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Opportunity Day 2013 Results Presentation

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Opportunity Day 2013 Results Presentation Opportunity day 2013 Results Presentation 19th March 2014 At Stock Exchange of Thailand Presented by: Sompong Phaoenchoke, MD. Naiyana Prachotrattanakul, IR Mgr. Contents • Company Profile • Industry Overview • Financial Review • Outlook and Direction 2 Group Structure & Business Thai Rung Union Car Plc. “TRU” -R&D, Auto Assembly -Pressed Metal Parts, Plastic Parts, Car Seat Subsidiary Companies Associated Companies Thai Rung Tools and Dies Co. Ltd. 94% 20% Thai Auto Conversion Co. Ltd. “TRT” “TAC” (JV. with Toyota group) - Tooling (Dies/Jigs/CF) - Special Purpose Vehicles Thai Auto Pressparts Co. Ltd. 91% 30% Delta Thairung Co. Ltd. “TAP” “DTC” (JV. with Delta Kogyo, Japan) - Pressed Metal Parts - Seats & Seat Components Thai V.P. Auto Service Co. Ltd. Kyowa Thairung Co. Ltd. * 94% 49% “TVS” “KTR” (JV. with Kyowa Sangyo, Japan) - After-sales Services & Spare Parts - Parts & Cabin of Industrial Machinery and etc. 99.53% * Under process of company registration Thai Ultimate Car Co. Ltd. “TUC” - Automotive, consulting & admin. services 3 Scope of Business •Research & Development (R&D) •Tooling (Dies/Jigs/CF/1) •Pressed metal parts & plastic parts •EDP/2 & Painting •Auto Assembly •Seats •After-sales service & Spare parts Note : 1. CF = Checking Fixture 2. EDP = Electro Deposit Primer 4 TRU’s Strengths • Comprehensive and R&D integrated scope of After-sales Tooling service (Dies/Jigs/CF) work: from R&D, tooling, parts stamping, Special Part TRU Purpose Making auto seats, EDP/1 & Group (Metal & Vehicles Plastic) painting, through to Auto Assembly production of various (Welding, Auto Seats kinds of vehicles and Trimming) EDP/1 & Painting after-sale service. Note : 1. EDP = Electro Deposit Primer 5 TRU’s Strengths (Cont.) • Own EDP/1 & paint shop with top quality to meet latest global standards for export • Flexible production line can quickly adapt to customers’ needs • Leading producer of “flat deck” cargo boxes for pick-ups • Specialist producer of pick-up MUV4/2 & Transformer based special purpose vehicles Note : 1. EDP = Electro Deposit Primer 2. MUV4 = Military Utility Vehicle 4WD 6 Business Units Total Revenues as of Dec. 2013 61% 29% 3% Tooling & OEM Parts Contract Assembly Special Purpose Vehicles & Painting & Service centre 7 Awards • Nov. 2013 Best Company Performance Awards 2013 (SET market capitalization of THB 2 bln. – THB 10 bln.) • 2009-2013 Corporate Governance (CG) - “Very Good” level, 5 consecutive years • 2008-2013 AGM check-list performance – “Excellent” level, 6 consecutive years. 8 Contents • Company Profile • Industry Overview • Financial Review • Outlook and Direction 9 Top 10 World Vehicle Production 2013 Million Units 22.12 Thailand move from no. 10 in last year to no. 9 in this year. 11.05 9.63 5.72 4.52 3.88 3.74 3.05 2.53 2.38 1 2 3 4 5 6 7 8 9 10 Source : The International Organization of Motor Vehicle Manufacturers ( OCIA ) Passenger cars : motor vehicles with at least four wheels, used for the transport of passenger and comprising no more than eight seats in addition to the driver's seat Commercial vehicles include light commercial vehicles, heavy trucks, coaches and buses. 10 Thai Auto Industry 2004-2015F First car tax scheme Mil. Units Japanese tsunami in Q2 3.00 and Thai floods in Q4 +68% +0.1% +7% -5% Hamburger 2.45 2.50 2.50 Production crisis 2.33 Domestic 2.00 Export +65% 1.65 -11% +8% +8% 1.46 +6% 1.39 1.44 1.38 1.50 +21% 1.29 1.33 1.13 1.19 -28% 1.17 1.00 0.93 0.90 1.00 0.80 1.13 1.15 1.13 0.69 0.78 1.03 0.63 0.70 0.68 0.55 0.80 0.74 0.50 0.63 - 0.54 0.62 0.54 0.44 0.33 0.00 2014(F)2015(F) Source : - Year 2004-2014 (F) The Federation of Thai Industries, Note - Year 2015 forecasted by TRU, Estimate Domestic 45%, Export 55% 11 Production Volumes in Thailand 2013 -11% QoQ Units Units -28% YoY +0.14% YoY 2,800,000 800,000 730,099 2,600,000 2,453,717 2,457,057 700,000 2,400,000 2,200,000 589,292 600,000 2,000,000 526,799 1,800,000 500,000 1,600,000 400,000 1,400,000 1,200,000 300,000 1,000,000 800,000 200,000 600,000 100,000 400,000 200,000 0 0 Q4/12 Q3/13 Q4/13 Quarter Cumulative Source : The Federation of Thai Industries 12 Domestic Sales in Thailand 2013 Units Units -7% YoY Commercial vehicle 600,000 1,436,335 Passenger cars 1,500,000 74,569 1,330,672 Pick-ups+PPV +1% QoQ 77,588 500,000 -32% YoY +4% 435,758 20,806 400,000 1,000,000 694,234 QoQ YoY 663,746 -4% 293,492 296,385 300,000 229,230 19,429 -18% 15,977 -23% -8% 140,112 -39% 200,000 151,968 500,000 667,532 100,000 185,722 589,338 -12% 122,095 +15% 140,296 -24% 0 0 Q4/12 Q3/13 Q4/13 Quarter Cumulative Source : - The Federation of Thai Industries Note : - PPV = Pickup truck-based Passenger Vehicles - Commercial vehicles = trucks, vans, buses 13 CBU Exports 2013 Units Units +10% YoY Passenger cars -8% QoQ 400,000 1,200,000 1,128,152 YoY Pick-ups+PPV -1% YoY 1,026,671 350,000 1,000,000 306,737 392,325 +48% 300,000 284,806 QoQ 280,811 YoY 264,977 800,000 250,000 84,882 111,506 -11% 99,009 +17% 200,000 600,000 150,000 400,000 761,694 735,827 -3% 100,000 199,924 195,231 -7% 181,802 -9% 200,000 50,000 0 0 Q4/12 Q3/13 Q4/13 Quarter Cumulative Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up - PPV = Pickup truck-based Passenger Vehicles 14 CBU Exports 2013 2013 = 1,128,152 units, +10% YoY By Brand 2012 = 1,026,671 units By Region 100% 10,024 1% Suzuki +100% 51,249 5% 57,377 5% Honda +12% 100% 2% 44,091 4 +38% 25,735 4% GM +68% 60,967 5% AFRICA 90% 37,895 43,208 4% 37,078 3% Mazda -2% 69,218 7% 79,694 7% EU +15% 66,971 6% 90% 70,277 6% Isuzu +5% 120,350 80% 45,517 79 243 8% 80% 12 C&S AM +21% 102,236 10% Ford +75% 13% 70% 149,829 134,982 70% 218,704 259,225 12% Nissan -10% 15% 21% 23% OCEANIA +19% 60% 60% 50% 207,833 241,921 Mitsubishi +16% 50% 243,718 20% 21% 283,676 24% 40% 40% 25% M/E +16% 30% 30% 330,590 299,073 20% 32% 20% 407,796 430,929 Toyota +6% 27% ASIA -10% 40% 10% 10% 38% 0% 0% Source : - The Federation of Thai Industries Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up Note : C&S AM = Central & South America OCEANIA = Australia, New Zealand and Other M/E = Middle East 15 Contents • Company Profile • Industry Overview • Financial Review • Outlook and Direction 16 Total Revenues 2013 : TRU’s revenues down by 11% YoY mainly as a result of the end of the government’s ‘first car’ incentive scheme, for which carmakers staggered deliveries carried forward from last year’s orders, largely completing them by the end of the second quarter of 2013 Bt. millions Bt. millions 4,500 1,800 Total Other income 3,781 -11 % YoY 4,000 3,781 MB. 1,600 Sales and Service income Total 281 Other income 3,500 3,375 MB. 1,400 Total -16% YoY 237 1,181 MB. 3,000 1,200 72 -41% YoY 2,500 1,000 Total Total 804 MB. 701 MB. 2,000 Sales and 800 45 Other income 3,500 Service income 57 -21% YoY 1,500 3,138 600 1110 -10 % YoY Sales and 1,000 400 759 Service income 644 -42 % YoY 500 200 0 0 Q4/12 Q3/13 Q4/13 Quarter Cumulative 17 Revenue Breakdown 2013 2013 Total revenues Bt.3,375 million, -11 % YoY, (2012 = Bt.3,781 million) - Revenues from Tooling & OEM Parts decreased by 3% YoY, mainly from GM and Nissan. - Revenues from Contract Assembly & Painting decreased by 23% YoY, mainly from Nissan & Isuzu truck painting and assembly project decreased. Others, Bt. millions Others Sales of Cars & Service Center Sales of 2013 Cars & 237, 7% 4,500 Contract Assembly & Painting Tooling & OEM Parts Service Total -11% YoY Center, 4,000 3,781 MB. Total 108, 3% Tooling & 281 3,375 MB. OEM 3,500 119 Contract Parts, 237 -16% 108 Assembly 90% 2046, 3,000 -9% & 61% 1,280 Painting, 2,500 985 -23% 985, 29% 2,000 2012 Sales of Others, 1,500 Cars & 281, 7% Service 1,000 2,101 2,046 -3% Center, 119,3% Tooling & 500 OEM Parts, Contract 0 2101, Assembly 89% 56% & Painting, Note: 1. Tooling (Dies/Jigs/CF) & OEM Parts include GM, Nissan, Isuzu, Mitsubishi, Komatsu, Yanmar, Kawasaki, Triumph etc.. 1280,34% 2. Contract Assembly & Painting includes Nissan, Isuzu truck, Flat deck, Komatsu, Kobelco, Yanmar, Vacuum ICL, etc.. 3. Other income includes interest, scrap sale, share of profit from investments in associated companies, etc. 18 Revenues Portfolio 2013 2013 Total revenues Bt.3,375 million, down by 11% Breakdown of Tooling & OEM parts and Contract YoY as a result of automotive industry down. Assembly & Painting Bus by customer sector. Others, Sales of Cars 237, 7% & Service Center, 108,3% Motorcycle 4% Others 2% Contract Assembly & Tooling & Industrial Painting, OEM Parts, Machinery 11% 985, 29% 2046, 61% (2012 =10%) 90% Automotive 83% (2012 = 85%) 19 Gross Profit & Net Profit 2013 TRU’s gross profit was down by 24% and net profit down by 36%, due to product mixed.
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