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Polyplex (Thailand) Public Limited Company
Tuesday, 7th June 2011
Website : www.polyplexthailand.com
Presentation at the SET Opportunity Day
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• BOPET Film Industry
• Polyplex group
• Polyplex Competitive Strength
• PTL : Financial Performance
Contents
• PTL : Financial Performance
• Current Industry Scenario & Outlook
2
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Film business - Value Chain
PTA SupplierP
E
T
R
E
S
I
N
MEG
Supplier
B
A
S
E
IndustrialIndustrial
BuyersBuyers
Polyplex’s area of operation
3
N
F
I
L
M
SConvertersConverters FMCG FMCG
CompaniesCompanies
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BOPET Thin Film Application
4
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BOPET Thick Film Application
5
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BOPET Film
• BOPET is mainly segmented into Thin & Thick Films
– Thin Film : 50 Micron & Under (75% of total BOPET)
– Thick Film : Over 50 Micron (25% of total BOPET)
• The industry capacity is mainly divided based on above Thickness segments.
• Some lines are designed to produce intermediate range of Films from 12µ to
100µ
• Major End use of BOPET Film are • Major End use of BOPET Film are
– Imaging & Graphics
– Magnetic Tape
– Packaging & Metalizing : Main Segment for POLYPLEX
– Electronics / Electricals
– Other Industrial
6
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BOPET Film – Influencers on Price
COST DRIVEN FACTORS
CRUDE OIL PRICE IMPACT ON POLYESTER
FILM (60%)PTA
MEG
ENERGY COST (FUEL / POWER)
LOGISTICS COST
MARKET DRIVEN FACTORS
7
CURRENCY VOLATILITY
COUNTRY EXPORT COMPETITIVENESS
IMPORT INTENSITY
CURRENCY WAR
TRADE AGREEMENTS AND BARRIERSPROTECTIONISM, ANTI-DUMPING
BILATERALISM & REGIONAL TRADE
DEMAND – SUPPLY BALANCE
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BOPET Global Demand SupplyBOPET Thin Film "KMT" 2004 2009 2014 E BOPET Thick Film "KMT" 2004 2009 2014 E
Capacity 1,388 2,171 3,166 Capacity 626 847 1,137
Production 1,235 1,806 2,781 Production 479 587 829
Capacity Utilisation % 89% 83% 88% Capacity Utilisation % 77% 69% 73%
Demand 1,235 1,806 2,843 Demand 479 587 829
Imaging & Graphics 8 6 4 Imaging & Graphics 203 161 133
Magnetic Tape 94 22 7 Magnetic Tape - - -
Packaging & Metallising 730 1,232 1,998 Packaging & Metallising 4 17 32
Electrical / Electronics 59 90 187 Electrical / Electronics 142 248 443
Other Industrial 344 456 647 Other Industrial 131 161 221
• Largest End use :Flexible Packaging - which accounts for more than two-third of
total Thin Film used.
• Thin Film demand has witnessed a CAGR of about 8% Per Annum (2004-09) and
expected to grow at CAGR of 9.5% (2010-2014).
• Thick Film market has grown at a CAGR of about 4% per annum (2004-09) and is
expected to grow at CAGR of 7.2% (2010-2014).
• The above CUF is based on “Name Plate” Capacity. Achievable peak CUF is 85%-
90% for Thin Film and 70% - 75% for Thick Film against Name Plate Capacity.
8
Other Industrial 344 456 647 Other Industrial 131 161 221
*Source: Industry Sources
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Packaging :Sustainable Growth
• Diversified application of BOPET has resulted in Sustainable Growth at better than
World GDP Growth rates.
• The growth in packaging segment proves it resilience to recessionary factors.
9
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Segment wise Demand of BOPET Film
616638
617659
710766
820
868
201222
255293
333338
389
444
508
575
630
211198
181178
172167
160
154
147
140
137
9455
4232
2822
17
15
11
9
7
1500
2000
2500
3000
3500
4000
• BOPET (Thin + Thick) Film demand expected to grow @ CAGR of 9%
• Packaging is expected to grow @ CAGR of 10%
10
734 842 951 1046 1149 1249 13921545
16981863
2030474524
568616
638201211
0
500
1000
1500
2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E
Packaging Other Industrial Electrical Imaging Magnetic Tape
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Structural Shift in Application of BOPET
2000
2500
3000
3500
4000
5%
14%
7%1%
24%
17%
4%• P-I-E segment to
continue to grow at
robust rate
•Electrical segment
to witness highest
growth rate of 13%.
•Growth in Electrical
11
0
500
1000
1500
2004 2009 2014 E
Packaging Other Industrial Electrical Imaging Magnetic Tape
43%
28%
12%12%
5%
52%
26%
55%
K MT
•Growth in Electrical
due to new
applications.
•Packaging to follow
closely at 10%
•Imaging and Tapes
to experience
“Negative” growth
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Changing Consumer Habits, convenience is the key
Consumer demand for fresh and healthy food, beverages drivingneed for intelligent as well as high barrier packing
Emergence of strong Retail sector
Packaging: Growth Drivers
Emergence of strong Retail sector
Securing product from counterfeiting
Sustainability - Growing concern on carbon footprint, promotion ofGreen Technology
12
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• BOPET Film Industry
• Polyplex group
• Polyplex Competitive Strength
PTL : Financial Performance
Contents
• PTL : Financial Performance
• Current Industry Scenario & Outlook
13
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Polyplex Group – Global PresenceTurkey: Plant 3 India : Plant 1 & Plant
4
Thailand:
Plant 2
USA : Plant 5 (Under
Implementation)
14
Manufacturing Locations – India (PCL), Thailand (PTL),Turkey (PE) & USA (under implementation)
Distribution Companies – USA (PA) & China (PTSL).
Warehouses – 12 in USA, 3 in Mexico, 1 in Poland & 1 in Guangzhou, China
Factories
Warehouses
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Polyplex Group Structure
Polyplex (Asia) Pte. Ltd.
SINGAPORE
Polyplex Corporation Limited
INDIA
Private Investor
Polyplex (America)
Inc. USA
Polyplex (Thailand) Public Company Ltd.
THAILAND
Public/
Institutional
Shareholders
9.88%
9.88%
16.5%% 34.5%
100%
100%
49%80.24%
15
Polyplex (Singapore) Pte. Ltd.
SINGAPORE
Polyplex Trading (Shenzhen)
Co. Ltd.
CHINA
Polyplex Europa Polyester Film Sanayi Ve Ticaret Anonim Sirketi
TURKEY
Outside Interest
Investment Company
Manufacturing Company
Distribution Company
100%
100%
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Polyplex Group:
Serving Customers WorldwideMore than 1,200 Customers in 80 countriesMore than 1,200 Customers in 80 countries
• Customer solution oriented sales and technical
services teams (region specific ) & Global Innovation
Centre
PCL- SAARC, GCC and Africa
PTL- SEA, Far East & Oceania
PE - Europe & CIS countries
• Distribution subsidiaries in
PA - North and South America, Canada & Mexico
PTSL-China
• Distributors & agents increase reach and service
small customers
• Customer centric customized delivery model:
– Container loads drop-shipped for cost-
effectiveness
– Local warehousing support for higher flexibility
& security
16
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Polyplex : Business Strategy
• We’re a fully integrated, global manufacturer of plastic films with Concentric
Diversification into BOPP & CPP
•
TurkeyTurkeyIndiaIndiaThailandThailand
• Our vision is to continuously grow, create value and establish global leadership in
the plastic film business
• We’re expanding to meet demand in new geographies and for new applications
like Extrusion lamination, Silicone Coated release films etc.
• Continually balance our Product & Market Portfolio to increase stability of our
Earnings.
• Judicious mix of On-shore, Off-shore and Near-shore strategy.
17
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Polyplex Group: Existing Capacities
51000
42000
58000
PET FILM (151,000 TPA)
INDIA THAILAND TURKEY
35000
10000
16300
15200
11000
MET FILM (42,500 TPA)
INDIA THAILAND TURKEY
Polyplex :Product Portfolio
PET Film 151 KTPA,CPP 10KTPA, BOPP
35 KTPA
151000
PET FILM (TPA) BOPP (TPA) CPP (TPA)
77600
57000
57600
PET RESIN 192,200 TPA
INDIA THAILAND TURKEY
160150
SILICONE COATING (Mn Sqm)-India
EXTRUSION COATING (Mn Sqm)-Thailand
INDIA THAILAND TURKEY
Offline Coater 310 Mn SQM
18
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Polyplex Group capacities: 2012
19
• The above capacities include Silicone Coated Film and Thick PET film under
implementation in Thailand & Thin PET film line expansion ( Including metalized film line)
under implementation in US
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Polyplex: Continuous Growth…
From 20 KMT capacity in 2002, we have become a TOP 5 Manufacturer of Thin BOPET
Film with capacity of 151 KMT and adding further 63.4KMT (Thin +Thick PET) by H1 of
FY 2013-2014. In addition, existing BOPP capacity of 35 KMT and CPP Capacity of 10
KMT 20
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Thailand
Apr/ Nov
2003
Sep 2004
Feb 2005
July 2005
April 2008
PET Film – Line 1 & 2
Chip Plant –Batch /Continuous
Metallizer-1
Extrusion Coated Film
Turkey
PET Film – Line 1
Metallizer - 1
Chip Plant
December
2005
March
2006
December
2006
Polyplex Thailand : Journey So Far
21
May 2008 Metallizer -2
Metallizer -2
PET Film - Line 2May 2008
May 2008March 2010 Cast Polypropylene Film
Expected- Q3
2011-12Silicone Coating line
Expected H1
FY 2013-14PET Thick Film line + PET Chips USA
PET Film – Line 1
Expected in
H2 FY 2012 -
13
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SILCONE COATING LINE – THAILAND
• Investment size – USD 25 million, including working capital.
• Target markets – Europe, US and Asia
• Applications – Used as a release liner for Label liners, graphic
arts, medical liners and Shingle Tapes
• Capacity – Dependant on the product mix being run on the line
Projects Under Implementation
22
• Capacity – Dependant on the product mix being run on the line
and can vary significantly across different product types – 200
million sq.mts to 600 million sq.mts
• Financial closure achieved.
• Delivery of main machinery received and commissioning under
progress
• Expected to be operational in Q3 of FY 2011-12.
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THIN PET FILM LINE – US
•Project initially planned for Turkey, relocated to the US
•Capital Investment size – USD 75 million
•Capacity –
•Thin PET film line – 31,000 MT pa
•High speed Metallized Film line – 8,600 MT pa
Projects Under Implementation
•High speed Metallized Film line – 8,600 MT pa
•Financing Pattern:
•Investment to be made by PTL and/or its 100% held subsidiaries in a new
company to be incorporated in the US
•Debt Borrowing – Approx. 50 Million USD
•Balance to be funded out of internal accruals
•Expected to be commercially operational in 15-18 months from financial closure
23
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Thin PET film line –US - Investment Rationale
•Market share of Polyplex in the American continent has increased significantly post
acquisition of the Trading Company in the US, in January 2006.
•With existing US PET thin film manufacturers shifting their focus from packaging
applications to high end industrial and electrical applications and no new capacities
coming in the US, there is a scope for Polyplex to further increase its market share in the
US
•On shore location in the US would be more competitive from a long term point of view
as compared to an off-shore supplier due to the following reasons:
Projects Under Implementation
24
as compared to an off-shore supplier due to the following reasons:
•Proximity to key markets leads to reduced cycle time, faster deliveries and is clearly
a source of differentiation in the eyes of the customer. Also this will help the
company to reduce its logistics, delivery costs including lower working capital.
•Both the key raw materials i.e. PTA and MEG are surplus in North America and
possibilities of co-location also exist to further improve the economics.
•Risk of Trade remedial measures like AD/CVD duties can also be significantly
reduced / eliminated.
•An additional location will also significantly diversify the overall business risk.
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THICK PET FILM LINE – THAILAND
• New Project approved by the board on 14th February 2011
•Investment size – USD 75 million, including working capital.
•Capacity – Integrated line with Backward integration into PET resin
•Thick PET film line – 28,800 MT pa
•Polyester Resin plant – 28,000 MT pa
Projects Under Implementation
•Polyester Resin plant – 28,000 MT pa
•Financing Pattern:
•Debt Borrowing to the extent of 65-75% of project cost – Approx. 50 Million USD
•Balance to be funded out of internal accruals
•Main machinery ordered and down payment made on 15th February 2011.
•Expected to be commercially operational in 18-24 months from financial closure
25
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PET Thick film line - Investment Rationale
•Thick film offers a relatively higher margin and more stable business, thereby mitigating
the risk of volatility in earnings
•Competition is limited and with high cost producers in USA, Europe, Japan, Korea etc
and not with Asian manufacturers (as in packaging applications)
•Diversification of risk from packaging dominated to industrial segments
•Opportunity to the company to meet the in house requirement of Thick PET film for
Projects Under Implementation
•Opportunity to the company to meet the in house requirement of Thick PET film for
Extrusion Coated film line and the Silicone Coating film line under implementation
•Leveraging existing sales and distribution network
•Rich experience in Thin PET films coupled with learning in traditional Thick film markets
can be leveraged for entry into Optical segment which has huge potential
•Duty advantage for exports from Thailand
•FTAs of ASEAN with Korea, Japan and China will enable Polyplex to meet demand in
these markets
•Trade defense measures (Anti Dumping duty) imposed by Korea on imports from
China26
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• BOPET Film Industry
• Polyplex group
• Polyplex Competitive Strength
• PTL : Financial Performance
Contents
• PTL : Financial Performance
• Current Industry Scenario & Outlook
27
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• State-of-the-art machineries at all locations
• Backward Integration enables:
– Consistent quality
– Development of new and specialty application products
– Assured supplies
• Forward integration and Concentric diversification enables us to
Polyplex : Competitive Strengths
28
• Forward integration and Concentric diversification enables us to
offer more value to customers.
• Customer engagement initiatives
• Benefits of Global presence
• Focus on Operational Excellence – Better efficiencies, lower
operating costs etc.
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• BOPET Film Industry
• Polyplex group
• Polyplex Competitive Strength
• PTL : Financial Performance
Contents
• PTL : Financial Performance
• Current Industry Scenario & Outlook
29
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Financial performance :FY 2010-11
FY
2009-10FY
2010-11YoY %
Production (PF+MF)-MT 107,913 112,150 4%
Total Revenues 7,300 11,320 55%
30
Financial Figures in Mn THBProduction Qty includes only BOPET Film (PF+MF).
EBITDA 1,527 4,371 186%
Profit before Tax 1,056 3,921 271%
Profit after Tax (excl.minority int) 1,039 3,883 274%
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Financial Performance – Historical Data
10%
15%
20%
25%
30%
35%
40%
3,000
4,500
6,000
7,500
9,000
10,500
12,000
Ne
t P
rofit a
s a
% o
f S
ale
s
Mill
ion
Ba
ht
Historic Sales revenue & Net profits (Consolidated)
31
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Sales Revenue 3,300 4,719 6,399 6,860 7,125 11,183
Net Profits 561 342 814 1,042 1,039 3,883
NP margin 17.00% 7.24% 12.71% 15.19% 14.59% 34.72%
0%
5%
10%
-
1,500
3,000
Ne
t P
rofit a
s a
% o
f S
ale
s
Financial Year
Sales Revenue Net Profits NP margin
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Financial Performance – Return on Assets
10%
15%
20%
25%
30%
35%
40%
5,500
7,000
8,500
10,000
11,500
13,000
Re
turn
on
As
se
ts (
%)
To
tal A
ss
ets
in
mil
lio
n b
ah
t
Growth in Total assets and Return on Assets
32
2006-07 20007-08 2008-09 2009-10 2010-11
Total Assets 5,838 8,299 8,881 8,867 11,933
Return on assets % 5.98% 11.51% 12.13% 11.71% 37.34%
0%
5%
10%
1,000
2,500
4,000
Re
turn
on
As
se
ts (
%)
Financial Year
Total Assets Return on assets %
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Financial Performance – Growth in Shareholder Equity
6
7
8
9
10
11
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Bo
ok V
alu
e p
er
sh
are
Sh
are
ho
lder
Eq
uit
y
Growth in Shareholder Equity and Book value per share
33
2004-05 2005-06 2006-07 20007-08 2008-09 2009-10 2010-11
Sh. Equity 3,267 3,483 3,522 4,329 4,596 5,012 8,363
Book Value 4.08 4.35 4.40 5.41 5.75 6.27 10.45
3
4
5
1,000
2,000
3,000
4,000
Bo
ok V
alu
e p
er
sh
are
Sh
are
ho
lder
Eq
uit
y
Financial Year
Sh. Equity Book Value
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Historic Dividend Payout
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Capacity Utilization Rate- Thailand
42,000 42,000 42,000 42,000 42,000
88%
95%
90%
97% 101%
71%
91%
67%74%
79%
60%
80%
100%
120%
18,000
24,000
30,000
36,000
42,000
48,000
Capacity Utilization rate- Thailand
35
5,000 5,000
10,250 11,000 11,000
0%
20%
40%
-
6,000
12,000
18,000
Financial Year
Plain Film Metallized Film Plain Film Metallized Film
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Capacity Utilization Rate- Turkey
29,000 29,000
54,375
58,000 58,000
81%
92%
74%
89% 91%
50%
83%
57%
72% 76%
50%
60%
70%
80%
90%
100%
30,000
36,000
42,000
48,000
54,000
60,000
Capacity Utilization rate- Turkey
36
5,000 5,000
10,250 11,000 11,000
50%
0%
10%
20%
30%
40%
-
6,000
12,000
18,000
24,000
Financial Year
Plain Film Metallized Film Plain Film Metallized Film
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Sales Mix – Region Wise
37
Note: Above region wise break up is based on Film Sales Value for FY 2010 - 11 at Polyplex (Thailand) Consolidated level
• Significant presence in all leading markets
• The company’s sales reach in premium markets of Europe & North America validate company’s
strategy to set up manufacturing facility in Turkey and acquire the distribution company in the
US - Judicious mix of On-shore, Off-shore and Near-shore strategy
• Well balanced region wise mix – no dependency on any single region
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Sales Mix – Increasing Value Added Products
38
* Value added films include Chemically Coated films, Metallized Film (PET + CPP)
and Thermal Laminated film which have higher value addition as compared with
normal plain film.
Note: Above data is for PTL (standalone) based on Sales quantity
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• BOPET Film Industry
• Polyplex group
• Polyplex Competitive Strength
• PTL : Financial Performance
Contents
• PTL : Financial Performance
• Industry Outlook
39
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Industry Outlook
• The expected global growth in flexible packaging for the year
2011 is estimated at about 9-10%.
• Polyplex's estimate of Global Demand supply situation of Thin
Film Segment till 2013 is as follows:
40
Calendar Year
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Industry Outlook
• Consumer preference for smaller and one time use packs are expected to
increase which will bring in more demand for packaging material.
• Changing life style of consumers to result in increase in demand for “ready
to eat” foods
• New applications like PV, Touch-screen panels etc will continue to drive the
growth of Thick PET film.
• Exceptionally high margins of 2010 are likely to result in capacity additions
by existing as well as new players, specially in China and India.
41
by existing as well as new players, specially in China and India.
• Hence, the shortage situation in 2010 is expected to be better balanced in
2011.
• Raw Material price fluctuation as well as currency volatility would continue
to remain a challenge
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The views expressed here contain information derived from publicly available sources that have notbeen independently verified. No representation or warranty is made as to theaccuracy, completeness or reliability of the information. Any forward looking information in thispresentation has been prepared on the basis of a number of assumptions which may prove to be
42
Disclaimer
presentation has been prepared on the basis of a number of assumptions which may prove to beincorrect. This presentation should not be relied upon as a recommendation or forecast by Polyplex(Thailand) Public Co., Ltd. Nothing in this release should be construed as either an offer to sell or asolicitation to buy or sell shares in any jurisdiction.