vgi global media pclvgi.listedcompany.com/misc/presn/20131125-vgi... · 4 locations in bangkok 1...

VGi Global Media PCL

General and Business Update Presentation November 2013

VGi Global Media PCL General and Business Update Presentation

Investment involves risk. Prospective should understand the characteristics of Securities and study information about VGI Global Media Public Company Limited (“VGI” or the “Company”) before making a decision to invest in Securities.

This Presentation is not intended to provide the basis for any investment decision, nor to substitute your own analysis and investigation, and should not be considered as a recommendation to any recipient of this Presentation. Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to the Company’s corporate plans, strategies and beliefs and other statement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”, “expect” , “intend”, “estimate”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of the Company’s management in light of the information currently available to the Company. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be, relied on as promise or representation of the Company as to the future.

IR Contacts

Disclaimer

IR Department: Ms. Tisakorn Youngmod Ms. Napat Buchasuk Ms. Chama Savetbodi

Telephone: +66(0) 2273 8639 +66(0) 2273 8636

Mobile: +66(0) 89 616 8884

Fax: +66(0) 2273 8610

Email: [email protected]

Website: www.vgi.co.th


Agenda

Section 1 VGI in Brief and Advertising Industry

Section 2 VGI by Business Units

Section 3 Key Success Factors & Competitive Advantages

Section 4 2013/14 Growth Target and 2Q 13/14 Performance

Section 5 3 Years Outlook

Appendices

3


0

500

1,000

1,500

2,000

2,500

3,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009/10 2010/11 2011/12 2012/13

2003

Granted initial “Advertisement Display Concession Agreement” from Watsons

2004

Key Milestones

1999

Granted initial “License to Manage Marketing Services Agreement” from BTSC

Exclusive license to manage the advertising spaces and merchandising areas of 23 stations and all trains for a period of 10 years

2010

VGI set up VGI Ad China

2005

Granted initial “Advertisement Display Concession Agreement” from Big C (non-Sales floor)

2009

Granted “Advertisement Display Concession Agreement” from Carrefour

BTSC becomes major shareholder of VGI

VGI acquired POV

2012

Granted initial “Advertisement Display Concession Agreement” from Tesco Lotus (non-Sales floor)

2011

Granted Advertisement Display Concession Agreement in “Sales floor” from Tesco Lotus and Big C

Amended “License to Manage Marketing Services Agreement” with BTSC

Listed on SET

Rev

enu

e (T

HB

mn

)

JAN - DEC APR - MAR

Section 1: VGI in Brief and Advertising Industry

4

https://vip.watsons.co.th/web/Home.do

http://www.bigc.co.th/th/


19

76 80

166

FY 09/10 FY 10/11 FY 11/12 FY 12/13

FY 09/10 FY 10/11 FY 11/12 FY 12/13

207 391

754

1,250

FY 09/10 FY 10/11 FY 11/12 FY 12/13

FY 09/10 FY 10/11 FY 11/12 FY 12/13

889 934 1,143

1,422

FY 09/10 FY 10/11 FY 11/12 FY 12/13

FY 09/10 FY 10/11 FY 11/12 FY 12/13

Share Information (as of Oct 2013)

Key Figures

VGI in Brief

Remarks: - Exchange rate based on USD 1 = THB 31.17

BTS Media

Office Building & Other Media

Modern Trade Media

Historical Revenue *

*Excludes other income

Section 1: VGI in Brief and Advertising Industry

5

(2012/13) THB (mn) USD (mn)*

Revenue 2,838 95

EBITDA 1,289 43

Net Profit 908 30 Total Assets 2,573 86

Stock Code VGI

Outstanding Shares (mn) 3,300

Market Capitalisation (THB mn) 41,250

Market Capitalisation (USD mn) 1,323

Average Daily Traded Value (THB mn) 196

Average Daily Traded Value (USD mn) 6

Dividend Information

Dividend Policy: Not less than 50% of net profit

2012/13 Payout Ratio: 81%


0.5% 3.0% 2.7% 4.0% 4.9% 5.6% 7.0%

12.5%

59.8%

0.7% 2.4% 3.0% 3.5% 4.7% 5.4% 7.4% 13.0%

59.9%

Internet In-Store Transit Outdoor Magazines Radio Cinema Newspapers TV

114 314

570 826

819 1,121

1,640 2,732

708 994 956

1,372

1,764

2,188 2,603

2,960 85,602 89,734 92,033 90,122 90,341

101,011 104,641 113,750

2005 2006 2007 2008 2009 2010 2011 2012

3Q 2013 3Q 2012 %YoY

Industry* 29.81 29.68 0.45%

Mass Transit 0.90 0.80 12.65%

In-Store 0.71 0.88 (20.06%)

Thai Media Industry Market Share: 3Q 2012 vs. 3Q 2013 (Jul - Sep)

Media Industry Overview

*Note: Excludes classified and house ads.

MARKET VALUE (THB mn)

Source: The Nielsen Company (Thailand) Limited

VGi Global Media PCL Section 1: VGI in Brief and Advertising Industry

6

Historical Thai Media Industry Expenditures (THB mn)

Total media industry CAGR 4.1%

Transit media CAGR 22.7%

In-store media CAGR 57.4%

3Q 2013

3Q 2012


1 FMCG 94%

2 MOTOR VEHICLE ACCESSORIES 2%

3 COMMUNICATIONS 1%

4 MOTOR VEHICLES 1%

5 FOOD OUTLETS & RESTAURANTS

1%

6 PHARMACEUTICALS 0.5%

7 RETAIL SHOPS/STORES 0.3%

8 REAL ESTATE 0.2%

9 GOVERNMENT & COMMUNITY ANNOUNCEMENT

0.1%

10 TRAVEL & TOURS 0.1%

TOP 10 99%

OTHERS 1%

Top 10 Ad Spending by Business Segments (1 Jul 2013 – 30 Sep 2013)

Industry Overview: Ad Spending by Business Segment

Source: The Nielsen Company (Thailand) Limited

OVERALL MEDIA INDUSTRY VGI MASS TRANSIT VGI IN-STORE

1 FMCG 38%

2 MOTOR VEHICLES 8%

3 COMMUNICATIONS 7%

4

GOVERNMENT & COMMUNITY ANNOUNCEMENT

6%

5 LEISURE 4%

6 RETAIL SHOPS/STORES 4%

7 BANKS 4%

8 REAL ESTATE 3%

9 INSURANCE 3%

10 TRAVEL & TOURS 2%

TOP 10 79%

OTHERS 21%

*Excludes classified and house ads.

1 FMCG 43%

2 COMMUNICATIONS 9%

3 FOOD OUTLETS & RESTAURANTS

5%

4 LEISURE 4%

5 BANKS 4%

6 REAL ESTATE 4%

7 RETAIL SHOPS/STORES 3%

8 TRAVEL & TOURS 3%

9 COMPUTERS 2%

10 PHOTOGRAPHIC PRODUCTS 2%

TOP 10 79%

OTHERS 21%

7 Section 1: VGI in Brief and Advertising Industry


Agenda






Appendices

8


VGI’s Media Network Broad yet targeted media reach

BTS Media Modern Trade Media (Tesco Lotus, Big C, Watsons)

Office Bldg. & Other Media

No. of Locations 23 stations & 47 trains 2,013 branches 75 buildings

Static Media > 6,000 displays In-train & on station

> 11,000 m2 (sales floor) 624 displays (non-sales floor)

-

Digital Media (screens)

80 on-station & 1,128 LCDs in-train 3,131 screens

655 in elevators & 4 Mega LED screens

Viewer Reach (per day)

>608,000 BTS Ridership

≈ 1,000,000 shoppers

450,000 building visitors

Area Coverage CBD Nationwide CBD

Target Viewers • Working people and younger generation

• age 15-35 • middle income

• Women, housewives and families

• middle-low income

• White collar workers • age 24-45 • mid-high income

Revenue Contribution*

51% 43% 6%

Gross Profit Contribution*

70% 22% 8%

Section 2: VGI by Business Units

9

* as of 2Q 13/14


272 308 406 427 468 583 734 889 934

1,143 1,422

Static

Key Concession Terms

BTS-related Media Multimedia

A. Rights 1) Exclusive rights for 23 stations & all BTS trains In Trains & on Stations Merchandising Area Additional areas

2) First right to renew contract and extend space on additional mass transit projects that BTSC is granted the rights to operate media space

B. Effective Period 18 May 2012 – 4 December 2029

C. License Fees 5% - 20% of total revenues/year

(an incremental increase of 5% every 5 years)

BTS SkyTrain BTS Platforms

Train Body Wrap

Digital Screen inside the train

Standard

Platform Truss

Pier Head

Past Success

Merchandising Space

Merchandising Shop

BTS Media Revenue (THB mn)

Apr - Mar Jan - Dec

CAGR (10 years) = 18%


10


Key Concession Terms

Modern Trade Media Digital Media

A. Rights 1) Exclusive rights for existing and upcoming branches Tesco Lotus Big C Watsons (digital media)

2) First right to extend contract

B. Length of Contract 3-5 years on average

C. License Fees Mainly based on percentage of revenue sharing and

minimum guarantee

Sales Floor Area Non-Sales Floor Area

Shelf Divider

Radio Media in Tesco Lotus & Big C

Shelf Frame

& Floor Sticker

Entrance Lightbox

Sensormatic

Past Success

Health and Beauty Zone

Aisle Arch

• Acquired exclusive rights to manage all advertising areas from Tesco Lotus and Big C, the top 2 players in the Modern Trade Retailer industry

• Big surge in revenue (93% growth in FY 2011/12) mainly from sales floor areas, which account for over 70% of total Modern Trade Media revenue

Static Media


11


Outdoor LED Screens

Key Contract Terms


A. Rights & Length of Contract 1) Office Buildings 75 buildings in CBD, 3-5 years contract (avg.)

2) Outdoor LED (Selling Agent) 4 locations in Bangkok 1 year contract with renewable rights

3) Airport Link (Selling Agent) 9 trains, train body wrap, LCD in-train media, and 8

stations Contract expires in October 2021

4) Chulalongkorn University (CU) Bus 15 buses and 15 bus-stops 1 year contract with renewable rights

B. License Fees Revenue sharing and fixed rates

Digital Screen in Elevators Platform Banister

Rama 9 Junction

Past Success

• Changed to integrated network across all office buildings, increasing sales by 50%

• Bundled Office Building Media with the Company’s other media and sold as a package, increasing occupancy and driving sales by 100%

Chulalongkorn University (CU) Bus

Bus Body Wrap Bus Shelter

Victory Monument

Airport Link Media Office Building Media


12


Agenda






Appendices

13


Ability to Reach Audience

Business Strategy Cost Effectiveness

Key Success Factors & Competitive Advantages Right Place, Right Timing, and Right Targeted Viewers

BTS SkyTrain and Office Buildings

• Captive media (No remote control)

• High frequency

• Strong impact

Modern Trade

• Final Point of Sales Media, which is the last mile to purchase

• Prominent locations

• Nationwide viewer base

Source : The Nielsen Company (Thailand) Limited

Women, housewives and families

Working people and younger generation (age 15-35)

White collar workers

(age 24-45) Office

Building

BTS SkyTrain

Modern Trade

• VGI’s cost per thousand viewers is 15-20% cheaper than TV

Nationwide Media Network 1

Strong ability to reach viewers 2

Well-Classified Target Viewers

Product Advantage

3 Product Variety

4 Product Bundling

Section 3: Key Success Factors & Competitive Advantages

14


2001 2002 2003 2004 2005 2006 2007 2008 2009/10 2010/11 2011/12 2012/13

183 317 352

482 521 651 844

1,046

1,138

1,413

2,005

2,872

Jan - Dec Apr - Mar

Floods Global financial

crisis

Coup d’Etat

Bangkok Political

Demonstration

Note: *Includes other income

Unit : THB mn

Non-BTS Revenue*

BTS Ridership Trend

BTS Revenue*

• Uninterrupted revenue growth in every single year from both BTS revenue and non-BTS revenue despite various disruptions and decline in BTS ridership, demonstrating resilience against crisis.

VGI Revenue CAGR (11 years) = 29%

Key Success Factors & Competitive Advantages Resilience & Growth

Section 3: Key Success Factors & Competitive Advantages

15


Agenda






Appendices

16


50% 44%

6%

BTS Modern Trade Office Bldg

2013/14 E 50% 44%

6%

BTS Modern Trade Office Bldg

2013/14 Target: Overall Business

Expected Revenue Contribution by Business Units

2012/13

Section 4: 2013/14 Growth Target and 2Q 13/14 Performance

30% YoY Revenue Growth

30% Off. Bldg & Others

30% Modern

Trade 28% BTS

Expected Revenue Growth

Platform Screen Door 160

BTS:Platform Truss LED (76 screens), LCD in-train (120 screens for 5 trains), E-Poster (24 panels)

330

Modern Trade and Others 80

Total 570

Expected CapEx 2013/14 (THB mn)

17


media capacity on non-prime stations

28% BTS Growth

2013/14 Target: BTS-related Media

36% train capacity (35 single-car + 5 new trains )

10% price adjustment on platform and train media

2.5x capacity increase from platform truss LED

18 Section 4: 2013/14 Growth Target and 2Q 13/14 Performance


Current Package New Package

PLATFORM TRUSS (STATIC MEDIA)

18 packages: 7% of BTS-related rev.

14 packages

ON-STATION LCD 7% of BTS-related rev. Remove from 20 stations

PLATFORM TRUSS LED (DIGITAL MEDIA)

n/a Install on 20 stations: • 4 locations on 18 stations • 2 locations on 2 stations

(Mo Chit & National Stadium)

Current Package: Platform Truss & On-station LCD New Package: Platform Truss LED

Platform Truss LED

2013/14 Target: BTS-related Media

2.5x Expected Revenue Growth from the New Package

2.5x capacity increase



45

17

80

20

55

58

40

15

54

15

Source: Tesco Lotus, Big C, and Bohdi Tree Knowledge Co., Ltd.

2013/14 Target: Modern Trade Media

Target number of new branches for 2013:

VGI Media Coverage of Modern Trade Outlets in Thailand*

30% Modern Trade Growth

Occupancy Growth

* Data includes only large and medium formats as of 30 Sep 2013

20

Format Tesco Lotus

Big C Total

Large 0 6 6

Medium 11 15 26

Small 340 200 540

Total 351 221 572

Retailer Growth

2012/13 2013/14

Digital 50% 65%

Sales Floor 40% 50%

Section 4: 2013/14 Growth Target and 2Q 13/14 Performance

NORTH

NORTHEAST CENTRAL

BKK EAST

SOUTH

57

15

BKK 57 58 UPC 276 82 TOTAL 331 140


2013/14 Target: Office Building and Others Media

30% Office Building and Others Growth

30% Growth


Office Building • 30% revenue increase • 24 building expansion

CU Bus • Full year revenue

recognition


Modern Trade Media

17%

P&L Snapshot 2Q 13/14 (THB mn)

2Q 13/14 Overview

(THB mn) 2Q 13/14 2Q 12/13 %YoY 1Q 13/14 % QoQ 1H 13/14 1H 12/13 %YoY

Operating Revenue 853 735 16% 849 0% 1,702 1,385 23%

Cost of sales 344 310 11% 368 -6% 712 656 8%

Gross profit 509 424 20% 482 6% 991 729 36%

EBITDA 427 360 19% 407 5% 834 598 39%

Net profit 328 253 30% 308 6% 636 414 54%

Gross profit margin 60% 58% 57% 58% 53%

EBITDA margin 50% 49% 48% 49% 43%

Net profit margin 38% 34% 36% 37% 30%

2Q 13/14 Revenue Breakdown 2Q 13/14 Net Profit Breakdown

BTS-related Media

75%


8%

6%


51%

BTS-related Media

43%

Modern Trade Media



372 415 431

680

845

2Q 12/13 1Q 13/14 2Q 13/14 1H 12/13 1H 13/14

192

106

48

26

212

113

54 36

224

110

62

35

Train Station Merchandising Others

2Q 12/13

1Q 13/14

2Q 13/14

Margins (%)

BTS-related Media

EBITDA (%) Gross Profit (%) Net Profit (%)

52% 51% 52%

27% 25% 28%

15% 13% 13% 8% 9% 7%

Revenue (THB mn) Revenue Breakdown (THB mn)

74%

73%

72%

82%

82%

83%

2Q 12/13

1Q 13/14

2Q 13/14

53.0%

56.5%

57%



311 389 367

618

756

2Q 12/13 1Q 13/14 2Q 13/14 1H 12/13 1H 13/14

221

30

60

285

31

73

267

24

76

Sales floor Non-Sales floor Multimedia

2Q 12/13

1Q 13/14

2Q 13/14

Revenue (THB mn)

Margins (%)

Modern Trade Media

EBITDA (%) Gross Profit (%) Net Profit (%)

73% 73% 71%

6% 8% 10% 21% 19% 19%

Revenue Breakdown (THB mn)

17%

20%

22%

2Q 12/13

1Q 13/14

2Q 13/14

10%

13%

15%

2Q 12/13

1Q 13/14

2Q 13/14

26%

28%

31%

2Q 12/13

1Q 13/14

2Q 13/14



52 45

55

88 101

2Q 12/13 1Q 13/14 2Q 13/14 1H 12/13 1H 13/14

74%

71%

71%

2Q 12/13

1Q 13/14

2Q 13/14

64%

62%

61%

2Q 12/13

1Q 13/14

2Q 13/14

42

8

2

38

3 4

48

1 6

Office Buildings Mega LED Airport Rail Link andCU Bus

2Q 12/13

1Q 13/14

2Q 13/14

Revenue (THB mn)

Office Building & Other Media Revenue Breakdown (THB mn)

EBITDA (%) Gross Profit (%)

Margins (%)

Net Profit (%)

87% 85% 80%

10% 9% 15% 6% 3% 5%

47%

48%

48%

2Q 12/13

1Q 13/14

2Q 13/14



1,171

653

200

365 420

182

298

200

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Beginning cash(30/6/13)

CFO Dividend Payment CapEx Ending Cash(30/9/13)

2Q 13/14 Performance

Cash Flow Movement

CapEx (THB mn)

1Q 13/14 2Q 13/14 2013/14E

Platform Screen Door 0 34 160

BTS (Platform Truss LEDs and E-Poster) 84 134 330

Modern Trade and Others 9 14 80

Total 93 182 570

(THB mn)

Ending Cash

Private Fund

Fixed Deposit

1,151 1,371

Fixed Deposit

Beginning Cash



1,821 2,037

22 24

737 887

31-Mar-13 30-Sep-13

584 876

1,995

2,072

31-Mar-13 30-Sep-13

Assets Breakdown (THB mn)

2Q 13/14 Balance Sheet

Liabilities and Equity Breakdown (THB mn)

Current assets

Non-current Assets

77%

23%

70%

30%

Current liabilities

Non-current liabilities

Equity

28%

71%

1%

30%

69%

1%

Key Financial Ratios

DEBT TO EQUITY

2Q 13/14: 0.0x

4Q 12/13: 0.0x

LIABILITY TO EQUITY

2Q 13/14: 0.40x

4Q 12/13: 0.40x

CURRENT RATIO

2Q 13/14: 2.30x

4Q 12/13: 2.70x

2,579

2,948 2,579

2,948



Business Updates BTS-related Media

Office Building

Platform Truss LED E-Poster

Platform Truss LED 76 Total Panels on 12 stations 24

Start Selling: Nov 2013

Start Selling: Feb 2014

No. of Building No. of Screen Capacity Increase

Previous (as of 31 Mar 2013) 51 452

Additional (START SELLING: Oct 2013)

+ 24 + 203

Total 75 655 45%



Agenda

29






Appendices


Mass Transit

Modern Trade

Office Building& Others

17% Annual Revenue Growth

10% Off. Bldg & Others

20% Mass

Transit

15% Modern

Trade

3 Years Outlook: Existing Business Growth

70%

25%

5%

2014/15 E

70%

25%

5%

2015/16 E

70%

25%

5%

2016/17 E

Excludes other income Percentages represent contributions to the parameter

NPAT Contribution

EBITDA Margin Revenue Growth

70%

25%

60%

Mass Transit Modern Trade Office Building & Others

Section 5: 3 Years Outlook

30


Business Opportunities

11 Stations on Green Line

extension

Innovative media

applications

JV and M&A

Other mass transit lines

3 Years Outlook: Business Opportunities

AEC

Section 5: 3 Years Outlook

31


APPENDICES


Future growth from existing non-prime stations

Currently 90% occupancy on 20 stations 23.5km on 23 core stations

Appendix: BTS Core Network and Extension

7.5km

5.3km

33


Light Rail Transport Bang Na – Suvarnabhumi 18.6km; completed by 2017

Dark Green Line Samut Prakarn – Bang Pu 7 km; completed by 2017

I. Dark Green Line Bearing – Samut Prakarn

12.8 km; completed by 2017

Light Green Line National Stadium – Yodse 1 km; completed by 2019

II. Dark Green Line Mo Chit – Saphan Mai

12.0 km; completed by 2016

III. Pink Line Khae Rai – Min Buri

34.5 km; completed by 2017 Dark Green Line Kukod – Lamlukka 6.5 km; completed by 2019

Expected Date for Tendering: end of 2013 Expected Operating Year: 2017 Expected Contract Type: PPP Expected Return: ≥ 12% Civil Works Awarded: THB 17.8bn Estimated Project Cost: THB 27.3bn

I. Dark Green Line Bearing – Samut Prakarn (12.8km)

Expected Date for Tendering: early 2014 Expected Operating Year: 2017 Expected Contract Type: PPP Expected Return: ≥ 12% Estimated Project Cost: THB 34.1bn

III. Pink Line Khae Rai – Min Buri (34.5km)

II. Dark Green Line Mo Chit – Saphan Mai (12.0km)

Expected Date for Tendering: early 2014 Expected Operating Year: 2017 Expected Contract Type: PPP Expected return: ≥ 12% Estimated Project Cost: THB 45.0bn

Update on Green and Pink Line Extension

Appendix: BTS Expansion Plan

34


424 494 576 671 782 911

1,061

2011 2012 2013 2014 2015 2016 2017

Estimated Ridership Growth (from dark green line)

Increase in Fleet

Capacity increase of 36% by end of 2013

Source: Office of Transport and Traffic Policy and Planning

(‘000 passengers / day)

Appendix: Capacity Increase

35

47 188

Current Fleet

X12 48

No. of Carriages No. of Trains

X35 105

35 +23% Already operated in May 2013

Total Current Fleet

59 236

New Fleet

X7 28 X5 20 +36% +54%

Total Estimated Fleet

Capacity Increase (cumulative)

Expected delivered by 2013

Expected delivered in 2019


Key Financial Ratios FY 12/13 FY 11/12 FY 10/11

Profitability Ratios

Gross profit (%) 54.6% 34.5% 35.3%

EBITDA (%) 45.4% 26.6% 25.1%

EBIT (%) 41.9% 21.6% 18.7%

Net profit (%) 32.0% 14.1% 12.3%

Return on Equity (%) 86.2% 78.8% 40.3%

Liquidity Ratios

Current Ratio (times) 2.7x 1.0x 1.1x

Quick Ratio (times) 2.6x 0.9x 1.0x

Efficiency Ratios

Return on Assets (%) 46.7% 21.3% 13.4%

Asset turnover (times) 1.5x 1.5x 1.1x

Leverage Ratios

Liability to Equity (times) 0.4x 3.5x 2.1x

Debt to Equity (times) No leverage

Appendix: Key Financial Ratio

36


Kong Chi Keung (Director)

Keeree Kanjanapas (Chairman)

VGI Board of Directors

Kavin Kanjanapas (Director and Chairman of Executive Committee)

Surapong Laoha-Unya (Director)

Marut Arthakaivalvatee (Director and Chief Executive Officer)

Chan Kin Tak (Director & Chief Operating Officer)

Assoc.Prof.Jaruporn Viyanant (Independent Director and Chairman of Audit Committee)

Maneeporn Siriwatanawong (Independent Director and Audit Committee)

Mana Jantanayingyong (Independent Director and Audit Committee)

• Over 10 years of commitment as a role of director and management. He is one of the key persons who has steered the performance of VGI during the last decade

• His experience as Chief Operating Officer of Bangkok Mass Transit System Plc. since 2006 provides VGI with insights to BTS-related business

• Held various well-respected directorship positions in various

government-related organizations such as the Bank of Thailand, Office of the Prime Minister, the Securities and Exchange Commission, and the Stock Exchange of Thailand, etc.

• More than 35 years in the advertising & media industry with experience in multinational and domestic companies. He has worked with leading multinational and domestic companies such as McCann-Erickson Thailand, Oglivy & Mather (Thailand) and Grammy Entertainment

• Extensive experiences in the field of tax audit with the Revenue Department and Internal Auditor with the Bank of Ayudhya Plc.

• Experiences in the retail business with Watsons in Thailand and Hong Kong

• Held various management position in international media agencies such as Executive Director of Group M, Managing Director of Mediaedge: CIA and management of McCann-Erickson Thailand

• One of the most successful business person in Thailand with experiences in various industries. Khun Keeree is the one who introduced the first SkyTrain network to Thailand. He brings along valuable business experiences while providing key strategic directions to VGI

• More than 10 years of involvement with VGI as the Director

Appendix: VGI Board of Directors

37


Shareholding Structure

BTSC

BTSG

Kanjanapas Family

BTSG’s Minorities

BTSC’s Minorities

49.1% 50.9%

97.5% 2.5%

0.1%

51.0%

Public Kanjanapas

Family

33.8% 0.5%

14.7%

(As of 19 Aug 2013)

Appendix: Shareholding Structure

38


THANK YOU

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