NAWARAT PATANAKARN PUBLIC COMPANY LIMITED

NAWARAT PATANAKARN PUBLIC COMPANY LIMITED

NAWARAT PATANAKARN
PUBLIC COMPANY LIMITED
SET : Opportunity Day, 27 May 2015
www.nawarat.co.th
IR Division
T: +662 730 2100
F: +662 751 9484
E: [email protected]
A: 18th-19th Floor, Bangna Towers (A), 2/3 Moo 14, Bangna-Trad Rd, 6.5 km, Bangkaew, Bangplee, Samutprakarn 10540 Thailand
1
Disclaimer
I m p o r t a n t N o t i c e:
The content of the presentation provided by the Nawarat Patanakarn Public Company
Limited (the “Company”) is intended to provide as information for discussion purpose only
and is strictly for private and confidential. Past performance is not indicative of future
performance. Any unauthorised disclosure, use or dissemination, either whole or partial,
is prohibited. It must not be reproduced, copied or made available to others. Some of the
information in this presentation may contain projections or other forward looking
statements regarding future events or future financial performance of countries, markets
or companies. These statements are only predictions and actual events or results may
differ materially. The reader must make his/her own assessment of the relevance,
accuracy and adequacy of the information contained in this presentation and make such
independent investigations as he/she may consider necessary or appropriate for the
purpose of such assessment. Any opinion or estimate contained in this presentation is
made on a general basis and is not to be relied on by the reader as advice. Neither the
Company nor any of its servants or agents have given any consideration to nor have they
or any of them made any investigation of the investment objectives, financial situation or
particular need of the reader, any specific person or group of persons. Accordingly, no
warranty whatsoever is given and no liability whatsoever is accepted for any loss arising
whether directly or indirectly as a result of the reader, any person or group of persons
acting on any information, opinion or estimate contained in this presentation.
2
Company Overview
3
Brief History
Established in 1976, Nawarat
Patanakarn Public Company
Limited (NWR) stands today
as one of Thailand's largest
construction and engineering
firms with over 2,000
employees. With more than 39
years of growing experience
in Thailand and other
countries, NWR is
distinguished by its wide
range of technical capabilities,
which enable the company to
undertake various types of
work.
4
Types of Work
• Industrial Work
• Commercial Buildings
• Civil Work
• Residential
• Tunneling &
Underground Work
• Marine Work
5
Recent Completed Project
6
เดอะ คริสตัล ราชพฤกษ์
เดอะ คริ สตัล ราชพฤกษ์
7
โรงผลิตหลอดไฟฟ้ า ENDO
8
Logistic Warehouse
และเขือ
่ นป้ องกันน้ าท่วม บ.โออิช ิ เทรดดิง้ ำากัด
9
โรงไฟฟ้ าำะนะ
10
โรงไฟฟ้ าวังน ้อย
11
S12 BTS
12
Nam Sana Dam
13
ั พฤกษ์
โชว์รม
ู โตโยต ้า ชย
14
Supporting Facilities
Concrete Product Casting Factories
• Bangna-Trad
• Samutsakorn
• Chacheangsao
Total 11,000 cu.m./month
Steel Structure & Fabrication Factory
• Chacheangsao
Total 1,000 ton/month
15
Introduction to
New Precast Building
System
16
Advance Prefab
Technology and Know-how
from Italy
17
Advance Prefab
Well proven erected buildings in Europe
For manufacturing, warehouses, retailed store
and office buildings
18
Advance Prefab - Progress
Building A ( New Product Factory)
• Start make concrete floor
• Make formwork for building column
• Equipment installation start middle of May
19
Advance Prefab - Progress
New Temporary office
20
Advance Prefab - Progress
Building C ( PC Yard )
Finished piling process
Cutting pile and make concrete floor
21
Advance Prefab - Progress
Foundation
22
Advance Prefab - Progress
Imported
Equipment
23
Subsidiary & Associated Companies
Subsidiary
Companies
Nature of Business
Share of Profits
(Percent)
Registered
Capital
Mana Patanakarn
Company Limited
Property Development
(Housing Projects)
100
Baht 600 m
Utility Business
Alliance
Company Limited
Wastewater Treatment
60
Baht 400 m
Advance Prefab
Company Limited
Manufacture and Sale of
Concrete Products
100
Baht 200 m
Myanmar NWR
Company Limited
Construction
100
Kyat 1 m
NWR (Cambodia)
Company Limited
Manage and Control
Construction Project
100
Riels 20 m
Associated
Companies
Nature of Business
Share of Profits
(Percent)
Registered
Capital
C.I.N. Estate
Company Limited
Property Development
(Condominium Projects)
40
Baht 100 m
VSPN Property
Company Limited
Property Development
(Pool Villa Project)
25
Baht 100 m
24
Ongoing Strategy
25
Growth Strategy
Target new
backlog with
attractive
margin
• The Company plans to leverage on its specialization in higher margin projects
(e.g. tunnel & industrial) to selectively engage in the upcoming projects with
attractive margins
Extend service
into ASEAN
countries
• In order to prepare for AEC, the Company has been engaging projects in ASEAN
countries and will leverage on its reputation to obtain more projects from ASEAN
countries with high growth rate with core focus in Myanmar, Laos, Cambodia
and Vietnam
Synergistic new
business
expansion
• The Company plan to selectively diversify into more property projects that
provide attractive margin, strong growth potential and synergies with its current
business (high-rise condo/single home) as evidenced by its JV with Charn Issara
for condominium projects and a wholly-owned subsidiary Mana Patanakarn Co.,
Ltd. for single houses including Villa Baranee and Baranee Park
Improve
efficiency
and strengthen
balance sheet
• Higher efficiency by improving revenue generated per worker and overhead cost
and expenses per project from additional engagement of new projects and
optimizing existing resources capacity
• Debt reduction to reduce interest expenses and give more flexibility in the future
26
Performance Summary
27
Q1/2015 Financial Highlights
Q1/2015 Financial Performance (Unit : THB mm)
Construction contract
+1,745.4
Rendering of sale and service
+20.8
Interest Income
+4.6
Other Income
Total revenues
+19.9
+1,790.7
Cost of construction
-1,625.4
Cost of sale and service
-20.5
-90.9
SG&A
Total Expense
-1,736.8
Profit (loss) from associates
+17.6
Finance cost
-35.6
Income Tax
-4.0
Net earning
+31.9
Non-controlling Interest
-0.3
Net earning to Equity Holders
+31.6
28
Details of Revenue
2%
Construction
Real Estate
Mae Moh
Other
Concrete Product
1%
1%
1%
1%
11%
3%
1%
5%
12%
13%
3%
8%
3%
2%
93%
83%
2012
81%
76%
2013
2014
29
Q1/2015
Key Performance Index
Construction Revenue and Growth
Unit: THB mm
Gross Margin
8.2%
+25% yoy
+81% yoy
6.9%
-8% yoy
4.4%
3.9%
+11% yoy
5,736
2.7%
6,603
5,270
+17% qoq
3,174
1,745
2011
2011
2012
2013
2014
2012
Q1/2015
2013
2014
Q1/2015
Construction margin
SG&A/Sales
Net Margin
8.1%
6.8%
6.1%
5.4%
5.1%
2.3%
4.6%
1.8%
0.9%
2011
2012
2013
2014
2011
Q1/2015
30
2012
2013
0.1%
2014
Q1/2015
Key Performance Index
New Projects Awarded
Backlog Amounts
Unit: THB mm
Unit: THB mm
9,528
17,089
4,915
11,597
5,354
4,321
2012
2013
10,862
445
2,475
3,005
2011
14,649
2014
Q1/2015
11,271
3,225
1,211
4,144
11,152
8,387
10,060
10,505
2011
2012
2013
2014
Signed Contract
D/E ratio
13,864
Q1/2015
Unsigned Contract (with high certainty)
Current Ratio
3.34x
2.10x
2.78x
1.62x
1.97x
1.91x
1.49x
1.17x
0.86x
2011
2012
2013
2014
2011
Q1/2015
31
0.97x
2012
2013
2014
Q1/2015
Key Performance Index
Total Revenues
2,500
Cost of Good Sold
2,286
2,022
2,000
1,919
1,820
1,8341,810
1,764
2,091
1,791
1,670
1,790
1,500
1,507
1,767
1,292 1,286
1,158
1,000
1,196
641
641
Q2/11
Q3/11
826
500
1,384 1,366
1,382
982
1,624 1,625
1,537
1,099
864
1,188
1,382
1,123
899
32
Q4/15
Q3/15
Q2/15
Q1/15
Q4/14
Q3/14
Q2/14
Q1/14
Q4/13
Q3/13
Q2/13
Q1/13
Q4/12
Q3/12
Q2/12
Q1/12
Q4/11
0
Q1/11
Million Baht
1,480
Current Backlog (Signed Contract)
[last update 31/03/2015]
Item
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Owner
[Unit : Million Baht]
Project Description
Bangkok Metropolitan
Administration [BMA]
Drainage System - Bangtoei Canal
Private
Collection System for Bangsue Wastewater
Treatment (BMA 7 Contract 2) #2
Private
Construction of Shopping Mall, Nonthaburi
Bangkok Metropolitan
Administration [BMA]
Drainage Tunnel under Bangsue Canal
Department of Highways [DOH]
Private
Private
End
Remaining
Project Type
Jul-10 May-15
270
17% Infrastructure
Sep-11 Nov-15
750
11% Infrastructure
Jun-13
Jan-15
700
11%
Building
Sep-13 Aug-16
Construction of Bypass from Highway No.3
Sep-13 Jun-16
Section 3
Construction of Material Trade Building,
Sep-13 Feb-15
Suratthani
Civil and Architectural Work ABP4 CCCP &
ABP5 CCCP, Amata Nakorn Industrial Estate Sep-13 Jul-15
2,300
78%
Tunnel
1,100
46% Infrastructure
Private
Construction of Hotel, Prachinburi
Private
Construction of 8-Storey Parking Building
Industrial Estate Authority of
Thailand
Construction of Car Showroom, Office &
Car Park - Nonthaburi
Flood Wall around Lad Krabang Industrial
Estate
Private
Construction of Car Showroom, Pattanakarn
Mana Patanakarn Co., Ltd.
Construction of "Baranee Park", Romklao
Private
Construction of Drinking Water & Soda
Plant, Mahasarakham
MPWT Lao PDR
Road Improvement Project, Lao
Private
Jetty Work of Receiving Terminal Expansion
Project Phase 2, Rayong
Private
Construction of Hotel, Nakhonratchasima
Private
Start
Total
Value
33
100
74%
Industrial
480
23%
Industrial
Nov-13 Mar-15
320
4%
Building
Dec-13 Feb-15
200
15%
Building
Feb-14 Feb-15
300
17%
Building
Jun-14 Mar-15
520
15% Infrastructure
Jan-14
Feb-15
220
15%
Building
Mar-14 Sep-15
500
75%
Building
Feb-14 Apr-15
480
14%
Industrial
May-14 Nov-16
600
78% Infrastructure
Jul-14
Mar-16
600
73%
Marine
Jul-14
Sep-16
550
80%
Building
Current Backlog (Signed Contract)
[last update 31/03/2015]
Item
18
19
20
21
22
23
24
25
26
27
28
29
30
[Unit : Million Baht]
Owner
Project Description
Private
Construction of Hotel, Pattaya
Private
Construction of Flood Wall, Nakhonpathom
BOWIN Combined Cycle Cogeneration
Plant, Amata Nakorn Industrial Estate
Design and Construction of Road and Utility
(Phase 2), Industrial Estate
Water Tunnel for Flood Protection System
Phase 1 - Chiangmai
Private
Private
Private
Private
Pagoda - 5th-7th Floor, Chanthaburi
Department of Drainage and
Sewerage
Improve Wastewater Pipe System, Amphorn
Satharn Villa
Private
Warehouse Building Phase 2 - Rayong
Private
Ratchaburi Power Plant
Private
115/22 KV Remote Substation Flood Wall
Project, Chonburi
Private
Oil Business Academy, Ayutthaya
Private
Mae Moh Power Plant Units 4-7
Replacement Project, Lampang
Private
Pile Work, Bangkok
Total
Value
Remaining
Start
End
Jul-14
Sep-15
400
69%
Sep-14
Jun-15
200
21% Infrastructure
Sep-14
Jun-16
350
80%
Oct-14 Mar-16
630
Jul-14
Project Type
Building
Industrial
100% Infrastructure
Oct-15
90
74%
Tunnel
Nov-14 Nov-16
90
94%
Building
Nov-14 May-15
35
100%
Tunnel
Oct-14
Jun-15
70
100%
Industrial
Nov-14 Dec-16
1,300
100%
Industrial
Jan-15 May-15
8
Dec-14 Dec-15
340
100%
Building
May-15 Jan-19
2,900
100%
Industrial
Dec-14 Feb-15
6
100%
Building
SUB TOTAL===>
16,409
100% Infrastructure
10,721
Joint Venture
31
32
Electricity Generating Authority
of Thailand [EGAT]
Mae Moh Mine, EGAT [NWR-SCBB 50:50]
Private
Construction of Shopping Plaza (Extention),
Pathumthani [NWR-CES 50:50]
SUB TOTAL===>
Mar-09 Feb-18
8,400
36%
Earth Work
Mar-14 Aug-15
290
41%
Building
8,690
34
3,143
Current Backlog (Unsigned Contract)
[last update 31/03/2015]
Item
1
2
3
4
5
6
7
8
9
10
11
12
Owner
[Unit : Million Baht]
Project Description
Department of Drainage and
Improve Drainage System, Sukho Thai Palace
Sewerage
Department of Public Works and Flood Protection System Phase 3 - Omnoi,
Town & Country Planning [DPT] Samutsakhon
Manholes and Underground Electrical
Private
Conduits - Light Green MRT Line
Department of Drainage and
Reinforced Concrete Dam - Sawat Canal
Sewerage
The Ratchaphruek Road Extension Phase 2
Department of Rural Roads
(Section 2)
Metropolitan Electricity
The Ratchaphruek Road Extension Phase 2
Authority
(Section 2)
Metropolitan Waterworks
The Ratchaphruek Road Extension Phase 2
Authority
(Section 2)
The Ratchaphruek Road Extension Phase 2
TOT Public Co., Ltd.
(Section 2)
Overpass Crossing Intersection Highway #
Department of Highways
3256 with Highway # 3268
Department of Drainage and
Reinforced Concrete Dam - Thawiwatthana
Sewerage
Canal
Bank Protection Dam in Pasak River Phase 1
Marine Department
(Section 2)
Private
Condominium (Architecture Work), Phyathai
SUB TOTAL===>
GRAND TOTAL===>
Note
- Joint Venture [JV] Project are Presented Only NWR's Portion
- Total Value is Roundup
35
Start
End
Total
Value
Remaining
Project Type
6 Month
50
100% Infrastructure
850 Day
170
100% Infrastructure
900 Day
1,000
480 Day
100
100% Infrastructure
720 Day
440
100% Infrastructure
690 Day
400
100% Infrastructure
705 Day
35
100% Infrastructure
720 Day
50
100% Infrastructure
810 Day
370
100% Infrastructure
270 Day
35
100% Infrastructure
900 Day
560
100% Infrastructure
75 Day
15
100%
100%
3,225
3,225
28,324
17,089
Tunnel
Building
Backlog Type & Expected Gross Margin
Future projects are to be focused on high-margin works
in which the company has competitive edge
Expected Gross Margin By Project Type
Higher
Total Backlog Composition by Project Types
Company's expertise &
Core focus of '14 & '15
Marine
Tunnel
Marine
Building
Industrial
Infrastructure
Earth Work
51%
48%
15%
15%
Tunnel
Industrial
Infrastructure
22%
16%
7%
13%
21%
20%
2012
2013
32%
Building
Lower
Earth Work
2011
36
23%
18%
16%
23%
30%
28%
14%
4%
13%
11%
3%
17%
2014
3M/2015
38%
Average Cost Structure
Infrastructure, Marine
Earth Work, Industrial, Building
Labor
25%
Material
75%
Tunnel
Labor
30%
Material
70%
37
Material
60%
Labor
40%
Cost Structure
Consumable Material
Subcontractor
6%
15%
Salary & Wages
9%
Equipment
Others
13%
15%
13%
12%
11%
11%
10%
13%
14%
13%
13%
11%
8%
52%
2011
23%
15%
48%
50%
2012
2013
38
17%
46%
2014
20%
42%
Q1/2015
New Project Engagement
‘15 New Project Engagement by Type
33%
Infrastructure
67%
New Project Engagement 2015 (accumulated value)
10,000
9,000
8,000
Million Baht
7,000
6,000
5,000
4,000
Target 2015 :
5,000 MB
3,005
3,000
2,000
1,000
0
Q1/2015
Q2/2015
Q3/2015
Q4/2015
39
Tunnel
New Projects Awarded in 2015
Project
owner
Contract Value
Note
(THB mm)
1.
Manholes
Private
1,000
Unsigned#3
2.
Reinforced Concrete Dam
DDS
100
Unsigned#4
3.
Road Extension
DRR
440
Unsigned#5
4.
Road Extension
MEA
400
Unsigned#6
5.
Road Extension
MWA
35
Unsigned#7
6.
Road Extension
TOT
50
Unsigned#8
7.
Overpass
DOH
370
Unsigned#9
8.
Reinforced Concrete Dam
DDS
35
Unsigned#10
9.
Bank Protection Dam
MD
560
Unsigned#11
10.
Condominium
Private
15
Unsigned#12
TOTAL
3,005
40
Marketing
41
New Businesses
42
New Business - Property Development
Based on its success from CIN, the Company will selectively invest in more property projects
that provide both attractive margins and synergies with its current business
The Issara Ladprao
ISSI Condominium
• Modern high end condominium on ladprao road
• Modern condominium on Suksawat road
• JV with Charn Issara Development PCL (CI:NWR 60:40)
• JV with Charn Issara Development PCL (CI:NWR 60:40)
• Project revenue THB 2,700 mm
• Project revenue >THB 1,800 mm
• Total 561 units
• Total 892 units
• Unit area: 21-55 m2
43
New Business - Property Development
Villa Baranee
Baranee Park
• The housing project on Rangsit Klong 3 Road
• The housing project on Romklao Road
• 100% owned by NWR
• Expected project revenue THB 600 mm
• A subsidiary 99% owned by NWR (Mana
Patanakarn Company Limited)
• Total 198 units
• Expected project revenue THB 800 mm
• Total land 35-3-1 rais
• Total 94 plots
• Total land 22 rais
44
Q&A Session
45
Thank You
46