Analyst Meeting

Q4’18 and 2018 Financial Performance

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Financial Performance

Core Strategy Updates

2019 Business Outlook

Agenda

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4

Financial Performance

Business Update: Disposal of Interactive Communications and White Group

5

Disposal of Interactive

Communication

Disposal of White Group

When: Q3’18 (13 September)Impact to account treatment:- Re-present FS for Q3’18 and last year to deconsolidate revenue/expense of

media business (FMC). Profits from FMC are grouped under item “Profits for the period from discontinued operation, net of tax”

- Less Revenue and Expenses (from excluding FMC) for Q3’18 and Q3’17 (re-classification)

Impact to Financial Statement: - Booked an accounting gain of THB 12.3 million.

When: Q4’18 (23 November)Impact to account treatment: No impactImpact to Financial Statement: Marginal Net Gain – as the Company book equity gain from White Group performance every quarter, causing minimal additional gain to book from disposal of White Group.

4Q18 Financial Highlights – by Segment4Q18 Normalized sales -0.5% YoY, mainly dragged by OEM sales

6

Favorable GM at 34.5% (Fitness first drove overall cost down)

Myanmar +22.1% (at constant FX). With FX impact, Net sales -3.5%Total international business showed stable growth at constant FX

OEM -34% mainly from both OEM BevQ4 OEM bottle sales increase +34% from avg 1H18 sales (after completion of cold tank repair)

Babi Mild +2%High base from BBM White Sakura Launch Oct’17Twelve Plus +23%

C-Vitt +111%Som In-Sum +38%Chalarm +17% from momentum of Chalarm Black Galingale

12.1%Net Profit Margin**

(Reported -0.5%)

Remark : * Net Profit attributable to owners of the parent ** Net Profit margin to Total Revenue

*

214

789

3.3%

12.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

0

100

200

300

400

500

600

700

800

900

Q4'17 Q4'18

To the owner of the parents

7

32.7%31.8%

34.5%

Q4'17 Q3'18 Q4'18

Total Revenue Growth 1.6%

5.6% 5.5%

8.7% 8.8%

12.4%6.8%

Q4'17 Q4'18

Revenues Gross Margin

SG&A Net Profit

4Q18 Financial Highlights

Admin

Other Selling

A&P

Net Margin

Other IncomeQ4'17 Q4'18

6,5196,418+1.8%

+2.7%

(1,700)(1,336)

Net profit* +6% vs. 2017Net profit margin** at 12.0% vs. 11.2% in 2017

FY2018 Financial Highlights – by Segment12M18 Normalized sales -0.7% YoY, dragged by OEM sales

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Myanmar +11.1% (at constant FX). With FX impact, sales flat at +1.4%•PC Int’l sales grew +42.8% YoY in FY2018

2018 sales dropped from lower OEM and absence of Unicharmsales2H18 OEM bottle sales increase by 29% from 1H18 (after completion of cold tank repair)

Babi Mild +10%Twelve Plus +7%Increased from various NPDs along the period and promotional activities

Som In-Sum +109%C-Vitt +75% M-Presso launched in Feb 2018Launch of ChalarmBlack Galingale turnaround Chalarmfrom -15% Pre-launch to +18% Post Launch

+6% vs. 2017

12.0%Net Profit Margin**

(Reported -2.9%)

Remark : * Net Profit attributable to owners of the parent ** Net Profit margin to Total Revenue

*

Net Sales Analysis: Thai Beverages and C-Vitt & Calpis12M18 grew +2.7%

TURNAROUND PERFORMANCE +109%

SALES GROWTH YOY

Chalarm Black Galingale Launch in Aug 18

Brand Repositioning in Late 17

The Success of Campaign “Aroi Jing Mai Manoh”

(from -15% in Pre Launch to +18% Post Launch)

Capacity & Distribution Expansion in May 18

New Presenter in Jul 18

+75%SALES GROWTH YOY

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Net Sales Analysis: Thai Beverages and C-Vitt & Calpis12M18 grew +2.7%

37.6%MARKET SHARE

1.5%Exit MARKET SHARE

RTD Coffee Launch in Feb 18

New communication with 4 High Vit Bs as Hero message

The Activation of “Lipo Mee Tae Hi #2” Campaign(emphasize of Japan heritage)

9.0%MARKET SHARE

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+7.4%SALES GROWTH YOY

Net Sales Analysis: Thai Personal Care12M18 grew +8.5%

Babi Mild Ultra Mild Launch in Jun 18

Babi Mild Home Care

Launch in Oct 2018

Momentum of Babi Mild White Sakura

Launch in Oct 17

Twelve Plus x BNK48 Special Collaboration in Dec 18

Perfume Powder Launch in Mar 18

Perfume Mist Launch in Jul 18

Shower Serum Launch in Oct 18

+10.1%SALES GROWTH YOY

The Launch of EXIT x BNK48

Special Collaboration in Jan 19

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2,834

3,005

11.2%

12.0%

8.0%

8.5%

9.0%

9.5%

10.0%

10.5%

11.0%

11.5%

12.0%

12.5%

2,000

2,200

2,400

2,600

2,800

3,000

3,200

2017 2018

33.0% 32.4%

2017 2018

5.0% 5.9%

8.5% 8.5%

6.6% 6.0%

2017 201812

Normalized Growth -0.7%

Admin

Other Selling

A&P

Gross MarginRevenues

SG&A

2018 Financial Highlights

Other Income2017 2018

24,29725,027

(4,947)(5,033)

Net Profit

-0.6%

Net MarginTo the owner of the parents

Balance Sheet (as of 31 Dec 2018)

Key Changes in Balance Sheet Items

• Total assets: Increase by THB 8,259mn from Operation & IPO proceeds.: THB 4,110mn increase in cash and cash equivalents: THB 3,422mn increase in other current assets: THB 1,386mn increase in long term investment

• Total liabilities: Decrease by 6,605mn from loan repayment: THB 6,082mn decrease in short term loan: THB 207mn decrease in trade and other payables: THB 394mn decrease in liabilities classified as held for sale post-divestment of Future Group.

• Shareholders’ equity: increased by THB 14,864mn

: THB 3,005mn consolidated net profit*: THB 14,621mn increase in share premium (from IPO proceeds, Net of fees): THB 2,742mn dividend paid to owners of the Company

THB 15,198mn

THB 23,456mn

3,439

18,303

666

552

5,010

4,601

6,082

-

8,910 10,816

6,288

12,641

As at 31 Dec 2017

As at31 Dec 2018

Current assets Non-current assets Short-term loans

Other current liabilities Non-current liabilities Shareholders' equity

Remark : * Net Profit attributable to owners of the parent 13

Cash Flows and Key Ratios

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Cash Flow Movement

• Operating CF: THB 3,612.2mn cash inflow from

1) THB 3,062mn Net profit

2) THB 1,046mn Depreciation

3) THB -292mn change in working capital

• Financing CF: THB 5,703.4mn cash inflow from

1) THB 14,723mn IPO proceeds (net of fees)

2) THB -2,809mn TOTAL Dividend payment

3) THB -6,095mn Loans repayment

Cash Flow (as at 31 Dec 2018) Key Financial Ratios

Units: THB mn

Notes: ROE and ROA are annualized

375.7

4,486.4 3,612.2

5,703.4 (5,286.6)

81.7

Beginningcash and

cashequivalents

(31 Dec2017)

Net cashfrom

operatingactivities

Net cashused in

financingactivities

Net cashused in

investingactivities

Cash andcash

equivalentsclassified asnon-currentassets held

for sale

Ending cashand cash

equivalents(31 Dec2018)

• Investing CF: THB -5,286.6mn cash outflow from

1) THB -1,255mn PPE acquisition

2) THB -5,192mn Investment in debt securities

3) THB -364mn acquisition of leasehold rights at Osotspa Myanmar

4) THB 1,456mn net proceeds from disposal of subsidiaries and associates

• Cash & cash equivalents classified as non-current assets held for sale: +THB 81.7mn as a result of Future Group divestment

4Q18 4Q17 2018 2017

Profitability Ratios

Operating gross profit margin (%) 34.5 32.7 32.4 33.0

Operating EBITDA margin (%) 20.6 11.5 19.5 18.9

Net profit margin for the period (%) 12.2 3.7 12.3 11.6

Net profit margin attributable to owners of

the parent (%)12.1 3.3 12.0 11.2

Return on equity (%) - trailing 28.2 72.1 28.2 72.1

Return on assets (%) - trailing 15.8 18.5 15.8 18.5

Efficiency Ratios

Number of days of inventory 35 38 36 37

Collection period (days) 42 43 45 51

Accounts payable days 43 40 43 41

Other Ratios

Current ratio (times) 2.75 0.57 2.75 0.57

Total debt to equity (times) 0.28 3.42 0.28 3.42

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Core Strategy Updates

Premiumize Twelve Plus Cologne

Business Update: Core Strategies Progress Update

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Strengthen domestic presence in broader non-alc. beverages and expand PC

Leverage market-leading position in Thailand to sustain and expand to overseas markets

Focus on cost-efficiency and margin enhancement through NRM principle

Cold tank repair impact and OEM performance

Maintain Energy Drink Market Share (Value) FY 2018 :

54%

Grow Functional Drink Market Share 2017 2018

26%31%

Babi Mild sales growth in FY2018 :

+10.1%

Twelve Plus sales growth in FY2018:

+7.4%Myanmar sales growth on track for FY2018 (at constant FX):

+11.1%

International PC sales growth For FY2018:

+42.8%

Myanmar sales(FY2018 Reported ):

+1.4%Chalarm’s New Variant - Black GalingaleTHB 10 with more benefits

OEM Bottle is recovering:

Q1'18 Q2'18 Q3'18 Q4'18 1H'18 2H'18

Fitness First on track.

Full impact in Q4’18:

Q4’18 GM = 34.5%

+270bps QoQ

+29%

2019 Core Outlook

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Company Target and Strategy

2019 Net sales growth: mid-single digit growth

Profitability Improvement

Consistent with mid-term business plan

Domestic Beverage:• Continue to focus on

herbal benefit and NPDs for functional drinks

• Further strengthen Som In-Sum, Chalarm Black Galingale, and C-Vitt

• Expect to add 2-4 NPDs

Domestic PC:• Strengthening key brands

and launching new PC pillars (facial/skin care)

International:• Continue to expand in CLMMyanmar highlights: • Implement route-to-market

model / Strengthen Shark MM / Further build M-150

• Manufacturing Facility to be completed by end-2019

Supply Chain Services:• Expect recovery in OEM

Beverage sales throughout 2019

Fitness First: • Embarked on various cost-saving

programs

Improved Bev GM: • Cost efficiency improvement after

commission SGA2 (expect to complete in Mid-2019)

Improved PC GM:• Improvement driven by product

mix transition

Fitness First: Key projects in 2019

• Continue to reap the benefit from 2018 projects:

– Cullet sourcing and optimization

– Improved product formulations

– Cold Tank Repair of AY furnace (since Apr’18): % pack and lighter weight bottle

• New lighter weight bottles project

• Warehouse and distribution optimization

• Packaging optimization

• Additional product formulations optimization

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Other Growth Initiatives:

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China: Vietnam:

Fantastic growth in recent years with more potential to come

Population: 90mn (1/3 is Urban)

Vietnam PC:Contract signed, products are on main shelf

Vietnam Beverages:In progress of doing detailed market study with potential partner to ensure the best possible entry strategy for our beverages products.

Vending Machine (in Thailand):

992

3,095

2009

2010

2011

2012

2013

2014

2015

2016

2017

Energy Drink Market Size(mn Liters)

24.8

13.8 11.2 9.5 7.1 6.92.2

US

Japan

UK

Thaila

nd

Vie

tnam

Germ

any

Chin

a

Energy Drink Consumption (litre/person/year)

8,571

21,110

2014

2015

2016

2017

As

of

Nov'1

8

Thai Vending Machine Market (# machines)

33,000

450,000

Y0

Y5

Y8

Y10

Future Growth for China(# machines)

>13X growth

CAGR = 25%

CAGR =8 %

Thank you

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