Polyplex (Thailand) Public Limited Company Presentation at the SET Opportunity Day Tuesday, 7 th June 2011 Website : www.polyplexthailand.com
Contents • BOPET Film Industry • Polyplex group • Polyplex Competitive Strength • PTL : Financial Performance PTL : Financial Performance • Current Industry Scenario & Outlook 2
Film business - Value Chain Polyplex’s area of operation P PTA Supplier E Industrial Industrial T Buyers Buyers B R A E MEG S Supplier S E I N N F I L M FMCG FMCG Converters Converters S Companies Companies 3
BOPET Thin Film Application 4
BOPET Thick Film Application 5
BOPET Film • BOPET is mainly segmented into Thin & Thick Films – Thin Film : 50 Micron & Under (75% of total BOPET) – Thick Film : Over 50 Micron (25% of total BOPET) • The industry capacity is mainly divided based on above Thickness segments. Some lines are designed to produce intermediate range of Films from 12µ to • 100µ • • Major End use of BOPET Film are Major End use of BOPET Film are – Imaging & Graphics – Magnetic Tape – Packaging & Metalizing : Main Segment for POLYPLEX – Electronics / Electricals – Other Industrial 6
BOPET Film – Influencers on Price COST DRIVEN FACTORS MARKET DRIVEN FACTORS CRUDE OIL PRICE IMPACT ON POLYESTER FILM (60%) PTA MEG ENERGY COST (FUEL / POWER) LOGISTICS COST DEMAND – SUPPLY BALANCE CURRENCY VOLATILITY COUNTRY EXPORT COMPETITIVENESS IMPORT INTENSITY CURRENCY WAR TRADE AGREEMENTS AND BARRIERS PROTECTIONISM, ANTI-DUMPING BILATERALISM & REGIONAL TRADE 7
BOPET Global Demand Supply BOPET Thin Film "KMT" 2004 2009 2014 E BOPET Thick Film "KMT" 2004 2009 2014 E Capacity 1,388 2,171 3,166 Capacity 626 847 1,137 Production 1,235 1,806 2,781 Production 479 587 829 Capacity Utilisation % 89% 83% 88% Capacity Utilisation % 77% 69% 73% Demand 1,235 1,806 2,843 Demand 479 587 829 Imaging & Graphics 8 6 4 Imaging & Graphics 203 161 133 Magnetic Tape 94 22 7 Magnetic Tape - - - Packaging & Metallising 730 1,232 1,998 Packaging & Metallising 4 17 32 Electrical / Electronics 59 90 187 Electrical / Electronics 142 248 443 Other Industrial Other Industrial 344 344 456 456 647 647 Other Industrial Other Industrial 131 131 161 161 221 221 *Source: Industry Sources • Largest End use :Flexible Packaging - which accounts for more than two-third of total Thin Film used. • Thin Film demand has witnessed a CAGR of about 8% Per Annum (2004-09) and expected to grow at CAGR of 9.5% (2010-2014). Thick Film market has grown at a CAGR of about 4% per annum (2004-09) and is • expected to grow at CAGR of 7.2% (2010-2014). • The above CUF is based on “Name Plate” Capacity. Achievable peak CUF is 85%- 90% for Thin Film and 70% - 75% for Thick Film against Name Plate Capacity. 8
Packaging :Sustainable Growth • Diversified application of BOPET has resulted in Sustainable Growth at better than World GDP Growth rates. The growth in packaging segment proves it resilience to recessionary factors. • 9
Segment wise Demand of BOPET Film 4000 7 137 9 3500 140 11 630 147 15 3000 575 17 154 508 22 160 2500 28 868 444 32 167 820 389 172 42 766 178 338 2000 55 333 710 181 293 94 659 255 198 617 222 1500 1500 211 211 638 638 201 201 616 616 568 524 1000 2030 474 1863 1698 1545 1392 1249 1149 1046 500 951 842 734 0 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E Packaging Other Industrial Electrical Imaging Magnetic Tape • BOPET (Thin + Thick) Film demand expected to grow @ CAGR of 9% • Packaging is expected to grow @ CAGR of 10% 10
Structural Shift in Application of BOPET 4000 • P-I-E segment to 4% continue to grow at 3500 robust rate 17% 3000 •Electrical segment to witness highest 1% 2500 24% 7% growth rate of 13%. 14% 2000 5% 5% •Growth in Electrical •Growth in Electrical 26% 12% 1500 due to new 12% applications. 55% 1000 28% •Packaging to follow 52% 500 closely at 10% 43% K MT 0 •Imaging and Tapes 2004 2009 2014 E to experience Packaging Other Industrial Electrical Imaging Magnetic Tape “Negative” growth 11
Packaging : Growth Drivers Changing Consumer Habits, convenience is the key Consumer demand for fresh and healthy food, beverages driving need for intelligent as well as high barrier packing Emergence of strong Retail sector Emergence of strong Retail sector Securing product from counterfeiting Sustainability - Growing concern on carbon footprint, promotion of Green Technology 12
Contents • BOPET Film Industry • Polyplex group • Polyplex Competitive Strength • PTL : Financial Performance PTL : Financial Performance • Current Industry Scenario & Outlook 13
Polyplex Group – Global Presence Thailand: India : Plant 1 & Plant Turkey: Plant 3 Plant 2 4 USA : Plant 5 (Under Implementation) Factories Warehouses Manufacturing Locations – India (PCL), Thailand (PTL),Turkey (PE) & USA ( u nder implementation) Distribution Companies – USA (PA) & China (PTSL). Warehouses – 12 in USA, 3 in Mexico, 1 in Poland & 1 in Guangzhou, China 14
Polyplex Group Structure 100% Polyplex Corporation Limited Polyplex (Asia) Pte. Ltd. INDIA SINGAPORE 9.88% 16.5%% 34.5% 9.88% Public/ Polyplex (America) Polyplex (Thailand) Public Company Ltd. Institutional Inc. USA THAILAND Private Investor Shareholders 80.24% 49% 100% Polyplex (Singapore) Pte. Ltd. Polyplex Trading (Shenzhen) 100% SINGAPORE Co. Ltd. CHINA Outside Interest 100% Investment Company Polyplex Europa Polyester Film Sanayi Ve Ticaret Anonim Sirketi TURKEY Manufacturing Company Distribution Company 15
Polyplex Group: Serving Customers Worldwide More than 1,200 Customers in 80 countries More than 1,200 Customers in 80 countries • Customer solution oriented sales and technical • Distributors & agents increase reach and service services teams (region specific ) & Global Innovation small customers Centre PCL- SAARC, GCC and Africa • Customer centric customized delivery model: PTL- SEA, Far East & Oceania – Container loads drop-shipped for cost- effectiveness PE - Europe & CIS countries • Distribution subsidiaries in – Local warehousing support for higher flexibility & security PA - North and South America, Canada & Mexico PTSL- China 16
Polyplex : Business Strategy Thailand Thailand India India Turkey Turkey • We’re a fully integrated , global manufacturer of plastic films with Concentric Diversification into BOPP & CPP • Our vision is to continuously grow , create value and establish global leadership in the plastic film business • We’re expanding to meet demand in new geographies and for new applications like Extrusion lamination, Silicone Coated release films etc. • Continually balance our Product & Market Portfolio to increase stability of our Earnings. • Judicious mix of On-shore , Off-shore and Near-shore strategy. 17
Polyplex Group: Existing Capacities PET FILM (151,000 TPA) MET FILM (42,500 TPA) 58000 51000 Polyplex :Product Portfolio 11000 16300 42000 PET Film 151 KTPA,CPP 10KTPA, BOPP 15200 35 KTPA INDIA THAILAND TURKEY 10000 35000 INDIA INDIA THAILAND THAILAND TURKEY TURKEY 151000 Offline Coater 310 Mn SQM PET RESIN 192,200 TPA 150 160 57600 77600 PET FILM (TPA) BOPP (TPA) CPP (TPA) 57000 SILICONE COATING (Mn Sqm)-India EXTRUSION COATING (Mn Sqm)-Thailand INDIA THAILAND TURKEY 18
Polyplex Group capacities: 2012 • The above capacities include Silicone Coated Film and Thick PET film under implementation in Thailand & Thin PET film line expansion ( Including metalized film line) under implementation in US 19
Polyplex: Continuous Growth… From 20 KMT capacity in 2002, we have become a TOP 5 Manufacturer of Thin BOPET Film with capacity of 151 KMT and adding further 63.4KMT (Thin +Thick PET) by H1 of FY 2013-2014. In addition, existing BOPP capacity of 35 KMT and CPP Capacity of 10 KMT 20
Polyplex Thailand : Journey So Far Thailand Turkey Apr/ Nov PET Film – Line 1 & 2 2003 December PET Film – Line 1 Sep 2004 2005 Chip Plant –Batch /Continuous Feb 2005 March Metallizer - 1 July 2005 Metallizer-1 2006 December April 2008 Chip Plant Extrusion Coated Film 2006 May 2008 PET Film - Line 2 Metallizer -2 May 2008 May 2008 Metallizer -2 March 2010 Cast Polypropylene Film Expected- Q3 Silicone Coating line 2011-12 Expected H1 PET Thick Film line + PET Chips USA FY 2013-14 Expected in H2 FY 2012 - PET Film – Line 1 13 21
Projects Under Implementation SILCONE COATING LINE – THAILAND • Investment size – USD 25 million, including working capital. • Target markets – Europe, US and Asia • Applications – Used as a release liner for Label liners, graphic arts, medical liners and Shingle Tapes • Capacity – Dependant on the product mix being run on the line • Capacity – Dependant on the product mix being run on the line and can vary significantly across different product types – 200 million sq.mts to 600 million sq.mts • Financial closure achieved. • Delivery of main machinery received and commissioning under progress • Expected to be operational in Q3 of FY 2011-12. 22
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