OPPORTUNITY DAY 1Q2017
Disclaimer This presentation contains certain forward looking statements. Such forward looking statements (the words "believe“, "anticipate“, "estimate“, "target“, or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations) are not guarantees of future performances or events and involve risks and uncertainties, and actual results may differ from those in the forward looking statements as a result of various factors and circumstances. The views, analyses and opinions expressed herein contain some information derived from publicly available sources and third party information providers. Mudman Public Company Limited and its affiliates (“ Mudman ”) undertakes no representation or warranty is made as to the accuracy, completeness, or reliability of such information and no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Mudman makes no representation whatsoever about the opinion or statements of any analyst or other third party. Mudman does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement. Nothing in this presentation should be construed as either an offer to sell, a solicitation of an offer to buy or sell shares or any type of securities in any jurisdiction. This presentation is not intended to be any type of investment advice and must not be relied upon as such. You must always seek the relevant professional advice before otherwise making any such financial, legal or commercial decisions. 2
Agenda 1) Company Overview 2) Compelling Investment Story 3) Financial Highlights
Overview To be great, enduring company, with appealing food & lifestyle brands, proving a healthy and quality work environment Successful International Developing & Caring for Trend Setters Food & Lifestyle Brands Our People 4
Key Milestones Khon Kaen Sugar Industry Sub Sri Thai PCL acquired PCL subscript capital 100% stakes in Mudman increase (9.3% stake) Capital increase Capital increase Capital increase Public Capital increase Company registration to THB 300 mm to THB 525 mm to THB 843 mm Conversion to THB 1,055 mm 2006 2007 - 2011 2012 2013 2014 2015 2016 2017 Master franchisee of Acquisition of Thailand operation Dunkin Donuts (1981) Acquisition of of Baskin Robbins Au Bon Pain (1996) Greyhound Original & Cafe Create catering services at Ramkamheng hospital (cafeteria and IPD) Open in Mar 2015 Sub Sri Thai PCL (SST) A documentary/goods storage service provider with attractive cash flow streams enabling SST to continuously raise fund via property funds/REIT to fuel growth with market capitalization of ~THB 4,500 mm Khon Kaen Sugar Industry PCL (KSL) One of the largest Thailand’s sugar producers with vision to diversify into many business ventures with market capitalization of ~THB 24,000 mm 5
Solid Operational Platform & Strong Growth Capabilities ORGANIC INORGANIC Create catering services Operational Excellence Global Brand Acquisition at Ramkamheng hospital (cafeteria and IPD) Acquisition of Consolidation of Systems Selective International 4,000 300 Acquisition of Greyhound and Infrastructures Franchising Thailand operation Original & Cafe 255 of Baskin Robbins 253 Intensive International 3,500 232 Expansion 250 224 216 3,000 192 2,992 200 2,889 Master franchisee of 2,500 Dunkin Donuts (1981) 135 Au Bon Pain (1996) 150 2,235 109 2,000 104 98 92 1,855 100 1,627 1,500 1,421 50 1,150 1,000 1,036 987 857 799 - 401 389 370 349 500 301 258 240 224 207 188 170 - -50 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total Revenues (THB mm) No. of Stores EBITDA (THB mm) Note: (1) Excluded international stores & some types of local stores (catering / booth / convention stores) 6 (2) Included Greyhound in 2014 onward
Mudman at a Glance Business Overview Management Team Premier Asian Player Food & Beverage Lifestyle Owned brand Master Franchisee 5 3 2 1 4 • A proven track record of successful turnaround 1 Nadim Xavier Salhani • Over 15 years experience in Food & Beverage retail business CEO with leading international brands including Starbucks, Auntie Anne’s Pretzel, Au Bon Pain and Dunkin Donuts • Joined Mudman Group in 2003 Note: Please see details in the following page • Over 20 years in accounting and finance Hansa Sermsri 2 • Joined Mudman Group in 2006 CFO Shareholding Structure • Previously with Excel Distribution, Motorola, Taylor Nelson Sofres • Over 19 years solid experience in supply chain management 3 Wimonrat Asawachavisit Others • Joined Mudman Group in 1996 Vice President 23.4% • Previously with Asia Food & Machinery (Supply Chain) • Over 18 years in F&B retail business Lapaporn Tiasakul 4 64.3% • Joined Mudman Group in 2003 Vice President Strategic SHs* 4.9% • Previously with Starbucks, Auntie Anne’s Pretzel, The (Business Development) 7.5% Brooker Group and IMRS • Experiences in the management of hospitality industry for 5 Nobklao Trakoolpan Vice President over 18 years • Strong experiences in Food & Beverage, both kitchen and (Operation) dining area • Experience for operating F&B, Culinary, Room Division, Note: * Strategic SHs are individual investors who are defined per SEC regulation As of April 2017 Engineering and Security • Previously with Holiday Inn Express Bangkok Siam 7
Mudman at a Glance (cont’d) 100% 100% 100% 100% 100% ABP Café (Thailand) Golden Donut Golden Scoop Greyhound Café Greyhound Co.,Ltd. Co.,Ltd . (Thailand) Co.,Ltd. Co.,Ltd. Co.,Ltd. 100% GHC Café (UK) Co.,Ltd. 8
Agenda 1) Company Overview 2) Compelling Investment Story 3) Financial Highlights
1 Strong Portfolio of Established Brands “House of Brands” Revenues Breakdown 1Q/17 Franchise operator and brand owner of successful international food brands Café and bakery Quick service 24% Dessert restaurant 4% 37% Brands Cafeteria 1% Casual dining 29% No of 16 (Domestic) Apparel 295 75 33 13 14 (International) 5% Branches Products Total THB 738 mm Background Established in the Established in Establish in the US From its debut Since its beginning EBITDA Breakdown 1Q/17 as Thailand’s first US in 1950, 1978, Au Bon Pain in 1945, Baskin- collection in Dunkin’ Donuts today has over 300 Robbins today is Bangkok in 1980 Fashion Café in the world’s largest offering men’s becomes the US #1 Au Bon Pain cafés 1997, Greyhound retailer of coffee- throughout the chain of ice cream casual wear, its become a by-the-cup, selling world. Au Bon Pain specialty shops continued success successful Café and nearly one billion arrived in Thailand with nearly 7,000 in the fashion restaurant chain bakery cups a year and is July 1997. shops in 50 industry propelled and franchise, with Quick service 26% the largest coffee countries and more Greyhound to creative concept restaurant and baked goods than 1,000 ice expanding into its and emphasis on 43% the “Total Dining chain in the world. cream recipes. 16 branches today. Experience”. Casual dining 31% Cash Cow Room for Improvements Robust Growth Total THB 151 mm 10 Note : Data as of 31 March 2017
2 Well positioned to capture dynamic growth of Thailand foodservice Brand Growth Strategies • FRODO Project • Product Development • Continued Expansion • Aggressive Marketing Promotion • Successful Bakery Offering Product with Nutritious in Mind • Additional Organic Product • Lifestyle Café • New Exciting Product Innovation • Value for Money Promotion • Store Expansion in Prime Location • Potential Brand Expansion • Expand through Direct Investment and Franchisee • Strong Brand Awareness • Develop Licensing to Other Lifestyle Product 11
3 Anticipated exponential growth from franchising model Strengthen Footprint Win ASEAN Expand beyond Asia Perceived as Global (Existing Markets) (Cover East Asia) (Step into Europe) Brands from Thailand 12
4 Well established platform to support organic & inorganic growth Accounting & Centralized Center to Support Each Brand Finance Franchise Business Development CORPORATE Supply Chain SUPPORT Management BRAND Human Resource Own brand Operation Brand Managing Director handles: Support • Operation • Marketing • Production Information • Repair & Maintenance Technology • QC/QA 13
Agenda 1) Company Overview 2) Compelling Investment Story 3) Financial Highlights 14
Mudman Group - Key Financial Performance Revenues (THB mm) 20.48% 29.28% Revenues Breakdown 2015 4,000 3.58% 2,992 2,889 57 3,000 50 Café and 45 41 2,234 bakery 35 24% 1,855 Dessert Quick service 2,000 16 26 4% restaurant 40% - 2,889 2,797 Cafeteria 2,184 1,000 1% 1,829 Casual dining 23% Apparel 8% - 2013 2014 2015 2016 Sales Royalty Fee Other Income Growth Total THB 2,889 mm EBITDA (THB mm) Revenues Breakdown 1Q/17 11.56% 9.64% 8.73% 8.54% 320 255.40 252.26 Café and 240 214.44 215.30 bakery Quick service 24% Dessert restaurant 4% 37% 160 Cafeteria 1% Casual dining 80 29% Apparel 5% - 2013 2014 2015 2016 Total THB 738 mm EBITDA EBITDA Margin 15 Note : /1 Excluded GHF impairment of THB 155 mm
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