Strictly Private & Confidential TPBI Public Company Limited Opportunity Day Presentation November 2016
Strictly Private & Confidential TPBI Public Company Limited Opportunity Day Presentation November 2016
Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in TPBI Public Company Limited (“TPBI”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. In addition, this presentation contains projections and forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions. Strictly Private & Confidential Page 2
Agenda Section 1 About TPBI Group Section 2 Business Overview Section 3 Financial Highlights Section 4 Future Plan Strictly Private & Confidential Page 3
TPBI Group Overview Company Profile Share Summary Number of Shares Outstanding (mm) 400 • TPBI Public Company Limited (“TPBI”) was Registered Shares (THB mm) 400 established by Borrisuttanakul family as a plastic-bag trader/producer Paid-up Capital (THB mm) 400 Par Value per Share (THB) 1 • More than 30-year experience led the company Share Movement ( Mar – Sep 16) become the leader of plastic-bag producer in Thailand High (THB) 19.20 • Low (THB) 12.70 The company was listed on the Stock Exchange of Thailand in the beginning of 2016 Average (THB) 15.86 Market Capitalization (THB mm) 6,520 Average Daily Turnover (THB mm) 184 TPBI is Thailand’s No. 1 total solution Dividend Payout Policy (%) At least 50% of net profit provider of plastic bag , providing complete As of November 2016 Others, 16.1% BBLAM, services 10.0% product design and formula development manufacturing and procurement Borrisuttanakul Family, raw material and product testing 73.9% TPBI’s VISION is “To be a leading packaging manufacturer who achieves sustainable growth together with all stakeholders” Strictly Private & Confidential Page 4 Source: Company Data, Bloomberg
TPBI Group Products Products by Category Revenue Breakdown by Product Vest-carrier/T-shirt bags/Bio Compostable Plastic bags TPBI Group’s total sales for the quarter ending 30 bags/Fruit & Vegetable bags September 2016 is THB 1,302 mm, having sales Garbage bags proportion by products as follows: Loop-handle/ Die cut bags/ Fashion bags EMAP film bags Lamination film Multilayer Blown 25.3% Barrier film Film Stretch hood 39.1% Shrink film 16.2% Flexible packaging for frozen food, ready-to- Flexible Packaging eat, sandwiches bags, etc. 12.0% Plastic/bio-plastic coated paper cups Others 7.5% Vest carrier bags / T-shirt bags Garbage Bags Garbage bags Vest carriers/t-shirt bags Multi-layer blown film Flexible Packaging Others Without printing With printing Rolled bags Flat bags Vest carrier bag is the main product which contributes Loop-handle / Die cut bags / Fashion bags approximately 39.1% of the Group’s total sales. It is mainly exported to Australia, EU, USA, and Japan. Strictly Private & Confidential Page 5 Source: Company Data
Market Diversification Key Customer Locations Market Diversification Until the quarter ending 30 September 2016, approximately 62% of total sales are from exports to international markets while 38% are from domestic sales. FRANCE NEW ZEALAND AUSTRALIA THAILAND 24% 1% 4% 38% USA * 22% AUSTRALIA 40% JAPAN 9% UK 18% * Remark – TPBI also captures in CLMV market JAPAN 15% OTHER COUNTRIES TPBI group’s international markets composed of 2% UK NEW ZEALAND different countries in various regions, i.e. Asia, 11% 2% FRANCE USA Australia, North America, Europe, and Africa 1% 13% Export destinations include USA, UK, Germany, France, Note:*Other countries include Korea, Singapore, Nigeria, Laos, Cambodia, etc. Nigeria, Indonesia, Australia, CLMV, New Zealand, etc. “ TPBI Group distributes their different types of products to various regions to diversify the risk of relying on a few market” Strictly Private & Confidential Page 6 Source: Company Data
Agenda Section 1 About TPBI Group Section 2 Business Overview Section 3 Financial Highlights Section 4 Future Plan Strictly Private & Confidential Page 7
Strong Presence in Plastic Packaging Value Chain through Backward Integration “TPBI group is one of a few converters who integrates backward into its value chain; creating competitive advantages and enjoying higher margin whilst lowering the risk of reliance on external suppliers” Feedstock Resin Producers Compound Resin Film Producers Converters Producers Compound Bio-Based Feedstock Bio-Plastic Resin Bio-Plastic Resin General Packaging Post-Industrial (Shopping Bags, Post-Industrial Compound Plastic Scrap Recycle Resin Recycle Resin Garbage Bag, etc.) Post-Consumer Post-Consumer Plastic Scrap Recycle Resin Multilayer PE Resin (Virgin) Blown Film Flexible Petroleum-Based Feedstock Packaging (Food Goods) Other Plastic Other Types of Resin Film Strictly Private & Confidential Page 8 Source: Company Data
Company Operations Plastic Bags Multilayer Blown Film Flexible Packaging Others Product Mix: Product Mix: Product Mix: Product Mix: • Vest carrier bags/ T-shirt • • • Lamination film/ Barrier Packaging for frozen food, Compound resin/ Bioplastic bags/ Bio compostable film/ Stretch hood/ Shrink ready-to-eat food and product / Paper cup bags/ Fruit & Vegetable film others Sales Proportion (3Q16): bags/ Garbage bags/ Loop- • Production Capacity: Production Capacity: International: 14% handle/ Die cut bags/ • • • ~ 9,000 tons per year ~ 100 million meters per Domestic: 86% Fashion bags/ EMAP film year bags Key Markets: Sales Proportion (3Q16): • • Focuses on domestic market International: 8% Sales Proportion (3Q16): Production Capacity: • • Domestic: 92% International: 0% • ~ 64,000 tons per year • Domestic: 100% Key Markets: Sales Proportion (3Q16): • Key Markets: Domestic, Singapore, • International: 92% • Focuses on domestic market Australia, the Philippines, • Domestic: 8% Vietnam and etc. Key Markets: • Australia, UK, France, USA, Japan and etc. Sample of Customers Sample of Customers Sample of Customers Strictly Private & Confidential Page 9 Source: Company Data
Historical Production Capacity and Utilization Rate General Packaging (1) 100,000 90% 85% 85% 86% 84% 80,000 85% Tons per year • General packaging capacity is around 64,000 60,000 80% 74% 74% tons per year 40,000 75% • 20,000 70% Utilization rate have been in range of 74 - 85% 0 65% 2012 2013 2014 2015 1H16 9M16 Multilayer Blown Film (1) 92% 95% 12,000 100% 76% 82% 82% 83% 10,000 • 80% Multilayer blown film capacity is around 9,000 Tons per year 8,000 60% tons per year 6,000 40% 4,000 • 20% Utilization rate have been in range of 76 – 95% 2,000 0 0% 2012 2013 2014 2015 1H16 9M16 Flexible Packaging (1) Million Meters per year 150 100% 80% • Flexible packaging capacity has been increased 67% 60% 62% 62% 80% 63% to over 100 million meters per year 100 60% • Utilization rate have been in range of 60 – 80% 40% 50 20% • Capacity expansion requires longer lead time 0 0% than other products 2012 2013 2014 2015 1H16 9M16 Capacity Output Utilization rate Strictly Private & Confidential Note: (1) 1H16 and 9M16 capacity and utilization were annualized to be yearly basis Page 10 Source: Company Data
Agenda Section 1 About TPBI Group Section 2 Business Overview Section 3 Financial Highlights Section 4 Future Plan Strictly Private & Confidential Page 11
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