Strictly Private & Confidential TPBI Public Company Limited Opportunity Day Presentation March 4, 2020 www.tpbigroup.com
Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in TPBI Public Company Limited (“TPBI”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. In addition, this presentation contains projections and forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions. www.tpbigroup.com Page1
Agenda Section 1 About TPBI Group Section 2 Business Overview Section 3 Financial Highlights Section 4 Future Plan www.tpbigroup.com Page2
TPBI Group Overview Company Profile Share Summary • Number of Shares Outstanding (mm) 416.88 • TPBI Public Company Limited (“TPBI”) was TPBI Public Company Limited (“TPBI”) was established by Borrisuttanakul family as a plastic-bag Registered Shares (THB mm) 416.88 established by Borrisuttanakul family as a plastic-bag trader/producer trader/producer Paid-up Capital (THB mm) 416.88 Par Value per Share (THB) • • 1 More than 30-year experience led the company More than 30-year experience led the company become the leader of plastic-bag producer in become the leader of plastic-bag producer in Share Movement ( Sep 19 – Dec 19) Thailand Thailand High (THB) 5.00 • • The company was listed on the Stock Exchange of Low (THB) 4.00 The company was listed on the Stock Exchange of Thailand in the beginning of 2Q16 Thailand in the beginning of 2Q16 Average (THB) 4.24 Average Market Capitalization (THB mm) 2,044.96 Average Daily Trading Value (THB mm) 0.13 TPBI is Thailand’s No. 1 total solution provider Dividend Payout Policy (%) At least 50% of net profit of packaging , providing complete services BBLAM, Others, 17.14% 11.84% ✓ product design and formula development ✓ manufacturing and procurement ✓ raw material and product testing Borrisuttanakul family, 71.02% TPBI’s VISION is “To be a leading packaging manufacturer who achieves sustainable growth together with all *Shareholder holding as of the latest book closing date stakeholders” www.tpbigroup.com Source: Company Data,Bloomberg
TPBI Group Products Sales Breakdown by Product ▪ TPBI Group’s total sales for 2019 is THB 5,298.86 mm, having sales proportion by products as follows: Revenue Breakdown in 2019 Revenue Breakdown in 2018 Vest carriers/t- Vest carriers/t-shirt Fruit&vegetable bags shirt bags Soft Loop bags Flat cut bags 4% Soft Loop 3% 10% 21% 4% Multi-layer 8% Fruit&vegetable bags blown film Multi-layer 4% 10% blown film Flexible Garbage bags 10% Packaging 28% 14% Flexible Garbage bags Packaging Paper 5% Others 23% 15% Trading 12% Others 10% 14% TPBI UK - Paper 1% TPBI UK - Trading 4% www.tpbigroup.com Source: CompanyData Page4
Market Diversification Market Diversification ▪ During 2019, approximately 65.37% of total sales are from exports to international markets while 34.63% are from domestic sales. In 2019 In 2018 Australia 13% Australia 19% Japan 6% Thailand 35% Thailand Japan 40% 8% UK 13% UK Other countries 9% 6% Other countries New Zealand 5% Myanmar 2% USA USA New Zealand Myanmar 3% 10% 22% 6% 3% “ TPBI Group distributes their different types of products to various regions to diversify the risk of relying on a few market” www.tpbigroup.com Note: :*Other countries include South Korea, Singapore, Nigeria, Laos, Cambodia, etc. Page5 Source: Company Data
Agenda Section 1 About TPBI Group Section 2 Business Overview Section 3 Financial Highlights Section 4 Future Plan www.tpbigroup.com Page6
TPBI’s Business Divisions Global Trading Consumables Flexibles Paper Product Mix: Product Mix: Product Mix: Product Mix: • • • • Flat & Satchel bag/ Block Reusable bags/ Piping bags/ All Vest carrier bags/ T-shirt bags/ Lamination film/ Barrier film/ products from Consumable, Stretch hood/ Shrink film Bottom/ SOS / Tape Handle / Bio compostable bags/ Fruit & Flexible, and Paper divisions. Vegetable bags/ Garbage bags/ die cut SOS bags • Packaging for frozen food, Loop- handle/ Die cut bags/ Fashion bags/ EMAP film bags ready-to-eat food and others Production Capacity: • ~ 510 million bags per year Key Markets: • • • UK, Australia, and USA. Digital Printing New Products: Roll Star/ New design garbage bags/ New Key Markets: • Production Capacity: UK design bags on roll for fruit and • vegetable/ Mail Order bags/ Multi Layer Film: ~ 11,500 tons Liner bags/ LLDPE food bags per year • Flexible Packaging: ~ 150 million Production Capacity: meters per year • ~ 62,000 tons per year Key Markets: • Thailand, Vietnam, Singapore , Australia, and etc. Key Markets: • Australia, UK, USA, New Zealand, Japan and etc. Page 8 www.tpbigroup.com
Historical Production Capacity and Utilization Rate 70,000.00 100.00% 86.81% 86.86% 83.57% Consumables 90.00% 60,000.00 74.34% 65.59% 73.38% 80.00% 50,000.00 70.00% 60.00% 40,000.00 50.00% • Consumables capacity is currently around 30,000.00 40.00% 60,000 tons per year 30.00% 20,000.00 20.00% 10,000.00 • 10.00% Utilization rate was 73.38% 0.00 0.00% 2014 2015 2016 2017 2018 2019 Capacity Output Utilization Rate 14,000.00 100.00% 86.10% 84.06% 83.17% 81.36% 90.00% Multilayer Blown Film 79.58% 12,000.00 80.00% 10,000.00 70.00% 56.05% 60.00% 8,000.00 • Multilayer blown film capacity is currently 50.00% 6,000.00 around 11,500 tons per year 40.00% 30.00% 4,000.00 20.00% • Utilization rate was 84.06% 2,000.00 10.00% 0.00 0.00% 2014 2015 2016 2017 2018 2019 Capacity Output Utilization Rate Page 9 www.tpbigroup.com Source: Company Data
Historical Production Capacity and Utilization Rate Flexibles 160.00 90.00% 80.33% 80.00% 70.18% 140.00 • • 67.23% With new factory, Flexibles capacity has been With new factory, Flexibles capacity has been 62.24% 70.00% 58.77% 120.00 increased to around 145 million meters per year increased to over 150 million meters per year 60.00% 100.00 50.00% • • 80.00 Utilization rate was 46.98% Utilization rate have been in range of 45 – 80% 46.98% 40.00% 60.00 30.00% • • Capacity expansion requires longer lead time than Capacity expansion requires longer lead time than 40.00 20.00% other products other products 20.00 10.00% 0.00 0.00% 2014 2015 2016 2017 2018 2019 Capacity Output Paper 120.00 120.00% 96.55% 89.49% 100.00 100.00% 80.52% 70.73% • 80.00 80.00% With new factory, Paper capacity has been increased to 510 million bags per year 60.00 60.00% 40.00 40.00% • Utilization rate was 80.52% 20.00 20.00% 0.00 0.00% Q1 2019 Q2 2019 Q3 2019 Q4 2019 Capacity Output Utilization Rate www.tpbigroup.com
Agenda Section 1 About TPBI Group Section 2 Business Overview Section 3 Financial Highlights Section 4 Future Plan www.tpbigroup.com Page9
Market Overview Total Market Volume (RHS) Mid Price Close Brent Crude Oil 70 4,000,000.00 • Brent crude oil price had slightly increased 3,500,000.00 60 3,000,000.00 during the last quarter of 2019, averaging at USD 50 2,500,000.00 57.01 per barrel in 2019. RHS) 40 2,000,000.00 30 1,500,000.00 20 1,000,000.00 10 500,000.00 0 - Resin Price LLDPE HDPE 1,200.00 • The resin prices are somewhat influenced from 1,000.00 crude oil price. 800.00 • The average prices of HDPE and LLDPE were 992.29 and 954.02 per MT respectively in 600.00 2019 400.00 200.00 - Jan-2019 Feb-2019 Mar-2019 Apr-2019 May-2019 Jun-2019 Jul-2019 Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 www.tpbigroup.com Source: Bloomberg Page10
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