Carabao Group Strictly Private & Confidential Analyst Meeting FY18 0 Mar 2019
Disclaimer The provision herein does not constitute legal advice or investment opinions of any kind, neither is it intended as an offer, solicitation for Carabao Group PCL. (“CBG” or “The Group”) . The information presented within this material is intended to indicate the Group’s operational and financial position at a given period of time and to be used, downloaded, and distributed for analyst briefings, and general meetings with CBG, and to be used for educational material in order to understand CBG’s operation only. The Group makes no representation that all information is complete and accurate for the purpose of producing a projection of CBG’s operations, performance, or financial position and may be susceptible to uncertainty and important changes based on political, economic, strategic, and other such uncontrollable factors. Forward looking statements in this presentation are based on the management’s assumption in light of information currently available and obtainable, as well as the aforementioned/unmentioned risks and uncertainties. CBG’s actual results may vary materially from those expressed or implied in its forward-looking statements, and no assurance is made as to whether such future events will occur. The Group accepts no liability whatsoever for any loss arising directly or indirectly from the use or endorsement of any information contained herein by any users and/or third parties. 1
ENDE DED D 31 1 DECE CEMBER MBER 2018 18 NET SALES ฿ 14,463 mn 52% of 12%YoY ENERGY CLMV DRINK SALES SALES OVERSEAS ฿ 5,498 mn 67%YoY EBITDA ฿ 1,899 mn 38%YoY FY18 AT A GLA LANCE NCE
Total Sales Sales by Quarter (THBmn) 4Q2018 Growth Portion Domestic sales GPM Overseas sales Sales YTD (THBmn) Domestic GPM sales Overseas sales 3
Sales (THBmn) & GPM (%) by Business DOMESTIC: BRANDED OWN OVERSEAS DOMESTIC: DISTRIBUTION for 3 rd PARTY DOMESTIC: BRANDED OEM 4
Domestic Sales Domestic sales of Carabao Dang recovered in 4Q18 i.e. +7.4% YoY, thanks to improved market conditions DOMESTIC SALES BY CHANNEL BREAKDOWN OF DOMESTIC GPM BY BUSINESS QoQ as a combined result of economies of scale and reduction of key material prices YoY due to gradual adjustment for selling price of Coffee RTD 5
Overseas sales Overseas Cambodia and Myanmar made a new record high in 4Q18 THB mn FY15 FY16 FY17 FY18 %YoY 3Y-CAGR 4Q17 3Q18 4Q18 %YoY %QoQ Cambodia 1,547 2,074 2,489 4,438 78% 42% 739 1,177 1,267 72% 8% Myanmar 223 279 422 678 61% 45% 126 132 205 63% 56% Vietnam 98 173 356 349 -2% 53% 75 40 73 -3% 83% Yemen 167 202 225 137 -39% -6% 112 31 67 -40% 113% Afghanistan 164 481 257 65 -75% -27% - 26 9 0% -67% China - - 1,019 592 -42% n/a - 116 72 N/A -38% Others 77 132 53 133 152% 20% 11 30 35 219% 20% Overseas sales from CBD 2,276 3,340 4,821 6,392 33% 41% 1,062 1,551 1,727 63% 11% Overseas sales from ICUK - 16 202 84 -58% n/a 34 45 - 27 -180% -160% Total 2,276 3,356 5,024 6,476 29% 42% 1,097 1,597 1,700 55% 6% 6
Decomposed EBITDA & Debt Profile Non-ICUK (THBmn) ICUK (THBmn) Consolidation (THBmn) Representing global Representing global Representing global sponsorship fees sponsorship fees sponsorship fees incurred by Non-ICUK incurred by ICUK incurred by group of companies group of companies consolidation Key indicator of consolidated debt profile Interest bearing debts / Total Equity Total Liabilities / Total Equity Strong our expansion projects; but still well below our group p rise on the funding side to support olicy i.e. 2.0x 7 Note: CBG started to consolidate ICUK in an aftermath of takeover exercise since 4Q2016
Statement of financial position STATEMENT OF FINANCIAL POSITION Unit: THB million Dec-17 Dec-18 Change LIABILITIES Dec-17 Dec-18 Change ASSETS Current Assets Current Liabilities Cash, Cash Equivalents 147 138 (9) Short-term loans 845 275 (570) 1,810 Current Investments 7 - (7) Trade and other payable 1,897 (87) Trade and other receivable 960 907 (53) Current portion of long-term loans 300 401 101 Inventories 656 887 231 Other current liabilities 164 278 114 Other current assets 389 546 157 Total Current Liabilities 3,207 2,764 (442) 1,279 Total Current Assets 2,159 2,477 318 Long-term loans 2,190 (912) 2,786 Debentures - 2,786 Other non-current liabilities 118 126 9 Total non-current liabilities 2,308 4,191 1,883 Non-Current Assets Total Liabilities 5,515 6,955 1,441 Long-term Investment - - 0 SHAREHOLDERS' EQUITY Investment Properties 103 100 (3) Issued and fully paid up share capital 1,000 1,000 0 Property, plant & equipment 9,609 11,090 1,481 Premium on shares 3,963 3,963 0 Intangible Assets 67 77 10 Retained earnings 1,775 2,240 465 Deferred Tax Assets 31 63 32 Other components of shareholders' equity 376 - 26 1 Other non-current assets 15 12 (3) Equity attributable to owners of the Company 7,114 7,177 63 Goodwill 535 500 (36) Non-controlling interests of the subsidiary - 108 188 296 Total Non-Current Assets 10,361 11,843 1,482 Total shareholders' equity 7,005 7,365 359 Total Assets 12,520 14,320 1,800 Total liabilities and Equity 12,520 14,320 1,800 8
Statement of comprehensive income Unit: THB million 2017 2018 Change 2018 4Q2017 4Q2018 Change 4Q2017 4Q2018 YoY %sales YoY %sales %sales Revenue from sales 12,904 14,463 12.1% 100.0% 3,197 3,847 20.3% 100.0% 100.0% Costs of goods sold 8,840 9,813 11.0% 67.9% 2,286 2,565 12.2% 71.5% 66.7% Gross profits 4,065 4,649 14.4% 32.1% 911 1,282 40.7% 28.5% 33.3% Selling expenses 2,379 2,561 7.7% 17.7% 588 515 -12.3% 18.4% 13.4% G&A expenses 741 788 6.4% 5.5% 217 191 -12.1% 6.8% 5.0% Operating profits 945 1,301 37.6% 9.0% 107 576 440.5% 3.3% 15.0% Other incomes 164 135 -17.5% 0.9% 34 45 33.8% 1.1% 1.2% EBIT 1,109 1,435 29.4% 9.9% 140 621 343.1% 4.4% 16.1% EBITDA 1,372 1,899 38.4% 13.1% 219 750 242.5% 6.9% 19.5% Interest expenses 48 107 124.0% 0.7% 19 31 63.1% 0.6% 0.8% EBT 1,061 1,329 25.2% 9.2% 121 590 386.8% 3.8% 15.3% Income tax expenses 261 368 41.3% 2.5% 42 123 191.2% 1.3% 3.2% Net profits for the period 801 960 19.9% 6.6% 79 467 491.5% 2.5% 12.1% * Equity Holder of the Company 1,246 1,159 -7.0% 8.0% 209 513 145.0% 6.5% 13.3% Remark : *CBG increased shareholdings in ICUK, a subsidiary operating marketing and distribution of Carabao products in the UK and other countries outside Asia, from 51% to 84% since 1Q18 onwards. 9
2019 CAMBODIA SEA TV, CTN SEA TV, CTN, HANG MEAT HDTV, CNC, MY TV, ช่อง 8, ช่อง 5 10 10
2019 MYANMAR 11 11
2019 DOMESTIC Centralised sales force management plan DETAILED PLAN Sub- Cash Bao Dang Mktg Agent agent Van Lady Team support New agents Activities to Manage To promote sales and marketing/ appointed increase relationship communicate activities media plan rate of sales with retailers at every channel New SKUs Marketing Activities คาราบาวแดง 460,000 members More to come 180 ml 12 12
2019 ICUK 3 rd year consecutive operation in the UK with strategy to focus on selective channels with high margins and to exploit maximize benefits on spending under provided budget Coverage expansion from current customer Marketing Activity Received confirmation on more stores to be listed Utilise our assets, Carabao Cup 16 stores 250 stores (2018) (Mar’19) 350 stores +220 in chiller (2018) (220 Stores, Jan’19) +330 Petrol stations (Feb ’ 19) 376 Stores 676 Stores (2018) (Mar’19) N/A >700 Stores (2018) (in 2019) 13 13
2019 CHINA Chinese energy drink market grew by 7% YoY (value) in 2018 CARABAO shares in China ’ s energy drink market Carabao Promoters: Instructive force to create trial Progress made as a result of current business plan i.e. More focus on below the line activities and penetration into gas station segment Strategies adapted to changing market conditions JV China to begin promisingly yet challenges remained ahead Source: JV China company Target distribution mix in 2019 CARABAO PROMOTERs ( สาวบาวแดง)’ Manpower Plan 14 14
2019 CHINA 15 15
Appendix: Corporate Profile 18 18
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