Company’s Performance Q1/2020 13 May 2020 integration innovation intimacy
1 Our Business 2 AGENDA Q1/2020 Financial Performance 3 Business Outlook for Q2/2020 integration integration innovation innovation intimacy intimacy
Our Business LOGISTICS AIR FREIGHT MANAGEMENT SEA FREIGHT CHEMICAL & INLAND & SPECIALTY TRANSPORT LOGISTICS 2 2
AIR FREIGHT ▪ Cargo General Sales Agent (GSA): exclusive sales agent of • All AirAsia Airlines under Teleport Thailand • Sri Lankan, Lan Cargo, Bhutan, Jeju Airlines and US Bangla Airlines for all routes from Thailand ▪ Wholesale Freight Forwarder : providing domestic and international air freight services for co-loaders ▪ Air Cargo Terminal : International and domestic cargo terminal at Don Muang Airport 3
SEA FREIGHT & INLAND TRANSPORT ▪ Shipping Line Agencies : • Thailand Joint Venture : CK Line ▪ Wholesale Freight Forwarder : Thailand Joint Venture with ECU Worldwide , global leader in Less-than Container Load (LCL) services with network in over 160 countries ▪ Inland Container Trucking Services: transport containers to and from seaport / container depot 4
LOGISTICS MANAGEMENT ▪ Integrated Freight Forwarder : International freight forwarding services for both sea & air transport and customs clearance for retail customers ▪ Warehousing : storage, inventory management, and real-time reporting ▪ Distribution Management : modern trade, shops, home delivery ▪ Fulfillment Service : focus on E-Commerce and end to end supply chain services 5
CHEMICAL & SPECIALTY LOGISTICS ▪ Integrated Freight Forwarder : International freight forwarding services for both sea & air transport and customs clearance for chemical & dangerous goods ▪ Dedicated Chemical Warehouse : storage, inventory management, and real-time reporting ▪ Inland and Distribution Management : for industrial and B2B market ▪ DG Packaging : sale of packing materials, DG declaration and repacking services ▪ ISO Tank Business : as agent for Nippon Concept Co., Ltd , a Japanese based ISO tank operator for liquid chemical 6
1 Our Business 2 AGENDA Q1/2020 Financial Performance 3 Business Outlook for Q2/2020 integration integration innovation innovation intimacy intimacy
Performance Q1/2020 – Revenue Q4/19 vs. Q1/20 % Revenue Contribution Q1/19 vs Q1/20 Q1/19 vs. Q1/20 Unit : Million Baht Q1/19 18% 682.6 648.8 -37% -40% Chemical 6% 407.6 407.6 Logistics 3% Airfreight Sea freight 73% Q1/19 Q1/20 Q4/19 Q1/20 Revenue Q1/19 Q1/20 YoY Q4/19 Q1/20 QoQ Q1/20 242.2 1/ 242.2 1/ Airfreight 547.0 (56%) 534.2 (55%) 31% 11.9 2/ 11.9 2/ Sea freight 22.3 (47%) 20.8 (43%) Logistics 48.3 34.9 (28%) 42.5 34.9 (18%) Chemical Chemical 133.4 130.4 (2%) 127.5 130.4 2% Airfreight Total Revenue 750.9 419.3 (44%) 725.0 419.3 (42%) 58% Revenue Consol 3 / 682.6 407.6 (40%) 648.8 407.6 (37%) 8% Remark: 1/ Airfreight revenue did not include GSA revenues from servicing AirAsia in the approximate amount of 3% Sea freight THB 100 million since TLP-TH was categorized as Joint Venture 2/ Sea freight revenue significantly decreased since Rizhao ceased its business since January 2020 3/ After eliminating inter-company transactions. 8
Performance Q1/2020 – Gross Profit % Gross Contribution Q1/19 vs Q1/20 Q1/19 vs. Q1/20 Q4/19 vs. Q1/20 Unit : Million Baht Q1/19 0.0 21.2% 21.2% 27% 20.0% 16.7% 0.0 Chemical 14.5% 114.0 47% 15.0% Airfreight 94.3 -24% -8% 86.4 86.4 0.0 10.0% 13% 50.0 13% - 5.0% Q1/19 Q1/20 Q4/19 Q1/20 Q1/20 Gross Profit Q1/19 Q1/20 YoY Q4/19 Q1/20 QoQ Airfreight 55.3 38.9 (30%) 38.2 38.9 2% 37% 5.8 1 / 5.8 1 / Sea freight 15.7 (63%) 14.7 (60%) 44% Chemical Airfreight Logistics 15.2 10.2 (33%) 12.1 10.2 (16%) Chemical 31.1 32.4 4% 30.9 32.4 5% Total Gross Profit 117.3 87.3 (26%) 95.8 87.3 (9%) Gross Profit Consol 2/ 114.0 86.4 (24%) 94.3 86.4 (8%) Sea freight 12% GPM 16.7% 21.2% 14.5% 21.2% 7% Remark: 1/ Gross Profit significantly dropped as a result of the decreased in revenue due to Rizhao ceasing its services, a high margin business for Sea freight business unit. 2/ After eliminating inter-company transactions. 9
Performance Q1/2020 – SG&A Q1/19 vs. Q1/20 Q4/19 vs. Q1/20 Unit : Million Baht Transfer to Transfer to 93.9 Reverse 93.1 93.1 90.1 TLP-TH TLP-TH EBO 10.0 10.0 13.4 Provision Effect from Effect from TFRS16 TFRS16 80.5 83.1 90.1 83.1 Q1/19 Q1/20 Q1/19 Q1/20 SG&A Q1/19 Q1/20 YoY Q4/19 Q1/20 QoQ Selling Expense 17.3 17.6 2.1% 19.6 17.6 (10.0%) Admin Expense 63.2 65.4 3.5% 70.5 65.4 (7.2%) Total SG&A 80.5 83.1 3.2% 90.1 83.1 (7.8%) SG&A Extraordinary Items: 1. Provision for Employee benefit obligations in Q1/19 was reversed for amount of THB 13 million, resulting in a decrease of SG&A; 2. In Q1/20, the Company transferred employees to TLP TH which cost for amount approximately of THB 10 million; and 3. The adoption of TFRS 16 that results in an increase of rental and lease obligation related expenses. 10
Performance Q1/2020 – Net Profit Q1/19 vs. Q1/20 Q4/19 vs. Q1/20 Unit : Million Baht 6.3% 50.0 5.5% 5.5% 42.9 6.0% 4.4% 40.0 -47% 28.4 4.0% 30.0 22.5 22.5 -21% 20.0 2.0% 10.0 - 0.0% Q1/19 Q1/20 Q4/19 Q1/20 Net Profit Q1/19 Q1/20 YoY Q4/19 Q1/20 QoQ Net Profit Consol 42.9 22.5 (47%) 28.4 22.5 (21%) NPM 6.3% 5.5% 4.4% 5.5% 11
Overall Performance Q1/2020 % Analysis Unit : Million Baht Q1/19 Q1/20 Change Change ▪ The main source of GSA revenue from servicing AirAsia, + / (-) which generated revenue of THB 290 million on Q1/19, 682.6 407.6 (275.0) (40.3%) Revenues from sales and services decreased as the Business model changed from the Costs of sales and services 568.6 321.2 (247.5) (43.5%) Company owned services to Joint Venture with TLP-TH. 114.0 86.4 (27.5) (24.2%) Gross profit The Company recognize its performance as Share of profits from investment in Asso&JV instead. 16.7% 21.2% 4.5% Gross profit margin (%) ▪ COVID-19 outbreak affected the overall services volume, 2.3 3.7 1.4 62.9% Other income resulting in a decrease in revenue and gross profit Selling expenses 17.3 17.6 0.4 2.1% ▪ Gain (loss) on exchange rate affected by the Administrative expenses 63.2 65.4 2.2 3.5% depreciation of Thai baht in the early of this year, Gain (loss) on exchange rate - net 0.6 0.3 (0.4) (61.0%) however, the adoption of TFRS 9 that affected the Financial Cost 2.5 6.5 4.1 166.3% impairment of forward contract. 16.0 23.4 7.4 46.5% Share of profits from investment in Asso&JV ▪ Financial Cost increased due mainly to the cost of 42.9 22.5 (20.3) (47.4%) Net profit acquiring Around Group and other Financial Cost that Net profit margin (%) 6.3% 5.5% (0.8%) has been change due to TFRS 16. ▪ The Company was able to maintain profits from Asso&JV. A part of an increase in Share of profits was from a full recognition of Around quarterly profit, while it was partially recognized in Q1/19 12
Financial Health Q1/2020 Financial Status as of 31 March 2020 Financial Ratio Ratio YE18 YE19 Q1/20 Unit : Million Baht Company Performance ROE (%) 1/ 13.0% 13.3% 11.2% 1,333 Collection Period (days) 42.1 45.9 51.9 Payment Period (days) 61.1 67.8 69.8 2,641 Debt Performance 1,308 Current Ratio (times) 2.1x 1.2x 1.0x D/E Ratio (times) 0.6x 0.7x 1.0x IBD/E Ratio (times) (Bank Covenant Asset Liability and Equity 0.0x 0.3x 0.7x <1.25x) Core Asset Million Baht Core Liability Million Baht DSCR (times) (Bank Covenant >1.25x) 14.5x 3.0x 1.7x AP Profitability Performance Cash 433 314 IBD 2 / AR 423 643 Gross Profit Margin (%) 17.5% 16.1% 21.2% PPE 189 EBITDA Margin (%) 7.9% 8.9% 13.8% Investment (JV&Asso) 1/ 989 Net Profit Margin (%) 5.4% 6.1% 5.5% EPS (Baht per share) 0.25 0.27 0.04 Remark : 1/ DGP THB 266 million, Around THB 513 million and GV Liability Trailing 12M EPS (Baht per share) 2/ 0.25 0.27 0.24 Asset THB 65 million Equity 2/ Short-term loan THB 290 million / Long-term loan THB Remark : 1/ Trailing 12M Net Profit 285 million and Leasing THB 69 million 2/ Adjusted EPS based on existing shares at that time 13
1 Our Business 2 AGENDA Q1/2020 Financial Performance 3 Business Outlook for Q2/2020 integration integration innovation innovation intimacy intimacy
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