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Christiani & Nielsen (Thai)
Public Company Limited
Website: cn-thai.co.th
Telephone: 0 2338 8000
Head Office : 727 La Salle Road,
Bangna Tai, Bangna District, Bangkok 10260
Tel. : +66 2 338 8000, Fax : +66 2 338 8090
SET Opportunity Day
Q2/2019 : 27 August 2019
1
The contents of the presentation provided by Christiani & Nielsen (Thai) Public
Company Limited (the “Company”) is provided as information for discussion
purpose only. Past performance is not indicative of future performance. Some of
the information in this presentation may contain projections or other forward looking
statements regarding future events or future financial performance of countries,
markets or companies. These statements are only predictions and actual events or
results may differ materially. The reader must make his/her own assessment of the
relevance, accuracy and adequacy of the information contained in this presentation
and make such independent investigations as he/she may consider necessary or
appropriate for the purpose of such assessment. Any opinion or estimate contained
in this presentation is made on a general basis and is not to be relied on by the
reader as advice. Neither the Company nor any of its employees or agents have
given any consideration to nor have they or any of them made any investigation of
the investment objectives, financial situation or particular need of the reader, any
specific person or group of persons. Accordingly, no warranty whatsoever is given
and no liability whatsoever is accepted for any loss arising whether directly or
indirectly as a result of the reader, any person or group of persons acting on any
information, opinion or estimate contained in this presentation.
DISCLAIMER
2
Company Overview & Business
Operational Performance Q2/2019
Future Strategy
Q & A
AGENDA
3
AGENDA
Company Overview & Business
Operational Performance
Q2/2019
Future Strategy
Q & A
4
COMPANY PROFILE
Company
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
5
AWARDS & CERTIFICATES Standard & Certifications
On the occasion of 70th year Anniversary in year 2000, the Company achieved the
construction quality ISO 9002 standard for the whole Company, which is the first
Thai major international contractor who achieved this certification from international
accreditor i.e. UKAS (United Kingdom Accreditation Service) and NAC (National
Accreditation Council), and a year later the company has developed a system to ISO
9001:2015.
On the occasion of 88th year Anniversary in
year 2018, the Company achieved the
proper Occupational Health and Safety
Assessment Series: OHSAS 18001:2007.
6
AWARDS & CERTIFICATES
Safety Awards
7
AWARDS & CERTIFICATES
Client 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
8
VISION AND MISSION
VISION
Develop Sustained
Competitiveness
Aim to Produce High Quality Works
Develop Optimum Sale & Services
Develop Optimum Staff Cost
Consciousness
MISSION
มุ่งมัน่พฒันาธุรกิจให้สามารถแข่งขนัได้
เพ่ือให้องค์กรเจริญก้าวหน้ายัง่ยืนตอ่ไป
มุ่งมัน่พฒันาผลิตภณัฑ์ให้มีคณุภาพเหมาะสมกบัลกูค้า มุ่งมัน่พฒันาเทคนิคการขายและการให้บริการ มุ่งมัน่พฒันาจิตส านกึในเร่ืองของต้นทนุ
9
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.
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.
10
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 Building
Mahidol University
(Nakorn Pathom)
(2016)
Mahidol University Technology
Theatre Hall (Nakorn Pathom)
(2014)
SCG Head Office 3 & Parking
(Bang Sue Road ,Bangkok)
(2014)
Ratchapreuk Hospital (Mitraphap Road, Khonkhean)
(2018)
Bhumisirimangkhlanusorn
Building Chulalongkorn Hospital
(Sala Daeng, BANGKOK) (2015)
Somerset Maison
Asoke Hotel
(Sukumvit Road,
Bangkok)(2018)
VISTEC 3.2
(Rayong) (2018)
Chia Tai New Office
(Sukhumvit Road,
Bangkok)
(2018)
MANDARA
INNOVAION HUB (2018)
11
Industrial
New Plasterboard
Plant
(Saraburi) (2013)
PTT Polymer Logistics
Platform (Rayong)
(2013)
LNG Receiving
Terminal
(Rayong) (2009)
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)
Fish oil Extraction Factory
(Samut Sakhon) (2018)
GTL Warehouse Phase 2
(Chonburi)(2018) Royal Factory Extension
(Chiang Mai) (2018)
CPRAM Delicatessen Food
(Pathumthani)
(2018)
CPRAM
(Lamphun)
(2018)
Thainamthip Pattaya (Chon Buri) (2018)
CPRAM Bo Ngoen 2
(Pathumthani) (2018)
ALLIANCE THAILAND
FACTORY (CHON BURI) (2019)
12
Infrastructure
Nakhon Si Thamarat Highway
(Route No.403)
(Nakhon Si Thamarat)
(2004)
Klong Toey Port
(Bangkok)
(1942-1945)
Bangkok Wastewater
Treatment Plant
(Bangkok)
(1995-1997
Rama VI Bridge
(Bangkok)
(1951-1952)
Thung Phra Men Flyover
(Nakhon Pathom)
(2015)
Phitsanulok - Lom Sak
Highway
(Phitsanulok)
(2015)
PAST EXPERIENCE
13
Buildings
CURRENT PROJECTS
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.
14
Buildings
CURRENT PROJECTS
PRIMO POSTO (BANGKOK)
*Construction of 4 nos. commercial building and car
park with basement and connected mezzanine floor.
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.
MAHIDOL INNOVATION BUILDING
(NAKHON PATHOM)
*Construction of 3-storey innovation collaboration
building, underroof innovation space, and
multipurpose outdoor ground.
MAHIDOL PARKING BUILDING (NAKHON PATHOM)
*Construction of 3-storey parking building with 2 level of
basement.
15
Buildings
CURRENT PROJECTS
St. ANDREWS SPORTS FACILITY (BANGKOK)
*Construction of 2-storey New Sports Facility building
(total 2,560 sq.m.).
KLAIMOR HOSPITAL (LAMPHUN)
*Construction of 5-storey checkup building with
mezzanine floor and single basement car park
(total 4,800 sq.m.).
TARA PARK PARKING BUILDING (NONTHABURI)
*Construction of 13-storey parking building with 4-level
basement (27,000 sq. m.).
COURTYARD SUVARNABHUMI (BANGKOK)
*Construction of 7-stroey hotel building with 2-level
basement parking (total 53,000 sq.m.).
16
Buildings
CURRENT PROJECTS
FOREST PAVILION (SAMUT PRAKAN)
*Construction of 3-storey Sales Gallery building
(total 6,100 sq. m.)
ISUZU SHOWROOM (PATHUM THANI)
*Construction of 2-storey office and showroom
(total 4,790 sq.m.)
New Projects - INDIAN EMBASSY RESIDENCE
- MAIN BUILDING FOR KLAIMOR
HOSPITAL
Hypermarket - Homepro Mukdahan
17
Industrial
CURRENT PROJECTS
SGA BOTTLE FACTORY (AYUTAYA)
*Construction of new furnace building, cooling tower,
oil separator pit and transformer for Siam Glass
Ayutthaya.
POC NEW FACTORY (SAMUT PRAKAN)
*Structural, architectural, and M&E work for
construction of 3-storey factory building with on
mezzanine floor (total 8,000sq.m.)
PCG WET PLANT (SAMUT PRAKAN)
*Structural, Architectural and M&E works for
Construction of 2-storey building (total 9,600 sq. m.)
INTEQC SWINE FARM (KANCHANABURI)
*Design and construction for 130 units swine
housing.
18
Industrial
CURRENT PROJECTS
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.
UNION GALVANIZER FACTORY (CHACHOENGSAO)
*Construction of 3-level hot dip galvanizing plant
with 2-storey office section.
New Projects - SWINE FARM RENOVATION
- GFN EP2
- PURX PROJECT
- SOY MILK FACTORY LINE 3
- CPF KORAT GRILL LINE
19
Infrastructure
THUNG SONG INTERCHANGE (NAKHON SI THAMMARAT)
*Construction of Highway interchange at Intersection of
Highway Route No. 41 and 403.
INDOCHINA INTERSECTION
(PHITSANULOK)
*Construction of Interchange Bridges
at Intersection of Highway Route No.
11 and 12.
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. prestressed concrete bridge.
New Projects - Highway 3191
Map Ta Phut (Rayong)
(Widening of 4-lane
Highway to 6-lane RC
with asphalt concrete
Surface Highway)
20
REF. CONTRACT TITLE LOCATION SEGMENT
1
PCG WET PLANT
(Structural, Architectural and M&E works for Construction of 2-
storey building (total 9,600 sq. m.))
Bang Sao Thong, Samut Prakan Industrial Facilities
2
INDIAN EMBASSY RESIDENCE
(Structural, Architectural and MEP works for Construction of 4
buildings (2 to 7 floors). (total 12,000 sq. m.))
Sukhumvit 25, Bangkok Private Building
3
HOMEPRO MUKDAHAN
(Design and construction of new HomePro store
(total 9,830 sq. m.))
Mukdahan Hypermarket
4
INTEQC SWINE FARM (WATER TREATMENT PLANT)
(Design and construction of structural, architectural, and electrical
works for water treatment plant (total area 200 sq.m.))
Kanchanaburi Industrial Facilities
5
FOREST PAVILION
(Structural and Architectural works for Construction of 3-storey
Sales Gallery building (total 6,100 sq. m.))
Bang Phli, Samut Prakan Private Building
6
SWINE FARM RENOVATION
(Structural and Architectural works for renovation of existing swine
farm.)
Tha Muang, Kanchanaburi
Industrial Facilities
NEW CONTRACTS AWARDED DURING JAN19 – JUL19
21
REF. CONTRACT TITLE LOCATION SEGMENT
7
PTTLNG TANK
(Subcontractor to Main Contractor for Construction of 2 nos. of
LNG Storage Tanks 90 m. dia. X 49 m. high.)
Rayong Petrochemical (Civil &
Building)
8
GFN FP2
(Design and construction of 3-storey processing building with
single basement (total 27,700 sq.m.).)
Nong Yai, Chon Buri Industrial Facilities
9
MAIN BUILDING FOR KLAIMOR HOSPITAL
(Structural and Architectural works for Construction of 8-stroey
building with single basement (total 12,824 sq.m.).)
Lamphun
Private Building
10
PURX PROJECT
(Structural, Architectural and M&E works for Construction of
3-storey building and single storey chiller building (total 3,400
sq.m.).)
Rayong Industrial Facilities
11
HIGHWAY 3191 MAP TA PHUT
(Widening of 4-lane Highway to 6-lane RC with asphalt concrete
Surface Highway)
Nikhom Phatthana, Rayong
Highway & Overpass
NEW CONTRACTS AWARDED DURING JAN19 – JUL19
22
REF. CONTRACT TITLE LOCATION SEGMENT
12
SOY MILK FACTORY LINE 3
(Design and Construct of Line 3 building for Soy Milk Factory
(total 310 sq.m.).)
Saraburi Industrial Facilities
13
CPF KORAT GRILL LINE
(Structural, Architectural and MEP works for Construction of
2-storey food processing building and 2-storey utility building
With interconnecting single basement (total 16,600 sq.m.).)
Chok Chai, Nakhon Ratchasima Industrial Facilities
14
INDOGUNA OFFICE
(CSA construction works of office and cold room for Indoguna
project inside Makro Phnom Penh)
Phnom Penh, Cambodia Hypermarket
TOTAL VALUE AMOUNT
~ 4,710 MB
NEW CONTRACTS AWARDED DURING JAN19 – JUL19
23
TRAINING CENTER for Safety Officers at Supervisor Level Registered with Department of Labor Protection and Welfare
Training Centre
2 Storey Training Building
Location: Nimitmai 64, Minburi
Area : 16,000 m2
Opened : 22 November 2013
Objectives:
• To increase quality of work
• To decrease cost of work
• To increase efficiency
Duration: 1 - 4 days
2019 plan: 151 classes (85 classes in 2018)
35%
65%
Workshop
Lecture
Established on 8 April 2008
ศนูย์ฝึกอบรมบมจ.คริสเตียนีและนีลเส็นไทย
ถนนนิมิตรใหม ่กรุงเทพฯ
Type of
in-house
training:
24
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
25
OVERSEAS SUBSIDIARIES
Date of Incorporation: 15 July 2016
Name: Christiani & Nielsen (Myanmar) Limited
Address: No. (24/C) Natmout Yeikthar,Street,Bahan,
Township, Yangon, The Republic of the Union of
Myanmar
Tel: (951) 540 188
Country of Incorporation: The Republic of the Union of Myanmar
Nature of Business: Construction, engineering and related services
Registered Capital: Common Shares:
USD 500,000 divided into
500,000 ordinary shares par value of USD 1.00)
Paid-Up Capital: Common Shares :
USD 300,000 divided into
300,000 ordinary shares (par value of USD 1.00)
Status : In the process of tendering.
26
OVERSEAS SUBSIDIARIES (Continued)
Date of Incorporation: 4 July 2017
Name: Christiani & Nielsen (Cambodia) Co. ,Ltd.
Address: #116, Street 105K,Vimean Trong Village,
Sangkat Krang Thnong,
Khan Sensok, Phnom Penh,
Kingdom of Cambodia
Tel:(855) 23 36 6342-3
Country of Incorporation: Kingdom of Cambodia
Nature of Business: Construction, engineering and related services
Registered Capital: Common Shares:
USD 100,000 divided into
100,000 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
New Projects
- Indoguna Office (Phnom Phen)
27
New subsidiary Company in Thailand Christiani & Nielsen Energy Solutions Company Limited (CNES)
Date of Incorporation: 22 January 2019
Name: Christiani & Nielsen Energy Solutions Company Limited
Address: 727, La Salle Road, Kwaeng Bangna Tai, Khet Bangna,
Bangkok
Tel: +66(0) 2398-0158, +66 (0)980967659
Country of Incorporation: Thailand
Nature 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 10,000,000
Shareholding 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.
Solar PV Rooftop System Suitable for Factories with large roof Area
10 MWp Pipeline for next 2 quarters
Solar PV Floating System
Suitable for Factories with available Pond
1 MWp Pipeline for next 2 quarters
Solar PV Ground Mounted System Suitable for Factories with large available land Area
3 MWp Pipeline for next 2 quarters
28
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
29
AGENDA
Company Overview & Business
Operational Performance
Q2/2019
Future Strategy
Q & A
30
FINANCIAL HIGHLIGHTS (Consolidated statements of income)
(Unit : Million Baht)
Year
2014
Year
2015
Year
2016
Year
2017
Year
2018
HY
2018
HY
2019
Construction Revenue 9,413 7,322 6,972 7,851 7,123 3,414 3,241
Total Revenue 9,437 7,355 7,003 7,944 7,135 3,420 3,311
Gross Profit Margin (96) 336 441 363 174 179 133 Gross Margin (%) (1.0) 4.6 6.3 4.6 2.4 5.2 4.1
Administrative Expenses 298 292 330 319 354 162 173
% Admin. Exps. / Total Revenue 3.16 3.97 4.71 4.02 4.96 4.74 5.23
EBIT (369) 77 142 137 (381) 23 30
% EBIT / Total Revenue (3.9) 1.0 2.0 1.7 (5.3) 0.7 0.9
EBT before provision for doubtful debt (387) 61 123 115 (188) 12 20
Provision for doubtful debt - - - - 213 105 -
EBT after provision for doubtful debt (387) 61 123 115 (401) (93) 20
% EBT/ Total Revenue (4.1) 0.8 1.8 1.4 (5.6) (2.7) 0.6
Corporate Tax (33) 34 (17) 19 22 (15) (3)
Net Profit (Loss) (354) 27 140 96 (423) (108) 17
% Net Profit Margin / Total
Revenue (3.8) 0.4 2.0 1.2 (5.9) (3.2) 0.5
Backlog 5,210 4,449 6,469 7,904 12,644 11,351 14,361
(31 Dec. 14) (31 Dec. 15) (31 Dec. 16) (31 Dec.17) (31 Dec.18))
(30 Jun.18) (30 Jun.19)
31
STATEMENTS OF INCOME (Consolidated)
9,044 9,437
7,355 7,003
7,944
7,135
3,420
3,311
8,933 9,413
7,322
6,972
7,851
7,123
3,414
3,241
620
(96)
336 441 363
174 179
133 441 (369)
77 142 137
(381)
(82)
30 435
(387) 61 123 115
(401)
(93)
20
6.9%
-1.0%
4.6%
6.3%
4.6%
2.4%
5.2%
4.1%
4.9%
-3.9%
1.0%
2.0% 1.7%
-5.3%
0.7%
0.9%
3.1%
3.2%
3.2%
4.0%
4.0%
5.0% 4.7%
5.2% 4.8%
-4.1%
0.8%
1.8% 1.4%
-5.6%
-2.7%
0.6%
-11.0%
-6.0%
-1.0%
4.0%
9.0%
14.0%
(2,000)
-
2,000
4,000
6,000
8,000
10,000
12,000
Year 2013 Year 2014 Year 2015 Year 2016 Year 2017 Year 2018 HY' 2018 HY' 2019
Total Revenue Construction Revenue Gross Margin
EBIT EBT GSM %
EBIT % Adm. Exps. % EBT %
Unit: MB
Note : In Year 2013, the EBIT was high because the Company had Extraordinary income of ~66 MB in Q1’13 (refund of w/t deducted at source of the Years 1999-
2001)
32
PERFORMANCE & REVENUE GROWTH
Unit: MB
6.4%
5.0%
-3.8%
0.4%
2.0%
1.2%
-5.9%
-3.2%
0.5%
6.2%
4.8%
-4.1%
0.8%
1.8%
1.4%
-5.6%
-2.7%
0.6%
8.9%
6.9%
-1.0%
4.6%
6.3%
4.6%
2.4%
5.2%
4.1%
-10.0% -5.0% 0.0% 5.0% 10.0%
2012
2013
2014
2015
2016
2017
2018
HY'2018
HY'2019
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
9,044 9,437
7,355 7,003
7,944
7,135
3,420 3,311
7,269
8,933 9,413
7,322 6,972
7,851
7,123
3,414
3,241
644 620
(96)
336 441 363
174 179 133 455 435
(387)
61 123 115
(401) (93)
20 464 448
(354)
27 140 96
(423) (108)
17
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
2012 2013 2014 2015 2016 2017 2018 HY'2018 HY'2019
Total Revenue Construction Revenue Gross Profit EBT Net Profit
+
Total Revenue is 7,135 MB. in year 2018 and in HY 2019 is 3,311 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
10.18% in Year 2018 as compared to Year 2017 and decrease by 3.2 % in HFY19 as
compared in HFY18.
33
PERFORMANCE BY QUARTER
Unit: MB
1,962
2,344
2,238
1,765 1,654
1,795 1,922
1,632 1,679 1,928
2,303
2,224
1,762
1,651 1,792
1,918
1,629
1,612
94 89 92 192
(14)
55
(59)
94 38 51 33 32
(40) (42) (36)
(263)
19 10 46 27 25
(45) (47) (42)
(267)
14 5
4.9%
3.9% 4.1%
11%
-0.8%
3.0%
-3.1%
5.7%
2.4% 2.6% 1.4%
1.4%
-2.3% -2.5%
-2.0%
-13.7%
1.2%
0.6% 2.3%
1.2%
1.1%
-2.5%
-2.8%
-2.3%
-13.9%
0.9% 0.3%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
(500)
500
1,500
2,500
3,500
4,500
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
Total Revenue Construction Revenue Gross Margin EBIT
EBT GSM % EBIT % EBT%
34
5,221
8,721 8,856
11,344
4,710
0
2,000
4,000
6,000
8,000
10,000
12,000
2015 2016 2017 2018 27/8/2019
New Contracts Awarded
2015
2016
2017
2018
27/8/2019
Projection of tenders for the rest of 2019
(Total 9,000 MB.)
[CATEGORY NAME], [VALUE]
[CATEGORY NAME], [VALUE]
[CATEGORY NAME], [VALUE]
[CATEGORY NAME], [VALUE]
[CATEGORY NAME], [VALUE]
[CATEGORY NAME], [VALUE]
New Contracts Awarded and Projection of Tenders
Unit :MB
35
TOTAL REVENUE
as of 30 June 2019 by Segments
Highway 11.18%
Government Building 14.22%
Petrochem/Energy 6.88%
Industrial Facilities 38.92%
Private Building 21.63%
Hotel/Resort 4.65%
Hypermarket 2.52%
Total Revenue by Segment Short Term 29.04%
Long Term 70.96%
Revenue by Term
Hypermarket 11.19%
Private Building 47.61%
Industrial 41.20%
Short Term
36
BACKLOG (MB)
6,469
7,904
12,644 12,331
14,361
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2016 2017 2018 2019 2019 As at 30 Jun.
Industrial Facilities, 14.37%
Hypermarkets, 0.16%
Private Bldgs., 9.88%
Petrochem / Energy, 14.50%
Government Bldgs., 34.34%
Highways, 23.68%
Hotel/Resort
3.07%
Backlog as of 30 June 2019 by Segment
37
FINANCIAL HIGHLIGHTS STATEMENTS OF FINANCIAL POSITION (Consolidated)
(Unit : Million Baht)
31 Dec.
2014
31 Dec.
2015
31 Dec.
2016
31 Dec.
2017
31 Dec.
2018
30 Jun.
2019
Total Assets 5,211 4,551 5,010 5,813 5,671 5,693
Total Liabilities 3,486 2,802 3,171 3,879 4,211 4,216
Net Equity 1,725 1,749 1,839 1,934 1,460 1,477
Paid-up Capital (THB. 1 / share)
1,003 1,003 1,003 1,028 1,028 1,028
BV per Share (Baht)
1.72
1.74
1.83
1.88
1.42
1.44
38
STATEMENTS OF FINANCIAL POSITION
1.57
2.02
1.60
1.72
2.01
2.88
2.85
0.00 2.00 4.00
2013
2014
2015
2016
2017
2018
Q2'2019
D/E Ratio
0
2,000
4,000
6,000
2014 2015 2016 2017 2018 30 Jun'2019
5,211
4,551
5,010
5,813 5,671 5,693
3,486
2,802
3,171
3,879
4,211 4,216
1,725 1,749 1,839 1,934
1,460 1,477
Total Assets Total Liabilities Net Equity
As at 31 Dec.
Unit: MB
( 0.39 %)
( 0.12%)
( 1.17%)
39
FINANCIAL DATA & RATIOS (Consolidated F/S)
Year
2014
Year
2015
Year
2016
Year
2017
Year
2018
HY
2018
HY
2019
EPS (Baht) (0.35) 0.02 0.14 0.09 (0.41) (0.11) 0.02
Paid-up Capital (Million Baht)
(1 ordinary share : 1 Baht)
1,002.90 1,002.90 1,002.90 1,027.90 1,027.90 1,027.90 1,027.90
GSM % (1.02) 4.59 6.33 4.62 2.44 5.24 4.10
EBIT Margin % (3.92) 1.05 2.03 1.72 (5.34) (2.40) 0.91
EBT Margin % (4.10) 0.83 1.76 1.45 (5.62) (2.69) 0.60
Net Profit Margin % (3.75) 0.37 2.00 1.21 (5.93) (3.16) 0.51
Current Ratio
(Times)
1.21 1.27 1.26 1.22 1.06 1.17 1.07
Debt / Equity Ratio
(Times)
2.02 1.60 1.72 2.01 2.88 1.99 2.85
*Dividend Yield % 4.50 1.56 N/A 3.41 5.01 4.99 N/A
*source: www.set.or.th
40
FINANCIAL RATIOS & RATE OF RETURN
ROA vs ROE
-6.83%
1.36% 2.93%
2.95%
-6.63% -4.88%
-18.39%
1.57% 7.81%
8.16%
-25.27%
-18.53%
-30.00%
-25.00%
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
2014 2015 2016 2017 2018 HY'19
ROA ROE
(0.35)
0.02
0.14
0.10
(0.42)
0.02
0.05
-
0.10 0.10
- -
(0.50)
(0.40)
(0.30)
(0.20)
(0.10)
-
0.10
0.20
2014 2015 2016 2017 2018 HY'19
EPS(Baht) Total Payment (Baht)
Dividend Payout
83.33%
71.43%
100.00%
0.00% 0.00%
83.33% 71.43% 100.00%
0.00% 0.00%
0%
20%
40%
60%
80%
100%
120%
2014 2016 2017 2018 HY'2019
Cash Dividend Total Dividend
Dividend Yield
-1.02%
4.59%
6.33%
4.62%
2.44%
4.10%
-3.92%
1.05%
2.04% 1.72%
-5.34%
0.91%
-4.10%
0.80%
1.80%
1.40%
-5.62%
0.60%
-3.75%
0.37%
2.01% 1.21%
-5.93%
0.51%
-8.00%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
2014 2015 2016 2017 2018 HY'19
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)
1.21
1.27
1.26
1.22
1.06 1.07
2.02
1.60
1.72 2.01
2.88
2.85
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2014 2015 2016 2017 2018 HY'19
Current Ratio D/E Ratio
Current Ratio vs D/E Ratio
4.50%
1.56%
0.00%
N/A
5.01%
0.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Dividend Yield %
41
HISTORICAL DIVIDENDS (Separate F/S)
Year
2014 Year
2015
Year
2016
Year
2017 Year
2018
HY’
2019 Interim (6mths.
Performance
1 Jan.– Jun.14)
2014 Interim (6 mths.
Performance
1 Jan.17– Jun.17)
2017
EPS (Baht) 0.06 (0.35) 0.02 0.14 0.06 0.10 (0.42) 0.02
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
Dividend Paid
(Baht)
- Cash Dividend 0.05 0.05 - 0.10 0.05 0.10 - -
- Stock Dividend - - - - - - - -
Total Payment 0.05 0.05 - 0.10 0.05 0.10 - -
Date of
Payment
5 Sep 14 = 0.05 5 Sep 14 = 0.05 8 Sep’17 = 0.05 8 Sep’17 = 0.05
13 Dec16 = 0.05
8 May 17 = 0.05
8 May 18 = 0.05 paid from a combination of
year 2017’s net profits and
the retained earnings as at
31st December 2017
% Cash Dividend
Paid 83.33 - - 71.43 83.33 100 -
Payout (%) * 83.33 -** - 71.43 83.33 100 -
* 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)
42
a)
b)
In 2015, the Company was sued by a subcontractor claiming compensation of Baht 235 million for breach of contract.
The Company’s opinion is that it did not commit the breach claimed, and on 16 July 2015, it filed a counterclaim with
the court, claiming compensatory damages of Baht 632 million.
On 23 March 2017, the Civil Court rendered judgment ordering the Company to pay Baht 101 million plus interest of 7.5
percent per annum and return the letter of advance guarantee to the subcontractor and ordering the subcontractor to
make a payment of Baht 105 million plus interest of 7.5 percent per annum to the Company. In 2018, the Company and
the subcontractor lodged their respective appeals with the Appellate Court.
On 18 September 2018, the Appellate Court rendered its judgment ordering the Company to pay Baht 76.5 million for
the works done by the subcontractor plus interest of 7.5 percent per annum and Baht 0.2 million per month for bank
guarantee fees to the subcontractor, and to return the letter of guarantee to the subcontractor. The Appellate Court also
ordered the subcontractor to repay to the Company the advance paid by the Company of Baht 50.4 million. The
Company is in the process of filing an application to suspend the legal execution of the Appellate Court’s judgment and
also filing its appeal to the Supreme Court against the Appellate Court’s judgment.
In March 2018, the Company initiated arbitration proceedings at the Thai Arbitration Institute (“TAI”) against one of its
customers for recovery of wrongfully withheld sums of money due and payable to the Company, as well as seeking
payment of costs associated with an extension of time, totaling approximately Baht 410 million. The customer brought
a counterclaim against the Company, seeking damages alleged of approximately Baht 449 million. In the year 2018,
the Company set up an allowance for doubtful accounts of approximately Baht 213 million for the estimated losses that
may be incurred in collection of receivables from this customer.
Pursuant to settlement discussions commenced between the Company and the customer in the early part of the year
2019, a settlement agreement was signed by and between the two parties on 15 March 2019 (the “Settlement
Agreement”) in full settlement of all claims and counterclaims of the respective parties. The terms of the Settlement
Agreement included withdrawal of all claims and counterclaims by the parties at the TAI and in the Court, return of
bank bonds and some materials used in construction and payment of Baht 64.2 million (included VAT) to the Company.
During the current period, the payment was received and all other settlement actions were also completed by both
parties and therefore, this dispute is now closed. Accordingly, the Company made the necessary adjustments in the
current period to the receivable balances and allowance for doubtful accounts based on the amount settled.
Litigation (as per Note to Financial Statements no. 22.4)
43
AGENDA
Company Overview & Business
Operational Performance
Q2/2019
Future Strategy
Q & A
44
REVENUE TARGET (MB)
4,376 4,107
4,822
7,310
9,044
9,437
7,355 7,003
7,944
7,135
8,500
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
*will depend on the market environment and the Thai Economy.
*
45
Source : Thailand Quarterly Industry Review by Krungsri Research (Construction Quarter 1/2019) 46
47
Growth of Construction Materials Price Index
Mega Projects Investment Value
Source : Thailand Quarterly Industry Review by Krungsri Research (Construction Quarter 1/19) 48