Sahaviriya Steel Industries PLC. SET - CIMB Thailand Corporate Day

Transcription

1 Sahaviriya Steel Industries PLC SET - CIMB Thailand Corporate Day 13 March 2013

2 Disclaimer The information contained in this presentation is intended solely for your personal reference only. If you are not an intended recipient, you must not read, disclose, copy, circulate, retain, distribute or take any action in reliance upon this material. This presentation is not intended to substitute your own analysis and investigation, and should not be considered a recommendation to any recipient of this presentation. Some statements contained herein are forward-looking statements identified by the use of forward-looking terminology such as may, will, expect, anticipate, intend, estimate, continue, plan or other similar words, which are subject to various risks and uncertainties. These statements include statements with respect to Sahaviriya Steel Industries Public Company Limited (the Company or SSI ) s, Sahaviriya Steel Industries UK Limited ( SSI UK ) s and their subsidiaries (collectively referred to as SSI Group ) corporate plans, strategies and beliefs and other statements that are not historical facts. This presentation is prepared based on the assumptions and beliefs of SSI Group s management in light of the information currently available to the Company involving risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this presentation is, or shall be relied on as promise or representation of the Company as to the future. 1

3 Agenda Overview of SSI Industry Outlook Recent Update and Ongoing Project Q4/2012 Performance Results Q4/2012 and Year 2012 Financial Results Q & A Appendix: 2

4 ASEAN s Largest Flat Steel Producer Long-term Strategies Integrate World Class Steel Businesses Innovate Premium Value Products Iron and Steel Making Deep-sea Port Hot Rolled Coil Cold Rolled Coil Coated Steel Sheet 100% 51% 3.7% Engineering & Maintenance Service 99.99% Finished products out-bound 35.19% Raw materials in-bound Capacity Domestic capacity Share 3.6 mtpa (2) 100,000 dwt (1) x 2 14 mmts through-put HotCoil CleanStrip 4 mtpa (2) 1 mtpa (2) CRC 1.2 mtpa (2) EG 0.24 mtpa (2) n/a n/a 55% 66% 43% 100% 1) dwt = Deadweight ton 2) mtpa = million tons per annum 3) SV Group includes Sahaviriya Group, Sahaviriya Inter Steel Holdings, and Viriyaprapaikit Family Major shareholders as of 27 Feb ) 35% 4% 4% 21% 36% SV Group Vanomet Others JFE MISI 3

5 Leading Market Position in ASEAN Integration with UK operation provides SSI with a leading market position as an integrated producer in ASEAN Target Customers (Geographically) Thailand & Europe Thailand Thailand Indonesia Malaysia Philippine Key Products CRC HRC P/O HRC Gen Use Slab Capacity (mtpa) CRC HRC Slab Remark : CRC capacity relates to SSI s JV, Thai Cold Rolled Steel Sheet Plc. Source : Company websites and Annual reports 4

6 SSI customers: Sectors & Applications Finished Coils Sectors Applications Commercial Grade General Steel Pipes General Steel Structure General Steel Cut-to-Sheet Hot Rolled Coil P/O Coil High-Grade Re-rolling Gas Cylinder & Pressure Vessels Automotive & Home and Electrical Appliances Parts Shipbuilding and High Strength Structure Atmospheric Resistant Steel and Line Pipe Machinery and Industrial Tools Unique-Grade Steel Pipes Steel Cut-to-Sheet Floor Plate Steel 5

7 Core Strengths Premium Value Products: Focus to innovate high value-adding products with higher margin account for 37% of total sales in year 2012 Integrated World Class Steel Business: Iron & Steel Making Business in North East UK and HRC Business and downstream facilities in Thailand Location Competitive Advantage: (facilities in Thailand and United Kingdom) UK: Higher grade ore at lower price in Atlantic Basin, shorter deliver time and freight cost saving, benefit from EUROPE debt situation from Pound Currency depreciation and cheaper raw material procurement, lower overall cost. Thailand: High growth in ASEAN market particularly for high-grade flat products, lower labour & overhead cost, shorter distance & lead-time to customers Diversify risk strategy: SSI UK supplies slab internally (SSI) and externally, and vice versa for SSI Strong market position: The leading flat steel producer in ASEAN Synergies: Multiple synergy opportunities identified 6

8 Agenda Overview of SSI Industry Outlook Recent Update and Ongoing Project Q4/2012 Performance Results Q4/2012 and Year 2012 Financial Results Q & A Appendix: 7

9 Apparent Steel Use per Capita (Kg) 2011 GDP and Apparent Steel Use per capita ASEAN: Malaysia and Thailand are the most outstanding countries both in GDP and Apparent Steel Use per capita China BRICs ASEAN India Philippines Indonesia Myanmar Nigeria Malaysia Russia Thailand World Vietnam Turkey Mexico Brazil UK Japan US Canada Australia Source : IMF, World Steel Association, Economic Watch GDP per Capita ('000 USD) Note:*For illustration purpose, South Korea s and Singapore s data are not included in the chart. Country GDP per Capita ('000 USD) Apparent Steel Use per Capita (Kg) South Korea* 22 1,156 Singapore* China Japan India 2 59 Malaysia Thailand Vietnam Indonesia 4 45 Philippines 2 50 World Myanmar 1 23 ASEAN (e) 5 94 UK Canada US BRICs (e) Mexico Nigeria 0 12 Turkey Brazil Russia Australia

10 AEC & Impact on Thai Steel Industry Potential AEC-impacted sectors SSI targets high grade market, though impacted, growth is promising Automotive & Parts Electrical & Electronics Automotive & Parts Thailand is center of ASEAN production hub for automobiles Passenger car ('000 units) Commercial car ('000 units) CAGR % Food Production Hub (Packing) Manufacturing & Assembly Hub Electrical & Electronics Thailand is center of ASEAN production hub in electrical appliances White goods (Million Units) CAGR % Machinery and Metal Working Production Base Tourism Hub Food Production Hub (Packing) Thailand is center of world food factory. Canned food output has been grown up slightly. Mechanization of agricultural process will increase more output in canned food Canned Seafood (Unit : '000 tons) Canned fruit (Unit : '000 tons) CAGR % Remark :* White goods include fan, rice cooker, refrigerator, air conditioner and compressor Source : Thailand Automotive Institute, FTI, and ISIT 9

11 Thailand flat steel demand: the biggest and most sophisticated in ASEAN Upstream (Iron & Steel Making) Midstream & Downstream Application Slab Hot Rolling HRC P/O Cold Rolling CRC Coating Coated 2012 Domestic Demand Local (MT) Net Import (MT) 11.3 MT Total Flat Products 5.6 MT MT MT Thailand Flat Steel: largest and most sophisticated consumption in ASEAN, approximately 6.4 mtpa or 57% of total consumption served by net import ASEAN steel demand is now 50 million tons per annum and is forecasted to constantly grow at 5.3% Apparent Steel Apparent Consumption Steel Consumption in ASEAN High growth, but served by import due to lack of raw material regionally MT l Consumption in 5.3% ASEAN CAGR CAGR % Checkered High-grade Flat Steel Products Consumption ASEAN s industrialisation and urbanisation has driven and will drive consistent high growth. 53% 46% 47% 54% Long Flat LONG: CAGR % E FLAT: CAGR % 2011E Import Export Consumption Forecast 2011E Production Import Export Consumption Source : WSA, ISIT, SEASI, Federation of Thai Industry E 10

12 Million MT Thai Steel Market Apparent Finished Steel Consumption Flat Steel Consumption Source : ISIT Flat Long 2.8 Source : ISIT Unit: Million MT HR Plate HR Sheet CR Sheet Coated Inner Chart =2011 Outer Chart= ,500 2,000 1,500 1, Car/ HA/ EA Production Steel consumption in Thailand in 2012 increased 12.2% from growth in flat and Cars and HA/EA Production 2012 In Thousands Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Cars and HA/EA Production Car Fridge A/C Car Fridge A/C 10,000 8,000 6,000 4,000 2,000 - long products of 14.1% and 8.6%, respectively. Growth in flat products consumption was mostly driven by the 70% rise in vehicle production consequent to the government s tax-rate on first-time car buyer. Source : FTI and BOT 11

13 Thailand HRC Outlook HRC Apparent Steel Supply (in 000 tons) 8,000 7,000 6,000 Domestic Production Import Export Total Supply 5,848 6,642 7,080 1,419 1,650 1,905 1,830 5,000 4,986 5,075 4,000 4,389 3,000 2,000 1, , f Source: Iron and Steel Institution of Thailand for * Year 2013 is forecasted upon actual data and SSI s estimate Q2/12 Q3/12 Q4/12 Q1/13 Q2/12 Q3/12 Q4/12 Q1/13 Domestic Production Import 889 1,003 1,314 1,100 Export Total Supply 1,419 1,650 1,905 1,830 Source: Iron and Steel Institution of Thailand for Q2-Q4/12, and SSI s estimate for Q1/ f 2,552 3,380 4,113 3, ,642 7,080 HRC apparent steel supply is expected to decline to 1.83 MT in Q1/2013, or -4% QoQ, due to decrease in import. HRC apparent steel supply in 2013 is forecasted to grow by 6.6% YoY to approx MT from 6.64 MT in

14 Agenda Overview of SSI Industry Outlook Recent Update and Ongoing Project Q4/2012 Performance Results Q4/2012 and Year 2012 Financial Results Q & A Appendix: 13

15 Slab Production Plan (SSI UK) Slab production (MT) Cumulative annual production (MT) Q1 13 Q2 13 Q3 13 Q Year 2012 Year 2013 Year

16 The Continuous Journey of SSI UK Slab Shipments Turkey #1 - #6 Vessels Shipped in 2012 Totaling 232 kt SSI #1 - #12 Vessels Shipped before 31 Sep 2012 Totaling 838 kt Turkey#7 Slavnik 45kt Customer in UK 6.0kt Customer in Germany 2.0kt Customer in Italy 26.7kt Turkey#8 Coral Queen 45kt SSI#13 Yasa Eagle 61kt SSI#21 Furness Karumba 50kt SSI#18 Tarang 59kt SSI#14 JS Amazon 56kt SSI#23 Prime Rose 65kt SSI#23 Magsenger2 84kt SSI#22 Athena 60kt SSI#19 Voyager 52kt SSI#17 Great Eagle 60kt SSI#15 Alum Padu 66kt SSI#16 Triton Gannet 62kt SSI#17 Great Hope 61kt 15

17 SSI UK s outside customers Q2/13 New customer in Mexico Fully integrated flat and long carbon steel producer of HR and CR for automotive and high end application Q3/12 Customer in Germany (Q3/12) Plate Mill for high end application of machine tools and part with capacity of 0.15 million tons per year. Q4/12 Customer in UK Plate Mill for structural and high end plate with capacity of 0.3 million tons per year. Q3/12 Customer in UK Hot Strip Mill with total capacity of 1.0 million tons per year. Q4/12 Customer in Italy Plate Mill for general and high strength plate such as API, pipe, etc with capacity of 0.35 million tons per year. Q2/12 Customer in Turkey Hot Strip Mill for high grade pipe and API with total capacity of 3.0 million tons per year. 16

18 Sales Breakdown by End-user Segments Current Target Plan Auto 4% HA/EA 1% M/C 0% Energy 1% Auto 7% HA/EA 2% M/C 0% Energy 2% General industries 27% General industries 23% Construction 67% Construction 66% Year 2012 Year 2013 f 17

19 Introduction of SSI UK slabs to high end customers project Purpose: To introduce SSI UK s slabs use in high end applications such as cold rolling, HA/EA and automotive (Others 20%) Qty (MMT) Important development in Q4 Cold rolling application: Auto, HA/EA application: (Others 95%) (Others 95.5%) (SSI UK 5%) (SSI UK 4.5%) 2012 (Actual) 0.33 (Others 42%) (SSI UK 58%) (SSI UK 80%) Start supply commercial lot to new cold-roll customer Other Slabs SSI-UK Slab - Got approval for 2 nd trial lot from current cold-roll customer and plan to start supplying commercial lot in Q1/13 - Under materials approval stage, SSI has already submitted steel samples of SSI-UK slab to 3 car producers. One of them has already approved SSI materials in early Q1/13 18

20 Agenda Overview of SSI Industry Outlook Recent Update and Ongoing Project Q4/2012 Performance Results Q4/2012 and Year 2012 Financial Results Q & A Appendix: 19

21 25% 20% 15% 10% 5% 0% -5% -10% -15% Million Baht USD/ton HRC Business Performance Avg. Selling Prices HRC Rolling Margin Sale Volume (k tons) Production (k tons) Productivity (ton/hr) % % 15% % % % % % Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/ Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/ Imported Slab Volume (k tons) 824 1, EBITDA (left-axis) EBITDA/ton (right-axis) COST* USD/ton Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 1, Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/ Note: * Import Cost of slab is based on CIF 20

22 HRC Business - Sales Ratio of Premium Value Products Commercial 59% 62% 57% 61% 64% 69% 61% 63% Unique High-Grade 16% 15% 16% 14% 10% 15% 12% 11% 11% 11% 12% 11% 13% 8% 31% 14% 11% 3% 7% 2% 0% 7% 10% 8% 10% 11% 9% 3% 7% 7% 4% 8% 8% Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/ % Innovated Value Product Innovated Value Product (High-Grade) Premium Value Products accounted for 31% or 203 k tons in Q4/12 Premium Value Products accounted for 37% or 802 k tons in year 2012 or +31% YoY Innovated Value Products sold in Q4/12 = 81 k tons, down from 90k tons in Q3/12 Innovated Value Products sold in year 2012 = 308 k tons, up from 170 k tons in year 2011 or +82% YoY 21

23 HRC Domestic Market Share 80% 70% 60% SSI Other Domestic Producers Import- Carbon Steels Import- Carbon Steels & PO Import- Other (Alloy Steel) 50% 18% 19% 22% 31% 40% 30% 15% 54% 19% 59% 19% 60% 19% 67% 20% 10% 0% 37% 30% 27% 21% 21% 20% 16% 14% Q1/12 Q2/12 Q3/12 Q4/12 SSI s market share was 33% in Q4/12, down from 37% in Q3/12; while shares of imports was up from 60% to 67% in Q4/12. Total apparent steel supply in Q4/12 has grown by 15% QoQ to approx. 1.9 MMT, of which 602 k tons were supplied by SSI and the remaining were supplied by imports. * Recently identifiable from designated harmonized code for alloy steel (previously classified as stainless steel) 3% 33% 0% 16% 22

24 Iron and Steel Making Business Slab Production and Sale in Q4/2012 Volume in 000 tons 1,765 1,680 SSI UK s Slab Spread (USD) Q2 Q3 Q4 Q2 Q3 Q4 Slab Production Slab Sale FY2012 Q2 Q3 Q4 Avg Selling Price Avg RM Price Slab Spread Slab production increased from 620 k tons in Q3/12 to 668 k tons in Q4/12 Slab sale decreased from 679 k tons in Q3/12 to 666 k tons in Q4/12, with 25% sold to external parties Slab spread improved from 44 USD/ton in Q3/12 to 54 USD/ton in Q4/12 23

25 Agenda Overview of SSI Industry Outlook Recent Update and Ongoing Project Q4/2012 Performance Results Q4/2012 and Year 2012 Financial Results Q & A Appendix: 24

26 NET PROFIT EBITDA REVENUE Consolidated Performance Unit: MB Q1/12 Q2/12 Q3/12 Q4/12 Y2011 Y2012 % by Business unit in Year % 0% 19% HRC Iron & Steel 15,742 11,469 15,794 17,599 47,975 60,604 80% Port Engineering 1,405 HRC 1,056 Iron & Steel EBITDA in ,879-3,577-3,146-2,078-10,680-11,855 Port Engineering Related transaction -10,680 HRC Iron & Steel Net profit in ,841-5,022-4,782-3, ,903-1,655-14,194 Port Engineering -15, Related transaction Non-controlling interest 25

27 Recent consolidated net profit 8,000 Unit: MB 6,000 Q4/12 4,000 2,000 17,599-21, ,000-4, ,053-3,259 Note : Included FX gain of 579 MB, Reversal of environmental provision of 808 MB and Income tax benefit s of 613 MB -6,000-1,432 Onerous Revenues COGS SGA contract Reserve Interests Others Net Profit 25,000 20,000 - Year 2012 Unit: MB 15,000 10,000 60,604 5,000-71, ,000-10,000-15,000-20,000-2, ,876 1,794-15,903 Note : Included FX gain of 346 MB, Reversal of environmental provision of 808 MB and Income tax benefits of 601 MB 26

28 SSI UK Net profit in Year 2012 Unit: MB 30,000 25,000 20,000 15,000 34,964 10,000 5,000-47, ,000-14,194-10,000-15,000-20,000-1, ,763 1,493 Revenues COGS SGA Reserve Onerous Interests Others Net Profit contract Note : : Included Reversal of environmental provision of 808 MB and Income tax benefit s of 623 MB 27

29 Consolidated Financial Position Total Assets and Liabilities (MB) Consolidated Working Capital (MB) Non Current Assets Current Assets Equities Total Liabilities S/T Loan Inventories 25,178 25,838 24,423 22,838 22,185 25,432 25,302 25,309 21,615 31,443 61,416 24,225 58,947 33,167 74,192 37,823 80,768 33,029 73,638 16,983 54,921 24,948 56,165 21,443 58,198 17,173 55,364 12,419 55,491 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 14,882 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Current Ratio (x) Interest Bearing Debt/Equity (x) Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Current Ratio remained relatively constant through out 2012 but decreased from year 2011 as external funds were used to fund working capital. Interest Bearing Debt/Equity rose through out 2012 as loans were drawn to fund SSI UK s Restart Project and from issuance of convertible debenture until the equity injection in November and December Total Equity at year end 2012 increased QoQ due to the equity injection in Q4/12 but not enough to off set the impact of net losses for the year. Hence, total equity declined by 10,000 MB YoY. 28

30 Agenda Overview of SSI Industry Outlook Recent Update and Ongoing Project Q4/2012 Performance Results Q4/2012 and Year 2012 Financial Results Q & A Appendix: 29

31 Group Structure and Business (As of 27 Feb 13) Others VANOMET HOLDING AG SAHAVIRIYA GROUP JFE Steel Corporation Marubeni-Itochu Steel Inc. 35% 21% 36% 4% 4% Turnover 2,020 MUSD Free Float 45.72% Foreign Limit 49.00% Foreign available 11.89% % 51.00% 35.19% 3.70% 99.99% Sahaviriya Steel Prachuap Port Thai Cold Rolled Thai Coated West Coast Industries UK Ltd. Co., Ltd. Steel Sheet PLC. Steel Sheet Co., Ltd. Engineering Co., Ltd. Turnover 1,125 MUSD Turnover 12 MUSD Turnover 489 MUSD Turnover 95 MUSD Turnover 23 MUSD 50.00% Redcar Bulk Terminal Limited Turnover 19 MGBP Deep sea Port Services Note: * Turnover = Sales and Service Revenues ** Assumed exchange rate at THB 30/ USD.

32 Company at a Glance (As of 27 Feb 13) Company: SAHAVIRIYA STEEL INDUSTRIES Plc. (SSI) Foundation: 13 March st Day Trading: 8 September 1994 Website: Group Employees: 4,104 (at the end of 2012) CEO: Mr. Win Viriyaprapaikit Group Business: 1. Hot-Rolled Coils Business in TH 2. Cold-Rolled Coils Business in TH 3. Coated Steel Sheet Business in TH 4. Engineering and Maintenance Service Business in TH 5. Deep-Sea Port Business in TH 6. Iron and Steel Making Business in UK 7. Deep-Sea Port Business in UK Ownership: Others 35% MISI JFE 4% 4% Vanomet 21% SV Group 36% No. of Listed Shares: 27,431,336,113 Shares Registered Capital: THB 39,867,778,559 Paid-up Capital: THB 27,431,336,113 Par Value: THB 1.00 Foreign Limit: 49% Foreign available: 11.89% Dividend Policy: No less than 25% of the Company's net profit each year on a non-consolidated basis

33 SSI s Milestones & Snapshot SSI was established by Sahaviriya Group, and incorporated as a public company Became the first and only conventional standalone Hot Strip Mill in Thailand Expanded its HRC capacity to 4.0 mmtpa, with P/O capacity of 1.0 mmtpa Reached 26 mmt of accumulative HRC production, the first steel producer in Thailand 1990 Started its operation with HRC capacity of 1.8 mmtpa Became a listed-company on the SET Expanded its HRC capacity to 2.4 mmtpa Upstream facility with the deep sea port in Northeast UK Perfect strategic location for steel business Teesside 400 km north of London Coastal Mill #2 Coastal Mill #1 Coastal Mill #1 SSI and its downstream mills are integrated with the deep sea port Perfect strategic location for steel business Bang Saphan 400 km south of Bangkok Invested in TCRSS 1999 Set up WCE to provide engineering & maintenance services among the group of companies Invested in TCS to extend further downstream 2012 Started its operation with Slab capacity of 3.6 mmtpa First slab produced in April Installed two shore 2013 cranes (100 tons each) 2013 Pulverized Coal Injection (PCI) project expected to be in use 1994 Established PPC to operate deep sea port in Prachuap Khirikhan 2011 Acquired TCP s iron and steel making facilities through its overseas subsidiary, SSI UK Began SSI UK restart project to refurbish its facilities 32

34 HRC Business Key Performance Snapshot Unit: USD/Ton Q4 Q3 Q4 Jan-Dec Jan-Dec HRC Average Selling Price HRC Spread HRC Rolling Margin 10.6% 12.4% 16.9% 12.5% 16.8% HRC EBITDA HRC Shipments (k tons) * 303 2,184* 1,571 Production Volume (k tons) ,096 1,564 Utilisation Rate (%) Production Rate (Ton/hdw**) Yield loss (%) Note: * Including 29 k tons of tolling service volume in Q3/2012 ** Ton/hdw = Ton per hour direct working time 33

35 Consolidated P&L Snapshot Unit: MB Q4 Q3 Q4 Jan-Dec Jan-Dec Sale and Service Revenue 17,599 15,794 13,008 60,604 47,975 COGS (21,183) (18,730) (14,665) (71,879) (49,638) SG&A (210) (718) 13 (2,056) (1,955) Provision for loss under onerous contracts (86) (147) (182) (490) (311) Gain on business acquisition ,271 EBITDA* (2,078) (3,146) (1,985) (10,680) 1,405 Interest Expenses (1,432) (952) (676) (3,876) (1,969) Depreciation and Amortization (363) (666) (262) (1,948) (956) Income Tax Expense 613 (17) Realized Gain (Loss) from FX 857 (210) (481) 283 (502) Unrealized Gain (Loss) from FX (269) (51) (28) Net Profit (Loss) (3,259) (4,782) (2,376) (15,903) (981) EPS (Baht) (0.15) (0.26) (0.14) (0.84) (0.06) 34

36 SSI TH P&L Snapshot Unit: MB Q4 Q3 Q4 Jan-Dec Jan-Dec Sale and Service Revenue 13,946 13,087 7,647 48,470 37,699 COGS (13,706) (13,260) (7,509) (47,838) (35,910) SG&A (237) (223) (149) (777) 1,789 Provision for loss under onerous contracts (15) (272) (612) Gain on business acquisition EBITDA* ,056 1,389 Interest Expenses (615) (616) (412) (2,088) (1,321) Depreciation and Amortization (174) (177) (124) (622) (512) Realized Gain (Loss) from FX (95) 359 (136) Unrealized Gain (Loss) from FX (234) (128) Net Profit (Loss) (422) (506) (325) (1,655) (444) EPS (Baht) (0.02) (0.03) (0.02) (0.09) (0.03) 35

37 SSI UK Financial Results Profit and Loss Statement Unit : MB Sale Revenues 34,964 9,936 Cost of Good Sold (47,217) (13,643) Admin Expenses (1,181) (1,251) Provision for loss under onerous contracts Gain from Business Acquisition (490) (311) - 5,271 EBITDA (11,855) (51) Interest Expenses (1,763) (631) Bank Fees (28) (104) Gain (Loss) on FX (54) (284) Gain (Loss) on Investment 55 7 Other Incomes Income Tax Net Profit (Loss) (14,194) (454) Statement of Financial Position Unit : MB Current Assets 10,759 8,553 Non-current Assets 33,623 31,218 Total Assets 44,382 39,771 Short-term Liabilities 13,128 7,565 Other Current Liabilities 5,010 5,963 Total Current Liabilities 18,139 13,528 Long-term Loans 14,646 10,057 Total Liabilities 35,202 27,732 Share Capital 23,801 12,255 Retained Earning (14,844) (650) Total Equity 9,180 12,038 Total Liabilities & Equity 44,382 39,771 36