Company’s Performance Q3/2019 6 Novem ber 2019 integration innovation intimacy
1 Our Business 2 AGENDA Q3/2019 Financial Performance 3 Performance Q3/2019 by BU 4 Business Outlook for Q4/2019 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 • Thai AirAsia & Thai AirAsiaX airline for all routes from and to 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 sole agent for Rizhao Port Shipping Line • 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 Q3/2019 Financial Performance 3 Performance Q3/2019 by BU 4 Business Outlook for Q4/2019 integration integration innovation innovation intimacy intimacy
Performance Q3/2019 – Revenue YTD – 9M18 Vs. 9M19 Quarterly – Q3/18 Vs. Q2/19 Vs. Q3/19 Unit : Million Baht 2,037.5 2,063.7 1% -6% -9% 734.4 711.8 669.3 669.3 Q3/18 Q3/19 Q2/19 Q3/19 9M18 9M19 Revenue 9M18 9M19 YoY Q3/18 Q3/19 YoY Q2/19 Q3/19 QoQ Airfreight 1,660.5 1,681.4 1% 596.9 539.4 (10%) 595.0 539.4 (9%) Sea freight 92.3 64.1 (31%) 33.8 20.7 (39%) 21.2 20.7 (3%) Logistics 101.4 139.3 37% 31.4 43.5 38% 47.5 43.5 (8%) Chemical 427.9 399.3 (7%) 151.2 137.4 (9%) 128.5 137.4 7% Total Revenue 2,282.2 2,284.1 0% 813.4 741.0 (9%) 792.2 741.0 (6%) Revenue Consol 1/ 2,037.5 2,063.7 1% 734.4 669.3 (9%) 711.8 669.3 (6%) Remark : 1/ After eliminating inter-company transactions. 8
Revenue Composition Q3/2019 9M18 9M19 17% 19% 6% 4% 3% 4% Sea freight Airfreight Airfreight 73% 74% Unit : Million Baht Revenue Airfreight Sea freight Logistics Chemical Total 9M18 1,660.5 92.3 101.4 427.9 2,282.2 % Proportion 9M19 1,681.4 64.1 139.3 399.3 2,284.1 Remark : *The figures showed are gross numbers before eliminating Inter-company transactions. 9
Performance Q3/2019 – Gross Profit YTD – 9M18 Vs. 9M19 Quarterly – Q3/18 Vs. Q2/19 Vs. Q3/19 18.7% Unit : Million Baht 300.0 18.0% 16.7% 17.5% 380.1 16.7% 16.7% 343.7 16.6% -10% -13% 200.0 -5% 128.5 117.8 16.0% 111.9 111.9 100.0 - 14.0% Q3/18 Q3/19 Q2/19 Q3/19 9M18 9M19 Gross Profit 9M18 9M19 YoY Q3/18 Q3/19 YoY Q2/19 Q3/19 QoQ Airfreight 200.3 167.6 (16%) 65.7 54.8 (17%) 57.5 54.8 (5%) Sea freight 55.1 45.4 (18%) 22.0 14.3 (35%) 15.4 14.3 (7%) Logistics 28.5 39.5 39% 8.6 12.4 43% 12.0 12.4 3% Chemical 100.4 95.9 (5%) 33.4 32.9 (2%) 31.9 32.9 3% Total Gross Profit 384.3 348.4 (9%) 129.8 114.3 (12%) 116.8 114.3 (2%) Gross Profit Consol 1/ 380.1 343.7 (10%) 128.5 111.9 (13%) 117.8 111.9 (5%) GPM 18.7% 16.7% 17.5% 16.7% 16.6% 16.7% Remark : 1/ After eliminating inter-company transactions. 10
Gross Profit Composition Q3/2019 9M18 9M19 26% 28% Chemical Chemical 48% Airfreight 52% Airfreight 8% 11% 14% 13% Unit : Million Baht Gross Profit Airfreight Sea freight Logistics Chemical Total 9M18 200.3 55.1 28.5 100.4 384.3 % Proportion 9M19 167.6 45.4 39.5 95.9 348.4 Remark : *The figures showed are gross numbers before eliminating Inter-company transactions. 11
Performance Q3/2019 – Net Profit YTD – 9M18 Vs. 9M19 Quarterly – Q3/18 Vs. Q2/19 Vs. Q3/19 Unit : Million Baht 6.6% 136.1 5.3% 150.0 6.8% 27% 107.4 7.1% 4.8% 6.4% 5.9% 6.4% 100.0 -1% 50.4 60.0 43.2 42.8 42.8 2.8% 40.0 5.0% 50.0 -15% 0.8% 20.0 - -1.2% - 0.0% 9M18 9M19 Q3/18 Q3/19 Q2/19 Q3/19 Net Profit 9M18 9M19 YoY Q3/18 Q3/19 YoY Q2/19 Q3/19 QoQ Net Profit 107.4 136.1 27% 43.2 42.8 (1%) 50.4 42.8 (15%) NPM 5.3% 6.6% 5.9% 6.4% 7.1% 6.4% 12
Overall Performance 9M2019 % Unit : Million Baht 9M18 9M19 Change Change ▪ Gross Profit in 2019 decreased as a result of + / (-) an increase in the cost of services, especially for Freight minimum guarantee of TAA and 2,037.5 2,063.7 26.2 1.3% Revenues from sales and services TAAX, where the growth of revenues could not 1,657.4 1,720.0 62.6 3.8% Costs of sales and services catch up. Moreover, the reclassification of 380.1 343.7 (36.4) (9.6%) Gross profit “Selling expenses” to “COGS” (equal to about 18.7% 16.7% (2.0%) Gross profit margin (%) 1% of GPM) affected the cost of sales 14.3 8.2 (6.1) (42.7%) Other income Selling expenses 78.8 61.2 (17.6) (22.3%) ▪ Net - Gain from exchange rate of 10.0 million Administrative expenses 213.5 209.5 (4.0) (1.9%) baht came mainly from the re-valuation of foreign investment, especially for DG Packaging Gain (loss) on exchange rate - net 3.8 10.0 6.2 161.5% Pte (DGPS) and Around Logistics Management Financial Cost 1.9 10.7 8.8 449.6% (ALM) while the financial cost increase from Share of profits from investment in Asso&JVs 20.0 71.5 51.5 257.9% Long term loan for investment in ALM 107.4 136.1 28.6 26.7% Net profit Net profit margin (%) 5.3% 6.6% 1.3% ▪ Share of profits from investment from DGPS and ALM for amount of 50.1 million baht, resulting in an increase of the Net Profit approximately 27% 13
Financial Health Q3/2019 Financial Status Financial Ratio Unit : Million Baht Ratio YE17 YE18 9M19 Company Performance ROE (%) 1/ 17.8% 13.0% 14.9% 951 Collection Period (days) 56.9 42.1 47.4 Payment Period (days) 93.7 61.1 65.6 2,208 Debt Performance 1,257 Current Ratio (times) 3.1x 2.1x 1.2x D/E Ratio (times) 0.4x 0.6x 0.8x IBD/E Ratio (times) (Bank Covenant <1.25x) 0.0x 0.0x 0.3x Asset Liability and Equity DSCR (times) (Bank Covenant >1.25x) 9.5x 14.5x 3.9x Core Liability Million Baht Core Asset Million Baht Profitability Performance AP 422 Cash 253 Gross Profit Margin (%) 23.2% 17.5% 16.7% IBD 2 / 326 AR 478 EBITDA Margin (%) 8.8% 7.9% 9.6% PPE 283 Net Profit Margin (%) 5.6% 5.4% 6.6% Investment (JV&Asso) 1/ 910 EPS (Baht per share) 0.21 0.25 0.22 Trailing 12M EPS (Baht per share) 2/ 0.21 0.25 0.30 Liability Remark : 1/ DGP 266 Million Baht และ Around 512 Million Baht Asset Remark : 1/ Trailing 12M Net Profit Equity 2/ Current IBD 55 Million Baht 2/ Adjusted EPS based on existing shares at that time 14
1 Our Business 2 AGENDA Q3/2019 Financial Performance 3 Performance Q3/2019 by BU 4 Business Outlook for Q4/2019 integration integration innovation innovation intimacy intimacy
AIR FREIGHT Wholesale Freight Forwarder (Tons) Cargo General Sales Agent (GSA) (Tons) Air Cargo Terminal (Tons) International 13,723 13,312 51,048 53,468 Domestic 63,340 60,588 11,992 11,548 51,485 48,829 19,183 19,055 4,249 4,090 23,906 21,526 18,728 18,509 3,926 3,532 1,731 1,764 455 323 559 2,219 1,983 546 9M/18 9M/19 Q3/18 Q3/19 9M/18 9M/19 Q3/18 Q3/19 9M/18 9M/19 Q3/18 Q3/19 Total Volume of Air Cargo in Thailand (BKK, DMK, HKT, HDY, CNX and CEI) ❑ For 9M2019, volume of iii Air Services Tons (% YoY) 2019 2018 slightly dropped YoY, but still generally 200,000 15% Average growth -13% in 9M2019 10% 10% 10% 9% better compared to the market 7% 9% 6% 150,000 5% 5% 0% 1% 4% 0% 100,000 -3% -6% -5% -5% -10% 50,000 -11% -16%-15%-15%-15%-13%-12% -15% -16% - -20% JAN. FEB. MAR. APR. MAY JUN. JUL. AUG. SEP. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. JUL. AUG. SEP. 16
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