Investor Briefing EPG: Financial Results Q1 2019/20
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Agenda Operational Highlights Q1 2019/20 Financial Results 3
Q1 2019/20 Operational Highlights Revenue Gross Profit SG&A Net Profit 2,672.4 MB 756.8 MB 20.0% to sale 215.0 MB +1.9% YoY +0.0% YoY -29.4% YoY +5.5% QoQ +16.1% QoQ +93.5% QoQ - EPG Group Q1 2019/20 - Lower YoY profit due to - Revenue growth adjust - EPG Group Q1 2019/20 SGA to sale is at 20.0% in 1) FX loss and 2) lower upward slightly despite the Gross profit margin is at comparison to Q1 2018/19 amount of equity sharing pressure from FX 28.3% in comparison to Q1 at 19.8% and Q4 2018/19 contribution but recovery fluctuation 2018/19 at 28.8% and Q4 at 21.1% well on track QoQ 2018/19 at 25.7% 4
Q1 2019/20 Operational Highlights • Both Domestic and International sale continue to progress, driven by strong demand in USA • Solid US Operation after the modification of US Plant • New Aeroflex Factory is under construction, starting in April 2018. • Our innovation allow the production of AEROROOF to be competitive in the roof insulation market. • Aeroklas continue to grow with the support of Core Products and new Product Launch (Rear Bumper) and TJM and Flexiglass Challenge. • Aeroklas is under the process of co-developing various products for Automakers. • TJM now have three corporate stores two in Perth and one Brisbane, Australia. • Start to see revenue recovery from marketing activity in Food and beverage packing and industrial made to order sector. • Acquired British Retail Consortium (BRC) standard • EPP has the total capacities of 35,000 tons per year, if the plastic packaging show a clear sign of recovery, our high speed and automation technology can catch up with large amount of orders 5
Agenda Operational Highlights Q1 2019/20 Financial Results 6
Q1 2019/20 Financial Results Statement of Comprehensive Jun-18 Mar-19 Jun-19 QoQ YoY FY2017/18 FY2018/19 YoY Income (Million Baht) Q1-2018/19 Q4-2018/19 Q1-2019/20 Revenue from sales 2,623.2 2,533.3 2,672.4 5.5% 1.9% 9,607.1 10,579.2 10.1% AEROFLEX 733.2 652.7 760.7 16.5% 3.8% 2,834.9 2,867.9 1.2% AEROKLAS 1,281.9 1,239.7 1,287.7 3.9% 0.5% 4,462.0 5,275.8 18.2% EPP 608.2 640.9 624.0 -2.6% 2.6% 2,310.2 2,435.6 5.4% Cost of goods sold 1,866.6 1,881.4 1,915.5 1.8% 2.6% 6,892.5 7,687.8 11.5% Gross Profit 756.6 651.9 756.8 16.1% 0.0% 2,714.6 2,891.5 6.5% Other gains-net gain on exchange rate 37.7 -13.2 -32.0 -142.2% -184.8% -82.4 -4.1 -95.1% SG&A 518.1 535.4 535.7 0.1% 3.4% 1,876.7 2,104.9 12.2% 59.2 15.3 33.6 120.3% -43.2% 245.1 174.8 -28.7% Share of Profit from Investments in Associates EBIT 344.6 124.7 241.6 93.7% -29.9% 1,051.5 994.9 -5.4% Depre & Amor 164.5 168.9 170.9 1.2% 3.9% 643.4 671.8 4.4% Finance cost 24.3 3.5 -1.8 -150.7% -107.3% -12.0 40.0 434.3% Income Tax 15.6 10.1 28.3 181.9% 82.1% 70.3 51.6 -26.5% EBITDA 403.0 285.4 392.0 37.4% -2.7% 1,481.3 1,458.4 -1.5% EBITDA incl. equity sharing 462.2 300.7 425.6 41.6% -7.9% 1,726.4 1,633.2 -5.4% Net Profit 304.8 111.1 215.0 93.5% -29.4% 993.2 903.2 -9.1% 7 Note: Q1 2019/20 ends on 30 June 2019
Q1 2019/20 Financial Results Statement of Financial Jun-18 Mar-19 Jun-19 FY2017/18 FY2018/19 YoY Status (Million Baht) Q1-2018/19 Q4-2018/19 Q1-2019/20 Current Asset 4,866.4 4,691.6 4,816.2 4,608.6 4,691.6 7.2% Non - Currrent Asset 8,577.9 8,701.6 8,716.9 8,539.7 8,701.6 0.6% Total Asset 13,444.3 13,393.2 13,533.1 13,148.3 13,393.2 2.8% Interest bearing debt 1,363.6 1,460.3 1,369.2 1,475.9 1,460.3 0.8% Current Liabilities 2,481.5 2,576.3 2,597.2 2,454.9 2,576.3 14.5% Non - Current Liabilities 500.9 501.6 467.8 570.9 501.6 -20.3% Total Liabilities 2,982.4 3,077.9 3,065.0 3,025.7 3,077.9 5.8% Paid Up Capital 2,800.0 2,800.0 2,800.0 2,800.0 2,800.0 0.0% Retained earnings (unappropriate) 3,580.5 3,484.7 3,700.6 3,275.6 3,484.7 8.5% Total Equity 10,461.9 10,315.3 10,468.1 10,122.6 10,315.3 2.0% Ratios Jun-18 Mar-19 Jun-19 FY2017/18 FY2018/19 Q1-2018/19 Q4-2018/19 Q1-2019/20 Gross Profit Margin 28.8% 25.7% 28.3% 28.3% 27.3% EBITDA Margin 15.4% 11.3% 14.7% 15.4% 13.8% EBITDA Margin incl. equity sharing 17.6% 11.9% 15.9% 18.0% 15.4% Net Profit Margin 11.6% 4.4% 8.0% 10.3% 8.5% ROE 9.8% 8.8% 7.8% 9.9% 8.8% ROA 8.0% 7.5% 6.6% 8.1% 7.5% D/E 0.29 0.31 0.30 0.30 0.30 8 Note: Q1 2019/20 ends on 30 June 2019
Q1 2019/20 Financial Results AEROFLEX Revenue (MB) AEROFLEX Revenue break down by region 3.8 % YoY 760.7 16.5% QoQ 733.2 Domestic 652.7 29.8% International 70.2% Q1 18/19 Q4 18/19 Q1 19/20 • Q1 2019/20 revenue is at 760.7 MB increase 3.8% YoY and 16.5% QoQ • US and Japanese market continue to outperform with high demand for premium product • International Revenue is at 70.2% and Domestic is at 29.8% 9 Note: Q1 2019/20 ends on 30 June 2019
Q1 2019/20 Financial Results AEROKLAS Revenue break down by region AEROKLAS Revenue (MB) 0.5 % YoY 1,287.7 3.9% QoQ 1,281.9 Domestic 27.9 % 1,239.7 International 72.1% Q1 18/19 Q4 18/19 Q1 19/20 • Q1 2019/20 revenue is at 1,287.7 MB increase 0.5% YoY and 3.9% QoQ • Aeroklas revenue driven by new product launch despite the fluctuation in Economic factor and FX factor pressure operation in TJM and Flexiglass • International Revenue is at 72.1% and Domestic is at 27.9% 10 Note: Q1 2019/20 ends on 30 June 2019
Q1 2019/20 Financial Results EPP Revenue break down by region EPP Revenue (MB) 2.6% YoY International 10.6% 640.9 -2.6 % QoQ 624.0 608.2 Domestic 89.4% Q1 18/19 Q4 18/19 Q1 19/20 • Q1 2019/20 revenue is at 624.0 MB increase 2.6% YoY but decrease 2.6% QoQ • Marketing in Both Food packaging and Cup are well according to plan which help increase economic of scale in Q4 2018/19 • International Revenue is at 10.6 % and Domestic is at 89.4 % 11 Note: Q1 2019/20 ends on 30 June 2019
FY 201 9 / 20 Outlook Innovation Marketing Growth Aeroflex 5, New Factory will be In the FY 19/20 Aeroflex will Minor Investment in USA to completed during FY 2019/20. continue to drive in USA, Asian enhance Automation and The new factory will be equipped capture Tax benefit and Japan with advance Technology that The high speed production Enhanced logistic system in could reduce the overhead cost North America. line shall increase capacities over time. The new capacities from to support growth in North Develop more economical Aeroflex 5 unlock the Production America. Process construction Aeroflex Plant in of capacities of Aeroroof and other small tubes to marketing in Rayong starting in April 2018 the Asian especially in CLMV to support future growth in insulations products and Middle East Utilized product and matrix model to expand new product such as AEROROOF and ACOUSTIC . Note: FY 2019/20 ends on 31 Mar 2020 12
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