Tirathai Public Company Limited

Opportunity Day on November 24, 2017

Content

• Company Profile

• Operating Result of Q3 2017

• Outlook 2017

• Q &A

2

Company Profile

3

TIRATHAI & It’s subsidiary

TIRATHAI Public company Limited

TIRATHAI E&S Co.,ltd.Distribution , installation maintenance service of electrical power equipment

Manufacture for Tank and fabricate steel , EPC Conveyor System

JV L.D.S - N.D.POperation and Maintenance of Conveyor System of HongsaPower Co. Ltd, (HPC), Laos PDR

THAIFINS Co.,ltd.Manufacture for Transformer’s fins and Tank support to Tirathai Plc.,ltd.

L.D.S. METAL WORK Co.,ltd.

100% 100% 92.50%

20% 80%

Manufacturer of Distribution and Power Transformers and Repair Service

4

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 TirathaiGroup

I.Transformer

5

I. Transformer Product &

Service

6

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)

16%

58%

26%

Utilites Private Export

Transformer Revenue 2016 by Customer

II. Non Transformer Products

7

• Arial Crane Device and Digger Derick Unit

• Steel Fabrication

• Construction• EPC Conveyor Belt

System • Operating and

Maintenance Service of Conveyor Belt System

72%

28%

Transformer Non transformer

Total Revenue 2016by Product Group

TRT’s Key Strength

• Experience management team with more than 25 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

8

Operating Result of Q3 2017

9

Consolidated financial Statements

Unit: Million Baht 2014 2015 2016 Q3 2017 (9M)

Total Revenue 2,163.26 2,264.90 2,577.33 1,650.00

Revenue from Sales & Service 2,131.63 2,223.97 2,536.52 1,635.04

Gross Profit 508.29 411.84 661.01 261.28EBITDA 170.24 44.87 192.89 (94.09)EBIT 66.59 (6.81) 125.81 (154.21)

Net Profit/(Net Loss) attributable to

equity holders48.64 (45.97) 61.22 (159.92)

Total Assets 2,653.19 3,024.84 3,303.62 3,048.47Total Liabilities 1,478.97 1,947.70 2,176.83 2,121.63Shareholders' Equity 1,174.22 1,077.14 1,126.79 926.84Financial RatioGross Profit Margin (%) 23.85% 18.52% 26.06% 15.98%

Net Profit (Loss)Margin (%) 2.24% (2.57%) 2.38% (9.69%)

Return on Asset (%) 1.85% (2.05%) 1.87% -Return on Equity (%) 4.10% (5.18%) 5.36% -Book Value Per Share (Par1Baht)

3.81 3.50 3.66 3.01

Earning Per Share 0.16 (1.15) 0.20 (0.51)Dividend Per Share 0.10 0.05 0.13 -

10

11

435 484391

559404

249

419

139 99 261

168

205

209

150

0

250

500

750

Q1' 16 Q2' 16 Q3' 16 Q4' 16 Q1' 17 Q2'17 Q3' 17

Bt. Mil

Transformer Non transformer

9M TO 30.9.2017 Revenues

Transformer66%

Non-Transformer34%

Total revenues QoQ

QoQ Decreased 12%

652569

12

1,6431,868

1,3101,072

581

667

499563

0

500

1,000

1,500

2,000

2,500

2015 2016 9 M to 30/9/2016 9 M to 30/9/2017

Bt. Mil

Transformer Non transformer

2,2642,577

1,635

1,809

Total Revenues YoY and

Q3 (9 M)

Gross Profit Margin by products

YoY and Q3 (9 M)

13

20%25%

22%

12%15%

47%

37%

24%

2015 2016 9M TO 30/9/2016 9M TO 30/9/2017

Transformer Non transformer

• A lower gross profit margin of transformer group for 9 Months to 30/9/2017 compared to the same period last year, due to the impact of the postponement of using the utilities budget, caused high price competition, especially in the local market.

Total Gross Profit (GP) VS Net

Profit Margin (NP) VS SG&A

YoY and Q3 (9 Months)

(Consolidated)

14

19%

26% 26%

16%

-2%

2% 3%

-10%

21% 22%24% 25%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2015 2016 9 Months to30.9.16

9 Months to30.9.17

GP NP SG&A

Outlook 2017

15

Structure of Incomes by

Group Customer2015 2016 Q3 2016

(9M)Q3 2017

(9M)

Transformer 1. Gov+Local 937 1,306 1,019 676

2.Export 650 479 232 348

3. Transformer Service

56 82 61 48

Total Transformer

1,643 1,867 1,312 1,072

Non-Transformer

4. Steel Structure & Fabricate

370 161 140 313

5. Distributing Digger/Arial truck

99 209 171 23

6. Operating & Maintenance

111 299 190 227

7. Others 41 41 36 15

Total non-transformer

621 710 537 579

Total 2,264 2,577 1,849 1,65016

1,643 1,867

1,310 1,072

621 710 537 579

-

500

1,000

1,500

2,000

2015 2016 Q3 2016(9M)

Q3 2017(9M)

Transformer Non-Transformer

Million

73% 73% 72%66%

27% 27% 28% 34%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2015 2016 Q3 2016(9M)

Q3 2017(9M)

Transformer Non-Transformer

TRT Group Backlog As of 30.09.2017

Group Customer Total Backlog

(1)+(2)+(3)

Delivery in 2017 (1)

Delivery in 2018 (2)

Delivery in 2019 (3)

Transformer 1. GOV+Local 1,412 623 760 29

2. Export 102 72 30 -

3.Transformer Service

- - - -

Total transformer 1,514 695 790 29

Non-Transformer

4. Steel Structure & Fabricate

72 61 11 -

5. Distributing Derrick/Arial truck

71 71 - -

6. Operating & Maintenance

704 104 300 300

Total non-transformer

847 236 311 300

Total 2,361 931 1,101 329

Transformer 64%

Non-Transformer

36%

Transformer

Non-transformer

17

Bids and Quotations in Process As of 31 October 2017

Customer M’ Baht

1.MEA 1,100

2.PEA 1,300

3.EGAT 1,100

4.Local 2,100

5.Export 1,320

6. Transformer Service 30

7. Distributing Derrick/Arial crane 1,460

8. Steel Structure & Fabricate 429

Total 8,839

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

18

19