Performance

Announcement Presentation Q1/2018

2

3,793 3,710

3,172

3,659 3,659 3,985

3,741

843 971

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Reve

nu

e (

Mb

.)

GC Revenue During 2011 – March 2018

Company overview

Sale comparison Q1 2017 -2018

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

valued co-creation solution and

service in industrial raw

material supply

Value 12% (YoY)

Quantity 11% (YoY)

3

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

Olefin&Aromatic

Producers

Monomer

producers

(MEG, VCM)

Converters

Petrochemical and plastic producers

Upstream End users Intermediate

Compounders

Master batch

producers

Compounders

Polymer

producers

(PP, PE, PVC)

Downstream

4

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 repacking

Sales & Marketing : Closely contact to end markets/customers

Technical Services : Troubleshooting / Product and Market Development Financing & structuring solution : Extending our expertise to customer

Provided

GC’s role and positioning in the market

Leads the differentiation

5 5

Q1/2018 Performance

6

STATEMENTS OF COMPREHENSIVE INCOME

Unit : Million Baht

2018 2017 Change

Sales 969.36 1,072.04 -10%

COGS 893.94 1,001.08 -11%

Gross Profit 75.42 70.96 6%

Selling & Admin Expenses 41.86 30.95 35%

Reduction of inventory to net

realisable value (Reversal) 0.00 0.00 0%

EBITDA 33.56 40.01 -16%

Depreciation 2.49 3.18 -22%

Interest Expenses 2.70 3.77 -28%

Profit Before Other Income 28.37 33.06 -14%

Other Income 1.68 2.00 -16%

Gain (Loss) on exchange rate 2.75 1.65 67%

Profit before Tax 32.80 36.71 -11%

Tax 8.77 6.85 28%

Deferred Tax Expenses (0.19) 0.47 -140%

Profit for the period 24.22 29.39 -18%

Actual Q1

7

SALES STRUCTURE

-

10

20

30

40

50

60

70

2014 2015 2016 2017 Q1/2018

35.1 40.8 51.0

42.7

10.6

19.0 21.7

21.9 22.0

6.1

0.1 0.1

0.1 0.1

0.1

'000 T

Sales Quantity BU3

BU2

BU1

62.6 64.8 54.2

16.8

73.0

0%

20%

40%

60%

80%

100%

2014 2015 2016 2017 Q1/2018

65% 65% 70% 66% 63%

35% 35% 30% 34%

37%

0% 0% 0% 0% 0%

Sales Quantity in Percentage BU3

BU2

BU1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2014 2015 2016 2017 Q1/2018

1,937 1,915 2,287 1,976

494

1,692 1,707 1,661

1,714

462

18 24 31

37

13

Sales Value-Million Baht BU3

BU2

BU1

3,646 3,727

969

3,647 3,979

0%

20%

40%

60%

80%

100%

2014 2015 2016 2017 Q1/2018

53% 52% 57% 53% 51%

46% 47% 42% 46% 48%

1% 1% 1% 1% 1%

Sales Value in Percentage BU3

BU2

BU1

GROSS PROFIT STRUCTURE

8 8

-

50

100

150

200

250

300

2014 2015 2016 2017 Q1/2018

51 67 85 63 18

162 170

180 189

57

5 8

9 11

5

Gross Profit By BU BU3 BU2 BU1

80

245 218

263 274

0%

20%

40%

60%

80%

100%

2014 2015 2016 2017 Q1/2018

23% 27% 31% 24% 22%

74% 70% 66% 72% 72%

3% 3% 3% 4% 6%

Gross Profit in Percentage BU3 BU2 BU1

2.6% 3.5% 3.7% 3.2% 3.6%

9.6% 9.9% 10.8% 11.0% 12.4%

30.1% 33.3%

30.2% 31.3% 36.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2014 2015 2016 2017 Q1/2018

Gross Profit Margin by BU BU1

BU2

BU3

9 9

STATEMENTS OF COMPREHENSIVE INCOME HIGHLIGHT

Profitability Ratio

Revenue & Net Profit

Profit Margin

• GC’s gross profit margin of Q1/2018 was higher than

Q1/2017’s due to tight supply in some products of

BU2 caused preordering from most customers.

• GC’s net profit margin of Q1/2018 has been

decreasing compared to Q1/2017’s due mainly to the

lower sales value as well as an increase in some

operating expenses.

Revenue and Net Profit In Q1/2018, Sales value decreased from Q1/2017”s

around 10% due to the decline in sales value of BU1 as

a result of soften private consumption.

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2005 2006 2007 2008 2009

-

5

10

15

20

25

30

35

3,659 3,659 3,985

3,741

974

48

79 93 90

24 -

30

60

90

120

150

0

500

1000

1500

2000

2500

3000

3500

4000

2014 2015 2016 2017 Q1/2018

Revenue (

Mill

ion B

aht)

Revenue Net Profit

5.48 6.29 6.48 6.64

7.78

1.31 2.17 2.33 2.40 2.50 12.08 19.56

21.69 20.44 21.21

-

5

10

15

20

25

30

35

40

45

50

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2014 2015 2016 2017 Q1/2018

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

ROE Profit Margin

10 10

STATEMENTS OF FINANCIAL POSITION

Unit : Million Baht

Asset 31/3/2018 31/12/2017 Change %

Trade Receivables 703.66 611.90 91.76 15%

Inventory 470.59 467.30 3.29 1%

Net Fixed Assets 114.56 116.95 -2.39 -2%

Total Assets 1,322.00 1,242.08 79.92 6%

Liabilities

Short Term Loan 556.16 575.00 -18.84 -3%

Trade Payables 249.62 179.44 70.18 39%

Total Liabilities 853.10 797.40 55.70 7%

Equity

Paid up Capital 200.00 200.00 0.00 0%

Share Premium 56.03 56.03 0.00 0%

Retained Earnings 212.87 188.65 24.22 13%

Total Equity 468.90 444.68 24.22 5%

11 11

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 Q1/2018

compared to ending 2017 was resulting

from the increase in trade accounts

payable.

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 2.16 1.79 1.82

- 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 2016 2017 Q1/18

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 1.34 1.43 1.43

-

0.50

1.00

1.50

2.00

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1/18

Current Ratio

Dividend

(BPS.) Before On X-Date

31-Dec-17 0.22 30-Apr-18 12-Apr-18 5.45 5.15 4.04%

30-Jun-17 0.18 8-Sep-17 23-Aug-17 5.25 5.10 3.43%

31-Dec-16 0.20 17-May-17 27-Apr-17 5.60 5.40 3.57%

30-Jun-16 0.22 9-Sep-16 24-Aug-16 5.15 4.88 4.27%

31-Dec-15 0.20 29-Apr-16 18-Apr-16 4.44 4.20 4.50%

30-Jun-15 0.15 4-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 4-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 5-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 6-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 9-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%

Operation

Period EndingPayment Date X-Date

Price with X-Date Dividend Yield

(cal. From before

X-Date Price)

DIVIDEND PAYMENT RECORD

12

13 13

DIVIDEND PAYOUT RATIO

108

77 96

124

80 76 70

48

79 93 90

74%84% 83% 80%

99%94% 91%

97%88% 91% 89%

0%

20%

40%

60%

80%

100%

120%

140%

-

20

40

60

80

100

120

140

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Div

ide

nd

Pa

yo

ut

Ra

tio

Ne

t P

rofi

t (M

illio

n B

ah

t)

Net Profit (Million Baht.) Dividend Payout Ratio

Investor Relations Report

14

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

4.00

4.20

4.40

4.60

4.80

5.00

5.20

5.40

5.60

3/1

/61

5/1

/61

9/1

/61

11/1

/61

15/1

/61

17/1

/61

19/1

/61

23/1

/61

25/1

/61

29/1

/61

31/1

/61

2/2

/61

6/2

/61

8/2

/61

12/2

/61

14/2

/61

16/2

/61

20/2

/61

22/2

/61

26/2

/61

28/2

/61

5/3

/61

7/3

/61

9/3

/61

13/3

/61

15/3

/61

19/3

/61

21/3

/61

23/3

/61

27/3

/61

29/3

/61

Trade volume (shares) GC Closing price (THB)

GC Trade Volume (shares) GC Closing price (THB)

4.00

5.00

6.00

7.00

8.00

1,600

1,650

1,700

1,750

1,800

1,850

2/1

0/6

0

11/1

0/6

0

24/1

0/6

0

3/1

1/6

0

14/1

1/6

0

23/1

1/6

0

4/1

2/6

0

15/1

2/6

0

26/1

2/6

0

8/1

/61

17/1

/61

26/1

/61

6/2

/61

15/2

/61

26/2

/61

9/3

/61

20/3

/61

29/3

/61

GC

Clo

sin

g P

rice

(T

HB

)

SE

T IN

DE

X

SET INDEX GC Closing Price (THB)

15

ปี 2561 ปี 2560

GC Q1/2561 Q4/2560 Q3/2560 Q2/2560 Q1/2560

ราคาปิด Closing Price

ราคาปิด-สูงสุด 5.45 5.35 7.00 7.50 6.25

(16 มี.ค. 61) (16 ต.ค. 60) ( 4 ก.ค. 60) (26 มิ.ย. 60) (31 ม.ค. 60)

ราคาปิด-ต ่าสุด 5.10 5.00 5.10 5.30 5.00

(10 ม.ค. 61) (7 ธ.ค. 60) (30 ส.ค. 60) (3 พ.ค. 60) (5 ม.ค. 60)

ราคาปิดเฉลี่ย 5.30 5.18 5.68 5.99 5.67

2.32% (QoQ) -8.80% (QoQ) -5.18% (QoQ) 5.60% (QoQ) 17.94% (QoQ)

ปริมาณการซ้ือขาย Volume (share)

ปริมาณสูงสุด 1,005,200 1,625,400 6,423,290 36,077,449 11,224,500 (12 ม.ค. 61) (9 ต.ค. 60) (7 ส.ค. 60) (26 มิ.ย. 60) (26 ม.ค. 60)

ปริมาณต ่าสุด 15,300 11,200 37,600 1,000 31,124 (19 ก.พ. 61) (26 ธ.ค. 60) (2 ส.ค. 60) (11 เม.ย. 60) (20 มี.ค. 60)

ปริมาณเฉลี่ย 178,983 259,041 1,028,722 1,844,879 688,174

-30.91% (QoQ) -74.82% (QoQ) -44.24% (QoQ) 168.08% (QoQ) 553.70% (QoQ)

ปริมาณรวม 11,096,922 15,542,470 63,780,752 110,692,747 42,666,794

-29% (QoQ) -76% (QoQ) -42% (QoQ) 159% (QoQ) 554% (QoQ)

Benchmark GC Average Petro Industrial*

P/E** Ratio 12.06 16.98

Dvd Yield (%) 7.41 4.71

ROE*** 20.44 14.54

• *ค่าเฉลี่ยอุตสาหกรรมปิโตรเคม ี รวบรวมจากบรษิทั จดทะเบยีนในตลาดหลกัทรพัย์แห่งประเทศไทย หมวดธุรกจิปิโตรเคมแีละเคมภีณัฑ ์

• ** P/E = ราคาปิด ณ วนัสิน้งวด / (ก าไรยอ้นหลงั 12 เดอืน/จ านวนหุน้) • *** ROE ณ วนัที ่29 ธนัวาคม 2561 (งบการเงนิประจ าปี 2560)

ทีม่า: SETTRADE’s website ณ วนัที ่30 มีนาคม 2561

Investor Relations Report

16

Investment Highlight

An Organization of Unique Characteristics:

Visionary, experienced, hands-on management team & knowledgeable staffs,

Long term relation with trade partner and also Financial Institute

Distributorship of the world renowned producers in plastics & petrochemicals (mostly in the

top three ranking of the world in term of Advance Technology & Production Capacity)

Products variety which render complete range of raw materials to best suit the customers'

requirement (one stop shopping service)

Sustainable growth with systematic risk management : Bad debt (trade credit insurance),

foreign exchange exposure and price fluctuation

Diversified and well balanced sources of revenue from various industries

Regular (twice a year) Dividend payment with high yield. (Fully statutory reserve)

for the past 12 years. Top 50’s dividend yield of The SET in the range of 5-10% per annum

Good Corporate Governance : with Excellent level

Your best partner for value co-creation solution

and service in industrial raw material supply

17 17

Thank you Questions are welcome