Somboon Advance Technology PCL

Transcription

1 Somboon Advance Technology PCL Opportunity Day: 2014Q4 Mar 17,

2 Company Overview Industry Overview Sale Performance Financial Highlights Q&A 2

3 Company Overview SAT Paid up 425 million Baht As of Mar 6, 15 Kitaphanich Family 46.03% Others 53.97% 99.99% 99.99% 99.99% 99.99% 99.99% ICP SBM BSK SFT SIJ 21.25% Tsuchiyoshi Somboon Coated Sand 20.00% 2.90% 1.80% Yamada Somboon Nisshinbo Somboon Automotive Somboon Somic Manufacturing 3

4 Company Overview SAT: Forging: Axle shaft products BSK: Bending & Coiling: Spring products ICP/SBM: Iron casting and machining products Automotive parts products Agricultural Machinery parts products SFT: General forging products SIJ: Representative office in Japan 4

5 Automotive Parts 5

6 Agricultural Machinery Parts 6

7 Company Overview Industry Overview Sale Performance Financial Highlights Q&A 7

8 Car Production 2014 Unit: Thousand cars Unit: Thousand cars Source: Thai Automotive Industry Association QoQ: Car production improved 3% in Q4 2014: Drop 23% (Domestic: -43% and Export: +0%) 8

9 Car Production: by type Unit: Thousand cars QoQ (+3%): Changes in Eco car, Passenger, and Pickup are +15%, +7% and -2% 2014 (-23%): Changes in Eco car, Passenger, and Pickup are -32%, -30 and -16% %Pickup to total production for 2014 accounts for 59% 9

10 Car Production: Domestic Unit: Thousand cars QoQ (+8%): Changes in Eco car, Passenger, and Pickup are -16%, +23% and +1% 2014: (-43%) : Changes in Eco car, Passenger, and Pickup are -57%, -50 and -33% 10

11 Car Production: Export Unit: Thousand cars QoQ (+1%): Changes in Eco car, Passenger, and Pickup are +32%, -7% and -3% 2014 (+0%): Changes in Eco car, Passenger, and Pickup are +5%, +5% and -3% For 2014, Pickup accounts for 63% of the total export 11

12 Export Destinations Unit: Thousand Cars 12

13 Thailand automotive outlook CAGR =20 % CAGR =6-7 % Thailand Floods & Tsunami in Japan First car scheme Global Financial Crisis Asian Financial Crisis Source: Thai Automotive Industry Association: Actual SBG: Forecast

14 Automotive Industry Overview Tractor Industry Overview Sale Performance Financial Highlights Q&A 14

15 Tractor production by Quarter Unit: in Thousand Source : SBG s Estimate 15

16 Tractor Production outlook Unit: in Thousand CAGR =25% CAGR = 11% Flood Drought Source : SBG s Forecast 16

17 Company Overview Industry Overview Sale Performance Financial Highlights Q&A 17

18 Sale by products (2014) 18

19 Sale by Customers (2014) Others 13% Nissan 3% Honda 4% Isuzu 6% Kubota 17% Toyota 28% Mitsubishi 31% 0% 5% 10% 15% 20% 25% 30% 35% 19

20 Market Share 2014 SMT& Others 20% SAT 80% SBM 29% SBM 26% Aisin& Aisin& Others Others 71% Rear Axle Shaft Y13 = 81 % Disc Brake Y13= 30% 74% Drum Brake Y13= 27% BSK 38% BSK 36% BSK 14% NHK& Others 62% NHK& Others 64% NHK& Coil Spring Y13 = 37 % Stabilizer Bar Y13 = 36% Others Leaf Spring Y13 = 12% 86% 20

21 Capacity & Utilization Production line Q Investment 1 Utilization (%) Capacity pcs /month Utilization (%) Utilization (%) 2014 (mb) 2015 (mb) Axle Shaft 87% 330,000 68% 74% Machining (Auto) 74% 592,000 68% 65% Machining (non-auto) 111% 158, % 113% Coil Spring 2 102% 560,000 38% 51% Stabilizer Bar 70% 180,000 52% 51% 9 0 Leaf Spring 95% 1,100 tons 98% 95% 0 0 General Forging 3-280,000 17% 12% Average/Total 90% 67/78 i % 65/79 i % Capacity is calculated based on 500 hours per month (20 hours x 25 days) Note: 1 Investment figures do not include overhaul/administrative/ R&D 2 Capacity for Cold Coil = 280,000 pcs/month (SOP:Q3) 3 Capacity for General Forging = 280,000 pcs/month (SOP:Q3) i Utilization rate excluding Cold Coil and General Forging 21

22 Company Overview Industry Overview Sale Performance Financial Highlights Q&A 22

23 Sale & Gross Margin 23

24 QoQ: 4Q14 vs 3Q14 Unit: million Baht QoQ Comparison Sale 4.5% COGS 0.5% GP (amount) 26.1% %GP 3.3% Sale increased 91 mb or 4.5% compared to 3% increase for the auto industrial 0% 8% 6% 4% 2% 0% % COGS Gross Margin Sales %GP %GP increased 3.3% mainly driven by increase in sale and better efficiency 24

25 YoY: 4Q14 vs 4Q13 Unit: million Baht YoY Comparison Sale 4.3 % COGS 4.2 % GP (amount) 4.7 % GP (%) 0.1% Sale increased 4.3% in 4Q14 GP (amount) improved in line with sale GP (%) improved slightly 0% 8% 6% 4% 2% 0% COGS Gross Margin Sales %GP 25

26 2014 vs 2013 Unit: million Baht YoY Comparison Sale 9.9 % COGS 12.2 % GP (amount) 9.7 % GP (%) 0.0% Higher sale in 2013 was mainly driven by the government s policy 0% 8% 6% 4% 2% 0% COGS Gross Margin Sales %GP Despite Sale drop, %GP was maintained as i) performance improvement and ii) materials reused 26

27 Net Profit 27

28 QoQ: 4Q14 vs 3Q14 1 Note: 1 Others include gain/loss on fx, other incomes, and other expenses 28

29 YoY: 4Q14 vs 4Q : PP&E Impairment reversal (121mb) 2013: Gain on land sale (48mb) 2013: Fx loss reversal (33 mb) 1 Note: 1 Others include gain/loss on fx, other incomes, and other expenses 29

30 2014 vs : PP&E Impairment reversal (121mb) 2013: Gain on land sale (48mb) 1 Note: 1 Others include gain/loss on fx, other incomes, and other expenses 30

31 EBITDA 31

32 Awards Quality Awards Award of Regional Contribution From Toyota Gold Award 2013 form Hino Quality Improvement Awards from Honda (Zero Claim) Quality Excellence Awards from Thai Honda Cost Reduction Awards from Toyota, Hino, etc. Awards of Quality : Excellence in Zero Defect from Mitsubishi Recognitions & Awards SET Awards of Honor for the excellence as the outstanding Corporate Governance report for a consecutive period from 2009 to 2014 Board of the year 2010/2011 continuous awards #2 from IOD & SET Best Corporate Social Responsibility Awards Outstanding Investor Relations Awards-2014 Best Investor Relations Awards in 50 companies that attract foreign investors to invest in ASEAN stock markets (by ACGA)

33 Company Overview Industry Overview Sale Performance Financial Highlights Q&A 33

34 Q&A THANK YOU 34

35 Financial Highlights Unit : Million Baht 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 QoQ YoY Y2012 Y2013 Y2014 YoY Sales 2,535 2,271 2,159 2,008 2,106 1,881 2,003 2, % 4.3% 9,410 8,973 8, % Total Revenue 2,582 2,312 2,194 2,230 2,128 1,926 2,041 2, % -6.5% 9,590 9,318 8, % Gross Margin % 4.7% 1,484 1,566 1, % SG&A % -10.8% % FOREX Gain (Loss) % % % Interest Expense % -10.3% % Net Profit % -48.5% % Net Profit excluding fx % -43.5% % EBITDA % -27.0% 1,754 1,977 1, % Cash Flow from Operating % -13.6% 1,768 1,854 1, % Depreciation % 18.0% % CAPEX % -70.3% 904 1, % Effective Tax Rate 10% 9% 8% 7% 11% 8% 10% 9% -4.3% 34.6% 9% 8% 10% 19.1% Total Assets 10,457 10,440 10,433 9,923 10,078 9,835 9,827 9, % -1.1% 9,421 9,923 9, % Interest Bearing Debt 3,196 3,435 3,316 3,275 3,165 3,176 3,048 2, % -11.1% 3,130 3,275 2, % Total Liabilities 5,453 5,432 5,366 5,050 5,039 4,882 4,823 4, % -9.0% 5,272 5,050 4, % Equity 5,004 5,008 5,068 4,873 5,038 4,953 5,004 5, % 7.1% 4,149 4,873 5, % Key Financial Ratios 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 QoQ YoY Y2012 Y2013 Y2014 YoY %GP 17.1% 16.6% 17.4% 18.9% 17.9% 17.4% 15.8% 19.0% -1.6% -1.7% 15.8% 17.5% 17.5% 0.1% %SG&A 7.5% 8.2% 8.8% 7.8% 8.9% 11.0% 8.5% 6.7% -2.5% -0.2% 6.8% 8.0% 8.7% 0.7% %NP 9.1% 6.4% 7.7% 18.4% 7.9% 6.7% 7.0% 10.1% 0.4% -0.7% 8.4% 10.4% 7.9% -2.4% %NP excluding fx 9.2% 8.3% 7.8% 16.9% 7.8% 6.7% 7.0% 10.2% 0.4% -0.8% 8.2% 10.5% 8.0% -2.5% %EBITDA 18.8% 17.3% 19.5% 29.7% 20.3% 19.8% 20.0% 23.2% 0.2% 0.5% 18.3% 21.2% 20.9% -0.4% %ROA 9.4% 5.9% 6.7% 16.4% 6.5% 5.1% 5.6% 8.6% 0.6% -1.0% 8.5% 9.7% 6.6% -3.1% EBITDA/CAPEX % %ROE 20.1% 12.4% 14.0% 33.8% 13.4% 10.3% 11.4% 16.7% 1.1% -2.6% 19.4% 19.8% 12.5% 0.5% %ROIC 14.0% 9.2% 10.4% 22.2% 10.2% 9.8% 8.7% 12.1% -1.1% -1.7% 12.2% 13.7% 9.8% 1.5% Interest bearing Debt/Equity % D/E % EPS (Baht) % BVPS (Baht) % 35