June 2015 From Nature to Green Energy

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1 Business Overview: 2015Q2 Performance June 2015

2 Fully Integrated Sugar & Energy Company Note : Conversion Ratio 1 ton of Sugar Cane = 105 kg of sugar + 45 kg of Molasses + 50 kg of Filter Cake kg of Bagasses 1 ton of = 250 litre of ethanol Molasses Page : 2

3 KSL Facilities Overall Facilities 7 Sugar factories Boploy Facility Sugar Factory 36,000 TCD Ethanol Factory 200,000 LPD Power Plant 5 in Thailand 2 in Oversea 3 Power Plants 2 Ethanol factories & Biogas 90 MW Bio Gas 33,600,000 m 3 /y Tamaka Facility Sugar Factory 20,000 TCD Head Office Terminal port Loei Facility Sugar Factory 16,000 TCD Power Plant 40 MW Khon Kaen Facility Sugar Factory 35,000 TCD Ethanol Factory 150,000 LPD Power Plant 65 MW Biogas 15,000,000 m 3 /y Laos Facility Sugar Factory 3,000 TCD New Kwang Soon Lee Facility Sugar Factory 3,000 TCD Cambodia Facility Sugar Factory 6,000 TCD Page : 3

4 Commodity based Company Mixed with Stable Income from Green Energy Product Sugarcane Volume (mil Tons) Sugar Price (cent/lbs) EBITDA Total Profit Operating Profit Contribution 8.41% 2.79% 7.72% 3.74% 25.56% Food Sector Energy Sector Other 54.05% 50.75% 66.36% 4,596 3,414 3, % 43.17% 41.53% 29.90% 2,354 1,676 1,626 2, M_ M_2015 Page : 4

5 Thai Sugar Business : Natural Hedge Raw Material cost (sugarcane) varied by Sugar Market Price, under 70: 30 Revenue sharing (the way to determine the sugarcane price) Page : 5

6 Market Update June 2015 Page : 6

7 Sugar Price July15 Average Raw Sugar price NYBOT # Q2 : cents/lbs 2015 Q2 : cents/lbs 21% decrease Currently trade at +/-12 cents/lbs Page : 7

8 Brazilian Real Depreciated Brazilian Real Depreciated 3Feb14 : 2.40 BRL/USD 30Apr15 : 2.95 BRL/USD 23% decrease Currently trade (9Jun15) At 3.11 BRL/USD 30% decrease # 1 Sugar Exporter Low Cost of Production In term of USD Speculator sell off sugar in future Market Page : 8

9 Fundamental News in Short Term Brazil C/S production falls behind on wet weather FH- May was impacted by heavy rains, reducing harvesting rates, sugar yields (TRS) and the sugar mix. As a result, cumulative sugar production lagged last year s output by almost 0.6mmt (-17%), the gap likely to increase further with rain stoppages reported during SH-May. India Production up 4mmt YoY at 28mmt - Cane harvesting and crushing is almost over across the major cane growing states, with the exception of Tamil Nadu whose season continues through to September. Sugar production reached 28 mmt according to the Sugar Mills Association (ISMA) and we expect a further kmt till end-sep. Production this year is the highest since that of 28.4mmt in Page : 9

10 Fundamental News in Short Term China production drop, year 2014/15, China need to import 4 million tons per year and expect to import more in 2015/16 Page : 10

11 Fundamental News in Long Term El Nino Impact on Jun-Aug15 Rainfall : Above Normal Southern Brazil => Crushing Season 2014/15 Drier than Normal Indonesia, Thailand => Crop year 2015/16 Page : 11

12 Sugar Balance Year 2015/16, Sugar Balance expecting a deficit after 5 years of surplus Page : 12

13 Thai Sugar Industry Update Sugar Factory License Regulation Setup At least 50 km apart, First year crush not less than 50% capacity, Complete construction in 5 years El Nino Impact : Low level water storage for agriculture crop Strong Impact since (18 years) Page : 13

14 Ethanol Outlook PRICE STRUCTURE OF PETROLEUM IN BANGKOK, June 10, 2015 THB / Litre EX TAXES OIL CONSV. WHOLE MARKET VAT RETAIL REFIN FUND(1) FUND SALE+VAT MARGIN PRICE ULG 95 R GASOHOL 95 E GASOHOL 95 E GASOHOL 91 E GASOHOL E Page : 14

15 Ethanol Stock in Thailand Page : 15

16 Performance Update June 2015 Page : 16

17 mil THB P&L Highlights 2, , , Profit/Loss 2014Q2 : 627 m THB 2015 Q2 : 464 m THB 26% decrease H: 1,055 m THB H: 860 m THB 18% decrease - Q Q Q Q Total Page : 17

18 P&L Highlights Income Statement Highlight 6M_2014 6M_2015 %Chg (Million THB) Sales and Services 7,429 7,906 6% Cost of Sales and Service (4,937) (5,494) 11% Gross Profit from Sales & Services 2,491 2,411-3% Other Incomes % Gross Profit from other Income 2,675 2,724 2% Selling Expense (207) (234) 13% Administration Expense (342) (376) 10% Management Remuneration (106) (107) 2% Proceeds to Fund (495) (596) 21% Total Expense (1,148) (1,314) 14% EBIT 1,527 1,410-8% Financial cost (392) (414) 6% Share of Profit of Associated Company (0) 13 Corporate Income Tax (25) (89) 262% Minority and others (55) (60) Net Profit 1, % EPS Gross Margin from Sales & Service 33.5% 30.5% Net Profit Margin 14.2% 10.9% Volume ++ Price FX -59 -> 17 m Derivative 10 -> 125 m Project Investment BOI expired at Nampong site Page : 18

19 Operating Profit Margin Operating Profit Margin 6M_2014 6M_ % 41.23% Volume increase Price decrease Operating Profit Margin dropped 28.68% 24.05% 10.85% 8.86% Sugar Business (Thailand) Ethanol Business + Related Power Plant Business Page : 19

20 Operating Profit Financial Highlight 6M_2014 6M_2015 (Million THB) Operating Profit Breakdown Sugar Business (Thailand) Sugar Business (Other Countries) 11 (206) Ethanol Business + Related Power Plant Business Others Total 1,974 1,754 Deduct HQ Admin (447) (343) EBIT 1,527 1,410 Deduct Interest (392) (414) Deduct Tax (25) (89) Deduct Minority & Other (56) (47) Net Profit 1, Page : 20

21 Oversea Operation Domestic Operation Cost of Production in Oversea is uncorrelated to World sugar Price Cane Cost : 1 year investment Sharp drop in Selling price Sugar cane cost is under revenue sharing system 70:30 Drop in sugar price => Drop in sugar cane price Processing Cost => Fixed (varied by volume crush) Gross Margin decrease Page : 21

22 To-Date Performance 19,718 19,631 Total Revenue EBITDA Total Profit Profit/Loss H: 1,055 m THB Mil THB H: 860 m THB 18% decrease EBITDA H: 2,243 m THB H: 2,191 m THB 2% decrease 7,613 8,219 3,414 3,871 1,676 1,626 2,243 2,191 1, M_2014 6M_2015 Page : 22

23 Statement of Financial Position Mil THB 60,000 50,000 Asset Liabilities Equity D/E IBD/E Times D/E Ratio H: H: ,000 30, IBD/Equity H: H: , , Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q Page : 23

24 Conclusion: Outlook in 2015 World sugar price drops from carrying stock, BRL Exchange Rate, and Oil price Million THB 7,000 6,000 EBITDA Capex 5,000 KSL crushed 8.75 m tons cane in Thailand, less than previous forecast affected by Drought in Central area 4,000 3,000 2,000 1, M_2015 Main contribution from Renewable Energy (Ethanol and Power Plant) EBITDA H: 2,243 m THB H: 2,191 m THB 2% decrease CAPEX H: 1,619 m THB H: 464 m THB Page : 24

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