Chememan Public Company Limited Q1 2018 Analyst Presentation 16 May 2018
TABLE OF CONTENT 1. Key Highlight Q1 2018 2. Financial Performance Q1 2018 3. Project Progress Update 4. Appendix Strictly Private & Confidential 1
Key Highlight Q1 2018
KEY HIGHLIGHT Q1 2018 KK6 started COD with the installed capacity of 109,500 MT/year. • Capacity Expansion In BoD has approved the construction of new kiln quicklime KK4 with the installed capacity of 73,000 • Thailand MT/year , expected to spend around 9 months to be completed. Company increased capital in Easternbulk. • Capacity Expansion in India Production plant is in construction process and expected to start COD with Q1 2019. • CMAN’s IPO Offering CMAN has been listed in SET on March 21, 2018 with offering size of Baht 921.60 million. • Total revenue from sales in Q1/2018 is Baht 596.55 million, increased from Q4/2017 by Baht 18.89 million or • 3.27% (QoQ) and from Q1/2017 by Baht 3.66 million or 0.62% (YoY) The Company’s EBITDA in Q1/2018 is Baht 99.27 million, increased from Q4/2017 by Baht 19.50 million or 24.45% (QoQ) and • Performance decreased from Q1/2017 by Baht 7.88 million or 7.35% (YoY). Net profit in Q1/2018 is Baht 37.24 million, increased from Q4/2017 by Baht 18.66 million or 100.43% (QoQ) • and decreased from Q1/2017 by 16.99 or 31.33% (YoY). As at 31 March 2018, total assets is Baht 3,817.23 million, increased by Baht 600.70 million or 18.68% from • 31 December 2017. The Company’s As at 31 March 2018, total liabilities is Baht 1,662.89 million, decreased by Baht 330.94 million or 16.60% • Financial Position from 31 December 2017. As at 31 March 2018, total shareholders’ equity is Baht 2,154.34 million, increased by Baht 931.64 million or • 76.20% from 31 December 2017. Strictly Private & Confidential 3
Financial Performance Q1 2018
NORMALIZED PROFIT COMPARISON Q1/2017 Q4/2017 Q1/2018 %YOY %QOQ Summary Financial Statement Sales 592.89 577.66 596.55 0.62% 3.27% Cost of Sales (363.13) (365.32) (381.71) 5.12% 4.49% Total Gross Profit before cost reallocation MB 229.76 212.34 214.84 -6.49% 1.18% % Gross Margin 38.75% 36.76% 36.01% Cost Reallocation from SGA - - (14.03) - - Total Gross Profit after cost reallocation MB 229.76 212.34 200.81 -12.60% -5.43% % Gross Margin 38.75% 36.76% 33.66% -68.73% -42.73% Other incomes MB 6.24 3.41 1.95 Selling expense MB (114.93) (118.55) (99.94) -13.04% -15.70% Admin expense MB (50.95) (63.30) (50.33) -1.22% -20.50% Finance cost MB (13.35) (16.72) (17.93) 34.27% 7.20% -205.16% 89.69% Tax MB (2.54) 1.41 2.67 Net income MB 54.23 18.58 37.24 -31.33% 100.38% 9.15% 3.22% 6.24% % Net Profit Margin Adjustment for Normalized Profit Effect of loss from Exchange rate MB (1.73) 4.89 11.77 Pending Transportation Expense MB - - 3.68 Normalized profit MB 52.50 23.47 52.69 0.36% 124.49% • Normalized profit for Q1/2018 is in the same level comparing to Q1/2017, and increase 124.49% comparing to Q4/2017 • Major effect of loss from exchange rate and pending transportation expense (totaling of Baht 15.45 million) causes reported profit reduced to Baht 37.24 million, decrease Baht 16.99 million (31.33%) comparing to Q1/2017, however, increase Baht 18.66 million (100.38%) comparing to Q4/2017 Strictly Private & Confidential 5
REVENUE Total Revenue from Sales Classified by Product (THBmm) Sales Price Per Unit (THB per Ton) 4,277.04 3,924.77 3,810.31 596.55 592.89 577.66 39.44 65.29 53.62 97.86 91.58 88.45 3,376.15 3,221.76 3,016.15 459.25 436.02 435.59 437.36 433.89 335.97 Q1 2017 Q4 2017 Q1 2018 Q1 2017 Q4 2017 Q1 2018 Quicklime Hydrated Lime Limestone Quicklime Hydrated Lime Limestone Quantity Sales (Tons) Revenue Analysis 194,325 Total revenue from sales in Q1/2018 attributed to the Company of Baht 90,909 596.55 million. 122,598 QoQ: The revenue in Q1/2018 increased from Q4/2017 by Baht • 25,684 18.89 million or 3.27% due to the increase of domestic sales from 21,412 22,537 sugar and bioplastics industry. YoY: The revenue in Q1/2018 also increased from Q1/2017 by Baht • 152,262 3.66 million or 0.62% (YoY) since the QL export was boosted by the 135,338 129,020 demand from long-term contract started since end of Q1/2017 Q1 2017 Q4 2017 Q1 2018 Quicklime Hydrated Lime Limestone Strictly Private & Confidential 6
REVENUE ANALYSIS by PRODUCT – QUICKLIME Quicklime Q1/2017 Q4/2017 Q1/2018 Quantities MT 135,338 129,020 152,262 Sale revenue MB 436.02 435.59 459.25 Price per unit BPT 3,221.76 3,376.15 3,016.15 Revenue Analysis for Quicklime QoQ : The revenue in Q1/2018 increased from Q4/2017 by Baht 23.66 million or 5.43%, mainly due to an increase in domestic sales to sugar industry while decrease in export sales from one of quicklime contract was ended in last December. However, The Company had new quicklime contracts with 2 new customers which will start to serve on April 2018 YoY: The revenue in Q1/2018 increased from Q1/2017 by Baht 23.23 million or 5.33%, mainly due to an increase in export from the long-term contracts started since end of March 2017. Moreover, increase in export volumes was about 22,000 tons or 43.93%. Effect to Price per unit in Q1/2018 : - Incoterm change from CIF/CFR to FOB - Baht depreciated (average USD/THB was 3 4.92, 32.76 and 31.33 for Q1/2017, Q4/2017 and Q1/2018, respectively Strictly Private & Confidential 7
REVENUE ANALYSIS by PRODUCT – HYDRATED LIME Hydrated lime Q1/2017 Q4/2017 Q1/2018 Quantities MT 21,412 22,537 25,684 Sale revenue MB 91.58 88.45 97.86 Price per unit BPT 4,277.04 3,924.77 3,810.31 Revenue Analysis for Hydrated Lime QoQ and YoY: The revenue in Q1/2018 increasing by Baht 9.41 million and 6.28 million or 10.64% and 6.86%, respectively, mainly due to an increase in domestic sales to bioplastic industry (Sales volumes are 4,900 tons, 6,200 tons and 9,000 tons for Q1/2017 Q4/2017 and Q1/2018, respectively) Effect to Price per unit in Q1/2018 : - Domestic portion is higher - Baht depreciated (average USD/THB was 3 4.92, 32.76 and 31.33 for Q1/2017, Q4/2017 and Q1/2018, respectively Strictly Private & Confidential 8
REVENUE ANALYSIS by PRODUCT – LIMESTONE Limestone Q1/2017 Q4/2017 Q1/2018 Quantities MT 194,325 122,598 90,909 Sale revenue MB 65.29 53.62 39.44 Price per unit BPT 335.97 437.36 433.89 Revenue Analysis for Limestone QoQ and YoY: The revenue in Q1/2018, decreased by Baht 14.18 million and 25.85million or 26.45% and 39.59% , respectively, TK plant was temporarily shutdown, limestone is shortage and limit for sales. Moreover, limestone is needed progressively for manufacturing for higher demand of QL and HL Effect to Price per unit in Q1/2018 : - No export sales in Q1/2018 Strictly Private & Confidential 9
COST OF SALES Cost of Sales (THBmm) Cost Per Unit (THB per Ton) 2,493.11 2,427.82 395.74 2,347.73 365.31 25.17 363.13 2,218.18 24.41 64.03 2,060.47 34.00 2,013.20 54.71 50.27 276.91 199.13 174.99 Q1 2017 Q4 2017 Q1 2018 Quicklime Hydrated Lime Limestone 306.54 286.19 278.86 Cost Analysis Cost of sales in Q1/2018 was Baht 395.74 million. QoQ: Cost in Q1/2018 increased from Q4/2017 by Baht 30.42 million • or 8.33% because Q1/2018 had a relocation of manpower cost Q1 2017 Q4 2017 Q1 2018 from admin expenses to production cost approximately Baht 14 million, but the actual cost of sales per unit decreased since the Quicklime Hydrated Lime Limestone COD of KK6 on January 20, 2018 supported the economy of scale. YoY: Cost in Q1/2018 also increased from Q1/2017 by Baht 32.61 • million or 8.98% due to the relocation effect. Strictly Private & Confidential 10
COST ANALYSIS by PRODUCT – QUICKLIME Quicklime Q1/2017 Q4/2017 Q1/2018 Quantities MT 135,338 129,020 152,262 Cost MB (278.86) (286.19) (306.54) Cost per unit BPT (2,060.47) (2,218.18) (2,013.20) Cost Analysis for Quicklime QoQ and YoY : The cost in Q1/2018, increasing in sale volumes by Baht 20.35 million and 27.68 million or 7.11% and 9.93%, respectively. Cost per unit in Q1/2018 decreased from economic of scale resulted from KK6 kiln was commenced commercially during late January despite there is a relocation of manpower cost from admin expense to production cost. In Addition, production portion of KK and PBB is 3:1, lead to reduce the production cost Strictly Private & Confidential 11
COST ANALYSIS by PRODUCT – HYDRATED LIME Hydrated lime Q1/2017 Q4/2017 Q1/2018 Quantities MT 21,412 22,537 25,684 Cost MB (50.27) (54.71) (64.03) Cost per unit BPT (2,347.73) (2,427.82) (2,493.11) Cost Analysis for Hydrated Lime QoQ and YoY: The cost in Q1/2018, increasing by Baht million 9.32 and 13.76 million or 17.04% and 27.37%, respectively, mainly due to an increase in domestic sale volumes to bioplastic industry Cost per unit in Q1/2018 increased from higher in tolling portion and there is a relocation of manpower cost from admin expense to production cost Strictly Private & Confidential 12
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