snc : opp day feb 18, 2013
TRANSCRIPT
Page 1
Opportunity day
18Feb13
Page 2
Agenda
Home Appliance Segment
Overall
Automotive Segment
Ratios
Page 3
177 209
111
23
134 176
79 105
0
200
400
600
800
1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12
SNC
2714
3105
1434
1070
1801
2248
1710 1888
0
1000
2000
3000
4000
1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12
unit: MB
6.5% 6.7% 7.7% 2.1% 7.4% 7.8%
Sale
EAT
4.6% 5.6%
Y11 Y12 change
Sale 8,324 7,648 -8%
EAT 520 494 -5%
%EAT 6.2% 6.5%
+76% yoy
+357% yoy
Y07 Y08 Y09 Y10 Y11 Y12
Sale 2712 4021 4901 8248 8324 7648
EAT 206 99 139 381 520 494
% 7.6% 2.5% 2.8% 4.6% 6.2% 6.5%
Sale reduced due to OEM.
EAT reduced due to factory relocation,
floods impact, minimum wages,
preparation for new project , new factory cost and OEM.
Page 4
Home appliance segment
Page 5
4.8 5.4 6.6 6.9 7.4
0
5
10
15
20
Y2009 Y2010 Y2011 Y2012 Y2013-F
4.7 5.7 6.2 7.4 8.4
0
5
10
15
20
Y2009 Y2010 Y2011 Y2012 Y2013-F
11.8 14.3 13.1 12.5 13.1
0
5
10
15
20
Y2009 Y2010 Y2011 Y2012 Y2013-F
10.7
15.7 15.0
18.1 19.0
0
5
10
15
20
Y2009 Y2010 Y2011 Y2012 Y2013-F
Production in Thailand Unit: 1,000,000 units
Air conditioner Compressor
Refrigerator Washing machine
Source: EEI
47% -4% 21% 21% -8%
21% 9% 19% 12% 22% 5%
-5%
Q4’11 Q4’12 Change
Q4 1.80 3.75 108%
Year 15.0 18.1 21%
Q4’11 Q4’12 Change
Q4 2.21 2.68 21%
Year 13.1 12.5 -5%
Q4’11 Q4’12 Change
Q4 1.19 1.92 61%
Year 6.2 7.4 19%
Q4’11 Q4’12 Change
Q4 1.47 1.67 14%
Year 6.6 6.9 5%
5% 5%
14% 8%
Page 6
Home appliance
2530
2942
1227
951
1586
2023
1462 1623
0
1000
2000
3000
4000
1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12
140 185
77 23
107 160
76 76
-
200
400
600
800
1,000
1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12
5.5% 6.3% 6.3% 2.4% 6.7% 7.9%
Sale
EAT
5.2%
unit: MB
4.7%
Y11 Y12 change
Sale 7,650 6,694 -12%
EAT 425 419 -1%
%EAT 5.5% 6.3%
+71% yoy
+230% yoy
Sale & EAT reduced due to OEM.
Page 7
Automotive Segment
Page 8
Thailand Car Assembly
451
845 663
993 1,250
548
800
795
1,435 1,250
0
500
1,000
1,500
2,000
2,500
Y2009 Y2010 Y2011 Y2012 Y2013-F
Domestic
Export
Unit: 1,000 Cars
999
1,645 1,458
45%
55%
51%
49%
45%
55%
41%
59%
2,500
65%
-11%
2,428
50%
50%
Source: The Federation of Thai Industries & Thailand Automotive Institute
CAR Q4’11 Q4’12 %
Increase
Assembly 173 730 322%
Domestic Sales
124 436 252%
67%
Page 9
Automotive
184 162
208
120
215 225 248
266
-
100
200
300
400
500
1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12
37
23
34
(1)
28
19 19
29
-20
0
20
40
60
80
100
1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12
20% 14% 8% 13% -0.4% 16%
Sale EAT
7.7%
unit: MB
11%
Y11 Y12 change
Sale 674 954 +42%
EAT 93 95 +2%
%EAT 14% 10%
+121% yoy
+2,900% yoy
EAT reduced due to price reduction
and factory relocation in 3q12.
Page 10
Page 11
Cash cycle
Y07-Y11 : +20 +13 +6 +1 -3
AP,
(56)
CCC
, (3)
AR ,
40
INV
, 12
Y11
AP,
(64)
CCC,
(6)
AR ,
46
INV,
12
Y12
Page 12
18% 14%
28% 25%
0%
10%
20%
30%
40%
2011 2012
ROA ROE
ROA : Y07-Y11 : 12%, 5%, 6%, 16%, 18% ROFA: Y07-Y11 : 37%, 17%, 17%, 45%, 50% ROE : Y07-Y11 : 17%, 5%, 8%, 22%, 28%
0.6
0.9
0.2
0.6
-
0.5
1.0
1.5
2.0
2011 2012
D/E Net Debt
D/E : Y07-Y11 : 0.6, 0.6, 0.5, 0.9, 0.6 Net debt : Y07-Y11 : 0.0, 0.2, 0.1, 0.4, 0.2
times
Debt was mainly from Trade
AP. 4q12 production volume
was higher than 4q11.
Page 13
6.7 7.0
21.9 24.5
-
10
20
30
40
2011 2012
BVPS SPS
BVPS : Y07-Y11 : 6.1, 5.9, 5.9, 6.3, 6.7 SPS : Y07-Y11 : 13.0, 4.0, 6.4, 18.6, 21.9
Baht
1.81 1.72 1.60 1.60
-
1
2
3
Y11 Y12
EPS DPS
EPS : Y07-Y11 : 0.99, 0.33, 0.48, 1.33, 1.81 DPS : Y07-Y11 : 0.55, 0.45, 0.70, 1.00, 1.60 DPS : Y07-Y11 : 66%, 136%, 145%, 75%, 88%
Baht
Policy ≥ 50% of EAT
(1.00+0.60) (1.00+0.60)
93% 88% 3.2 times 3.5 times
Page 14
International Techno pipe Co., Ltd: manufacturer of home
appliance parts which made from copper pipe.
Investment 50 MB
1q13: income recognition
SNC Creativity Anthology Co., Ltd: manufacturer of aluminum
forging and aluminum condenser.
Investment 500 MB
1q-3q13: factory construction
4q13: prototype
1q14: income recognition.
Funding: bank loan.
Page 15
Thank you