christiani & nielsen (thai) public company limited

Christiani & Nielsen (Thai) Public Company Limited

Website: cn-thai.co.th

Telephone: +66 2 338 8000

SET Opportunity Day

Q3/2020 : 1 December 2020

Excellent CG Score:

1

The contents of the presentation provided by Christiani & Nielsen (Thai) PublicCompany Limited (the “Company”) is provided as information for discussionpurpose only. Past performance is not indicative of future performance. Some ofthe information in this presentation may contain projections or other forward lookingstatements regarding future events or future financial performance of countries,markets or companies. These statements are only predictions and actual events orresults may differ materially. The reader must make his/her own assessment of therelevance, accuracy and adequacy of the information contained in this presentationand make such independent investigations as he/she may consider necessary orappropriate for the purpose of such assessment. Any opinion or estimate containedin this presentation is made on a general basis and is not to be relied on by thereader as advice. Neither the Company nor any of its employees or agents havegiven any consideration to nor have they or any of them made any investigation ofthe investment objectives, financial situation or particular need of the reader, anyspecific person or group of persons. Accordingly, no warranty whatsoever is givenand no liability whatsoever is accepted for any loss arising whether directly orindirectly as a result of the reader, any person or group of persons acting on anyinformation, opinion or estimate contained in this presentation.

DISCLAIMER

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Company Overview & Business Operational Performance Q3/2020 Future Strategy Q & A

AGENDA

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AGENDA

Company Overview & Business Operational Performance

Q3/2020 Future Strategy Q & A

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COMPANY PROFILECompany

Business

Registered Capital

Paid-up Capital

Establishment

Listed Date

Industry / Sector

Market

Christiani & Nielsen (Thai) Public Company Limited

Construction services, including the design and construction of a wide variety of building and civil engineering works, the design, fabrication and erection of steel structures and a full range of electrical and mechanical engineering services

Common shares: THB 1,102,904,144 at par value of THB 1.00 per share

Common shares: THB 1,027,904,144 at par value of THB 1.00 per share

10 September 1930

1 March 1991

Property & Construction / Construction Services

Stock Exchange of Thailand (“SET”) Main Board

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AWARDS & CERTIFICATESStandard & Certifications

6

AWARDS & CERTIFICATESSafety Awards

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AWARDS & CERTIFICATESClient Praise Letters & Awards

Client Praise Letter: Nestle' (Thai) Ltd. Client Praise Letter: Ek-Chai Distribution System Co., Ltd. (Tesco Lotus)

Quality Index Awards Best Contractor of the Year

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“MISSION VISION” STATEMENT“With a century of operations, we have a

unique place in Thailand’s development, and will firmly continue to build a strong foundation

for its future. We aim to be the most highly regarded construction company in Thailand and ASEAN, by delivering excellence to our

clients, honoring our commitments and nurturing each one of our people.”

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เกอืบศตวรรษในการดาํเนินธุรกจิรบัเหมาก่อสรา้ง

ของบรษิทัฯเราไดเ้ขา้ไปมสีว่นรว่มในการพฒันา

สถานทีส่าํคญัหลายแหง่ในประเทศมาโดยตลอด และ

เรายงัคงยนืหยดัทีจ่ะสรา้งรากฐานทีแ่ขง็แกรง่สาํหรบั

อนาคตขา้งหน้าต่อไป เรามุง่มัน่ทีจ่ะเป็นบรษิทั

รบัเหมาก่อสรา้งทีไ่ดร้บัการยอมรบัมากทีส่ดุใน

ประเทศไทยและในอาเซยีน โดยมอบการบรกิารที่

เป็นเลศิใหแ้ก่ลกูคา้ ยดึมัน่และปฏบิตัติามคาํมัน่

สญัญา รวมถงึความใสใ่จดแูลพนกังานของเราทกุคน

TYPES OF CONSTRUCTION PROJECTS

Buildings

Industrial

Infrastructure

Retail hypermarkets and stores, distribution centers, universities, schools, hospitals, offices, condominiums, hotels, refurbishment and renovation and other commercial and general buildings.

Industrial plants, factories and warehouses, Petrochemical and Power Works.

Mass transit, roads, highways, bridges, overpasses, sports facilities, water distribution and wastewater collection tunnels, gas pipelines, flood protection, waste water treatment plants, environmental landfill sites.

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PAST EXPERIENCE

Buildings

11

RS Group Towers (Bangkok)(2019)

Bambini Villa(Bangkok)(2019)

Royal Bangkok Sports Club (Pathum Wan, Bangkok)(2018)

Nutrition and Back Office BuildingVajira Hospital(Dusit, Bangkok)(2018)

AirAsia Warehouse(Don Mueng International Airport)(2018)

The Park Avenue Shopping Center (Krungthepkreetha Road)(2018)

Check Up BuildingKlaimor Hospital (Lamphun)(2019)

St.Andrews Sport Facilities(Sukhumvit Road, Bangkok)(2019)

Mahidol Parking Building(Nakorn Pathom)(2019)

Modi Villa BangYai(Nonthaburi)(2019)

Chia Tai New Office (Sukhumvit Road, Bangkok)(2018)

VISTEC Auditorium(Rayong)(2018)

PAST EXPERIENCE

Avani Riverside Bangkok(Charoen Nakorn Road, Bangkok) (2016)

TARA Building Pattanakarn(Bangkok)(2016)

M Tower Sukhumvit 62 (Bangkok)(2016)

MJets Hangar(Don Muang Road, Bangkok)(2016)

EGAT Head Office(Nonthaburi)(2017)

Buildings

MUIC Education BuildingMahidol University(Nakorn Pathom) (2016)

Prince Mahidol HallMahidol University (Nakorn Pathom) (2014)

SCG Head Office 3 & Parking(Bang Sue Road ,Bangkok)(2014)

Ratchapreuk Hospital(Mitraphap Road, Khonkhean)(2018)

BhumisirimangkhlanusornBuilding Chulalongkorn Hospital

(Sala Daeng, BANGKOK) (2015)

Somerset MaisonAsoke Hotel (Sukumvit Road, Bangkok)(2018)

VISTEC M3, M4 Education Building (Rayong) (2018)

Mandala Innovation Hub (Khon Kaen)(2018)

12VISTEC Observation Tower(Rayong) (2018)

PAST EXPERIENCE

Industrial

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New Simummuang Market(Bangkok) (2019)

PCG Wet Plant (Samut Prakarn)(2019)

Siam Kraft EPT5(Kanchanaburi)(2018)

CPRAM Bo Ngoen 2(Pathum Thani)(2019)

MCKEY New Plant(Chon Buri)(2018)

South Bangkok Power Plant (Sumut Prakarn)(2019)

INTEQC Swine Farm(Kanchanaburi) (2019)

Union Galvanizer Factory(Chachoengsao)(2019)

SGA Factory(Ayuttaya) (2019)

Alliance Thailand Factory (Chon Buri) (2019)

CPRAM Surat Thani(Surat Thani) (2018)

CPRAM Khon Kaen(Khon Kaen) (2018)

Industrial

Knauf New Plasterboard Plant (Saraburi) (2013)

PTT Polymer Logistics Platform (Rayong) (2013)

LNG Receiving Terminal(Rayong) (2009)

CPF New Sausage Plant(Phase 2) (Nakhon Ratchasrima)(2016)

Nestle Water(Surat Thani)(2016)

IRPC UHV Civil Work(Rayong)(2016)

PAST EXPERIENCE

Thai Union Pilot Plant(Samut Sakhon) (2018)

Cargill Korat Extension (Nakhon Ratchasrima) (2018)

Thai Union Fish Oil Extraction Factory(Samut Sakhon) (2018)

GTL Warehouse Phase 2(Chon Buri) (2018)

Royal Factory Extension(Chiang Mai) (2018)

CPRAM Lamphun(Lamphun)(2018)

Thainamthip Pattaya(Chon Buri) (2018)

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CPRAM Chon Buri Extension(Chon Buri) (2018)

INET Data Center(Sarauri)(2017)

Infrastructure

Thung Phra Men Flyover (Nakhon Pathom)(2015)

Phitsanulok - Lom Sak Highway (Phitsanulok)(2015)

PAST EXPERIENCE

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Indochina Intersection (Phitsanulok)(2019)

Thung Song Interchange (Nakhon Si Thammarat)(2020)

Infrastructure

Klong Toey Port (Bangkok) (1942-1945)

Bangkok Wastewater Treatment Plant (Bangkok) (1995-1997)

Rama VI Bridge (Bangkok) (1951-1952)

PAST EXPERIENCE

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Nakhon Si Thamarat Highway (Route No.403) (Nakhon Si Thamarat) (2004)

Buildings

CURRENT PROJECTS

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KHON KAEN AIRPORT EXTENSION (KHON KAEN)*Construction of new expansion (35,850 sq.m.) and renovation of existing passenger terminal(13,725 sq.m.).

KRABI AIRPORT EXTENSION (KRABI )*Construction of new expansion (40,260 sq.m.) and renovation of existing passenger terminal(34,300 sq.m.).

CHULA NURSES DORM (BANGKOK)*Construction of 26-storey dormitory building with total floor area of 34,740 sq.m.

TIPCO BUILDING EXTENSION (BANGKOK)*Construction of 20-storey office building extended from existing building.

Buildings

CURRENT PROJECTS

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TARA PARK PARKING BUILDING (NONTHABURI)*Construction of 13-storey parking building with 4-level basement (27,000 sq. m.).

COURTYARD BY MARRIOTT SUVARNABHUMI (BANGKOK) *Construction of 7-stroey hotel building with 2-level basement parking (total 53,000 sq.m.).

FOREST PAVILION (SAMUT PRAKAN)*Construction of 3-storey Sales Gallery building (total 6,100 sq. m.) and Hardscape Work.

MAIN BUILDING FOR KLAIMOR HOSPITAL (LAMPHUN)*Construction of 8-stroey building with single basement(total 12,824 sq.m.)

Buildings

CURRENT PROJECTS

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THAI OIL NEW OFFICE (CHON BURI)*Construction of 8-stroey office building with single basement (total 31,380 sq.m.), 3-stroey auditorium building (total 4,500 sq.m.), and 2-stroey multipurpose building.

INDIAN EMBASSY RESIDENCE (BANGKOK)*Structural, Architectural and MEP works for Construction of 4 buildings (2 to 7 floors). (total 12,000 sq. m.)

HOTEL NIKKO AMATA (CHON BURI)*Construction of 13-storey building (total area 24,640 sq.m.) for a 250 – room hotel.)

Industrial

CURRENT PROJECTS

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INTEQC TOWER3 (SAMUT SAKHON)*Construction of production tower and feed silos.

PCG FACILITIES (SAMUT PRAKAN)*Construction of Internal Road and Central WWTP for PCG Factory.

MICHELIN WAREHOUSE (CHON BURI)*Design and construction for 3 nos. single storeywarehouse, 2-storey office building.

MCKEY PLANT EXPANSION (CHON BURI)*Construction of 2-storey processing building with single basement.

Petrochemical

CURRENT PROJECTS

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PTTLNG ADMIN BUILDING (RAYONG)*Construction of 3-storey administration building and 2-storey supportive building for PTTLNG.

PTTLNG TANK (RAYONG)*Construction of 2 nos. of LNG Storage Tanks 90 m. dia. X 49 m. high.

PTT SCADA (CHACHOENGSAO) *Structural, Architectural and MEP works for Construction of 2-storey building.

Infrastructure

HIGHWAY 3191 MAP TA PHUT (RAYONG)*Widening of 4-lane Highway to 6-lane RC with asphalt concrete Surface Highway.

BANG YAI SPUR LINE (NAKHON PATHOM)*Construction of 6-lane asphaltic concrete motorway includes overpass and bridges for Bang Yai –Kanchanaburi Motorway km.1+119.007 to 5+000.000.

CURRENT PROJECTS

PAK THO INTERCHANGE (RATCHARURI)*Construction of Highway Intersection consisting 4 nos. pre-stressed concrete bridge.

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CURRENT PROJECTS

REF. CONTRACT TITLE LOCATION SEGMENT

1PCG FACILITIES(Construction of Internal Road and Central WWTP for PCG

Factory)

Bang Sao Thong, Samut Prakan Industrial Facilities

2MCKEY PLANT EXPANSION(Construction of 2-storey processing building with single

basement.)

Chon Buri Industrial Facilities

3HIGHWAY 11 DEN CHAI - LAMPANG(Widening 2-lane Highway to 4-lane asphalt concrete surface

Highway distance 14.637 km.)

Den Chai, Phrae Highway

4INTEQC TOWER3(Construction of production tower and feed silos.)

Samut Sakhon Industrial Facilities

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EXCELLENT MEDICAL SPECIALTY SERVICE CENTER

FOR SRINAGARIND HOSPITAL(Construction of 4 nos. building (total area 167,966 sq.m.)

comprising of; hospital, service building, residence building,

relative residence building.)

Khon Kaen Government

TOTAL VALUE AMOUNT ~ 5,525 MB

NEW CONTRACTS AWARDED DURING JAN20 – NOV20

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AWARDED PROJECTS

Buildings

15 Sep. 2020 Signing Contract for construction of Excellent Medical Specialty Service Centre for Srinagarind Hospital at the Faculty of Medicine, Khon Kaen University

New Projects

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TRAINING CENTER for Safety Officers at Supervisor LevelRegistered with Department of Labor Protection and Welfare

Training Centre2 Storey Training BuildingLocation: Nimitmai 64, MinburiArea : 16,000 m2Opened : 22 November 2013

Objectives: • To increase quality of work • To decrease cost of work• To increase efficiency

Duration: 1 - 4 days

2020 plan: 165 classes (123 classes in 2019)

28%

72%

Workshop

Lecture

Established on 8 April 2008 ศนูยฝึ์กอบรมบมจ.ครสิเตยีนีและนีลเสน็ไทยถนนนิมติรใหม่ กรุงเทพฯ

Type of in-house training:

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STEEL STRUCTURE & FABRICATION FACTORY

Workshop Lecture

Factory Location / area :

Sriracha (Factory 34,000 m2)(Moved on 1 November 2013)

-Equipment & Tools (15,000 m2)> More over 10,000 pieces on stock

-Scaffolding (9,000 m2 )> 4 types as worksite required> Capacity for

- Ringlock system ~ 60,000 m3 .- Triangle ~16,000 m3 / - BS Pipe&Clam lock ~13,000 m3 and - Japanese ~95,000 m3

-Steelwork (10,000 m2 )~ 600 – 1,000 Tons / month

Objectives: • To better control work quality• To shift current ratio of outsourced

material to in-house material from 80:20 to 50:50

SUPPORTING FACILITY

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OVERSEAS SUBSIDIARIES Date of Incorporation: 15 July 2016

Name: Christiani & Nielsen (Myanmar) Limited

Address: No. 22(C) Lane of Kabaraye Pagoda Road, Ko Min Ko Chin Ward Bahan, Bahan Township,Yangon,The Republic of the Union of Myanmar

Country of Incorporation: The Republic of the Union of Myanmar

Nature of Business: Construction, engineering and related sevices

Registered Capital: Common Shares: USD 500,000 divided into500,000 ordinary shares (par value of USD 1.00)

Paid-Up Capital: Common Shares : USD 400,000 divided into 400,000 ordinary shares(par value of USD 1.00)

Status : In the process of tendering.27

OVERSEAS SUBSIDIARIES (Continued)

Date of Incorporation: 4 July 2017

Name: Christiani & Nielsen (Cambodia) Co. ,Ltd.

Address: No. 20, St. 181, Sangkat Tumnub Teuk, Khan Boeung KengKang, Phnom Penh, Cambodia.

Country of Incorporation: Kingdom of Cambodia

Nature of Business: Construction, engineering and related services

Registered Capital: Common Shares: USD 100,000 divided into100,000 ordinary shares (par value of USD 1.00)

Paid-Up Capital: Common Shares : USD 100,000 divided into 100,000 ordinary shares (par value of USD 1.00)

Past experience :

Makro (Phnom Phen) : Dec. 2017 Makro (Siem Reap) : Jan. 2019 INDOGUNA OFFICE : Jan.202028

Solar PV Rooftop SystemSuitable for Factories with large roof Area

10 MWp Pipeline for next 2 quarters

Solar PV Floating SystemSuitable for Factories with available Pond


Solar PV Ground Mounted SystemSuitable for Factories with large available land Area


New Subsidiaries Company in ThailandCNES D1 Co., Ltd.Date of Incorporation : 21 September 2020Name : CNES D1 Co., Ltd.Address : 727, La Salle Road, Kwaeng Bangna Tai,

Khet Bangna, BangkokTel : +66(0) 2398-0158, +66 (0)980967659Country of Incorporation: ThailandNature of Business : Developing renewable energy based power

producing facilities .Registered Capital : THB 2,000,000 divided into 200,000 ordinary shares

(par value of THB 10.00)Paid-Up Capital : THB 2,000,000Shareholding Structure : CNES : 100 %

---------------------------------------

Christiani & Nielsen Energy Solutions Company Limited (CNES)Date of Incorporation : 22 January 2019Name : Christiani & Nielsen Energy Solutions Co., Ltd.Address : 727, La Salle Road, Kwaeng Bangna Tai,

Khet Bangna, BangkokTel : +66(0) 2398-0158, +66 (0)980967659Country of Incorporation: ThailandNature of Business : Provision of Turnkey Development Solutions

in the sector of Energy Efficiency Enhancement having Power Generation from Solar PV Technology as key sector to focus.

Registered Capital : THB 10,000,000 divided into 1,000,000 ordinary shares(par value of THB 10.00)

Paid-Up Capital: THB 10,000,000Shareholding Structure : 1) The Company : 85.0%2) Mr. Bhargab Mohan Das : 11.5% 3) Dass Energy Co., Ltd. : 3.5%** This investment enables the Company to enter into the new renewable energy business which is the business of the future.

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30

Solar PV Projects

COMPLETED PROJECTS

SHEICO (THAILAND) CO., LTD. (RAYONG)*999.85 KWp Solar PV Rooftop Project

TETRAPAK CO., LTD. (RAYONG)*999.7 KWp Solar PV Rooftop Project

GOLDEN LIME CO., LTD. (LOPBURI)*2,000 KWp Solar PV Ground Mounted System Project

CNT HO.(BANGKOK)*69 KWp Solar PV Rooftop Project

CNT PLANT(SRIRACHA) *216 KWp Solar PV Rooftop Project

KULTHORN KIRBY. (LATKRABANG)*64 KWp Solar PV Rooftop Project

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Solar PV Projects

CURRENT PROJECTS

SRF INDUSTRIES (RAYONG)*5,000 KWp Solar PV Rooftop Project

INDORAMA VENTURES – GPSC Glow.(RAYONG)*2,962 KWp Solar PV Rooftop Project

KELLOGGS.(RAYONG)*1,100 KWp Solar PV Rooftop Project

PTT LNG (MAPTAPUT)*280 KWp Solar PV Rooftop Project

INDIAN EMBASSY (BANGKOK)*59 KWp Solar PV Rooftop Project

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Solar PV Projects

AWARDED PROJECTS

PRIME PRODUCTS INDUSTRIES(RAYONG)*1,000 KWp Solar PV Rooftop Project

SIAM ENVIRONMENTAL TECHNOLOGIES (RAYONG)*950 KWp Solar PV Floating Project

INDORAMA VENTURES (NAKHON PATHOM)*4,445 KWp Solar PV Rooftop Project

INDORAMA VENTURES (LOPBURI)*1,446 KWp Solar PV Rooftop Project

INDORAMA VENTURES (RAYONG)*1,145 KWp Solar PV Rooftop Project

ASIA INDUSTRIAL TEXTILE(NAKHON PATHOM)*1,800 KWp Solar PV Rooftop Project

DOD BIOTECH PCL.(SAMUT SAKHON)*476 KWp Solar PV Rooftop Project

AWARDED PROJECTS

In year 2018, the Company entered into an Investment Cum Shareholders Agreement (the “Investment Agreement”) for a minority equity investment in Gammon Engineers and Contractors Private Limited (“GECPL”), a private company based in India within Gammon India Group.

GECPL mainly engages in Engineering, Procurement and Construction (EPC) related business which is the business in relation to all the activities from design, procurement, construction, commissioning and handover of construction projects to project owners.

** The Company views this as an attractive investment as it offers the Company a way to tap into GECPL’s large technical resources and also gives access to the large Indian market.

Other long-term Investments Overseas

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AGENDA



34

FINANCIAL HIGHLIGHTS (Consolidated statements of income)

(Unit : Million Baht)Year 2015

Year2016

Year2017

Year2018

(Restated)Year2019

9M2019

9M2020

Construction Revenue &Service 7,322 6,972 7,851 7,123 7,240 5,239 5,536Total Revenue 7,355 7,003 7,944 7,204 7,348 5,306 5,548Gross Profit Margin 336 441 363 174 328 222 276Gross Margin (%) 4.6 6.3 4.6 2.5 4.5 4.2 5.0

Administrative Expenses 292 330 319 354 329 251 220% Admin. Exps. / Total Revenue 3.97 4.71 4.02 4.96 4.48 4.73 3.96

EBIT 77 142 137 (312) 107 38 68% EBIT / Total Revenue 1.0 2.0 1.7 (4.3) 1.5 0.7 1.2EBT before provision for doubtful debt 61 123 115 (120) 85 30 53

Provision for doubtful debt - - - 213 - - -EBT after provision for doubtful debt 61 123 115 (333) 85 30 53

% EBT/ Total Revenue 0.8 1.8 1.4 (4.6) 1.2 0.6 1.0

Corporate Tax (34) 17 (19) (36) (15) (3) -Net Profit (Loss) 27 140 96 (369) 70 27 53% Net Profit Margin / Total

Revenue 0.4 2.0 1.2 (5.1) 1.0 0.5 1.0

Backlog 4,449 6,469 7,904 12,644 12,655 14,391 13,205

(31 Dec. 15) (31 Dec. 16) (31 Dec.17) (31 Dec.18)) (31 Dec.19) (30 Sep,19) (30 Sep,20)

35

STATEMENTS OF INCOME (Consolidated)

9,437

7,355 7,003

7,944

7,204 7,348

5,306 5,548

9,413

7,322 6,972

7,851

7,123 7,240

5,239

5,536

(96)

336 441 363 174 328 222 276

(369)

77 142 137

(312)

107 38 68

(387)

61 123 115

…

85 30 53

-1.0%

4.6%

6.3%

4.6%

2.5%

4.5% 4.2%

5.0%

-3.9%

1.0% 2.0% 1.7%

-4.4%

1.5%

0.7% 1.2%

3.2%

3.2%4.0%

4.0%5.0%

4.5%

4.7%

4.0%

-4.1%

0.8% 1.8%1.4%

-4.6%

1.2% 0.6% 1.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

(2,000)

-

2,000

4,000

6,000

8,000

10,000

12,000

Year 2014 Year 2015 Year 2016 Year 2017 Year 2018 Year 2019 9M'2019 9M'2020

Total Revenue Construction Revenue Gross MarginEBIT EBT GSM %EBIT % Adm. Exps. % EBT %

Unit: MB

(Restated)

36

PERFORMANCE & REVENUE GROWTHUnit: MB

6.4%

5.0%

-3.8%

0.4%

2.0%

1.2%

-5.1%

1.0%

0.5%

1.0%

6.2%

4.8%

-4.1%

0.8%

1.8%

1.4%

-4.6%

1.2%

0.6%

1.0%

8.9%

6.9%

-1.0%

4.6%

6.3%

4.6%

2.5%

4.5%

4.2%

5.0%

-10.0% -5.0% 0.0% 5.0% 10.0%

2012

2013

2014

2015

2016

2017

2018

2019

9M2019

9M2020

GSM% EBT% Net Profit %

GSM % VS EBT % VS Net Profit %

Average Gross Profit Margin = 5%Average Earning Before Tax Margin = 1%Average Net Profit Margin = 1%

7,310

9,0449,437

7,3557,003

7,944

7,204

7,348

5,306 5,5487,269

8,9339,413

7,3226,972

7,851

7,1237,240

5,239 5,536

644 620

(96)

336 441 363

174 328 222

276 455 435

(387)

61 123115

(333)

85 30 53

464 448

(354)

27

140

96

(369)

70 27

53

-2,000

0

2,000

4,000

6,000

8,000

10,000

12,000

2012 2013 2014 2015 2016 2017 2018 2019 9M'2019 9M'2020

Total Revenue Construction Revenue Gross Profit EBT Net Profit

Total Revenue is 5,305 MB. in year 2019 and in 9M 2020 is 5,548 MB.

From 2012 to 2014, the Company's Total Revenues increased substantially, with a CAGR of 13.62%. The Company's Total Revenues then contracted between 2014 and 2016, before increasing 13.44% between 2016 and 2017. Total Revenues are down 9.31% in Year 2018 as compared to Year 2017, increased by 2% in Year 2019 as compared to Year 2018 and increased by 4.6 % in 9M 2020 as Compared in 9M 2019.

37

PERFORMANCE BY QUARTER

Unit: MB

1,654 1,795 1,922

1,632 1,679

1,999 2,035 1,883 1,801 1,864

1,651 1,792

1,918

1,629 1,612

1,998 2,001

1,879 1,797 1,859

(14)55

(59)

94 38 90

107 81 103 91

(42)

(36)

(263)

19 10 15 62 14 29 26

(47) (42)(267)

14 5 10 55 8 23 22

-0.8%

3.0%

-3.1%

5.7%

2.4%

4.5% 5.3%

4.3%

5.7%

4.9%

-2.5%-2.0%

-13.7%

1.2%

0.6%

0.7%

3.1%

0.7%1.6%

1.5%

-2.8%

-2.3%

-13.9%

0.9%0.3%

0.5% 0.5% 0.4%1.3% 1.2%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

(500)

500

1,500

2,500

3,500

4,500

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20

Total Revenue Construction Revenue Gross Margin EBIT EBT GSM % EBIT % EBT%

38

5,221

8,721 8,856

11,344

6,730

5,525

0

2,000

4,000

6,000

8,000

10,000

12,000

New Contracts Awarded

2015

2016

2017

2018

201930/11/2020

Projection of tenders for the year 2021

(Total 29,500 MB.)

Private Segment : Factory &

Warehouse, 4,000

Private Segment : General Buiding /Hospital/Office,

5,000

Government Segment : Highways/Infrastructure/EEC,

6,000

Private Segment : Mall/Complex & Shopping

Arena, 6,500

Government Segment : Building and Other, 8,000

New Contracts Awarded and Projection of Tenders

Unit :MB

39

TOTAL REVENUE as of 30 September 2020 by Segments

40

Highway12.76%

Government Building21.72%

Petrochem/Energy13.73%

Industrial Facilities28.26%

Private Building21.08%

Hotel/Resort2.45%

Total Revenue by Segment Short Term7.76%

Long Term92.24%

Revenue by Term

Highway13.84%


Petrochem/Energy

14.88%

Industrial Facilities22.22%


Hotel/Resort2.65%

Long Term

BACKLOG (MB)14,391

12,655

11,047

9,426

13,205

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Q3/2019 Q4/2019 Q1/2020 Q2/2020 Q3/2020As at 30 Sep.

41

Backlog as of 30 Sep. 2020 by Segment

Highway21.61%


Petrochem/Energy5.41% Industrial

Facilities18.29%


Hotel/Resort1.48%

FINANCIAL HIGHLIGHTSSTATEMENTS OF FINANCIAL POSITION (Consolidated)

(Unit : Million Baht)

31 Dec.2015

31 Dec.2016

31 Dec.2017

(Restated)

31 Dec.2018

(Restated)

31 Dec.2019

30 Sep.2020

Total Assets 4,551 5,010 5,862 5,774 6,721 5,932

Total Liabilities 2,802 3,171 3,879 4,211 4,634 3,821

Net Equity 1,749 1,839 1,983 1,563 2,087 2,111

Paid-up Capital(THB. 1 / share)

1,003 1,003 1,028 1,028 1,028 1,028

BV per Share (Baht) 1.74 1.83 1.93 1.52 2.03 2.05

42

STATEMENTS OF FINANCIAL POSITION

2.02

1.60

1.72

1.96

2.69

2.22

1.81

0.00 2.00 4.00

2014

2015

2016

2017

2018

2019

Q3'2020

D/E Ratio

0

2,000

4,000

6,000

2015 2016 2017 2018 2019 30 sep'2020

4,551

5,010

5,862 5,7746,721 5,932

2,802

3,171

3,879

4,211

4,634

3,821

1,7491,839 1,983

1,563

2,087 2,111

Total Assets Total Liabilities Net Equity

As at 31 Dec.(Restated) (Restated)

Unit: MB

( 11.7 %)

( 17.6%)

( 1.2 %)

43

FINANCIAL DATA & RATIOS (Consolidated F/S)

Year2015

Year2016

Year2017

(Restated)

Year2018

(Restated)

Year2019

9mths.2019

9mths.2020

EPS (Baht) 0.02 0.14 0.09 (0.36) 0.07 0.03 0.05

Paid-up Capital (Million Baht)(1 ordinary share : 1 Baht)

1,002.90 1,002.90 1,027.90 1,027.90 1,027.90 1,027.90 1,027.90

GSM % 4.59 6.33 4.62 2.45 4.54 4.24 4.98

EBIT Margin % 1.05 2.03 1.72 (4.33) 1.46 0.85 1.20

EBT Margin % 0.83 1.76 1.45 (4.60) 1.20 0.56 1.00

Net Profit Margin % 0.37 2.00 1.21 (5.12) 0.96 0.51 1.00Current Ratio (Times) 1.27 1.26 1.22 1.06 1.07 1.07 1.10

Debt / Equity Ratio (Times) 1.60 1.72 1.96 2.69 2.22 2.98 1.81

*Dividend Yield % 1.56 N/A 2.85 5.14 N/A N/A 3.31

*source: www.set.or.th

44

FINANCIAL RATIOS & RATE OF RETURNROA vs ROE

1.36%

2.93%

2.95%

-6.63%

1.72% 2.13%1.57%

7.81% 8.16%

-25.27%

4.17% 5.33%

-30.00%

-25.00%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

2015 2016 2017 2018 2019 2020

ROA ROE

0.02

0.14 0.09

(0.41)

0.07 0.05

-

0.10 0.10

-

0.04 -

(0.50)

(0.40)

(0.30)

(0.20)

(0.10)

-

0.10

0.20

EPS(Baht) Total Payment (Baht)

(Restated)

Dividend Payout

83.33%71.43%

100.00%

0.00%

46.20%

0.00%0.00%

83.33%71.43% 100.00%

0.00%

46.20%

0.00%0.00%

0%

20%

40%

60%

80%

100%

120%

2014 2016 2017 2018 2019 Q2'2020 Q3'2020

Cash Dividend Total Dividend

Dividend Yield

4.59%

6.33%

4.62%

2.45%

4.54% 4.98%

1.05% 2.04%

1.72%

-4.33%

1.46% 1.20%

0.80%

1.80% 1.45%

-5.62%

1.20%1.00%

0.37% 2.01%

1.21%

5.12%

0.96%

1.00%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

2015 2016 2017 2018 2019 9M'2020

GSM % EBIT % EBT % Net Profit %

Margin

% Dividend Payout

• In 2014 % Dividend Payout of 83.33% cal. from HY’s EPS. (THB. 0.06 per share)

1.27

1.26

1.22

1.06 1.07

1.10

1.60 1.72

1.96

2.69

2.22

1.81

-

0.50

1.00

1.50

2.00

2.50

3.00

2015 2016 2017 2018 2019 2020

Current Ratio D/E Ratio

(Restated) (Restated)

Current Ratio vs D/E Ratio

1.56%

0.00%

2.85%

5.14%

0.00%0.00%

3.20% 3.33%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

Dividend Yield %

45

4545

HISTORICAL DIVIDENDS (Separate F/S)

Year 2014 Year

2015Year 2016

Year 2017 Year

2018(Restated)

Year 2019

9M’ 2020Interim

(6mths. Performance

1 Jan.–Jun.14)

2014Interim(6 mths.

Performance1 Jan.17–Jun.17)

2017

EPS (Baht) 0.06 (0.35) 0.02 0.14 0.06 0.10 (0.37) 0.09 0.05

Paid-up Capital (Million Baht) 1,002.9 1,002.9 1,002.9 1,002.9 1,002.9 1,027.9 1,027.9 1,027.9 1,027.9

Dividend Paid (Baht)

- Cash Dividend 0.05 0.05 - 0.10 0.05 0.10 - 0.04 -

- Stock Dividend - - - - - - - - -

Total Payment 0.05 0.05 - 0.10 0.05 0.10 - 0.04 -

Date of Payment

5 Sep 14 = 0.05

5 Sep 14 = 0.05

13 Dec’16 = 0.05 8 Sep’17 = 0.05 8 Sep’17 = 0.05

8 May 17 = 0.058 May 18 = 0.05

paid from a combination of year 2017’s net profits

and the retained earnings as at 31st Dec. 2017

12 May’20 = 0.04(Interim Dividend from 1

Jan – 31 Dec’19 Performance)

% Cash Dividend Paid 83.33 - - 71.43 83.33 100 - 46.20 -

Payout (%) * 83.33 -** - 71.43 83.33 100 - 46.20 -

* Dividend Payment Policy : Not less than 40% of net profit after tax as per Separate Financial Statements.** Dividend Payment Ratio not calculated for 2014 as the Company had a net loss.

(Fm.EPS=0.06 HY) (Fm.EPS=0.06 HY)

46

AGENDA



47

REVENUE TARGET (MB)

4,107

4,822

7,310

9,044 9,437

7,355 7,003

7,944

7,204 7,348

8,000

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

*will depend on the market environment and the Thai Economy.

*

(Restated)

48

Source : Thailand Industry Outlook 2019-21 by Krungsri Research (June 2019)49

Growth of Construction Materials Price IndexMega Projects Investment Value

Source : Thailand Industry Outlook 2019-21 by Krungsri Research (June 2019)50

Q & A

THANK YOU

IR Contact

E- mail [email protected]

christiani & nielsen (thai) public company limited

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