SET Opportunity Day FS2016

Transcription

1 SET Opportunity Day FS2016

2 Disclaimers The information contained herein is intended to represent the Company s operating and financial position at a given point in time and may also contain forward looking information which only reflects expectations based on the prevailing geo-political, economic and non-controllable factors. Such information has been obtained from sources believed to be most reliable and the means in analyzing and preparation of such information for disclosure are based on approve practices and principles in the investment industry. The views are based on assumption subject to various risks and uncertainties and no assurance is made as to whether such future events will occur. No assurance is made as to the accuracy or completeness of information presented in this document. Jaymart Public Company Limited 2

3 Jaymart Group Retail Conglomerate Group Structure Listed 99.9% 56.1% 67.5% 24.9% 90.1% 80.0% 99.9% Listed Listed Listed Mobile Business Debt Collection and Management Property Development Home and Commercial Appliance Personal Loan Fintech & Start-up Investment in AEC 99.9% 99.9% Jaymart Public Company Limited 3

4 Jaymart Group Focus on Retail Business Mobile Business (Retail and Wholesale) Debt Collection and Debt Management Property Development Home and Commercial Appliances Our Clients Personal Loan Fintech and Start-Up 4

5 Jaymart Group No.1 in all business No.1 in Retail Business No.1 Mobile Retail and Wholesale Business with a unique extensive distribution channels. Sale growth in % 38% 36% 31% 5% No.1 in Unsecured Loan Debt Management and Debt Collection Services in Thailand. 100 Billion THB Non Performing Debt Portfolio No.1 in Mobile and IT space rental and community mall business 53,000 sqm. IT rental space, community mall and market under management. No.1 in Distribution Network coverage nationwide by SINGER 10,000 selling agent nationwide 10

6 Jaymart Group Investment Highlights Our achievement in 2016 Biggest annual net profit in corporate history for Jmart and JMT Network Services Jaymart Group recorded biggest group revenues and net profit in 2016 JMT reported highest group revenues and net profit in 2016 Well Organize Internal Operation. Get ready for business expansion JAS Asset has reached to the highest level in Leasable Area with OCC rate more than 90% Highest Cash Collection and Consolidated Net Profit Consolidated Net Profit THB 438 mn. J Fintech expect to recover this year. 3, THB MN. Loan Target 10, Sale Agent Coverage nationwide. We can sell anything through Singer Channel Total company s Leasable area was 53,000 sqm. Be ready to grasp more opportunity from rental area. THB 290 mn. 11

7 Jaymart Group Investment Highlights All time high Jmart Net Profit JMT Net Profit Unit: MB Unit: MB

8 Jaymart Group Consolidated Group Performance 0 0 2,356 Total Revenue Net P&L ,285 2,225 2,232 2, ,214 2,212 9,966 2,477 3,053 2, ,488 11,205 2,706 Unit: MB 3, Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Jaymart Public Company Limited 13

9 The Power of Synergy The Unique Strategy to Win in Retail Business Key Drivers in 2017 for Synergy Revenues 1. Mobile Sale in Singer Channel 2. Camera in Singer 3. Growth of Revolving Loan 4. Pushing more wholesale in ITJ Target in Unit: MB Singer J Fintech ITJ Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec Jaymart Public Company Limited 14

10 Jaymart Group Consolidated Group Net Profit Earning momentum keep continue to Grow.. Q4/15 VS Q4/ VS 2016 Unit: MB +36% % 139 Q4/2015 Q4/ Jaymart Public Company Limited 15

11 Jaymart Group Consolidated Group Revenues and Net Profit Composition Mobile Business is a major contribution of Revenues and Net Profit 2016 Revenues Composition 2016 Net Profit Composition JMART JMT JFIN JAS 7.61% 2.22% 4.71% % 1.16% 69.75% 85.47% 59.91% JMT Network Services, J Fintech and J Asset will contribution more in Net Profit Jaymart Public Company Limited 16

12 Jaymart Group Group Investment Unit: MB J Fintech JAS Asset JMT JMART Property Expansion 3,960 Personal Loan Business and Fintech ,550 1, Debt Acquisition 1,560 1, Shop Expansion and New Business Investment (Fintech and Start-up) ,430 5,140 7,655 Jaymart Public Company Limited 17

13 J Fintech Personal Loan Business Loan Approve Loan Type 2,365 Unit: Baht Mobile + PL C4C RL (Transfer) 952, 40% , 2% 1,361, 58% Jaymart Public Company Limited 18

14 Searching Service Spot FINTECH LOAN Mobile Application Confirm Credit limit Payment Support Online Application Service Start April 2017 Payment History

15 J Ventures The Retail Fintech Revolution onward Mobile Loan Application Mobile Payment and Wallet J Wallet Currency and Transfer J Currency Jaymart Public Company Limited 20

16 Jaymart Fintech Well Equipped Infrastructures. Jaymart Public Company Limited 21

17 Jaymart Fintech The Power of Database 5,000,000 data 100,000 Client 800,000 Client 1 million Client 3 million debtor Jaymart Public Company Limited 22

18 2017 Forward Looking Our future is Bright 5 Obvious Reasons Jaymart Mobile 1 Keep going stronger in mobile business and camera JMT Network High margin business More to grow with NPL portfolio we acquired J Fintech expect to have net profit in JAS Asset More utilize on rental area. 3 Profit 2016 Group Net Singer Wake up of Giant in Distribution Network. 5 Jaymart Public Company Limited 23

19 Jaymart Group 5 years Target: We are on the Right Track x10 x7 IPO ,785 5,723 8,394 5,297 3,985 9,692 9, Data as of 24 Feb 2017 Jaymart Public Company Limited 24

20 Jaymart Group Dividend and Share Information Shareholding Structure Dividend Policy Not less than 50% of net profit after deduction of corporate income tax and reserves according to the law Sukhumvitaya Familiy Ms.Jarunee Chinwongworakul Mr.Peeranart Chockwattana Mr.Sorat Vanichvarakit Mr.Virot Kosoltanawong Freefloat % % 68% EPS DPS Payout 58.5% 0.41 Share Information (As of 24 Feb 2017) Par Value Listed Shares P/E Trading Value per day For 2H/26 dividend, the right to receive dividend is still uncertain depending on the approval of AGM Bt Share Price Bt./Share 629 M.Shares Market Cap 9,944 M.Bt P/BV Free float 55.64% Jaymart Public Company Limited 25

21 Mobile Business Unique Distribution Network Jaymart Public Company Limited 26

22 Mobile Business 2016 Revenues Breakdown By Distribution: Type: Retail VS Wholesale By Products: Mobile and Accessories Wholesale Retail 26% Mobile 95% 74% Other 1% Accessories camera 3% 1% Jaymart Public Company Limited 27

23 Mobile Business Store Type 2016 Shops Breakdown Target 35 34% Shops to open in % Jaymart Samsung 2% 6% 5% Jaymart 161 Smartphone & Tablet & Camera 14 Brand Shop 18 AIS 7 GP (Singer / The Mall) 101 Total 301 Smartphone & Tablet AIS Shop Jaymart Public Company Limited 28

24 Mobile Business 2016 Shops Geography Breakdown Shops Breakdown Revenue Contribution by Area 44% 56% 30% 70% Bangkok and Metropolitan area Upcountry Jaymart Public Company Limited 29

25 Jaymart Mobile Brand Portfolio Mixed The Rising of Dragon 17.6% 9.3% Samsung 15.5% 55.8% 21.9% 54.4% iphone Chinese Brand Other 1/ 11.2% 14.4% 1/Chinese brand are Huawei, Oppo and Vivo 30

26 Mobile Business Gross Margin Improved Unit: MB 4,000 3,500 3,000 2,500 2,000 1,500 1, % 15.1% 15.8% ,913 1, , % 413 2, % 17.0% 17.6% 16.3% ,242 2,100 2, ,903 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Revenue Gross profit margin % GP 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Jaymart Public Company Limited 31

27 Mobile Business Average Selling Price and Same Store Sale Growth Average Selling Price Same Store Sale Growth (SSSG) 0 Unit: Baht ,322 6,360 6,423 6,839 6,548 5,936 5,452 6,043 5,672 6,705 6,606 8,029 7,986 7,657 7,632 7,220 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% 39% 53% 45% 26% 12% -6% 12% -11% -15% -12% -17% 20% 16% 19% -3% 1.6% Jaymart Public Company Limited 32

28 Mobile Business Inventory Turnover and SG&A/Sales 0 Inventory Turnover Selling and Administrative Expenses/Sale Unit: Days % 14.0% 12.0% 13.6% 11.9% 12.6%13.4% 12.4% 10.5% 12.7% 12.8% 13.4% 13.2% 11.7% 10.6% % 8.0% 6.0% 0 4.0% 2.0% 0 0.0% Q1/14Q2/14Q3/14Q4/14Q1/15Q2/15Q3/15Q4/15Q1/16Q2/16Q3/16Q4/16 Jaymart Public Company Limited 33

29 Mobile Business Accessories Revenues Accessories Revenues Unit: MB Sales Margin Jaymart Public Company Limited 34

30 Mobile Business Operators Revenues Mobile Operator Revenues 35 Unit: MB Jaymart Public Company Limited 35

31 Jaycamera Expanding opportunities Jaycamera Jaymart Shop Camera in Jaymart Shop. 100 shops coverage all potential market Camera Revenues in 2016 It s Just begin 26.3 Exhibition Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Singer ค HAS ว า ม ส A ข WAY ท ก ส ง TO เ ป น MAKE จ ร ง ท YOUR HOUSE ซ ง เ ก อ ร A HOME Jaymart Public Company Limited 36

32 Property Development Business NO.1 in Retail and IT rental space JAS Asset Public Company Limited 37

33 Property Business We are NO.1 in IT Rental Space with diversify related business JAS Asset Public Company Limited 38

34 IT Space Rental Business Geographical of GLA Breakdown 10% Total Rental Area Total OCC Rate: 84% 52 Locations 11,738 Sqm. 1,581 Tenants 12% 9% 3% 9% 21% 36% Bangkok & Vinicity Central East West North Northern East South As of 31 Dec 2016 JAS Asset Public Company Limited 39

35 IT Space Rental Business Branches and Leasable Area Average Rental Rate per SQM Unit: Baht/Sqm ,100 12,100 10,100 3,049 3,438 3,181 2,370 8,100 10,352 10,344 10,381 11,738 6,100 4,100 2, Leasable Area (Sqm) Branhes JAS Asset Public Company Limited 40

36 IT Space Rental Business Growth Path of IT Junction Target New Branches per year Growth Drivers; Target to open 8 branches per year in potential area. Advertising in rental area and promotion support. Average Rental Rate increase JAS Asset Public Company Limited 41

37 Community Mall We build happiness for our neighborhood 15,000 GLA 100% Occ Rate Wanghin 95% Occ Rate 5,000 GLA Ramintra 95% Occ Rate 12,000 GLA JAS Asset Public Company Limited 42

38 Property Business Revenues Growth Revenues Gross Margin Unit: MB 4.3% growth % Gross Margin Gross Profit Margin 28% % 20% 21% 22% 17% % 10% 5% % JAS Asset Public Company Limited 43

39 Property Development Business Net Profit Net Profit ROA and ROE Unit: MB Unit: % ROA % ROE % JAS Asset Public Company Limited 44

40 Property Development Business Financial Ratio D/E Ratio (Interest Bearing Debt) Unit: Times JAS Asset Public Company Limited 45

41 Property Business Going forward JAS Asset Public Company Limited 46

42 Newera Condominium Project Welcome to a Newera of Living Contemporary and Timeless JAS Asset Public Company Limited 47

43 Debt Collection and Management No.1 in Debt Tracking and Debt Collection and Non performing Debt Management JMT Network Services Public Company Limited 48

44 Company Structure No.1 in Unsecured Loan Debt Management 99.9% 99.9% 9.8% J Asset Management Co., Ltd J Insurance Broker Co., Ltd J Fintech Co., Ltd JMT Network Services Public Company Limited 49

45 Debt Collection and Management Business at a glance Debt Tracking and Collection Services Non Performing Debt Management Insurance Brokerage Business and Clients Market Positions No.1 in debt tracking and collection services No.1 in unsecured nonperforming debt management Beginning stage Strength Well training staff IT and data base system Award Winning for Debt Collection Services Proven tracking record and experienced more than 20 years Data base system Connect through synergy channel of Jaymart Group of Companies JMT Network Services Public Company Limited 50

46 JMT Network Services Investment Highlights 1. Revenues from Debt Collection Services recorded high in Cash Collection from Debt Management Business post at 1,026 million Baht in Accumulate NPL portfolio value surpass 100 Billion THB 4. JMT posts a record high in Net Profit of 290 million THB JMT Network Services Public Company Limited 51

47 Debt Tracking and Collection Services Tracking and Collection is Our Expertise. 30,000 25, % 21.9% 23.6% 22.6% 25, % 25.0% 20,000 15,000 10,000 11,167 9,256 10, % 13,707 13,950 15, % 6.9% 18, % 7.7% 20.0% 15.0% 10.0% 5, % 4.9% 3.7% 2.9% 3.6% 4.8% 4.8% 5.0% 0 Y2009 Y2010 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 OS % Success rate % Commission rate 0.0% JMT Network Services Public Company Limited 52

48 Debt Tracking and Collection Services Revenues from Debt Collection Services Unit: MB JMT Network Services Public Company Limited 53

49 Non-performing Debt Management Debt Acquisition Milestones Unit: MB 108,238 88,683 63,933 1,031 1,197 2,238 3,983 6,429 13,543 7,114 22,017 31,679 8,474 9,663 31,544 25,460 19, Portfolio OS Balance Accumulated OS Balance JMT Network Services Public Company Limited 54

50 Debt Collection and Management Debt Acquisition Debt Acquisition Portfolio by Type of Loan Unit: MB 108,283 88,683 63,223 6,429 13,542 22,017 31, Motorcycle Car Personal Loan Total JMT Network Services Public Company Limited 55

51 Non-performing Debt Management Portfolio and Investment 2016 Debt Purchase 2016 Portfolio Breakdown JMT JAM 10,304 9,296 27,931 80,352 JMT Network Services Public Company Limited 56

52 Non-performing Debt Management Portfolio and Investment 2016 Type of Debt Purchase 2016 Portfolio Type Breakdown PL HP 4,892 48,090 60,193 14,708 JMT Network Services Public Company Limited 57

53 Non-performing Debt Management Portfolio and Investment 2,500 Investment Collected OS Balance (MB) 2,446 2,000 1,745 1,500 1,000 1,031 1, Collected as % of Investment % 222% 335% 431% 224% Investment(MB) JMT Network Services Public Company Limited 58

54 Non-performing Debt Management Portfolio and Investment Investment Collected OS Balance (MB) 108,283 35,000 30,000 31,544 25,460 25,000 20,000 19,600 15,000 10,000 7,114 8,474 9,663 5, Total Collected as % of Investment 234% 162% 89% 63% 31% 7% 82% Investment (MB) ,613 1, ,360 JMT Network Services Public Company Limited 59

55 Debt Collection and Management Cash Collection Cash Collection: 1,026 million Baht 1,200 1, Unit: MB Y2006 Y2007 Y2008 Y2009 Y2010 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 Q4/15 Q4/ , Port for Debt Acquisition as of 31 Dec 2016 = 100 Ports % IRR Outstanding Balance as of 31 Dec 2016 = 108,283 MB 13,564 Revenue 100% Revenue IRR Amortization of investment Cash collection Cash Collected Q4/15 Q4/ , , % IRR JMT Network Services Public Company Limited 60

56 Debt Collection and Management Revenues Structure Revenues growth in all Business Unit: MB 1, % 29.5% % 283.9% Debt collection Debt Acquisition Loan Total %Growth 300.0% 250.0% 200.0% 150.0% 100.0% 50.0% 0.0% Revenues Structure in 2016 Loan 18% Debt collection 13% Debt Acquisition 69% JMT Network Services Public Company Limited 61

57 Debt Collection and Management 2016 Group Performance 2016 Gross Profit and Margin Consolidated SG&A Unit: MB Unit: MB % 50% % 60% 61% 66% 67% 63% % % % 80 50% 60 40% 40 30% 20 20% Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16-10% Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Gross Margin % GP JMT Network Services Public Company Limited 62

58 Debt Collection and Management 2016 JMT Group Performance Net Profit % NP (MB) 49.9% 60.0% 50.0% % (50) 22.0% 17.0% % 12.0% 14.2% 8.2% Q1/15 Q2/15 Q3/15 Q4/15 (15) Q1/16 Q2/16 Q3/16 Q4/16-6.7% 30.0% 20.0% 10.0% 0.0% -10.0% JMT Network Services Public Company Limited 63

59 Debt Collection and Management 2016 JMT Financial Ratio ROA and ROE Interest Bearing Debt D/E Ratio ROE % ROA % JMT Network Services Public Company Limited 64

60 Debt Collection in CLMV Market JMT (Cambodia) Co., Ltd Expanding Collection Business in CLMV Cambodia 35 Commercial Banks 11 Special Banks NPL and NPL /Loan ratio in Cambodia Unit: million THB 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 2.7% 2.4% 2.4% 2.2% 8,518 7,126 7,599 5, % 3, NPL Value (million of THB) Source: National Bank of Cambodia 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000-65

61 Insurance broker business unit 50 Telesales 30 Singer Branch Direct Sales M & A Expect Revenue Growth in 2017 = 530% Y2016 Y2017F 66

62 Debt Collection and Management JMT Target Debt Acquisition Target 2017 (NPL Unsecure & Secure loan) 30,000 MN. Baht 60,000 40,000 20,000 00, ,283 30,000 MN. Baht 140,000 80,000 60,000 40,000 20,000 - Y2016 Y2017 JMT Network Services Public Company Limited 67

63 Q&A 68

64 ค ว า ม ส ข ท ก ส ง เ ป น จ ร ง ท ซ ง เ ก อ ร Y2016 Performance Review Opportunity Day, 27 February 2017

65 NO. IN DIRECT SALES ON HIRE-PURCHASE SYSTEM

66 128 Years of Legacy and Moving Forward First business in Thailand as the distributor of SINGER sewing machine First company in Thailand to introduce the hire purchase system. Listed on SET Under SINGER Bestow the Garuda Emblem from His Majesty the King Change Major Shareholder to Jaymart

67 Shareholding Structure Sahapat Group 7% KBank 5% MuangThai Life Assurance 2% Thai institutions 15% Jaymart 25% Thai individuals 46% Source: Fact set as of Feb 20 th, 2017.

68 Moving Forward

69 Company Structure Singer Thailand PCL % 99.80% 99.90% Singer Leasing (Thailand) Co., SG Capital Co., Ltd. Ltd. Singer SG Service Plus Plus Co., Co., Ltd. Ltd. Singer SG (Broker) Co., Ltd. Undertake hire purchase financing activities of both SINGER and all other brand of home appliances and equipment Provides after-sales services at home for all kinds and all brands of home appliances Authorized dealer of life insurance products, currently for Muang Thai Life Assurance PCL

70 Before Credit Approval Collection - Sales Agent Limit Sales Agent No Control on Approval Process No Direct Contact Low Quality Customers Spend 30-50% of Working Hours Invisible Collection Transactions Manipulating Collection % Limited by Recruitment Regulation High Turnover Rate Limit Branch Expansion

71 Transitions AR Management DPS Sales Network Products Internal Audit Infrastructure Full credit management cycle 100% Credit Approval Process 24/7 Collection channel Branch expansion Full expansion of sales team to 20,000 We can sell everything Fraud Protection & Control House cleaning IT System make-over Back-end & Front-end

72 Full AR Management Cycle Credit Check (CCO) - Credit Scoring - Account Check - NCB / Black List Check Revert - Field Collector (150+) to do product revert if refinance not succeed - Revert products for re-sell and claim for differnces Legal - Quick in reinforcing legal action Collection - 18,000 pay points + 3,000 SINGER kiosks - Open 24/7 - SMS + Tele Collector (100+) Refinance - Field Collector (150+) to offer refinance to customers - Offer Trade discount / Hair-cut CURRENT PRE-LEGAL LEGAL * SINGER has direct contact with customers in every process

73 Direct Payment System Convenience - Nationwide coverage with over 18,000 payment points - Direct bank account settlement - 24/7 by Counter service Control - 100% credit checking before sales transaction - Direct statement sending straight to customers - Minimum cash handling by sales staff to minimize risk

74 Distribution Network SINGER Sales Network will cover both vertical and horizontal expansion with close local engagement at sub-district level Expand to 200 shops 20,000 Sales Network SINGER Dummy Company in 10 vocational colleges in 2017

75 SINGER SHOPS located in sub-district areas in every provinces. New design will incorporate new service area for new products and services, i.e. car for cash, insurance, revolving loan as well as after-sales service area.

76 Transitions Zero Tolerance Policy

77 2017 Onwards ,000 7% Branches Sales Network NPL Target

78 SINGER Products & Services Home Appliance Small Appliance Commercial Mobile Phone Camera

79 Diversified Products with Focused Segments SINGER offers a wide range of user-friendly appliances for home users (Multi brands & Multi Products) and money-making machines for commercial-based customers Sewing machine Refrigerator Washing machine Gas stove Home Appliances Household products Air conditioner & Air cooler TV Home theatre Mobile Phones Commercial Commercial products Appliances Freezer Wine cooler Air-time vending machine Petrol vending machine Slush machine Water dispensing vending machine Target Customer: People living in rural area Housewives Local employees Target Customer: Local grocery shops in small villages Mom & Pop stores Merchants in local markets 84

80 ค ว า ม ส ข ท ก ส ง เ ป น จ ร ง ท ซ ง เ ก อ ร

81

82 Sales Mix Reflecting Our Focus Products Distribution Channel Selling Basis SINGER has a good mix of home, commercial products and mobile phone. Approximately 40% of total sales value are from home appliances while the remaining 35% are from commercial products 97% of the company s gross sales are generated through direct sales channel (doorto-door) while the rest are through SINGER s authorized dealers and modern trade. SINGER sells its product through both cash and hire purchase basis. Nevertheless, the company key strength is on hire purchase which contributes over 80% of total gross sales. Commercial appliances 35% Mobile Phone 25% Home appliances 40% Direct sales 97% Wholesale 3% Hire purchase 90% Cash 10% Note Percentage based on 2Q2016 Sales. 87

83 SYNERGY - Mobile phone supply - Event - Customer privileges - Event space - Clearance Sales - Debt collection - Bad debt database - J Money - Finance product reference

84 2016 Actual 89

85 Comparison of Sales Breakdown for Q VS Q Q4/2015 Q4/2016

86 Comparison of Sales Breakdown for 2015 VS YTD 2015 YTD 2016

87 Financial & Credit Performance 92

88 Financial Summary Total Revenue 1Q15 4Q16 (Bt.mil) % 4% % 19% 5% 6% 6% 8% % 24% 24% 22% 13% 17% 74% 77% 26% 22% 72% 70% 70% 69% 61% 61% 61% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Sales Interest Other income Net profit (Bt.mil) % 1Q % 1.33% 11 Net profit Net profit margin 3.90% % % % 2Q15 3Q15 4Q15 1Q16 2Q16 3Q % 33 4Q16 93

89 Financial Summary Total Revenue (Bt.mil) 2016 Revenue breakdown 2,178 2,398 2,964 3,638 3,440 3,393 2,546 Other Income 10% Interest 24% Sales 66% Sales Interest Other income Net profit (Bt.mil) 8.8% Net profit Net profit margin 7.6% % 5.9% 4.1% % 4.7%

90 Gross Profit and Margin Gross profit /1 (Bt. mil) % 35% 1, % 46% % 44% % 76% 65% 62% 54% 48% 56% 57% Home appliances Commercial appliances Home appliances: Gross profit margin Commercial appliances: Gross profit margin 57% 59% 59% 56% 57% 54% 55% 47% 46% 47% 46% 50% 50% 47% 44% 46% 46% 41% 42% 39% 36% 37% 36% 38% 36% 35% 36% 32% GPM of home appliances GPM of home appliances (with ECC) GPM of commericial appliances GPM of commericial appliances (with ECC) Note: 1. Gross profit excludes ECC 2. ECC is Earning Carrying Charge (interest earned). 95

91 Well Balanced Capital Structure Interest-bearing debts Bt. 758 mil Interest-bearing debt and gearing ratio Short-term 13% Long-term 87% ,145 1,057 1, Interest-bearing debt (Bt.mil) Net gearing ratio (x) 759 Total debt and D/E ratio ,824 1,778 1,764 1,288 1,249 1,517 1, Total debt D/E 96

92 Q&A