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Jat Holdings Limited Information Memorandum

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Jat Holdings Limited Information Memorandum JAT HOLDINGS LIMITED Initial Public Offering INFORMATION MEMORANDUM PRIVATE & CONFIDENTIAL Financial Advisors and Managers to the Offer PRIVATE & CONFIDENTIAL Glossary Bn Billion Mn Million c. circa NC Nitrocellulose CAGR Compounded Annual Growth Rate No. Number cf. Compared to NP Net Profit CSE Colombo Stock Exchange P/E Price to Earnings Ratio DCF Discounted Cash Flow PAT Profit After Tax E Expected PBT Profit Before Tax Earnings Before Interest, Taxes, EBITDA PER Price to Earnings Ratio Depreciation and Amortisation FY Financial Year PU Polyurethane GDP Gross Domestic Product Q Quarter GoSL Government of Sri Lanka R&D Research and Development GP Gross Profit ROCE Return on Capital Employed H Half sq ft Square Feet IPO Initial Public Offering TTM Trailing Twelve Months IRR Internal Rate of Return USD United States Dollars LKR Sri Lankan Rupees UV Ultraviolet LMD Lanka Monthly Digest WB Water Based 2 PRIVATE & CONFIDENTIAL Table of Contents Page Introduction to JAT 4 & 5 Key IPO Highlights and Investment Thesis 6 & 7 Company Overview 8 – 19 Future Growth Drivers 20 – 28 Board of Directors and Management 29 – 33 Financial Forecasts and Valuation 34 – 39 Annexures 40 – 45 3 PRIVATE & CONFIDENTIAL AT A GLANCE JAT has been the undisputed market leader in the wood coatings space for over 20 years in Sri Lanka, whilst also representing global and homegrown brands in varied spheres such as decorative paints, chemicals, brushes, office furniture, kitchens, wardrobes, flooring and ceilings. The Company's partnership with the renowned wood coatings brand “Sayerlack” spans over 25 years, with JAT having been recognised as the no. 1 partner globally for Sayerlack. Since 2010 Sayerlack has been a part of The Sherwin-Williams Company, a multinational paints and coatings player who is the global market leader for wood coatings. The Company has expanded its wood coatings footprint to Bangladesh, Maldives, India and Africa. JAT has enjoyed market leadership in this segment for over 10 years in Bangladesh (accounting for over 25% of JAT’s revenue) and is also the no. 1 player in the Maldives. With its unique offering of products, JAT has secured contracts in prestigious projects such as Altair, One Galle Face, 606 The Address, The Waterfront, Luna Apartments, Defense Headquarters Complex and Prime Grand. 28 20 07 Years of operations Brands represented Overseas markets LKR 1.8 Bn 8,500+ 35 $ Overseas revenue Customer touchpoints in No. of distributors Sri Lanka and Bangladesh 4 PRIVATE & CONFIDENTIAL AN INTERNATIONAL PAINTS AND COATINGS PLAYER Sri Lanka Bangladesh Rest of the World Market leader in wood coatings and Market leader in wood coatings in the Market leader in wood coatings with a c. brushes (over 50% and c. 25% market Maldives. Currently also present in India, 28% market share in PU category shares respectively) Ghana, Kenya, Seychelles and Mauritius Group Revenue Group Revenue Group Revenue Contribution 72% Contribution 26% Contribution 2% 5,000+ customer touchpoints. Wood 3,500+ customer touchpoints. The name Has obtained exclusivity to distribute coatings, paints & chemicals and brushes “JAT” is well entrenched in the customer’s Sayerlack in all of South Asia and most contribute over 80% of local revenue mind and has strong brand equity countries in Africa Sri Lanka’s real GDP growth is expected to Bangladesh is expected to maintain strong South Asia and Africa are expected to post recover post-covid to an average of 4% real GDP growth of 7% between 2021 and real GDP growth of 7% and 4% respectively between 2021 and 2025 2025, in line with its historical average between 2021 and 2025 Construction sector growth tends to The construction sector is expected to Emerging regions home to rapidly growing outperform real GDP growth – average of grow exponentially going forward, middle class populations with increasing 9% vs 5% respectively between 2011 and following historic trends – CAGR of 16% disposable incomes – South Asia: c. 2 Bn 2019 between 2012 and 2020 and Africa: c. 1.3 Bn Sources: Company data, IMF, CEIC, Department of Census and Statistics - Sri Lanka, NDBIB & CAL research 5 PRIVATE & CONFIDENTIAL KEY IPO HIGHLIGHTS Ordinary Voting LKR 27.00 LKR 2.2 Bn 82,904,846 16.24% LKR 13.8 Bn Type of share IPO price per share Offer size # Shares offered Stake offered Market capitalisation USE OF PROCEEDS IMMEDIATE UPSIDE ON THE JAT SHARE LKR 433 Mn The IPO price per share of LKR 27.00 offers LKR 515 Mn Enhancing the an immediate upside of 21% to an Set up existing R&D facility manufacturing plant incoming investor on the value per share 21% to a fully fledged IMMEDIATE in Bangladesh state-of-the-art of LKR 32.70 derived from a combination UPSIDE facility in Sri Lanka of DCF and Forward PER valuation The Company intends to maintain a LKR 257 Mn LKR 302 Mn dividend pay out ratio of 40% at a Expanding the minimum. The dividend yield (post-IPO) is 40% “WHITE by JAT” Set up DIVIDEND brilliant white paint manufacturing expected to be between 3.5% - 8.7% over PAYOUT plant and range - Marketing the forecast period and Development expanding the Initiatives reach in Africa 6 PRIVATE & CONFIDENTIAL INVESTMENT THESIS Existing Brand Equity to Favorable Industry Lucrative Financial Overseas Market Driven Solidify Local Market Dynamics to act as a Returns for Long Term Growth Position Tailwind and Short Term Investors Construction and real estate Market leader in the PU wood Market leader in the PU and WB Immediate upside of 21% to sectors in key geographies are coatings space in Bangladesh – wood coatings space in Sri Lanka incoming investors – translating to poised for strong growth post- over 25% of JAT’s revenue with over 50% market share an IPO discount of 17% pandemic New “WHITE by JAT” brilliant white Overseas revenue (LKR 1.8 Bn in Rapid urbanization giving rise to a At an implied PER of 10.3x on FY22E paint range to disrupt paint market FY20) to record a CAGR of 21.3% growing middle class with rising earnings, the IPO price is at a 40% via e-commence driven business between FY20 and FY26E disposable incomes to drive discount to the current adjusted model – market opportunity of demand peer PER of 17x LKR 15 Bn Maintain strong position in JAT to maintain a 40% dividend To Become a Global Player with Strong real GDP growth forecasted providing furnishing solutions to the payout at a minimum, resulting in Presence in 16 countries in 3 for South Asia and Africa (JAT’s core projects space - existing pipeline dividend yields of between 3.5% - different continents by FY26E markets) between 2021 and 2025 of c. LKR 11 Bn 8.7% during the forecast period 7 PRIVATE & CONFIDENTIAL COMPANY OVERVIEW Sri Lanka’s foremost finishing and furnishing solutions provider with a growing global presence 8 PRIVATE & CONFIDENTIAL JAT has Evolved Overtime From a Family Business to a Large Corporate, Driven by Rapid Growth and Expansions into a Range of Solutions Ranked 30th among Most Respected Entities published by LMD 2020 First company in the region to 2019 introduce Water Based wood 2017 Entered African market coatings 2015 Introduction of PU Entered the wood coatings - Maldives 2013 revolutionized the Introduced Petal market by Paint Incorporation of encouraging 2011 JAT Holdings Ltd movement away 2005 Launch of JAT Care range from NC 2001 2000 1999 1996 India Ranked for the first time amongst the Most Respected Entities and Top Conglomerate 1995 Brands published by LMD 1993 Bangladesh 9 PRIVATE & CONFIDENTIAL Trailblazer in Finishing and Furnishing Solutions with Strong Market Positions Across Key Segments Finishing Solutions Furnishing Solutions Wood Paints and Brushes and Retail Projects Coatings Chemicals Rollers Key Products A range of Interior/Exterior Emulsion Classic, Interior/Exterior Office Furniture, Kitchens, Office Furniture, Kitchens, WB/PU/UV/Polyester and Enamel, Filler, Wall Rollers and Wood Coating Wardrobes and Vanities Wardrobes, Decking, /Epoxy Resin/NC Coatings Putty and Waterproofing Brushes Wooden Flooring, Ceilings Chemicals and Ad-mixture Years of Presence 28 7 9 10 12 No. 1 in Sri Lanka, Bangladesh WHITE by JAT range launched Market Positions No. 1 player in Sri Lanka No. 1 player for bespoke luxury kitchens, decking and and Maldives (over 50% in Dec 2020 has been a huge with c. 25% market share ergonomic office furniture in Sri Lanka (over 2,000 market share in WB & PU success with first of its kind (up from c. 10% in 2018) luxury bespoke kitchens installed and secured) wood coatings in Sri Lanka) online platform 3 Year Average 69.4% 15.4% 4.0% 0.4% 10.8% Revenue Mix 10 PRIVATE & CONFIDENTIAL JAT has Branched Out into a Number of Overseas Markets Over Time, Diversifying its Geographical Footprint # Bangladesh COVID Adjusted Geographical Revenue Mix 1% 0% JAT has capitalized on strong average GDP growth of over 7% posted by Bangladesh 1% Sri Lanka overtime, to cement its position as market leader in the wood coating space Bangladesh JAT commands a market share of c. 28% for PU wood coatings, with the “JAT” brand India 30% name synonymous with “high quality wood coatings” Maldives Other JAT’s range of wood coatings also enjoys dominance amongst Bangladesh’s furnishing export industry. JAT is the exclusive supplier to 7 of the 15 largest industrial 67% # From FY18 – FY20 and furnishing exporters in Bangladesh excludes revenue from Projects Rest of the World The Company is also the market leader in the Maldives having ventured into the Revenue from Overseas Markets (LKR Mn) country over 15 years ago and building a strong brand presence within the 2,334 hotels/industrial sector. It is also present in India 1,787 1,629 1,677 In FY20 JAT ventured into Africa (a virgin market for wood coatings).
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