Thai Beverage Public Company Limited Thai Beverage Public Company Limited CONFIDENTIAL – NOT FOR DISTRIBUTION OR DISCUSSION (IN WHOLE OR IN PART OR IN SUMMARY), INCLUDING DISTRIBUTION TO OR DISCUSSION WITH ANY PROSPECTIVE INVESTOR, THE MEDIA, PRESS OR WIRE SERVICES May 2006 May 2006 Initial Public Offering Initial Public Offering
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Thai Beverage Public Company LimitedThai Beverage Public Company Limited
CONFIDENTIAL – NOT FOR DISTRIBUTION OR DISCUSSION (IN WHOLE OR IN PART OR IN SUMMARY), INCLUDING DISTRIBUTION TO OR DISCUSSION WITH ANY PROSPECTIVE INVESTOR, THE MEDIA, PRESS OR WIRE SERVICES
May 2006May 2006
Initial Public OfferingInitial Public Offering
CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for, any shares in Thai Beverage Public Company Limited, nor shall it or any part of it nor the fact of its
presentation form the basis of, or be relied on in connection with, any contract or investment decision. ANY SUCH PURCHASE
SHOULD BE MADE SOLELY ON THE BASIS OF THE INFORMATION CONTAINED IN THE PROSPECTUS.
3CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
Transaction SummaryTransaction Summary
Offering Structure
Offering size = 20% of enlarged share capital (95% Institutional, 5% Singapore public; 4,888,900,000 shares)Over-allotment option = 15% of the offering size (733,335,000 shares)Global Institutional Offering (Rule 144A/Reg S)Primary shares = 50% of the Offering; Secondary shares = 50% of the OfferingLock-up = 180 days for Sirivadhanabhakdi family and affiliates
Indicative Price Range S$0.26 – S$0.36
Use of ProceedsRepayment of debtGeneral corporate purposes
Key DatesPricing: May 24, 2006Trading: May 30, 2006
Listing Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST)
Joint Global Co-ordinators and Joint Bookrunners
4CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
PresentersPresenters
Investment HighlightsMr. Ueychai Tantha-ObhasSenior Vice President and DirectorMarketing
Business OperationsDr. Pisanu VichiensanthSenior Vice President and DirectorProduction
Financial HighlightsMr. Sithichai ChaikriangkraiSenior Vice President and DirectorAccounting and Finance
CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
1. Investment Highlights
6CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
Thailand’s Leading Beer and Spirits CompanyThailand’s Leading Beer and Spirits Company
Market leader in Thai alcoholic beverage market Approximately 60% market share in beer and 74% market share in spirits(1)
Sales of Bt92.1 bn (US$2,242 mm)(3) in FY200550.1% from spirits(2)
42.4% from beer and water(2)
7.5% from industrial alcohol / others(2)
Net Profit of Bt10.5 bn (US$256 mm)(3) in FY200516 distilleries and 3 state-of-the-art breweries~20,000 employeesA far reaching distribution and selling platform
400,000 points of saleExtensive direct coverage of retail outlets
(1) Market shares are for 2004 and are based on Canadean(2) % calculated based on revenue before elimination of inter-segment revenues(3) Exchange rate used is Bt41.07 = US$1.00, as of December 31, 2005
7CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
Investment HighlightsInvestment Highlights
Market leading position in both Thai beer and spirits markets
Strong portfolio of brands with complementary product mix
State of the art breweries and well-established distilleries
Extensive distribution network with superior reach
Strong financial position with new growth opportunities
8CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
Thailand is a Large and Growing MarketThailand is a Large and Growing Market
10.1%
1.3% 1.2%2.5%
5.3% 5.3%
Thailand AsiaPacific
SoutheastAsia
World Europe Americas
(mm HL)
Largest Beer Market in SE Asia One of the Fastest Growing Beer Markets Globally
Largest Spirits Market in SE Asia One of the Fastest Growing Spirits Markets Globally
Beer Sales Volume CAGR 1999-2004
3.2%
(1.2%)(0.4%)
0.7%
2.8%
(0.4%)
Thailand SoutheastAsia
Americas World AsiaPacific
Europe
16.2
1.5
0.9
8.8
12.7
1.7
Thailand
Philippines
Vietnam
Indonesia
Malaysia
Singapore
(mm Cases)
CAGR 1999-2004
10.1%
0.7%
5.0%
10.4%
1.7%
2.2%
72.1
0.4
0.2
3.6
52.6
1.1
Thailand
Philippines
Indonesia
Vietnam
Malaysia
Singapore
CAGR 1999-2004
3.2%
1.9%
5.9%
9.3%
5.4%
(0.3%)
Source: Canadean, “The Beer Service, Annual Report – 2005 Cycle, Thailand” and “The Wine and Spirits Service, Spirits Annual Report – 2005 Cycle, Thailand”
9CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
Dominant Market PositionDominant Market Position
Others26%
74%
Boon Rawd33%
Thai Asia Pacific
Brewery6%
Others1%
60%
Spirits50.1%
Industrial Alcohol / Others7.5%
Beer, Soda & Water42.4%
(1) Revenue segmentation does not take into account elimination of inter-segment revenues
2005 Sales Revenue(1)
Total: Bt 92.1 bnTotal Sales Volume: 72.1 mm 9-liter cases
(1) Figures do not take into account related businesses or elimination of inter-segment revenues
52.1 47.7 42.3
42.238.7
49.9
0.90.70.691.4 90.6 93.0
0
10
20
30
40
50
60
70
80
90
100
2003 2004 2005
(Bt bn)
Segment Revenue Growth(1)
Beer & Water Spirits Industrial Alcohol
22CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
Gross Margin Increases Due to Improved Operational Efficiencies and Higher ASPs Gross Margin Increases Due to Improved Operational Efficiencies and Higher ASPs
48.3 45.7 45.4
8.2 7.2 7.2
4.64.3 4.0
5.76.4 6.6
66.8 63.6 63.1
27.1%29.4%
31.4%
2003 2004 2005
(Bt bn)
[To Come] General and Administrative ExpensesCost of Sales
23CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
1Q Financial Summary1Q Financial Summary
Revenue from Sales EBITDA Net Profit
22.9 22.7
1Q2005 1Q2006
5.6
5.124.5%
22.6%
1Q2005 1Q2006
(Bt bn) (Bt bn) (Bt bn)(Margin)(1) (Margin)(1)
2.9
2.510.9%
12.8%
1Q2005 1Q2006
(1) As % of sales revenue
24CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES
Strong Operating Cash Flow with Limited Required Capital Expenditure after 2006Strong Operating Cash Flow with Limited Required Capital Expenditure after 2006
Capex and Cash Flow Profile
661 1553
6389
1841593
1,987 1,0192,582
1,176
413 499
432
523
150
3,061 3,071
4,946
1,918
400
7,220
20,576 21,10919,052
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2003 2004 2005 2006 20070
5,000
10,000
15,000
20,000
25,000
30,000
Capital Expenditure(Bt mm)
Operating Cash Flow(1)
(Bt mm)
Beer & Water Spirits Industrial Alcohol / Related Businesses
(1) Before changes in operating assets and liabilities
25CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES