Opportunity day 2016 Results Presentation 16 th March 2017 At Stock Exchange of Thailand Presented by: Sompong Phaoenchoke, MD Phakkawat Suwanmajo, CFO Naiyana Prachotrattanakul, IR Mgr.
Contents • Company Profile • Industry Overview • Financial Review • 2017 Direction 2
Group Structure & Business Thai Rung Union Car Plc. “ TRU ” -R&D, Auto Assembly -Pressed Metal Parts, Plastic Parts, Car Seat Subsidiary Companies Associated Companies Thai Rung Tools and Dies Co. Ltd. Thai Auto Conversion Co. Ltd. 94% 20% “ TAC ” ( JV. with Toyota group) “ TRT ” - Tooling (Dies/Jigs/CF) - Special Purpose Vehicles Thai Auto Pressparts Co. Ltd. Delta Thairung Co. Ltd. 91% 30% “ DTC ” ( JV. with Delta Kogyo, Japan) “ TAP ” - Pressed Metal Parts - Seats & Seat Components Thai V.P. Auto Service Co. Ltd. Kyowa Thairung Co. Ltd. 94% 49% “ KTR ” ( JV. with Kyowa Sangyo, Japan) “ TVS ” - After-sales Services & Spare Parts - Parts & Cabin of Industrial Machinery and etc. 99.53% Thai Ultimate Car Co. Ltd. Trex Thairung Co. Ltd. 40% “ TTR ” ( JV. with Trex group, Japan) “ TUC ” - Truck body, dump truck, mixer truck and etc. - Automotive, consulting & admin. services 3
Scope of Business • Research & Development (R&D) • Tooling (Dies/Jigs/CF /1 ) • Pressed metal parts & plastic parts • Auto Seats • EDP /2 & Painting • Auto Assembly • Special Purpose Vehicles • After-sales service & Spare parts Note : 1. CF = Checking Fixture 4 2. EDP = Electro Deposit Primer
TRU ’ s Strengths • Comprehensive and R&D integrated scope of After-sales Tooling service (Dies/Jigs/CF) work: from R&D, tooling, parts stamping, Part Special TRU Making auto seats, EDP /1 & Purpose Group (Metal & Vehicles Plastic) painting, through to Auto Assembly production of various Auto Seats (Welding, EDP /1 & kinds of vehicles and Trimming) Painting after-sale service. Note : 1. EDP = Electro Deposit Primer 5
TRU ’ s Strengths (Cont.) • Own EDP /1 & paint shop with top quality to meet latest global standards for export • Flexible production line can quickly adapt to customers ’ needs • Leading producer of “ flat deck ” cargo boxes for pick-ups MUV4 /2 & Transformer • Specialist producer of pick-up based special purpose vehicles Note : 1. EDP = Electro Deposit Primer 2. MUV4 = Military Utility Vehicle 4WD 6
Business Units Total Revenues as of 2016 59% 26% 10% Contract Assembly Tooling & OEM Parts Special Purpose Vehicles & Painting & Service centre 7
Contents • Company Profile • Industry Overview • Financial Review • 2017 Direction 8
Thai Auto Industry 2004-2017F Mil. Units First car tax scheme 3.00 Japanese tsunami in Q2 Production +0.1% and Thai floods in Q4 +68% Domestic 2.45 2.50 Export Hamburger +3% +2% crisis -23% +2% 2.00 1.94 1.88 1.91 +65% 2.00 1.65 -11% +8% +8% 1.46 1.44 +6% 1.39 +21% 1.50 1.33 1.29 1.20 -28% 1.20 +1% 1.19 1.13 1.13 1.19 1.00 0.93 0.90 1.00 0.80 1.13 0.78 1.03 0.70 0.68 0.63 0.63 0.54 0.88 0.74 0.80 0.80 0.80 +4% 0.77 0.50 0.69 0.62 - 0.54 0.44 0.55 0.33 0.00 2017(F) Source : The Federation of Thai Industries. 9
Production Volumes in Thailand 2016 Units Units 800,000 2,500,000 +2% YoY 700,000 1,944,417 -3% QoQ 1,913,002 2,000,000 600,000 -3% YoY 483,356 481,243 467,681 500,000 1,500,000 400,000 1,000,000 300,000 200,000 500,000 100,000 0 0 Q4/15 Q3/16 Q4/16 Source : The Federation of Thai Industries 10
Domestic Sales in Thailand 2016 Commercial vehicle Passenger cars Units Units Pick-ups+PPV 1,000,000 300,000 +13% QoQ -4% YoY 799,632 -14% YoY 245,800 768,788 800,000 46,287 12,444 46,345 212,263 QoQ YoY 13,573 187,895 +9% +17% 200,000 600,000 356,063 103,025 328,053 11,559 -8% 87,237 +1% -15% 400,000 86,113 100,000 200,000 397,282 394,390 -1% 130,331 -14% 111,453 +24% 90,223 0 0 Q4/15 Q3/16 Q4/16 Source : - The Federation of Thai Industries Note : - PPV = Pickup truck-based Passenger Vehicles - Commercial vehicles = trucks, vans, buses 11
CBU Exports 2016 Units Units Passenger cars 400,000 Pick-ups+PPV 1,400,000 -1% YoY -6% QoQ 350,000 1,204,895 1,188,515 -4% YoY 1,200,000 305,903 299,529 287,789 300,000 1,000,000 QoQ YoY 462,264 485,719 250,000 +5% 100,752 135,378 126,701 +26% -6% 800,000 200,000 600,000 150,000 400,000 100,000 198,777 742,631 702,796 -5% 170,525 161,088 -6% -19% 200,000 50,000 0 0 Q4/15 Q3/16 Q4/16 Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up - PPV = Pickup truck-based Passenger Vehicles 12
CBU Exports by Brand 2016 2016 = 1,188,515 units (-1%) 2015 = 1,204,895 units GM, 35,981, GM, 39,602, Suzuki, Suzuki, 3% 3% BMW , 9,449, BMW , 96, 37,678, 3% 38,285, 3% 1% 0% -2% +10% Honda, +9,743% Honda, 88,894, 7% 71,884, 6% +24% Toyota, Mazda, 318,658, Toyota, Mazda, 85,262, 7% 27% 376,763, 92,559, 8% +9% 31% -15% Nissan, 98,066, 8% Nissan, 73,890, 6% Isuzu, -25% Isuzu, Mitsubishi, 104,248, 9% 93,581, 8% Mitsubishi, 307,623, Ford, 289,916, +8% 26% Ford, 126,581, 24% 104,394, 9% +6% 11% +21% 2015 2016 Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up 13
CBU Exports by Region 2016 2016 = 1,188,515 units (-1%) 2015 = 1,204,895 units AFRICA, AFRICA, North North 38,806, 3% 26,242, 2% America, America, -32% 66,792, 6% 102,316, 9% +53% C&S AM, ASIA, ASIA, C&S AM, 130,547, 297,949, 326,333, 101,415, 9% 11% 25% 27% -22% +10% EU, 148,104, 12% EU, 145,753, 12% +2% OECANIA, M/E, M/E, 295,501, OECANIA, 229,547, 155,634, 24% 328,471, 19% 13% 28% -32% +11% 2015 2016 Note : C&S AM = Central & South America Source : - The Federation of Thai Industries OCEANIA = Australia, New Zealand and Other Note : - CBU = Complete y Built Up M/E = Middle East 14
Contents • Company Profile • Industry Overview • Financial Review • 2017 Direction 15
Revenue Breakdown 2016 2016 Total revenues Bt.1,868 million, -12% YoY. - Revenues from Tooling & OEM Parts decreased by 9% YoY, mainly from Tooling work were drop since many brands postpone to launch new model. - Revenues from Contract Assembly & painting decreased by 20% YoY, mainly from flat deck were drop. 2016 Others, Sales of Bt. millions Others Sales of Cars & Service Center 87, 5% Cars & 2,500 Service Contract Assembly & Painting Tooling & OEM Parts Center, Total -12% 182, 10% 2,132 MB. Tooling & Total 95 2,000 OEM Contract 1,868 MB. 209 Parts, Assembly 87 -8% 85% 1113, & 182 -13% 59% Painting, 607 1,500 486, 26% -20% 486 2015 Others, Sales of 1,000 95, 5% Cars & Service Center, Tooling & 1,222 209, 10% -9% 1,113 OEM 500 Parts, 1,222, Contract 85% 57% Assembly 0 & Painting, 607, 28% Note: 1. Tooling (Dies/Jigs/CF) & OEM Parts include GM, Nissan, Isuzu, Komatsu, Yanmar, Kawasaki, Triumph, Volvo truck etc.. 2. Contract Assembly & Painting includes Flat deck, Komatsu, Kobelco, Yanmar, Vacuum, etc.. 16 3. Other income includes interest, scrap sale, share of profit from investments in associated companies, etc.
Revenues Portfolio 2016 2016 Total revenues Bt.1,868 million, decreased by Breakdown of Tooling & OEM parts and Contract 12% YoY from BU Tooling & OEM Parts, and Contract Assembly & Painting by customer sector . Assembly & Painting. Others, 87, 5% Sales of Cars & Service Motorcycle Others Center, 182, 7% 2% 10% (2015=6%) (2015=2%) Contract Tooling & Industrial Assembly & OEM Parts, Machinery Painting, 486, 1113, 59% 21% Automotive 26% (2015 =13%) 70% 85% (2015 = 80%) 17
Gross Profit / Net Profit 2016 gross profit -18% YoY due to product mix 2016 net profit -38% YoY mainly from total changes. revenues was drop. Bt. millions % of Total % of Sales Bt. millions Revenues 400 20% 200 8% 16.3% 15.3% 5.9% 300 15% 6% -18% YoY 4.2% 332 272 200 10% 100 4% -38% YoY 126 100 5% 2% 78 0 0% 0 0% Net Profit Gross Profit % Net Profit = Net profit attributable to equity holders of the % Gross Profit = Gross profit / Sales and Service Income company / Total Revenues 18
Profitability Ratio 2016 EBIT decreased by 53 MB or 39%, while average 2016 Net profit decreased by 47 MB or 38%, while average total assets slightly increased by 28 MB or 0.8%. major shareholders ’ equity increased by 21 MB or 1%. 6 6 4 4 -1.45% -1.52% 4.01 3.77 2 2 2.49 2.32 0 0 Return on Assets Return on Equity (ROA) (ROE) % ROA = EBIT / Average total assets % ROE = Net profit attributable to equity holders of the company / Average major shareholders ’ equity. 19
Financial Ratios As of Dec 31, 2016 Current assets increased by 72 As of Dec 31, 2016 Total debt decreased by 23 MB or 7% mainly from Cash, current investment MB or 6% mainly from Account payable, while and Inventory, while Current liability decreased by Major shareholder ’ s equity decreased by 4 MB. 19 MB or 6% mainly from Account payable. Times Times 0.3 5 +0.46 4 0.2 3 3.63 -0.01 3.17 2 0.1 0.12 0.11 1 0 0 Dec 31, 2015 Dec 31, 2016 Dec 31, 2015 Dec 31, 2016 Current Ratio Debt to Equity (D/E) 20
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