Global Connections Public Company Limited. Q1/2013 Performance Announcement Presentation May 2013
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1 Global Connections Public Company Limited Q1/2013 Performance Announcement Presentation May
2 Today Content Company Overview Plastic and Petrochemical Industry Q1/2013 Performance IR report & Investment Highlight Q&A 2
3 Company Overview MB Total Revenue 3,272 Listed to SET 6 th Dec ,665 3,793 3,710 GC has been founded since 1994 by 5 experienced management GC is the distributor of 32 leading producers of plastics and petrochemical raw materials from around the world Most of these producers are among the top 3 in the world in that product in terms of technology & production capacity. GC Revenue During Sales growth in Q1/2013 YoY QoQ Value % 6.59% Quantity % 3.49% Year GC is not an ordinary distributor. On top of ordinary distribution role, GC provide technical advice and useful information to customers since GC position itself to be Your best partner for solution and service in Industrial raw material supply. 3
4 GC s role and positioning in the market Leads the differentiation Economy of Scale to Suppliers Suppliers S1 S2 S3 S4 S5 Sn ) Global Connections Public Co., Ltd. Provided Logistic : Warehousing, small delivery, and repacking Sales & Marketing : Closely contact to end markets/customers Technical Services : Troubleshooting / Product and Market Development Financing & structuring solution : Extending our expertise to customer Customers C1 C2 C3 C4 C5 Cn Economy of Scope to Customers 4
5 Where we are in the value chain of Thai Petrochemical Industry Petrochemical and plastic producers Upstream Intermediate Downstream Compounders End users Olefin&Aromatic Producers Monomer producers (MEG, VCM) Polymer producers (PP, PE, PVC) Global Connections Compounders Master batch producers Converters 5
6 Organization Chart 6
7 Major Shareholders Free Float Overview As of Minor Shareholders (Free float) 989 % Shares in Minor Shareholders (% Free float) 31.06% Overview As of Total Shareholders 1,066 Rank Major Shareholders as of 24/08/2012 # Shares % Shares 1 Mr. Somchai Kulimakin 44,499, Mr. Aikachai Sirijantanan 28,470, Mr. Sumruay Tichachol 27,125, Mr. Bhiya Jriyasetapong 26,125, Mr. Somkiat Terdtultaveedey 9,200, Mr. Siri Thirawattanawong 8,226, Sub total 143,646,
8 Corporate Value Ethics Integrity Professional & Focus Partnership Strive for better 8
9 1996 Distributing agent of SCG Plastics Co., ltd. and Eastman Chemical, which was the start of specialty product distribution GC was established by 5 founders with initial registered capital of 2 MB Distributing agent of OCV Reinforcement Co., Ltd 1997 Distributing agent of DuPont Performance Polymers and Chi Mei Corporation Company History Current Start business with commodity plastic Diversify company portfolio from commodity to specialty plastic 2004 Distributing agent of ExxonMobil and Rio Tinto Mineral Asia Pte., Ltd Distributing agent of Nanocor Inc Distributing agent of Siam Polystyrene (Thailand) Co., ltd. and Cabot Plastic Hong Kong Ltd Listed company and paid-up capital to 200 MB More Product from Exxon : Butyl & Vistamaxx Create sustainable growth being the best partner for solution and service in industrial raw material supply 2008 Distributing agent of DIC Exxon Product : PE PP 2010 Distributing agent of BST Elastomers Co., Ltd Exxon Product : Vistamaxx for Film Distributing agent of Miliken Chemical, Imerys Meneral, Timcal Ltd. Exxon Product : ENABLE, EXCEED 2012 Change Distributing agent of SCG to PTTPM. Exxon Product : Special Compound
10 Corporate Strategy Maintain existing strong market positioning Become solid partner with supplier and customer Offer total professional solution Be leader in advanced technology product Grow towards the growing industries Develop new application/market from initial stage 10
11 2013 Corporate Strategy VALUE V : Versatile Staff A : Aggressive Move L : Lean and Learning Organization U : Unique Differentiation E : Eligible Payoff 11
12 GC Business Unit BU1 COMMODITY POLYMER BU2 SPECIALTY & ENGINEERING POLYMER BU3 SPECIALTY CHEMICALS & INTERMEDIATE 1. Polyolefin 2. PET & PVC 3. Specialty Polyolefin 1. Engineering Plastics 2. Industrial Products 1. Additives & Adhesives 2. Petro Chemicals & Intermediate - Automotive parts Car & Motorcycle : Interior and exterior parts Console, Bumper, Door trim, Body side Engine covered, Muffler covered, Trunk tray, Liner, etc. - Electronic and Appliance Parts Washing machine, Refrigerator, Air-Con, Fan - Transparency packaging - Cosmetic packaging - Office equipment - Compounding &color Master batch - Resin Producers - Refinery plant - Industrial product - Packaging Product - Adhesive Product (Solvent based, HMA) - Tire & Rubber House - Ink - Flexible Hose/Tube - Woven bag, Film - Toys, Furniture Plastic Pallet - House ware - Road Marking Paint - Industrial product -Tape & Label PSA
13 Marketing Structure GC Business Unit BU1 COMMODITY POLYMER Polyolefins PE: HDPE, LDPE, LLDPE (C4,C8) PP: Homo, Block Copo, Random PVC PET PU BU2 SPECIALTY & ENGINEERING POLYMER Nylon, POM, PBT, TEEE, PCT, LCP, PC Black/White MB EPDM, Butyl EO, EB Plastomer, PP-Plastomer TPVs, TPU PETG/PCTG, CA PS, HIPS, ABS, SAN, SBC TPE, FR, Reinforcement compound Talc, Zinc Borate FR, Nano-Clay Glass Fiber EVA for HMA, Hydrocarbon Resin BU3 SPECIALTY CHEMICALS & INTERMEDIATE Plastic Additive Intermediate chemical
14 Automotive E&E Appliance Packaging Toys & Stationery Personal Care Products Industrial Market furniture, construction, shoes, adhesive, Road marking
15 Plastic and Petrochemicals Industry 15
16 Crude Oil Price Chart
17 Economic Growth Rate by The National Economic and Social Development Board 18.0% 16.0% 16.4% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 11.0% 6.4% 3.8% 5.0% 3.2% 3.2% 0.1% 3.0% e GDP Export Inflation As of Feb 18, 2013 Source : Office of The National Economic and Social Development Board 17
18 MPI and CAPU CAPU 2013 Q1/13= =65.2 Q1/12=62.6, Q2/12=64.3, Q3/12=66.1 Q4/12=67.0 Source: THE OFFICE OF INDUSTRIAL ECONOMICS 18
19 Key Strategic Market Automotive E&E Appliance Packaging Toys & Stationery Personal Care Products Industrial Market furniture, construction, shoes, adhesive, Road marking
20 Thailand Auto Production 2013 (E) 2013 (Q1) ,460 1,457,795 1,645, ,378 1,391,728 1,301,149 1,193,885 1,125, , , , , ,761 2,550,000 2,428,181 Production (Unit) Q4/2013 Q3/2013 Q2/2013 Q1/2013 Total 721, ,460 Q4/2012 Q3/2012 Q2/2012 Q1/2012 Total 730, , , ,647 2,428,181 Car Production Forecast for the year 2013 around 2.55 mil. Unit or around 4% growth. This figure target to 3 million in Production in Feb 2013 is equal 229,204 units or around 36.35% YOY increase due to the vehicle manufacturers accelerate production for the first car project Source : Thailand Automotive Institute
21 Thailand Auto Monthly Production Source: THE OFFICE OF INDUSTRIAL ECONOMICS 21
22 Electronic Appliances Industry MPI of Electrical and Electronics Source: THE OFFICE OF INDUSTRIAL ECONOMICS 22
23 Q1/2013 Performance 23
24 Statements of Comprehensive Income Unit : Million Baht Actual Q Change Sales , % COGS , % Gross Profit % Selling & A dmin Expenses % Reduction of inventory to net realisable value (Reversal) 0.00 (2.00) -100% EBITDA % Depreciation % Interest Expenses % Profit Before Other Income % Other Income % Gain (Loss) on exchange rate % Profit before Tax % Tax % Deferred Tax Expenses (0.14) % Net Profit % 24
25 Sales Structure BU3 BU2 BU Sales Quantity '000 T BU3 BU2 BU1 Sales Quantity in Percentage 0% 0% 0% 0% 0% 21% 20% 22% 29% 41% 100% 80% 60% % 80% 78% 71% 59% 40% 20% 0% Q1_ Q1_2013 BU3 BU2 BU1 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Sales Value-Million Baht 2,647 3, ,786 3, ,157 1,357 1, ,779 2,426 2,416 2, Q1_2013 BU3 BU2 BU1 100% 80% 60% 40% 20% 0% Sales Value in Percentage 2% 2% 0% 1% 1% 31% 32% 36% 44% 56% 67% 66% 64% 55% 43% Q1_2013 2
26 BU3 BU2 BU1 Gross Profit By BU Q1_2013 Gross Profit Structure BU3 BU2 BU1 100% 80% 60% 40% 20% 0% Gross Profit in Percentage 8% 7% 1% 2% 2% 46% 59% 62% 66% 76% 46% 34% 37% 32% 22% Q1_ % 30% 25% 20% 15% 10% 5% 0% 26.2% 25.5% 11.5% 5.2% Gross Profit Margin by BU 14.6% 27.5% 12.4% 21.5% 22.3% 10.1% 11.3% 4.0% 4.1% 3.9% 4.2% Q1_2013 BU3 BU2 BU1 26
27 Revenue (Million Baht) Statements of Comprehensive Income Highlights Profit 2, Revenue & Net Profit 3,678 3,793 3, Profitability Ratio Q1_2013 Revenue Net Profit Q1_2013 Gross Profit Margin (%) Net Profit Margin (%) ROE (%) ROE Revenue and Net Profit In Q1/2013, Sales decreased from 2012 around 27% due to the dropping in sales value of BU 1 by 50% from the impact of changing in distributorship of it s main supplier with effective from mid of 2012 onwards. However, sales value of BU 2 was increased by 11% due to the success of development pipeline project. Profit Margin GC s gross profit margin of Q1/2013 has been increasing due to higher margin in BU2 as some product items had lower cost from big lot order. GC s net profit margin of Q1/2013 has been increasing due to higher gross profit margin and the gain on sales of investment properties and motor vehicles. 27
28 Statements of Financial Position Unit : Million Baht Asset Change % Trade Receivables % Inventory % Net Fixed Assets % Total Assets 1, , % Liabilities Short Term Loan % Trade Payables % Total Liabilities % Equity Paid up Capital % Share Premium % Retained Earnings % Total Equity % 28
29 Statements of Financial Position Highlight Debt to Equity Ratio Q1_2013 D/E ratio is relatively lower. D/E ratio drop less than 2.0 which was decreased after IPO proceeds. However, the higher D/E ratio in 2011-Q1/2013 were resulting from the increase in short-term loan and dividend payout Current Ratio Continuous increase in current ratio GC current ratio has been improving to higher than 1.0x since GC got more working capital from IPO proceed. This higher liquidity can reduce GC s financial costs Q1_
30 CASH FLOW STATEMENTS FOR THE THREE MONTH PERIODS ENDED 31 MARCH 2013 AND 2012 (Unit : Thousand Baht) Cash flows from operating activities Profit before tax 33,471 33,738 Adjustments to reconcile profit before tax to net cash provided 2,171 6,496 by (paid from) operating activities : Profit from operating activities before changes in operating assets and liabilities 35,642 40,234 Operating assets (increase) decrease Trade and other receivables (77,712) (208,352) Inventories (57,604) (95,836) Other current assets (4,373) (7,656) Operating liabilities increase (decrease) Trade and other payables 60, ,070 Other current liabilities 835 (1,007) Cash flows used in operating activities (43,183) (161,547) Cash paid for interest expenses (3,961) (3,898) Cash paid for income tax (60) (11) Net cash flows used in operating activities (47,204) (165,456) 30
31 CASH FLOW STATEMENTS (continued) FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2013 AND 2012 (Unit : Thousand Baht) Cash flows from investing activities Acquisition of equipment (2,353) (280) Acquisition of computer software (234) 0 Proceeds from sales of investment properties 7,830 0 Proceeds from sales of motor vehicles 2,477 0 Net cash flows from (used in) investing activities 7,720 (280) Cash flows from financing activities Increase in short-term loans from financial institutions 20, ,585 Cash paid for liabilities under finance lease agreements (652) (647) Net cash flows from (used in) financing activities 19, ,938 Net decrease in cash and cash equivalents (20,136) (22,798) Cash and cash equivalents at beginning of period 42,463 41,387 Cash and cash equivalents at end of period 22,327 18,589 31
32 120% 100% 80% 60% Dividend Payout Ratio 84% 83% 80% 99% 94% Dividend Payout To be top 50 dividend yield stock with continuous growth Positioning of GC Stock Dividend Payment Record Operation D iv id e n d Payment X-Date P ric e with X-D a te Dividend Yield Period (BPS.) Date before on x-date ( c a l. f r om be f or e X- D a t e P r i c e ) 31-D ec A pr A pr % 30-Jun Sep A ug % 31-D ec A pr A pr % 30-Jun Sep A ug % 31-D ec A pr A pr % 30-Jun Sep A ug % 31-D ec A pr A pr % 30-Jun Sep A ug % 31-D ec A pr A pr % 30-Jun Sep A ug % 32
33 Dividend Payment Record Operation Dividend Payment X-Date Price with X-Date Dividend Yield Period Ending (BPS.) Date before on x-date (cal. From before X-Date Price) 31-Dec Apr Apr % 30-Jun Sep Aug % 31-Dec Apr Apr % 30-Jun Sep Aug % 31-Dec Apr Apr % 30-Jun Sep Aug % 31-Dec Apr Apr % 30-Jun Sep Aug % 31-Dec Apr Apr % 30-Jun Sep Aug % 31-Dec Apr Mar % 30-Jun Sep Aug % 31-Dec Apr-07 9-Mar % 30-Jun Sep Aug % 31-Dec Apr Mar % Regular Dividend payment with high yield. 33
34 Source : SET News on March 13, 2012 GC s ranking at 22 nd - Dividend Paid 80MB - Dividend Yield 8.03% 2012 s GC dividend - Dividend Paid 72 MB - Dividend Yield 7.23% 34
35 GC Dividend Yield 12.00% 10.00% 8.93% 10.45% 9.13% 9.78% 8.84% 8.00% 5.69% 7.30% 6.00% 4.00% 4.53% 4.67% 5.48% 3.28% 3.80% 7.23% 3.01% 2.00% 0.00% 1.72% 4.26% 2.80% 2.14% 2.56% 0.93% 1.00% -0.79% 2.40% 2.86% -2.00% Dividend Yield Average Inf. Rate* Average Int. Rate* Remark * Both of the rate are collected from Bank of Thailand (BOT) Average interest rate is a deposit interest rate for 12 months Annualize in
36 Investor Relations Report 1,650 3 Month closing price perfomance 5.20 GC Average Petro Industrial 1,600 1,550 1, P/E Ratio Dvd Yield , ROE ,400 1, Source: SET s website as of Apr 30, , Stock Price Unit : BPS Volume Trade (3 months) SET INDEX Closing Price Month Q1-13 Q1-12 Apr-13 High Low Average , , , , , , ,000 90, ,900 shares on 12 Apr 13 Stock Volume Unit : Shares per day Month Q1-13 Q1-12 Apr-13 High 603,100 1,267, ,900 Low 19,700 1,600 36,200 Average 176,028 97, ,821 Total 10,913,746 6,022,000 3,188,600 Volume (share) 36
37 Investment Highlight A Leading and fast-growing with best solutions and service provider in Thai plastic and petrochemical Industry Exclusive distributorship from most of the world leading producers. Visionary, experienced, hands-on management team, Long term relation : Trade partner and also Financial Institute partner Diversified and well balanced sources of revenue from various industries Systematic risk control : Bad debt, foreign exchange exposure, price fluctuation No Fixed Cost ; due to all investment financing by long term loan (120 MB) already paid with in 4 years (2008) and no plan to investment in near term Regular Dividend payment with high yield. (Fully statutory reserve) Top 50 s dividend payment of SET Listing Companies Good Corporate Governance : with very good level in 2012 (Corporate Governance Report of Thai Listed Companies excellent ) 37
38 Summary Performance Press Release Unit : MB Q1/2013 Q1/2012 Increase (Decrease) % Changed Reason Net Profit % Increase of gross profit margin and gain on sales of investment properties and motor vehicles. Sale ,088.2 (296.0) -27% Due to the impact of changing in distributorship of Commodity polymer from mid of BU1 (Commodity) decrease 49.78% - BU2 (Specialty&Engineering) increase 10.73% - BU3 (Specialty Chemical) increase 60.29% Other Income % The company sold the old office building and vehicles total amount THB 5.2 Million which do not have these items last year. The rest of other income come form foreign exchange and commission income. Gross Profit (3.7) -6% Because of the decreasing in Commodity Plastic SG&A % This was due to a reversal of Allownace for diminution in value of inventory amounting to THB 2 Million in Q1/2012 Tax (1.2) -15% The corporate income tax rate was decreased from 23% in 2012 to be 20% in This was in accordance with the Royal Degree regarding corportate income tax reduction 38
39 Thank you, Questions are welcome 39
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