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

Thai Beverage Public — Q1 FY2020 Earnings Presentation

27 slides from Thai Beverage Public's earnings presentation, February 2020

  1. Slide 1: Thai Beverage 1Q20 Financial Results

    THAI BEVERAGE 1Q20 Financial Results (First Quarter ended 31 December 2019) 1Q20 (First Quarter ended 31 December 2019) Copyright © 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 • In the First quarter ended 31 December 2019, ThaiBev consolidation has included Chang water and Chang soda in beer segment instead of NAB and Spirits segment respectively from Q1’20 onwards for more effectively cost management. Prior periods from Q1’19 will be resta

  4. Slide 4: Understanding this Presentation

    Understanding this Presentation • On 3 December 2018, the State Securities Commission of Vietnam issued its approval letter to Sabeco to remove the foreign ownership limit applicable to Sabeco. As a result, the Loan Conversion became one of the viable options for Vietnam Beverage and BeerCo (an indi

  5. Slide 5: Understanding this Presentation

    Understanding this Presentation • The notice of satisfaction of the conditions for capital contributions/purchase of shares/acquisition of contributed capital by foreign investors (M&A Clearance Approval) as required for the acquisition was granted by the Hanoi Department of Planning and Investment

  6. Slide 6: 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

  7. Slide 7: Highlight

    Highlight 1Q20 (First Quarter ended 31 December 2019) Copyright © Thai Beverage Public Company Limited 7

  8. Slide 8: 1Q20 Performance Highlights

    1Q20 Performance Highlights • Satisfactory growth in domestic business • Spirits domestic volume +7.0% • Beer volume (excl. Sabeco) +13.5% • Total NAB volume +1.9% • Net profit margin improvement across all beverage segments led to net profit +23.2% • NAB turned profitable • NAB net profit = 125 MB

  9. Slide 9: Group Financial Highlights 1Q20

    Group Financial Highlights 1Q20 Revenue from sales (million Baht) 75,680 4.2% EBITDA Net Profit (million Baht) 14,047 (million Baht) 9,213 14.5% 23.2% EPS (basic) Attributable Profit (Baht) 0.34 (million Baht) 8,423 13.3% 13.6% Copyright © Thai Beverage Public Company Limited 9

  10. Slide 10: Consolidated: 1Q20 Highlights

    Consolidated: 1Q20 Highlights 1Q19 1Q20 Oct18 - Dec18 Oct19 - Dec19 Change Sales Revenue 72,627 75,680 4.2% COGS (52,284) (54,045) % of Sales Revenue 72.0% 71.4% Distribution costs (7,618) (6,861) Administrative expenses (4,474) (4,369) % of Sales Revenue 16.7% 14.9% EBITDA (exclude F&N/FPL) 10,714

  11. Slide 11: Consolidated: 1Q20 Highlights

    Consolidated: 1Q20 Highlights ThaiBev F&N / FPL Total (M Baht) 1Q20 Sales 75,680 - 75,680 Gross Profit 21,635 - 21,635 EBITDA 12,946 1,101 14,047 Net Profit 8,179 1,034 9,213 - Attributable Profit (Loss) 7,389 1,034 8,423 Spirits 7,053 - 7,053 Beer 178 - 178 Non-Alcohol 27 - 27 Food 131 - 131 F&N/FP

  12. Slide 12: Consolidated: 1Q20 Highlights

    Consolidated: 1Q20 Highlights ThaiBev F&N / FPL Total (M Baht) Increase (Decrease) Sales 3,053 - 3,053 Gross Profit 1,292 - 1,292 EBITDA 2,232 (458) 1,774 Net Profit 2,190 (458) 1,732 Attributable Profit (Loss) 1,464 (458) 1,006 Spirits 1,436 - 1,436 Beer (232) - (232) Non-Alcohol 280 - 280 Food (20

  13. Slide 13: Contribution per Business Segment

    Contribution per Business Segment 1Q20 * EBITDA and Net Profit exclude F&N/FPL Copyright © Thai Beverage Public Company Limited 13

  14. Slide 14: Total Sales Volume

    Total Sales Volume 1Q20 * est , 100Plus and Sarsi ** Energy drink, sports drink and other beverages Copyright © Thai Beverage Public Company Limited 14

  15. Slide 15: Business Segments

    Business Segments 1Q20 (First Quarter ended 31 December 2019) Copyright © Thai Beverage Public Company Limited 15

  16. Slide 16: Spirits

    Spirits (M Baht) 1Q19 1Q20 Spirits Oct18 - Dec18 Oct19 - Dec19 Change Sales Revenue 31,648 34,420 8.8% COGS (21,234) (22,911) % of Sales Revenue 67.1% 66.6% SG&A (3,254) (3,323) % of Sales Revenue 10.3% 9.6% EBITDA 7,598 8,782 15.6% Net Profit 5,756 7,113 23.6% Attributable Profit to Shareholders 5,

  17. Slide 17: Spirits: Revenue-Cost Break Down

    Spirits: Revenue-Cost Break Down (% of total revenue) 1Q20 Copyright © Thai Beverage Public Company Limited 17

  18. Slide 18: Beer

    Beer (M Baht) 1Q19 1Q20 Beer Oct18 - Dec18 Oct19 - Dec19 Change Sales Revenue 33,156 33,222 0.2% COGS (26,105) (26,259) % of Sales Revenue 78.7% 79.0% SG&A (5,792) (4,973) % of Sales Revenue 17.5% 15.0% EBITDA 2,649 3,255 22.9% Net Profit 308 796 158.4% Attributable Profit to Shareholders 410 178 -5

  19. Slide 19: Beer: Revenue-Cost Break Down

    Beer: Revenue-Cost Break Down (% of total revenue) 1Q20 Copyright © Thai Beverage Public Company Limited 19

  20. Slide 20: Non-alcoholic Beverages

    Non-alcoholic Beverages (M Baht) 1Q19 1Q20 Non-Alcoholic Beverages Oct18 - Dec18 Oct19 - Dec19 Change Sales Revenue 4,035 4,214 4.4% COGS (2,840) (2,743) % of Sales Revenue 70.4% 65.1% SG&A (1,666) (1,480) % of Sales Revenue 41.3% 35.2% EBITDA (Loss) (18) 447 2,583.3% Net Profit (Loss) (250) 125 150

  21. Slide 21: Food

    Food (M Baht) 1Q19 1Q20 Food Oct18 - Dec18 Oct19 - Dec19 Change Sales Revenue 3,816 3,874 1.5% COGS (2,125) (2,161) % of Sales Revenue 55.7% 55.8% SG&A (1,412) (1,492) % of Sales Revenue 37.0% 38.6% EBITDA 485 462 -4.7% Net Profit 175 145 -17.1% Attributable Profit to Shareholders 151 131 -13.2% Mar

  22. Slide 22: Update: International Business

    Update: International Business 1Q20 sales revenue of Baht 18.6 Bn decreased 11% from last year because of the decline in both spirits and beer sales • International Spirits - Sales revenue decreased by 11% due to o The slowdown in Grand Royal Group (GRG)’s revenue o Slow start of scotch whisky in bo

  23. Slide 23: Financials

    Financials 1Q20 (First Quarter ended 31 December 2019) Copyright © Thai Beverage Public Company Limited 23

  24. Slide 24: Statement of Financial Position

    Statement of Financial Position Statement of Financial Position 30-Sep-19 31-Dec-19 Change (Restated) (Million Baht) Assets Current assets 77,318 80,362 3,044 Non-current assets 330,178 332,444 2,266 Total assets 407,496 412,806 5,310 Liabilities Current liabilities 48,809 44,884 (3,925) Non-current

  25. Slide 25: Interest Bearing Debt

    Interest Bearing Debt Interest Bearing Debt 30-Sep-19 31-Dec-19 (Restated) (Million Baht) Current Bank overdrafts 182 350 Short-term loans from financial institutions 11,730 4,501 Current portion of long-term loans 7 79 Current portion of debentures 9,689 9,690 Other short-term loan - - 21,608 14,62

  26. Slide 26: Financial Ratios

    Financial Ratios Ratios 30-Sep-19 31-Dec-19 (Restated) Current Ratio (times) 1.59 1.79 Liability to Equity Ratio (Gearing Ratio) (times) 1.71 1.60 Interest Bearing Debt to Equity Ratio (times) 1.46 1.34 Net Interest Bearing Debt to Equity Ratio (times) 1.30 1.17 Net Interest Bearing Debt to EBITDA (

  27. Slide 27: Thank you

    Thank you 1Q20 (First Quarter ended 31 December 2019) Copyright © Thai Beverage Public Company Limited 27

Thai Beverage Public Company — Q1 FY2020 Earnings Presentation on 6ix