Performance Announcement Presentation for the first half ... · Performance Announcement...

Performance Announcement Presentation

for the first half of 2016

August 19th , 2016

1

Company Overview

Plastic and Petrochemical Industry

The First Half of 2016 Performance

IR Report & Investment Highlight

Q&A

2

Company Overview

Sales was increased in 1st Half, 2016

• Value 10.32% (YoY)• Quantity 19.42% (YoY)

� GC has been founded since 1994 by experienced management

� GC is the distributor with over 30 leading producers of plastics and petrochemical raw materials from around the world.

� Most of these producers are among the top 3 in the world in that product in terms of technology & production capacity.

� GC is not an ordinary distributor. On top of ordinary distribution role, GC provide technical advice and useful information to customers since GC position itself to be Your best partner for solution and service in Industrial raw material supply.

Listed to SET 6th Dec, 2005

GC Revenue During 2005 – 1st H 2016

Total Revenue/year

3

Where we are in the value chain of Thai Petrochemical Industry.

Olefin&AromaticProducers

Monomer producers

(MEG, VCM) Converters

Petrochemical and plastic producersPetrochemical and plastic producersPetrochemical and plastic producers

Upstream End usersIntermediate

Compounders

Master batch producers

Compounders

Polymer producers

(PP, PE, PVC)

Downstream

4

GC’s role and positioning in the market

Leads the differentiation

Suppliers S1 S2 S3 S4 S5 Sn

Customers C1 C2 C3 C4 C5 Cn

Economy of Scope to Customers

Economy of Scale to Suppliers

Logistic : Warehousing, small delivery, and repackingSales & Marketing : Closely contact to end markets/customersTechnical Services : Troubleshooting / Product and Market DevelopmentFinancing & structuring solution : Extending our expertise to customer

Provided

5

Major Shareholders

Free Float Overview As of April 21st , 2016

Total Shareholders 1,355Minor Shareholders (Free float) 1,239

% Shares in Minor Shareholders (Free float) 31.69%

Rank Major Shareholders #Shares % Shares

1 Mr. Somchai Kulimakin 44,499,800 22.25

2 Mr. Aikachai Sirijuntanan 27,125,000 13.56

3 Mr. Sumruay Tichachol 27,125,000 13.56

4 Mr. Bhiya Jriyasetapong 26,125,000 13.06

Sub total 124,874,800 62.44

6

2009Exxon Product : Vistamaxx

2014Distributing agent ofTechnoGreen

2004Distributing agent of ExxonMobil and Rio Tinto Mineral Asia

1994GC was established by 5 founders with initial registered capital of 2 MB.

1996Distributing agent of SCG Plastics Co., ltd. and Eastman Chemical , which was the start of specialty product distribution.

1997Distributing agent of DuPont Performance Polymers and Chi Mei

1998Distributing agent of OCV Reinforcement Co., Ltd

1999Distributing agent of Siam Polystyrene (Thailand) Co., ltd. and Cabot Plastic Hong Kong Ltd.

2005Listed company and paid-up capital to 200 MBMore Product from Exxon : Butyl & Vistamaxx

2008Distributing agent of DIC Exxon Product : PE PP

2010Distributing agent of BST Elastomers Co., Ltd.

1994 - 1999 2006 - Current 2000 - 2005

Start business with commodity plastic

Diversify company portfolio from commodity to specialty plastic

Create sustainable growth being the best partner for solution and service in

industrial raw material supply

2011Distributing agent of MilikenChemical,Imerys Meneral, Timcal Ltd. Exxon Product : ENABLE, EXCEED

2006Distributing agent of Nanocor Inc.

1994 1996 1998 2000 2004 2006 2008 2010 2012 2014 2016

2012Change Distributing agent of SCG to PTTPM . Exxon Product : Special Compound

Company History

Invest in PV solar rooftop project (23 years remaining duration power purchase agreement (PPA) with MEA.)

7

GC – PV Solar Rooftop

8

• Unique Business Platform

• Supply Chain Financing(Supplier2Banker)

• Huge reduction in Funding Costs (Interest Rate)

• Enhance Commodities Sales

SET Listed

• Succession Planning• Risk Management

• Bad Debt (Credit Insurance)

• Price Fluctuation• Exchange Rate

Sustainable• Business

Partnership / Alliance

• M & A• New S-Curve

Investment for future growth

GC WAY

9

Corporate Value

Ethics

Integrity

Professional & Focus

PartnershipStrive

for better

Vision

10

Organization Chart

Finance & Accounting

Information Communications Technology (ICT)

Board of Director

Chief Executive Officer

Executive Committee

The Corporate Governance Nomination

and Remuneration Committee

Audit Committee

Chief Operating Officer & President

Chief Marketing Officer 4




Sale & Marketing 1 Sale & Marketing 2 Sale & Marketing 3 Sale & Marketing 4

Human resource and Administration

Logistics

President Office

Internal Audit New Business Development

11

Corporate Strategy

Maintain existing strong market positioning

Become solid partner with supplier and customer

Offer total professional solution

Be leader in advanced technology product

Grow towards the growing industries

Develop new application/market from initial stage

12

2016 Corporate Strategy : VUCA

V : Value creation thru Innovation and Differentiation

U : Uncompromisingnesswith Business Growth and Profit commitment

C : Cost management thru Efficiency and Effectiveness

A : Alignedinvestment for Future Growth and Sustainability

13

Our Business Unit

BU1COMMODITY POLYMER

BU3SPECIALTY CHEMICALS & INTERMEDIATE

BU2 SPECIALTY

ENGINEERING POLYMER & RUBBER

• Polyolefins

PE: HDPE, LDPE, LLDPE (C4,C8)

PP: Homo, Block Copo, Random

• PU

• Tie Layer Polymer

• Specialty Polyolefins

• Nylon, POM, PBT, TEEE, PCT, LCP, PC

• Black/White MB

• PETG/PCTG, CA

• PS, HIPS, ABS, SAN, SBC

• EVA for HMA, Hydrocarbon Resin

• PE Plastomer, PP Plastomer, TPO

• TPVs, TPU

• TPE, TPR, Reinforcement compound

• Glass Fiber (Chop Strand, Long glass)

• EPDM , BUTYL

• BR, SBR

• TALC, SILICA, CARBON BLACK

• FLAME RETARDANT (ZB, ATO)

• Plastic Additives

• Intermediate chemical

• Water and waste solutions

14

Industry FocusCONSUMERS PRODUCTS- Flexible Film & Packaging

- Rigid Packaging- Shoes

- Medicals- Others

INDUSTRIAL- Electrical & Appliances

- Constructions- Adhesives& Sealant

AUTOMOTIVE- Interior Part- Exterior Part- Under hood

15

Customer segment by Sale Percent of Value

1st Half, 2015 1st Half, 201631,999 Tons 38,212 Tons

1,858.94 Million Baht 2,050.69 Million Baht

16

Joint Seminar with

"Vistalon EPDM Rubber to meet emerging challengesof Automotive Industry"

August 3rd, 2016

17

Joint Seminar with

August 17th, 2016

“Durable, Clear, Safe and Style Plastic-Eastman TritanTM Copolyester”

18

Plastic and Petrochemical Industry

19

Economic

Credit Picture : www.rbs.com

20

2.4 2.6

2.4 2.4

2.8 3.0

-1.0

-

1.0

2.0

3.0

4.0

2013 2014 2015 e 2016 f 2017 f 2018 f

WORLD UNITED STATES EURO AREA JAPAN

2016 World Economic

Source : World Bank

The World Bank cut its global GDP, down from 2.9% to 2.4%

The global economic recovery slowed on account of Asian economies.

Whose growth weakened as a result of cyclical factors such as the slowdown

in China .

Advanced economies continued to recover gradually, driven by

consumption due to improvements in labor market conditions.

Source : Bank of Thailand

During the first six months

(Dec 15 – Jun 16), commodity

prices increased by 16% , with

gains recorded in all main indices,

led by 21% surge in energy.

Commodity prices increased.

Source : IMF Primary Commodity Prices

Monetary policy used to stimulate its

economy take impact to global

volatility.

21

World Economic 2nd Quarter, 2016

China’s economic growth continued to

moderate due to both export contraction and

domestic demand.

US economypointed to a continued

recovery driven primarilyby domestic demand,

particularly from privateconsumption.

The Bank of Japan has continued with monetary easing

through quantitative and qualitative easing with the

negative interest rate policy.

On June 23, 2016, and the majority voted in favor of leaving the

European Union (Brexit) . Following the

referendum results,volatility in financial

markets.

22

Available from Web Page : http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm

Source:

0

10

20

30

40

50

60

70

Jan-15 Jul-15 Jan-16 Jul-16

Dol

lars

/Bar

rel

WTI

Brent

Crude Oil Price Chart

Crude Oil Spot Price ChartSince January 2015 – July 2016

23

Thai Economic Performance in 2nd Quarter, 2016

The Thai economy in the second quarter of 2016 expanded by

3.5%, higher than 3.2% growth in the first quarter

Hence the first half of 2016 registered 3.4 % growth.

24

Capital Expenditure

25

Export Value in USD

Export

26

Thailand Capacity Utilization

28

Packaging Industry

Source : Packaging Intelligence Unit

Quantity (Tons.) Value (MB.)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Production Quantity_2015 Sale Quantity_2015 Production Quantity_2016 Sale Quantity_2016

Export Value_2015 Import Value_2015 Export Value_2016 Import Value_2016

29

0 500,000 1,000,000 1,500,000 2,000,000 2,500,000

2000

2002

2004

2006

2008

2010

2012

2014

2016 (6Mths)

405,761 454,797

564,392 750,512

960,371 1,125,316

1,193,885 1,301,149

1,391,728 999,378

1,645,304 1,457,798

2,453,717 2,459,504

1,880,587 1,911,751

993,380

12%24%

33% 28%17%

6% 9% 7%

-28%

65%

-11%

68%

0%

-24%

2% 4%

-40%

-20%

0%

20%

40%

60%

80%

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

(F)

2016

Growth/Year

Automotive Industry

Automotive production

quantity : car

Automotive production quantity :

Growth/year

Source : http://www.thaiauto.or.th/statistic/vehicle_production.asp

30

SALE GROWTH 2012 - 2015

2012 2013 2014 2015Sale/year-All Actual (avg.) 2,591.7 MB 2,527.6 MB 2,613.3 MB 2,537.6 MBSale/year - GC 3,699.9 MB 3,158.7 MB 3,647.4 MB 3,646.5 MBSale Growth - ALL 0.61% -2.47% 3.39% -2.89%Sale Growth - GC -2.28% -14.63% 15.47% -0.03%

-2.89%

-0.03%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.0 MB

500.0 MB

1,000.0 MB

1,500.0 MB

2,000.0 MB

2,500.0 MB

3,000.0 MB

3,500.0 MB

4,000.0 MB

Sal

e G

row

th/y

ear

Sal

e /y

ear

(MB

.)

32

NET PROFIT GROWTH 2012 - 2015

2012 2013 2014 2015Net Profit/year-All Actual (avg.) 25.5 MB 30.5 MB 17.4 MB 23.9 MBNet Profit/year - GC 77.6 MB 70.0 MB 47.6 MB 79.3 MBNet Profit Growth - ALL 22.75% 19.72% -43.08% 37.25%Net Profit Growth - GC -3.46% -9.90% -31.95% 66.57%

37.25%

66.57%

-60%

-40%

-20%

0%

20%

40%

60%

80%

0.0 MB

10.0 MB

20.0 MB

30.0 MB

40.0 MB

50.0 MB

60.0 MB

70.0 MB

80.0 MB

90.0 MB

Net

Pro

fit g

row

th/y

ear

Net

Pro

fit/y

ear

(MB

.)

33

1st Half, 2016 Performance

34

3535

Statements of Comprehensive IncomeUnit : Million Baht

2016 2015 Change 2016 2015 Change

Sales 996.46 928.00 7% 2,050.69 1,858.94 10%COGS 929.43 857.56 8% 1,916.76 1,736.63 10%Gross Profit 67.03 70.44 -5% 133.93 122.31 10%

Selling & Admin Expenses 29.11 29.22 0% 59.68 58.57 2%

Reduction of inventory to net realisable value (Reversal) 0.00 (1.00) 100% (1.50) (3.00) -50%EBITDA 37.92 42.22 -10% 75.75 66.74 14%Depreciation 3.01 2.94 2% 5.90 5.85 1%Interest Expenses 4.10 3.49 17% 7.53 6.98 8%Profit Before Other Income 30.81 35.79 -14% 62.32 53.91 16%Other Income 0.80 0.99 -19% 1.73 3.75 -54%Gain (Loss) on exchange rate 1.18 1.23 -4% 2.08 1.77 18%Profit before Tax 32.79 38.01 -14% 66.13 59.43 11%Tax 6.69 7.34 -9% 12.96 11.67 11%Deferred Tax Expenses (0.12) 0.07 -271% 0.78 0.34 129%Net Profit 26.22 30.60 -14% 52.39 47.42 10%

Actual Q2 Actual 1st_Half

3

6

Sales Structure

-

10

20

30

40

50

60

70

2012 2013 2014 2015 1H/2016

42.128.1 35.1 40.8

27.2

17.2

20.119.0

21.7

10.9

0.1

0.00.1

0.1

0.1

'000 T

Sales QuantityBU3

BU2

BU1 62.659.4 54.2

48.2

38.2

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 1H/2016

71%58% 65% 65% 71%

29%42%

35% 35% 29%

0% 0% 0% 0% 0%

Sales Quantity in PercentageBU3

BU2

BU1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2012 2013 2014 2015 1H/2016

2,041 1,405

1,937 1,915 1,205

1,632

1,737

1,692 1,707

830

27

17

18 24

16

Sales Value-Million BahtBU3BU2BU1

3,6463,700

3,159

3,647

2,051

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 1H/2016

55%44% 53% 52% 59%

44%55% 46% 47% 40%

1% 1% 1% 1% 1%

Sales Value in PercentageBU3BU2BU1

36

Gross Profit Structure

3737

-

50

100

150

200

250

300

2012 2013 2014 2015 1H/2016

80 55 51 67 47

164 177 162

170

91

6 4 5

8

4

Gross Profit By BUBU3 BU2 BU1

236 245218

142

250

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 1H/2016

32% 23% 23% 27% 33%

66%75% 74% 70%

64%

2% 2% 3% 3% 3%

Gross Profit in PercentageBU3 BU2 BU1

3.9% 3.9% 2.6% 3.5% 3.9%

10.1% 10.2% 9.6% 9.9%10.9%

21.5% 22.4%

30.1%33.3%

30.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2012 2013 2014 2015 1H/2016

Gross Profit Margin by BU BU1

BU2

BU3

3838

Statements of Comprehensive Income Highlights

Profitability Ratio

Revenue & Net Profit

Profit Margin• GC’s gross profit margin of 1st Half_2016 was higher than 2015’s due to some products imported at a competitive price.

• GC’s net profit margin of 1st Half_2016 has been increasing compared to 2015’s due mainly to the higher sales volume.

Profit Margin• GC’s gross profit margin of 1st Half_2016 was higher than 2015’s due to some products imported at a competitive price.

• GC’s net profit margin of 1st Half_2016 has been increasing compared to 2015’s due mainly to the higher sales volume.

Revenue and Net Profit1st Half_2016, Sales increased from 1st

Half_2015 around 10% derived from the rise in sales value of BU1 resulting from our sourcing ability of substitute products from overseas at a competitive price.In addition, our strategy of preserving high potential customer group was also supporting sales growth.

3,710

3,172 3,659 3,659

2,055

76 70

48

79

52

-

30

60

90

120

150

0

500

1000

1500

2000

2500

3000

3500

4000

2012 2013 2014 2015 1H/2016

Reve

nue (

Mill

ion B

aht)

Revenue Net Profit

6.31 6.93

5.48 6.29 6.53

2.06 2.211.31

2.17 2.55

19.28 17.44

12.08 19.56

24.46

-

10

20

30

40

50

0.0

2.0

4.0

6.0

8.0

10.0

2012 2013 2014 2015 1H/2016

Gross Profit Margin (%) Net Profit Margin (%) ROE (%)

ROEProfit

3939

Statements of Financial Position

Unit : Million Baht

Asset 30/6/2016 31/12/2015 Change %

Trade Receivables 774.40 690.51 83.89 12%

Inventory 485.57 501.80 -16.23 -3%

Net Fixed Assets 127.81 126.34 1.47 1%

Total Assets 1,435.72 1,378.40 57.32 4%

Liabilities

Short Term Loan 735.92 634.09 101.83 16%

Trade Payables 220.66 270.85 -50.19 -19%

Total Liabilities 1,001.23 956.30 44.93 5%

Equity

Paid up Capital 200.00 200.00 0.00 0%

Share Premium 56.03 56.03 0.00 0%

Retained Earnings 178.45 166.06 12.39 7%

Total Equity 434.49 422.10 12.39 3%

4040

Statements of Financial Position Highlight

D/E ratio is relatively lower.� D/E ratio drop less than 2.0 which was

decreased after IPO proceeds. However, the higher D/E ratio in 2013-1st Half_2016 were resulting from the increase in trade accounts payable and short term loan.

D/E ratio is relatively lower.� D/E ratio drop less than 2.0 which was

decreased after IPO proceeds. However, the higher D/E ratio in 2013-1st Half_2016 were resulting from the increase in trade accounts payable and short term loan.

Continuous increase in current ratio� GC current ratio has been improving to

higher than 1.0x since GC got more working capital from IPO proceed.

� This higher liquidity can reduce GC’s financial costs.

Continuous increase in current ratio� GC current ratio has been improving to

higher than 1.0x since GC got more working capital from IPO proceed.

� This higher liquidity can reduce GC’s financial costs.

4.35

2.00 1.70 1.58

1.20 1.10 1.43

1.87 1.80 2.21 2.01

2.27 2.30

- 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H/16

Debt to Equity Ratio

0.94

1.28 1.46

1.37 1.48

1.58 1.46

1.37 1.38 1.32 1.36 1.33 1.32

-

0.50

1.00

1.50

2.00

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H/16

Current Ratio

4141

Dividend Payment RecordOperation Dividend Payment X-Date

Dividend

Yield

Period Ending

(BPS.) Date before on x-date(cal. From

beforeX-Date Price)

30-Jun-16 0.22 09-Sep-16 24-Aug-16 n.a. n.a. *4.36%31-Dec-15 0.20 29-Apr-16 18-Apr-16 4.44 4.20 4.50%30-Jun-15 0.15 04-Sep-15 19-Aug-15 4.04 3.84 3.71%31-Dec-14 0.08 30-Apr-15 10-Apr-15 4.42 4.30 1.81%30-Jun-14 0.15 04-Sep-14 18-Aug-14 4.40 4.28 3.41%31-Dec-13 0.14 30-Apr-14 11-Apr-14 4.46 4.32 3.14%30-Jun-13 0.18 05-Sep-13 20-Aug-13 4.84 4.60 3.72%31-Dec-12 0.19 30-Apr-13 12-Apr-13 5.00 4.84 3.80%30-Jun-12 0.17 06-Sep-12 21-Aug-12 4.96 4.76 3.43%31-Dec-11 0.16 30-Apr-12 12-Apr-12 4.96 4.86 3.23%30-Jun-11 0.24 09-Sep-11 25-Aug-11 5.90 5.55 4.07%31-Dec-10 0.26 29-Apr-11 18-Apr-11 5.80 5.50 4.48%30-Jun-10 0.24 10-Sep-10 26-Aug-10 5.50 5.20 4.36%31-Dec-09 0.26 30-Apr-10 16-Apr-10 4.72 4.22 5.51%30-Jun-09 0.14 11-Sep-09 27-Aug-09 3.28 3.28 4.27%31-Dec-08 0.12 30-Apr-09 16-Apr-09 2.40 2.40 5.00%30-Jun-08 0.20 12-Sep-08 26-Aug-08 4.84 4.60 4.13%31-Dec-07 0.26 30-Apr-08 17-Mar-08 4.06 3.90 6.40%30-Jun-07 0.14 7-Sep-07 21-Aug-07 3.46 3.32 4.05%31-Dec-06 0.15 27-Apr-07 9-Mar-07 2.92 2.78 5.14%30-Jun-06 0.10 8-Sep-06 22-Aug-06 2.64 2.54 3.79%31-Dec-05 0.14 28-Apr-06 10-Mar-06 2.46 2.48 5.69%

Price with X-Date

* Calculated from closing price on 29/7/2016 @ 5.05 baht.

4242

Dividend Payout Ratio

77%75% 74%

84% 83%80%

99%

94%91%

97%

88%

84%

60%

80%

100%

120%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H/2016

GC Dividend Yield

Remark : Source Bank of Thailand http://www2.bot.or.th/statistics/ReportPage.aspx?reportID=409*Interest rate is a average interest rate from Bank of Thailand

5.69

8.92

10.45

9.13

9.78

8.85

7.29 7.23 6.86

5.22 8.22

4.50 4.70

2.30

5.50

(0.90)

3.30 3.81

3.02 2.18

1.89

(0.90)

3.00 4.50

2.32 1.88 0.83

1.55 2.85 2.43 2.25 1.73 1.40

(2.00)

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

GC's Dividend Yield Inflation Rate Avg 1 Year Deposit Interest Rate

43

12/04/2016, 4.44

18/04/2016, 4.20

10/06/2016, 5.00

3.80

4.00

4.20

4.40

4.60

4.80

5.00

5.20

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

Apr-

16

Apr-

16

May-1

6

May-1

6

Jun-1

6

Jun-1

6

GC

–C

losin

g p

rice

GC

-V

olu

me

(s

ha

re)

GC- Volume (share) GC- ราคาปิดClosing Price

Investor Relations ReportBenchmark GC Average Petro Industrial*

P/E Ratio 11.01 14.80

Div. Yield 7.17 5.03

ROE 20.77 11.68

Closing Price

Q2/2016 Q1/2016 Q4/2015

High 5.00 4.38 4.90

Low 4.20 4.04 3.76

Average

4.58 4.25 4.18

7.76% (QoQ)

1.72% (QoQ)

9.46% (QoQ)

3.80

4.00

4.20

4.40

4.60

4.80

5.00

5.20

1,300

1,320

1,340

1,360

1,380

1,400

1,420

1,440

1,460

Apr

16

Apr

16

May

16

May

16

Jun 1

6

Jun 1

6

GC

–C

losin

g P

rice

SE

T IN

DE

X

SET INDEX

Source : SETTRADE’s website on June 30 th 2016

Stock Volume

Q2/2016 Q1/2016 Q4/2015

High 4,066,221 12,510,400 31,468,600

Low 200 3,201 6,200

Average 328,589 718,844 2,984,348

Total 18,729,582 45,287,189 185,029,592

44

Investor Relations Report

No Fixed Cost ; due to all investment financing by long term loan (120 MB) already paid with in 4 years (2008) and no plan to investment in near term

A Leading and fast-growing with best solutions and service provider in Thai plastic and petrochemical Industry

Distributorship from most of the world leading prod ucers.

Visionary, experienced, hands-on management team, Long term relation : Trade partner and also Financi al Institute partner

Diversified and well balanced sources of revenue from various i ndustries

Systematic risk control : Bad debt, foreign exchange exposure, price fluct uation

Regular Dividend payment with high yield . (Fully statutory reserve) Top 50’s dividend payment of SET Listing Companies

Good Corporate Governance : with very good level in 2011-2014(Corporate Governance Report of Thai Listed Companies excellent 2009-2010)

45

The fifth consecutive year with 100 full AGM assessment score to the Investors' Choice Award.

46

Thank you, Questions are welcome

47

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