20210527 YE2020 PTL OppDay Presentation v1 · 2021. 6. 1. · Italy. Polyplex Strategy Grow High...
Transcript of 20210527 YE2020 PTL OppDay Presentation v1 · 2021. 6. 1. · Italy. Polyplex Strategy Grow High...
YE/2020Opportunity DayPresentation
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PTL (2020) A-
PCL (2020) India Rating & Research upgraded - IND AA-
FY 2020-21 HIGHLIGHTS
Strong Profitability+64% YE YoY
Normalized Net Profit
Successful Capacity Expansions and
Investments
• Sales from plastic films grew significantly from strong demand of PET films, despite COVID-19 worldwide outbreak
• Successfully achieved profitability and margin growth over previous year from continued focus on specialty products
• Completed several specialty projects in Thailand and Turkey and successfully ramped up the capacity of Thin BOPET in Indonesia
2
Outstanding Sales Growth +8% YE YoY despite COVID-19
AGENDA
1 Company Overview
2 Strategy/Strategic Direction
4 Financial Performance
3
3 Project Updates
Polyplex At a Glance
3333YearsOf Experience in Plastic Films
High level of expertise, especially in PET Film production, with in-house R&D continuously seeking to provide innovative solution to customers
#6#6BOPET Thin Film Provider
Global
Large capacity with consistently higher than industry’s capacity utilization
7575Reached with ~ 1,950 Customers
Countries
4
#1#1In BOPET Film Production in South East Asia
The preferred provider across regions
Wide global reach with strong network of customers
Polyplex Company Global Footprint – Sales Revenue by Region
Legends:Legends:PTL Manufacturing Base
Trading/Representative Office/Liaison Office
Asia
North America
Manufacturing Facilities in 5 Countries& Multiple Liaison Offices Worldwide
6
35%
2020-21Sales Revenue
Europe
26%
2020-21Sales Revenue
Parent Company
32%
2020-21Sales Revenue
Japan
Singapore
Other
2020-21Sales Revenue
7%
5
Thailand
Indonesia
India
Turkey
USA
Korea
Netherland
Industry Value Chain
6
PP/PE Resin
Natural Resources
Natural Gas
Oil
Film Grade PET Resin
(Intermediate Product)
Base Film
Offline Coating
• Extrusion Coating• General purpose • Silicone Coating
Metalizing
Holography
Downstream Value Added Films
PET Base Film
• PET Thick• PET Thin
PP Base Film• BOPP• CPP• Blown PP/PE
Ethylene MEG
PTA
Polypropylene/Polyethylene
Basic Petrochemical Raw Material Plastic Film Production
Pack
ag
ing
& In
du
strial C
usto
mers
End Products
Paraxylene
Standard Films
Specialty Films
Polyplex Product Range
7
71%
29%
PTL Products by Film Type PTL Products by Applications
15.1PTL Revenue YE 2020-21
64%
36%
Standard Films
Specialty Films
Packaging
Industrial & Electrical
Billion Baht15.1PTL Revenue YE 2020-21
Billion Baht
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Polyplex Example of Product Applications and Industry
Food Non-Food
Personal Care - Health & Hygiene
By Customer’s Industry
Retort Pouch Susceptor Film
Wafer Bag
Easy Peeling Lids
Rice Bags
Healthcare Products Liquid Packaging
Product Labels
71
% P
ack
ag
ing
Food
Candy WrapMeat Wrap
Coffee Pouch
Soup Powder
Frozen Food Baby Food Powder
Wet Wipes
Air Freshener
Ice Cream Cone
Label
Sauce Sachet Chips Packet Pet Food
Mosquito Mat
Carton Packaging
Glass Bottles
29
%In
du
stri
al
Electrical & Electronic
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Polyplex Example of Product Applications and Industry
By Customer’s Industry
Wire and Cable Overwrap
Solar Panel Back sheets
Flexible Circuits
Adhesive Tapes
Window Film
Barcode Labels
Motor Insulation
Building & Construction Countless Others
Glitter
Hot Stamping Foil Textile Yarn
Face Shield
Digital PrintingThermal Lamination
Shopping Bags
Lamination Pouch
Medical X ray
Outdoor Sign Boards
MTS Keypads
Book Lamination
FRP
Tags
Signage
Protection Film
Mulch Film -Agriculture
Safety Airbags
ESD BagsFlexible Ducts
Shingle Liner
Cards Lamination
Floor Heating Film
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Nature of Polyplex Business
1.08 1.05 1.13
1.05 1.14 1.13 1.12
1.01
1.231.13 1.12 1.08
75 75 69
63 69
62 63
50
30
43 44
61
3.5 3.8 3.7 3.7 3.6 3.3 3.33.9 3.8 3.7 3.8 3.9
Crude Oil Price($/Barrel)
PTL Spread($/Kg)
PTL SalesRevenue(THB Million)
14.714.1
15.1
Quarterly Performance with Raw Material Price Yearly Performance
PTL’s Stable Spread
PTL Sales Revenue(THB Billion)
Fluctuation of raw material price has no major effect on overall profitability in the longer term, due to passing on RM price increase to customers within 4 – 8 weeks
AGENDA
1 Company Overview
2 Strategy/Strategic Direction
4 Financial Performance
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3 Project Updates
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Polyplex Strategic Direction
2021
2023
2025
One-Stop Innovative Plastic Film ProvidersOne-Stop Innovative
Plastic Film Providers
Preferred GlobalPackaging Solution
Provider
Strong footprint in Industrial segment
Preferred GlobalPackaging Solution
Provider
Strong footprint in Industrial segment
Global Leader of Sustainable Solutions for Packaging &
Industrial applications
Global Leader of Sustainable Solutions for Packaging &
Industrial applications
Offer wide range of plastic films through vertical and horizontal
diversification with in-house R&D
Becoming the Best in class provider of plastic
films for packaging Innovation
Expand portfolio and market reach in Industrial
applications
Grow sustainable products to become the leading provider
worldwide
Products Example:90% PCR films, Bio PET
Films, Mono Material PET films, Mono PP Films,
Mono PE films
Polyplex Strategy
Grow Global Footprint
Enhance Operational Excellence
Advance Innovation Capability
Strengthen Stakeholders’
Intimacy
Expansion to regions and countries with high growth potential and
strong base of customers
Expansion into sustainable solutions for long-term
development
Increase high value products to reduce cyclicality of the business
Grow High Value Product Mix Grow Sustainable Business Line
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1
2 3
Polyplex Strategy
Grow Global Footprint
Penetrate & Capture High Growth Potential Markets
Benefits
Apart from manufacturing bases under PTL in 4 countries (e.g. Thailand, USA, Turkey, and Indonesia), Trading set up/ liaison/representative offices are established across several regions to capture high potential market
Diversification of Anti-Dumping Risks
USA
Turkey
Thailand
Indonesia
PTL Manufacturing Base and Liaison/Representative Offices/ Sales Representatives
Fast Turnaround Time and Logistic Benefits
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11
Japan
Korea
Netherland
Supply Security for Specialty Product
Diversification of Customer Groups and deeper market
penetration
China
MalaysiaVietnam
Philippines
Poland
Italy
Polyplex Strategy
Grow High Value Product Mix
Expansion of High Value Product Sales
Benefits
Increase Overall Margin
Decrease Business Cyclicality
Polyplex continues to expand the sales proportion of high value products, ranging from severaldownstream value added films to other specialty applications of standard film, to counter volatilityand increase product variety
Increase Product Diversity
Example of Recent Investment on High Value Product Projects
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22
Silicone Coated Film
Holographic Film
Blown Film
Offline Coated Film
Thailand Turkey Indonesia
Metalized Film
Adopt Sustainable Processes to enforce circular economy
Polyplex Strategy
Grow Sustainable Business Line
Introduce Sustainable Products and Adopt Sustainable Process
To response to global concern over plastic use and develop sustainable business, Polyplex aims to continue introducing sustainable plastic products and transform the business process to be more environmentally friendly.
Benefits
Increase Product Variety
Enhance Business Sustainability and
Support Circular Economy
Reduce Industrial Process Waste
Sustainable ProcessSustainable Products & Solutions
Introduce Mono-material, Mono-layer Structure, and Higher Recyclable Content Products
Introduce Post-Consumer/Industrial Plastic Recycling Business Line
• ECOBLUE’s Upcoming state-of-the-art recycling line dedicated for hard to recycle materials
• Reduce water and energy consumption
• Effective & Efficient waste management
• Increase usage of renewable energy
• Increase sustainable sourcing Use recycled material Use biomaterials (MEG)
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• rPET resin
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Minimize Usage of Fossil Fuels Consumption in
Production
Example of products: • BioPET
Biodegradable Films – meeting the requirements of anaerobic biodegradation either in accelerated land fill or high solids anaerobic conditions
Sustainable Goals
Collaborate with recyclers in EU
• In order to recycle Multi Layer Plastics (MLPs)
Engagement of external consultant
• To develop long term sustainability goals, strategy and road map
Polyplex Strategy
Enhance Operational Excellence
Advance Innovation Capability
Strengthen Stakeholders’ Intimacy
Implement Kaizens to improve productivity and business processes
Debottleneck existing assets to expand capacity
Reduce wastage and conserve energy
Invest in new high productivity lines
Cross-learning and sharing best practices/benchmarking across business line
Invest in Human Resources
Continually upgrade technical and R&D capabilities
Provide necessary equipment capability to augment strategy of innovation
Establish long-term annual supply contract to help stabilize margin
Provide technical assistance team with fast response and maintain close relationship with customers
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Picture PicturePicture
2021 Outlook
18
Continuous Capacity Expansion to Serve
Strong Demand
Indonesia: BoPP line capacity expansion
Thailand: Batch Resin Plant. CP plant debottlenecking
Turkey: Batch Resin Plant & Blown film Line
• Expansion in Holographic film capacity and sales in Thailand
• Expansion of Offline coater capacity and sales in Turkey
• Expansion of sales of silicone coated films
• Upgradation of Thailand thin film line to expand capacity and sales of Specialty films
Advance Research & Development
Grow Specialty Film Volume
• Films for EV segment• Specialty Films for Extrusion coating segment• Specialty films for Electronics segment• Films for Mono-PET structures• 27 Patents granted and 9 Patents under filing
(Across products, processes & countries)• 6 Trademarks granted and 5 Trademarks under
filing - (Across brands and countries)
AGENDA
1 Company Overview
2 Strategy/Strategic Direction
4 Financial Performance
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3 Project Updates
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Summary of Polyplex Projects
Projects Expected CAPEX Spend
Unit: million USD
84
31 115
0
20
40
60
80
100
120
140
2021-22 2022-23 totalFY 2021-22 FY 2022-23 Total
Indonesia
1. Brownfield BOPP Project2. Metallizer Project
Turkey
1. Twin Screw Extruder2. Blown Film Line 3. Offline Coater 4. Metallizer
USA
1. Brownfield BOPET film Expansion and PET Resin debottlenecking
Thailand
1. Twin Screw Extruder 2. Holographic Film 3. Batch Resin Line 4. Recycling Lines
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Project Update Highlights: Indonesia
Brownfield BOPP Film Line Project & Metallizer Project
PROJECT SUMMARY
BOPP 10.4 Meter Line
TYPE
52 Million USD
CAPEX
• To tap into the market potential in South East Asia and common customer base with PET films
• Leverage long experience in the market and customers as well as diversify business risk
• To increase cost competitiveness through economies of scale
PURPOSECAPACITY
60,000 TPA
EXPECTED START-UP
Q2 of 2021-22
MET FILM 12,000 TPA3.3 Million
USD• To enhance specialty film capacity
One stop shop for packaging segment in Indonesia
Enhance Cost Efficiency
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Project Update Highlights: USA
Brownfield Project – New Thin PET film expansion & PET Resin debottleneck
Enhance Cost Efficiency
Announced -End September 2020
# Debottlenecking of existing capacity
Capture Higher Market Share
PROJECT SUMMARY
• BOPET 10.6 Meter Line
• PET Resin Line debottlenecking
TYPE
83 Million USD
(excluding WC)
CAPEX
• To serve growing demand of BOPET film by increasing film production capacity and debottlenecking the existing PET resin capacity to cater to requirement of 2 BOPET film lines
• To increase cost competitiveness of the Company
PURPOSECAPACITY
• 50,000 TPA• 86,000 TPA#
EXPECTED START-UP
H2 of FY 2022-23
AGENDA
1 Company Overview
2 Strategy/Strategic Direction
4 Financial Performance
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3 Project Updates
99.6% 99.2% 96.9%
99.5%99.5%
0.4% 2.7%
0.0%
0.1%
0.4% 0.4% 0.5%
0.5%
0.4%
3,880 3,7844,010
14,125
15,216
Q4/2019 Q3/2020 Q4/2020 2019-20 2020-21
Sales Revenue Forex Gain Other Income
Unit: THB Million, %
19.9%28.6% 25.8% 21.3%
27.9%Normalized#
EBITDA Margin
Overall Financial Highlights
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+7.7% YoY
+3.4% YoY
+6.0% QoQ
#Normalized for forex (loss) /gain [pre-tax basis]
Normalized# EBITDA
-6.7%
QoQ
+30.0%
YoY
+41.2%
YE YoY
4,221(2020) MB
2,990 MB (2019)
Normalized# Net Profit
-11.3%
QoQ
+159.9%
YoY
+63.9%
YE YoY
2,957(2020) MB
1,804 MB (2019)
Sales Revenue
+3.5%
QoQ
+0.6%
YoY
+7.8%
YE YoY
15,144(2020) MB
14,051 MB (2019)
25
1.08
1.05 1.13
1.05 1.14 1.13 1.12
1.01
1.23
1.13
1.121.08
0.56 0.54 0.60
0.50
0.610.68
0.72 0.75
0.650.70
1.17
0.97
75 75
69
63
69
62 63
50
30
43 44
61
25
35
45
55
65
75
85
0.2
0.4
0.6
0.8
1.0
1.2
1.4
Unit: $/Kg
Crude Oil Price($/Barrel)
PTL Spread($/Kg)
Spread ComparisonSpread Comparison
Spread Value
China Spread*($/Kg)
QoQ: • Decline in PTL spread in Q4 2020 is due to increase in raw material prices owing
to a sharp increase in crude oil prices.• China VA in Q4 2020 is also a sharp drop due to raw material price increase and
also, Q3 2020 was an aberration as demand for PET film suddenly spiked since early October due to pent-up downstream demand arising out of impact of Covid further compounded by lower inventory in the pipeline.
YoY: • Improvement in YoY spread of PTL by about 7 cents/ kg despite
higher raw material prices in Q4 2020 compared to Q4 2019. due to favorable market conditions supporting increase in selling prices.
*Note: China Spread is the average spread value of Standard 12 micron BOPET film providers from China
Unit: $/Barrel
89.6%86.2% 86.8%
87.0% 87.1%
9.9%13.3% 12.7%
9.9% 12.3%
2.5% 0…
0.5%0.5% 0.5%
0.5%0.5%
3,4122,939 3,151
12,37511,973
Q4/2019 Q3/2020 Q4/2020 2019-20 2020-21
Cost of sales SG&A Exchange loss Finance cost
26
Unit: THB million, %
Total ExpensesTotal Expenses
QoQ:
• Total Expenses increased by Baht 212 million or 7.2% fromQ3/2020 mainly due to increase in raw material prices andalso due to higher selling expenses due to increase in freightexpenses. This is partly offset by lower admin expenses.
YoY: • Total Expenses decreased by Baht 261 million or 7.6% from
Q4/2019 mainly due to lower raw material prices, partlyoffset by higher volumes and increase in SG&A expenses.Also, Q4 2019 had significant Forex losses as against whichthere is a Forex gain in Q4 2020.
YE YoY:• Total Expenses decreased by Baht 402 million or 3.2% YoY
from 2019 mainly due to the decline in raw material priceand lower finance cost as a result of decline in interest ratesand lower debt levels. However, there is a slight increase ofselling and administrative expense due to higher expenses atThailand and subsidiaries, impact of full ramp up ofIndonesia operations and sharp increase in freight expenses
Total Expenses
-7.6% YoY
+7.2% QoQ
-3.2% YoY
27
7711,074 1,002
2,990
4,221
544
1,090 1,109
2,990
4,235
Q4/2019 Q3/2020 Q4/2020 2019-20 2020-21
Normalized EBITDA EBITDA
Unit: THB million, %
EBITDA and Normalized# EBITDAEBITDA and Normalized# EBITDA
Normalized# EBITDA
Normalized EBITDA Margin
# Normalized for forex (loss) /gain [pre-tax basis]
19.9%28.6% 25.8% 21.3%
27.9%Normalized# EBITDANormalized# EBITDA
-6.7%
QoQ
+30.0%
YoY
+41.2%
YE YoY
EBITDAEBITDA
1.7%
QoQ
+103.9%
YoY
+41.6%
YE YoY
QoQ:
• Normalized EBITDA decreased by Baht 72 million or6.7% from Q3/2020 mainly due to contraction ofmargins due to sharp increase in key raw materialprices.
• EBITDA increased by Baht 19 million or 1.7% fromQ3/2020 despite the drop in margins, due to higherforex gain in this quarter as against Q3 2020.
YoY:
• Normalized EBITDA increased by Baht 231million or 30.0% from Q4/2019 mainly due toincrease in margins due to lower raw materialprices.
• EBITDA increased by Baht 565 million or 103.9%from Q4/2019 mainly due to same reasons asexplained above and also due to forex gain thisyear, as against a significant forex loss incorresponding quarter.
YE YoY:
• Normalized EBITDA increased by Baht 1,231million or 41.2% YoY from 2019 mainly due toincrease in margins on account of declining trendof raw material prices and favorable marketconditions, which helped to hold on to sellingprice adjustments for a longer period.
• EBITDA increased by Baht 1.2 billion or 41.2%from Q4/2019 mainly due to same reasons asexplained above and also due to forex gain thisyear, as against a forex loss last year.
65% 64%
35%36%
2019-20 2020-21
70%
74%
30%
26%
2019-20 2020-21
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Specialty Films
Standard Films
Sales Revenue by Film Type*Sales Revenue by Film Type* Sales Volume by Film Type*Sales Volume by Film Type*
• In 2020, The Company recorded Sales Revenue from Specialty Films of 36% and Specialty Sales volume of 64%, higher thancorresponding period of last year, mainly due to continued focus and investments into improving the specialty product portfolio.
• Drop in % of specialty volumes is due to the ramp up of the new line in Indonesia which is presently focused on Standard films.In absolute terms, specialty volumes have increased by 11% YoY
• In 2020, The Company recorded Sales Revenue from Specialty Films of 36% and Specialty Sales volume of 64%, higher thancorresponding period of last year, mainly due to continued focus and investments into improving the specialty product portfolio.
• Drop in % of specialty volumes is due to the ramp up of the new line in Indonesia which is presently focused on Standard films.In absolute terms, specialty volumes have increased by 11% YoY
Specialty Films
Standard Films
21.3%27.9%
Normalized EBITDA Margin
*Note: Revenue and volume exclude sales of chips and other miscellaneous items
Overall Financial Breakdown by Film Type
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Incremental EBITDA from Specialty Segment
EBITDA from Specialty SegmentEBITDA from Specialty Segment
518663
8841,023
1,1961,419
1,8582,025
2,348
2,7922,990
4,221
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
Incremental EBITDA from Specialty Normalized EBITDA
Specialty Sales VolumeSpecialty Sales Volume
Unit: THB million, %
28% 33% 38% 37% 40%34%
Unit: MT
0
10,000
20,000
30,000
40,000
50,000
60,000
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
% of Normalized EBITDA
Specialty Volumes more than doubled over last 5 years. Target to increase further by more than 50% by 2025
242
708628
1,804
2,957
15
724 735
1,803
2,970
Q4/2019 Q3/2020 Q4/2020 2019-20 2020-21
Normalized Net Profit Net Profit
6.3%18.9% 16.2% 12.8%
19.5%
30
Unit: THB million, %
Net Profit and Normalized# Net ProfitNet Profit and Normalized# Net Profit
Normalized# Net ProfitNormalized# Net Profit
-11.3%
QoQ
+159.9%
YoY
+63.9%
YE YoY
Net ProfitNet Profit
+1.5%
QoQ
+4802.5%
YoY
+64.7%
YE YoY
Net Profit and Normalized # Net Profit
NormalizedNet Profit Margin
# Normalized for forex (loss) /gain [pre-tax basis]
31
Total D/E* Ratio EPS#
0.14x
0.03x0.04x
Q4/2019 Q3/2020 Q4/2020
Unit: Times Unit: THB
0.27
0.790.70
Q4/2019 Q3/2020 Q4/2020
Effective Tax Rate
2% 2%
3%
2018-19 2019-20 2020-21
Unit: %
ROCE/ROE#
14.7%
21.2% 20.4%14.8%
22.7%21.0%
Q4/2019 Q3/2020 Q4/2020
Unit: %
ROCE
ROE
Dividend Yield*
4.23% 4.41%
2.30%
2018-19 2019-20 2020-21
Unit: %
Key Financial Ratios
# YTD Profit normalized for pre-tax forex (loss) /gain
* D/E Net of cash based on Long term & Short-term debt # Normalized for forex (loss) /gain [pre-tax basis]
*From SET on calendar year basis
Thank You
32
Please kindly provide feedback for the event & presentation for further improvement below:
Polyplex Feedback Survey
33
Q1/2021 Guidance
Normalized EBITDA
The forward-looking statements reflect PTL’s expectations of its next quarter earnings. These are based on certain assumptions as on date and are subject to significant risks and uncertainties, as they could be substantially influenced by several factors which are beyond Company’s control including, but not limited to, fluctuations in foreign exchange rate, changes in key raw material prices, changes in market dynamic, impact of consideration of subsidiaries and any unexpected production down times due to machinery break down, unforeseen delays in project start up etc. The Company does not make any representation, warranty or prediction thatresults anticipated by such forward-looking statements will actually be achieved.
1,096
1,049
1,074
1,002
Q1/2020 Q2/2020 Q3/2020 Q4/2020 Q1/2021
Estimate
Unit: THB million
DISCLAIMERS
34
This presentation may contain forward-looking statements which are based on the Company’s current expectations and estimates about the industry, the management’s beliefs and various other assumptions. These forward-looking statements are subject to various risks, uncertainties and other factors, some of which maybe beyond our control. No assurance is given with regards to future events or the actual results, which may differ materially from those projected herein.
This presentation does not constitute an offer to sell or a solicitation of an offer to buy or sell PTL stock and in no event shall the Company be held responsible or liable for any damages or lost opportunities resulting from use of this material
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Appendix
Appendix - Polyplex Production Capacity by Product
Raw Material
Products (Unit: MT) Thailand Turkey USA IndonesiaTotal PTL
Polyplex Group
PET Resin Normal* 106,050 75,850 86,000 73,000 340,900 418,500
Recycled 43,000 - - - 43,000 43,000
Base Film PET Thin 42,000 58,000 81,000 44,000 225,000 280,000
PET Thick 28,800 - - - 28,800 28,800
BOPP - - - 60,000 60,000 95,000
CPP 10,000 - - - 10,000 10,000
Blown PP 13,645 4,392 - - 18,037 18,037
Downstream Value Added Films
Coated(Million Sqm.)
985 320 - - 1,305 1,562
Metalized 21,700 17,700 9,250 18,000 66,650 103,950
Holography 960 480 - - 1,440 5,520
Plastic Film
Manufacturing Base and Production Capacity
*For captive PET Film production
Note: The capacity includes upcoming projects 36
Appendix - Polyplex Company Structure
Trading & Distribution
Manufacturing Entity
Polyplex India
Polyplex Thailand
Listed in National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE)
Listed in The Stock Exchange of Thailand
51.0%*
100%100%100%
EcoBlueThailand
• Recycled PET Resin (rPET)
• Other plastic material waste recycling#
Polyplex USA
• Thin PET Film• PET Resin• Metallized Film• Distribution of
Group Company products
Polyplex TurkeyPolyplex Indonesia
Polyplex Netherland
Manufacturing• Thin PET Film• PET Resin• Metallized Film• Offline Coated Film• Blown Film Line#
• Holographic Films
Trading Company• Distribution
Center
66.5%100%
• Thin PET Film• PET Resin• Metallized Film• BOPP Film#
• Trading Company
37* Including both direct and indirect holding through Polyplex (Asia) Pte ltd # Ongoing project
Manufacturing• Thin /Thick PET Film• CPP Film• PET Resin• Metallized Film• Thermal Lamination Film• Silicone Coated Film• Offline Coated Film• Blown Film Line• Holographic Film
Appendix - Polyplex Key Differentiators & Success Enablers
Global Footprint
Diverse Product Lines
Innovative Solution Leader
Wide Value Chain Coverage
On-shore, offshore, and near-shore model enable intimacy to customers and suppliers
Timely response to market and risk diversification
Variety of choices for different needs and applications
Stabilize margin/spread with healthy mix of standard and high value products
Co-innovate new product solution with customers
Lead the industry with new product application
Stable and low-cost supply with in-house upstream PET resin production
Expanding Downstream Value Added Films coverage enable customer base expansion
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