Thai Beverage Public Co., Ltd. · SGX:Y92
Thai Beverage Public — Thai Beverage — H1 2008 Earnings Presentation
28 slides from Thai Beverage Public's earnings presentation, August 2008
Slide 1: Thai Beverage PLC. FY2008 H1 Financial Results
Thai Beverage PLC. FY2008 H1 Financial Results Aug 2008
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 statements c
Slide 3: Understanding this Presentation
Understanding this Presentation • Reporting of business segments – From Q1’08 onwards, the reporting of business segments has been rearranged to add a new segment called “non-alcoholic beverages”, which consists of energy drinks, ready-to-drink coffee, soda water and drinking water – The Company has
Slide 4: Accounting Policy
Accounting Policy • We now use Thai GAAP for reporting • Goodwill – Since 1 January 2008, the Company has changed its accounting policy regarding goodwill to comply with Thai Accounting Standard (TAS) 43 (revised 2007) “Business Combination” which is effective for accounting periods beginning on or
Slide 5: Highlights
Highlights Aug 2008
Slide 6: Interim Dividend Announcement
Interim Dividend Announcement Dividend Payment Interim'07 Interim'08 Net Profit (M) 5,260 5,019 Number of Shares (M) 25,110 25,110 Dividend (M) 3,013 3,013 Portion of Net Profit 57.3% 60.0% Dividend per share 0.12 0.12 Thai Beverage PLC.: FY2008 H1 Page 6
Slide 7: H1'08: Highlights
H1’08: Highlights Revenue - Total sales revenue increased 4.0% - Increased sales revenue from spirits 9.8% - Increased sales volume of brown spirits 0.4% - Decreased sales volume of beer (-7.1%), and white spirits (-11.2%) Financial - Decreased in total liabilities from loans and bonds repayment Pos
Slide 8: Consolidated: H1 Highlights
Consolidated: H1 Highlights Group H1'07 H1'08 Change Sales Revenue 49,107 51,083 4.0% COGS (34,590) (37,083) % of Sales Revenue 70.4% 72.6% SG&A (6,216) (6,653) % of Sales Revenue 12.7% 13.0% EBITDA 10,920 10,078 -7.7% Net Profit 5,260 5,019 -4.6% Margin* EBITDA 22.2% 19.7% Net Profit 10.7% 9.8% * m
Slide 9: Contribution per Business Segment
Contribution per Business Segment Net Profit Sales Non- Industrial Non- Industrial Alcoholic Alcohol, 1% Elim ination, Alcoholic Alcohol, 0% Elim ination, Beverages, 0% Beverages, -1% 1% -2% Beer , 18% Beer , 42% Spirits, 85% Spirits, 56% Thai Beverage PLC.: FY2008 H1 Page 9
Slide 10: Volume
Volume Beer/Spirits Volume (M Liters) 464 431 169 150 62 62 Beer White Spirits Brown Spirits H1'07 H1'08 Thai Beverage PLC.: FY2008 H1 Page 10
Slide 11: Business Segments
ThaiBev Business Segments Aug 2008
Slide 12: Beer
Beer Beer H1'07 H1'08 Change Sales Revenue 23,086 21,272 -7.9% COGS (17,864) (17,096) % of Sales Revenue 77.4% 80.4% SG&A (2,913) (2,876) % of Sales Revenue 12.6% 13.5% EBITDA 3,532 2,425 -31.3% Net Profit 1,049 879 -16.2% Margin* EBITDA 15.3% 11.4% Net Profit 4.5% 4.1% * margins are % of sales reve
Slide 13: Beer: Volume
Beer: Volume Beer H1'07 H1'08 Change (Million Litres) Chang 329 322 -2.1% Low alcohol beer 135 109 -19.2% Total 464 431 -7.1% Free Beer* 6.7% 7.6% 13.5% * Percentage of total beer sales volume Thai Beverage PLC.: FY2008 H1 Page 13
Slide 14: Beer: Revenue-Cost Break Down
Beer: Revenue-Cost Break Down (% of total revenue) Excise Tax, 54.1% SG&A, 13.5% Int. exp.+ Inc. Tax, 2.3% Net profit, 4.1% Other, 3.9% Labor, 0.8% Depreciation, 3.4% Packaging, 11.4% Raw M aterial, 6.5% Thai Beverage PLC.: FY2008 H1 Page 14
Slide 15: Spirits
Spirits Spirits H1'07 H1'08 Change Sales Revenue 26,162 28,719 9.8% COGS (16,936) (19,048) 12.5% % of Sales Revenue 64.7% 66.3% SG&A (3,248) (3,516) 8.3% % of Sales Revenue 12.4% 12.2% EBITDA 7,273 7,548 3.8% Net Profit 4,210 4,265 1.3% Margin* EBITDA 27.8% 26.3% Net Profit 16.1% 14.9% * margins are
Slide 16: Spirits: Volume
Spirits: Volume Spirits H1'07 H1'08 Change (Million Litres) White 169 150 -11.2% Brown 62 62 0.4% Total 231 212 -8.1% Free White Spirits* 0.9% 1.9% 117.8% Free Brown Spirits* 0.7% 1.6% 139.3% * Percentage of domestic sales volume Total Free Spirits* 0.8% 1.8% * Domestic brown spirits volume rose 4.2
Slide 17: Spirits: Revenue-Cost Break Down
Spirits: Revenue-Cost Break Down (% of total revenue) SG&A, 12.2% Int. exp.+ Inc. Tax, 7.2% Excise Tax, 48.4% Net profit, 14.7% Other, 2.3% Labor, 1.4% Depreciation, 1.8% Raw Material, 6.4% Packaging, 5.6% Thai Beverage PLC.: FY2008 H1 Page 17
Slide 18: Spirits: Launch of New Scotch Whisky
Spirits: Launch of New Scotch Whisky • Drummer: Blended Scotch Whisky, aged 5 years Made by Inver House at Balmenach Distillery, Scotland • Consumer Target: Young modern urban male consumer, age 20-39 • Slogan: Drummer: March to Your Own Beat Thai Beverage PLC.: FY2008 H1 Page 18
Slide 19: Non-alcoholic Beverages
Non-alcoholic Beverages Non-alcoholic Beverages H1'07** H1'08 Change Sales Revenue NA 365 NA COGS NA (293) #VALUE! % of Sales Revenue 80.3% SG&A NA (159) #VALUE! % of Sales Revenue 43.6% EBITDA NA 61 NA Net Profit NA (81) NA Margin* EBITDA NA 16.7% Net Profit NA -22.2% * margins are % of sales reven
Slide 20: Non-alcoholic Beverages: Volume
Non-alcoholic Beverages: Volume Non-alcoholic Beverages H1'07** H1'08 Change (Million Litres) Soda 6.1 5.6 -7.6% Water 21.2 23.5 10.5% Wrangyer* NA 2.9 NA Black Up* NA 0.2 NA * Wrangyer and Black Up were added to ThaiBev financials in Mar 2008 ** Due to the small turnover of soda & water in 2007, th
Slide 21: Industrial Alcohol
Industrial Alcohol Industrial Alcohol H1'07 H1'08 Change Sales Revenue 350 757 116.3% COGS (321) (678) 111.2% % of Sales Revenue 91.7% 89.6% SG&A (63) (89) 41.3% % of Sales Revenue 18.0% 11.8% EBITDA 79 87 10.1% Net Profit (38) (20) 47.4% Margin* EBITDA 22.6% 11.5% Net Profit -10.9% -2.6% * margins
Slide 22: Industrial Alcohol: Volume
Industrial Alcohol: Volume Industrial Alcohol H1'07 H1'08 Change (Million Litres) Alcohol 95°* 2.5 25.9 939.7% Ethanol 99.5° 14.2 24.6 74.1% Others 0.1 0.3 95.5% * Largely from exports Thai Beverage PLC.: FY2008 H1 Page 22
Slide 23: Progress in Overseas Business
Progress in Overseas Business Countries Chang Beer Mekhong USA Chang launched in 2007 Mekhong officially launched in east and west coasts April and May'08 UK Chang launched in 2008 Mekhong had a 'soft' launch in Jan'08 to the Thai Channel. We now have relatively strong distribution, and a wider laun
Slide 24: 2008 - The Year of Great Success for Inver House
2008 - The Year of Great Success for Inver House Awards Won Event 15 International Wine & Spirits Competition 2008 13 Scotch Whisky Masters 2008 11 International Spirits Challenge 2008 Thai Beverage PLC.: FY2008 H1 Page 24
Slide 25: Financials
Financials Aug 2008
Slide 26: Interest Bearing Debt
Interest Bearing Debt Interest Bearing Debt 31-Dec-07 30-Jun-08 (Million Baht) Current Bank overdrafts 1,000 593 Short-term loans from financial institutions 4,998 9,690 Current portion of long-term guaranteed bonds 3,000 - Current portion of long-term loans 1,755 2,775 10,753 13,058 Non-current Lon
Slide 27: Financial Ratios
Financial Ratios Ratios 31-Dec-07 30-Jun-08 Current Ratio 1.74 1.63 Total Debt to Equity 0.45 0.43 Net Asset Value per Share (Baht) 2.19 2.22 Net Asset Value per Share (SGD)* 0.09 0.09 * exchange rate at THB 24: SGD 1 Turnovers (days) Jan-Dec 07 Jan-Jun 08 A/R Turnover 5 4 Inventory Turnover Beer/wa
Slide 28: Q&A
ThaiBev Aug 2008