Tirathai Public Company Limited

Opportunity Day on November 22, 2018

Content

• Company Profile

• Operating Result of Q3’2018

• 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.POperation 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 Products & Services

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Distribution Transformer

Power Transformer

Special Transformer

Our Main Customers

1. Utilities(PEA,MEA,EGAT)

2. Private2.1 Steel industry2.2 Sugar industry2.3 Power Plant2.4 Energy industry2.5 International

Contractors2.6 Others

3. Export(ASIA+SE.ASIA)

33%

33%

33%

Utilites Private Export

Revenue Policyby 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 Policyby 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 Q3’2018

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Consolidated financial Statements

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Unit : Million Baht 2015 2016 2017 Q3'17(9M) Q3'18(9M)

Total Revenue 2,264.09 2,577.33 2,448.03 1,650.00 1,752.86

Revenue from Sales & Service 2,223.97 2,536.52 2,429.77 1,635.04 1,740.48

Gross Profit 413.65 661.01 488.45 261.28 373.07

EBITDA 44.87 192.89 (17.24) (94.09) 65.08

EBIT (16.81) 125.81 (32.33) (154.21) (0.99)

Net Profit/(Loss) attributable (58.28) 59.05 (71.19) (157.19) (35.61)

Total Asset 3,024.84 3,303.62 3,147.29 3,048.47 3,264.28

Total Liabilities 1,947.70 2,176.83 2,112.51 2,121.63 2,265.29

Shareholders' equity 1,077.14 1,126.79 1,034.78 926.84 998.99

Financial Ratio

Gross Profit Margin (%) 18.60% 26.06% 20.10% 15.98% 21.43%

Net Profit/(Loss) Margin (%) -2.03% 2.38% -2.81% -9.69% -2.03%

Return on Asset (%) -2.05% 1.87% -2.29% -5.16% -1.09%

Return on Equity (%) -5.18% 5.36% -3.47% -16.96% -3.56%

Book Value Per shares 3.50 3.66 3.36 3.01 3.24

Earnings per Share (0.15) 0.20 (0.22) (0.51) (0.12)

Dividend per Share 0.05 0.13 - - -

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1,868 1,667

1,072 1,278

667763

563463

0

500

1,000

1,500

2,000

2,500

2016 2017 9M 2017 9M 2018

Bt. Mill

Transformer Non transformer

2,535 2,430

1,7411,635

Total Revenues YoY

Total Revenues QoQ

404 249

419 595

387 435 455

205

209

150

200

146 179 145

608 457

570

795

534 614 600

-

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 Q3'18

Bt.Mill

Transformer Non-Transformer

Increased 5% QoQ

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Transfomer73%

NonTransformer27%

9M as of 30/9/18Total Revenue

Total Revenue of 570 MBt in Q3’17 increased to 600 MBt in Q3’18. Transformer revenue of 419 MBt in Q3’17 increased to 455 MBt inQ3’18, but Non-transformer revenue of 419 MBt in Q3’17 slightly decreased to 145 MBt in Q3’18.

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Gross Profit Margin by Product YoY Compared to 9 Months

22%

17%

12%

19%

38%

27%

24%

28%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2016 2017 9M 2017 9M 2018

Transformer Non-transformer

Gross Profit Margin by products, QoQ

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14%

4%

15%

26%23%

20%16%

30% 31%

5%

37%

29%24%

30%

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

Transformer Non-Transformer

261

414

(154)

(94)

(157)

373 386

(1)

65

(36)

(200)

(100)

0

100

200

300

400

500

GP SG&A EBIT EBITDA

Net ProfitAttributed to

Equity Holders

9M'2017 9M'2018

16%

21%

-9%

22%

-0.06%

-10%

25%

-2%

Bt.Mil

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Total Gross Profit (GP) VS Net Profit Margin (NPM) VS SG&A QoQ (9 months to 30.9.2018) (Consolidated)

4%

-6%

1.46 1.49

1.54

1.41

1.38

1.40

1.47

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 Q3' 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 planBt. Mil

Outlook 2018

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Structure of Incomes by Products

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1,867 1,667

1,917

1,278

710 781 878

463

-

500

1,000

1,500

2,000

2,500

2016 2017 2018 (F) Q3 2018(9M)

Transformer Non-Transformer

Bt. Mil

73%68% 69% 73%

27%32% 31%

24%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2016 2017 2018 (F) Q3 2018(9M)

Transformer Non-Transformer

Bt. Mil

2016

(A)

2017

(A)

2018

(F)

9M'

2018(A)

Q4,3M'

2018(F)

1,306 1,195 1,374-1,434 1,053 504

2.Export 479 401 461-481 194 425

82 71 82-85 31 -

1,867 1,667 1,917-2,000 1,278 929

161 357 428-439 169 106

209 70 150-206 45 -

299 336 300-330 250 80

41 18 - - -

710 781 878-975 463 186

2,577 2,448 2,795- 2,975 1,740 1,115

Non-Transformer

Transformer

1. Gov+Local

3. Transformer Service

Group/ Customer

Total non-transformer

Total

Total Transformer

4. Steel Structure &

Fabricate

5. Distributing

Digger/Arial truck

6. O&M

7. Others

TRT Group Backlog As of 30.09.18

Group Customer Total Backlog(1)+(2)

Delivery in 2018 (1)

Delivery in 2019 (2)

Transformer 1. GOV+Local 631 504 127

2. Export 653 425 228

3.Transformer Service

- -

Total transformer 1,284 929 355

Non-Transformer

4. Steel Structure & Fabricate

106 106 -

5. Distributing Derrick/Arial truck

5 - 5

6. Operating & Maintenance

380 80 300

Total non-transformer 491 186 305

Total 1,775 1,115 660

Transformer 72%

Non- Transformer 28%

Transformer

Non-transformer

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Customer M’ Baht

1.MEA* 2,450

2.PEA 2,100

3.EGAT* 1,410

4.Local 1,900

5.Export 1,680

6. Transformer Service -

7. Distributing Derrick/Arial crane 2,000

8. Steel Structure & Fabricate 700

Total 12,240

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Bids and Quotations in Process As of 30 September 2018

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

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