Opportunity Day on March 18, 2020 Content Company Profile - PowerPoint PPT Presentation

Tirathai Public Company Limited Opportunity Day on March 18, 2020

Content • Company Profile • Operating Result of Year 2019 • Outlook 2020 • Forecast 2020 • Q &A 2

Company Profile 3

TIRATHAI & It’s subsidiary TIRATHAI Public company Limited Manufacturer of Distribution and Power Transformers and Repair Service 100% 100% 92.50% THAIFINS Co.,ltd. TIRATHAI E&S Co.,ltd. L.D.S. METAL WORK Co.,ltd. Distribution , installation Manufacture for Transformer’s Manufacture for Tank and maintenance service of fins and Tank support to fabricate steel , EPC Conveyor electrical power equipment Tirathai Plc.,ltd. System 20% 80% JV L.D.S - N.D.P Operation and Maintenance of Conveyor System of Hongsa Power Co. Ltd, (HPC), Laos PDR 4

Products of Tirathai Group II. I. Non-transformer Transformer • Arial Derrick Crane • • Distribution Steel Fabrication • Transformer Constructions • • Power Transformer Bulk Handling System • • Transformer Service Operation and Maintenance Conveyor Belt • Transformer Repair System 5

I. Transformer Product & Service Distribution Transformer Our Main Customers Policy Revenue by Customer 1. Utilities (PEA,MEA,EGAT) 2. Private Power Transformer [VAL [VAL 2.1 Steel industry UE] UE] 2.2 Sugar industry 2.3 Power Plant 2.4 Energy industry 33% 2.5 International Contractors Special Transformer 2.6 Others Utilites Private Export 3. Export (ASIA+SE.ASIA) 6

II. Non Transformer Products • Arial Crane Device and Digger Derick Unit • Steel Fabrication • Construction • EPC Conveyor Belt System • Operating and Maintenance Service of Conveyor Belt System 7

TRT’s Key Strength • Experience management team with more than 30 years in the Transformer business • Engineering-to-Order • High Quality Products and Services • Top two of manufacturers of 333 MVA 500 kV Power Transformer in Thailand • Well recognize as a successful player in bulk handling system including a provider of Operating & Maintenance Service for power plant, mining and related industry 8

Operating Result of Year 2019 9

Consolidated Financial Statements Unit : Million Baht 2016 2017 2018 2019 Total Revenue 2,577 2,448 2,637 2,466 Revenue from Sales & Service 2,537 2,430 2,616 2,416 Gross Profit 661 488 573 668 EBITDA 193 (17) 142 282 EBIT 126 (32) 59 196 Net Profit/(Loss) attributable to equity 59 (71) (31) 75 holders Total Asset 3,304 3,147 3,152 3,378 Total Liabilities 2,177 2,113 2,137 2,291 Total equity of parent Company's 1,127 1,035 1,015 1,107 shareholders Financial Ratio Gross Profit Margin (%) 26.06% 20.10% 21.90% 27.63% Net Profit/(Loss) Margin (%) 2.38% -2.81% -1.33% 3.07% Return on Asset (%) 1.87% -2.29% -1.12% 2.24% Return on Equity (%) 5.36% -3.47% -3.43% 6.84% Book Value Per shares 3.66 3.36 3.30 3.59 10 Earnings per Share 0.20 (0.22) (0.10) 0.24 12

Structure of Incomes by 2018 Group Customer 2019 Million Transformer 2,500 1. Gov+Local 1,352 1,556 1,975 1,857 2,000 2.Export 580 244 1,500 1,000 661 609 3. Transformer Service 44 56 500 - Total Transformer 1,975 1,857 2018 2019 Non- 4. Steel Structure & Transformer Non-Transformer 221 98 Transformer Fabricate 75% 75% 80% 5. Distributing 70% 62 97 Digger/Arial truck 60% 50% 6. Operating & 40% 358 364 25% 25% Maintenance 30% 20% 7. Others 21 50 10% 0% Total non-transformer 661 609 2018 2019 Transformer Non-Transformer 11 Total 2,637 2,466

Total Revenue 2019 Bt. Mil Revenues 2019 3,000 [CATEG 2,500 ORY 661 609 NAME] 2,000 [PERCE NTAGE] [CATEG 1,500 ORY NAME] 1,000 1,975 [PERCEN 1,875 TAGE] 500 0 2018 2019 Transformer Non transformer 12

Gross Profit Margin by products 35% 33% 32% 30% 26% 25% 19% 20% 15% 10% 5% 0% Transformer Non transformer 2018 2019 13

Total Revenue vs SG&A Consolidated 2019 (MB) 3,000 2,636 2,466 2,500 2,000 1,500 20.30% 1,000 14.33% 19.22% 15.32% 535 5.96% 474 3.89% 500 378 378 157 96 0 Total Revenue Selling Expenses Admin. Expenses Total SG&A 2018 2019 14

Interest Bearing Debt/Equity Ratio Interest Bearing Debt/Equity Ratio is in line with our business plan 1.48 1.47 1.46 1.45 1.44 1.43 1.42 1.41 1.40 1.40 1.38 1.38 1.37 1.38 1.36 1.34 1.32 Q1' 18 Q2' 18 Q3' 18 Q4' 18 Q1' 19 Q2' 19 Q3' 19 Q4' 19 Interest Bearing Debt/Equity 15

Outlook 2020 16

2020F-Structure of Incomes by Product Million Group Customer 2018 2019 2020 F 3,000 2,585 1. Gov+Local 1,352 1,556 1,995 2,500 1,975 1,857 2,000 1,500 Transformer 2.Export 580 244 540 1,000 661 609 571 500 3. Transformer Service 44 56 50 - 2018 2019 2020F Total Transformer 1,975 1,857 2,585 Transformer Non-Transformer 4. Steel Structure & Fabricate 221 98 160 82% 5. Distributing Digger/Arial 90% 75% 75% 61 97 399 80% truck 70% Non-Transformer 60% 6. Operating & Maintenance 358 364 12 50% 40% 25% 25% 30% 18% 7. Others 21 50 - 20% 10% 0% Total non-transformer 661 609 571 2018 2019 2020 F Total 2,637 2,466 3,156 Transformer Non-Transformer 17

Outlook 2020 Transformer Group • Expected Revenue from Transformer Growth 39% from 2019 • Backlog as of 29 Feb 2020 of 2,226 Bt’M • 2,133 Bt’M delivered in 2020 • 93 Bt’m delivered in 2021 • Bids and quotations in process as of February 2020 for transformer group = 8,353 Bt’M with 20%-25% succession rate. • Expected gross profit margin at least 18%-20%. 18

Outlook 2020 Non-Transformer Group • Expected Total Revenue of Non-Transformer decreased 6% from 2019 due to closing Operating and Maintenance WL2 Project operated by JV LDS-NDP since 31/12/2019. • Backlog as of 29 Feb 2020 of 470 Bt’M to be delivered in 2020 • Bids and quotations in process as of February 2020 for non- transformer group = 481 Bt’M with 20%-25% succession rate • Expected gross profit margin in average of 15%-18% 19

TRT Group Backlog As of Feb 29 ’ 20 + Delivery Jan – Feb 2020 Total Backlog+ Delivery Delivery Group Customer Delivery in 2020 in 2021 Jan-Feb 20 1. Gov+Local 1,783 1,690 93 Non Transformer 2.Export 443 443 - Transf ormer 23% 3. Transformer Service - - - Transf ormer Total Transformer 2,226 2,133 93 77% 4. Steel Structure & Fabricate 105 105 - 5. Distributing Digger/Arial 353 353 - Non- Transformer truck Transformer Non Transformer 6. Operating & Maintenance 12 12 - 7. Others - - - Total non-transformer 470 470 - 20 Total 2,696 2,603 93

Bids and Quotations in Process As of 29/2/2020 With a succession rate approximately 20%-25% Customer M’ Baht 1. MEA 1,595 2. PEA 3,146 3. EGAT 810 4. Local 2,082 5. Export 720 Subtotal - Transformer 8,353 6. Transformer Service - 7. Distributing Derrick/Arial crane 400 8. Steel Structure & Fabricate 81 Subtotal - Non-Transformer 481 Grand Total 8,834 21

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