Thai Plaspac Public Company Limited · SET:TPAC
Thai Plaspac Public — Q2 2024 Earnings Presentation
21 slides from Thai Plaspac Public's earnings presentation, Sep 3, 2024
Slide 1: Opportunity Day Presentation Q2'24
GLOBAL TRADE Opportunity Day PRESENTATION LOREM IPSUM DOLOR SIT AMET Q2’24 3rd Sept 2024 Portfolio Presentation
Slide 2: Safe Harbour Statements
Safe Harbour Statements Certain words and statements in this communication concerning THAI PLASPAC PUBLIC COMPANY LIMITED (“the Company”) and its prospects, and other statements relating to the Company’s expected financial position, business strategy, the future development of the Company’s operatio
Slide 3: Company Overview
PAC, “GING | Company Overview
Slide 4: TPAC – A specialty packaging solution provider
TPAC – A specialty packaging solution provider Asia’s fastest TPAC design lab for Market leadership in customised growing packaging all our geographies** innovative company * packaging solutions Focused on Diversified 100% mono-material >90% portfolio in F&B customers base formats with proven > 1500
Slide 5: Rebirth of a local Thai company with change of control and new leadership
Rebirth of a local Thai company with change of control and new leadership coming in 2016. Since then series of clearly defined strategic choices taken with a vision to be the most respected packaging company • Listing on SET • Green field TPAC Change of M&A 3: expansions Incorporation Control and En
Slide 6: TPAC Group Corporate Structure
TPAC Group Corporate Structure Thai Plaspac Public Company Limited (Listed on SET) TPAC Packaging (Bangna) TPAC Packaging India Sun Packaging TPAC Packaging Combi-Pack Sdn. Bhd Company Limited Private Limited Systems (FZC) Philippines Inc. 100% 100% 89% 80% 100% TPAC Skypet India TPAC Custom Solutio
Slide 7: Sustained growth momentum over the last 5 years
Sustained growth momentum over the last 5 years giving us the title of Asia’s fastest growing packaging company. Revenue Core EBITDA Core EPS THB Mn THB Mn THB • Strong profitability witnessed over the last 5 years, growing at a CAGR of ~32%. • Core EPS of THB 1.51 for the year 2023 at all time high
Slide 8: Key Financial and Business Update – Q2'24
Key Financial and Business Update – Q2’24 8
Slide 9: Healthy geographic mix with India accounting for lion share of revenues
Healthy geographic mix with India accounting for a lion share of the total revenues ▪ Sales by Geography * 12% India 13% 47% Thailand Malaysia 27% UAE ▪ Manufacturing presence in the emerging markets: 9 plants 2 plants 4 plants 1 plant 1 Plant Manufacturing Presence Export Destination * Basis Q2, FY
Slide 10: More than 90% of revenues come from food and pharma segments
More than 90% of the revenues come from food and pharma segments, requiring strict hygiene controls Sales by Segment * Pharmaceutical and Home Care and Food and Beverages Personal care Industrial 8% 16% 76% Food and Beverages Pharmaceutical and Personal Care Home Care and Industrial * Basis Q2, FY 2
Slide 11: Business wise performance during Q2'24 (1/2)
Business wise performance during Q2’24 (1/2) Thailand Business India Business • The quarter witnessed a subdued performance on • Flattish performance in Q2'24. On a quarter-over- the back of lower sales volumes led by long holiday quarter basis sales volumes has remained stable season. • Strong grow
Slide 12: Business wise performance during Q2'24 (2/2)
Business wise performance during Q2’24 (2/2) UAE Business Malaysia Business Philippines Business • Decent performance on both • Eid Al Fitr festival and market • Local management team in place and topline and bottom line slowdown leading to lower sales all necessary registrations and licenses • Desp
Slide 13: Financial Performance – Q2'24
Financial Performance – Q2’24 Revenue Core EBITDA Core EPS Core ROE Net Debt/Equity THB 1,845 Mn THB 331 Mn THB 0.33 17% 1.02X QoQ+0.2% QoQ -8% QoQ -20% YoY +12% YoY +6% YoY -4% • Q2’24 was a relatively muted quarter on the back of a strong Q1’24, due to flattish sales volume and margin 01 compressi
Slide 14: Performance of Q2'24
Performance of Q2’24 Unit: THB Mn Quarterly Financial Years Q2'24 Q1'24 %∆ Q2'23 %∆1 FY'23 FY'22 %∆ Consolidated Sales 2 1,845 1,842 0% 1,644 12% 6,804 6,997 -3% EBITDA 330 358 -8% 312 6% 1,317 1,069 23% Core EBITDA3 331 358 -8% 312 6% 1,320 1,080 22% Core EBIT3 194 224 -13% 189 2% 825 598 38% 3 Cor
Slide 15: Balance sheet size increasing with investments into growth capex
Balance sheet size increasing with investments into growth capex Asset Liabilities and Shareholder Equity Unit: THB Million Unit: THB Million 8,192 8,192 7,484 7,484 • Overall assets of the company stand at ~THB 8.2 Bn as at Q2’24, • Increase in shareholders equity by ~ THB 309 Mn during Q2’24 which
Slide 16: Cash generation continues to support organic growth capex
Cash generation from business continues to support organic growth capex. Unit: THB Million • TPAC generated positive operating cash flow aggregating Baht 310 Mn for the period Q2’24 • Investing activities during Q2FY’24 primarily pertains procurement of new machines, moulds and ancillary parts for c
Slide 17: Consistent investments in organic growth for capacity expansion
Consistent investments in organic growth for driving capacity expansion, increased automation and building world class infrastructure Organic Capex Outflow (THB Mn) 1,000 750 500 637 250 471 313 337 323 228 0 FY19 FY20 FY21 FY22 FY23 H1'FY24 • Total organic capex for TPAC group is aggregated at ~ TH
Slide 18: TPAC at a comfortable debt position with Net Debt to Equity at 1.02x
TPAC at a comfortable debt position with Net Debt to Equity at 1.02x Consolidated Debt Breakdown (Jun’24) Geographical Spilt of Consolidated Debt (Jun’24) Overseas 32% THB 3,370 Mn THB 3,370 Mn Domestic 68% Note: ~47% of the consolidated debt is attributable to historical Cash and Cash Equivalent as
Slide 19: Sustainability initiatives and recognition
Sustainability initiatives and recognition Thailand Business Malaysia Business In May 2024, the renewable energy Solar plant installation in project in Malaysia, which includes Bang Khun Thian factory. the installation of energy saving utilities, was fully completed. This project is expected to resu
Slide 20: To Summarize
To Summarize Key takeaways • Asia’s fastest growing packaging company. Management track record of delivering. • Focused on sustainable mono-material packaging with proven mechanical recyclability. • Specialty focus in food and pharmaceuticals. Sticky, resilient and hard to penetrate segments. • Trus
Slide 21: Q&A
Q&A 21
Thai Plaspac Public Company — Q2 2024 Earnings Presentation on 6ix