Tirathai Public Company Limited

Opportunity Day on August 30, 2018

Content

• Company Profile • Operating Result of Q2’2018 • Outlook 2018 • Q &A

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Company Profile

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Tirathai & Subsidiaries

Tirathai Public company Limited

Tirathai E&S Co.,ltd. Distribution , installation maintenance service of electrical power equipment

L.D.S. METAL WORK Co.,ltd. Manufacture for Tank and fabricate steel , EPC Conveyor System

JV L.D.S - N.D.P Operation and Maintenance of Conveyor System of Hongsa Power Co. Ltd, (HPC), Laos PDR

Thaifin Co.,ltd. Manufacture for Transformer’s fins and Tank support to Tirathai Plc.,ltd.

100% 100% 92.50%

20% 80%

Manufacturer of Distribution and Power Transformers and Repair Service

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II.

Non-transformer

• Arial Derrick Crane • Steel Fabrication • Constructions • Bulk Handling System • Operation and Maintenance Conveyor Belt System

• Distribution Transformer

• Power Transformer • Transformer Service • Transformer Repair

Products of Tirathai Group

I. Transformer

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I. Transformer Product & Service

6

Distribution Transformer

Power Transformer

Special Transformer

Our Main Customers

1. Utilities (PEA,MEA,EGAT)

2. Private 2.1 Steel industry 2.2 Sugar industry 2.3 Power Plant 2.4 Energy industry 2.5 International Contractors 2.6 Others 3. Export (ASIA+SE.ASIA)

[VALUE]

33%

[VALUE]

Utilites Private Export

Revenue Policy by Customer

II. Non Transformer Products

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• Arial Crane Device and Digger Derick Unit

• Steel Fabrication

• Construction • EPC Conveyor Belt

System • Operating and

Maintenance Service of Conveyor Belt System

50% 50%

Transformer Non transformer

Revenue Policy by Product Group

TRT’s Key Strength

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• Experience management team with more than 30 years in the Transformer business

• Engineering-to-Order

• High Quality Products and Services

• Top three of manufacturer of 300 MVA 230 kV Power Transformer in Thailand

• Well recognize as a successful player in bulk handling system including a provider of Operating & Maintenance Service for power plant, mining and related industry

Operating Result of Q2’2018

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Consolidated financial Statements

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Unit : Million Baht 2015 2016 2017 Q1'2018(3M) Q2'2018(6M)

Total Revenue 2,264.09 2,577.33 2,448.03 542.66 1,153.99

Revenue from Sales & 2,223.97 2,536.52 2,429.77 533.37 1,147.06

Gross Profit 413.65 661.01 488.45 133.06 258.56

EBITDA 44.87 192.89 (17.24) 38.88 69.76

EBIT (16.81) 125.81 (32.33) 17.36 26.12

Net Profit/(Loss) attributable

to equity holders(45.97) 61.22 (68.70) 2.74 (2.31)

Total Asset 3,024.84 3,303.62 3,147.29 3,072.89 3,193.15

Total Liabilities 1,351.86 1,608.65 1,416.36 2,033.46 2,159.59

Shareholders' equity 1,077.14 1,126.79 1,034.78 1,039.52 1,033.56

Financial Ratio

Gross Profit Margin (%) 18.60% 26.06% 20.10% 24.95% 22.54%

Net Profit/(Loss) Margin (%) -2.03% 2.38% -2.81% 0.50% -0.20%

Return on Asset (%) -2.05% 1.87% -2.29% - -

Return on Equity (%) -5.18% 5.36% -3.47% - -

Book Value Per shares 3.50 3.66 3.36 3.37 3.36

Earnings per Share (0.15) 0.20 (0.22) 0.10 (0.01)

Dividend per Share 0.05 0.13 - - -

Total Revenues QoQ

404 249

419 595

387 435

205

209

150

200

146 179

608 [VALUE] 570

795

534 614

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

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

Bt.Mill

Transformer Non-Transformer

Increased 34% QoQ

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[CATEGORY NAM

E] [PE…

[CATEGORY NAM

E] [PE…

6M as of 30/6/18 Total Revenue

Total Revenue of 457 in Q2’17 increased to 614 MBt in Q2’18. Transformer revenue of 249 MBt in Q2’17 increased to 435 MBt inQ’18, but Non-transformer revenue of 209 MBt in Q2’17 decreased to 179 MBt in Q2’18.

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1,868 1,667

652 822

667 763

413 325

0

500

1,000

1,500

2,000

2,500

2016 2017 1st Half 2017 1st Half 2018

Bt. Mill

Transformer Non transformer

2,535 2,430

1,147 1,065

Total Revenues YoY

Gross Profit Margin by products, QoQ

13

14%

4%

15%

26% 23%

20%

30% 31%

5%

37%

29%

24%

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

Transformer Non transformer

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Gross Profit Margin by Product YoY Compared to Half Year

22%

17%

10%

22%

38%

27%

31%

27%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2016 2017 1H'2017 1H'2018

Transformer Non-transformer

187

263

(75)

(38)

(84)

259 238

26

70

(2)

(150)

(100)

(50)

0

50

100

150

200

250

300

GP SG&A EBIT EBITDA NP attributed to Equity Holders

1H 2017 1H 2018

18%

23%

-4%

21%

-7%

2%

-8%

25%

6%

-0.2%

Bt.Mil

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Total Gross Profit (GP) VS Net Profit Margin (NPM) VS SG&A QoQ (6 months to 30.6.2018) (Consolidated)

1.46 1.49

1.54

1.41

1.38

1.40

1.30

1.35

1.40

1.45

1.50

1.55

1.60

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

Interest Bearing Debt/Equity

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Interest Bearing Debt/Equity Ratio

Interest Bearing Debt/Equity Ratio is in line with our business plan Bt. Mil

Outlook 2018

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Structure of Incomes by Group

Customer

2016

(A)

2017

(A)

2018

(F)

1st Half 2018

Transformer 1. Gov+Local 1,306 1,195 1,374-1,434

706

2.Export 479 401 461-481 95

3. Transformer Service

82 71 82-85 21

Total Transformer 1,867 1,667 1,917-2,000

822

Non-Transformer

4. Steel Structure & Fabricate

161 357 428-439 114

5. Distributing Digger/Arial truck

209 70 150-206 37

6. Operating & Maintenance

299 336 300-330 174

7. Others 41 18 - 7

Total non-transformer

710 781 878-975 332

Total 2,577 2,448 2,795- 2,975

1154 18

1,867 1,667

1,917

822 710 781 878

332

-

500

1,000

1,500

2,000

2,500

2016 2017 2018 (F) Q2 2018 (6M)

Transformer Non-Transformer

Bt. Mil

73% 68% 69% 71%

27% 32% 31% 29%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2016 2017 2018 (F) Q2 2018 (6M)

Transformer Non-Transformer

Bt. Mil

TRT Group Backlog As of 30.06.2018

Group Customer Total Backlog (1)+(2)

Delivery in 2018 (1)

Delivery in 2019 (2)

Transformer 1. GOV+Local 853 762 90

2. Export 617 470 148

3.Transformer Service

-

-

Total transformer 1,470 1,232 238

Non- Transformer

4. Steel Structure & Fabricate

123 123 -

5. Distributing Derrick/Arial truck

- - -

6. Operating & Maintenance

456 156 300

Total non-transformer 579 279 300

Total 2,049 1,511 538

Transformer

[VALUE]

Non- Transfor

mer [VALUE]

Transformer

Non-transformer

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Bids and Quotations in Process As of 30 June 2018

Customer M’ Baht

1.MEA* 2,600

2.PEA 1,700

3.EGAT* 1,620

4.Local 1,750

5.Export 1,525

6. Transformer Service -

7. Distributing Derrick/Arial crane 2,155

8. Steel Structure & Fabricate 700

Total 12,050

** Expect to receive the above orders approximately 20-25%

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