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Mitsubishi Motors (Thailand) Co.,Ltd เอกสารแนบ 6 Roadshow Presentation Mitsubishi Motors (Thailand) Co.,Ltd. Investor Presentation November 2005 1 Disclaimer This presentation contains public information, which has been provided by Mitsubishi Motors (Thailand) Company Limited (“MMTh”) for the purpose of issuance of THB debentures by MMTh (the "Debentures"). SIAM COMMERCIAL BANK Public Company Limited (SCB), KASIKORNBANK Public Company Limited (KBANK), and Bangkok Bank Public Company Limited (BBL) (collectively referred to as the “Co-Lead Arrangers”) have been authorized by MMTh to arrange for the sales of the Debentures to qualified investors. This presentation provides a brief summary of this transaction structure, including terms and conditions of the Debentures and is not intended to provide basis for any investment decision nor as the substitution for the analysis and investigation of potential investors. Potential investors are advised to make their own decisions and analysis and should not consider this presentation as recommendations to buy the Debentures. Whilst MMTh has taken all reasonable care to ensure that all information contained in this presentation are accurate, neither Co-Lead Arrangers nor its officers, employees, related bodies, advisors has verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by Co-Lead Arrangers or its officers, employees, related bodies, advisors as to the accuracy of the information contained in this presentation or as to the future performance of the Debentures. This presentation is incomplete without reference to the Information Memorandum and other information to be provided. 2 1 Executive Summary Automobile Industry Background MMTh Business Financial Performance MMC Information Guarantor Information Offering Information 3 Executive Summary • Mitsubishi Motors (Thailand) Co., Ltd. (MMTh) is the manufacturer and distributor of “Mitsubishi” vehicles in Thailand. • Its production facility has an annual capacity of 180,000 units. • MMTh is 99.8% owned by Mitsubishi Motors Corporation, Japan (MMC). • It is selected as the only production base for Mitsubishi’s one-ton pickup for global sales, “One Factory for the World”. • MMTh is the 1st exporter among the Thai vehicles manufacturers. And it maintains the No.1 exporter position until 2004 from 1988. MMTh shared 27% of total exported vehicles from Thailand in 2004. • In terms of domestic market share, MMTh ranked the 5th with 5.9% market share in 2004. • Strong operating performance in 2004 pushed its EBITDA up to 8,704 MB and debt service coverage to 4.8 times. • MMTh plans to issue guaranteed debentures which will be fully covered by irrevocable and unconditional guarantee issued by the Bank of Tokyo-Mitsubishi Ltd., Japan (BTM). • Mitsubishi Tokyo Financial Group (BTM’s parent) has recently merged with UFJ Holdings to form Mitsubishi UFJ Financial Group (MUFG), “the world largest financial group”. • Fitch rates BTM’s international Long-term foreign currency rating at ‘A-’ with a Stable Outlook and BTM’s support rating at ‘1’. 4 2 Executive Summary Automobile Industry Background MMTh Business Financial Performance MMC Information Guarantor Information Offering Information 5 Units Sales in Domestic Market Units (‘000) 700 % 626 589 28 600 572 = 04 553 486 -20 500 456 98 450 19 409 R 400 363 363 G Others CA 304 297 Pick-up 300 269 262 Passenger car 218 200 144 100 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 8M 2005 • The domestic demand for car prior to the crisis reached its peak in 1996 (589,126 units) and suddenly dropped to 144,065 units during the period of Asian economic crisis. • After the crisis, domestic demand for car has regained its up-trend position with a compound annual growth rate (CAGR) of 28% from 1998 to 2004. • Thailand domestic automobile market made a new highest sales volume record in 2004 for a total amount of 626,024 units. 6 Source: Global Insight 3 Domestic Market Share for One-Ton Pickup Units • Thailand is the second largest market 400,000 358,478 of the world for one-ton pickup with the 298,202 total sales of 358,478 units in 2004. 300,000 272,601 229,277 • For 8M 2005, total domestic sales for 200,000 one-ton pickup rose significantly with the annual growth rate of 26.9% 100,000 compared to the same period of the last year. 0 • The key players in this market segment 2002 2003 2004 8M05 are Isuzu, Toyota, Mitsubishi and Nissan. Isuzu Toyota Nissan Mitsubishi Others • Mitsubishi ranked the 3rd in this market with market share of around 8.2% for % share 2002 2003 2004 8M05 8M 2005. Izusu 37.4% 40.7% 37.5% 37.1% • With the new product, Triton, which Toyota 29.9% 32.2% 33.9% 34.4% was introduced to the market in August Mitsubishi 8.9% 8.0% 7.9% 8.2% Nissan 12.3% 10.1% 9.5% 7.3% this year, it is expected that Mitsubishi will capture more market shares in the years forwards. 7 Source: Federation of Thai industries Domestic Market Share for Passenger Car Units 250,000 • For passenger car segment, Japanese 221,960 196,910 manufacturer dominates the segment 200,000 especially Toyota and Honda with the 149,625 150,000 combined total market share of 76.2% 122,886 as of 31 August 2005. 100,000 • Other key players for non-Japanese 50,000 manufacturer are BMW and Daimler Chrysler. 0 2002 2003 2004 8M05 • As of 31 August 2005, total passenger car sales were 122,886 units. A 14.9% Toyota Honda Nissan decrease from the same period last Mitsubishi Others year. % share 2002 2003 2004 8M05 • However, Mitsubishi’s market shares Toyota 33.9% 42.1% 46.8% 48.9% slightly increased from the same period Honda 36.3% 35.1% 33.8% 27.3% last year. Nissan 9.7% 5.8% 4.4% 4.6% Mitsubishi 5.2% 3.1% 2.5% 4.6% 8 Source: Federation of Thai industries 4 Units Sales in Export Market 350 • Thailand automobile export was 300 CAGR 1997-2004 = 34% started in 1988 by MMTh as a 250 ) 0 pioneer. 0 0 ‘ 200 ( s • The export volume has been growing t i n 150 U with the growth rate of 42% in 2004. 100 • The market has been dominated by 50 Mitsubishi of which export volume 0 has been driven by its one-ton pickup 1996 1997 1998 1999 2000 2001 2002 2003 2004 8M05 product line. Mitsubishi Toyota Honda • Government’s policies and supportive AAT GM/Isuzu Other measures to make Thailand become Units ('000) 2000 2001 2002 2003 2004 8M05 the Detroit of Asia encourage major Mitsubishi 64 60 76 67 88 56 automotive manufacturers to relocate Ford/Mazda 50 42 47 55 74 52 their production facilities to Thailand, GM/Isuzu125335487255 enhancing the upward trend of Toyota 16 12 12 27 53 73 Honda 6 7 10 38 45 33 Thailand export volume. 9 Source: Federation of Thai industries The Master Plan for Thai Automotive Industry Background: Ministry of Industry has assigned Thailand Automotive Institute to develop “the Master plan” for Automotive industry in order to develop Thailand to become a central base for car production in Asia (Detroit of Asia). The objectives of the Master plan are as follow: – Target production volume of 1 million units by 2006 – Target production volume of 1.8 million units by 2010 Actual 12M Expected Target of Government Master Plan 2,000 Achieve earlier 1,800 than the plan 1,500 Domestic 1,150 Government 1,000 Export 1,000 considers revising 813 to 2 million units (In 1,000 units) 500 0 9M20059M'05 2005 2005 target 2006 2006 Plan 2010 2010 Plan 10 Source: Thailand Automotive Institute as of September 2002, Daily News and Manager Daily newspapers issued 3 November 2005 . 5 Growth in Worldwide One-Ton Pickup Demand 2,500 Worldwide 2,000 ) 0 0 0 ‘ 1,500 ( s t i n U 1,000 USA Others* 500 Thailand 0 EU 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 • The world demand for one-ton pickup is expected to continually rise for the next 5 years. • Despite an expected decreasing US demand, USA continue to be the largest market for pickup trucks. However, tax barrier imposed by the US Government has increased the cost of pickup trucks exported from area outside the NAFTA. Hence, US market is less attractive to some manufacturers. • As such future growth in global demand will be largely driven by markets outside USA, this will be a growth opportunity for Japanese manufacturer. Note* Other countries include Australia, Middle East, Latin America, Philippines, and Indonesia . 11 Source: Global Insight. Executive Summary Automobile Industry Background MMTh Business Financial Performance MMC Information Guarantor Information Offering Information 12 6 Mitsubishi Motors (Thailand) Co., Ltd. (MMTh) Business: • The production facility of “Mitsubishi” vehicles in Thailand • The sole distributor of “Mitsubishi” vehicles in Thailand • The sole Mitsubishi’s one-ton pickup truck manufacturer for global sales Product Line: • One-ton pickup truck “Strada” and “Triton” • Passenger car “Lancer” • Multi-purpose vehicle “Space Wagon” 1 (Awarded “Best MPV Car of The Year 2005”) • Sport-utility vehicle “Pajero” 13 Production • In 2004, MMTh is the 3rd largest automobile manufacturer in Thailand. • The company has 1 plant with 2 factories in Laemchabang Industrial Estate, Sriracha, a strategic location for export. Capacity Products Turnaround Utilization time Factory 1 60,000 Lancer, Space Wagon & Strada 10.7 units/ hr Factory 2 120,000 Strada & Triton 25 units/ hr Total* 180,000 70-80% * Increase to 200,000 units is scheduled by early 2007 by improving efficiency of existing production lines HEAD OFFICE ( RANGSIT ) AIRPORT ( DONMUANG ) Lardkrabang Factory, MFTT BANGKOK AIRPORT (SUWANAPHUME ) Bangko 170 k ◎ Km.
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