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Opportunity Day

TIRATHAI PUBLIC COMPANY LIMITED

March 2, 2010

www.themegallery.com

Company Profile, Business & Products1

Business Goals2

3

4

Electrical Demand Overview

Structure of Income & Operating for 2009

5 Business Forecast for 2010

Contents


TIRATHAI PUBLIC COMPANY LIMITED (Plant II – Head Office)Manufacture for Power transformerCapacity up to 300 MVA System voltage up to 230 kV

THAIFINS COMPANY LIMITEDManufacture for Transformer’s fins and Tank support to Tirathai public Company Limited

TIRATHAI PUBLIC COMPANY LIMITED (Plant I)Manufacture for Distribution transformer Capacity up to 10 MVA System voltage up to 36 kV

TRT & It’s Subsidiary


Transmission Line

Transmission line500, 230, 115 kV


PRIVATE SUBSTATION

Big Industry> 10 MVA


MEA’S SUBSTATION ~60 MVA

6.6, 22, 3324 kV

6.6, 3.3416/240, 400/230 kV

Distribution line24, 12/24 kV

Distribution line22, 33 kV

Infrastructure & Housing416/240 V

Industry & Big Building400/230 V

PEA’S SUBSTATION ~60 MVA

Step upTransformer

Power Plant


Product of TRT

TitlePower Transformer

Capacity 5 - 300 MVA Rated Voltage

230 kV

TitleDistribution Transformer

Capacity 1 - 100 MVA Rated Voltage

36 kV

TitleRectifier & Induction Furnace

Capacity 1 - 10 MVA Rated Voltage 36

kV


Business Goals


VisionsTo be a leading transformer manufacturer in South-East AsiaTo meet Customers’ needsTo maintain good image of the organization

Missions Determined to develop the technology and efficiency of its production for

excellence of transformer manufacturing Develop personnel at all levels to obtain the required knowledge and abilities

by means of Team work, Integrity, Quality and Customer Focus Create the added value to shareholders and social responsibilities, as well as

fair treatment to all stakeholders

Missions & Visions


Being a leading transformer manufacturer in

South-East Asia Region

TRT is a Thai manufacturer of transformer who produced variety of quality Transformer products with international standard upon customers’ needs and satisfaction.

TRT also provides variety quality service to meet our customers’ demands

Having production capacity to produce up to 300 MVA with Voltage 230 KV of Power Transformer in order to cope up with the incremental Electricity Demand both locally

and regionally.

Company Goals


Electricity Demand Overview


ขอ้มลูจาก สศช.

ตามความเห็นของ คณะอนุกรรมการการพยากรณ์ความต้องการไฟฟ้า เมือ่ 8 ธ.ค. 51

PDP Growth Rates


YearElectricity

MWSep.07 Dec.08

2008 (2551) 23,957 22,017

2009 (2552) 25,225 22,886

2010 (2553) 26,635 23,936

2011 (2554) 27,996 25,085

2012 (2555) 29,625 26,572

2013 (2556) 31,384 28,188

2014 (2557) 33,216 29,871

2015 (2558) 35,251 31,734

2016 (2559) 37,382 33,673

2017 (2560) 39,560 35,668

2018 (2561) 41,795 37,725

2019 (2562) 44,082 39,828

2020 (2563) 46,481 42,024

2021 (2564) 48,958 44,281 Year

Peak Electricity Demand Forecast


Structure of Incomes and Operating for 2009

2007 2008 2009

- Distribution 703 933 1,034

- Power 638 1,042 1,105

- Service and

Components of Transformer

68 132 84

Total 1,409 2,107 2,223

Structure of Incomes and Operating Results for 2009

(by type of Transformer & Service)


2007 2008 2009

- Government 409 775 703

-Local 619 479 706

-Export 313 755 730

- Service and

Components of Transformer

68 132 84

Total 1,409 2,106 2,223

Million Baht

Structure of Incomes

(by type of Customer)


11%

TRT

50%

TRT

50%

ABB

33%

TRT

33%

DAIHEN

34%

ABB

Distribution Transformer

≤ 3000 kV – 10,000 kV Voltage ≤ 33 kV

Power Transformer

≤ 100 MVA Voltage ≤132 kV

Power Transformer

>100 MVA Voltage ≤230 kV

TRT Local Market Share


Unit: Million Baht 2007 2008 31.12.2009Total Revenue 1,430.17 2,138.46 2,263.68Revenue from Sales & Service 1,409.44 2,106.18 2,223.16Gross Profit 404.19 579.21 581.66EBITDA 230.96 335.97 354.48EBIT 189.62 305.66 312.57Net Profit 121.26 203.94 220.75Total Assets 1,307.17 1,932.73 1,971.58Total Liabilities 809.43 1,251.15 1,187.95Shareholders' Equity 497.74 665.21 783.63Financial Ratio Gross Profit Margin (%) 28.68% 27.50% 26.16%Net Profit Margin (%) 8.48% 9.54% 9.75%Return on Asset (%) 14.41% 18.87% 16.07%Return on Equity (%) 26.96% 35.07% 30.47%Book Value Per Share(Par1Baht) 2.46 3.28 3.86Earning Per Share 0.60 1.01 1.09Dividend Per Share 0.31 0.51 0.55

Consolidated Financial Statements


28.68% 27.50% 26.16%

8.48% 9.54% 9.75%

2007 2008 2009

Gross Profit Margin

Net Profit Margin

17

Financial Highlight


Balance Sheet

D/E Ratio

18

Financial Highlight


As of 28/12/2007 30/12/2008 30/12/2009 24/02/2010

P/E 8.03 6.90 4.77 5.65

P/BV 1.45 1.57 1.88 2.23

Dividend Yield (%) - 7.62 8.02 6.76

Last Price (Baht) at par 1 Baht

3.28 4.00 6.30 6.35

Market Capital (Million Baht)

663.65 810.57 1,276.65 1,514.07

Financial Highlight


Business Forecast for 2010

Revenue from Sales

2,200 - 2,300 M’ Baht close to 2009

target

Target 2010

Delivery in 2010

EGAT 300 MVA 197 M’Baht

(The Greater Bangkok Area)

PEA (PEA-M004A/10) 133 M’Baht

Thai Jurong Engineering (IRPC) 114 M’Baht

Stone & Webster 109 M’Baht

Toyo-Thai Corporation 31 M’Baht

Some of Our Major Customers

EGAT (Power TR) 300 MVA Total 1,800 – 2,000 M’Baht

MEA (Dist. TR) Total 1,600 – 1,800 M’Baht

(Power) Total 150 – 200 M’Baht

PEA (Dist. TR) Total 1,800 M’Baht

(Power) Total 150 – 200 M’Baht

Local Total 1,000 M’Baht

Export Total 1,000 M’Baht

*** Expect to receive the above orders approximately 20 – 30%

Orders, Bids, Quotations in Process

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