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Explanation of Operating Results for Quarter 2/2020 Disclosure of the COVID-19 Pandemic Impact

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Explanation of Operating Results for Quarter 2/2020 Disclosure of the COVID-19 Pandemic Impact Asia Biomass Public Company Limited Asia Biomass Public Company Limited No. 273/2 Rama II Road, Samae Dam Sub-district, Bang Khun Thian District, Bangkok 10150 Tel: 0-2415-0054, 0-2416-3911 Fax: 0-2415 -1102 www.asiabiomass.com Registration No. 0107560000061 August 11, 2020 Subject: Explanation of operating results for quarter 2/2020 Disclosure of the COVID-19 pandemic impact To: The President The Stock Exchange of Thailand Asia Biomass Public Company Limited and subsidiaries (“the Company”) in Q2/2020 had net profit from attributable to equity holders at 0.92 million baht. The company performance decreased by compared with Q1/2020 from COVID-19 pandemic. The company acess risk and impact as follow: 1. Market demand decrease Domestics As the government measure to prevent COVID-19 outbreak such declaration of the emergency decree and uncertain of the outbreak impacted may have negative impact on economic activities, the company’s revenue decreased significantly in Q2/2020 from industrial customers postpone the order or halt the production. However, the company expect the government stimulus packages would help the company return to pre-COVID- 19 domestics revenue in the second half of 2020. Overseas The uncertain of COVID-19 pandemic affected overseas customers demand slow downed affected negative impact to the exported demand.Currently, there are positive sign, so the company expect the demand would turn back to normal in the second half of 2020. 2. Cost of sourcing increase Cost of palm kernel shell from overseas increased during COVID-19 pandemic from average regional market price increased because the price situation in Indonesia, the leader of palm kernel shell exporter, increase due to the difficult of transporting. However, the company sourcing local substitution product in the harvest season with lower price, so the company have sufficient sourcing for market demand. 3. Transportation risk Deflation of economic activities affected the domestic transport industry. The company foresee the number of transporter across the region tend to decrease which would affect the transportation cost of the company. Page 1 of 8 Contact investor relation by email: [email protected] Asia Biomass Public Company Limited Asia Biomass Public Company Limited No. 273/2 Rama II Road, Samae Dam Sub-district, Bang Khun Thian District, Bangkok 10150 Tel: 0-2415-0054, 0-2416-3911 Fax: 0-2415 -1102 www.asiabiomass.com Registration No. 0107560000061 4. Funding risk The COVID- 19 pandemic impact on the overall economy, the financial institution are strict in measuring and monitoring the credit risk. From this situation, it would have negative impact to the investment plan of the company and the company had the long-term loan agreement, which have condition to maintain financial ratios: coverage ratio and capital structure. However, in 2020, the company has a positive performance and follow up the result regularly. The company expect to be able to maintain such financial ratios. Finally, the company would be confident that the company is able to pass through the crisis and expects to generate consistent returns for all stakeholders. The company would like to thank you for your encouragement to the company. This is submitted for your information. Sincerely yours, (Pongtham Danwungderm) Deputy Managing Director And Chief of Financial Officer (CFO) Page 2 of 8 Contact investor relation by email: [email protected] Asia Biomass Public Company Limited Asia Biomass Public Company Limited No. 273/2 Rama II Road, Samae Dam Sub-district, Bang Khun Thian District, Bangkok 10150 Tel: 0-2415-0054, 0-2416-3911 Fax: 0-2415 -1102 www.asiabiomass.com Registration No. 0107560000061 The explanation to the consolidated financial performance for three- month period ended June 30, 2020 as follows: Summary of Quarterly Operation Operating Performance Q2/2020 Q2/2019 Q1/2020 YoY QoQ Volume Sales ktons % ktons % ktons % % Domestic sales volume 71.84 84.76 104.40 80.67 107.42 64.19 (31.19) (33.12) Overseas sales volume 12.92 15.24 25.02 19.33 59.93 35.81 (48.37) (78.44) Total Volume 84.76 100.00 129.43 100.00 167.35 100.00 (34.51) (49.35) Biomass total sales volume in Q2/2020 was 84.76 thousand tons decreased 34.51% from Q2/2019 and decreased 49.35% from Q1/2020 from the decrease both domestics and overseas sales volume. Domestic sales volume Domestic sales volume in Q2/2020 was 71.84 thousand tons, which decreased 31.19% from Q2/2019 and decreased 33.12% by compared with Q1/2020 because of the decrease in palm kernel shell, woodchip and wood shaving due to of COVID-19 pandemic impact on market demand decreased. Overseas sales volume Overseas sales volume was 12.92 thousand tons in Q2/2020 decreased by 48.37% from Q2/2019 from no export shipment of palm kernel shell and wood pellet and by compared with Q1/2020, volume sale decreased 78.44% from COVID-19 pandemic impacted on market demand also the difficulty of transporting from lockdown measure. Page 3 of 8 Contact investor relation by email: [email protected] Asia Biomass Public Company Limited Asia Biomass Public Company Limited No. 273/2 Rama II Road, Samae Dam Sub-district, Bang Khun Thian District, Bangkok 10150 Tel: 0-2415-0054, 0-2416-3911 Fax: 0-2415 -1102 www.asiabiomass.com Registration No. 0107560000061 Financial Performance Operating Results Quarter 2/2020 Quarter 2/2019 Quarter 1/2020 YoY QoQ Income Statement MB % MB % MB % % % Revenues Revenue from sales and services 241.65 99.29 327.64 98.90 522.80 99.03 (26.25) (53.78) Other incomes 1.74 0.71 3.63 1.10 5.11 0.97 (52.07) (65.98) Total Revenues 243.39 100.00 331.27 100.00 527.92 100.00 (26.53) (53.90) Expenses Cost of sales and services (191.39) (78.63) (267.11) (80.63) (403.48) (76.43) (28.35) (52.57) Distribution costs (31.46) (12.93) (45.41) (13.71) (82.25) (15.58) (30.72) (61.75) Administrative expenses (16.66) (6.84) (20.21) (6.10) (18.38) (3.48) (17.59) (9.40) Total Expenses (239.51) (98.41) (332.73) (100.44) (504.11) (95.49) (28.02) (52.49) Profit (Loss) before interest and tax 3.88 1.59 (1.46) (0.44) 23.81 4.51 366.07 (83.70) Financial costs (2.68) (1.10) (2.91) (0.88) 0.96 0.18 (7.90) (378.01) Profit (Loss) before income tax 1.20 0.49 (4.37) (1.32) 22.89 4.34 127.51 (94.75) Income tax expenses (revenues) (0.27) (0.11) 0.56 0.17 (4.59) (0.87) (148.57) (94.08) Net Profit (Loss) 0.93 0.38 (3.81) (1.15) 18.29 3.47 124.42 (94.92) Net Profit (Loss) attributable to equity 0.92 0.38 (1.25) (0.38) 19.54 3.70 173.72 (95.29) holders The operating results are presented as follow; Revenue from sales and services Revenue from sales and services in Q2/2020 was 241.65 million baht decreased 26.25% from Q2/2019 and 53.78% from Q1/2020 decreased in line with sales volume decrease. Cost of sales and services Cost of sales and services in Q2/2020 was 191.39 decreased by 28.35% from Q2/2019 and 52.57% from Q1/2020. Cost of sales and services increased in line with revenue from sales and services. For this reason, gross profit margin of the company was 20.80% in Q2/2020 increased when compare to Q2/2019, which was 18.47% from the bigger portion of high-gross profit product, especially exported product. When compared with Q2/2019 and 22.82% when compared with Q1/2020 from the decrease portion of exported which had higher gross profit margin. Page 4 of 8 Contact investor relation by email: [email protected] Asia Biomass Public Company Limited Asia Biomass Public Company Limited No. 273/2 Rama II Road, Samae Dam Sub-district, Bang Khun Thian District, Bangkok 10150 Tel: 0-2415-0054, 0-2416-3911 Fax: 0-2415 -1102 www.asiabiomass.com Registration No. 0107560000061 Distribution costs Distribution costs was 31.46 million baht decreased by 30.72% from Q2/2019 and decreased by 61.75% from Q4/2019. Cost of distribution decreased in line with revenue from sales including the proportion of exported activities decreased significantly including fuel price dropped affected distribution cost to sales declined at 12.83% of total sales by compared with Q2/2019 at 13.71% and Q1/2020 at 15.52%. Administrative expenses The company’s administrative expenses in Q2/2020 was 16.66 million baht declined by 17.58% from Q2/2019 and 9.39% from Q1/2020 from cost reduction policy and reversal account allowance amount 3.63 million baht. As a result, in Q2/2020, the net profit attributable to equity holders of the company was 0.92 million baht changed from loss to profit, while in Q2/2019 had net loss was 1.25 million baht and in Q1/2020 had net profit of 19.54 million baht. Financial Position Assets Financial Position June 30, 2020 Dec 31, 2019 %change Assets MB % MB % Cash and cash equivalents 40.91 5.28 27.45 3.84 49.03 Accounts receivable and other receivable 147.19 19.00 158.30 22.14 (7.02) Inventories 153.90 19.86 153.51 21.47 0.26 Advance payment for goods 40.04 5.17 4.22 0.59 848.12 Other current assets 8.36 1.08 19.14 2.09 (56.32) Total current assets 390.39 50.38 358.40 50.13 8.93 PP&E 269.47 34.78 273.70 38.28 (1.54) Right of use 34.07 4.40 - - N/A Bank deposit pledged as collateral 40.00 5.16 40.00 5.59 0.00 Other non-current assets 40.91 5.28 42.86 5.99 (4.55) Total non-current assets 384.45 49.62 356.56 49.87 7.82 Total assets 774.84 100.00 714.96 100.00 8.38 Page 5 of 8 Contact investor relation by email: [email protected] Asia Biomass Public Company Limited Asia Biomass Public Company Limited No.
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