WORKPOINT
ANALYST MEETING 2016
9th MARCH 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. CH.9
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 44 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 - PRESENT
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
99 10 2014-PRESENT
WORKPOINT TV FULL VARIETY TV STATION 24 HOURS WITH QUALITY CONTENTS
Shifting from TV Production house to TV Station
11 FINANCIAL PERFORMANCEAd 2015-2016 FINANCIAL PERFORMANCE WORKPOINT ENTERTAINMENT PCL
Unit : MB Consolidated P/L Statement : 4Q Consolidated P/L Statement : 12M
Rev. NP Rev. NP
3,000.0
800.0 2,684.2 685.4 2,454.1
700.0 2,500.0
600.0
507.9 2,000.0
500.0
1,500.0 400.0
300.0
1,000.0
200.0
500.0 100.0 32.9 150.3 198.6
-
-
-100.0 -72.0 4Q 2015 4Q 2016 -200.0 2015 2016 %Revenue %Revenue -25.9% 9.4% Growth Growth %NP 4.8% -14.2% %NP 6.1% 7.4%
1313 CONSOLIDATED FINANCIAL PERFORMANCE SUMMARY Unit : MB
4Q 2015 4Q 2016 % Change 2015 2016 % Change Total Rev. 685.4 507.9 -25.9% 2,454.1 2,684.2 9.4% Costs (354.2) (346.2) -2.3% (1,375.9) (1,496.2) 8.7% Gross Profit 331.2 161.7 -51.2% 1,078.2 1,188.0 10.2% Selling (72.0) (36.9) -48.7% (221.4) (237.2) 7.1% Admin (191.4) (197.3) 3.1% (542.2) (585.1) 7.9% Total Selling & Admin (263.4) (234.3) -11.0% (763.7) (822.3) 7.7% EBIT 67.8 (72.6) -207.1% 314.5 365.7 16.3% Interest (32.7) (22.3) -31.8% (132.5) (112.7) -14.9% Profit/Loss from JV 10.9 3.3 -69.8% 14.4 2.1 -85.2% Tax (15.7) 15.5 -198.5% (45.4) (52.1) 14.8% Minor 2.7 4.2 56.0% (0.8) (4.4) 470.7% Net Profit 32.9 (72.0) -318.6% 150.3 198.6 32.1%
1414 CONSOLIDATED REVENUE STRUCTURE
2015 : TOTAL REV. 2,454.1 MB 2016 : TOTAL REV. 2,684.2 MB
4.4% 2.2% 4.0% 2.5% 4.5% 6.8%
86.6% 89.1%
TV Business Concert Event Other TV Business Concert Event Other
1515 REVENUE & COST BY BUSINESS
2,684.2 3,000.0 2,391.7 2,454.1 2,500.0 2,124.5
2,000.0
1,500.0 1,000.0 167.9 Revenue : 12M 500.0 108.1 106.2 119.7 53.5 66.5
-
TV Business Event Concert Other Total
% Growth 12.6% -1.7% -28.7% 24.2% 9.4%
1,496.2 1600.0 1318.0 1,375.9 1400.0 1153.7
1200.0
1000.0
800.0
600.0 400.0 84.6 87.9 Cost : 12M 200.0 113.7 81.9 23.9 8.4
0.0
TV Business Event Concert Other Total
% Growth 14.2% 3.8% -28.0% -64.9% 8.7%
1,188.0 1,400.0 1,073.7 1,200.0 970.8 1,078.2
1,000.0
800.0
600.0 GP : 12M 400.0 54.2 200.0 23.5 18.4 37.8 29.7 58.1
-
TV Business Event Concert Other Total % Growth 10.6% -21.7% -30.2% 95.8% 10.2%
% GP 45.7% 44.9% 21.7% 17.3% 32.3% 31.6% - 43.9% 44.3% 16 2015 2016 Unit: MB TV BUSINESSAd TV BUSINESS
Unit : MB 12 Months : 2016 12M 2015 12M 2016
3,000.0
2,500.0 2,228.1 2,391.7 1,998.7 2,124.5
2,000.0
1,500.0
1,000.0
500.0 77.4 67.2 32.2 78.4 16.2 18.0
- TV production Online licensing WP TV Total
% Revenue -13.1% 143.1% 10.8% 11.5% 12.6% Growth
1818 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 , February 2017 TV BUSINESS : WORKPOINT TV More than 70% are Light Entertainment Contents
1.47%
2.80%
6.01% 2.09% 2.61% 4.27% 25.01% 9.71% 13.88%
11.42% 3.47% 3.01% 38.17% 4.96% Re-Run 2.09% 1st Run WORKPOINT 28.48% 71.88% 55.54% 10.46% TV 13.36% 17.36%
28.85%
38.96%
News Content Variety Show Content Game Show Content Inter. Content Thai & Inter. Drama Content Big Format Content Sitcom Content Cartoons Content Branded TV Content Sport Content 22 Source : Workpoint TV ,Dec 2016 TV BUSINESS : WORKPOINT TV TV Program Highlight
RATING RATING RATING 8.38 4.14 6.79
RATING RATING RATING 5.79 1.83 1.50 23 Source : AGB NEILSEN as of 5 March 2017 TV BUSINESS : WORKPOINT TV TV Program Highlight
RATING RATING RATING 5.23 8.42 6.63
RATING RATING 3.30 1.81
RATING RATING 4.74 3.66
24 Source : AGB NEILSEN as of 5 March 2017 TV BUSINESS : WORKPOINT TV
Unit : MB
Workpoint TV : 12M Rev. GP
2,228.1 1,998.7 1,847.81
955.41 956.21 791.21
2014 2015 2016 % Revenue 8.2% 11.5% Growth %GP 42.8% 47.8% 42.9%
2525 TV BUSINESS : WORKPOINT TV AGB Nielsen Rating 15+ (Avr. 18 hours) Nationwide
1.50 1.60 1.49 1.47 1.47 1.42 1.40 1.33 1.23 1.19 1.16 1.19 1.21 1.20 1.15 1.08 0.98 1.14 1.12 0.96 1.00 0.88 1.00 0.85 0.97 0.83 0.80 0.90 0.78 0.74 0.75 0.80 0.73
0.60 0.48 0.51 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
2626 Source : AGB NEILSEN : TV Rating All Target 15+ TV BUSINESS : WORKPOINT TV AGB Nielsen Rating 15+, 18 hours, Nationwide Rating Comparison : Workpoint TV VS Analog Channels (Simulcasted on DTT)
Period 06.00-24.00 (18.00 hrs.) Period 18.00-22.30 (Primetime)
1.60 4.00 1.50 1.40 1.49 3.50 3.54 31.4% 1.47 3.51 1.20 3.00 36.3% 3.51 120.5% 1.13 1.00 2.50 127.5% 2.48 0.80 0.86 2.00 1.82 0.60 1.50 0.40 0.39 1.00 0.80 0.20 0.50 0.00 0.00 2014 2015 2016 Jan 2017 Feb 2017 1-5 Mar 2014 2015 2016 Jan 2017 Feb 2017 1-5 Mar 2017 2017
4.50 9.00 8.48 4.00 4.03 8.00 3.50 3.50 7.00 6.78 3.22 2.98 2.84 3.00 2.57 6.00 5.62 2.83 5.34 5.58 5.58 2.50 2.63 5.00 4.69 2.17 2.03 1.88 4.48 2.00 4.00 3.87 3.51 0.4 2.8 0.4 1.89 3.69 3.54 1.50 1.50 3.00 4.5 3.51 3.16 3.17 1.13 1.47 1.49 2.48 1.00 0.86 2.00 1.82 0.50 0.39 1.00 0.80 0.00 0.00 2014 2015 2016 Jan 2017 Feb 2017 1-5 Mar 2014 2015 2016 Jan 2017 Feb 2017 1-5 Mar Ch.7 Ch.3 WORKPOINT TV 2017 Ch.7 Ch.3 WORKPOINT TV 2017 27 Source : AGB NEILSEN TV BUSINESS : WORKPOINT TV AGB Nielsen Rating 15+, 18 hours, Nationwide
Rating Rating Rating Rating Rating Rating Rating Rating Ranking Channel Ranking Channel 2016 Jan 17 Feb 17 1-5 Mar 17 2016 Jan 17 Feb 17 1-5 Mar 17 1 2.98 2.57 2.84 2.83 14 0.14 0.19 0.21 0.20 2 2.17 2.03 1.88 1.89 15 0.13 0.12 0.12 0.11
3 1.13 1.47 1.49 1.50 16 0.11 0.11 0.11 0.11
4 0.71 0.96 0.86 0.86 17 0.11 0.09 0.09 0.09
5 0.56 0.76 0.77 0.77 18 0.08 0.06 0.07 0.07
6 0.58 0.67 0.69 0.39 19 0.07 0.05 0.05 0.06
7 0.32 0.38 0.36 0.36 20 0.08 0.05 0.05 0.05
8 0.28 0.34 0.32 0.32 21 0.04 0.04 0.05 0.05
9 0.18 0.29 0.28 0.28 22 0.05 0.04 0.04 0.04
10 0.19 0.24 0.24 0.24 23 0.04 0.04 0.04 0.04
11 0.24 0.21 0.24 0.24 24 0.05 0.04 0.04 0.04
12 0.14 0.19 0.21 0.22 25 0.03 0.03 0.03 0.03
13 0.21 0.19 0.20 0.21 28 Source : AGB NEILSEN TV BUSINESS : WORKPOINT TV
TIME TV RATING : NATIONWIDE 15+ (2016) 06:00-24:00 2.98 2.17 1.13 0.71 0.58 0.56
18:00-22:30 5.58 3.87 2.48 1.38 1.15 0.99
TIME TV RATING : NATIONWIDE 15+ (JANUARY 2017) 06:00-24:00 2.57 2.03 1.47 0.96 0.76 0.67
18:00-22:30 4.69 3.69 3.51 1.90 1.63 1.10
TIME TV RATING : NATIONWIDE 15+ (FEBRUARY 2017) 06:00-24:00 2.84 1.88 1.49 0.86 0.77 0.69
18:00-22:30 5.62 3.51 3.16 1.80 1.33 1.10
TIME TV RATING : NATIONWIDE 15+ (1-5 MARCH 2017) 06:00-24:00 2.83 1.89 1.50 0.86 0.77 0.69
18:00-22:30 5.58 3.54 3.17 1.76 1.33 1.13
29 TV BUSINESS : WORKPOINT TV
TIME TV RATING : BKK 15+ (2016) 06:00-24:00 3.83 2.65 1.29 0.89 0.72 0.58
18:00-22:30 6.24 4.01 2.60 1.56 1.18 0.57
TIME TV RATING : BKK 15+ (JANUARY 2017) 06:00-24:00 3.42 2.43 1.98 1.19 0.83 0.63
18:00-22:30 5.38 4.51 3.40 1.72 1.69 0.80
TIME TV RATING : BKK 15+ (FEBRUARY 2017) 06:00-24:00 3.15 2.53 2.08 1.08 0.78 0.66
18:00-22:30 4.74 4.60 4.03 1.53 1.56 0.82
TIME TV RATING : BKK 15+ (1-5 MARCH 2017) 06:00-24:00 3.15 2.51 2.08 1.09 0.78 0.66
18:00-22:30 4.76 4.58 3.99 1.54 1.54 0.82
30 TV BUSINESS : WORKPOINT TV
TIME TV RATING : UPCOUNTRY 15+ (2016) 06:00-24:00 3.30 2.97 1.30 0.72 0.54 0.52
18:00-22:30 5.32 4.51 2.60 1.15 1.05 0.66
TIME TV RATING : UPCOUNTRY 15+ (JANUARY 2017) 06:00-24:00 3.05 2.67 1.75 1.02 0.69 0.67
18:00-22:30 5.05 3.91 3.72 1.53 1.44 0.84
TIME TV RATING : UPCOUNTRY 15+ (FEBRUARY 2017) 06:00-24:00 2.97 2.87 1.79 0.98 0.73 0.74
18:00-22:30 4.68 4.44 3.77 1.51 1.26 0.92
TIME TV RATING : UPCOUNTRY 15+ (1-5 MARCH 2017) 06:00-24:00 2.96 2.86 1.80 0.98 0.75 0.73
18:00-22:30 4.67 4.45 3.83 1.47 1.26 0.96
31 TV BUSINESS : WORKPOINT TV
TIME TV RATING : RURAL 15+ (2016) 06:00-24:00 3.06 1.38 1.04 0.66 0.59 0.53
18:00-22:30 6.32 2.81 2.42 1.42 1.22 1.18
TIME TV RATING : RURAL 15+ (JANUARY 2017) 06:00-24:00 2.57 1.33 1.26 0.89 0.77 0.69
18:00-22:30 5.26 3.20 2.80 2.07 1.68 1.32
TIME TV RATING : RURAL 15+ (FEBRUARY 2017) 06:00-24:00 2.87 1.24 1.23 0.78 0.76 0.68
18:00-22:30 6.33 3.13 2.36 1.95 1.29 1.30
TIME TV RATING : RURAL 15+ (1-5 MARCH 2017) 06:00-24:00 2.85 1.25 1.24 0.78 0.77 0.68
18:00-22:30 6.27 3.16 2.39 1.91 1.33 1.30
32 TV BUSINESS : WORKPOINT TV
Digital TV Audience Share
2014 2015 2016 Jan-5 Mar 2017
33 Source : AGB NEILSEN (15+, 18 Hours Nationwide) TV BUSINESS : WORKPOINT TV Upcoming Programs More New TV Programs will be introduced in 1-2Q2017.
1Q2017 2Q2017
TV RATING : 1.60 TV RATING : 2.02 TV RATING : 1.37 COMING SOON PEAK TV RATING : 2.21 PEAK TV RATING : 3.64 PEAK TV RATING : 2.17
As of 5 March 2017 34 35 REC
DATING SHOW ที่จะมาพิสูจน์ว่าหน้าตาไม่ใช่ทุกอย่างกับการเดทผ่านกล้อง ทคี่ ุณจะไมม่ สี ทิ ธไิ์ด้เหน็ หนา้ โดยพธิ กี รสุดฮอต “ต้นหอม ศกุนตลา”
ทุกวันเสาร์ 20.50-21.50 น. 36 37 ปรากฎการณ์ TALK OF THE TOWN ครั้งใหม่ จะเริ่มต้นขึ้นอีกครั้ง 38 TV BUSINESS : ONLINE TV BUSINESS : ONLINE
Digital Media : 12M 2016 2016 : TOTAL Digital Media REV. 78.71 MB
6.5%
12.0% 78.71
32.2 81.5%
2015 2016 Youtube Facebook Other %Revenue 143.1% Growth
40 TV BUSINESS : ONLINE
Updated 07/03/2017 41 42 TV BUSINESS : ONLINE
Workpoint YouTube has more than 5 Million Subscribers and More than 3,500 Million Video View
43 Source : Socialblade Updated 07/03/2017 44 45 45 46 46 47 TV BUSINESS : ONLINE
Workpoint Facebook has more than 7 Million Follows & Likes
7,925,151 Follows 2,350,568 Follows 7,615,597 Likes 2,224,406 Likes
7,855,876 Follows 1,970,569 Follows 7,960,468 Likes 1,969,637 Likes
4,489,726 Follows 1,661,946 Follows 4,490,477 Likes 1,697,834 Likes
3,621,333 Follows 1,302,599 Follows 3,591,854 Likes 1,324,553 Likes
2,623,138 Follows 1,285,173 Follows 2,667,139 Likes 1,245,295 Likes
2,460,994 Follows 1,078,470 Follows 2,434,319 Likes 1,049,245 Likes
48 Updated 07/03/2017 Jan-Feb 2017
Dec 2016- Jan 2017
49 50 51 CONCERT BUSINESS CONCERT BUSINESS
2016
Revenue : 12M Unit : MB
Rev. GP
167.9
119.7 16-17 JUN 16 11-14 AUG 16 19 NOV 16 8-9 OCT 16 2 Rounds 7 Rounds 2 Rounds 3 Rounds 54.20 2015 37.80
2015 2016 %Revenue -28.7% Growth %GP 32.3% 31.6%
Apr 15 Sep 15 Sep 15 Oct 15 Nov 15 27 Rounds 4 Rounds 5 Rounds 4 Rounds 14 Rounds 5353 CONCERT BUSINESS
2017
JAN-FEB 17 AUG 17 OCT 17 OCT 17 DEC 17 9 Rounds 7 Rounds 6 Rounds 6 Rounds 2 Rounds
5454 EVENT BUSINESS EVENT BUSINESS
Revenue : 12M Unit : MB
Rev. GP
120.0 108.1 106.2
100.0
80.0 2016
60.0
40.0 23.5 18.4
20.0
- 2015 2016 %Revenue -1.7% Growth %GP 21.7% 17.3%
5656 EVENT BUSINESS
FEB-APR 2017
JAN-JUL 2017 MAR 2017
MAR 2017 APR 2017 APR 2017
JAN 2017 FEB 2017
5757 SELLING & ADMINISTRATION BUSINESS SELLING EXPENSE
Unit : MB
Total Selling Expense Significant Change in Selling Expenses • Commission 126.6 237.2 114.5
%Growth 10.5% 221.4
• Salary & Employee Benefits (Sales Marketing)
55.1 %Growth 7.1% 52.7
%Growth 4.5% 5959 2015 2016 ADMINISTRATION EXPENSE
Unit : MB
Total Administration Expense Significant Change in Admin. Expenses
• Salary & Employee Benefits (Back Office)
585.1 258.8 237.1
%Growth 9.1%
• Utilities Expense 542.2 10.4 15.2
%Growth 46.4%
• ESOP 73.4 %Growth 7.9% 19.9
%Growth 268.4% 6060 2015 2016 2016 FINANCIAL STATUS TOTAL ASSETS
CURRENT ASSETS Unit : MB 1,760.7 1,779.8
2,000.0
TOTAL ASSETS 1,800.0
1,600.0
1,400.0
1,200.0 876.3 834.9
1,000.0
800.0 600.0 400.8 405.9 400.0 200.0 436.9 454.2 - 46.6 84.8 5,588.4 5,422.4 6,000.0 2015 2016 %Growth
5,000.0 1,760.7 Total Current Assets 1.1% 1,779.8 Cash and Cash Equivalents 4,000.0 Cash -4.7% Short-termShort-term investments 1.3% 3,000.0 TradeReceivable and Other Receivables-Net3.9% Inventories-NetInventories 81.7% 2,000.0 3,827.7 3,642.6 NON-CURRENT ASSETS
1,000.0
4,500.0 3,827.7
4,000.0 - 3,642.6
3,500.0 3,000.0 1,325.3 2,500.0 1,320.7
2,000.0
2015 2016 1,500.0 1,000.0 2,298.3 2,199.4 500.0 Non Current Assets Current Assets - 204.1 122.5 2015 2016 %Growth %Growth Total Assets -3.0% Total Non-Current Assets -4.8% Property,Property, Plant Plant and and Equipment Current Assets 1.1% -0.3% Equipment Non Current Assets -4.8% DTTDTT License License & & Intangible Intangible Assets -4.3% Assets Other Non-Current Assets 6262 Other Non-Current Assets -40% TOTAL LIABILITIES
CURRENT LIABILITIES Unit : MB
1,101.3 956.6 TOTAL LIABILITIES 369.0 388.4 391.7 331.6 340.6 2,801.7 236.6 2,435.9 2015 2016 %Growth 1,101.3 Total Current Liabilities -13.1% 956.6 DigitalDTT License TV license payable 5.2% TradePayable Payable and other current liabilities-15.3% BankBank loan loan & &Finance Lease Lease -30.5%
1,700.4 1,479.3 NON-CURRENT LIABILITIES
1,700.4 1,479.3
2015 2016 147.6 141.7 406.2 579.4 Non Current Liabilities Current Liabilities 1,146.6 758.2 %Growth %Growth 2015 2016 Total Liabilities -13.1% Total Non-Current Liabilities -13.0% Current Liabilities -13.1% DigitalOther TV Non license-Current payable Liabilities -4.0% Non Current Liabilities -13.0% BankBank loan loan & &Finance Lease Lease 42.6% 6363 OtherPayable Non-Current Liabilities -33.9% FINANCIAL RATIO
Unit : MB Gross Profit Margin Net Profit Margin
GPM NPM 1124.8
1150.0
1100.0
250.0 1050.0 198.1 992.1 200.0 150.3 1000.0 150.0
100.0 950.0 50.0
0.0 900.0
2015 2016 2015 2016 %GPM 40.4% 41.7% %NPM 6.1% 7.3%
D/E Ratio (times) Int. Borrowing Debt/Equity (times)
1.20 1.01 0.27 0.27 1.00 0.82 0.27 0.27
0.80 0.27
0.27 0.60 0.27 0.27
0.40 0.27
0.27 0.20 0.27
- 0.27 2015 2016 2015 2016 6464 Q&A THANK YOU