2011 leader: building materials & fixtures sector ranked...
TRANSCRIPT
Asian Investment Conference 2012HK - Hosted by Credit Suisse
March 20 - 21, 2012
2011 Leader: Building Materials & Fixtures SectorRanked Gold Class: 2011, 2010, 2009, 2008DJSI member since: 2004
Ranking by SAM
Slide 2Agenda
� Snapshot
� Strategy
� Sustainability� Sustainability
� Business Updates
� Appendix
Slide 3
Chemicals51%
Paper14%
Cement14%
Building Materials
9%
Distribution12%
Chemicals 46%
Paper17%
Cement16%
Building Materials
10%
Distribution11%
Segments
FY2010: 301,323 MB FY2011: 368,579 MBRevenue from Sales
Chemicals Subsidiaries
19%
Chemicals Equity Income
19%
Paper11%
Cement25%
Building Materials
5%
Distribution4%
SCG Investment
17%
Recurring Profit for the Period
Chemicals Subsidiaries
21%
Chemicals Equity Income
21%
Paper12%
Cement20%
Building Materials
6%
Distribution4%
SCG Investment
16%
FY2010: 27,387 MB FY2011: 27,281 MB
SCG Investment1) dividend income (stake of <20%)
2) equity income (stake of 20% - 50%)
Slide 4Net debtIncludes cash of 50,288 MB ($1.6 Billion)
246.7
189.5179.9 175.8
200.0
250.0
300.0Billion Baht Debt Profile
• Net Debt / EBITDA = 2.4x• Net Debt / Equity = 0.7x• 92% are Thai Baht• 76% are fixed • Interest cost of 4.4% CAPEX = 178 Billion Baht
175.8
148.4126.3
114.9100.6 100.5 103.1 99.9
120.5 122.0
83.6
112.1
0.0
50.0
100.0
150.0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
CAPEX = 146 Billion Baht
Net Debt 9.2 7.7 6.4 5.8 5.1 4.1 3.1 1.8 1.9 1.8 2.0 3.1 2.6 1.8 2.4x on EBITDA
Slide 5CAPEX & investments
2006-2010 = 146 Billion Baht
2006-2011 = 178 Billion Baht
Slide 6
3,484
4,2676,571
7,771
6,762
4,577
3,070 4,006 5,41540,000
50,000
60,000
MB
Consolidated EBITDA
30,418
37,188
54,626 53,50757,151
50,008
38,783
+1% y-o-y
47,116 45,949($1.5 Billion)46,253
28,58433,704
50,35946,936
49,380
43,246
34,206
44,046 41,943 40,838
1,834
0
10,000
20,000
30,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Note: EBITDA includes dividend received
- Dividend from associated companies- EBITDA from Operations
30,418
Slide 7Consolidated profitability
2,776
1,5234,511
9,963
25,000
30,000
35,000
40,000
MB
36,483
32,23629,451 30,352
-27% y-o-y
27,419
24,346
($880 Million)
37,382
27,281
Divestmentof PTTCH
11,14217,806
33,70730,713
25,841
16,479
27,2813,462
2,148292
0
5,000
10,000
15,000
20,000
25,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
14,604
19,954
EPS 12.2 16.6 30.4 26.9 24.5 25.3 14.0 20.3 31.2 22.7(Bt/sh)
16,77127,419
- Divestment gain
Slide 8EBITDA on Assets, and EBITDA Margin
Slide 9Agenda
� Snapshot
� Strategy
� Sustainability� Sustainability
� Business Updates
� Appendix
Slide 10Strategy
GROWTH
1) ASEAN expansion
2) HVA products & services
DISCIPLINE
“Cash return on investment” hurdle of 15%
Dividend payout policy of 40-50%
Slide 11SCG’s CAPEX cycles
Past Phase� CAPEX of +150,000 MB
� Cash-flow financed
Current Phase
2011 - 2015
� CAPEX of 146,026 MB ($4.7Bill)
� Cash-flow financed
� Mostly green field
Past Phase2006 - 2010
� Cash-flow financed
� Cash on hand of 50,288 MB
� Mostly M&A
...ASEAN expansion of core businesses
Slide 12Primary use of cash
(MB) 2006 2007 2008 2009 2010 2006 - 2010 2011 2011 - 2015
EBITDA 57,151 50,008 38,783 47,116 45,949 239,007 46,253
Profit for the Period 29,451 30,352 16,771 24,346 37,382 138,302 27,281
Past Phase Current Phase
Profit for the Period 29,451 30,352 16,771 24,346 37,382 138,302 27,281
CAPEX & Investment 23,574 27,160 42,379 34,535 18,378 146,026 32,053
Dividend 18,000 18,000 9,000 10,200 15,000 70,200 15,000
Tax 4,036 5,898 4,562 5,168 13,959 33,623 7,504
Finance Costs 5,169 5,273 6,089 5,649 4,670 26,850 6,048
Slide 13SCG’s incremental capacity:Previous investment phase (2006 – 2010)
Slide 14SCG’s capacity ranking
Thailand ASEAN
Downstream Chemicals 1 17.2 million tons
Packaging Paper 1 1
ASEAN
Packaging Paper 1 11.9 million tons
Cement 1 224 million tons
Building Products 1 1149 mill sqm of ceramics
NOTE: includes recent acquisition of Chandra Asri Petrochemical
Slide 15Synergy within ASEAN
ASEAN assets = 52,300 MB($1.7 Billion or 14% of total assets )
ASEAN
Note: includes recently acquired Boral Indonesia and Ma riwasa Philippines
Slide 16Export destinations FY2011ASEAN was 39% of exports, or 18% of sales.
4%
ASEAN
ASEAN39%
Slide 17ASEAN segmentsASEAN is an increasing part of SCG.
ASEAN
ASEAN as a % of SCG consolidated
2006 2007 2008 2009 2010 2011 Mar/12
Sales from ASEAN Operations
% 3% 5% 5% 7% 7% 7% 7%
MB 7,700 13,400 14,600 16,700 20,200 23,700 -
Note: includes recently acquired Boral Indonesia and Ma riwasa Philippines
Assets % 3% 5% 5% 7% 7% 13% 14%
MB 6,800 13,000 14,500 22,500 26,700 47,000 52,300
HR* % 5% 10% 11% 11% 12% 19% 26%
Staffs 1,180 2,628 2,974 3,225 3,777 6,519 9,878
* Including SCG's international staff (Thai)
Slide 18Regional growth opportunities
ASEAN
NOTE: figures for 2011
Slide 19
Boral Indonesia – RMC� Leading ready-mixed concrete (RMC) with 2.2 Mill cu. � Businesses includes concrete pipes, precast concrete, quarries, and limestone
reserves for expansion.
Chandra Asri Petrochemicals – integrated chemicals � Acquired 30% stake from Temasek and Barito Pacific. � Conclusion of project upgrades:
Indonesian investments (Q 1/11 – Q1/12)
ASEAN
� Conclusion of project upgrades: � Cracker debottleneck, and downstream expansion. � Operational excellence for process control, and cost saving initiatives.� Accelerate development of HVA.
Kokoh – distribution of building materials� Network of 22 distribution centre and +10,000 wholesalers and retailers.
KIA – ceramic tiles � Market share of 10% and capacity of 27 M sqm. � SCG’s total capacity has increased to 149 M sqm (from 122).
Slide 20
Philippines ceramics... valued 150 MB� Increased stake to 83%, from 46%. � Mariwasa is a leading ceramics player in the Philippines, with 12 mill sqm.
Thai PVC producer... valued 11,500 MB� Increased stake to 89%, from 46%, in a regional integrated PVC producer.
Other investments (Q 1/11 – Q1/12)
ASEAN
Vietnamese white cement grinding plant… valued 200 MB� Buu Long (0.2 MT) is a dominant producer of white cement in Vietnam.
Vietnamese box plant… valued 750 MB� Alcamax (53,000 tons) has a leading domestic market share with large
multinational clients.
Thai expansion of modular homes… valued 2,900 MB� Capacity expansion to 1,000 homes per year, a JV with Sekisui Heim of Japan.
Slide 21Updates – Cement expansion
Under Study� Indonesia 1.5 – 3.0 MT integrated cement
� Myanmar 1.5 – 3.0 MT integrated cement
ASEAN
Existing Capacity Year AssetExisting Capacity Year Asset
� Vietnam 0.2 MT 2012 M&A for white cement grinder
� Cambodia 1 MT 2008 Green field integrated cement
� Thailand 23 MT 1913 Green field integrated cement
Slide 22Updates - Chemicals expansion
� JV Agreement signed on Feb 9/12.
� JV partners consists of:
� QPI Vietnam (subsidiary of Qatar Petroleum Int’l)
� PetroVietnam, and Vinachem
ASEAN
Vietnam Complex:
� PetroVietnam, and Vinachem
� Thai Plastic and Chemicals
� Final configuration and financing in 2013.
Slide 23SCG Chemicals’ cracker capacity
ASEAN
Future Location Start-up Stake Olefins CapacitySCG 28%(TPC 18%)
(Flex-feed cracker)
Olefins Capacity (ton)Location Start-up Stake
1,4002017-2018
Existing
VietnamVietnam Complex
Ethylene Propylene Total1) ROC Complex Thailand 1999 SCG 64% 800 400 1,200
2) MOC Complex Thailand 2010 SCG 67% 900 800 1,700
3) Chandra Asri Indonesia 1995 SCG 30% 600 320 920
Existing Total 3,820
Location Start-up StakeExisting
Slide 24HVA = High Value Added Products & ServicesHVA on Sales target of 50% by 2015, from subsidiaries.
HVA
Slide 25Systematic training roadmapCompetent staffs are key.
.
Slide 26SCG’s external training program
Programs Current Since Years Staffs
Harvard 1982 31 65
Wharton 2007 6 11AMP - Advanced Management Program
EDP - Executive Development Program Columbia 2007 6 172
Wharton 1980 33 1,307
Duke 2011 2 111
Marketing Excellence Program Kellogg 2006 7 406
(as of Feb/12)
MDP - Management Development Program
Slide 27Corporate scholarship program Began in 1973, with +400 scholarships granted.
Current 53 students (45 overseas).MBA 15, Technical, 38
Slide 28Agenda
� Snapshot
� Strategy
� Sustainability� Sustainability
� Business Updates
� Appendix
Slide 29
� Ranked Global Sector Leader (Building Materials & Fixtures) in 2011 by SAM.
� From 2008-2011, SCG also was ranked “Gold Class ” and has been a member of the DJSI since 2004.
� Represents the top 10% of the largest 2,500 stocks in the Dow Jones Global Total Stock Market Index, based on long-term Econom ic, Environmental and Social criteria.Social criteria.
� Established in 1999, and is the first truly global index to monitor the sustainability initiatives of listed companies.
� +60 global funds in 16 countries follow the DJSI.
� For further details: www.sustainability-index.com
Slide 30DJSI sector overview Building Materials & Fixtures
Slide 31SCG eco valueThailand’s first eco label, accounting for 13% of SCG’s 2011 sales, or approx 47,000 MB.
Cool Roofing System Cerafino Solar Roof TilesCool Roofing System40% Energy Reduction
Cerafino Solar Roof TilesSolar Power
Heat Insulation STAYCOOLRecycled Contents > 80%
COTTO Sanitary Ware and FittingsReduces Water Usage by 25%
Slide 32Agenda
� Snapshot
� Strategy
� Sustainability� Sustainability
� Business Updates
� Appendix
Slide 33Historical margin: HDPE – NaphthaTrough floor is supported by conversion cash cost.
600
700
800
900
1,000
Price Gap$/ton
Chemicals
0
100
200
300
400
500
600
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Avg global conversioncash cost of $300/ton ,
not incl. feedstock
Avg global conversioncash cost of $400/ton
not incl. feedstock
Slide 34Global ethylene supply growth
68
1012MT
10.5
6.9
Ramp-up Capacity
Effective Nameplate Capacity
Estimated by ground break
3 to 4 3 to 4
Chemicals
0246
2009 2010 2011 2012 2013 2014 2015
Global Capacity131 141 149 153 157 161 165
Capacity Growth 3% 8% 5% 3% 3% 3% 2%
4.23.4
3 to 4 3 to 4 3 to 4
Slide 35HDPE – NaphthaTrough margins till the end of 2012.
Chemicals
360
Slide 36PP – NaphthaPP margins are expected to outperformed HDPE.
Chemicals
400
Slide 37PVCBenefiting from building activities in Asia.
Chemicals
430
Slide 38
Price gaps of associatesMMA-Naphtha: Weak demand from electronics. BD-Naphtha: Better margins, due to tight supply.PTA-PX: Affected by excess supply from China. Chemicals
Slide 39
354045505560
Million Ton
Industry Production
Industry Capacity
39.5 MT
56 MT
Domestic cement industryDomestic demand growth of 5% in 2012.
70-75% Op Rate
Cement
05
1015202530
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Total Domestic Demand
Total Thai Export
11.5 MT
28 MT
Total Domestic Growth Rate (% y-o-y)- 10% -45% 15% -8% -1% 23% 6% 11% 9% -2% -6% -6% 1% 10% 3%
Slide 40Domestic cement pricesWas approximately $60/ton in Q4/11.
CementCement
Slide 41Cement exports
34 35 34
40 3841
4544 44
47 48
15.0
20.0Million Ton $/ton
1999-2011 Q1/11 – Q4/11
Export Prices (FOB)
Cement
4.76.0
7.1 7.66.2 6.1 6.8 7.0
8.1 8.2 7.6 7.36.4
1.8 1.7 1.7 1.2
2224
22 2124
27
34 35 34
0.0
5.0
10.0
15.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q1/11 Q2/11 Q3/11 Q4/11
Export Volume (MT)
Slide 42Packaging paper
Paper
Slide 43P&W paper
Paper
Slide 44Business outlook
Chemicals� Trough margins to remain in 2012.� Continued challenges in PTA, while recovery of MMA and
Butadiene to be driven by Asian demand growth.
Cement� Domestic demand growth of 5% in 2012.� Domestic demand growth of 5% in 2012.� Demand from flood infrastructures, and growth of commercials /
industrials.� Moderate expansion from residential sector.
Paper� Flood recovery of box plants is not expected until Q2/12. � Low growth volume.
Slide 45
Thank YouThank You
Slide 46Agenda
� Financial Updates
� Medium -Term Outlook & Strategy
� Business Updates� Business Updates
� Sustainability
� Appendix
Slide 47Background
� Founded in 1913.� Listed in 1975 on the SET.� Market cap of $13.8 Billion (local share price of 360 Bt/sh), and
free float of approx 70%.� Roots in cement, with expansion to building materials, paper,
chemicals, and distributions. chemicals, and distributions. � Currently employ approx 37,300 staffs.
� Asset of 374.7 Billion Baht ($12.1 Billion)� Key figures (FY2011):
� Net Sales 368.6 Billion Baht ($11.9 Billion)� EBITDA 46.3 Billion Baht ($ 1.5 Billion)� Net Profit 27.3 Billion Baht ($ 0.9 Billion)
Slide 48SCG’s organization chart
SCG’s Board
Governance and Nomination Committee Audit Committee
Internal Audit OfficeRemuneration Committee
Management Committee
CFO & Investment
SCG Cement
SCG Paper
SCG Chemicals
SCG Distribution
President & CEOCommittee
SCG Building Materials
Corporate Administration
SCG Investment
Slide 49SCG’s shareholders
LocalCrown Property
Bureau 30%
LocalRetail / Inst
36%
Local 66%– Institution / Retail 36%
– Crown Property Bureau 30%30%
Foreign + NVDR 34%
36%
(NVDR 9%)
Foreign 34%– Foreign Board 25%
– NVDR 9%
Jan 25, 2012
Slide 50SCG’s operational history
Economic Crisis1997
Organic growth in
construction material
Takeover of“ailing”
industries
Entry into new
industries
1913 – 1970’s 1970’s - 1980’s 1980’s - 1990’s
““ Historic roots” “Opportunistic “Joint venture
1998 - 2003
Restructure
2004 - onwards
Regional&
Innovation
““ Historic roots” “Opportunistic investment in
assets”
“Joint venture partner of choice”
� Cement� Construction Materials� Steel
� Ceramics� Paper & Packaging
� Chemicals � Automotive� Electrical
Core businesses today�SCG Chemicals�SCG Cement�SCG Building Materials�SCG Paper �SCG Distribution�SCG Investment
Slide 51Capacity at the end of 2012
Chemicals - Naphtha Cracker (consolidated) Chemicals - Associates (equity accounting) Ethylene 1,700,000 tons Dow Chemicals JV (50%) Propylene 1,200,000 tons - LLDPE 650,000 tonsChemicals - Downstream (consolidated) - Propylene Oxide 390,000 tons HDPE 1,180,000 tons - Specialty Elastomer 220,000 tons LDPE + LLDPE 200,000 tons - PS 120,000 tons PP 720,000 tons - SM 300,000 tons PVC (Thailand, Indo, Vietnam) 940,000 tons - Synthetic Latex 18,000 tons
Mitsui Chemicals JV (20% - 50%) - PTA (50%) 1,440,000 tons
Cement (consolidated) - PET (20%) 100,000 tonsCement (consolidated) - PET (20%) 100,000 tons Grey Cement (Thai + Cambodia) 24 million tons - PP Compound (46%) 86,000 tons Ready-Mixed Concrete 19 million metre3 Mitsubishi Rayon JV (47%)
- MMA 175,000 tonsBuilding Products (consolidated) - Cast Sheets 20,000 tons Ceramic Tiles (Thai, Indo, Phil) 149 M sqm Chandra Asri JV(30%) Roofing Tiles (Thai, Cam, Phil, Viet) 87 M sqm - Ethylene 600,000 tons Ceiling & Wall Products 65 M sqm - Propylene 320,000 tons Autoclaved Lightweight Concrete 15 M sqm - HDPE / LLDPE 320,000 tons
- PP 480,000 tonsPaper (consolidated) - SM 340,000 tons Packaging Paper (Thai, Phil, Viet) 1.88 million tons Bangkok Synthetic (26%) Box (Thai, Malay, Sing, Viet) 795,000 tons - Butadiene 140,000 tons Printing & Writing Paper 565,000 tons - BR 50,000 tons Short Fibre Pulp 425,000 tons - SBR 70,000 tons
Slide 52SCG’s ASEAN branding
MyanmarLaos
Thailand
VietnamPhilippines
Thailand
Cambodia
Malaysia
SingaporeIndonesia
Slide 53Examples of eco process
Reduced water usage
Reduced CO2
Slide 54SCG ChemicalsIntegrated and competitive operations.
ROC(1999)
MOC(2010)
Crackers
Regional PlayerThailand - Fully Integrated
+50% of products exported to +110 countries
SubsidiariesPEPP
PVCOthers
AssociatesDow
MitsuiMitsubishi
RayonOthers
Slide 55
900
Typical crackers
Gas-based Naphtha-basedSCG’s Naphtha Cracker
Propylene-rich
ethylenepropylene 900 900
ethylene ethylene‘000 tons ‘000 tons ‘000 tons
SCG Chemicals The second naphtha cracker is propylene-rich.
0
300
600
'000 tons
versuspropylene
0
300
600
'000 tons0
300
600
'000 tons
propylene
propylene
Slide 56SCG CementNationwide network, and domestic market share of approximately 40%.
LampangLampangLampangLampangLampangLampangLampangLampang
SaraburiSaraburiSaraburiSaraburiSaraburiSaraburiSaraburiSaraburi
CentralKaeng Khoi 7.29 MT
NorthLampang 2.11 MT
SCG Cement- Thai capacity of 23 MT-Cambodia capacity of 1 MT.
SaraburiSaraburiSaraburiSaraburiSaraburiSaraburiSaraburiSaraburi
BangkokBangkokBangkokBangkokBangkokBangkokBangkokBangkok
Nakhon SrithammaratNakhon SrithammaratNakhon SrithammaratNakhon SrithammaratNakhon SrithammaratNakhon SrithammaratNakhon SrithammaratNakhon SrithammaratSouthThung Song 6.90 MT
Kaeng Khoi 7.29 MTTa Luang 6.90 MT
Slide 57SCG CementWaste-heat power generators
� Utilize heat from the production process to generate electricity.
Phase 1 2,000 MB Thailand -started in Q1/08
Phase 2 350 MB Cambodia -started in Q2/09
Phase 3 3,400 MB Thailand -started in Q4/09
total 5,750 MB
Slide 58SCG CementRMC expansion into ASEAN.
Slide 59SCG PaperOperations within ASEAN
P&W Packaging� 1.9 MT: integrated to box plants, with
Rengo as ASEAN JV partner
Pulp mill
P&W plant
� Short-fibre pulp: 0.43 MT� P&W paper: 0.57 MT
Box plant
Packaging plant
P&W plant
Slide 60
Printing & Writing Paper
100%integration
Internal Eucalyptus Pulp Printing & Writing Paper
SCG PaperIntegrated operations
Packaging PaperInternal Sales-Corrugated Box
42%integration
58%External Sales-Containerboard-Paperboard
Slide 61
Broad range of product offeringRoofing products Ceramic tiles Fiber cement products Autoclaved lightweight concrete Sanitary ware / fittings
HVA accounts for >40% of existing sales.
SCG Building MaterialsWorld’s top 2 largest ceramics producer, with diversified offerings of products and services.
Integrated solutions provider� Home Solution Center� Roofing Center� Cotto tile studio� Cotto speed bathroom� Modular house (Sekisui Heim jv)
Slide 62
� Leading supply chain solution provider, whereby non-SCG clients accounts for approx 40% of total sales.
� Global international trading coverage is provided by the 35 global offices in 24 countries.
� Domestic logistics service provider to +200 clients, with +30 MT
SCG DistributionPrimarily logistics, global trading, and domestic distribution.
� Domestic logistics service provider to +200 clients, with +30 MT hauled in FY2011.
� Network of more than 450 exclusive domestic distributors nationwide.
Slide 63SCG DistributionKokoh’s 22 distribution centre in Indonesia
Slide 64SCG InvestmentContribution in FY2011 was approx 1,009 MB in equity income, and another 2,346 MB from dividend income.
SCG INVESTMENT
Aisin Takaoka Group ( 30%)
Agricultural business
Siam Kubota Corp ( 40%)
Automotive business
Yamato Steel ( 10%)
Others
Siam Kubota Leasing
Siam Kubota Metal Technology
Aisin Takaoka Group ( 30%)
Musashi Auto Parts (21%)
Siam Lemmerz (30%)
Michelin Siam Group (10%)
Siam Kubota Corp ( 40%)
Siam Toyota Motor (5%)
Toyota Motor Thailand (10%)
Yamato Steel ( 10%)
Slide 65Q4/11 was a challenge
Slide 66Chemicals EBITDA
7511,210
594
567698
4,000
6,000
8,000
MMBB
5,180
- 32% y-o-y- 25% q-o-q
5,063
5,951
4,168 4,289 4,267
4,926 4,789
4,4293,853
5,357
2,7733,441 3,722
2,631
4,228
2,038 1,703 1,560
1,210
3,278
527
727 5671,636 2,752
971445
0
2,000
4,000
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11
EBITDA Margin
21% 16% 18% 12% 10% 9% 9% 7% 9% 4% 3% 3%
Note : EBITDA = EBITDA from operations + dividend from associated companies
4,429
- 25% q-o-q
- Dividend fromassociates
- EBITDA fromsubsidiaries
3,288
- EBITDA
3,3002,674
2,005
Slide 67Chemicals profitability
10,000
12,000
14,000Divestment of PTTCH Equity Income from Assc.Subsidiaries Profit
12,640
MMBB
1,722 1,7202,535
1,345 1,371 1,689 1,982 1,2632,193
1,064 1,765672
7561,546
1,635
1,297 1,674 1,3891,863
1,415
2,595
1,4351,465
9,963
0
2,000
4,000
6,000
8,000
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11
+7% y-o-y+3% q-o-q
2,478 2,642
4,1703,266 3,045 3,078
3,8454,788
2,4993,329
672
Slide 68Cement financials
3,381
2,880 2,785 2,570
3,301
2,6162,486 2,407
3,7553,386
3,193
2,4472,241
3,000
4,000
EBITDA+2% y-o-y-23% q-o-q
MB
1,963
1,553 1,5251,173
1,9241,481
1,323 1,285
2,2411,990
1,848
1,209
0
1,000
2,000
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11
EBITDA 27% 26% 24% 22% 26% 22% 21% 20% 26% 25% 23% 19% margin 25% 22% 24%
Net Profit-6% y-o-y -35% q-o-q
Slide 69Paper financials
1,509
2,1462,298
1,948
2,4242,630
2,403
1,672
2,5472,350 2,348
1,5661,170
1,600
2,000
2,400
2,800MB
EBITDA-6% y-o-y-33% q-o-q
239
639 701707
9741,170
931
415
1,054 1,007918
352
0
400
800
1,200
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11
EBITDA Margin All 16% 20% 20% 17% 19% 21% 18% 13% 19% 18% 16% 12% Packaging 18% 18% 17% 14% 16% 17% 14% 11% 17% 15% 14% 11%P&W 12% 25% 27% 23% 25% 28% 26% 16% 22% 22% 21% 14%
Net Profit-15% y-o-y- 62% q-o-q
Slide 70
� Retail investors only.� Unsecured, unsubordinated. � No debt covenant.� Thai Baht, fixed rate, and mostly 4-yr
maturity tenure.� Current “A” rating by Fitch (local).
25,000 25,000 25,000
40,000
30,00030,000
40,000
50,000 Debenture Maturity TableMB
Debenture profile
�
16,000
25,000 25,000
15,000
25,000
15,000
0
10,000
20,000
2007 2008 2009 2010 2011 2012 2013 2014
NOTE: Debentures amount to 110,000 MB, as of Q4/11.
Slide 71Segmented financials
Sales (MB) 2008 2009 2010 2011 Assets (MB) 2008 2009 2010 2011
Consolidated 293,230 238,664 301,323 368,579 Consolidate d 285,776 315,986 359,219 374,653
Chemicals 136,527 101,115 144,317 192,929 Chemicals 138,504 165,947 165,087 176,614
Paper 47,110 42,729 51,714 54,839 Paper 51,089 48,271 50,127 52,542
Cement 49,999 46,661 48,954 54,249 Cement 60,770 60,680 61,018 60,180
Building Materials 23,351 26,873 30,719 34,171 Building Materials 22,654 22,992 24,796 35,804
EBITDA (MB) 2008 2009 2010 2011 Profit for the Period (MB) 2008 2009 2010 2011EBITDA (MB) 2008 2009 2010 2011 Profit for the Period (MB) 2008 2009 2010 2011
Consolidated 38,783 47,116 45,949 46,253 Consolidated 16, 771 24,346 37,382 27,281
Chemicals 12,598 19,482 16,024 14,394 Chemicals 6,136 12,556 22,609 11,190
Paper 6,660 7,901 9,129 8,811 Paper 1,658 2,286 3,490 3,331
Cement 11,272 11,616 10,810 12,781 Cement 6,006 6,214 6,014 7,288
Building Materials 4,085 4,907 5,489 5,060 Building Materials 778 1,617 1,872 1,476
EBITDA Margin (%) 2008 2009 2010 2011 EBITDA / Assets (%) 2008 2009 2010 2011
Consolidated 12% 18% 14% 11% Consolidated 14% 15% 13% 12%
Chemicals 7% 17% 9% 5% Chemicals 9% 12% 12% 8%
Paper 14% 18% 18% 16% Paper 13% 16% 16% 17%
Cement 23% 25% 22% 24% Cement 19% 19% 19% 21%
Building Materials 16% 18% 17% 14% Building Materials 18% 21% 20% 14%