 19%

Interest Expenses 3.14 3.18

  • 1%

11.47 14.32

  • 20%

Profit Before Other Income 20.10 30.82

  • 35%

99.93 98.18 2% Other Income 2.13 1.59 34% 7.72 8.10

  • 5%

Gain (Loss) on exchange rate 1.89 2.03

  • 7%

5.00 5.14

  • 3%

Profit before Tax 24.12 34.44

  • 30%

112.65 111.42 1% Tax 4.49 6.85

  • 34%

26.81 21.89 22% Profit for the period 19.63 27.59

  • 29%

85.84 89.53

  • 4%

Other comprehensive income 0.40 0.00 100% 0.40 0.00 100% Total comprehensive income 20.03 27.59

  • 27%

86.24 89.53

  • 4%

Actual Q4 Actual Year

Statements of Comprehensive Income

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SLIDE 29

Sales Structure

  • 10

20 30 40 50 60 70

2014 2015 2016 2017 2018

35.1 40.8 51.0 42.7 40.7 19.0 21.7 21.9 22.0 22.9 0.1 0.1 0.1 0.1 0.1

'000 T

Sales Quantity

BU3 BU2 BU1

62.6 64.8 54.2 63.7 73.0 0% 20% 40% 60% 80% 100%

2014 2015 2016 2017 2018

65% 65% 70% 66% 64% 35% 35% 30% 34% 36% 0% 0% 0% 0% 0% Sales Quantity in Percentage

BU3 BU2 BU1

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2014 2015 2016 2017 2018

1,937 1,915 2,287 1,976 1,869 1,692 1,707 1,661 1,714 1,757 18 24 31 37 34 Sales Value-Million Baht

BU3 BU2 BU1

3,646 3,727 3,660 3,647 3,979

0% 20% 40% 60% 80% 100% 2014 2015 2016 2017 2018

53% 52% 57% 53% 51% 46% 47% 42% 46% 48% 1% 1% 1% 1% 1% Sales Value in Percentage

BU3 BU2 BU1

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Gross Profit Structure

  • 50

100 150 200 250 300 2014 2015 2016 2017 2018

51 67 85 63 66 162 170 180 189 202 5 8 9 11 11 Gross Profit By BU

BU3 BU2 BU1

279 245 218 263

274 0% 20% 40% 60% 80% 100%

2014 2015 2016 2017 2018

23% 27% 31% 24% 24% 74% 70% 66% 72% 72% 3% 3% 3% 4% 4% Gross Profit in Percentage

BU3 BU2 BU1

2.6% 3.5% 3.7% 3.2% 3.6% 9.6% 9.9% 10.8% 11.0% 11.5% 30.1% 33.3% 30.2% 31.3% 33.1%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

2014 2015 2016 2017 2018

Gross Profit Margin by BU

BU1 BU2 BU3

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Statements of Comprehensive Income Highlight

Profit Margin

  • GC’s gross profit margin of 2018 was higher than

2017’s due to higher selling price in 2H/2018 resulting from plant maintenance shutdown of some

  • producers. In addition , during Q2/2017 there was a

severe price war among traders led by oil price fluctuation.

  • GC’s net profit margin of 2018 has been decreasing

compared to 2017’s due mainly to the slowdown of sales volume as well as an increase in some operating expenses. Profit Margin

  • GC’s gross profit margin of 2018 was higher than

2017’s due to higher selling price in 2H/2018 resulting from plant maintenance shutdown of some

  • producers. In addition , during Q2/2017 there was a

severe price war among traders led by oil price fluctuation.

  • GC’s net profit margin of 2018 has been decreasing

compared to 2017’s due mainly to the slowdown of sales volume as well as an increase in some operating expenses. Revenue and Net Profit In 2018, Sales value decreased from 2017’s around 2% due to the decline in sales value of BU1 as a result

  • f soften private consumption.

3,659 3,659 3,985 3,741 3,673 48 79 93 90 86

  • 30

60 90 120 150 3000 3500 4000

2014 2015 2016 2017 2018

Revenue (Million Baht)

Revenue Net Profit

5.48 6.29 6.48 6.64 7.17 1.31 2.17 2.33 2.40 2.35 12.08 19.56 21.69 20.44 19.17

  • 5

10 15 20 25 30 35 40 45 50 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

2014 2015 2016 2017 2018

Gross Profit Margin (%) Net Profit Margin (%) ROE (%)

ROE

Profit

Revenue & Net Profit Profitability Ratio 31

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Statements of Financial Position

Unit : Million Baht Asset 31/12/2018 31/12/2017 Change % Trade Receivables 577.59 611.90

  • 34.31
  • 6%

Inventory 545.73 467.30 78.43 17% Net Fixed Assets 109.75 116.95

  • 7.20
  • 6%

Total Assets 1,268.47 1,242.08 26.39 2% Liabilities Short Term Loan 606.44 575.00 31.44 5% Trade Payables 173.21 179.44

  • 6.23
  • 3%

Total Liabilities 817.54 797.40 20.14 3% Equity Paid up Capital 200.00 200.00 0.00 0% Share Premium 56.03 56.03 0.00 0% Retained Earnings 194.90 188.65 6.25 3% Total Equity 450.93 444.68 6.25 1%

Unit : Million Baht

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Statements of Financial Position Highlight

D/E ratio is relatively lower.

  • D/E ratio drop from 4.35 times since

2004 which was decreased after IPO

  • proceeds. However, the higher D/E

ratio in 2018 compared to ending 2017 was resulting from the increase in short term loan. D/E ratio is relatively lower.

  • D/E ratio drop from 4.35 times since

2004 which was decreased after IPO

  • proceeds. However, the higher D/E

ratio in 2018 compared to ending 2017 was resulting from the increase in short term loan. Continuous increase in current ratio

  • GC current ratio has been improving to

higher than 1.0x since GC got more working capital from IPO proceed.

  • This higher liquidity can reduce GC’s

financial costs. Continuous increase in current ratio

  • GC current ratio has been improving to

higher than 1.0x since GC got more working capital from IPO proceed.

  • This higher liquidity can reduce GC’s

financial costs.

2.01 2.27 2.16 1.79 1.81

  • 0.50

1.00 1.50 2.00 2.50

2014 2015 2016 2017 2018

Debt to Equity Ratio

1.36 1.33 1.34 1.43 1.43

  • 0.50

1.00 1.50 2.00

2014 2015 2016 2017 2018

Current Ratio

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SLIDE 34

Dividend Payment Record

0.10 0.14 0.20 0.14 0.24 0.24 0.17 0.18 0.15 0.15 0.22 0.18 0.18 0.14 0.15 0.26 0.12 0.26 0.26 0.16 0.19 0.14 0.08 0.20 0.20 0.22 0.22 5.69% 8.92% 10.45% 9.13% 9.78% 8.85% 7.29% 7.23% 6.86% 5.22% 8.22% 7.84% 7.47% 7.71% 0.00 0.20 0.40 0.60 0.80 1.00 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Dividend (BPS.) Dividend Yield (cal. from before X-Date Price) Dividend 2nd Half (BPS.) Dividend 1st Half (BPS.) Dividend Yield (cal. From before X-Date Price)

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SLIDE 35

Dividend Payout Ratio

108 77 96 124 80 76 70 48 79 93 90 86 74% 84% 83% 80% 99% 94% 91% 97% 88% 91% 89% 93% 0% 20% 40% 60% 80% 100% 120% 140%

  • 20

40 60 80 100 120 140

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Dividend Payout Ratio Net Profit (Million Baht) Net Profit (Million Baht.) Dividend Payout Ratio

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Today Content

Company Overview Industry Info. and Economic Situation Competitors and Market Outlook Strategic Direction The 2018 Performance IR Report & Investment Highlight Q&A

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SLIDE 37

Stock Movement

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  • 200,000

400,000 600,000 800,000 1,000,000 1,200,000 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 3/1/61 15/1/61 25/1/61 6/2/61 16/2/61 28/2/61 13/3/61 23/3/61 4/4/61 19/4/61 2/5/61 14/5/61 24/5/61 6/6/61 18/6/61 28/6/61 10/7/61 20/7/61 3/8/61 16/8/61 28/8/61 7/9/61 19/9/61 1/10/61 11/10/61 25/10/61 6/11/61 16/11/61 28/11/61 12/12/61 24/12/61 Trade volume (shares) GC Closing price (THB) GC Trade Volume (shares) GC Closing price (THB)

฿ 5.45

11 Apr. 18

฿ 4.98

28 Jun. 18

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SLIDE 38

Stock Correlation

4.00 5.00 6.00 7.00

  • 200

400 600 800 1,000 1,200 1,400 1,600 1,800 3/1/61 12/1/61 23/1/61 1/2/61 12/2/61 21/2/61 5/3/61 15/3/61 26/3/61 4/4/61 18/4/61 27/4/61 9/5/61 18/5/61 30/5/61 8/6/61 19/6/61 28/6/61 9/7/61 18/7/61 31/7/61 9/8/61 21/8/61 30/8/61 10/9/61 5/10/61 17/10/61 29/10/61 7/11/61 16/11/61 27/11/61 7/12/61 19/12/61 GC Closing Price (THB) PETRO INDEX

PETRO INDEX GC Closing Price (THB)

4.00 5.00 6.00 7.00 8.00 1,450 1,500 1,550 1,600 1,650 1,700 1,750 1,800 1,850

3/1/61 12/1/61 23/1/61 1/2/61 12/2/61 21/2/61 5/3/61 15/3/61 26/3/61 4/4/61 18/4/61 27/4/61 9/5/61 18/5/61 30/5/61 8/6/61 19/6/61 28/6/61 9/7/61 18/7/61 31/7/61 9/8/61 21/8/61 30/8/61 10/9/61 5/10/61 17/10/61 29/10/61 7/11/61 16/11/61 27/11/61 7/12/61 19/12/61

GC Closing Price (THB) SET INDEX

SET INDEX GC Closing Price (THB)

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SLIDE 39

GC’s Dividend Yield

39

Dividend Yield

4.50 4.70 2.30 5.50 (0.90) 3.30 3.81 3.02 2.18 1.89 (0.90) 0.20 0.70 1.10 1.40 3.00 4.50 2.32 1.88 0.83 1.55 2.85 2.43 2.25 1.73 1.40 1.40 1.40 5.69 8.92 10.45 9.13 9.78 8.85 7.29 7.23 6.86 5.22 8.22 7.84 7.47 7.71 (2.00) 0.00 2.00 4.00 6.00 8.00 10.00 12.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

GC's Dividend Yield

Inflation Rate Average 1 year Deposit GC's Dividend Yield (%)

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SLIDE 40

Investment Highlight

An Organization of Unique Characteristics: Visionary, experienced, hands-on management team & knowledgeable staffs, Long term relation with trade partner and also Financial Institute Distributorship of the world renowned producers in plastics & petrochemicals (mostly in the top three ranking of the world in term of Advance Technology & Production Capacity) Products variety which render complete range of raw materials to best suit the customers' requirement (one stop shopping service) Sustainable growth with systematic risk management : Bad debt (trade credit insurance), foreign exchange exposure and price fluctuation Diversified and well balanced sources of revenue from various industries Regular (twice a year) Dividend payment with high yield. (Fully statutory reserve) for the past 12 years. Top 50’s dividend yield of The SET in the range of 5-10% per annum Good Corporate Governance : with Excellent level to sustainability

Your best services for value creation in raw material supply

40

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SLIDE 41

ACTIVITIES TO SUPPORT OUR BUSINESS

41

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SLIDE 42

“Matching Plastic Materials With Your Design”

Seminar

5th July 2018 at GC head office

42

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SLIDE 43

Joint Seminar with

“Something about TRITAN”

19th September 2018 at BITEC

43

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SLIDE 44

Seminar

12th Sep 2018 Faculty of Engineering, Rajamangala University of Technology

Matching Plastic Materials for packaging with your design

44

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SLIDE 45

Innovation organization award 2018

5th October 2018 at BITEC

GC received

45

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SLIDE 46

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Thank you, Questions are welcome