Thai Beverage Public Co., Ltd. · SGX:Y92
Thai Beverage Public — Non-Deal Roadshow (January 2025)
44 slides from Thai Beverage Public's roadshow presentation, January 2025
Slide 1: Thai Beverage PLC NDR Presentation January 2025
THAI BEVERAGE PLC NDR PRESENTATION JANUARY 2025 Copyright © 2025 Thai Beverage Public Company Limited
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”, and together with our subsidiaries, the "ThaiBev Group"), relating to financial or other trends for future periods, compared to
Slide 3: ThaiBev Product Groups
THAIBEV PRODUCT GROUPS Spirits Non-alcoholic Food Beer Beverages Thai White & Brown Spirits Thai Beer RTD Green Tea Japanese Restaurant Chains Scotch Whisky & Vietnamese Beer Carbonated Green Tea Quick Service Restaurant International Spirits Soft Drink Packaged Food Myanmar Whisky Water & Soda Casu
Slide 4: Milestones
MILESTONES Acquired Successfully bid Chang Beer Acquired 12 Thai Beverage Acquired 89.9% stake in ThaiBev successfully listed on Sangsom for concessions was launched distilleries (ThaiBev) was Oishi, a leading Japanese the SGX-ST, marking Co., Ltd. to offered by the in Thailand from the established
Slide 5: ThaiBev Today
THAIBEV TODAY KEY FINANCIAL HIGHLIGHTS (FY2024) 100.0% Southeast Asia’s leading beverage producer SALES REVENUE and distributor and the largest in Thailand 340,289 35.5% 37.1% 19.3% Million Baht 6.6% BUSINESS OVERVIEW 1.6% ThaiBev’s business comprises of four product groups: 2.2% -0.1% • Spirits Spi
Slide 6: Our Vision & Mission
OUR VISION & MISSION VISION: MISSION: Creating and sharing the value of growth, guided by To be the Stable and the following six principles: Sustainable ASEAN • Offer top quality products to all customer segments Leader in beverage • Respond professionally to distributors’ demands and food business
Slide 7: Passion 2030
PASSION 2030 STABLE AND SUSTAINABLE ASEAN LEADER PASSION 2030 builds upon group-wide Transformation Program to affirm our long-term leadership in beverage & food industry across ASEAN REACH COMPETITIVELY Ensuring complete coverage of our product delivery across all channels, with seamless integratio
Slide 8: Distribution Network
DISTRIBUTION NETWORK EXTENSIVE DISTRIBUTION COVERAGE IN THAILAND ThaiBev Domestic International 1,250+ Direct Modern Trade/ 320 Branch Offices > 90 Countries Sales Team Hospitality Team 250+ Agents Hypermarkets, Modern trade, Thai & Supermarkets, Asian restaurants, 5,000+ 250 Direct Convenience stor
Slide 9: Share Data
SHARE DATA STOCK INFORMATION STOCK PERFORMANCE (OCT – DEC 2024) NO. OF SHARES MAJOR SHAREHOLDERS THBEV CLOSED PRICE (SGD) (Based on Annual Report 2024) OUTSTANDING (Based on Annual Report 2024) 65.84% 25,128 FREE FLOAT (APPROX.) (Based on Annual Report 2024) Million 27.73% MARKET CAPITALIZATION VOLU
Slide 10: Spirits
SPIRITS Copyright © 2025 Thai Beverage Public Company Limited
Slide 11: Spirits Financial Results
SPIRITS FINANCIAL RESULTS HISTORICAL FIGURES Spirits Financial Results Unit: THB million FY2020 FY2021 FY2022 FY2023 FY2024 Restated Revenue from sales* 117,297 115,052 116,177 119,786 120,728 Interest income 43 70 66 120 191 Other income 488 402 469 723 579 Total Spirits Revenues 117,828 115,524 11
Slide 12: Beer
BEER Copyright © 2025 Thai Beverage Public Company Limited
Slide 13: Beer Segment Financial Results
BEER SEGMENT FINANCIAL RESULTS HISTORICAL FIGURES Beer Financial Results Unit: THB million FY2020 FY2021 FY2022 FY2023 FY2024 Restated Revenue from sales* 106,871 99,157 122,489 123,387 126,332 Interest income 1,361 1,284 1,484 2,249 1,822 Other income 267 298 269 164 211 Total Beer Revenues 108,499
Slide 14: ThaiBev's Flagship Beer Business Entity
BeerCo THAIBEV’S FLAGSHIP BEER BUSINESS ENTITY BeerCo Limited (“BeerCo”, and together with its subsidiaries, the “BeerCo Group”) is the flagship entity for the beer business of ThaiBev BeerCo was established in December 2019, with the beer business of ThaiBev Group covering Thailand, Vietnam and Cam
Slide 15: Basis of Presentation for BeerCo Financial Figures
BeerCo BASIS OF PRESENTATION FOR BEERCO FINANCIAL FIGURES • The following presentation discusses the historical operating results and financial condition of BeerCo Group as of and for the years ended September 30, 2021, 2022, 2023 and 2024. Kindly note that there are some variances in the financial
Slide 16: BeerCo at a Glance
BeerCo BEERCO AT A GLANCE Thailand, Vietnam, and ASEAN(1) is Expected to Cambodia Contribute to 70% of 17 Beer Brands Contribute 13% to Global Beer Volume in ASEAN(3) Covering Beer Market Growth(2) Value, Mainstream, and Mass #2 Brand Premium Segments with 40%(4) in Thailand Continued Innovation of
Slide 17: Diversified BeerCo Platform Poised to Unlock Further Growth
BeerCo DIVERSIFIED BEERCO PLATFORM POISED TO UNLOCK FURTHER GROWTH Bia Saigon 4 Bia Saigon Chill 3 Bia Saigon Special 2 Chang Export Premium Cold Brew 333 Pilsner 5 Federbrau Bia Saigon 1 Bia Saigon Gold(2) Export 3 Bia Saigon Lager 2 Chang Classic 5 333 Chang Unpasteurized Marke t Sha re: 6 Lac Vie
Slide 18: Key Highlights Since 2022
BeerCo KEY HIGHLIGHTS SINCE 2022 1 ASEAN is Expected to be the Highest Growing Beer Market Globally and BeerCo Is the Leading Brewer in ASEAN 2 Record-Breaking Year for Thailand in FY2024 3 Clear Recovery of Vietnam Operations in FY2024 4 Robust Margin Expansion Driven by Price Increase, Premiumizat
Slide 19: ASEAN Is Expected to Be the Highest Growth Beer Market
BeerCo 1. ASEAN IS EXPECTED TO BE THE HIGHEST GROWTH BEER MARKET IN THE WORLD… Global Beer Market Value by Region, in US$bn North America Europe Asia ex. ASEAN 2030E 2030E 2030E CAGR: 1.1% CAGR: 3.9% CAGR: 6.4% 145.5 303.7 226.5 2024E 135.8 2024E 2024E 156.4 242.1 2024E Figures 26.8 Litres Per Capit
Slide 20: BeerCo Is the Leading Brewer in ASEAN
BeerCo 1. …AND BEERCO IS THE LEADING BREWER IN ASEAN Dominant Position Across ASEAN’s Largest Beer Markets and Leader of Mainstream Segment 2024E BeerCo 41.8% 38.9% n/a Market Share(1) Others Peer D 15% 10% 2024E Total 19.1mm HL 45.1mm HL 10.0mm HL Market Size(1) Peer C ASEAN Beer Market 10% ASEAN 2
Slide 21: BeerCo Has Consistently Outgrown Peers in Thailand
BeerCo 2. BEERCO HAS CONSISTENTLY OUTGROWN PEERS IN THAILAND OVER THE PAST DECADE With steady gains in market share across both the Mainstream and Mass Premium markets, BeerCo is the fastest growing brand in Thailand’s key price segments Mainstream Price Segment – Beer Volume Sales Mass Premium Pric
Slide 22: Record-Breaking Year for Thailand in FY2024
BeerCo 2. RECORD-BREAKING YEAR FOR THAILAND IN FY2024 Steady top-line growth with robust margin expansion as we continue to premiumize products to capture growth in the mass premium segment and enhance operational efficiencies Sales EBITDA THBbn 9.9%(1) 9.8% 8.4% 10.0% THBbn CAGR: 4.4% CAGR: 5.0% +1
Slide 23: BeerCo Outperformed the Industry in Thailand in 2024
BeerCo 2. BEERCO OUTPERFORMED THE INDUSTRY IN THAILAND IN 2024 UNDER A MORE SUPPORTIVE MACRO BACKDROP Strong momentum for BeerCo’s sales in Thailand moving into 2025 and beyond, backed by: (i) stronger demand for key brands, and (ii) higher demand for Chang Beer on the back of consumer preference fo
Slide 24: BeerCo Gaining Market Share in Vietnam
BeerCo 3. BEERCO HAS BEEN GAINING MARKET SHARE IN VIETNAM IN BOTH MAINSTREAM AND MASS PREMIUM SEGMENTS As a result of its market share gains, BeerCo has now overtaken its key peer in Vietnam to become the leading player Mainstream Price Segment – Beer Volume Sales Mass Premium Price Segment – Beer V
Slide 25: Clear Recovery of Vietnam Operations in FY2024
BeerCo 3. CLEAR RECOVERY OF VIETNAM OPERATIONS IN FY2024 Improvement in operational efficiency, supported by price increases, fueled recovery and steady margin expansion in FY24, which has led to BeerCo surpassing its peer to become the leading player in Vietnam(1) Overall Beer Market Share in Vietn
Slide 26: Vietnam Is Poised for Steady Long-Term Growth
BeerCo 3. VIETNAM IS POISED FOR STEADY LONG-TERM GROWTH Sale of Alcoholic Beverages in Vietnam is expected to grow steadily, driven by: (i) the global rebound in tourism (ii) increased purchasing power due to a rising income levels. BeerCo is well-positioned to capitalize on this with its leading br
Slide 27: Robust Margin Expansion Driven by Price Increase and Premiumization
BeerCo 4. ROBUST MARGIN EXPANSION DRIVEN BY PRICE INCREASE, PREMIUMIZATION AND OPTIMIZATION Sustained Price Increases… … Supported by Portfolio Premiumization… … and Supply Chain Efficiencies… … Drove Robust Margin Expansion Product Innovation Raw Material & Resource Efficiency Gross Profit Margin I
Slide 28: Strengthening Our Foothold in Vietnam
BeerCo 5. STRENGTHENING OUR FOOTHOLD IN VIETNAM 26 Strategically Located Continuous Efforts to Enhance Manufacturing Foundation and Drive Margin Expansion Since 2022 Breweries Across Vietnam Ha Noi Consolidation In Apr 2023, increased Successfully increased of Western ownership in Western Saigon own
Slide 29: Expansion to Fast-Growing Cambodia Market
BeerCo 6. EXPANSION TO FAST-GROWING CAMBODIA MARKET Cambodia as the Next Frontier for Growth Key Initiatives to Capture Strong Market Potentials Cambodia is the 4th Largest and the Fastest Growing Beer Market in ASEAN Building Brewery in Cambodia 2024E ASEAN Beer Cambodia Beer Market Volume (mm HL)
Slide 30: Additional Growth Levers
BeerCo 7. ADDITIONAL GROWTH LEVERS Iconic Chang Mineral Water and Chang Soda Water as Exported 13mm litres Chang beer in FY24, representing 4.7% foundation for beyond beer expansion(1) CAGR from FY21-24 Chang Soda Water has achieved remarkable success in Sold to 50+ countries with ongoing expansion
Slide 31: BeerCo Offers a Differentiated Value Proposition
BeerCo 8. BEERCO OFFERS A DIFFERENTIATED VALUE PROPOSITION AS A LEADER IN ASEAN F&B ASEAN is the Fastest Beer is an Attractive BeerCo Will Be Among BeerCo Offers Thailand Has Been 1 Growing Beer Market 2 F&B Category 3 the Largest F&B 4 ASEAN Platform Play 5 Outperforming in the World Players in ASE
Slide 32: Financial Results – Consolidated P&L
BeerCo FINANCIAL RESULTS – CONSOLIDATED P&L In S$mm FY21 FY22 FY23 FY24 FY22 vs 21 FY23 vs 22 FY24 vs 23 Vol. Beer (mmL)(1) 2,083 2,386 2,230 2,203 15% (7%) (1%) Sales Revenue 4,208 4,847 4,618 4,527 15% (5%) (2%) Gross Profit 857 1,037 943 962 21% (9%) 2% SG&A 518 566 625 577 9% 10% (8%) EBIT 378 5
Slide 33: Key Financial Highlights – Consolidated Performance
BeerCo KEY FINANCIAL HIGHLIGHTS – CONSOLIDATED PERFORMANCE BeerCo has demonstrated robust topline growth and a proven track record of resilient profitability Sales Sales Volume EBITDA PAT 11.9% 13.0% 10.0% 11.4% 8.2% 9.2% 7.0% 7.9% S$mm mmL S$mm S$mm CAGR: 2.5% CAGR: 1.9% CAGR: 0.9% CAGR: 1.2% 4,847
Slide 34: Low Working Capital and Capex Drove High FCF Conversion
BeerCo LOW WORKING CAPITAL AND CAPEX DROVE HIGH FCF CONVERSION BeerCo has consistently demonstrated robust working capital management throughout recent years FY2022 FY2024 Inventory Turnover Days(1) ~22 Days ~23 Days Highly Cash Generative Low Working Americas Account Receivable Days(1) ~3 Days ~4 D
Slide 35: Healthy Balance Sheet with Net Cash Position
BeerCo HEALTHY BALANCE SHEET WITH NET CASH POSITION … provides BeerCo significant headroom for strategic partnerships, Strong balance sheet with net cash position and low gearing ratios… potential M&A and other inorganic growth opportunities Strong Liquidity Capital Structure Adjustment BeerCo und
Slide 36: Non-Alcoholic Beverages
NON-ALCOHOLIC BEVERAGES Copyright © 2025 Thai Beverage Public Company Limited
Slide 37: NAB Financial Results
NAB FINANCIAL RESULTS HISTORICAL FIGURES Non-Alcoholic Beverages Financial Results Unit: THB million FY2020 FY2021 FY2022 FY2023 FY2024 Restated Revenue from sales 16,281 15,205 17,432 63,143 65,802 Interest income 14 11 10 185 322 Other income 508 204 289 258 492 Total Non-Alcoholic Beverages Reven
Slide 38: Food
FOOD Copyright © 2025 Thai Beverage Public Company Limited
Slide 39: Food Financial Results
FOOD FINANCIAL RESULTS HISTORICAL FIGURES Food Financial Results Unit: THB million FY2020 FY2021 FY2022 FY2023 FY2024 restated restated Revenue from sales 13,172 11,280 16,433 21,124 22,288 Interest income 2 2 2 18 20 Other income 73 81 99 817 165 Total Food Revenues 13,247 11,363 16,534 21,959 22,4
Slide 40: Others Business
OTHERS BUSINESS Copyright © 2025 Thai Beverage Public Company Limited
Slide 41: Others Business Financial Results
OTHERS BUSINESS FINANCIAL RESULTS HISTORICAL FIGURES Others Business Financial Results Unit: THB million FY2023 FY2024 restated restated Revenue from sales 5,743 5,400 Interest income 11 20 Other income 47 120 Total Others Business Revenues 5,801 5,540 Cost of sales (4,391) (3,998) % of Sales Revenu
Slide 42: Appendix
Appendix Copyright © 2025 Thai Beverage Public Company Limited
Slide 43: Overview of Peers Benchmarking Methodology
OVERVIEW OF PEERS BENCHMARKING METHODOLOGY ▪ Selected a universe of publicly listed consumer peers in ASEAN for benchmarking ▪ Set market cap floor at US$1bn ▪ Focused on peers specializing in the branded F&B space ▪ Prioritized companies with top 5 position in its F&B respective business category ▪
Slide 44: Copyright © 2025 Thai Beverage Public Company Limited
Copyright © 2025 Thai Beverage Public Company Limited
Thai Beverage Public Company — Non-Deal Roadshow (January 2025) on 6ix