2019 Financial Results Analyst Meeting Presentation Agenda - PowerPoint PPT Presentation

2019 Financial Results Analyst Meeting Presentation

Agenda Business Overview Financial Performance Business Expansion Update March 2020 | 2 Chememan Analyst Presentation 2019

2019 Investment Activities Business Overview January • Set up CalMix Co., Ltd. with German partners to manufacture construction materials in Thailand • Commenced KK4 Quicklime Kiln with production capacity of 73,000 TPY July • Commenced Easternbulk Lime Products Private Limited in Tuticorin of India November • Acquired 80% portion of capital contribution of Ha Long QN Lime Co., Ltd. in Vietnam March 2020 | 3 Chememan Analyst Presentation 2019

CMAN Geographical Footprints Business Overview  3 major operations in Thailand, Vietnam and India (supplies > 1 MTY);  2 limestone quarries in Thailand and Vietnam;  2 DCs in WA (1 additional under planning) Vietnam Thailand   Ha Long QN Lime Quarry Tubkwang Quarry   Ha Long QN Lime Plant Tubkwang Crushing Plant   Northman Kangkoi Plant  Prabuddhabaht Plant  Rayong Plant  CalMix Australia India   Henderson DC Chememan India   Kalgoorlie DC Easternbulk Lime Products   Kwinana DC Siriman Chemicals India March 2020 | 4 Chememan Analyst Presentation 2019

CMAN Group Structure (as of December 2019) Business Overview March 2020 | 5 Chememan Analyst Presentation 2019

Lime Capacity > 1 million TPY (2020) Business Overview Thailand Tubkwang Quarry > 100,000,000 MT Tubkwang Crushing Plant 3,000,000 TPY Kangkoi Plant > 500,000 TPY Prabuddhabaht Plant > 350,000 TPY Rayong Plant > 80,000 TPY Vietnam Ha Long QN Lime Quarry 60,000,000 MT Ha Long QN Lime Plant > 200,000 TPY India Easternbulk Lime Plant > 45,000 TPY Siriman Chemicals India Plant > 50,000 TPY Australia (Distribution) Henderson DC & Kalgoorlie DC 150,000 TPY Kwinana DC 300,000 – 500,000 TPY Distribution Center Quarry / Crushing Plant Lime Plant March 2020 | 6 Chememan Analyst Presentation 2019

CMAN International Presence Business Overview • Exports to > 25 countries across 3 continents in Asia, Australia, and Africa March 2020 | 7 Chememan Analyst Presentation 2019

Customer Segmentation 2019 Business Overview Iron & Steel, 2% Glass & Bottle, 1% Others, 1% Chemicals, 3% Environment, 4% Bio-plastic, 4% Agriculture, 4% Mining, 43% Fiber glass, 4% Building Construction & Roadways, 10% PCC, Pulp & Paper 12% Sugar, 12% March 2020 | 8 Chememan Analyst Presentation 2019

4Q19 Profit & Loss Statement Financial Performance Unit : Million Baht 4Q19 3Q19 4Q18 %QoQ %YoY Sales Revenue 616 584 592 +5.4% +4.0% Cost of Sales (not include depreciation & amortization) (350) (361) (334) -3.0% +4.8% Transportation cost (132) (111) (111) +18.8% +19.0% 134 112 147 +19.3% -9.0% Gross Profit (net transportation cost and depreciation & amortization) Gross Profit Margin (net transportation cost and depreciation & amortization) (%) 27.7% 23.7% 30.6% Other income 7 7 9 +1.5% -27.1% Selling expenses (14) (13) (9) +1.9% +53.2% (57) (47) (47) +19.9% +22.0% Administrative expenses Gain (Loss) on exchange rate 1 (11) 1 -111.4% -8.4% Non-cash expenses 8 7 7 +13.9% +5.0% 79 54 110 +45.7% -27.8% EBITDA Adjust : (a) Gain (Loss) on exchange rate (1) 11 (1) -111.4% -8.4% Adjust : (b) Cost incurred by temporary shutdown of kiln for maintenance 1 6 4 -84.2% -74.9% Normalized EBITDA 79 71 112 +11.5% -29.5% Normalized EBITDA Margin (%) 12.8% 12.1% 18.9% Depreciation & Amortization (59) (54) (50) +10.2% +18.5% Depreciation & Amortization – Cost of sales (55) (50) (46) +11.2% +19.7% Depreciation & Amortization – Administrative expenses (4) (4) (4) -2.2% +4.1% (18) (13) (8) +37.7% +115.0% Finance costs 2 1 1 +27.1% +119.4% Interest received Share of loss from investment in joint ventures (2) (4) (1) -48.2% +220.6% Gain (Loss) on tax 2 (1) 2 -511.9% -+9.4% (Profit) Loss attributable to non-controlling interests of the subsidiary 3 0 1 +742.7% +122.2% Normalized Net Profit attributable to equity holders of the company 6 1 57 +1,017.7% -89.2% Normalized Net Profit Margin attributable to equity holders of the company (%) 1.0% 0.1% 9.7% 1 (11) 1 -111.4% -8.4% (a) Gain (Loss) on exchange rate (1) (6) (4) -84.2% -74.9% (b) Cost incurred by temporary shutdown of kiln for maintenance (c) Non-cash expenses (8) (7) (7) +13.9% +5.0% (1.2) (22.6) 47.6 -94.8% -102.5% Profit (Loss) attributable to equity holders of the company (3) (0) (1) +742.7% +122.2% Profit (Loss) attributable to non-controlling interests of the subsidiary Net Profit (Loss) (4) (23) 46 -83.9% -108.0% Net Profit (Loss) Margin (%) -0.8% -4.8% 9.7% 0.00 -0.02 0.05 Earnings (Loss) per share (baht) March 2020 | 9 Chememan Analyst Presentation 2019

Y2019 Profit & Loss Statement Financial Performance 2019 2018 %YoY Unit : Million Baht Sales Revenue 2,372 2,423 -2.1% Cost of Sales (not include depreciation & amortization) (1,408) (1,429) -1.5% Transportation cost (475) (425) +11.7% 490 569 -14.0% Gross Profit (net transportation cost and depreciation & amortization) Gross Profit Margin (net transportation cost and depreciation & amortization) (%) 25.8% 28.5% Other income 21 19 +10.7% Selling expenses (45) (33) +35.4% Administrative expenses (184) (159) +15.6% Gain (Loss) on exchange rate (24) 2 -1,362.5% Non-cash expenses 31 19 +66.8% EBITDA 290 417 -30.6% Adjust : (a) Gain (Loss) on exchange rate 24 (2) -1,362.5% Adjust : (b) Cost incurred by temporary shutdown of kiln for maintenance 16 10 +60.0% Normalized EBITDA 329 425 -22.5% Normalized EBITDA Margin (%) 13.9% 17.5% Depreciation & Amortization (211) (187) +12.8% Depreciation & Amortization – Cost of sales (196) (173) +13.0% Depreciation & Amortization – Administrative expenses (15) (14) +10.5% (52) (57) -9.3% Finance costs Interest received 4 3 +54.0% Adjust : (c) Loan prepayment fee 0 11 -100.0% Share of loss from investment in joint ventures (10) (4) -156.3% Gain (Loss) on tax 8 9 -11.3% (Profit) Loss attributable to non-controlling interests of the subsidiary 4 1 +174.5% Normalized Net Profit attributable to equity holders of the company 72 200 -64.0% Normalized Net Profit Margin attributable to equity holders of the company (%) 3.0% 8.3% (24) 2 -1,362.5% (a) Gain (Loss) on exchange rate (b) Cost incurred by temporary shutdown of kiln for maintenance (16) (10) +60.0% (c) Loan prepayment fee 0 (11) -100.0% (d) Non-cash expenses (31) (19) +66.8% Profit (Loss) attributable to equity holders of the company 0.8 162.6 -99.5% Profit (Loss) attributable to non-controlling interests of the subsidiary (4) (1) +174.5% Net Profit (Loss) (3) 161 -101.8% Net Profit (Loss) Margin (%) -0.2% 8.1% Earnings (Loss) per share (baht) 0.00 0.18 March 2020 | 10 Chememan Analyst Presentation 2019

Domestic Vs. International Sales Financial Performance Sales Quantities Sales Revenues Unit : MT Unit : THB million 1,463,420 2,423 2,372 1,155,399 33% 36% 60% 59% 464,598 365,612 67% 40% 329,368 616 592 612 303,842 584 256,461 561 28% 64% 33% 29% 41% 63% 55% 63% 40% 36% 58% 60% 60% 72% 67% 71% 64% 45% 42% 40% 37% 37% 4Q18 1Q19 2Q19 3Q19 4Q19 2018 2019 4Q18 1Q19 2Q19 3Q19 4Q19 2018 2019 Domestic International Domestic International March 2020 | 11 Chememan Analyst Presentation 2019

EBITDA & Net Profit Financial Performance EBITDA Normalized EBITDA Unit : THB million Unit : THB million 500 20.0% 18.6% 550 20.0% 17.2% 18.9% 450 15.0% 17.5% 18.0% 400 12.9% 450 12.2% 16.1% 11.4% 16.0% 350 14.4% 9.3% 10.0% 13.9% 14.0% 300 350 12.8% 12.1% 12.0% 250 417 250 10.0% 200 425 0.0% 290 8.0% 150 329 150 6.0% 100 110 92 112 4.0% 50 64 54 79 99 81 71 79 50 2.0% 0 -10.0% 4Q18 1Q19 2Q19 3Q19 4Q19 2018 2019 4Q18 1Q19 2Q19 3Q19 4Q19 2018 2019 (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 20.0% 9.7% 10.0% 8.1% 9.7% 6.5% 230 10.0% 8.3% 170 6.8% 5.0% 4.2% 3.0% 1.0% -0.2% 0.1% -0.8% 0.0% 180 0.0% -1.9% 120 -4.8% -5.0% 130 -10.0% 161 -10.0% 200 70 -15.0% 80 -20.0% 46 -20.0% 32 20 72 57 30 -30.0% 41 1 6 24 -25.0% (23) (4) (3) (9) 4Q18 1Q19 2Q19 3Q19 4Q19 2018 2019 (30) -30.0% (20) -40.0% 4Q18 1Q19 2Q19 3Q19 4Q19 2018 2019 Normalized Net Profit Normalized Net Profit Margin Net Profit Net Profit Margin March 2020 | 12 Chememan Analyst Presentation 2019

Balance Sheet Financial Performance Asset (THB million) Liabilities & Equity (THB million) 5,602 5,602 775 3,824 3,824 3,217 439 3,217 2,628 4,453 438 1,162 2,949 2,478 1,556 2,223 2,199 1,223 1,149 875 739 2017 2018 2019 2017 2018 2019 Current Asset Non-Current Asset Equities Interest Bearing Debt Others March 2020 | 13 Chememan Analyst Presentation 2019