Tirathai Public Company Limited Opportunity Day on September 19, 2019
Content • Company Profile • Operating Result of Q2’2019 • Outlook 2019 • Q &A 2
Company Profile 3
TIRATHAI & It’s subsidiary TIRATHAI Public company Limited Manufacturer of Distribution and Power Transformers and Repair Service 92.50% 100% 100% 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 Revenue Policy by Customer 1. Utilities (PEA,MEA,EGAT) 2. Private Power Transformer 2.1 Steel industry 33% 33% 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 Revenue Policy • Arial Crane Device by Product Group and Digger Derick Unit • Steel Fabrication 50% 50% • Construction • EPC Conveyor Belt System Transformer Non transformer • 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 three of manufacturer of 300 MVA 230 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 Q2’2019 9
Consolidated Financial Statements Unit : Million Baht 2016 2017 2018 Q1'19(3M) Q2'19(6M) Total Revenue 2,577.33 2,448.03 2,636.62 555.34 1,044.07 Revenue from Sales & Service 2,536.52 2,429.77 2,615.91 528.70 1,021.32 Gross Profit 661.01 488.45 572.85 68.73 218.61 EBITDA 192.89 (17.24) 146.88 14.70 36.04 EBIT 125.81 (32.33) 58.81 (6.87) (6.84) Net Profit/(Loss) attributable to equity holders 59.05 (71.19) (35.19) (19.11) (38.30) Total Asset 3,303.62 3,147.29 3,151.87 2,968.76 2,942.03 Total Liabilities 2,176.83 2,112.51 2,136.95 1,971.39 1,964.90 Shareholders' equity 1,126.79 1,034.78 1,014.93 997.37 977.12 Financial Ratio Gross Profit Margin (%) 26.06% 20.10% 21.90% 13.00% 21.40% Net Profit/(Loss) Margin (%) 2.38% -2.81% -2.91% -3.45% -3.88% Return on Asset (%) 1.87% -2.29% -2.29% -0.64% -1.30% Return on Equity (%) 5.36% -3.47% -3.47% -1.92% -3.92% Book Value Per shares 3.66 3.36 3.36 3.24 3.17 Earnings per Share 0.20 (0.22) (0.22) (0.06) (0.13) Dividend per Share 0.13 - - - 10
Structure of Incomes by 2016 2017 2018 Group Customer Q2’2018 Q2’2019 (6M) (6M) 1,352 Transformer 1. Gov+Local 1,306 1,195 706 645 Million 580 2.Export 479 401 95 81 2,500 1,975 2,000 44 1,667 3. Transformer 82 71 21 13 Service 1,500 781 822 739 1,000 1,975 661 Total 1,867 1,667 822 739 332 Transformer 305 500 - 221 Non- 4. Steel 161 357 114 59 2017 2018 Q2' 18 Q2' 19 Transformer Structure & Transformer Non-Transformer Fabricate 61 5. Distributing 209 70 37 38 75% 71% 71% Digger/Arial 80% 68% 70% truck 60% 358 50% 6. Operating & 299 336 174 185 29% 40% 32% 29% Maintenance 25% 30% 21 20% 7. Others 41 18 7 23 10% 0% 661 Total non- 710 781 332 305 2017 2018 Q2' 18 Q2' 19 transformer Transformer Non-Transformer Total 2,577 2,448 2,637 1,154 1,044 11
Total Revenues QoQ Bt. Mil 1,000 822 739 750 435 500 403 387 336 332 305 250 177 155 153 152 0 Q1' 18 Q2' 18 Q1' 19 Q2' 19 Q2'18 (6M)Q2'19 (6M) (3M) (3M) (3M) (3M) Transformer Non transformer 12
Gross Profit Margin by product QoQ ,Q2’18 vs Q2’19 35% 33% 30% 29% 29% 30% 27% 26% 24% 25% 23% 22% 20% 20% 18% 15% 9% 10% 5% 0% Q1' 18 (3M)Q2' 18 (3M) Q1'19 (3M) Q2'19 (3M) Q2' 18 (6M)Q2' 19 (6M) Transformer Non transformer 13
Interest Bearing Debt/Equity Ratio Interest Bearing Debt/Equity Ratio is in line with our business plan Bt. Million 1.48 1.47 1.46 1.44 1.42 1.41 1.40 1.40 1.38 1.38 1.38 1.37 1.36 1.34 1.32 Q1' 18 Q2' 18 Q3' 18 Q4' 18 Q1' 19 Q2' 19 Interest Bearing Debt/Equity 14
Outlook 2 nd Half 2019 15
2019F-Structure of Incomes by Product Q2 ‘19 Million Group Customer 2017 2018 2019 F (6M) 2,500 1,976 1. Gov+Local 1,195 1,352 645 1,445 1,795 2,000 1,667 1,500 Transformer 2.Export 401 580 81 300 781 1,000 661 525 500 3. Transformer Service 71 44 13 50 - 2017 2018 2019F Total Transformer 1,667 1,976 739 1,795 Transformer Non-Transformer 4. Steel Structure & Fabricate 357 221 59 120 5. Distributing Digger/Arial 75% 70 61 38 75 73% 80% 68% truck Non-Transformer 70% 60% 6. Operating & Maintenance 336 358 185 330 50% 32% 40% 27% 7. Others 18 21 23 25% - 30% 20% Total non-transformer 781 661 305 525 10% 0% 2017 2018 2019 F Total 2,448 2,637 1,044 2,320 Transformer Non-Transformer Expected GPM Range 20%-25% 16
TRT Group 2 nd Half 2019 Outlook Delivered BLG as of Total Delivery Delivery Group Customer in 2 nd H M7- 8’19 31/08/19 (1+2) in 2020 (1) (2) 2019 Transformer 1. GOV+Local 196 1,195 1,391 734 656 Non Transformer 2. Export 26% 89 380 469 190 279 Transformer 3.Transformer 74% Service - - - - - Total transformer 285 1,575 1,860 924 935 Non- 4. Steel Structure & 16 30 45 41 4 Transformer Fabricate 5. Distributing 11 352 363 39 324 Derrick/Arial truck 6. Operating & 61 83 144 144 - Maintenance Total non- 87 465 552 224 328 transformer Total 372 2,040 2,412 1,148 1,264 Remark : 1,195 including MEA order of Baht 419 million , 17 380 including Sri Lanka Project of USD 4 million
2 nd Half 2019 Outlook Highlight 1. Awarded MEA Project – CSP Transformer of Baht 448 million in August 2019 to be delivered not less than 75% in Q4’ 2019 and the rest in Q1’ 2020 2. Hambantota Substation Project in Sri Lanka USD 4 million in September 2019 to be delivered in Q2’ –Q3’ 2020 18
Bids and Quotations in Process as of 31 August 2019 With a succession rate approximately 20%-25% Customer M’ Baht 1.MEA 1,652 2.PEA 1,900 3.EGAT 1,150 4.Local 2,050 5.Export 1,251 6. Transformer Service - 7. Distributing Derrick/Arial crane 674 8. Steel Structure & Fabricate 65 Total 8,742 19
Changing of Business Environment Space Availability and Investment Urban Good Scenery of City Management Environmental Impact Energy Consumption Changing of Business Energy Supply Energy Sector Environment Energy Transportation Investment and Asset Management Digitization of Integration and Automation Infrastructure Customization and Networking 20
Changing of Business Environment Energy Sector 21
Changing of Business Environment Changing of Power Flow Present Past Future Power Flow Power Flow Power Flow 22
Changing of Business Environment Changing of Power Flow 23
Changing of Business Environment Smart Grid 24
Opportunity and New Business of TRT GIS and Unit Substation Urban Management E-mobility Large Scale Energy Storage Changing of Business Energy Sector Home Power Box Environment Battery System Digitization of Online Monitoring Infrastructure 25
Opportunity and New Business of TRT About TIRATHAI Business Partner • One of the largest Battery Manufacturer from China • Leading in Lithium Iron Phosphate Battery (LiFePO4) Technology 26
27 Opportunity and New Business of TRT About TIRATHAI Business Partner
28 Opportunity and New Business of TRT About TIRATHAI Business Partner
29 Opportunity and New Business of TRT About TIRATHAI Business Partner
30 Opportunity and New Business of TRT About TIRATHAI Business Partner
31 Opportunity and New Business of TRT About TIRATHAI Business Partner
32 Opportunity and New Business of TRT About TIRATHAI Business Partner
33 Opportunity and New Business of TRT About TIRATHAI Business Partner
34 Opportunity and New Business of TRT About TIRATHAI Business Partner
35 Opportunity and New Business of TRT About TIRATHAI Business Partner
36 Opportunity and New Business of TRT About TIRATHAI Business Partner
37 Opportunity and New Business of TRT Energy Storage System
Opportunity and New Business of TRT Energy Storage System 38
Opportunity and New Business of TRT 39
Opportunity and New Business of TRT 40
Opportunity and New Business of TRT 41
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