VGi Global Media PCL. 4Q 14/15 & FY 14/15 Earnings Presentation 11 May Prepared by Investor Relations Department

Transcription

1 VGi Global Media PCL 4Q 14/15 & FY 14/15 Earnings Presentation 11 May 2015 Prepared by Investor Relations Department VGi Global Media PCL

2 Agenda SECTION 1 SECTION 2 Industry Overview 4Q 14/15 & FY 14/15 Financial Performance SECTION 3 Business Update SECTION 4 FY 15/16 Outlook APPENDIX

3 Media Industry Overview THAI ADSPEND VALUE (THB BN) QUARTERLY THAI ADSPEND TREND (THB BN) QUARTERLY: 4Q 13/14 3Q 14/15 4Q 14/15 QoQ (%) YoY (%) Industry TV % -6.4% Outdoor % -0.1% Transit % +14.3% TV In-Store % -13.7% Industry % -4.1% YEARLY: 2013/ /15 YoY (%) TV % Outdoor % Transit In-Store % Outdoor Transit In-store Industry % Section 1: Industry Overview 3

4 Media Industry Overview Top 5 AdSpend by Business Segment THAI ADSPEND VALUE BY BUSINESS SEGMENTS (THB bn) Q 13/14 4Q 13/14 1Q 14/15 2Q 14/15 3Q 14/15 4Q 14/15 Source: The Nielsen Company (Thailand) Limited Section 1: Industry Overview FMCG, +1.5% QoQ Motor Vehicles, -17.3% QoQ Communications, -24.1% QoQ GOV. & Community Announcement, -19.0% QoQ Media & Marketing, -1.0% OVERALL MEDIA INDUSTRY 4Q 14/15 3Q 14/15 1 FMCG 41% 37% 2 MOTOR VEHICLES 7% 9% 3 COMMUNICATIONS 6% 7% 4 GOVERNMENT & COMMUNITY ANNOUNCEMENT 5% 6% 5 MEDIA & MARKETING 5% 5% TOP 5 64% 64% OTHERS 36% 36% VGI MASS TRANSIT 4Q 14/15 3Q 14/15 1 FMCG 36% 37% 2 MEDIA & MARKETING 7% 5% 3 COMMUNICATION 7% 8% 4 TRAVEL & TOURS 6% 5% 5 LEISURE 4% 5% TOP 5 60% 60% OTHERS 40% 40% VGI IN-STORE 4Q 14/15 3Q 14/15 1 FMCG 70% 86% 2 MOTOR VEHICLES 6% 3% 3 MORTOR VEHICLES ACCESSORIES 4% 2% 4 FOOD OUTLETS & RESTAURANTS 3% 2% 5 COMMUNICATIONS 2% 1% TOP 5 85% 94% OTHERS 15% 6% 4

5 Agenda SECTION 1 SECTION 2 SECTION 3 Industry Overview 4Q 14/15 & FY 14/15 Financial Performance Business Update SECTION 4 FY 15/16 Outlook APPENDIX

6 4Q 14/15 & FY 14/15 Overview P&L SNAPSHOT 4Q 14/15 & FY 14/15 (THB MN) (THB mn) 4Q 14/15 3Q 14/15 %QoQ 4Q 13/14 % YoY FY 14/15 FY 13/14 %YoY Operating revenue* % 641-4% 2,963 3,149-6% Cost of sales % % 1,325 1,342-1% Gross profit % % 1,638 1,807-9% EBITDA % % 1,225 1,510-19% Net profit % % 838 1,146-27% Net profit** % % 1,009 1,146-12% Gross profit margin 59% 53% 51% 55% 57% EBITDA margin 13% 53% 40% 41% 48% NPAT margin 2% 38% 30% 28% 36% NPAT margin** 37% 33% 30% 34% 36% *excludes other income **excludes provisions, impairment and severance pay FY 14/15 REVENUE BREAKDOWN FY 14/15 GROSS PROFIT BREAKDOWN BTS-related Media 61% Modern Trade Media 33% Office Building & Other Media 6% BTS-related Media 84% Office Building & Other Media Modern Trade Media 11% 5% Section 2: 4Q 14/15 & FY 14/15 Performance 6

7 BTS-related Media REVENUE (THB MN) REVENUE BREAKDOWN (THB MN) 1,679 1, % 46% % Q 13/14 3Q 14/15 4Q 14/ % 33% 33% 95 24% % % 4Q 13/14 3Q 14/15 4Q 14/15 FY 13/14 FY 14/15 QUARTERLY GROSS PROFIT (%) Train Station Merchandising and others ANNUAL GROSS PROFIT (%) 4Q 14/15 74% FY 14/15 76% 3Q 14/15 75% 4Q 13/14 77% FY 13/14 81% Section 2: 4Q 14/15 & FY 14/15 Performance 7

8 Modern Trade Media REVENUE (THB MN) REVENUE BREAKDOWN (THB MN) 4Q 13/14 1, Q 14/15 4Q 14/ Q 13/14 3Q 14/15 4Q 14/15 FY 13/14 FY 14/15 76% 79% Static 84% 7% 53 24% 51 21% Digital 21 16% QUARTERLY GROSS PROFIT (%) ANNUAL GROSS PROFIT (%) 4Q 14/15 30% FY 14/15 18% 3Q 14/15 8% 4Q 13/14 3% FY 13/14 25% Section 2: 4Q 14/15 & FY 14/15 Performance 8

9 Office Building & Other Media REVENUE (THB MN) REVENUE BREAKDOWN (THB MN) Q 13/14 3Q 14/15 4Q 14/ % 90% 84% Q 13/14 3Q 14/15 4Q 14/15 FY 13/14 FY 14/15 Office Buildings 0 10% Others 16% QUARTERLY GROSS PROFIT (%) ANNUAL GROSS PROFIT (%) 4Q 14/15 11% FY 14/15 48% 3Q 14/15 65% 4Q 13/14 56% FY 13/14 69% Section 2: 4Q 14/15 & FY 14/15 Performance 9

10 Cash Flow & CapEx CASH FLOW MOVEMENT (FY 14/15) (THB mn) , , Beginning Cash (31/03/14) CFO MACO-W1 Invt.&S/T to JV&Asso.com CapEx Int. Income & oth. CFF (S/T loan) VGI-W1 Dividend Payment Ending Cash (31/03/15) FY 14/15 CAPEX PAYMENT (THB MN) FY 14/15 Platform Screen Door 256 BTS 105 Modern Trade and Office Building and Other Media 161 Total 522 Section 2: 4Q 14/15 & FY 14/15 Performance 10

11 Agenda SECTION 1 Industry Overview SECTION 2 SECTION 3 SECTION 4 4Q 14/15 & FY 14/15 Financial Performance Business Update FY 15/16 Outlook APPENDIX

12 Business Update Strategic Investment in LED Advance LED ADVANCE GROUP STRUCTURE LED ADVANCE 32 LEDs in 13 Airports At Peak 57 aerobridges in 5 AOT airports Buggy service cart wrap in Suvarnabhumi Airport 100% 100% 100% Prime World Solution Official AOT/airport websites management Media Genius Sale agent for advertising media SHAREHODERS POST TRANSACTION INVESTMENT HIGHLIGHTS VGI, 30% FOUNDING SHAREHOLDERS, 70% VGI will invest up to THB 180mn or up to 30% in new shares of LED Advance Expected IRR of 15%+ Another big step for VGI in aviation media industry after collaboration with AirAsia Dominant position by covering 13 leading airports in Thailand Potential expansion in new media projects with new capital injected by VGI Section 3: Business Update 12

13 Business Update Strategic Investment in LED Advance LED ADVANCE PRODUCTS Product No. of screens/products No. of airports LEDs at AOT 25 6 (Suvarnabhumi, Don-Mueng, Phuket, Chiang Mai, Chaing Rai and Hatyai) LEDs at DCA 7 7 (Khonkaen, Udon Thani, Ubon Rachathani, Suratthani, Pitsanulok, Krabi and Nakhon Si Thammarat) Aerobridges 57 5 (Don-Mueng, Phuket, Chiang Mai, Chaing Rai and Hatyai) Buggy service cart wrap 12 1 (Suvarnabhumi) AOT airport websites management All the websites n/a Section 3: Business Update 13

14 Agenda SECTION 1 Industry Overview SECTION 2 SECTION 3 SECTION 4 4Q 14/15 & FY 14/15 Financial Performance Business Update FY 15/16 Outlook APPENDIX

15 FY 15/16 Outlook VGI TARGETS 15/16 EXPECTED REVENUE CONTRIBUTION - 12% TOTAL Revenue Growth + 16% BTS-RELATED Media Growth - 100% MODERN TRADE Media - discontinue + 20% OFFICE BUILDING Media Growth + 1,092% OTHER Media Growth BTS, 80% THB 2,600MN OFFICE BUILDING, 8% OTHERS, 12% GROWTH DRIVERS VGI CAPEX (THB MN) BTS Office Building Increase occupancy in all existing media 7 new extension Full year effect of 28 additional office buildings 2015/16 TOTAL CAPEX: THB 268MN Others Start to recognise revenue from new media such as Chamchuri Square, Empire Tower, Air Asia, Victory Monument and etc. 13 Section 4: FY 15/16 Outlook BTS Office Building Others 15

16 Appendix

17 Balance Sheet ASSETS BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN) Current assets 1,630 59% 1,042 32% Current liabilities Non-current liabilities % 1% 1, % 1% Non-current Assets 1,111 41% 2,244 68% Equity 71% 1,953 1,829 55% 31-Mar Mar Mar Mar-15 KEY FINANCIAL RATIOS FY 14/15 : 0.3x FY 13/14: 0.0x DEBT TO EQUITY LIABILITY TO EQUITY FY 14/15 : 0.8x FY 13/14: 0.4x CURRENT RATIO FY 14/15 : 0.7x FY 13/14: 2.1x Appendix 17

18 Thank You