sugar outlook and our business
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Page 1 of 49
Sugar Outlook and our Business
16 May 2014
Kaset Thai International Sugar Corporation PCL
Page 2 of 49
agenda
Sugar outlook in 2014/15
Who is KTIS ?
~Company Information
Q1-2014 Operating Results
Q&A
Page 3 of 49
Sugar outlook in 2014/15
Page 4 of 49
World sugar price starts picking up
Source: Reuters
Page 5 of 49
World sugar trend-1
Source: LMC Sugar and Sweeteners Market Report Q1 2014
Page 6 of 49
Source: LMC Sugar and Sweeteners Market Report Q1 2014
World sugar trend-2
Page 7 of 49
Source: LMC Sugar and Sweeteners Market Report Q1 2014
World sugar trend-3
Page 8 of 49
Source: LMC Sugar and Sweeteners Market Report Q1 2014
World sugar trend-4
Page 9 of 49
Source: LMC Sugar Bulletin May 2014
World sugar trend-5
Page 10 of 49
Source: Unica; Citigroup Global Market
World sugar trend-6
Page 11 of 49
El Nino affects main production countries
Economic/Currency situation in Brazil
On demand side, there is no big surprise
Keyword for 2014/15
Page 12 of 49
Currency & Interest movement in Brazil
Source: www.tradingconomics.com
Page 13 of 49
Currency & Interest movement in Brazil
Source: LMC
Page 14 of 49
Source: www.tradingconomics.com
Currency & Interest movement in Brazil
Page 15 of 49
Source: TradingChart.com
World sugar trend-7
Page 16 of 49
Company information
Page 17 of 49
founded by Mr. Jaroon and Mrs. Hathai Siriviriyakul by taking over a sugar mill of cane crushing capacity at 500 tons cane per day
Possess 3 large sugar mills with a total cane crushing capacity of 88,000 tons cane per day >> Thailand’s Top 3 in sugar business
one of the three is the world’s largest sugar mill with a total cane crushing capacity of 55,000 tons cane per day
KTIS - More Than Sugar : expansion to the business related to by-products from sugar production process
Ethanol
Bleached bagasse pulp
Biomass electricity
KTIS at a glance
Page 18 of 49
Sugar Producer & Distributor
Pulp Producer Ethanol Producer Biomass Power Plant
Sugar Business Downstream Business Using Sugar By-Products
Thailand’s Top 3 largest sugar
producer
Total production capacity of
88,000 tones cane per day
Three main products are :
Refined Sugar
White Sugar
Raw Sugar
Liquid sucrose & super
refined sugar – project under
development
Sole manufacturer in
Thailand using bagasse as raw
material for its production
Fifth largest paper pulp
manufacturer in Thailand , via
a subsidiary, EPPCO
One of the largest ethanol
producing company in Thailand
Only producer in Thailand with
license to produce three grades
of ethanol from molasses,
including:
Potable grade alcohol
Fuel grade alcohol
Industrial grade alcohol
EPC has both domestic and
export distribution licenses
Power plants are located
within the factories vicinity
Electricity generated is used
for internal and external
consumption
New bagasse power plant
with production capacity of
60 MW has operated since
Q4-2013
Business Overview
Page 19 of 49
Sugar Mill
KTIS’s Factories
Electricity & Stream
Cane Farmers
Farmers’ Support Program
Sugar Molasses Bagasse
Fully-Integrated Business & Zero Waste
Ethanol ElectricityPulpBiogas
Ethanol Plant Pulp Mill Bio Power PlantBiogas Plant
Page 20 of 49
KTIS TIS RPE
Overview
1 2 3
2
1,3
Total sugar production capacity is 88,000 sugarcane tons/day
Operates 3 sugar factories : Kaset Thai International Sugar (KTIS) Factory Thai Identity Sugar (TIS) Factory Ruampol Enterprise (RPE) Factory
with total sugar production of 1.06 MMT in 2013/2014, accounting for 9.3%
of Thailand’s total production
Total cultivation of ~1.3 million Rai
World’s largest sugar mill
Crushing capacity of 55,000 tons cane per day
Cultivation area of ~867,020 Raicovering 7 provinces: Nakhonsawan, Chainat, Singburi, Supanburi, Uthaithani, Petchaboon and Lopburi
Our second largest sugar mill by capacity
Crushing capacity of 18,000 tons cane per day
Cultivation areas of ~ 227,259 Raicovering 5 provinces: Uttaradit, Sukhothai, Prae, Pitsanulok and Kumpaengpetch
First sugar mill of KTIS group
Crushing capacity of 15,000 tone cane per day
Cultivation areas of ~ 203,000 Raicovering 4 provinces: Pichit, Kumpaengpetch and Uthaithani
Operating under Long-Term Lease Contract
Largest Sugar company listed on SET
Uttaradit
Nakhonsawan
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835,190 745,072576,366
163,047139,313
110,731
193,857224,287
242,193
ปี 2554 ปี 2555 ปี 2556
น ้ำตำลทรำยดบิ น ้ำตำลทรำยขำว2011 2012 2013
60
10,666
1,710
11,713
986
6,055
2,235
664
2,346
253
1,922
238
3,088
479
2,909
1,440
2,466
1,923
ในประเทศ ต่างประเทศ ในประเทศ ต่างประเทศ ในประเทศ ต่างประเทศ
ปี 2554 ปี 2555 ปี 2556
น ้ำตำลทรำยดบิ น ้ำตำลทรำยขำว น ้ำตำลทรำยขำวบรสิทุธิ์
8,216
White Sugar Refined SugarRaw Sugar1 2 3
Revenue by Geography and Type (THB mm)Quantity Produced by Type (Tons)
1,192,0941,108,672
5,383
11,809
6,966
13,406
5,374
929,291
Derived from refining white sugar further to obtain highest purity
Crystals are white in colour and is used in industries required high-purity raw materials such as pharmaceutical, beverage and energy beverage industries
Derived from refining raw sugar in order to remove wanted substances
Crystals are white in colour and primarily used to in carbonated drink, ready-to-eat food industries and for household consumption
Derived from boiling and crystallization during the primary production process
Sugar crystals have a dark brown colour and must be refined before consumption
Expert in manufacturing restricted Japanese standard specification raw sugar for export(“J-Spec”)
Our export to Japan accounted for around 30% - 50% of Japan sugar import
Raw Sugar White Sugar Raw Sugar White Sugar Refined Sugar
Dom Int’l Dom Int’l Dom Int’l 2011 2012 2013
Wide Variety of Sugar Production
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93,63775,709 80,116
16,844
13,369 7,694
ปี 2554 ปี 2555 ปี 2556
เยือ่กระดำษแหง้ เยือ่กระดำษเปียก
One of the Largest Pulp Manufacturing Plants in Thailand
Product Overview
Dry Pulp
Wet Pulp
1
2
Volume by Type (ton)
110,481
89,078 87,810
Produce and distribute bleached white paper pulp by processing bagasse, which is theby-product of sugar manufacturing process from KTIS, TIS and RPE
Operates pulp business through its subsidiaries, namely, EPPCO
The only factory in Thailand that produces and distributes bleached white paper pulpderived from bagasse
Total capacity of 100,000 tons/year
Humidity level of approximately 10.0% to 12.0% andthe weight of the pulp per bar of approximately 250 kg
Brightness of the pulp is at least 80 ISO, and theTAPPI Dirt Count of the pulp is not more than 10 ppm
EPPCO’s main product, which is sold both domesticallyand internationally
Humidity level of approximately 50.0% to 52.0% and the weight of the pulp per bar of approximately 225 kgs
Brightness of the pulp and the TAPPI Dirt Count of the pulp are equivalent to dry pulp
Strong life is short, but it can be processed more quickly by the customers than dry pulp
Due to limited strong life, wet pulp is sold only domestically
2011 2012 2013
Dry Pulp Wet Pulp
Largest Pulp Manufacturing Plant from Bagasse
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Largest Biomass Power Plant from Bagasse
We generate electricity and steam from bagasse, a by-product from sugarcane milling processes in our three sugar factories (KTIS, TIS, RPE)
Kaset Thai Bio Power Company Limited (KTBP) owns/generates a 60 MWH biomass power plant that has been commercially operated since Q4-2013.
Part of electricity generated by KTIS, TIS, RPE and KTBP will be used in factories and the remaining will be sold to Electricity Generating Authority of Thailand (EGAT) or Provincial Electricity Authority (PEA), depending on the PPA
The company has been marginal purchase price of 0.30 Baht per KWH
Biomass electricity production capacity & revenue contribution
Company Capacity Revenue Customer PPA Term Adder Tenure(MW) Y-2012 Y-2013 Q1-2014 (years)
1. KTBP 60.0 - 150.52 281.87 5 years renewal since 7 Oct.13
2. KTIS 50.0 68.1 79.16 36.34 5 years renewal since 31 Oct.10
3. TIS 24.5 - 0.68 6.79 5 years renewal since 31 Oct.10
4. RPE 32.5 16.9 33.25 13.02 5 years renewal since 31 Oct.10
5. EPPCO 32.0 - - -
Total 199.0 85.0 263.61 338.02
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One of the largest ethanol factories in Thailand
Product Offering Volume by Type (‘000 litres)
Industrial Alcohol
Fuel Alcohol
1
2
62,291
53,906
61,328
Produces and distributes ethanol through its subsidiary, EPC
Utilises an alternative source of energy in the form of molasses, a by-product from oursugar production facilities, as the primary raw material for producing ethanol
Maximum production capacity of 230,000 liters/day or 75,900,000 liters/year
Licensed to produce three grades of ethanol, namely industrial alcohol grade, potablealcohol grade, and fuel alcohol grade
However, EPC commercially only produces two grades which are: Industrial grade alcohol; and Fuel grade alcohol
• The waste water from the production of ethanol used to produce biogas for use as afuel substitute for coal in electricity production by 70%.
Industrial alcohol has a purity rate of 95.5% This ethanol can be used as raw material in the production of
other chemical substances, such as ethyl acetate, acetic acid, andbio-ethylene
It can be distilled further to produce beverages or special-qualityspirits
The product is sold only to the overseas market
Fuel alcohol is an ethanol with a purity rate of 99.5%
Fuel grade ethanol can be mixed with benzene to create
“Gasohol”
EPC sells fuel alcohol to both domestic and overseas market
28,806
12,808
33,485
41,09861,328
ปี 2554 ปี 2555 ปี 2556
เอทำนอลทีใ่ชใ้นอตุสำหกรรม เอทำนอลทีใ่ชเ้ป็นเชือ้เพลงิ
2011 2012 2013
Industrial Alcohol Fuel Alcohol
One of the largest ethanol factories
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Company information
~Our Strengths
Page 26 of 49
Key Investment Highlight
Fully Integrated Sugar Operator with a Diversified
Single Largest Sugar Production Facility in the World
Highly Experienced Management Team
Growing Electricity Demand & Increasing Bio-Power Plant Capacity
Established strong Relationship with Blue-Chip Customer
Strong Relationship with Sugarcane Farmers
In-house Engineering Capability& Operational Expertise
2
3
1
4
5
6
7
Strategic Partners8
Page 27 of 49
Realized Significant Synergies & Cost Saving from Fully Integrated Business
Strategic location of the production facilities for the secondary products (i.e. adjacent to the KTIS factory) result in significant synergies and cost saving,especially on transportation of the key raw materials (molasses and bagasse) to the
Part of the electricity and steam generated from our power plant is funneled back to our sugar milling and refineries, allowing us to satisfy part of our electricity needs internally
Enables us to process sugarcane from a
large number of farmers to ensure its
production facility operates at 100%
capacity utilization throughout harvesting
period (4 – 6 months)
Efficient queue management system allows the distribution of the supply of sugarcane over a longer period within the harvesting season and hence maximize its annual output
Strategic location with easy access to large sugarcane farm land and interconnectivity with: Factories of key clients located
along the freeway to Bangkok Traders based in Bangkok; and Export via the Port of Bangkok
1
Efficiency &
Scale
Significant Synergies
& Cost
Savings
Electricity Generated for
Internal Consumption
Efficient Logistics
Management System
Efficient Queue
Management System
Strategic Location &
Inter-connectivity
Fully Integrated Businesses
Fully-Integrated Sugar Operator witha Diversified Product Base
Allows us to generate sufficient volumes of molasses and bagasse to enable production of the secondary products throughout the year Ethanol (industrial and fuel grade
alcohol) Bleached bagasse pulp (dry and wet
paper pulp) Biomass electricity
Page 28 of 49
55,00050,000
47,000
40,800 40,50036,000
KTIS ThaiRoongrueng
Mitrphol SugarFactory
Sio Martinho Da Barra Mitr Phu Viang
Largest individual sugar plant in the world Thailand’s 3rdLargest Sugar Group Producer (‘000 ton)
KTIS is the world’s largest individual sugar mill with a crushing capacity of 55,000 ton cane per day. This scale allows KTIS to generate sufficient volumes of molasses and bagasse to enable production of the secondary products throughout the year, including periods when the sugar factory is not operational
Capacity of the largest KTIS cost savings and business continuity industries are integrated.
Source: Reported to produce sugar factories across the country. Annual production 2555/56.
1,996.9
1,630.2
934.1
739.0 660.1
Mitrphol SugarMill Group
ThaiRoongrueng
Sugar Mill group
KTIS Group Khon KhanSugar Mill
Group
Wang KanaiSugar Mill
Group
KoratSugar Mill
Group
722.5688.9
São Martinho
2 World’s largest individual sugar mill
Page 29 of 49
Nathapun SiriviriyakulChief Executive Officer – Bio Energy and Product
Over 30 years of experience in various roles in sugar industry Chairman of the Sugar Industry Club Member of Thailand Cane and Sugar Board
Prasert SiriviriyakulChief Executive Officer – Cane and Sugar Over 40 years of experience in various roles in the sugar industry Vice President of The Federation of Thai Industries - Nakhonsawan
Darat VibhatakalasaDeputy Chief Executive Officer – KTIS Group
Sirivuthi SiamphakdeeChief of Executive Committee and Chief Financial Officer – KTIS Group Over 40 years of experience in various roles in the sugar industry President of the Thai Ethanol Manufacturers Association
Parphan SiriviriyakulChief Executive Officer & Chief Executive Officer - KTIS Group Over 40 years of experience in various roles in the sugar industry Co-founded with his father, K. Jaroon Siriviriyakul and successfully led the KTIS
group of companies for over 40 years Senior Chairman of The Federation of Thai Industries - Nakhonsawan
Senior management instrumental in growing the business organically over the last 30 years to become the 3rd
largest sugar group producer in Thailand
Extensive industry Knowledge across the entire sugar value chain
Continuously focused on increasing operational efficiency, reducing costs and maximize use of by products
Most have been with the Group for over 30 years
Over 30 years of experience in various roles in the sugar industry Vice President and Director of the Federation of Thai Industries
3 Highly experienced Management Team
Page 30 of 49
Overview Production
The Group’s sustainability and continues growth is tied to our continued strong bond with the farmers
8.52 8.4 8.7
9.6
8.37.7
8.5
9.9 9.7 9.79.3
10.1 10.0
0
2
4
6
8
10
12
42/43
43/44
44/45
45/46
46/47
47/48
48/49
49/50
50/51
51/52
52/53
53/54
54/55
Ton per Rai
Farmers’ Support Programs were established as a stabilization measure for the procurement of raw materials by ensuring farmers focus on working on highly productive plantations, with :
High “agricultural yield; and
High “sucrose yield”
Support programs aim to educate farmers who supply to our factories on efficient sugarcane cultivation methods and technology which essentially provides that a total solution to cane farmers :
(a) Providing sugarcane cultivation technical know-how to farmers
Farmers’ Basic Training Course
Special Basic Sugarcane Cultivation Couse
Tool Training Couse
(b) After-Rain Sugarcane Cultivation
(c) Maintenance of Planted Sugarcane
(d) Provision of Sugarcane Varieties
(e) Provision of Agricultural Infrastructure for Cultivation and Harvesting
(f) Farmer’s Financial Support for :
Sugarcane cultivation
Agricultural machinery and equipment
Agricultural materials (e.g. Fertilizers and composts)
4 Strong Relationship with Cane Farmers
Page 31 of 49
Unrivalled Engineering Capacity & Farming Expertise
Manufacturing Machine Agriculture Machine & Irrigation System
Our ability to construct most of the production equipment in-house result
in :
Significant savings via lower CapEx
Customisation of machineries to meet the Company’s desired specifications
Shorter delivery and lead time from installation to commencement company to confirm
Example of machines constructed in-house :
• Crusher machine
• Boiler machine
• Stacking machine
We also build our own agriculture machine to assist farmers in farming process, which include :
• Adjusting agriculture machine to smaller scale to suits with Thai sugarcane fields
• Designing new agriculture machine that can improve efficiency in both planting process and cultivation process
In addition, KTIS group also developed the water dropping irrigation system, which helps cane farmers increase their cane yield
Our In-House Engineering Capabilities provides significant cost savings and reduces maintenance downtime and is a testament to our commitment to continuous improvement
Our highly skilled engineering team is a critical part of our Group as our ability to construct and maintain equipment result in significantsavings
We are one of the few players in the industry that manufactures most of its production equipment in-house
Additionally, our 150-strong highly skilled team’s ability to provide maintenance reduces maintenance expenditure and machine down-time
5 In-house Engineering Capability & Operational Expertise
Page 32 of 49
Efficient Operations Supporting Profitability and Growth
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
• From Power Development Plan B.E. 2012-2033(PDP 2010), Amendment No.3 ,electricity demand is forecasted to grow at an average of 3.9% per annum, according to PDP
Projected Volume of Electricity Demand(GWh)
Source : Power Development Plan B.E. 2012-2033 (PDP 2010), Amendment No.3 Ministry of Energy
Electricity sales volume
34.10 27.90
77.91 2.94
3.05
3.38
2.60
2.70
2.80
2.90
3.00
3.10
3.20
3.30
3.40
3.50
0
10
20
30
40
50
60
70
80
90
ปี 2554 ปี 2555 ปี 2556
ปรมิำณกำรขำยไฟฟ้ำ รำคำตอ่หน่วย
ลำ้นกโิลวตัต-์ชัว่โมง Baht/KWh
Electricity sales volume increased from 34.10 million units in 2011 to 77.91 million units in 1012, which increased the volume of electricity sales due KTBP power plant began operation, and sale of electricity in 4Q 2013.
The average price per unit of power sold rose higher every year
The company is expanding its capacity from 199 MW to 299 MW in 2014.
2012 2014 2016 2018 2020 2022 2024 2026 2028 20302011 2012 2013
Electricity sales volume Price per unit
6 Growing Electricity Demand & Increasing Bio-Power Plant Capacity
Page 33 of 49
Sugar Business
International customers
Domestic Customers
Pulp Business
International Customers
Domestic Customers
• Strong and longstanding relationships with a broad base of customers - some for decades
• Our attentiveness to client’s needs and requirements, strong responsiveness and consistent delivery of quality products is our winning formula
Ethanol Business
International Customers
Domestic Customers
7 Established Relationship with Blue-Chip Customers
Electricity
Domestic Customers
BiodegradablePackaging forEnvironment
Page 34 of 49
Sumitomo Corporation and Nissin Sugar Co., Ltd joined us, as strategic partner
One of the biggest Japanese trading house
2nd biggest refinery in Japan and has strong retail brand and items
8 Strategic Partners
Page 35 of 49
Company information
~Future Projects
Page 36 of 49
Project: Liquid sucrose and super refined sugar
Investment: ~ Baht 980 million
Benefits: increase competitiveness (in terms of
product variety & value-added product) and
expand customer base including carve out a
niche market whilst obtain additional refined
sugar for export
Progress: expected to be completed by 2015
Liquid sucrose & Super refined sugar project
Expand existing
products
together with
continuous
increase of
efficiency of
operation
Page 37 of 49
Expand existing
products
together with
continuous
increase of
efficiency of
operation
Project: 2 Biomass power plants (100 MWH in
total) using high pressure steam technology
Under 76 MWH (in total) contract signing process
with Electricity Generating Authority of Thailand
(EGAT)
Investment: ~ Baht 1,920 million
Benefits: reduce electricity costs of factories and
contribute revenue by selling electricity to EGAT
Progress: expected to be completed by 2014
Biomass power plant projects
Page 38 of 49
Biomass power plant projects
Page 39 of 49
Diversifying
KTIS’s Product
portfolio with
New
Downstream
Project
Project: Fertilizer for commercial use utilizing
unused filter cake mixed with waste water
Investment: ~ Baht 20 million
Benefits: assist farmers in their cane growing
process and create additional revenue stream to
KTIS through the sales of fertilizers
Progress: expected to be completed by 2014
Fertilizer project
Page 40 of 49
Q1-2014 Operating Results
Page 41 of 49
Summary of operating results - 1
546 587
0
500
1,000
Q1-2013 Q1-2014
617 482
286388
903 870
0
500
1,000
1,500
Q1-2013 Q1-2014
selling
Administrative
4,5613,668
0
1,000
2,000
3,000
4,000
5,000
Q1-2013 Q1-2014
Sales & service revenue SG&A Net profit
Sales & service revenue decreased due to delay of overseas shipments
KTIS’s cost control policy resulted in SG&A reduction
Net profit was better than last year
Unit: Baht million Unit: Baht million Unit: Baht million
Page 42 of 49
Sales & service revenue Gross profit Margin
Summary of operating results - 2
72.8%
9.7%
9.7%
1.4% 6.4%
sugar
paper pulp
ethanol
electricity
others
57.9%
13.4%
12.4%
9.2%
7.0%
sugar
paper pulp
ethanol
electricity
others
“KTIS - More Than Sugar” strategy
reflected increasing portion of
revenue from bio business
Gross profits and margins were
therefore better than last year
415693
629
8581,044
1,550
12.5%
32.6%
50.7%
55.6%
10%
20%
30%
40%
50%
60%
0
1,000
2,000
Q1-2013 Q1-2014
Q1-2013
Q1-2014
Unit: Baht million
Page 43 of 49
Sugar revenue
1,287 1,069
1,851
656
182
400
3,321
2,125
0
1,000
2,000
3,000
4,000
5,000
Q1-2013 Q1-2014
Unit: Baht million
Sugar revenue Sugar sales volume (‘000 ton) & price (Baht)
68 54
14350
211
104
19,640 19,710
12,90313,205
10,000
15,000
20,000
0
100
200
Q1-2013 Q1-2014
sugar- domestic
sugar - international
domestic sales domestic selling price
international sales international selling price
Source: Office of the cane and sugar board
molasses
54
953,406
4,202
2,000
3,000
4,000
5,000
0
20
40
60
80
100
Q1-2013 Q1-2014
Production 2012/13 2013/14Thailand Cane 100.0 103.6 MMT
Sugar 100.2 112.9 MBgMolasses 4.6 4.3 MMT
KTIS Cane 9.9 9.9 MMTSugar 9.3 10.5 MBgMolasses 0.4 0.4 MMT
Molasses sales volume (‘000 ton) & price (Baht)
Page 44 of 49
Pulp revenue
87136
357357
443493
0
100
200
300
400
500
Q1-2013 Q1-2014
domestic
international
Unit: Baht million
Pulp revenue
5,014 8,027
21,68118,612
26,695 26,639
17,26716,99316,616
18,508
0
5,000
10,000
15,000
20,000
0
10,000
20,000
30,000
40,000
Q1-2013 Q1-2014
domestic sales
international sales
domestic selling price
international selling price
Sales volume (‘000 ton) & selling price (Baht)
Retailed demand of pulp, especially in China rebounded
International selling price is better than last year
Page 45 of 49
Ethanol revenue
328
456
1120
440 456
0
100
200
300
400
500
Q1-2013 Q1-2014
14,904 18,019
6,209
0
21,113
18,019
22.01
25.31
18.08
15
20
25
30
0
5,000
10,000
15,000
20,000
25,000
Q1-2013 Q1-2014
Unit: Baht million
Ethanol revenue Sales volume (‘000 litre) & selling price (Baht)
domestic
international
domestic sales
international sales
domestic selling price
international selling price
Domestic demand is increasing
Domestic selling price is better than last year
Page 46 of 49
Electricity revenue
66
338
0
100
200
300
400
Q1-2013 Q1-2014
Unit: Baht million
electricity revenue
19,338 95,383
3.41
3.54
3.30
3.35
3.40
3.45
3.50
3.55
3.60
0
20,000
40,000
60,000
80,000
100,000
Q1-2013 Q1-2014
Electricity supplied (MWH) & selling price (Baht)
Electricity supplied selling price
Revenue increased due to KTIS’s new power plant - KTBP
Selling price is better than last year
Page 47 of 49
agenda
Q & A
Page 48 of 49
Important Notice
This presentation is confidential. This presentation is not a prospectus. This presentation does not constitute or form part of any offer
for sales or solicitation of any offer to buy any securities nor shall it or any part of it form the basis of or be relied on in connection
with any contract or commitment whatsoever.
This presentation has been prepared for the purpose of providing certain individuals with business, financial and other information
concerning Kaset Thai International Sugar Corporation Company Limited (“KTIS”)
The information contained in this presentation is intended solely for your personal reference only. If you are not an intended
recipient, you must not read, disclose, copy, circulate, retain, distribute or take any action in reliance upon this material. This
presentation is not intended to substitute your own analysis and investigation, and should not be considered a recommendation to
any recipient of this presentation. Some statements contained herein are forward-looking statements identified by the use of
forward- looking terminology such as “may” , “will” , “expect” , “anticipate”, “intend” , “estimate” , “continue”, “plan” or other similar
words, which are subject to various risks and uncertainties. These statements include statements with respect to KTIS’s corporate
plans, strategies and beliefs and other statements that are not historical facts. This presentation is prepared based on the
assumptions and beliefs of KTIS’s management in light of the information currently available to KTIS involving risks and uncertainties
which may cause the actual results, performance or achievements to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Nothing in this presentation is, or shall be relied on as
promise or representation of KTIS as to the future.
Page 49 of 49
For more information, contact : IR@ktisgroup.com
Thank You
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