1Q20 Financial Results
CMAN Operations Over 1 million tons per year 2 Chememan Analyst Presentation Q1-2020
Key Highlights of 1Q20 • Sales revenue rose to 653 MB with recognition of sales from Ha Long QN Lime (HLL). • Gross Profit increased to 33.5% from transportation cost reduction and Baht depreciation. • EBITDA at 142 MB grew QoQ by 79.4%, with EBITDA margin at 21.8% • Net Profit at 32 MB, compared to net loss of 4 MB in previous quarter • Interim dividend for year-end period of 2019 declared at Baht 0.02 per share, paid on 14 May 2020. 3 Chememan Analyst Presentation Q1-2020
1Q20 Profit & Loss Statement Unit : Million Baht 1Q20 4Q19 1Q19 %QoQ %YoY Sales Revenue 653 616 612 +6.1% +6.8% (357) (350) (353) +1.9% +1.1% Cost of Sales (not include depreciation & amortization) Transportation cost (117) (132) (116) -11.1% +1.1% Gross Profit (net transportation cost and depreciation & amortization) 179 134 143 +34.0% +25.2% Gross Profit Margin (net transportation cost and depreciation & amortization) (%) 33.5% 27.7% 28.9% Other income 10 7 3 +41.6% +258.1% Selling expenses (19) (14) (9) +39.9% +123.1% Administrative expenses (51) (57) (42) -10.0% +22.2% Gain (Loss) on exchange rate 28 1 (6) +2,237.3% -591.5% Gain (Loss) on forward contract (4) 0 (0) N/A +985.1% Non-cash expenses (1) 8 2 -111.3% -142.4% EBITDA 142 79 92 +79.4% +55.4% Adjust : (a) Gain (Loss) on exchange rate (28) (1) 6 +2,237.3% -591.5% Adjust : (b) Gain (Loss) on forward contract 4 0 0 N/A +985.1% Adjust : (c) Cost incurred by temporary shutdown of kiln for maintenance 1 1 1 -11.8% -35.1% 119 79 99 +50.7% +20.3% Normalized EBITDA Normalized EBITDA Margin (%) 18.2% 12.8% 16.2% Depreciation & Amortization (76) (59) (49) +27.8% +55.3% Depreciation & Amortization – Cost of sales (69) (55) (45) +25.0% +53.1% Depreciation & Amortization – Administrative expenses (7) (4) (4) +66.2% +82.2% Finance costs (28) (18) (10) +59.4% +187.0% 1 2 1 -6.8% +162.5% Interest received 3 (2) (1) -229.0% -327.3% Share of loss from investment in joint ventures Gain (Loss) on tax (12) 2 2 -584.1% -647.9% (Profit) Loss attributable to non-controlling interests of the subsidiary 6 3 0 +145.6% +1,801.0% Normalized Net Profit attributable to equity holders of the company 14 6 42 +123.4% +32.8% Normalized Net Profit Margin attributable to equity holders of the company (%) 2.1% 1.0% 6.9% 28 1 (6) +2,237.3% -591.5% (a) Gain (Loss) on exchange rate (4) 0 (0) N/A +985.1% (b) Gain (Loss) on forward contract (1) (1) (1) -11.8% -35.1% (c) Cost incurred by temporary shutdown of kiln for maintenance (d) Non-cash expenses 1 (8) (2) -111.3% -142.4% Profit (Loss) attributable to equity holders of the company 38 (1) 33 -3,331.4% +16.5% Profit (Loss) attributable to non-controlling interests of the subsidiary (6) (3) (0) +145.6% +1,801.0% Net Profit (Loss) 32 (4) 32 -959.9% -1.5% Net Profit (Loss) Margin (%) 5.9% -0.8% 6.5% Earnings (Loss) per share (baht) 0.04 0.00 0.03 4 Chememan Analyst Presentation Q1-2020
Domestic Vs. International Sales Sales Quantities Sales Revenues Unit : MT Unit : THB million 653 464,604 456,383 616 612 584 561 365,612 40% 38% 329,368 303,842 58% 28% 55% 64% 58% 33% 60% 29% 62% 72% 60% 71% 67% 42% 45% 42% 40% 36% 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Domestic International Domestic International 5 Chememan Analyst Presentation Q1-2020
Customer Segmentation 1Q20 Iron and Steel, 2% Glass & Bottle, 2% Environment, 3% Others, 0% Bio-plastic, 3% Agriculture, 3% Fiber glass, 4% Mining, 38% Gold Mining, 35% Chemicals, 6% Building Construction and Roadways, 11% Sugar Pulp - Paper - and 13% PCC, 14% 6 Chememan Analyst Presentation Q1-2020
EBITDA & Net Profit EBITDA Normalized EBITDA Unit : THB million Unit : THB million 500 30.0% 550 20.0% 450 18.2% 18.0% 21.8% 400 450 16.2% 20.0% 16.0% 350 14.4% 15.0% 14.0% 300 12.9% 350 12.8% 11.4% 12.1% 12.0% 250 9.3% 10.0% 250 10.0% 200 8.0% 150 0.0% 150 6.0% 100 142 92 119 4.0% 50 64 54 79 99 81 71 79 50 2.0% 0 -10.0% 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 (50) 0.0% EBITDA EBITDA Margin Normalized EBITDA Normalized EBITDA Margin Net Profit Normalized Net Profit (attributable to equity holders of the company) Unit : THB million Unit : THB million 280 10.0% 6.9% 4.2% 5.0% 10.0% 2.1% 1.0% 6.5% 230 5.9% 0.1% 170 0.0% 5.0% -5.0% -0.8% 0.0% 180 -1.9% 120 -10.0% -4.8% -5.0% 130 -15.0% -10.0% 70 -20.0% -15.0% 80 -25.0% -20.0% 32 32 20 -30.0% 30 42 1 6 14 24 -25.0% -35.0% (23) (4) (9) 1Q19 2Q19 3Q19 4Q19 1Q20 (30) -30.0% (20) -40.0% 1Q19 2Q19 3Q19 4Q19 1Q20 Normalized Net Profit Normalized Net Profit Margin Net Profit Net Profit Margin 7 Chememan Analyst Presentation Q1-2020
Balance Sheet Asset (THB million) Liabilities & Equity (THB million) 5,800 5,800 5,602 5,602 732 775 4,182 4,182 4,016 3,914 4,016 3,914 415 335 343 2,833 4,627 2,628 4,453 1,629 1,318 1,493 3,144 3,066 3,037 2,253 2,235 2,188 2,199 2,138 1,149 1,173 1,039 950 877 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Current Asset Non-Current Asset Equities Interest Bearing Debt Others 8 Chememan Analyst Presentation Q1-2020
Sources & Uses of Fund Unit : THB million Sources of Fund Uses of Fund Cashflow from operation 142 Acquisition of Property, Plant & Equipment 51 Long-term loan received 200 Acquisition of intangible assets 15 Short-term loan received 31 Increase in working capital 70 Interest income & others 9 Interest and fee payment 27 Income tax paid 1 Investment in Joint Ventures 6 Long-term loan repayment 99 Other debt repayment 9 Increase in cash 91 Exchange Translation 13 SOURCE OF FUND 382 USE OF FUND 382 Beginning Cash 215 Ending Cash 306 9 Chememan Analyst Presentation Q1-2020
Key Financial Ratios Current ratio Interest-bearing Debt to Equity ratio Unit : times Unit : times 1.27x 1.56x 1.54x 1.20x 1.20x 0.76x 0.68x 0.59x 0.69x 0.67x 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 10 Chememan Analyst Presentation Q1-2020
FX: THB against USD & AUD 34.00 33.50 33.00 2Q18 32.12 1Q18 3Q18 4Q18 1Q19 1Q20 32.50 31.71 33.15 32.99 31.79 31.45 32.00 USD 3Q19 31.50 2Q19 30.88 4Q19 31.00 31.74 30.45 30.50 30.00 26.00 25.00 24.00 1Q18 2Q18 25.19 23.00 3Q18 24.54 4Q18 24.52 AUD 22.00 23.93 1Q19 2Q19 22.91 21.00 22.49 3Q19 20.00 4Q19 1Q20 21.42 21.04 20.96 19.00 18.00 17.00 11 11 Chememan Analyst Presentation Q1-2020
Business Expansion Update Estimated Commercial Project Ownership Location Operation Date Investment Thailand CALMIX COMPANY LIMITED Saraburi, Joint venture, to develop, 51% 30.6 MB Y 2020 Thailand manufacture and distribute construction materials Owner Estimated Installed Capacity Commercial Project Location ship (MT/year) Operation Date Investment India EASTERNBULK LIME PRODUCTS PRIVATE 47,450 of LIMITED Quicklime Tuticorin, Joint venture 137.6 MB 50% 10 July 2019 Tamil Nadu 73,000 of Ground Quicklime manufacturing and Limestone distributing company SIRIMAN CHEMICALS INDIA 109,500 of PRIVATE LIMITED Quicklime Visakhapatnam, Joint venture 50% 61.3 MB Q3 2020 Andhra Pradesh 87,600 of Hydrated Lime manufacturing and distributing Lime company Vietnam HA LONG QN LIME COMPANY LIMITED 219,000 of Quicklime Indirect Subsidiary 20 November Quang Ninh, 80% 454.9 MB 2019 Lime manufacturing and distributing Vietnam 120,000 of company with limestone mining Hydrated Lime concession 12 Chememan Analyst Presentation Q1-2020
CalMix Co., Ltd. 51% Joint Venture in Thailand CalMix Co., Ltd. Construction & Installation : - Feeding raw materials into Silos - System testing and obtaining mixing formula in Jan 2020 - Product testing start in Jan 2020 Commercial operation estimated on : Y2020 Installed capacity : max. 100,000 tons/year (For the 1 st phase, the operating capacity will be 10,000 tons/year) 13 Chememan Analyst Presentation Q1-2020
Easternbulk Lime Products Private Limited 50% Joint Venture in Tuticorin, India Easternbulk Lime Products Private Limited Construction & Installation completed Commercial operation commenced on 10 July 2019 Installed capacity of quicklime production : 47,450 tons per year Currently run at full production capacity, generating net profit since beginning of 2020. 14 Chememan Analyst Presentation Q1-2020
Siriman Chemicals India Private Limited 50% Joint Venture in Visakhapatnam, India Siriman Chemicals India Private Limited Kiln machinery installation progress 90% and refractory installation expected to start in June. Coal grinding mill building completed. Machinery installation progress 80% . QL handling civil works progress 90% Commercial operation expected to commence in Q3 2020. 15 Chememan Analyst Presentation Q1-2020
Recommend
More recommend
