Thai Beverage Public Co., Ltd. · SGX:Y92

Thai Beverage Public — H1 2022 Earnings Presentation

52 slides from Thai Beverage Public's earnings presentation, May 2022

  1. Slide 1: Thai Beverage PLC 1H22 Financial Results

    THAI BEVERAGE PLC 1H22 FINANCIAL RESULTS (First Half ended 31 March 2022) 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited

  2. 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

  3. Slide 3: Understanding This Presentation

    UNDERSTANDING THIS PRESENTATION • On 14 February 2022, the Company entered into credit facility agreements with two financial institutions for credit facilities totaling of Baht 10,000 million and the Company’s indirect subsidiary, Chang Beer Co., Ltd. entered into the term loan agreements for unsec

  4. Slide 4: Disclaimer

    DISCLAIMER • This presentation is for information only and does not constitute, or form any part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities nor shall it or any part of it form the basis of, or be relied on in connection with, any co

  5. Slide 5: Highlight

    HIGHLIGHT 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited

  6. Slide 6: 1H22 Performance Highlights

    1H22 PERFORMANCE HIGHLIGHTS • Sales revenue increased 8.9% year-on-year (“YoY”) to Baht 142,942 million, as the improving COVID-19 situation drove sales growth in all business segments • Delivered earnings growth, with EBITDA increasing 7.5% YoY to Baht 28,242 million, underpinned by satisfactory im

  7. Slide 7: 1H22 Performance Highlights

    1H22 PERFORMANCE HIGHLIGHTS Revenue from Sales (million Baht) 142,942 8.9% EBITDA Net Profit 28,242 18,365 (million Baht) 7.5% (million Baht) 14.2% EPS (basic) Attributable Profit 0.65 16,318 (Baht) 14.0% (million Baht) 13.3% 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Publi

  8. Slide 8: Interim Dividend Payment

    INTERIM DIVIDEND PAYMENT Interim'21 Interim'22 Dividend Payment (Oct 20 - Mar 21) (Oct 21 - Mar 22) Net Profit belonging to the Company (Million Baht) 14,397 16,318 Number of Shares (Million Shares) 25,119 25,121 Interim Dividend (Million Baht) 3,768 3,768 Dividend per share (Baht) 0.15 0.15 Book cl

  9. Slide 9: Consolidated: 2Q22 Highlights

    CONSOLIDATED: 2Q22 HIGHLIGHTS 2Q21 2Q22 Jan21 - Mar21 Jan22 - Mar22 Change Sales Revenue 59,463 65,826 10.7% COGS (41,494) (46,245) % of Sales Revenue 69.8% 70.3% Distribution costs (5,805) (6,348) Administrative expenses (3,892) (3,790) % of Sales Revenue 16.3% 15.4% EBITDA (exclude associated comp

  10. Slide 10: Consolidated: 1H22 Highlights

    CONSOLIDATED: 1H22 HIGHLIGHTS 1H21 1H22 Oct20 - Mar21 Oct21 - Mar22 Change Sales Revenue 131,252 142,942 8.9% COGS (92,004) (101,363) % of Sales Revenue 70.1% 70.9% Distribution costs (11,759) (12,664) Administrative expenses (7,516) (7,570) % of Sales Revenue 14.7% 14.2% EBITDA (exclude associated

  11. Slide 11: Consolidated: 2Q22 Highlights

    CONSOLIDATED: 2Q22 HIGHLIGHTS Associated ThaiBev Total Companies (M Baht) 2Q22 Sales 65,826 - 65,826 Gross Profit 19,581 - 19,581 EBITDA 12,085 791 12,876 Net Profit 7,332 721 8,053 Attributable Profit 6,394 721 7,115 Spirits 5,345 - 5,345 Beer 845 - 845 Non-Alcohol 149 - 149 Food 55 - 55 Associated

  12. Slide 12: Consolidated: 2Q22 Highlights

    CONSOLIDATED: 2Q22 HIGHLIGHTS Associated ThaiBev Total Companies (M Baht) Increase (Decrease) Sales 6,363 - 6,363 Gross Profit 1,612 - 1,612 EBITDA 1,149 391 1,540 Net Profit 1,131 387 1,518 Attributable Profit (Loss) 799 387 1,186 Spirits (155) - (155) Beer 787 - 787 Non-Alcohol 16 - 16 Food 151 -

  13. Slide 13: Consolidated: 1H22 Highlights

    CONSOLIDATED: 1H22 HIGHLIGHTS Associated ThaiBev Total Companies (M Baht) 1H22 Sales 142,942 - 142,942 Gross Profit 41,579 - 41,579 EBITDA 26,744 1,498 28,242 Net Profit 17,013 1,352 18,365 Attributable Profit 14,966 1,352 16,318 Spirits 12,555 - 12,555 Beer 1,931 - 1,931 Non-Alcohol 317 - 317 Food

  14. Slide 14: Consolidated: 1H22 Highlights

    CONSOLIDATED: 1H22 HIGHLIGHTS Associated ThaiBev Total Companies (M Baht) Increase (Decrease) Sales 11,690 - 11,690 Gross Profit 2,331 - 2,331 EBITDA 1,376 600 1,976 Net Profit 1,704 585 2,289 Attributable Profit (Loss) 1,336 585 1,921 Spirits (72) - (72) Beer 1,050 - 1,050 Non-Alcohol 116 - 116 Foo

  15. Slide 15: Contribution per Business Segment

    CONTRIBUTION PER BUSINESS SEGMENT 1H22 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited 15

  16. Slide 16: Total Sales Volume 2Q22

    TOTAL SALES VOLUME 2Q22 * est , 100Plus and Sarsi ** Energy drink, sports drink and other beverages 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited 16

  17. Slide 17: Total Sales Volume 1H22

    TOTAL SALES VOLUME 1H22 * est , 100Plus and Sarsi ** Energy drink, sports drink and other beverages 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited 17

  18. Slide 18: Spirits

    SPIRITS 2Q21 2Q22 (M Baht) Spirits Jan21 - Mar21 Jan22 - Mar22 Change Sales Revenue 29,105 29,171 0.2% COGS (19,167) (19,403) % of Sales Revenue 65.9% 66.5% SG&A (3,246) (3,273) % of Sales Revenue 11.1% 11.3% EBITDA 7,326 7,104 -3.0% Net Profit 5,639 5,472 -3.0% Attributable Profit to Shareholders 5

  19. Slide 19: Spirits

    SPIRITS (M Baht) 1H21 1H22 Spirits Oct20 - Mar21 Oct21 - Mar22 Change Sales Revenue 63,876 65,186 2.1% COGS (42,161) (43,824) % of Sales Revenue 66.0% 67.2% SG&A (6,481) (6,489) % of Sales Revenue 10.2% 10.0% EBITDA 16,547 16,116 -2.6% Net Profit 12,866 12,816 -0.4% Attributable Profit to Shareholde

  20. Slide 20: Spirits: Revenue-Cost Break Down

    SPIRITS: REVENUE-COST BREAK DOWN (% of total revenue) 1H22 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited 20

  21. Slide 21: Beer

    BEER (M Baht) 2Q21 2Q22 Beer Jan21 - Mar21 Jan22 - Mar22 Change Sales Revenue 23,757 28,580 20.3% COGS (18,484) (22,112) % of Sales Revenue 77.8% 77.4% SG&A (3,735) (3,711) % of Sales Revenue 15.7% 13.0% EBITDA 2,854 3,994 39.9% Net Profit 482 1,614 234.9% Attributable Profit to Shareholders 58 845

  22. Slide 22: Beer

    BEER (M Baht) 1H21 1H22 Beer Oct20 - Mar21 Oct21 - Mar22 Change Sales Revenue 53,978 61,939 14.7% COGS (42,045) (48,331) % of Sales Revenue 77.9% 78.0% SG&A (7,374) (7,724) % of Sales Revenue 13.7% 12.5% EBITDA 7,168 8,501 18.6% Net Profit 2,214 3,591 62.2% Attributable Profit to Shareholders 881 1,

  23. Slide 23: Beer: Revenue-Cost Break Down

    BEER: REVENUE-COST BREAK DOWN (% of total revenue) 1H22 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited 23

  24. Slide 24: Non-Alcoholic Beverages

    NON-ALCOHOLIC BEVERAGES (M Baht) 2Q21 2Q22 Non-Alcoholic Beverages Jan21 - Mar21 Jan22 - Mar22 Change Sales Revenue 3,885 4,216 8.5% COGS (2,320) (2,511) % of Sales Revenue 59.7% 59.6% SG&A (1,451) (1,638) % of Sales Revenue 37.4% 38.9% EBITDA 548 533 -2.7% Net Profit 198 197 -0.5% Attributable Prof

  25. Slide 25: Non-Alcoholic Beverages

    NON-ALCOHOLIC BEVERAGES (M Baht) 1H21 1H22 Non-Alcoholic Beverages Oct20 - Mar21 Oct21 - Mar22 Change Sales Revenue 7,592 8,204 8.1% COGS (4,580) (4,861) % of Sales Revenue 60.3% 59.3% SG&A (2,835) (3,102) % of Sales Revenue 37.3% 37.8% EBITDA 1,043 1,128 8.1% Net Profit 333 438 31.5% Attributable P

  26. Slide 26: Food

    FOOD (M Baht) 2Q21 2Q22 Food Jan21 - Mar21 Jan22 - Mar22 Change Sales Revenue 2,757 3,903 41.6% COGS (1,539) (2,246) % of Sales Revenue 55.8% 57.5% SG&A (1,312) (1,554) % of Sales Revenue 47.6% 39.9% EBITDA 208 454 118.3% Net Profit (Loss) (118) 49 141.5% Attributable Profit (Loss) to Shareholders (

  27. Slide 27: Food

    FOOD (M Baht) 1H21 1H22 Food Oct20 - Mar21 Oct21 - Mar22 Change Sales Revenue 5,885 7,688 30.6% COGS (3,256) (4,395) % of Sales Revenue 55.3% 57.2% SG&A (2,663) (2,992) % of Sales Revenue 45.2% 38.9% EBITDA 610 999 63.8% Net Profit (Loss) (104) 168 261.5% Attributable Profit (Loss) to Shareholders (

  28. Slide 28: Update: International Business

    UPDATE: INTERNATIONAL BUSINESS 1H2022 sales revenue of Baht 36.9 Bn increased 24% from last year from the increase in beer sales. • International Spirits - Sales revenue reported a growth of 3% driven by Myanmar market. • International Beer - Sales revenue reported an increase of 29% due to o The in

  29. Slide 29: Financials

    FINANCIALS 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited

  30. Slide 30: Statement of Financial Position

    STATEMENT OF FINANCIAL POSITION Statement of Financial Position 30-Sep-21 31-Mar-22 Change (Million Baht) Assets Current assets 95,266 97,311 2,045 Non-current assets 377,319 374,230 (3,089) Total assets 472,585 471,541 (1,044) Liabilities Current liabilities 95,443 68,982 (26,461) Non-current liabi

  31. Slide 31: Interest Bearing Debt (From Banks & Debentures)

    INTEREST BEARING DEBT (From Banks & Debentures) Interest Bearing Debt 30-Sep-21 31-Mar-22 Change From Banks and Debentures (Million Baht) Current Bank overdrafts 646 563 (83) Short-term loans from financial institutions 18,442 12,690 (5,752) Current portion of long-term loans 4,521 10,515 5,994 Curr

  32. Slide 32: Financial Ratios

    FINANCIAL RATIOS Ratios 30-Sep-21 31-Mar-22 Current Ratio (times) 1.00 1.41 Liability to Equity Ratio (Gearing Ratio) (times) 1.25 1.19 Interest Bearing Debt to Equity Ratio (times) 1.04 0.95 Net Interest Bearing Debt to Equity Ratio (times) 0.86 0.77 Net Interest Bearing Debt to EBITDA (times) (ann

  33. Slide 33: BeerCo 1H22 Financial Results

    BEERCO 1H22 FINANCIAL RESULTS 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited

  34. Slide 34: BeerCo: 2Q22 Highlights

    BEERCO: 2Q22 HIGHLIGHTS 2Q21 2Q22 Jan 21 - Mar 21 Jan 22 – Mar 22 Change (S$M) Sales Revenue 1,035 1,160 12.1% COGS (826) (919) % of Sales Revenue 79.8% 79.2% Distribution costs (104) (101) Administrative expenses (26) (26) Management fees (1) (1) % of Sales Revenue 12.7% 11.0% EBITDA(1) 136 165 21.

  35. Slide 35: BeerCo: Thailand

    BEERCO: THAILAND 2Q21 2Q22 Thailand Jan 21 – Mar 21 Jan 22 – Mar 22 Change (S$M) Sales Revenue 614 629 2.4% COGS (500) (512) % of Sales Revenue 81.4% 81.3% SG&A (66) (68) % of Sales Revenue 10.8% 10.8% EBITDA(1) 64 64 (0.3%) Net Profit 43 41 (4.8%) Attributable Profit to Shareholders 32 30 (5.6%) Ma

  36. Slide 36: BeerCo: Vietnam

    BEERCO: VIETNAM 2Q21 2Q22 Vietnam Jan 21 – Mar 21 Jan 22 – Mar 22 Change (S$M) Sales Revenue 421 531 26.2% COGS (326) (407) % of Sales Revenue 77.4% 76.6% SG&A (65) (60) % of Sales Revenue 15.4% 11.4% EBITDA(1) 72 101 40.5% Net Profit 37 63 72.5% Attributable Profit to Shareholders 17 32 83.4% Margi

  37. Slide 37: BeerCo: 2Q22 Reconciliation

    BEERCO: 2Q22 RECONCILIATION 2Q22 Jan 22 – Mar 22 Commentary (S$M) ThaiBev Beer BeerCo Group Segment(2)(3) • ThaiBev Group's beer segment recognises additional revenues through the distribution of BeerCo products to Sales Revenue 1,169 1,160 third parties by Cash Van Management Co., Ltd. ("CVM"), Hor

  38. Slide 38: BeerCo: 1H22 Highlights

    BEERCO: 1H22 HIGHLIGHTS 1H21 1H22 Oct 20 – Mar 21 Oct 21 – Mar 22 Change (S$M) Sales Revenue 2,358 2,505 6.3% COGS (1,878) (1,994) % of Sales Revenue 79.6% 79.6% Distribution costs (219) (217) Administrative expenses (48) (55) Management fees (2) (1) % of Sales Revenue 11.4% 10.9% EBITDA(1) 327 346

  39. Slide 39: BeerCo: Thailand

    BEERCO: THAILAND 1H21 1H22 Thailand Oct 20– Mar 21 Oct 21 – Mar 22 Change (S$M) Sales Revenue 1,356 1,313 (3.1%) COGS (1,110) (1,076) % of Sales Revenue 81.9% 81.9% SG&A (148) (134) % of Sales Revenue 10.9% 10.2% EBITDA(1) 132 133 0.7% Net Profit 91 89 (2.3%) Attributable Profit to Shareholders 67 6

  40. Slide 40: BeerCo: Vietnam

    BEERCO: VIETNAM 1H21 1H22 Vietnam Oct 20– Mar 21 Oct 21 – Mar 22 Change (S$M) Sales Revenue 1,002 1,192 19.0% COGS (768) (918) % of Sales Revenue 76.6% 77.0% SG&A (121) (139) % of Sales Revenue 12.1% 11.6% EBITDA(1) 195 213 9.3% Net Profit 119 136 14.5% Attributable Profit to Shareholders 59 68 14.9

  41. Slide 41: BeerCo: 1H22 Reconciliation

    BEERCO: 1H22 RECONCILIATION 1H22 Oct 21 – Mar 22 Commentary (S$M) ThaiBev Beer BeerCo Group Segment(2) • ThaiBev Group's beer segment recognises additional revenues through the distribution of BeerCo products to Sales Revenue 2,527 2,505 third parties by Cash Van Management Co., Ltd. ("CVM"), Horeca

  42. Slide 42: Update on Spin-off of BeerCo

    UPDATE ON SPIN-OFF OF BEERCO 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited

  43. Slide 43: Summary of Spin-off Announcements

    Summary of Spin-off Announcements Following the completion of an internal restructuring exercise within the ThaiBev Group in 2020, the Spin-off Business is currently held by BeerCo Limited ("BeerCo", and together with its subsidiaries, the "BeerCo Group"), an indirect wholly-owned subsidiary of Thai

  44. Slide 44: Spin-Off Rationale for BeerCo

    Spin – Off Rationale for BeerCo ✓ Create the Largest Beer Platform in ASEAN ✓ Enhanced Diversity with Dedicated Management Teams and Enhanced Corporate Structure Focused on Beer Business ✓ Increase Value of Portfolio of Local Champion Brands to Dominate Growing Mass Market ✓ Greater Flexibility to E

  45. Slide 45: BeerCo – In Summary

    BeerCo – In Summary 1 BeerCo – #1 Brewer in ASEAN by Volume in 2021(1) 2 ASEAN – High Growth and Sizeable Beer Market with Favorable Macro Trends 3 Strong "Local Champion" Brands that Evoke National Pride 4 Extensive Distribution Network with >90%(2) & >70% Channel Penetration(3) in Thailand & Vietn

  46. Slide 46: Thank You

    THANK YOU 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited

  47. Slide 47: Appendix: Additional Information on BeerCo

    APPENDIX Additional Information on BeerCo 1H22 (First Half ended 31 March 2022) Copyright © 2022 Thai Beverage Public Company Limited

  48. Slide 48: ASEAN Beer Competitive Landscape

    ASEAN Beer Competitive Landscape Leading Brewers in ASEAN Leading Brands in ASEAN 2021 Market Share by Volume(1) (%) Volumes in 2021 (m HL) 14.4 23.5 22.4 13.4 18.3 17.5 10.0 8.3 7.8 9.7 5.8 8.6 4.2 3.4 3.1 2.9 BeerCo Heineken San Miguel Boon Rawd Carlsberg Others Saigon Tiger Chang (2) Hanoi San Be

  49. Slide 49: BeerCo – Market Statistics and Key Financials

    BeerCo – Market Statistics and Key Financials Beer Market Statistics BeerCo Financial Highlights Thailand Vietnam FY2021 FY2021 Revenue S$4.2Bn 20.4M HL Volumes Beer Market FY2021 FY2021 EBITDA(4) S$501M S$342M 2021 Beer Share of Throat(1) ~68% ~97% PAT Thailand 3%(5) Vietnam 2021 Total Market Size(

  50. Slide 50: BeerCo – Distribution Coverage and Brewery Network

    BeerCo – Distribution Coverage and Brewery Network Thailand (FY2021) Vietnam (FY2021) • 100+ branch offices • Over 40 branch offices with over 4,000 employees across all our sales teams • 50+ warehouses(1) • 11 trading companies covering all 63 provinces and 5 cities • Longstanding relationships wit

  51. Slide 51: BeerCo – Management and Sponsorship

    BeerCo – Management and Sponsorship Leadership Team Synergies with ThaiBev Koh Poh Tiong Michael Chye Hin Fah Chairman Director / BeerCo CEO Sharing of Best Practices Thapana Sirivadhanabhakdi Teo Hong Keng BEST OF BOTH WORLDS Vice Chairman BeerCo CFO Sithichai Chaikriangkrai Lester Tan Director Chi

  52. Slide 52: BeerCo – Growth Strategies

    BeerCo – Growth Strategies Strengthen Leadership in Mainstream and Pursue Operational Excellence and Pursue Strategic Partnerships and Grow in Mass Premium Transform Through Digitalization Potential M&A To be the #1 Brewer in Thailand Pursue Operational Excellence Strategic Partnerships • Outperform

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