q2/2018 & 1h/2018 opportunity day presentation · 6 sg&a expenses mb. 84 96 83 97 79 82 79...
TRANSCRIPT
Q2/2018 & 1H/2018
Opportunity Day Presentation1
2
AGENDA
Business Overview
Financial Performance
Business Outlook
Q & A
3
Financial Performance
4
Revenues from sales and services
2,117
1,693
2,5502,800 2,808
1,337 1,323
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2013 2014 2015 2016 2017 H1/17 H1/18
MB.
623692 707
778
625
712
625
712749 722
642681
0
200
400
600
800
1,000
Q1/16 Q1/17 Q2/16 Q2/17 Q3/16 Q3/17 Q4/16 Q4/17 Q1/17 Q1/18 Q2/17 Q2/18
MB.
68% 64%71%
62% 61%70%
18%15%
16%
15% 15%13%
15%14%
11%20% 18%
17%7% 3% 3% 6%
0%
20%
40%
60%
80%
100%
2014 2015 2016 2017 H1-17 H1-18
Power Plant Demolition
Services
Supplied and Distributed Products
Manufacturing Product
- 14.24 MB, (1.06%)
+ 38 MB, 5.97% QOQ
- 32 MB, (4.45%) YOY
Key Highlights :
H1/18 Revenues from sales and Services amount of 1,323
MB., decreased 14.24 MB. or 1.06%, when compared with
the same period of last year, due to economy fluctuation of
Thailand, the revenue of industrial customers decreased
and the slowdown in investment.
Usually the seasonal of sales in the second half is higher
than the first half.
Gross Profit
159171 175
199
147166
147166
176167
151 150
00
50
100
150
200
250
Q1/16 Q1/17 Q2/16 Q2/17 Q3/16 Q3/17 Q4/16 Q4/17 Q1/17 Q1/18 Q2/17 Q2/18
24.70%25.53% 24.70% 23.26%25.60%% GP
MB.
23.53%23.15%23.53%
MB.
23.44% 22.00%23.53% 23.26%
- 0.78 MB, (0.52%) QOQ
- 15.98 MB, (9.64%) YOY
- 12.47 MB, (3.98%)
515
383
570
704656
313 300
24.33%22.62% 22.35%
25.14%23.36% 23.39% 22.70%
0.00%
10.00%
20.00%
30.00%
0
200
400
600
800
2013 2014 2015 2016 2017 H1/17 H1/18
Key Highlights :
H1/18 Gross profit amount of 300.26 MB., decreased
12.47 MB. or 3.98%, the Gross profit rate decreased
from 23.39% to 22.70%,when compared with the same
period of last year
The impact factor, due to the labor cost and overhead
increased, price competition, utilization of production
capacity was low which impacted to fixed cost per unit
increased.
5
6
SG&A Expenses
MB.
84
96
83
97
79 82 79 82 91 93 89 90
-
25
50
75
100
125
Q1/16 Q1/17 Q2/16 Q2/17 Q3/16 Q3/17 Q4/16 Q4/17 Q1/17 Q1/18 Q2/17 Q2/18
% SG&A /
Total Revenue
13.41% 13.91% 11.74% 12.77%12.65% 11.53% 12.40%12.16%
MB.
0
274
226
303
361 346
162 178
12.89% 13.24%
11.83%
12.83%12.27%
12.05%13.39%
0.00%
4.00%
8.00%
12.00%
16.00%
0
50
100
150
200
250
300
350
400
2013 2014 2015 2016 2017 H1/17 H1/18
+ 16.48 MB, 10.18%
+ 0.78 MB, (0.88%) QOQ
+ 7.18 MB, 8.72% YOY
11.53%13.71% 13.09%12.65%
Key Highlights :
H1/18 SG&A amount of 178.24 MB., increased
16.48 MB. or 10.18%, the SG&A rate per total
revenue increased from 12.05 % to 13.39%, when
compared with the same period of last year
Selling Generale Expenses increased, since the
motivation of marketing activities and keep
relationship with partner to support the expansion of
the industry in the second half
Administrative Expenses increased, since most of
the administrative expenses are stable, however
there is slightly increased in the provision of non-
moving inventories accordingly to accounting policy.
7
Net Profit
MB.
63 61
76
87
55
69
55
69 68 61
54 52
-
20
40
60
80
100
Q1/16 Q1/17 Q2/16 Q2/17 Q3/16 Q3/17 Q4/16 Q4/17 Q1/17 Q1/18 Q2/17 Q2/18
% NP 8.86% 10.68%8.83% 11.19%10.10%
182
114
207
288
253
124106
8.57%
6.67% 8.07%
10.24% 8.99%9.24%
7.94%
0%
2%
4%
6%
8%
10%
12%
14%
0
50
100
150
200
250
300
350
2013 2014 2015 2016 2017 H1/17 H1/18
9.60% 9.11% 8.42%
MB.
0
- 18.32 MB, (14.77%)
- 1.59 MB, (2.96%) QOQ
- 16.52 MB, (24.09%) YOY
8.29%8.83% 7.61%9.60%
Key Highlights :
H1/18 Net profit amount of 105.70 MB., decreased
18.32 MB. or 14.77%, the Net profit rate decreased
from 9.24% to 7.94%,when compared with the same
period of last year.
Overall Industry in H1/18 which related to company
business was stable because of various factors such
as price competition, the utilization of production
capacity was low which impacted to fixed cost per
unit increasing. However, Management concerned in
efficient improving production cost, controlling sales
and administration expense and financial cost to
align with current economic trend.
8
Financial Position
Assets Liabilities
MB.
Shareholders’ Equity
MB.
558612
1,256
1,4211,500
1,426
0
300
600
900
1,200
1,500
2013 2014 2015 2016 2017 H1/18
Equity
462 593
369 276 19
221
658 484
588 502
777 529
60 38
45
52 47 42
0
200
400
600
800
1,000
1,200
1,400
2013 2014 2015 2016 2017 H1/18
Loan AP Other
1,180 1,1151,002
830 843
633 581 637 717 823 807
480 481864 730 737 647
463 522
604 668678 664
162 142
152 135104
100
0
500
1,000
1,500
2,000
2,500
2013 2014 2015 2016 2017 H1/18
Cash+AR Inventory PP&E Other
1,780 1,727
2,258 2,250 2,342
MB.
2,218
792
Key Highlights :
H1/18 the Significant changes as follows ;- Trade and other receivables-net decreased 67.07 MB., due to the company
has more efficiency in debt management.
- Inventories-net decreased 89.67 MB., the drop was in line with policy, to
control the purchasing and raw materials for more efficiency.
- Bank overdrafts and short-term loans from financial institutions increased by
207.MB., Since the company has to use more working capital for its operation
during the period, short-term loans from financial institutions to pay trade and
other payables, as a result, trade and other payables decreased 247.63 MB.
- Shareholders’ Equity decreased 74.05 MB., due to during the period The
Company had operating profit 101.95 million baht and the dividend paid in
amount of 176 million baht.
9
Financial Ratios
Return On Assets (ROA)Return On Equity (ROE)
482585
934
1,344
1,470
1,3231,407
182114
207 288 253 287 235
37.82%
19.43%
22.13%
21.44%
17.24%
21.72%
16.71%
0.00%
10.00%
20.00%
30.00%
40.00%
0
200
400
600
800
1,000
1,200
1,400
1,600
2013 2014 2015 2016 2017 H1/17 H1/18
Net profit Shareholders's Equity2 ROE
1,180 1,115 1,002 830 843 882 792558 612 1,257 1,432 1,508 1,378 1,435
2.12 1.82
0.80 0.58 0.56 0.64 0.55
0.00
0.50
1.00
1.50
2.00
2.50
0
250
500
750
1,000
1,250
1,500
1,750
2013 2014 2015 2016 2017 H1/18 H1/18
Liabilities Shareholders'Equity D/E Rate
MB.
1,5461,732
1,9922,256 2,296 2,229 2,234
250 169280 357 320 357 294
16.18%
9.73%
14.06%
15.84%
13.92%
16.01%
13.14%
0.00%
4.00%
8.00%
12.00%
16.00%
20.00%
0
500
1,000
1,500
2,000
2,500
2013 2014 2015 2016 2017 H1/17 H1/18
Asset EBIT ROA
MB.
MB.
Debt to Equity (D/E)
Business Overview
10
11
Products and Services
12
Products and Services
13
Products and Services
14
Products and Services
15
Products and Services
16
Customer & Channels
17
35%
28%
25%
12%
35%
25%
28%
12%
M and E Contractorผู้ รับเหมางานระบบ
General Contractorผู้ รับเหมางานก่อสร้างทัว่ไป
End Userเจ้าของกิจการ
Trader and System
Integratorเทรดเดอร์ และ ซสิเตม็อินทเิกรเตอร์
H1-2018
43%
32%
18%
7%
43%
18%
32%
7%
M and E Contractorผู้ รับเหมางานระบบ
General Contractorผู้ รับเหมางานก่อสร้างทัว่ไป
End Userเจ้าของกิจการ
Trader and System
Integratorเทรดเดอร์ และ ซสิเตม็อินทเิกรเตอร์
H1-2017
1,259.32
MB.
1,322.89
MB.
First Half 2018 Customer Segment Recap
18
24%
16%
16% 15%
10%
10%
9%
1,322.89
MB.
H1-2018
23%
23%
19%
11%
9%
9%
6%
1,259.32
MB.
H1-2017
9%
Commercial Building
19%
Government Office & Education Center
Industry
Infrastructure & Power Plant
Residential
Data center and Telecommunication
Health Care and Hospital
11%
23%
9%
15%
10%
Commercial Building
10%
Government Office & Education Center
Industry
Residential
Data center and Telecommunication
Health Care and Hospital
16%
16%
9%
Infrastructure & Power Plant23%
6%
24%
First Half 2018 Market Segment Recap
Highlight Project H1/2018
Customer Project Product & Service
Suvanbhumi Airport(AOT) New Satellite Terminal Switchboard & Electrical Power Distribution Equipment
Siam Piwat & Magnolias ICONSIAM Switchboard & Electrical Power Distribution Equipment
Ministry of Justice New Head Office Switchboard & Electrical Power Distribution Equipment
Ministry of Social Development and Human Security
New Head Office Switchboard & Electrical Power Distribution Equipment
Department of Airports Betong Airport Airport Lighting and Power Distribution System
PEA Substation(4 Substations)
MV. Switchgear
Metropolitan Waterworks Authority (MWA)
Install The ElectricalDistribution(Substation)
HV/MV Substation, Automation
Thai Oil Research Center Building Switchboard & Electrical Power Distribution Equipment
INET Data Center Phase 2 Switchboard & Electrical Power Distribution Equipment
19
Activities & Awards
20
Business Outlook
21
22
Growth Strategies
Business Opportunity
ASEFA Airport
State Railway
Underground Distribution
Infrastructure
Industry
EEC Infrastructure
IoTRenewable Energy
Energy Conservation
Automation Control
Data Center
Smart City
Solar Rooftop
Energy Saving Equipment
23
24
Backlog as of July 31, 2018
54%10%
36%
2,058MB.
54%
10%
36%
Manufacturing Product1,101 MB.
Supplied & Distributed Product211 MB.
Services746 MB.
66% 55% 50% 54%
18% 20% 19% 10%16%25% 31% 36%
0
500
1000
1500
2000
2500
Q4-15 Q4-16 Q4-17 Jul-18
Manufacturing Product Supplied & Distributed Product Service
MB.
1,425
1,805 1,9122,058
25
Disclaimers
This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to
the anticipated benefits to be realized from the proposals described herein. This presentation contains a number of forward-
looking statements including, in particular, statements about future events, future financial performance, plans, strategies,
expectations, prospects, competitive environment, regulation and supply and demand.
ASEFA has based these forward-looking statements on its views with respect to future events and financial performance.
Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking
statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better
or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking
statements.
Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information
contained in this presentation is subject to change without notice and ASEFA does not undertake any duty to update the
forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by
applicable laws and regulations.
26
Q&A