company’s performance year 2018 27 february...
TRANSCRIPT
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integration
innovation
intimacy
Company’s Performance Year 2018
27 February 2019
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integration
innovation
intimacy
integrationinnovationintimacy
AGENDA
Our Business
2 YE2018 Financial Performance
3 Performance YE2018 by BU
4 Business Outlook for 2019
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Our Business
AIR FREIGHT
SEA FREIGHT& INLAND
TRANSPORT
LOGISTICSMANAGEMENT
CHEMICAL& SPECIALTY
LOGISTICS
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▪ Cargo General Sales Agent (GSA): exclusive sales agent of
• Thai AirAsia & Thai AirAsiaX airline for all routes from and to Thailand
• Sri Lankan, Lan Cargo, Bhutan and Jeju Airlinesfor all routes from Thailand
▪ Wholesale Freight Forwarder : providing domestic and international air freight services for co-loaders
▪ Air Cargo Terminal : International and domestic cargo terminal at Don Muang Airport
AIR FREIGHT
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▪ Shipping Line Agencies :
• Thailand sole agent for Rizhao Port Shipping Line
• Thailand Joint Venture : CK Line
▪ Wholesale Freight Forwarder : Thailand Joint Venture with ECU Worldwide, global leader in Less-than Container Load (LCL) services with network in over 160 countries
▪ Inland Container Trucking Services: transport containers to and from seaport / container depot
SEA FREIGHT &INLAND TRANSPORT
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▪ Integrated Freight Forwarder : International freight forwarding services for both sea & air transport and customs clearance for retail customers
▪ Warehousing : storage, inventory management, and real-time reporting
▪ Distribution Management : modern trade, shops, home delivery
▪ Fulfillment Service : focus on E-Commerce and end to end supply chain services
LOGISTICS MANAGEMENT
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▪ Integrated Freight Forwarder : International freight forwarding services for both sea & air transport and customs clearance for chemical & dangerous goods
▪ Dedicated Chemical Warehouse : storage, inventory management, and real-time reporting
▪ Inland and Distribution Management : for industrial and B2B market
▪ DG Packaging : sale of packing materials, DG declaration and repacking services
▪ ISO Tank Business : as agent for Nippon Concept Co., Ltd, a Japanese based ISO tank operator for liquid chemical
CHEMICAL & SPECIALTYLOGISTICS
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integration
innovation
intimacy
integrationinnovationintimacy
AGENDA
Our Business
2 YE2018 Financial Performance
3 Performance YE2018 by BU
1
4 Business Outlook for 2019
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2,294.6
2,770.6
YE17 YE18
YoY 21%
Performance YE2018 – Revenue
YE17 vs YE18
Revenue YE17 YE18 YoY
Airfreight 1,863.9 2,279.6 22%
Sea freight 87.0 116.6 34%
Logistics 105.4 135.0 28%
Chemical 539.7 561.9 4%
Total Revenue 2,596.1 3,093.1 19%
Revenue Consol 1/ 2,294.6 2,770.6 21%
Remark : 1/ After eliminating inter-company transactions.
Unit : Million Baht
YE17
YE18
▪ Overall revenue grew from increasing services
▪ BU Chemical revenue slightly grew due to decreasing of Packaging sale business
% Revenue Contribution YE17 vs YE18YE17 vs YE18
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YoY -9%
Performance YE2018 – Gross Profit
Remark : 1/ After eliminating inter-company transactions.
YE17 vs YE18
Unit : Million Baht
Gross Profit YE17 YE18 YoY
Airfreight 320.7 249.9 (22%)
Sea freight 38.5 71.7 86%
Logistics 37.2 36.1 (3%)
Chemical 142.1 132.9 (7%)
Total Gross Profit 538.5 490.6 (9%)
Gross Profit Consol1/ 531.4 484.6 (9%)
GPM 23.2% 17.5%
YE17
YE18
▪ Sea freight BU shows outstanding performance in terms of GP growth
▪ Impacts to GP from Airfreight BU
▪ Change of cost recognition (Selling expense to COGS)
▪ Adjustment of accrued expenses in 2017
% Gross Profit Contribution YE17 vs YE18
531.4484.6
23.2%17.5%
YE17 YE18
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Performance YE2018 – Net Profit
YE17 vs YE18
Unit : Million Baht
129.6150.7
5.6% 5.4%
YE17 YE18
YoY 16%
Unit : Million Baht YE17 YE18 % Change
Total Revenue 2,294.6 2,770.6 20.7%
Gross Profit 531.4 484.6 (8.8%)
GPM (%) 23.2% 17.5% (5.7%)
Other Income 15.5 18.7 20.8%
Selling Expense 110.9 77.2 (30.4%)
Admin Expense 281.0 295.2 5.0%
(Loss) Gain – Exchange rate (10.2) 7.0 n.m.
P/L from JV & Associate 16.7 33.1 98.2%
EBITDA 202.9 219.1 8.0%
Net Profit Consol 129.6 150.7 16.2%
NPM(%) 5.6% 5.4% (0.2%)
EPS (Baht per share) 0.21 0.25 16.2%
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Quarterly Performance Since Y2017
Net Profit
Gross Profit Margin
Daily THB:USD
Gross Profit
36.07 THB:USD
Cancel domestic airfreight of Thai Post
Appreciation of Thai Baht
26.8% 25.4%22.4%
17.5% 20.2%16.6%
YoY 113%
16.5%17.3%
32.61THB:USD
Note : Exchange rate as of 26 Feb 2019 = 31.29 THB:USDExchange rate Average Y17 = 34.10 THB:USD Exchange rate Average Y18 = 32.49 THB:USD
32.85THB:USD
40.3 43.1
26.1 20.1 25.938.4 43.7 42.7
146.5 143.2
123.6 117.8 120.4 116.2 121.0 126.9
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18
Net Profit Total Gross Profit
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1,900
1,202
698
Asset Liability andEquity
YE2018
Financial Health YE2018
Financial Status Financial Ratio
Liability
EquityAsset
Ratio YE17 YE18
Company Performance
ROE (%) 1/ 17.8% 13.0%
Collection Period (days) 56.9 42.1
Payment Period (days) 93.7 61.1
Debt Performance
Current Ratio (times) 3.1x 2.1x
D/E Ratio (times) 0.4x 0.6x
IBD/E Ratio (times) 0.0x 0.0x
Interest Coverage Ratio (times) 27.0x 89.7x
Profitability Performance
Gross Profit Margin (%) 23.2% 17.5%
EBITDA Margin (%) 8.8% 7.9%
Net Profit Margin (%) 5.6% 5.4%
EPS (Baht per share) 0.21 0.25
Trailing 12M EPS (Baht per share) 2/ 0.21 0.25
Remark : 1/ Trailing 12M Net Profit2/ Adjusted EPS based on existing shares at that time
Asset THB mm
Cash 732
AR 420
PPE 239
Lia THB mm
AP 443
IBD 33
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integration
innovation
intimacy
integrationinnovationintimacy
AGENDA
Our Business
2 YE2018 Financial Performance
3 Performance YE2018 by BU
1
4 Business Outlook for 2019
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9,6882,186
17,196
16,257
26,884
18,444
Y2017 Y2018
▪ Start operating in January 2018
▪ Continuously grow in both volume and profitability
AIR FREIGHT
7,840 2,802
49,93468,976
57,774
71,779
Y2017 Y2018
17,133
22,656 24,390 25,208
Q1/18 Q2/18 Q3/18 Q4/18
Domestic
InternationalWholesale Freight Forwarder
▪ Domestic volume sharply decreased but able to maintain Gross Profit by increasing E-Commerce services
Cargo General Sales Agent (GSA)
▪ International volume increased, despite decreasing of domestic volume
Unit : Tons Unit : Tons
Unit : Kgs
Air Cargo Terminal
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59,951
91,189
Y2017 Y2018
1,375
7,453
Y2017 Y2018
Shipping Line Agencies (TEU)
▪ Outstanding growth through partnership with Rizhao
Inland Container Trucking Services (Trips)
▪ Significant growth from related services provided to Shipping line agencies
SEA FREIGHT &INLAND TRANSPORT
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LOGISTICS MANAGEMENT
744
2,367
Y2017 Y2018
505 639
Y2017 Y2018
Integrated Freight Forwarder
▪ Volume increased from acquiring new key account customers
Delivery (#Order/Year)
Warehousing (M2/Month)
97,683
144,909
Y2017 Y2018
4,347 3,496
Y2017 Y2018
▪ Volume increased from new customers in E-Commerce business
▪ Streamlined operation processes into one warehouse and reduced unutilized space to support costs control program
Sea Freight (TEU) Air Freight (Tons)
Distribution Management & Fulfillment Service
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167,307
216,329
Y2017 Y2018
CHEMICAL & SPECIALTYLOGISTICS
Sea Freight (TEU) Air Freight (Kgs)
6,577
7,786
Y2017 Y2018
Integrated Freight Forwarder
▪ Increased volume from acquiring new customers through synergy and support from other BUs (Sea freight-Rizhao and Air freight)
DG Packaging & Services
Packing Service (Shipment)Packing Sales (Box)
19,057
12,083
Y2017 Y2018
4,184 2,867
Y2017 Y2018
▪ Intense competition reduced profit margin and change from UN to LQ boxes for some key customers
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4,491
5,173
Y2017 Y2018
CHEMICAL & SPECIALTYLOGISTICS
21,454 21,454
Y2017 Y2018
▪ maintained warehouse space and retained high utilization rate (over 90%)
Warehousing (Pallet) ISO Tank Operator (TEU)
▪ Stable growth for both export/import volumes
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integration
innovation
intimacy
integrationinnovationintimacy
AGENDA
Our Business
2 YE2018 Financial Performance
3 Performance YE2018 by BU
1
4 Business Outlook for 2019
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Triple I Logistics 2021 Aspirations and Strategy
Enablers • IT/Operations: Leverage digital technology to increase efficiencies, reduce costs and provide services to customers and provide business intelligence for decision making
• HR/People: Fill key critical positions, review governance model
BUStrategy
Strategic directions
Aspirations
Leading Thai Logistics House with sustainable growth in SEA and achieving significant growth by 2021
Partner-driven growth:• Lock in key long term partners (airlines,
network, authorities)• Wholesale business model and related services• Create new innovative products with partners
(master piece for Thailand)
Organic growth
Inorganic Growth
Customer-driven growth:• Maintain leadership position in DG as integrated
logistics provider and grow regionally• Integrated logistics provider for import
businesses
• Partnership with Air Asia (grow and maximize utilization)
• Air cargo terminal at DMK and HKT
Inorganic
• Growth with CK Line and Rizhao
• Growth by further penetration of its current customer base and acquisition of new customers
1. Air Freight 2. Sea Freight 3. Chemical 4. Logistics
• Growth via the current customer base and new customers in import businesses by leveraging new IT platform
Inorganic Inorganic Inorganic
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Business Outlook - Air Freight Business (1)
▪ Continually expand customer based in International E-Commerce business from
China and Hong Kong
▪ Expect to regain Domestic business from Thailand Post in 2H/2019
Cargo General Sales Agent
(GSA)
▪ Anticipating an increase in revenue at a higher growth rate from services inDMK
▪ Intend to expand and duplicate its services to other domestic airports inThailand
WholesaleFreight
Forwarder
▪ Increase volume from the expansion of new routes and number of flights of main alliance airlines ― Thai AirAsia & Thai AirAsia X
▪ Maximize the utilization capacity of existing service routes
Inorganic Growth- SAL
▪ In January 2019, the company invested in 14.95% shares of SAL Group, a company conducting airline and passenger ground services, as our strategic partner to increase opportunities and grow our businesses.
Airport Cargo Terminal
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Business Outlook - Air Freight Business (2)
Inorganic GrowthII
▪ Acquisition of 50% shares in Around Logistics Management Co., Ltd, a company
is registered in Hong Kong
Benefits to iii
Expansion and Growth
1
Diversification
2
▪ A remarkable stepping stone to further expand Air GSA regional network
▪ To capture growth and volume of transportation and logistics services in one of the
biggest trading hub in the world, Hong Kong and Singapore
▪ To expand Airline Services coverage, covering 24 countries and more than 22 airlines,
with Hubs in Hong Kong, Singapore and high economic growth country like Vietnam
▪ To boost iii’s net profit by an estimated 50% of HKD 20 mm through accounting
consolidation of the JV
▪ Manage iii’s risk of reliance on one airline (Thai Air Asia and Thai Air Asia X) and diverse
its revenue stream
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Airline Services Coverage
III’s and Around Logistics ’s Airline services coverage
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▪ Continual growth in 2019. Surge in services due to an increase in vessel space by 30%, and expand new servicing ports
▪ Plan to expand businesses related to containers transportation by utilizing partners’ strengths and opportunities in EEC project
▪ Thai― China sisters ports
Rizhao Port
Business Outlook – Sea Freight & Inland Transport
Sea Freight
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▪ Focus on acquiring Key Accounts ― export/import―customers, especially
importers that are potential user of other related logistics services.
▪ Plan to develop services for E-Commerce customers with domestic
distributions through Air transportations.
International Freight
Forwarding Service
Warehouse and Distribution
Service
Business Outlook – Logistics Management
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▪ Looking for new strategic location for warehouse expansion since the existing one is already fully utilized.
▪ Develop warehousing and related services specialized for Hazardous and Chemical goods by focusing on areas with service potentials such as East Economic Corridor (EEC)
▪ Company will fully recognize profit from its investment in DG Packaging (DGP) Pte. (Singapore) from 2019 and onward.
Warehouse Expansion
Performance from JV
Business Outlook – Chemical & Specialty Logistics
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▪ In 2019, despite a more active transportation volume in both Air and Sea, the international freight rates trend is expected to maintain and holds close to the rates in the latter half of 2018.
▪ Nonetheless, the Company concentrates on its Logistics Management, which focuses on service qualities, and profits from the selling margin allowing the Company to reduce the impact from the declining freight rates.
▪ Exchange rates is still in fluctuation. Nevertheless, the Company manages it exchange rate risks by engaging in forward FX contracts and balancing its foreign incomes and expenses (Natural hedging)
▪ Moreover, the Company will also focuses on increasing THB income from export and domestic services.
International Freight Trends
Exchange Rate
Business Outlook – Ongoing Business