Christiani & Nielsen (Thai)

Public Company Limited

Website: cn-thai.co.th

Telephone: 0 2338 8000

Head Office : 727 La Salle Road,

Bangna Tai, Bangna District, Bangkok 10260

Tel. : +66 2 338 8000, Fax : +66 2 338 8090

SET Opportunity Day

Q2/2019 : 27 August 2019

1

The contents of the presentation provided by Christiani & Nielsen (Thai) Public

Company Limited (the “Company”) is provided as information for discussion

purpose only. Past performance is not indicative of future performance. Some of

the information in this presentation may contain projections or other forward looking

statements regarding future events or future financial performance of countries,

markets or companies. These statements are only predictions and actual events or

results may differ materially. The reader must make his/her own assessment of the

relevance, accuracy and adequacy of the information contained in this presentation

and make such independent investigations as he/she may consider necessary or

appropriate for the purpose of such assessment. Any opinion or estimate contained

in this presentation is made on a general basis and is not to be relied on by the

reader as advice. Neither the Company nor any of its employees or agents have

given any consideration to nor have they or any of them made any investigation of

the investment objectives, financial situation or particular need of the reader, any

specific person or group of persons. Accordingly, no warranty whatsoever is given

and no liability whatsoever is accepted for any loss arising whether directly or

indirectly as a result of the reader, any person or group of persons acting on any

information, opinion or estimate contained in this presentation.

DISCLAIMER

2

Company Overview & Business

Operational Performance Q2/2019

Future Strategy

Q & A

AGENDA

3

AGENDA

Company Overview & Business

Operational Performance

Q2/2019

Future Strategy

Q & A

4

COMPANY PROFILE

Company

Business

Registered

Capital

Paid-up Capital

Establishment

Listed Date

Industry / Sector

Market

Christiani & Nielsen (Thai) Public Company Limited

Construction services, including the design and construction of a wide variety of building

and civil engineering works, the design, fabrication and erection of steel structures and a

full range of electrical and mechanical engineering services

Common shares: THB 1,102,904,144 at par value of THB 1.00 per share

Common shares: THB 1,027,904,144 at par value of THB 1.00 per share

10 September 1930

1 March 1991

Property & Construction / Construction Services

Stock Exchange of Thailand (“SET”) Main Board

5

AWARDS & CERTIFICATES Standard & Certifications

On the occasion of 70th year Anniversary in year 2000, the Company achieved the

construction quality ISO 9002 standard for the whole Company, which is the first

Thai major international contractor who achieved this certification from international

accreditor i.e. UKAS (United Kingdom Accreditation Service) and NAC (National

Accreditation Council), and a year later the company has developed a system to ISO

9001:2015.

On the occasion of 88th year Anniversary in

year 2018, the Company achieved the

proper Occupational Health and Safety

Assessment Series: OHSAS 18001:2007.

6

AWARDS & CERTIFICATES

Safety Awards

7

AWARDS & CERTIFICATES

Client Praise Letters & Awards Client Praise Letter: Nestle' (Thai) Ltd. Client Praise Letter: Ek-Chai Distribution System Co., Ltd. (Tesco Lotus)

Quality Index Awards Best Contractor of the Year

8

VISION AND MISSION

VISION

Develop Sustained

Competitiveness

Aim to Produce High Quality Works

Develop Optimum Sale & Services

Develop Optimum Staff Cost

Consciousness

MISSION

มุ่งมัน่พฒันาธุรกิจให้สามารถแข่งขนัได้

เพ่ือให้องค์กรเจริญก้าวหน้ายัง่ยืนตอ่ไป

มุ่งมัน่พฒันาผลิตภณัฑ์ให้มีคณุภาพเหมาะสมกบัลกูค้า มุ่งมัน่พฒันาเทคนิคการขายและการให้บริการ มุ่งมัน่พฒันาจิตส านกึในเร่ืองของต้นทนุ

9

TYPES OF CONSTRUCTION PROJECTS

Buildings

Industrial

Infrastructure

Retail hypermarkets and stores, distribution centers,

universities, schools, hospitals, offices, condominiums,

hotels, refurbishment and renovation and other commercial

and general buildings.

Industrial plants, factories and warehouses.

Mass transit, roads, highways, bridges, overpasses, sports

facilities, water distribution and wastewater collection

tunnels, gas pipelines, flood protection, waste water

treatment plants, environmental landfill sites.

10

PAST EXPERIENCE

Avani Riverside Bangkok

(Charoen Nakorn

Road, Bangkok)

(2016)

TARA Building Pattanakarn

(Bangkok)

(2016)

M Tower Sukhumvit 62

(Bangkok)

(2016)

MJets Hangar

(Don Muang Road, Bangkok)

(2016)

EGAT Head Office

(Nonthaburi)

(2017)

Buildings

MUIC Education Building

Mahidol University

(Nakorn Pathom)

(2016)

Mahidol University Technology

Theatre Hall (Nakorn Pathom)

(2014)

SCG Head Office 3 & Parking

(Bang Sue Road ,Bangkok)

(2014)

Ratchapreuk Hospital (Mitraphap Road, Khonkhean)

(2018)

Bhumisirimangkhlanusorn

Building Chulalongkorn Hospital

(Sala Daeng, BANGKOK) (2015)

Somerset Maison

Asoke Hotel

(Sukumvit Road,

Bangkok)(2018)

VISTEC 3.2

(Rayong) (2018)

Chia Tai New Office

(Sukhumvit Road,

Bangkok)

(2018)

MANDARA

INNOVAION HUB (2018)

11

Industrial

New Plasterboard

Plant

(Saraburi) (2013)

PTT Polymer Logistics

Platform (Rayong)

(2013)

LNG Receiving

Terminal

(Rayong) (2009)

New Sausage Plant

(Phase 2)

(Nakhon Ratchasrima)

(2016)

Nestle Water

(Surat Thani)

(2016)

IRPC UHV Civil Work

(Rayong)

(2016)

PAST EXPERIENCE

Thai Union Pilot Plant

(Samut Sakhon) (2018)

Cargill Korat Extension

(Nakhon Ratchasrima) (2018)

Fish oil Extraction Factory

(Samut Sakhon) (2018)

GTL Warehouse Phase 2

(Chonburi)(2018) Royal Factory Extension

(Chiang Mai) (2018)

CPRAM Delicatessen Food

(Pathumthani)

(2018)

CPRAM

(Lamphun)

(2018)

Thainamthip Pattaya (Chon Buri) (2018)

CPRAM Bo Ngoen 2

(Pathumthani) (2018)

ALLIANCE THAILAND

FACTORY (CHON BURI) (2019)

12

Infrastructure

Nakhon Si Thamarat Highway

(Route No.403)

(Nakhon Si Thamarat)

(2004)

Klong Toey Port

(Bangkok)

(1942-1945)

Bangkok Wastewater

Treatment Plant

(Bangkok)

(1995-1997

Rama VI Bridge

(Bangkok)

(1951-1952)

Thung Phra Men Flyover

(Nakhon Pathom)

(2015)

Phitsanulok - Lom Sak

Highway

(Phitsanulok)

(2015)

PAST EXPERIENCE

13

Buildings

CURRENT PROJECTS

KHON KAEN AIRPORT EXTENSION (KHON KAEN)

*Construction of new expansion (35,850 sq.m.) and

renovation of existing passenger terminal

(13,725 sq.m.).

KRABI AIRPORT EXTENSION (KRABI )

*Construction of new expansion (40,260 sq.m.)

and renovation of existing passenger terminal

(34,300 sq.m.).

CHULA NURSES DORM (BANGKOK)

*Construction of 26-storey dormitory building with

total floor area of 34,740 sq.m.

TIPCO BUILDING EXTENSION (BANGKOK)

*Construction of 20-storey office building extended

from existing building.

14

Buildings

CURRENT PROJECTS

PRIMO POSTO (BANGKOK)

*Construction of 4 nos. commercial building and car

park with basement and connected mezzanine floor.

THAI OIL NEW OFFICE (CHON BURI)

*Construction of 8-stroey office building with single

basement (total 31,380 sq.m.), 3-stroey auditorium building

(total 4,500 sq.m.), and 2-stroey multipurpose building.

MAHIDOL INNOVATION BUILDING

(NAKHON PATHOM)

*Construction of 3-storey innovation collaboration

building, underroof innovation space, and

multipurpose outdoor ground.

MAHIDOL PARKING BUILDING (NAKHON PATHOM)

*Construction of 3-storey parking building with 2 level of

basement.

15

Buildings

CURRENT PROJECTS

St. ANDREWS SPORTS FACILITY (BANGKOK)

*Construction of 2-storey New Sports Facility building

(total 2,560 sq.m.).

KLAIMOR HOSPITAL (LAMPHUN)

*Construction of 5-storey checkup building with

mezzanine floor and single basement car park

(total 4,800 sq.m.).

TARA PARK PARKING BUILDING (NONTHABURI)

*Construction of 13-storey parking building with 4-level

basement (27,000 sq. m.).

COURTYARD SUVARNABHUMI (BANGKOK)

*Construction of 7-stroey hotel building with 2-level

basement parking (total 53,000 sq.m.).

16

Buildings

CURRENT PROJECTS

FOREST PAVILION (SAMUT PRAKAN)

*Construction of 3-storey Sales Gallery building

(total 6,100 sq. m.)

ISUZU SHOWROOM (PATHUM THANI)

*Construction of 2-storey office and showroom

(total 4,790 sq.m.)

New Projects - INDIAN EMBASSY RESIDENCE

- MAIN BUILDING FOR KLAIMOR

HOSPITAL

Hypermarket - Homepro Mukdahan

17

Industrial

CURRENT PROJECTS

SGA BOTTLE FACTORY (AYUTAYA)

*Construction of new furnace building, cooling tower,

oil separator pit and transformer for Siam Glass

Ayutthaya.

POC NEW FACTORY (SAMUT PRAKAN)

*Structural, architectural, and M&E work for

construction of 3-storey factory building with on

mezzanine floor (total 8,000sq.m.)

PCG WET PLANT (SAMUT PRAKAN)

*Structural, Architectural and M&E works for

Construction of 2-storey building (total 9,600 sq. m.)

INTEQC SWINE FARM (KANCHANABURI)

*Design and construction for 130 units swine

housing.

18

Industrial

CURRENT PROJECTS

PTTLNG ADMIN BUILDING (RAYONG)

*Construction of 3-storey administration building

and 2-storey supportive building for PTTLNG.

PTTLNG TANK (RAYONG)

*Construction of 2 nos. of LNG Storage Tanks 90 m.

dia. X 49 m. high.

UNION GALVANIZER FACTORY (CHACHOENGSAO)

*Construction of 3-level hot dip galvanizing plant

with 2-storey office section.

New Projects - SWINE FARM RENOVATION

- GFN EP2

- PURX PROJECT

- SOY MILK FACTORY LINE 3

- CPF KORAT GRILL LINE

19

Infrastructure

THUNG SONG INTERCHANGE (NAKHON SI THAMMARAT)

*Construction of Highway interchange at Intersection of

Highway Route No. 41 and 403.

INDOCHINA INTERSECTION

(PHITSANULOK)

*Construction of Interchange Bridges

at Intersection of Highway Route No.

11 and 12.

BANG YAI SPUR LINE (NAKHON

PATHOM) *Construction of 6-lane asphaltic concrete

motorway includes overpass and bridges for

Bang Yai – Kanchanaburi Motorway

km.1+119.007 to 5+000.000.

CURRENT PROJECTS

PAK THO INTERCHANGE (RATCHARURI)

*Construction of Highway Intersection consisting 4

nos. prestressed concrete bridge.

New Projects - Highway 3191

Map Ta Phut (Rayong)

(Widening of 4-lane

Highway to 6-lane RC

with asphalt concrete

Surface Highway)

20

REF. CONTRACT TITLE LOCATION SEGMENT

1

PCG WET PLANT

(Structural, Architectural and M&E works for Construction of 2-

storey building (total 9,600 sq. m.))

Bang Sao Thong, Samut Prakan Industrial Facilities

2

INDIAN EMBASSY RESIDENCE

(Structural, Architectural and MEP works for Construction of 4

buildings (2 to 7 floors). (total 12,000 sq. m.))

Sukhumvit 25, Bangkok Private Building

3

HOMEPRO MUKDAHAN

(Design and construction of new HomePro store

(total 9,830 sq. m.))

Mukdahan Hypermarket

4

INTEQC SWINE FARM (WATER TREATMENT PLANT)

(Design and construction of structural, architectural, and electrical

works for water treatment plant (total area 200 sq.m.))

Kanchanaburi Industrial Facilities

5

FOREST PAVILION

(Structural and Architectural works for Construction of 3-storey

Sales Gallery building (total 6,100 sq. m.))

Bang Phli, Samut Prakan Private Building

6

SWINE FARM RENOVATION

(Structural and Architectural works for renovation of existing swine

farm.)

Tha Muang, Kanchanaburi

Industrial Facilities

NEW CONTRACTS AWARDED DURING JAN19 – JUL19

21

REF. CONTRACT TITLE LOCATION SEGMENT

7

PTTLNG TANK

(Subcontractor to Main Contractor for Construction of 2 nos. of

LNG Storage Tanks 90 m. dia. X 49 m. high.)

Rayong Petrochemical (Civil &

Building)

8

GFN FP2

(Design and construction of 3-storey processing building with

single basement (total 27,700 sq.m.).)

Nong Yai, Chon Buri Industrial Facilities

9

MAIN BUILDING FOR KLAIMOR HOSPITAL

(Structural and Architectural works for Construction of 8-stroey

building with single basement (total 12,824 sq.m.).)

Lamphun

Private Building

10

PURX PROJECT

(Structural, Architectural and M&E works for Construction of

3-storey building and single storey chiller building (total 3,400

sq.m.).)

Rayong Industrial Facilities

11

HIGHWAY 3191 MAP TA PHUT

(Widening of 4-lane Highway to 6-lane RC with asphalt concrete

Surface Highway)

Nikhom Phatthana, Rayong

Highway & Overpass

NEW CONTRACTS AWARDED DURING JAN19 – JUL19

22

REF. CONTRACT TITLE LOCATION SEGMENT

12

SOY MILK FACTORY LINE 3

(Design and Construct of Line 3 building for Soy Milk Factory

(total 310 sq.m.).)

Saraburi Industrial Facilities

13

CPF KORAT GRILL LINE

(Structural, Architectural and MEP works for Construction of

2-storey food processing building and 2-storey utility building

With interconnecting single basement (total 16,600 sq.m.).)

Chok Chai, Nakhon Ratchasima Industrial Facilities

14

INDOGUNA OFFICE

(CSA construction works of office and cold room for Indoguna

project inside Makro Phnom Penh)

Phnom Penh, Cambodia Hypermarket

TOTAL VALUE AMOUNT

~ 4,710 MB

NEW CONTRACTS AWARDED DURING JAN19 – JUL19

23

TRAINING CENTER for Safety Officers at Supervisor Level Registered with Department of Labor Protection and Welfare

Training Centre

2 Storey Training Building

Location: Nimitmai 64, Minburi

Area : 16,000 m2

Opened : 22 November 2013

Objectives:

• To increase quality of work

• To decrease cost of work

• To increase efficiency

Duration: 1 - 4 days

2019 plan: 151 classes (85 classes in 2018)

35%

65%

Workshop

Lecture

Established on 8 April 2008

ศนูย์ฝึกอบรมบมจ.คริสเตียนีและนีลเส็นไทย

ถนนนิมิตรใหม ่กรุงเทพฯ

Type of

in-house

training:

24

STEEL STRUCTURE & FABRICATION FACTORY

Workshop Lecture

Factory Location / area :

Sriracha (Factory 34,000 m2) (Moved on 1 November 2013)

-Equipment & Tools (15,000 m2)

> More over 10,000 pieces on stock

-Scaffolding (9,000 m2 )

> 4 types as worksite required

> Capacity for

- Ringlock system ~ 60,000 m3 .

- Triangle ~16,000 m3 /

- BS Pipe&Clam lock ~13,000 m3 and

- Japanese ~95,000 m3

-Steelwork (10,000 m2 )

~ 600 – 1,000 Tons / month

Objectives: • To better control work quality

• To shift current ratio of outsourced

material to in-house material from 80:20 to 50:50

SUPPORTING FACILITY

25

OVERSEAS SUBSIDIARIES

Date of Incorporation: 15 July 2016

Name: Christiani & Nielsen (Myanmar) Limited

Address: No. (24/C) Natmout Yeikthar,Street,Bahan,

Township, Yangon, The Republic of the Union of

Myanmar

Tel: (951) 540 188

Country of Incorporation: The Republic of the Union of Myanmar

Nature of Business: Construction, engineering and related services

Registered Capital: Common Shares:

USD 500,000 divided into

500,000 ordinary shares par value of USD 1.00)

Paid-Up Capital: Common Shares :

USD 300,000 divided into

300,000 ordinary shares (par value of USD 1.00)

Status : In the process of tendering.

26

OVERSEAS SUBSIDIARIES (Continued)

Date of Incorporation: 4 July 2017

Name: Christiani & Nielsen (Cambodia) Co. ,Ltd.

Address: #116, Street 105K,Vimean Trong Village,

Sangkat Krang Thnong,

Khan Sensok, Phnom Penh,

Kingdom of Cambodia

Tel:(855) 23 36 6342-3

Country of Incorporation: Kingdom of Cambodia

Nature of Business: Construction, engineering and related services

Registered Capital: Common Shares:

USD 100,000 divided into

100,000 ordinary shares (par value of

USD 1.00)

Paid-Up Capital: Common Shares :

USD 100,000 divided into

100,000 ordinary shares (par value of USD 1.00)

Past experience :

Makro (Phnom Phen) : Dec. 2017 Makro (Siem Reap) : Jan. 2019

New Projects

- Indoguna Office (Phnom Phen)

27

New subsidiary Company in Thailand Christiani & Nielsen Energy Solutions Company Limited (CNES)

Date of Incorporation: 22 January 2019

Name: Christiani & Nielsen Energy Solutions Company Limited

Address: 727, La Salle Road, Kwaeng Bangna Tai, Khet Bangna,

Bangkok

Tel: +66(0) 2398-0158, +66 (0)980967659

Country of Incorporation: Thailand

Nature of Business: Provision of Turnkey Development Solutions in

the sector of Energy Efficiency Enhancement

having Power Generation from Solar PV

Technology as key sector to focus.

Registered Capital: THB 10,000,000 divided into

1,000,000 ordinary shares

(par value of THB 10.00)

Paid-Up Capital: THB 10,000,000

Shareholding Structure :

1) The Company : 85.0%

2) Mr. Bhargab Mohan Das : 11.5%

3) Dass Energy Co., Ltd. : 3.5%

** This investment enables the Company to enter into the new renewable energy

business which is the business of the future.

Solar PV Rooftop System Suitable for Factories with large roof Area

10 MWp Pipeline for next 2 quarters

Solar PV Floating System

Suitable for Factories with available Pond

1 MWp Pipeline for next 2 quarters

Solar PV Ground Mounted System Suitable for Factories with large available land Area

3 MWp Pipeline for next 2 quarters

28

In year 2018, the Company entered into an

Investment Cum Shareholders Agreement

(the “Investment Agreement”) for a

minority equity investment in Gammon

Engineers and Contractors Private Limited

(“GECPL”), a private company based in

India within Gammon India Group.

GECPL mainly engages in Engineering,

Procurement and Construction (EPC)

related business which is the business in

relation to all the activities from design,

procurement, construction, commissioning

and handover of construction projects to

project owners.

** The Company views this as an attractive investment as

it offers the Company a way to tap into GECPL’s large

technical resources and also gives access to the large

Indian market.

Other long-term Investments Overseas

29

AGENDA

Company Overview & Business

Operational Performance

Q2/2019

Future Strategy

Q & A

30

FINANCIAL HIGHLIGHTS (Consolidated statements of income)

(Unit : Million Baht)

Year

2014

Year

2015

Year

2016

Year

2017

Year

2018

HY

2018

HY

2019

Construction Revenue 9,413 7,322 6,972 7,851 7,123 3,414 3,241

Total Revenue 9,437 7,355 7,003 7,944 7,135 3,420 3,311

Gross Profit Margin (96) 336 441 363 174 179 133 Gross Margin (%) (1.0) 4.6 6.3 4.6 2.4 5.2 4.1

Administrative Expenses 298 292 330 319 354 162 173

% Admin. Exps. / Total Revenue 3.16 3.97 4.71 4.02 4.96 4.74 5.23

EBIT (369) 77 142 137 (381) 23 30

% EBIT / Total Revenue (3.9) 1.0 2.0 1.7 (5.3) 0.7 0.9

EBT before provision for doubtful debt (387) 61 123 115 (188) 12 20

Provision for doubtful debt - - - - 213 105 -

EBT after provision for doubtful debt (387) 61 123 115 (401) (93) 20

% EBT/ Total Revenue (4.1) 0.8 1.8 1.4 (5.6) (2.7) 0.6

Corporate Tax (33) 34 (17) 19 22 (15) (3)

Net Profit (Loss) (354) 27 140 96 (423) (108) 17

% Net Profit Margin / Total

Revenue (3.8) 0.4 2.0 1.2 (5.9) (3.2) 0.5

Backlog 5,210 4,449 6,469 7,904 12,644 11,351 14,361

(31 Dec. 14) (31 Dec. 15) (31 Dec. 16) (31 Dec.17) (31 Dec.18))

(30 Jun.18) (30 Jun.19)

31

STATEMENTS OF INCOME (Consolidated)

9,044 9,437

7,355 7,003

7,944

7,135

3,420

3,311

8,933 9,413

7,322

6,972

7,851

7,123

3,414

3,241

620

(96)

336 441 363

174 179

133 441 (369)

77 142 137

(381)

(82)

30 435

(387) 61 123 115

(401)

(93)

20

6.9%

-1.0%

4.6%

6.3%

4.6%

2.4%

5.2%

4.1%

4.9%

-3.9%

1.0%

2.0% 1.7%

-5.3%

0.7%

0.9%

3.1%

3.2%

3.2%

4.0%

4.0%

5.0% 4.7%

5.2% 4.8%

-4.1%

0.8%

1.8% 1.4%

-5.6%

-2.7%

0.6%

-11.0%

-6.0%

-1.0%

4.0%

9.0%

14.0%

(2,000)

-

2,000

4,000

6,000

8,000

10,000

12,000

Year 2013 Year 2014 Year 2015 Year 2016 Year 2017 Year 2018 HY' 2018 HY' 2019

Total Revenue Construction Revenue Gross Margin

EBIT EBT GSM %

EBIT % Adm. Exps. % EBT %

Unit: MB

Note : In Year 2013, the EBIT was high because the Company had Extraordinary income of ~66 MB in Q1’13 (refund of w/t deducted at source of the Years 1999-

2001)

32

PERFORMANCE & REVENUE GROWTH

Unit: MB

6.4%

5.0%

-3.8%

0.4%

2.0%

1.2%

-5.9%

-3.2%

0.5%

6.2%

4.8%

-4.1%

0.8%

1.8%

1.4%

-5.6%

-2.7%

0.6%

8.9%

6.9%

-1.0%

4.6%

6.3%

4.6%

2.4%

5.2%

4.1%

-10.0% -5.0% 0.0% 5.0% 10.0%

2012

2013

2014

2015

2016

2017

2018

HY'2018

HY'2019

GSM% EBT% Net Profit %

GSM % VS EBT % VS Net Profit %

Average Gross Profit Margin = 5%

Average Earning Before Tax Margin = 1%

Average Net Profit Margin = 1%

7,310

9,044 9,437

7,355 7,003

7,944

7,135

3,420 3,311

7,269

8,933 9,413

7,322 6,972

7,851

7,123

3,414

3,241

644 620

(96)

336 441 363

174 179 133 455 435

(387)

61 123 115

(401) (93)

20 464 448

(354)

27 140 96

(423) (108)

17

-2,000

0

2,000

4,000

6,000

8,000

10,000

12,000

2012 2013 2014 2015 2016 2017 2018 HY'2018 HY'2019

Total Revenue Construction Revenue Gross Profit EBT Net Profit

+

Total Revenue is 7,135 MB. in year 2018 and in HY 2019 is 3,311 MB.

From 2012 to 2014, the Company's Total Revenues increased substantially, with a

CAGR of 13.62%. The Company's Total Revenues then contracted between 2014 and

2016, before increasing 13.44% between 2016 and 2017. Total Revenues are down

10.18% in Year 2018 as compared to Year 2017 and decrease by 3.2 % in HFY19 as

compared in HFY18.

33

PERFORMANCE BY QUARTER

Unit: MB

1,962

2,344

2,238

1,765 1,654

1,795 1,922

1,632 1,679 1,928

2,303

2,224

1,762

1,651 1,792

1,918

1,629

1,612

94 89 92 192

(14)

55

(59)

94 38 51 33 32

(40) (42) (36)

(263)

19 10 46 27 25

(45) (47) (42)

(267)

14 5

4.9%

3.9% 4.1%

11%

-0.8%

3.0%

-3.1%

5.7%

2.4% 2.6% 1.4%

1.4%

-2.3% -2.5%

-2.0%

-13.7%

1.2%

0.6% 2.3%

1.2%

1.1%

-2.5%

-2.8%

-2.3%

-13.9%

0.9% 0.3%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

(500)

500

1,500

2,500

3,500

4,500

Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Total Revenue Construction Revenue Gross Margin EBIT

EBT GSM % EBIT % EBT%

34

5,221

8,721 8,856

11,344

4,710

0

2,000

4,000

6,000

8,000

10,000

12,000

2015 2016 2017 2018 27/8/2019

New Contracts Awarded

2015

2016

2017

2018

27/8/2019

Projection of tenders for the rest of 2019

(Total 9,000 MB.)

[CATEGORY NAME], [VALUE]

[CATEGORY NAME], [VALUE]

[CATEGORY NAME], [VALUE]

[CATEGORY NAME], [VALUE]

[CATEGORY NAME], [VALUE]

[CATEGORY NAME], [VALUE]

New Contracts Awarded and Projection of Tenders

Unit :MB

35

TOTAL REVENUE

as of 30 June 2019 by Segments

Highway 11.18%

Government Building 14.22%

Petrochem/Energy 6.88%

Industrial Facilities 38.92%

Private Building 21.63%

Hotel/Resort 4.65%

Hypermarket 2.52%

Total Revenue by Segment Short Term 29.04%

Long Term 70.96%

Revenue by Term

Hypermarket 11.19%

Private Building 47.61%

Industrial 41.20%

Short Term

36

BACKLOG (MB)

6,469

7,904

12,644 12,331

14,361

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2016 2017 2018 2019 2019 As at 30 Jun.

Industrial Facilities, 14.37%

Hypermarkets, 0.16%

Private Bldgs., 9.88%

Petrochem / Energy, 14.50%

Government Bldgs., 34.34%

Highways, 23.68%

Hotel/Resort

3.07%

Backlog as of 30 June 2019 by Segment

37

FINANCIAL HIGHLIGHTS STATEMENTS OF FINANCIAL POSITION (Consolidated)

(Unit : Million Baht)

31 Dec.

2014

31 Dec.

2015

31 Dec.

2016

31 Dec.

2017

31 Dec.

2018

30 Jun.

2019

Total Assets 5,211 4,551 5,010 5,813 5,671 5,693

Total Liabilities 3,486 2,802 3,171 3,879 4,211 4,216

Net Equity 1,725 1,749 1,839 1,934 1,460 1,477

Paid-up Capital (THB. 1 / share)

1,003 1,003 1,003 1,028 1,028 1,028

BV per Share (Baht)

1.72

1.74

1.83

1.88

1.42

1.44

38

STATEMENTS OF FINANCIAL POSITION

1.57

2.02

1.60

1.72

2.01

2.88

2.85

0.00 2.00 4.00

2013

2014

2015

2016

2017

2018

Q2'2019

D/E Ratio

0

2,000

4,000

6,000

2014 2015 2016 2017 2018 30 Jun'2019

5,211

4,551

5,010

5,813 5,671 5,693

3,486

2,802

3,171

3,879

4,211 4,216

1,725 1,749 1,839 1,934

1,460 1,477

Total Assets Total Liabilities Net Equity

As at 31 Dec.

Unit: MB

( 0.39 %)

( 0.12%)

( 1.17%)

39

FINANCIAL DATA & RATIOS (Consolidated F/S)

Year

2014

Year

2015

Year

2016

Year

2017

Year

2018

HY

2018

HY

2019

EPS (Baht) (0.35) 0.02 0.14 0.09 (0.41) (0.11) 0.02

Paid-up Capital (Million Baht)

(1 ordinary share : 1 Baht)

1,002.90 1,002.90 1,002.90 1,027.90 1,027.90 1,027.90 1,027.90

GSM % (1.02) 4.59 6.33 4.62 2.44 5.24 4.10

EBIT Margin % (3.92) 1.05 2.03 1.72 (5.34) (2.40) 0.91

EBT Margin % (4.10) 0.83 1.76 1.45 (5.62) (2.69) 0.60

Net Profit Margin % (3.75) 0.37 2.00 1.21 (5.93) (3.16) 0.51

Current Ratio

(Times)

1.21 1.27 1.26 1.22 1.06 1.17 1.07

Debt / Equity Ratio

(Times)

2.02 1.60 1.72 2.01 2.88 1.99 2.85

*Dividend Yield % 4.50 1.56 N/A 3.41 5.01 4.99 N/A

*source: www.set.or.th

40

FINANCIAL RATIOS & RATE OF RETURN

ROA vs ROE

-6.83%

1.36% 2.93%

2.95%

-6.63% -4.88%

-18.39%

1.57% 7.81%

8.16%

-25.27%

-18.53%

-30.00%

-25.00%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

2014 2015 2016 2017 2018 HY'19

ROA ROE

(0.35)

0.02

0.14

0.10

(0.42)

0.02

0.05

-

0.10 0.10

- -

(0.50)

(0.40)

(0.30)

(0.20)

(0.10)

-

0.10

0.20

2014 2015 2016 2017 2018 HY'19

EPS(Baht) Total Payment (Baht)

Dividend Payout

83.33%

71.43%

100.00%

0.00% 0.00%

83.33% 71.43% 100.00%

0.00% 0.00%

0%

20%

40%

60%

80%

100%

120%

2014 2016 2017 2018 HY'2019

Cash Dividend Total Dividend

Dividend Yield

-1.02%

4.59%

6.33%

4.62%

2.44%

4.10%

-3.92%

1.05%

2.04% 1.72%

-5.34%

0.91%

-4.10%

0.80%

1.80%

1.40%

-5.62%

0.60%

-3.75%

0.37%

2.01% 1.21%

-5.93%

0.51%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

2014 2015 2016 2017 2018 HY'19

GSM % EBIT % EBT % Net Profit %

Margin

% Dividend Payout

• In 2014 % Dividend Payout of 83.33%

cal. from HY’s EPS. (THB. 0.06 per share)

1.21

1.27

1.26

1.22

1.06 1.07

2.02

1.60

1.72 2.01

2.88

2.85

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2014 2015 2016 2017 2018 HY'19

Current Ratio D/E Ratio

Current Ratio vs D/E Ratio

4.50%

1.56%

0.00%

N/A

5.01%

0.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

Dividend Yield %

41

HISTORICAL DIVIDENDS (Separate F/S)

Year

2014 Year

2015

Year

2016

Year

2017 Year

2018

HY’

2019 Interim (6mths.

Performance

1 Jan.– Jun.14)

2014 Interim (6 mths.

Performance

1 Jan.17– Jun.17)

2017

EPS (Baht) 0.06 (0.35) 0.02 0.14 0.06 0.10 (0.42) 0.02

Paid-up Capital (Million Baht)

1,002.9 1,002.9

1,002.9 1,002.9 1,002.9 1,027.9 1,027.9 1,027.9

Dividend Paid

(Baht)

- Cash Dividend 0.05 0.05 - 0.10 0.05 0.10 - -

- Stock Dividend - - - - - - - -

Total Payment 0.05 0.05 - 0.10 0.05 0.10 - -

Date of

Payment

5 Sep 14 = 0.05 5 Sep 14 = 0.05 8 Sep’17 = 0.05 8 Sep’17 = 0.05

13 Dec16 = 0.05

8 May 17 = 0.05

8 May 18 = 0.05 paid from a combination of

year 2017’s net profits and

the retained earnings as at

31st December 2017

% Cash Dividend

Paid 83.33 - - 71.43 83.33 100 -

Payout (%) * 83.33 -** - 71.43 83.33 100 -

* Dividend Payment Policy : Not less than 40% of net profit after tax as per Separate Financial Statements.

** Dividend Payment Ratio not calculated for 2014 as the Company had a net loss.

(Fm.EPS=0.06 HY) (Fm.EPS=0.06 HY)

42

a)

b)

In 2015, the Company was sued by a subcontractor claiming compensation of Baht 235 million for breach of contract.

The Company’s opinion is that it did not commit the breach claimed, and on 16 July 2015, it filed a counterclaim with

the court, claiming compensatory damages of Baht 632 million.

On 23 March 2017, the Civil Court rendered judgment ordering the Company to pay Baht 101 million plus interest of 7.5

percent per annum and return the letter of advance guarantee to the subcontractor and ordering the subcontractor to

make a payment of Baht 105 million plus interest of 7.5 percent per annum to the Company. In 2018, the Company and

the subcontractor lodged their respective appeals with the Appellate Court.

On 18 September 2018, the Appellate Court rendered its judgment ordering the Company to pay Baht 76.5 million for

the works done by the subcontractor plus interest of 7.5 percent per annum and Baht 0.2 million per month for bank

guarantee fees to the subcontractor, and to return the letter of guarantee to the subcontractor. The Appellate Court also

ordered the subcontractor to repay to the Company the advance paid by the Company of Baht 50.4 million. The

Company is in the process of filing an application to suspend the legal execution of the Appellate Court’s judgment and

also filing its appeal to the Supreme Court against the Appellate Court’s judgment.

In March 2018, the Company initiated arbitration proceedings at the Thai Arbitration Institute (“TAI”) against one of its

customers for recovery of wrongfully withheld sums of money due and payable to the Company, as well as seeking

payment of costs associated with an extension of time, totaling approximately Baht 410 million. The customer brought

a counterclaim against the Company, seeking damages alleged of approximately Baht 449 million. In the year 2018,

the Company set up an allowance for doubtful accounts of approximately Baht 213 million for the estimated losses that

may be incurred in collection of receivables from this customer.

Pursuant to settlement discussions commenced between the Company and the customer in the early part of the year

2019, a settlement agreement was signed by and between the two parties on 15 March 2019 (the “Settlement

Agreement”) in full settlement of all claims and counterclaims of the respective parties. The terms of the Settlement

Agreement included withdrawal of all claims and counterclaims by the parties at the TAI and in the Court, return of

bank bonds and some materials used in construction and payment of Baht 64.2 million (included VAT) to the Company.

During the current period, the payment was received and all other settlement actions were also completed by both

parties and therefore, this dispute is now closed. Accordingly, the Company made the necessary adjustments in the

current period to the receivable balances and allowance for doubtful accounts based on the amount settled.

Litigation (as per Note to Financial Statements no. 22.4)

43

AGENDA

Company Overview & Business

Operational Performance

Q2/2019

Future Strategy

Q & A

44

REVENUE TARGET (MB)

4,376 4,107

4,822

7,310

9,044

9,437

7,355 7,003

7,944

7,135

8,500

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

*will depend on the market environment and the Thai Economy.

*

45

Source : Thailand Quarterly Industry Review by Krungsri Research (Construction Quarter 1/2019) 46

47

Growth of Construction Materials Price Index

Mega Projects Investment Value

Source : Thailand Quarterly Industry Review by Krungsri Research (Construction Quarter 1/19) 48

Q & A

THANK YOU

IR Contact

E- mail ir@cn-thai.co.th

49