Q2/2018 & 1H/2018

Opportunity Day Presentation1

2

AGENDA

Business Overview

Financial Performance

Business Outlook

Q & A

3

Financial Performance

4

Revenues from sales and services

2,117

1,693

2,5502,800 2,808

1,337 1,323

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2013 2014 2015 2016 2017 H1/17 H1/18

MB.

623692 707

778

625

712

625

712749 722

642681

0

200

400

600

800

1,000

Q1/16 Q1/17 Q2/16 Q2/17 Q3/16 Q3/17 Q4/16 Q4/17 Q1/17 Q1/18 Q2/17 Q2/18

MB.

68% 64%71%

62% 61%70%

18%15%

16%

15% 15%13%

15%14%

11%20% 18%

17%7% 3% 3% 6%

0%

20%

40%

60%

80%

100%

2014 2015 2016 2017 H1-17 H1-18

Power Plant Demolition

Services

Supplied and Distributed Products

Manufacturing Product

- 14.24 MB, (1.06%)

+ 38 MB, 5.97% QOQ

- 32 MB, (4.45%) YOY

Key Highlights :

H1/18 Revenues from sales and Services amount of 1,323

MB., decreased 14.24 MB. or 1.06%, when compared with

the same period of last year, due to economy fluctuation of

Thailand, the revenue of industrial customers decreased

and the slowdown in investment.

Usually the seasonal of sales in the second half is higher

than the first half.

Gross Profit

159171 175

199

147166

147166

176167

151 150

00

50

100

150

200

250

Q1/16 Q1/17 Q2/16 Q2/17 Q3/16 Q3/17 Q4/16 Q4/17 Q1/17 Q1/18 Q2/17 Q2/18

24.70%25.53% 24.70% 23.26%25.60%% GP

MB.

23.53%23.15%23.53%

MB.

23.44% 22.00%23.53% 23.26%

- 0.78 MB, (0.52%) QOQ

- 15.98 MB, (9.64%) YOY

- 12.47 MB, (3.98%)

515

383

570

704656

313 300

24.33%22.62% 22.35%

25.14%23.36% 23.39% 22.70%

0.00%

10.00%

20.00%

30.00%

0

200

400

600

800

2013 2014 2015 2016 2017 H1/17 H1/18

Key Highlights :

H1/18 Gross profit amount of 300.26 MB., decreased

12.47 MB. or 3.98%, the Gross profit rate decreased

from 23.39% to 22.70%,when compared with the same

period of last year

The impact factor, due to the labor cost and overhead

increased, price competition, utilization of production

capacity was low which impacted to fixed cost per unit

increased.

5

6

SG&A Expenses

MB.

84

96

83

97

79 82 79 82 91 93 89 90

-

25

50

75

100

125

Q1/16 Q1/17 Q2/16 Q2/17 Q3/16 Q3/17 Q4/16 Q4/17 Q1/17 Q1/18 Q2/17 Q2/18

% SG&A /

Total Revenue

13.41% 13.91% 11.74% 12.77%12.65% 11.53% 12.40%12.16%

MB.

0

274

226

303

361 346

162 178

12.89% 13.24%

11.83%

12.83%12.27%

12.05%13.39%

0.00%

4.00%

8.00%

12.00%

16.00%

0

50

100

150

200

250

300

350

400

2013 2014 2015 2016 2017 H1/17 H1/18

+ 16.48 MB, 10.18%

+ 0.78 MB, (0.88%) QOQ

+ 7.18 MB, 8.72% YOY

11.53%13.71% 13.09%12.65%

Key Highlights :

H1/18 SG&A amount of 178.24 MB., increased

16.48 MB. or 10.18%, the SG&A rate per total

revenue increased from 12.05 % to 13.39%, when

compared with the same period of last year

Selling Generale Expenses increased, since the

motivation of marketing activities and keep

relationship with partner to support the expansion of

the industry in the second half

Administrative Expenses increased, since most of

the administrative expenses are stable, however

there is slightly increased in the provision of non-

moving inventories accordingly to accounting policy.

7

Net Profit

MB.

63 61

76

87

55

69

55

69 68 61

54 52

-

20

40

60

80

100

Q1/16 Q1/17 Q2/16 Q2/17 Q3/16 Q3/17 Q4/16 Q4/17 Q1/17 Q1/18 Q2/17 Q2/18

% NP 8.86% 10.68%8.83% 11.19%10.10%

182

114

207

288

253

124106

8.57%

6.67% 8.07%

10.24% 8.99%9.24%

7.94%

0%

2%

4%

6%

8%

10%

12%

14%

0

50

100

150

200

250

300

350

2013 2014 2015 2016 2017 H1/17 H1/18

9.60% 9.11% 8.42%

MB.

0

- 18.32 MB, (14.77%)

- 1.59 MB, (2.96%) QOQ

- 16.52 MB, (24.09%) YOY

8.29%8.83% 7.61%9.60%

Key Highlights :

H1/18 Net profit amount of 105.70 MB., decreased

18.32 MB. or 14.77%, the Net profit rate decreased

from 9.24% to 7.94%,when compared with the same

period of last year.

Overall Industry in H1/18 which related to company

business was stable because of various factors such

as price competition, the utilization of production

capacity was low which impacted to fixed cost per

unit increasing. However, Management concerned in

efficient improving production cost, controlling sales

and administration expense and financial cost to

align with current economic trend.

8

Financial Position

Assets Liabilities

MB.

Shareholders’ Equity

MB.

558612

1,256

1,4211,500

1,426

0

300

600

900

1,200

1,500

2013 2014 2015 2016 2017 H1/18

Equity

462 593

369 276 19

221

658 484

588 502

777 529

60 38

45

52 47 42

0

200

400

600

800

1,000

1,200

1,400

2013 2014 2015 2016 2017 H1/18

Loan AP Other

1,180 1,1151,002

830 843

633 581 637 717 823 807

480 481864 730 737 647

463 522

604 668678 664

162 142

152 135104

100

0

500

1,000

1,500

2,000

2,500

2013 2014 2015 2016 2017 H1/18

Cash+AR Inventory PP&E Other

1,780 1,727

2,258 2,250 2,342

MB.

2,218

792

Key Highlights :

H1/18 the Significant changes as follows ;- Trade and other receivables-net decreased 67.07 MB., due to the company

has more efficiency in debt management.

- Inventories-net decreased 89.67 MB., the drop was in line with policy, to

control the purchasing and raw materials for more efficiency.

- Bank overdrafts and short-term loans from financial institutions increased by

207.MB., Since the company has to use more working capital for its operation

during the period, short-term loans from financial institutions to pay trade and

other payables, as a result, trade and other payables decreased 247.63 MB.

- Shareholders’ Equity decreased 74.05 MB., due to during the period The

Company had operating profit 101.95 million baht and the dividend paid in

amount of 176 million baht.

9

Financial Ratios

Return On Assets (ROA)Return On Equity (ROE)

482585

934

1,344

1,470

1,3231,407

182114

207 288 253 287 235

37.82%

19.43%

22.13%

21.44%

17.24%

21.72%

16.71%

0.00%

10.00%

20.00%

30.00%

40.00%

0

200

400

600

800

1,000

1,200

1,400

1,600

2013 2014 2015 2016 2017 H1/17 H1/18

Net profit Shareholders's Equity2 ROE

1,180 1,115 1,002 830 843 882 792558 612 1,257 1,432 1,508 1,378 1,435

2.12 1.82

0.80 0.58 0.56 0.64 0.55

0.00

0.50

1.00

1.50

2.00

2.50

0

250

500

750

1,000

1,250

1,500

1,750

2013 2014 2015 2016 2017 H1/18 H1/18

Liabilities Shareholders'Equity D/E Rate

MB.

1,5461,732

1,9922,256 2,296 2,229 2,234

250 169280 357 320 357 294

16.18%

9.73%

14.06%

15.84%

13.92%

16.01%

13.14%

0.00%

4.00%

8.00%

12.00%

16.00%

20.00%

0

500

1,000

1,500

2,000

2,500

2013 2014 2015 2016 2017 H1/17 H1/18

Asset EBIT ROA

MB.

MB.

Debt to Equity (D/E)

Business Overview

10

11

Products and Services

12

Products and Services

13

Products and Services

14

Products and Services

15

Products and Services

16

Customer & Channels

17

35%

28%

25%

12%

35%

25%

28%

12%

M and E Contractorผู้ รับเหมางานระบบ

General Contractorผู้ รับเหมางานก่อสร้างทัว่ไป

End Userเจ้าของกิจการ

Trader and System

Integratorเทรดเดอร์ และ ซสิเตม็อินทเิกรเตอร์

H1-2018

43%

32%

18%

7%

43%

18%

32%

7%

M and E Contractorผู้ รับเหมางานระบบ

General Contractorผู้ รับเหมางานก่อสร้างทัว่ไป

End Userเจ้าของกิจการ

Trader and System

Integratorเทรดเดอร์ และ ซสิเตม็อินทเิกรเตอร์

H1-2017

1,259.32

MB.

1,322.89

MB.

First Half 2018 Customer Segment Recap

18

24%

16%

16% 15%

10%

10%

9%

1,322.89

MB.

H1-2018

23%

23%

19%

11%

9%

9%

6%

1,259.32

MB.

H1-2017

9%

Commercial Building

19%

Government Office & Education Center

Industry

Infrastructure & Power Plant

Residential

Data center and Telecommunication

Health Care and Hospital

11%

23%

9%

15%

10%

Commercial Building

10%

Government Office & Education Center

Industry

Residential

Data center and Telecommunication

Health Care and Hospital

16%

16%

9%

Infrastructure & Power Plant23%

6%

24%

First Half 2018 Market Segment Recap

Highlight Project H1/2018

Customer Project Product & Service

Suvanbhumi Airport(AOT) New Satellite Terminal Switchboard & Electrical Power Distribution Equipment

Siam Piwat & Magnolias ICONSIAM Switchboard & Electrical Power Distribution Equipment

Ministry of Justice New Head Office Switchboard & Electrical Power Distribution Equipment

Ministry of Social Development and Human Security

New Head Office Switchboard & Electrical Power Distribution Equipment

Department of Airports Betong Airport Airport Lighting and Power Distribution System

PEA Substation(4 Substations)

MV. Switchgear

Metropolitan Waterworks Authority (MWA)

Install The ElectricalDistribution(Substation)

HV/MV Substation, Automation

Thai Oil Research Center Building Switchboard & Electrical Power Distribution Equipment

INET Data Center Phase 2 Switchboard & Electrical Power Distribution Equipment

19

Activities & Awards

20

Business Outlook

21

22

Growth Strategies

Business Opportunity

ASEFA Airport

State Railway

Underground Distribution

Infrastructure

Industry

EEC Infrastructure

IoTRenewable Energy

Energy Conservation

Automation Control

Data Center

Smart City

Solar Rooftop

Energy Saving Equipment

23

24

Backlog as of July 31, 2018

54%10%

36%

2,058MB.

54%

10%

36%

Manufacturing Product1,101 MB.

Supplied & Distributed Product211 MB.

Services746 MB.

66% 55% 50% 54%

18% 20% 19% 10%16%25% 31% 36%

0

500

1000

1500

2000

2500

Q4-15 Q4-16 Q4-17 Jul-18

Manufacturing Product Supplied & Distributed Product Service

MB.

1,425

1,805 1,9122,058

25

Disclaimers

This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to

the anticipated benefits to be realized from the proposals described herein. This presentation contains a number of forward-

looking statements including, in particular, statements about future events, future financial performance, plans, strategies,

expectations, prospects, competitive environment, regulation and supply and demand.

ASEFA has based these forward-looking statements on its views with respect to future events and financial performance.

Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking

statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better

or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking

statements.

Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information

contained in this presentation is subject to change without notice and ASEFA does not undertake any duty to update the

forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by

applicable laws and regulations.

26

Q&A