Thai Beverage Public Co., Ltd. · SGX:Y92
Thai Beverage Public — Thai Beverage — H1 2012 Earnings Presentation
33 slides from Thai Beverage Public's earnings presentation, Aug 14, 2012
Slide 1: Thai Beverage PLC H'12 Financial Results
Thai Beverage PLC H’12 Financial Results 14 Aug 2012
Slide 2: Note on Forward Looking Statements
Note on Forward Looking Statements • The following presentation may contain forward looking statements by the management of Thai Beverage Public Company Limited (“ThaiBev"), relating to financial or other trends for future periods, compared to the results for previous periods. • Some of the statemen
Slide 3: Understanding this Presentation
Understanding this Presentation • In 2011, Thai Beverage Logistics Co., Ltd. (TBL), a direct subsidiary wholly owned by the Company, acquired Serm Suk Public Company Limited (Serm Suk), a Thai company currently listed on the Stock Exchange of Thailand. The Company has included the assets and liabili
Slide 4: Understanding this Presentation
Understanding this Presentation • Current operations by business segments consist of spirits, beer, non-alcoholic beverages and food • All monetary amounts in millions of Thai Baht unless otherwise stated • Volumes in millions of liters unless otherwise stated • EBITDA = Earnings from total revenues
Slide 5: Highlights
Highlights Thai Beverage PLC H1’12 5
Slide 6: Dividend Payment
Dividend Payment Dividend Policy Not less than 50% of net profits after deduction of all specified reserves, subject to our investment plans and as the Board of Directors deems appropriate Dividend Payment Interim'11 Interim'12 Change (%) Net Profit Belonging to the Company (M) A 6,061 9,419 Less: S
Slide 7: Consolidated: Q2'12 Highlights
Consolidated: Q2’12 Highlights Group Q2'11 Q2'12 Change (M Baht) Sales Revenue 30,641 41,377 35.0% COGS (22,252) (29,305) % of Sales Revenue 72.6% 70.8% SG&A (4,067) (5,460) % of Sales Revenue 13.3% 13.2% EBITDA 5,295 7,755 46.5% Net Profit 3,120 5,297 69.8% Less: Non-controlling interests (16) (208
Slide 8: Consolidated: Q2'12 Highlights
Consolidated: Q2’12 Highlights For the second quarter ended 30 June 2012, the Company has included Serm Suk operation results in the group Group ThaiBev Serm Suk Total (M Baht) Q2 2012 Sales 34,716 6,661 41,377 Gross profit 10,545 1,527 12,072 EBITDA 6,948 807 7,755 Net profit 4,788 509 5,297 Q2 201
Slide 9: Consolidated: H1'12 Highlights
Consolidated: H1’12 Highlights Group H1'11 H1'12 Change (M Baht) Sales Revenue 61,558 81,983 33.2% COGS (44,859) (58,854) % of Sales Revenue 72.9% 71.8% SG&A (8,180) (10,726) % of Sales Revenue 13.2% 13.1% EBITDA 10,304 14,599 41.7% Net Profit 6,108 9,765 59.9% Less: Non-controlling interests (47) (
Slide 10: Consolidated: H1'12 Highlights
Consolidated: H1’12 Highlights For the first six months of 2012, the Company has included Serm Suk operation results in the group (M Baht) Group ThaiBev Serm Suk Total H1 2012 Sales 69,228 12,755 81,983 Gross profit 20,276 2,853 23,129 EBITDA 13,200 1,399 14,599 Net profit 8,927 838 9,765 H1 2011 Sa
Slide 11: Contribution per Business Segment
Contribution per Business Segment H1’12 Net Profit Sales 92.1% 56.4% 21.1% 19.8% 10.5% 3.1% 0.3% -0.4% -2.9% Spirits Beer Non-Al Food Elimination Spirits Beer Non-Al Beverages Food Beverages Thai Beverage PLC H1’12 11
Slide 12: Total Sales Volume
Total Sales Volume Volume (M Liters) 324 H1'11 H1'12 294 297 267 118 123 92 70 17 19 3.9 4.0 Spirits Beer Oishi Energy drink Soda Water % increase/ 10.1% 9.2% 3.5% 2.9% 9.5% 30.8% -% decrease Sales volume of SSC was not shown on this page, since we did not have SSC’s volume in H1’11 for comparison T
Slide 13: Business Segments
Business Segments Thai Beverage PLC H1’12 13
Slide 14: Spirits
Spirits Spirits Q2'11 Q2'12 Change (M Baht) Sales Revenue 20,458 23,128 13.1% COGS (13,809) (14,794) % of Sales Revenue 67.5% 64.0% SG&A (2,114) (2,125) % of Sales Revenue 10.4% 9.2% EBITDA 5,063 6,612 30.6% Net Profit 3,249 4,804 47.9% Margin* EBITDA 24.7% 28.6% Net Profit 15.9% 20.8% * margins are
Slide 15: Spirits
Spirits Spirits H1'11 H1'12 Change (M Baht) Sales Revenue 40,575 46,264 14.0% COGS (27,392) (30,202) % of Sales Revenue 67.5% 65.3% SG&A (4,246) (4,404) % of Sales Revenue 10.5% 9.5% EBITDA 9,849 12,461 26.5% Net Profit 6,339 8,990 41.8% Margin* EBITDA 24.3% 26.9% Net Profit 15.6% 19.4% * margins ar
Slide 16: Spirits: Revenue-Cost Break Down
Spirits: Revenue-Cost Break Down (% of total revenue) H1’12 48.0% 19.4% 9.5% 8.3% 5.9% 5.5% 0.6% 1.0% 1.8% Net profit Int. exp.+ Inc. SG&A Excise Tax Packaging Raw Material Depreciation Labor Other Tax Thai Beverage PLC H1’12 16
Slide 17: Beer
Beer Beer Q2'11 Q2'12 Change (M Baht) Sales Revenue 7,581 8,410 10.9% COGS (6,647) (7,444) % of Sales Revenue 87.7% 88.5% SG&A (1,053) (1,224) % of Sales Revenue 13.9% 14.6% EBITDA (Loss) 169 (9) -105.3% Net Profit (Loss) (87) (178) -104.6% Margin* EBITDA (-Loss) 2.2% -0.1% Net Profit (-Loss) -1.1%
Slide 18: Beer
Beer Beer H1'11 H1'12 Change Sales Revenue 15,735 17,270 9.8% (M Baht) COGS (13,932) (15,247) % of Sales Revenue 88.5% 88.3% SG&A (2,279) (2,444) % of Sales Revenue 14.5% 14.2% EBITDA (Loss) 98 120 22.4% Net Profit (Loss) (352) (280) 20.5% Margin* EBITDA (-Loss) 0.6% 0.7% Net Profit (-Loss) -2.2% -1
Slide 19: Beer: Revenue-Cost Break Down
Beer: Revenue-Cost Break Down (% of total revenue) H1’12 57.9% 14.1% 15.3% 8.8% 1.5% 1.1% 3.0% -1.6% -0.1% Net profit Int. exp.+ Inc. SG&A Excise Tax Packaging Raw Material Depreciation Labor Other Tax Thai Beverage PLC H1’12 19
Slide 20: Non-alcoholic Beverages (Include Serm Suk)
Non-alcoholic Beverages (Include Serm Suk) Non-alcoholic Beverages Q2'11 Q2'12 Change (M Baht) Sales Revenue 1,689 8,623 410.5% COGS (1,293) (6,352) % of Sales Revenue 76.6% 73.7% SG&A (549) (1,632) % of Sales Revenue 32.5% 18.9% EBITDA (39) 1,063 2,825.6% Net Profit (69) 664 1,062.3% Margin* EBITDA
Slide 21: Non-alcoholic Beverages (Include Serm Suk)
Non-alcoholic Beverages (Include Serm Suk) Non-alcoholic Beverages H1'11 H1'12 Change (M Baht) Sales Revenue 3,413 16,255 376.3% COGS (2,508) (12,069) % of Sales Revenue 73.5% 74.2% SG&A (977) (3,086) % of Sales Revenue 28.6% 19.0% EBITDA 139 1,828 1,215.1% Net Profit 60 1,025 1,608.3% Margin* EBITD
Slide 22: Non-alcoholic Beverages
Non-alcoholic Beverages For the second quarter ended 30 June 2012, the Company has included Serm Suk operation results in the non- alcoholic beverages business segment Non Alcoholic ThaiBev Serm Suk Total (M Baht) Beverage Business Q2 2012 Sales 1,962 6,661 8,623 Gross profit 744 1,527 2,271 EBITDA
Slide 23: Non-alcoholic Beverages
Non-alcoholic Beverages For the first six months of 2012, the Company has included Serm Suk operation results in the non-alcoholic beverages business segment Non Alcoholic ThaiBev Serm Suk Total (M Baht) Beverage Business H1 2012 Sales 3,500 12,755 16,255 Gross profit 1,333 2,853 4,186 EBITDA 429 1,
Slide 24: Food (Include Snack)
Food (Include Snack) Food Q2'11 Q2'12 Change (M Baht) Sales Revenue 1,020 1,395 36.8% COGS (610) (862) % of Sales Revenue 59.8% 61.8% SG&A (364) (524) % of Sales Revenue 35.7% 37.6% EBITDA 102 89 -12.7% Net Profit 27 7 -74.1% Margin* EBITDA 10.0% 6.4% Net Profit 2.6% 0.5% * margins are % of sales re
Slide 25: Food (Include Snack)
Food (Include Snack) Food H1'11 H1'12 Change (M Baht) Sales Revenue 2,013 2,564 27.4% COGS (1,200) (1,591) % of Sales Revenue 59.6% 62.1% SG&A (708) (934) % of Sales Revenue 35.1% 36.5% EBITDA 218 190 -12.8% Net Profit 61 30 -50.8% Margin* EBITDA 10.8% 7.4% Net Profit 3.0% 1.2% * margins are % of sa
Slide 26: Food (Include Snack)
Food (Include Snack) For the second quarter of 2012, the Company has expanded food business to Japanese snack market by introducing “ONORI”, a Japanese styled fried seaweed snacks Food Business Food Snack Total (M Baht) Q2 2012 Sales 1,358 37 1,395 Gross profit 530 3 533 EBITDA (loss) 141 (52) 89 Ne
Slide 27: Food
Food For the second quarter of 2012, the Company has expanded food business to Japanese snack market by introducing “ONORI”, a Japanese styled fried seaweed snacks Food Business Food Snack Total (M Baht) H1 2012 Sales 2,527 37 2,564 Gross profit 970 3 973 EBITDA (loss) 242 (52) 190 Net profit (loss)
Slide 28: Update: International Business
Update: International Business In the first half of 2012, ThaiBev’s international business reported sales growth of 44% The performance of business by geographic area: • UK & Rest of the World – Sales revenue continued to grow 13% from Scotch whisky sales and other new products introduced into key m
Slide 29: Financials
Financials Thai Beverage PLC H1’12 29
Slide 30: Balance Sheet
Balance Sheet Balance Sheet 31-Dec-11 30-Jun-12 Change (Million Baht) Assets Current assets 46,270 48,058 1,788 Non-current assets 53,524 54,815 1,291 Total assets 99,794 102,873 3,079 Liabilities Total liabilities 36,277 34,406 (1,871) Shareholders' Equity Total equity 63,517 68,467 4,950 Current a
Slide 31: Interest Bearing Debt
Interest Bearing Debt Interest Bearing Debt 31-Dec-11 30-Jun-12 (Million Baht) Current Bank overdrafts 378 401 Short-term loans from financial institutions 4,849 3,349 Current portion of long-term loans 1,800 2,800 7,027 6,550 Non-current Long-term loans from financial institutions 11,200 10,000 Tot
Slide 32: Financial Ratios
Financial Ratios Ratios 31-Dec-11 30-Jun-12 Current Ratio (times) 2.17 2.35 Debt to Equity (times) 0.57 0.50 Interest Bearing Debt to Equity Ratio (times) 0.29 0.24 Net Asset Value per Share (Baht) 2.39 2.58 Net Asset Value per Share (SGD)* 0.10 0.10 * exchange rate at THB 25: SGD 1 Turnovers (days)
Slide 33: Q&A
Q&A Thai Beverage PLC H1’12 33