WORKPOINT
ANALYST MEETING 1Q2017
25th MAY 2017
The information within this presentation has been derived from the existing factors in the present time. Therefore, the forward-looking information on this presentation may not occur in the future if the aforementioned factors or situations are changed. No representation and warranties whatsoever have been given by Workpoint Entertainment Public Company Limited and its subsidiaries.
2 GLOSSARY
. Advertising Revenue WORKPOINT TV . TV Production Revenue : Only TV Programs aired on WORKPOINT TV (“WP TV”) . Time Slot Rental Revenue
. Advertising Revenue : TV Programs aired on Other TV Channels OTHER TV . TV Production Revenue : Only TV Programs aired on Other TV Channels BUSINESS . Revenue from Digital Media (e.g. YouTube, Line, Facebook) . Revenue from TV Program Licensing
. Ticket sale from Plays and Concerts CONCERTS & . Theatre Sponsorship Revenue and Show Sponsorship Revenue PLAYS . Area Rental Revenue
Event Sponsorship Revenue EVENT . . Event Organizing Revenue
3 GLOSSARY
Channel Company Abbrv. Channel Company Abbrv.
Royal Thai Army Radio and Television Station CH.5 GMM Channel Co., Ltd. GMM25
The Government Public Relations Department NBT Bangkok Business Broadcasting Co., Ltd. NOW26
Thai Public Broadcast Service THAI PBS R.S. Television Co., Ltd. CH.8
BEC-Multimedia Co., Ltd. 3FAMILY BEC-Multimedia Co., Ltd. 3SD
MCOT Public Co., Ltd. MCOT FAMILY Mono Broadcast Co., Ltd. MONO29
Thai News Network Co., Ltd. TNN MCOT Public Co., Ltd. MCOT
DN Broadcast Co., Ltd. NEW TV GMM One TV Co., Ltd. ONE
Spring News Television Co., Ltd. SPRING NEWS Triple V Broadcast Co., Ltd. THAIRATH TV
Bright TV Co., Ltd. BRIGHT TV BEC-Multimedia Co., Ltd. CH.3
Voice TV Co., Ltd. VOICE TV Amarin Television Co., Ltd. AMARIN TV
NBC Next Vision Co., Ltd. NATION TV Bangkok Broadcasting & TV. Co., Ltd. CH.7
WORKPOINT Thai Broadcasting Co., Ltd. Bangkok Media & Broadcasting Co., Ltd. PPTV TV
True Four You Station Co., Ltd. TRUE4U 4 Financial PerformanceCOMPANY PROFILE FOUND IN 1989, WORKPOINT ASPIRES TO BE LEADER IN ENTERTAINMENT AND MEDIA INDUSTRY
Number 1 Variety Content Provider in Thailand.
6 SHAREHOLDER PROPORTION
Mr. Phanya Nirunkul & Mr. Prapas Cholsaranon, Co-Founders, hold 52% altogether
7 1989 - 2015
Provided TV Programs to all TV Stations. MORE THAN 25 YEARS, EXPERIENCE, CREATING MORE THAN 100 TV PROGRAMS
Guaranteed by many National and International Awards.
8 2005 - PRESENT A TRUE INTEGRATED ENTERTAINMENT COMPANY Started Diversifying into Related Businesses
9 2014 - PRESENT PLAYHOUSE BUSINESS
1010 2014-PRESENT
WORKPOINT TV FULL VARIETY TV STATION 24 HOURS WITH QUALITY CONTENTS
Shifting from TV Production house to TV Station Accounted for 85% of Total Revenue
No TV Programs for other TV Stations since 2016 11 FINANCIAL PERFORMANCEAd 1Q 2017 CONSOLIDATED FINANCIAL PERFORMANCE WORKPOINT ENTERTAINMENT PCL
TOTAL REV.* : INCREASING 42.7% Unit : MB GROSS PROFIT : INCREASING 67.5% Unit : MB
GP %GPM
450.0 51.7% 60.0%
400.0
1Q 2017 812.5 50.0%
350.0 300.0 44.0% 40.0% 250.0
30.0% 200.0 419.6
150.0 20.0%
100.0 250.5 10.0% 1Q 2016 569.3 50.0
0.0 0.0% 1Q 2016 1Q 2017
EBIT : INCREASING 273.2% Unit : MB NET PROFIT : INCREASING 503.6% Unit : MB
NP %NPM EBIT %EBIT
350.0 31.9% 60.0% 250.0 27.4%21.3% 30.0%
300.0
200.0 250.0 5.0%
150.0
200.0
10.0% 150.0 12.2% 259.4 100.0 173.4 100.0 5.0%
50.0
50.0 69.5 0.0 28.7 -70.0% 0.0 -40.0% 1Q 2016 1Q 2017 1Q 2016 1Q 2017 * Including other income 13 CONSOLIDATED FINANCIAL PERFORMANCE
Unit : MB 1Q 2016 1Q 2017 % change Total Rev. 569.3 812.5 42.7% Costs (318.9) (392.8) 23.2% Gross Profit 250.5 419.6 67.5% Selling (59.3) (56.9) -4.1% Admin (121.7) (103.4) -15.0% EBIT 69.5 259.4 273.3% Interest (31.8) (25.6) -19.5% Profit/Loss from JV (1.9) 1.7 190.0% Tax (6.3) (60.9) 866.2% Minor (0.7) (1.2) 83.5% Net Profit 28.7 173.4 503.5%
14 CONSOLIDATED REVENUE STRUCTURE
1Q 2016 : TOTAL REV. 596.3 MB 1Q 2017 : TOTAL REV. 812.5 MB
5.0% 2.0% 3.2% 1.4% 3.8% 4.6%
89.2% 90.9%
TV Business Concert Event Other TV Business Concert Event Other
15 CONSOLIDATED REVENUE STRUCTURE
1Q 2016 1Q 2017 Unit : MB
900.0 812.5 800.0 738.4 700.0 569.3 600.0 508.1
500.0
400.0
300.0
200.0
100.0 21.5 37.0 28.6 25.8 11.2 11.2
-
TV Business Concert Event Other Total % Revenue 45.3% 72.3% -9.7% -0.1% 42.7% Growth
16 TV BUSINESSAd TV BUSINESS
1Q 2016 1Q 2017 Unit : MB
738.4 696.8
495.9 508.1
10.3 37.7 1.8 3.9
WORKPOINT TV ONLINE LICENSING TOTAL
%Growth 40.5% 268.0% 111.5% 45.3%
18 TV BUSINESS : WORKPOINTAd TV TV BUSINESS : WORKPOINT TV GENRE : General Entertainment/ Variety KEY CONCEPT : Knowledge, Wit, Fun, Entertainment TARGET AUDIENCE : all Ages and Genders
20 TV BUSINESS : WORKPOINT TV Capture All Ages and Genders Matching with Thailand’s Average Audience Profile
21 Source : AGB NEILSEN , as of April 2017 TV BUSINESS : WORKPOINT TV
More than 60% are Light Entertainment Contents
0.6% 4.5% 0.9% 7.6% 22.2% 7.0% 4.8% 9.0% 12.9% 10.8% 34.4% 5.9% 1st Run WORKPOINT Re-Run 4.1% 64.5% 9.5% TV 35.5% 48.4% 4.6% 19.3% 9.2% 3.0% 24.3% 13.6% 10.8% 32.8%
News Content Variety Show Content Game Show Content Inter. Content Thai & Inter. Drama Content Big Format Content Sitcom Content Cartoons Content Branded TV Content
Source : Workpoint TV as of May 2017 22 TV BUSINESS : WORKPOINT TV
AGB Nielsen Rating 15+ (Avg.18 hours) Nationwide
1.80 1.55 1.60 1.49 1.42 1.47 1.47 1.40 1.33 1.16 1.23 1.19 1.19 1.21 1.20 1.15 1.08 0.98 1.14 1.12 1.00 0.96 0.90 1.00 0.850.88 0.83 0.80 0.75 0.78 0.97 0.80 0.74 0.73
0.60 0.480.51 0.45 0.52 0.40 0.50 0.34 0.40 0.30 0.25 0.24 0.20 2014 2015 2016 2017 0.00
23 Source : AGB NEILSEN : TV Rating All Target 15+ TV BUSINESS : WORKPOINT TV
Period 06.00 AM – 10.00 PM (18Hrs.) Period 06.00 PM – 10.00 PM (Primetime) TARGET: NATIONWIDE 15+ TARGET: BKK 15+ 1.80 1.55 1.60 1.47 1.49 6.00 5.24 4.74 1.40 5.00 4.51 1.20 4.00 1.00 1.09 0.80 0.86 3.00 2.59 0.60 2.00 1.78 0.40 0.39 1.00 0.20 0.65 0.00 0.00 2014 2015 2016 Jan 17 Feb 17 Mar 17 2014 2015 2016 Jan 17 Feb 17 Mar 17
4.50 9.00 8.47 4.03 4.00 8.00 7.40 3.50 3.50 7.00 3.22 2.96 2.84 6.24 3.00 2.57 2.95 6.00 4.74 5.24 2.50 2.63 5.00 4.83 5.38 2.04 2.03 4.52 4.51 4.60 4.73 2.00 1.88 4.00 4.01 1.83 4.03 4.27 1.50 3.00 3.40 1.47 1.49 2.59 1.09 1.55 1.00 0.86 2.00 1.78 1.00 0.50 0.39 0.65 0.00 0.00 2014 2015 2016 Jan 17 Feb 17 Mar 17 2014 2015 2016 Jan 17 Feb 17 Mar 17 24 Source : AGB NEILSEN TV BUSINESS : WORKPOINT TV AGB Nielsen Rating, 15+, Jan-Mar 2017, 18 hours (06:00-24.00)
15+ Nationwide, 18 hrs. 15+ Bangkok, 18 hrs. 15+ Urban, 18 hrs. 15+ Rural, 18 hrs.
Rank Channel Rating Rank Channel Rating Rank Channel Rating Rank Channel Rating
1 2.78 1 3.23 1 2.89 1 2.80
2 1.91 2 2.55 2 2.88 2 1.27
3 1.51 3 2.08 3 1.80 3 1.25
4 0.88 4 1.11 4 0.97 4 0.80
5 0.76 5 0.81 5 0.71 5 0.76
6 0.67 6 0.66 6 0.70 6 0.66
7 0.36 7 0.42 7 0.36 7 0.35
8 0.32 8 0.41 8 0.36 8 0.30
9 0.30 9 0.36 9 0.35 9 0.26
10 0.24 10 0.33 10 0.35 10 0.25
11 0.23 11 0.31 11 0.26 11 0.19
12 0.20 12 0.25 12 0.23 12 0.19
13 0.20 13 0.24 13 0.20 13 0.18 TV BUSINESS : WORKPOINT TV AGB Nielsen Rating, 15+, Jan-Mar 2017, Primetime (18:00-22.30)
15+ Nationwide, Primetime 15+ Bangkok, Primetime 15+ Urban, Primetime 15+ Rural, Primetime
Rank Channel Rating Rank Channel Rating Rank Channel Rating Rank Channel Rating
1 5.43 1 4.83 1 4.58 1 6.07
2 3.61 2 4.76 2 4.51 2 3.22
3 3.29 3 4.05 3 3.90 3 2.49
4 1.81 4 1.62 4 1.51 4 1.93
5 1.42 5 1.57 5 1.30 5 1.43
6 1.09 6 0.89 6 0.91 6 1.28
7 0.72 7 0.65 7 0.83 7 0.76
8 0.66 8 0.57 8 0.61 8 0.64
9 0.61 9 0.57 9 0.48 9 0.62
10 0.52 10 0.53 10 0.46 10 0.61
11 0.36 11 0.42 11 0.44 11 0.36
12 0.33 12 0.39 12 0.35 12 0.34
13 0.33 13 0.39 13 0.33 13 0.34 TV BUSINESS : WORKPOINT TV
Digital TV Audience Share
27 Source : AGB NEILSEN : TV Rating All Target 15+ (18 Hrs.) TV BUSINESS : WORKPOINT TV
Top TV Programs: Jan-Mar 2017
28 Source: AGB NEILSEN: TV Rating All Target 15+, as of 1Q2017 (Jan-Mar’17) TV ADEX
Q120161Q2016 Q120171Q2017 Unit : MB Analog TV Cable/Satellite Digital TV
18,626 17,666
12,532 11,363 27.3% 30.8% 5.5% 4.9% 5,078 5,435 67.3% 64.3% 1,016 868
Analog TV Cable/Satellite Digital TV Total 1Q2016Q12016 1Q2017Q12017
% Growth -9.3% -14.6% 7.0% -5.2%
29 Source : AGB Nielsen Media Research TV BUSINESS : WORKPOINT TV
Unit : MB
WORKPOINT TV REVENUES WORKPOINT TV COSTS
696.8 345.0 495.9
275.6
1Q 2016 1Q 2017 1Q 2016 1Q 2017 %Revenue %Cost 40.5% 25.0% Growth Growth
1Q2016 1Q2017 30 TV BUSINESS : WORKPOINT TV
WORKPOINT TV: GROSS PROFIT (GP) Unit : MB
1Q 2016
495.9
275.6 220.3
% GPM 44.4% Revenue Cost GP
1Q 2017
696.8
351.8 345.0
% GPM 50.5% Revenue Cost GP
% Growth 40.5% 25.2% 60.0%
31 Revenue GP TV BUSINESS : WORKPOINT TV Continuing the Success of the Mask Singer Average Rating EP.1-6 : Season 1 VS Season 2
Source: Group Semi Final A: Ep.4 (8 Dec 2016), B: Ep.8 (5 Jan 2017)
Source: Group Semi Final A: Ep.5 (4 May 2017), B: Ep.6 (11 May 2017)
32 3232 32 TV BUSINESS : WORKPOINT TV
More New TV Programs will be introduced
MY LITTLE TV VOLLEYBALL MATCH On Air: 3Q 2017 On Air : 3Q 2017 LET ME IN THAILAND 3 THE X FACTOR THAILAND 3Q 2017 WE KID THAILAND On Air: 3Q 2017 On Air: 2Q-3Q 2017
33 TV BUSINESS : ONLINE TV BUSINESS : ONLINE
ONLINE REVENUES Unit : MB
1Q 2016 1Q 2017
37.7 31.6
10.3 10.3 6.1 -
Youtube Others * Total
% Revenue 208.1% - 268.0% Growth
* Others are comprised of Revenue from Facebook Live, Online advertising, and Line TV
35 TV BUSINESS : ONLINE
36 Updated 17/05/2017 37 38 TV BUSINESS : ONLINE Workpoint YouTube has more than 7 Million Subscribers and more than 4,900 Million Video View
39 Source : Socialblade Updated 17/05/2017 40 41 4242 43 TV BUSINESS : ONLINE
Workpoint Facebook has more than 9 Million Follows & Likes
9,782,881 Follows 2,677,589 Follows 9,123,195 Likes 2,511,732 Likes
8,433,151 Follows 2,086,935 Follows 8,499,505 Likes 2,080,628 Likes
4,694,596 Follows 1,735,031 Follows 4,676,679 Likes 1,768,248 Likes
3,786,809 Follows 1,317,623 Follows 3,750,149 Likes 1,338,476 Likes
2,665,979 Follows 1,535,672 Follows 2,708,602 Likes 1,481,735 Likes
2,724,751 Follows 1,249,356 Follows 2,681,785 Likes 1,211,064 Likes
4444 Source : facebook Updated 17/05/2017 4545 CONCERTS & PLAYS BUSINESS CONCERTS & PLAYS BUSINESS
Unit : MB
CONCERTS & PLAYS REVENUES CONCERTS & PLAYS COSTS
37.02 23.74
21.48 11.95
1Q2016 1Q2017 1Q2016 1Q2017
%Revenue %Cost 72.3% 98.7% Growth Growth
1Q2016 1Q2017 47 CONCERTS & PLAYS BUSINESS
CONCERTS & PLAYS GROSS PROFIT (GP)1Q2016
21.48
11.95 9.53
% GPM 44.4% Revenue Cost GP
1Q2017
37.02 23.74 13.28
% GPM 35.9% Revenue Cost GP
% Growth 72.3% 98.7% 39.2%
48 Revenue GP Unit : MB CONCERT BUSINESS
49 EVENT BUSINESS EVENT BUSINESS
EVENT REVENUE Unit : MB EVENT IN 1Q 2017
Rev. GP
28.6 25.8
5.9 4.7
1Q2016 1Q2017 %Revenue Growth -9.7%
%GPM 20.6% 18.1%
51 EVENT BUSINESS
1Q-3Q 2017
2Q 2017
4Q 2017
3Q 2017
52 SELLING & ADMINISTRATIVE EXPENSES SELLING & ADMINISTRATIVE EXPENSES
Unit : MB
TOTAL SELLING EXPENSES TOTAL ADMINISTRATIVE EXPENSES
59.5 59.3 125.0 121.7
59.0
120.0
58.5
115.0
58.0
110.0
57.5
105.0 103.4
57.0 56.9
100.0
56.5
95.0
56.0
55.5 90.0
%Growth -4.1% %Growth -15.0%
1Q 2016 1Q 2017 54 TOTAL ASSETS & LIABILITIES
Unit : MB TOTAL ASSETS TOTAL LIABILITIES
5,422.4 5,622.9
6,000.0 2,435.9 2,376.8
5,000.0 1,779.8 1,984.1
4,000.0 956.6 1,125.9
3,000.0
2,000.0 3,642.6 3,638.8 1,479.3
1,000.0 1,250.9
- Dec 2016 Mar 2017 Dec 2016 Mar 2017
Non Current Assets Current Assets Non Current Liabilities Current Liabilities
%Growth %Growth Total Assets 3.7% Total Liabilities -2.4% Current Assets 11.5% Current Liabilities 17.7% Non Current Assets -0.1% Non Current Liabilities -15.4%
55 FINANCIAL PERFORMANCE RATIO
Unit : MB
GROSS PROFIT MARGIN EBIT MARGIN EBIT
GP 300.0 60.0%
450.0 60.0% 250.0
400.0
50.0%
200.0 350.0
300.0 44.0% 40.0%
150.0 10.0%
250.0 30.0% 259.4 200.0
100.0
150.0 419.6 20.0%
100.0
50.0 250.5 10.0% 50.0 69.5
0.0 0.0% 0.0 -40.0% 1Q 2016 1Q 2017 1Q 2016 1Q 2017 %GPM 44.0% 51.7% %EBIT 12.2% 31.9%
ROE (RETURN ON EQUITY)* NET PROFIT MARGIN NP
200.0 30.0%
180.0
25.0% ROE 160.0
140.0
20.0%
10.6% 120.0 12.0%
100.0 15.0% 10.0% 6.7%
80.0 8.0%
10.0%
60.0 6.0%
40.0 173.4 4.0% 5.0%
2.0% 20.0
0.0% 0.0 28.7 0.0% 2016 1Q 2017 1Q 2016 1Q 2017 %NPM 5.0% 21.3% * Trailing 12 months 56 FINANCIAL STATUS
AR DAYS (DAYS) AP DAYS (DAYS)
47.2 47.1 50.0 50.0 45.0 45.0 33.1 40.0 31.6 40.0 35.0
35.0 30.0 30.0 25.0 25.0 20.0 20.0 15.0 15.0 10.0 10.0
5.0 5.0
- - 2016 1Q 2017 2016 1Q 2017
D/E RATIO (TIMES) INT. BORROWING DEBT/EQUITY (TIMES)
0.8 0.3 0.8
0.8
0.8 0.2
0.8 0.8 0.7 0.7
0.7
0.7
0.7 2016 1Q 2017 2016 1Q 2017 57 Q&A THANK YOU