Opportunity Day Q3/2012 Results Presentation

27th November 2012 Venue : The Stock Exchange of Thailand

Presented by:

Sompong Phaoenchoke, MD.

Chawan Ngamwongsakollert, CFO.

Naiyana Prachotrattanakul , IR Mgr.

2

Contents

• Company Profile

• Industry Overview

• Financial Review

•Outlook

3

Group Structure & Business

Thai Rung Union Car Plc. “TRU”

-R&D, Auto Assembly -Pressed Metal Parts, Plastic Parts, Car Seat

Thai Rung Tools and Dies Co. Ltd. “TRT”

- Tooling (Dies/Jigs/CF)

Thai Auto Conversion Co. Ltd. “TAC” (JV. with Toyota group)

- Special Purpose Vehicles

Thai Auto Pressparts Co. Ltd. “TAP”

- Pressed Metal Parts

Delta Thairung Co. Ltd. “DTC” (JV. with Delta Kogyo, Japan)

- Seats & Seat Components

Thai V.P. Auto Service Co. Ltd. “TVS”

- After-sales Services & Spare Parts

Thai Ultimate Car Co. Ltd. “TUC”

- Automotive, consulting & admin. services

Subsidiary Companies Associated Companies

94%

91%

94%

20%

30%

99.53%

Delta-TR Co. Ltd., Associated company, was liquidated on 6 March 2012.

4

Scope of Business

•Research & Development (R&D)

•Tooling (Dies/Jigs/CF/1)

•Pressed metal parts & plastic

parts

•EDP/2 & Painting

•Auto Assembly

•Seats

•After-sales service & Spare parts

Note : 1. CF = Checking Fixture

2. EDP = Electro Deposit Primer

5

TRU’s Strengths

• Comprehensive and

integrated scope of

work: from R&D,

tooling, parts stamping,

auto seats, EDP/1 &

painting, through to

production of various

kinds of vehicles and

after-sale service.

Note : 1. EDP = Electro Deposit Primer

After-sales service

Special Purpose Vehicles

Auto Assembly (Welding, Trimming)

EDP/1 & Painting

Auto Seats

Part Making

(Metal & Plastic)

Tooling (Dies/Jigs/CF)

R&D

TRU Group

6

TRU’s Strengths (Cont.)

• Own EDP/1 & paint shop with top quality

to meet latest global standards for

export

• Flexible production line can quickly

adapt to customers’ needs

• Leading producer of “flat deck”

cargo boxes for pick-ups

• Specialist producer of pick-up

based special purpose vehicles

Note : 1. EDP = Electro Deposit Primer

2. MUV4 = Military Utility Vehicle 4WD

MUV4/2 & Transformer

7

Business Units

Special Purpose Vehicles & Service centre

Tooling & OEM Parts

Contract Assembly & Painting

56% 33% 3%

% of Total Revenues

as of June 2012

8

Contents

• Company Profile

• Industry Overview

• Financial Review

•Outlook

9

Thai Auto Industry 2004-2015F

0.93

1.13 1.191.29

1.39

1.00

1.65

1.46

2.30

2.502.63

2.73

0.63 0.70 0.68

0.63 0.62

0.550.80

0.80

1.33

1.101.16 1.20

0.330.44

0.54

0.690.78

0.54

0.90

0.74

0.97

1.381.44 1.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2004 2005 2006 2007 2008 2009 2010 2011 2012(F) 2013(F) 2014(F) 2015(F)

Production

Domestic

Export

Mil. Units

Source : - Year 2004-2012(F) The Federation of Thai Industries,

Note - Year 2013-2015 forecasted by TRU, Estimate Domestic 45%, Export 55%

+65%

-28%

-11%

+57%

+8%

+8% +21% +6%

+8% +5% +4%

Hamburger crisis

CAGR (2004-2008)

Production 10%, Domestic NA., Export 25%

CAGR (2012-2015F)

Production 8%, Domestic NA., Export 8%

(From Eco car)

-

Effect of Japanese tsunami in Q2 and Thai floods in Q4

1,285,235

1,706,389

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

Q1-3/11 Q1-3/12

10

Production Volumes in Thailand Q3/12

474,628

558,277

648,751

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Q3/11 Q2/12 Q3/12

Units

Source : The Federation of Thai Industries

+16% QoQ

+37% YoY

Remark : Q2/11 effect from Japan Tsunami

Units +33% YoY

Quarter Cumulative

317,427

481,810

312,701

465,00440,841

53,763

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1,100,000

1,200,000

Q1-3'12 Q1-3'11

11

Domestic Sales in Thailand Q3/12

112,495149,739

175,943

112,230

159,791

198,966

14,232

17,723

19,094

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Q3/11 Q2/12 Q3/12

Commercial vehicle

Passenger cars

Pick-ups+PPV

Source : - The Federation of Thai Industries Note : - PPV = Pickup truck-based Passenger Vehicles - Commercial vehicles = trucks, vans, buses

Remark : Q2/11 effect of Japanese tsunami

Units +20% QoQ

+65% YoY

1,000,577

670,969

+8%

+32%

+49%

+52%

394,003

Quarter

QoQ

+25%

+17%

238,957

327,253

Cumulative

Units

YoY

+34%

+77%

+56%

+49% YoY

473,564561,770

166,068

173,484

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

Q1 -3/11 Q1 -3/12

12

CBU Exports Q3/12

177,692 182,227202,972

61,062 53,921

75,413

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Q3/11 Q2/12 Q3/12

Passenger cars

Pick-ups+PPV

Units

Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up - PPV = Pickup truck-based Passenger Vehicles

236,148

238,727

+4%

+19%

+18% QoQ

+17 % YoY

Remark : Q2/11 effect of Japanese tsunami, Q4/11 Thai floods.

278,385

Quarter Cumulative

QoQ

+40%

+11%

Units +15% YoY

YoY

+ 24%

+14%

YoY

735,254

639,632

CBU Exports Q1-Q3/12

Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up

158,034 235,360

106,996 181,450

105,637150,288

48,27952,894

52,86885,673

25,086 29,589

Q1-3/11 Q1-3/12Source : - The Federation of Thai Industries Note : C&S. America = Central & South America OCEANIA = Australia, New Zealand and Others M/E = Middle East

Q1-Q3/12 = 735,254 units, +15% YoY

Q1-Q3/11 = 639,632 units By Region

ASIA +49%

Middle East

+70%

OCEANIA +42%

C & S

America + 8%

EU +62%

220,078306,075

119,550

146,738

102,89184,193

51,471 33,048,

20,819 28,047

11,448, 17,441

34,72430,034

Q1-3/11 Q1- 3/12

AFRICA +18%

Toyota +39%

Mitsubishi +23%

Nissan -18%

Ford -29%

Isuzu +17%

Mazda -14%

GM +72%

Honda +44%

By Brands

35,020 29596

14

Contents

• Company Profile

• Industry Overview

• Financial Review

•Outlook

15

593

891

73

66

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Q3/11 Q3/12

Other income

Sales and Service income

+44% YoY

957

Total Revenues 3Q/12 Automotive Industry as a whole up by 33%, while TRU’s revenues grew by 37% YoY as a

result of customer diversification.

Sales and Service income +50 % YoY

Other income -10% YoY

1,711

2,390

182

210

0

500

1,000

1,500

2,000

2,500

3,000

3Q/11 3Q/12

+37 % YoY

2,600 Other

income +15% YoY

Sales and Service

income +40 % YoY

Quarter Cumulative

Bt. millions Bt. millions

666

1,893

16 16

Revenue Breakdown 3Q/12

Note: 1. Tooling (Dies/Jigs/CF) & OEM Parts include GM, Nissan, Isuzu, Mitsubishi, Komatsu, Yanmar, Kawasaki, Triumph etc.. 2. Contract Assembly & Painting includes Nissan, Isuzu truck, Flat deck, Komatsu, Kobelco, Yanmar, Vacuum ICL, etc..

3. Other income includes interest, scrap sale, share of profit from investments in associated companies, etc.

931

1,460

625

843

155

87

182

210

0

500

1,000

1,500

2,000

2,500

3,000

3Q/11 3Q/12

Others

Sales of Cars & Service Center

Contract Assembly & Painting

Tooling & OEM Parts

Bt. millions

2,600

1,893

+37% YoY

-44%

+35%

+57%

+15%

89%

3Q/12

Tooling &

OEM Parts,

931, 49%

Contract Assembly

&

Painting, 625, 33%

Sales of

Cars & Service

Center, 155, 8%

Others,

182, 10%

82%

3Q/11

3Q/2012 Total revenues Bt.2,600 million, +37 % YoY, (2011 = Bt.1,893 million)

- Revenues from Tooling & OEM Parts increased by 57% YoY, mainly from GM and Nissan, bringing proportion from 49% to 56%.

- Revenues from Contract Assembly & Painting increased by 35% YoY, mainly from Nissan & Isuzu truck painting and assembly project and growth of Industrial machinery customers.

17 17

Revenues Portfolio 3Q/12

Tooling &

OEM Parts, 1460, 56%

Contract

Assembly & Painting, 843,

33%

Sales of Cars & Service Center, 87,

3%

Others, 210,

8%

3Q/12 Total revenues Bt.2,600 million, up by 37% YoY as a result of customer diversification.

Automotive

83%

Industrial

Machinery12%

Motorcycle

3% Others

2%

89%

Breakdown of Tooling & OEM parts and Contract Assembly & Painting Bus by customer sector.

(2011 = 77%)

(2011 =17%)

121

183

42% 53%

0%

5%

10%

15%

20%

25%

0

50

100

150

200

250

300

350

Q3/11 Q3/12

MB.

18

Gross Profit

+51% YoY

% Gross Profit = Gross profit / Sales and Service Income

333 453

19.44% 18.95%

0%

10%

20%

0

100

200

300

400

500

600

3Q11 3Q/12

MB.

+36% YoY

Quarter Cumulative

3Q/12 TRU’s gross profit was up by 36%, in line with growth in the automotive industry.

Bt. millions Bt. millions

19 19

93

153

14.0%

16.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

0

50

100

150

200

250

300

Q3/11 Q3/12

MB.

Net Profit

+65% YoY

% Net Profit = Net profit attributable to equity holders of the company / Total Revenues

242 385

12.8%

14.8%

-1%

1%

3%

5%

7%

9%

11%

13%

15%

17%

0

100

200

300

400

500

600

3Q/11 3Q/12

MB.

+59% YoY

Quarter Cumulative

3Q/12 TRU’s Net profit increased by 59% as a result of extend car delivery period under Government’s

first-car excise tax scheme and thanks to growth in the automotive industry as a whole.

Bt. millions Bt. millions

20 20

145

208

21.7% 21.8%

10%

12%

14%

16%

18%

20%

22%

0

50

100

150

200

250

300

350

400

Q3/11 Q3/12

MB.

EBITDA

+43% YoY

% EBITDA = EBITDA / Total Revenues

382 550

20.2%21.2%

10%

12%

14%

16%

18%

20%

22%

0

100

200

300

400

500

600

700

3Q/11 3Q/12

MB.

+44% YoY

EBITDA increased mainly thanks to strong growth in revenues and net profit.

Quarter Cumulative

Bt. millions Bt. millions

21

10.24

14.31

0

5

10

15

3Q/11 3Q/12

21

Profitability Ratio

9.40

14.30

0

5

10

15

3Q/11 3Q/12

As Sep 30 , 2012 total assets had increased by Bt.565 million from December 31,2011, mainly due to increases in trade receivables , inventories, investments in new plant and machinery.

Return on Assets (ROA)

Return on Equity (ROE)

+4.07% +4.90%

% ROA = EBIT / Average total assets

% ROE = Net profit attributable to equity holders of the company / Average major shareholders’ equity

22

0.14

0.22

0

0.1

0.2

0.3

Dec 31, 2011 Sep 30, 2012

Times

3.52 2.51

0

1

2

3

4

5

Dec 31, 2011 Sep 30, 2012

Times

22

Financial Ratios As of Sep 30, 2012 Current liabilities increased by 298 MB from December 31, 2011, mainly from

raw material purchasing.

Current Ratio Debt to Equity (D/E)

-1.01

+0.08

23

Contents

• Company Profile

• Industry Overview

• Financial Review

•Outlook

24

Outlook - Tooling & OEM Parts

Tooling

• Boost level of die and jig design and production for turn-key projects through alliance with

foreign partner so as to be able to enter more overseas tenders.

• Build up a network of business alliances in Thailand to cater to the volume of new projects

coming on stream, increase production capacity and be able to take on turn-key projects

overseas.

• Invest in new machinery (Bt.205 million, with BOI investment privileges applied for) to increase

capacity and boost level of technology, which will attract increased parts production work for the

Company.

OEM Parts

• Extension of delivery period under the Thai government’s first-car excise tax scheme, which will

boost the sale and production of vehicles and contribute to increasing the Company‘s orders.

• Expand both metal and plastic parts making business to cater to increasing volumes of orders

from automotive and other customers moving their production bases to Thailand.

• Focus on high added value parts such as those requiring large (2,000 tons) press machines and/or

sub-assembly

• Boost parts production capacity to meet increasing customer demand: the new parts factory in

Rayong province started operation in Q2/2012 and is expected to generate income around Bt.600

million a year.

25

Outlook – Contract Assembly & Painting

• Extension of delivery period under the Thai government’s first-car excise tax scheme,

which will boost the sale and production of vehicles and contribute to increasing the

Company‘s orders

• Top-level expert contract assembler for both semi and complete components, fully

integrated painting and contract assembly of complete vehicles for various brands for

export.

• Upgrade painting facility and equipment to increase production capacity, and

developing vehicle assembly system to meet latest global standards to support

customer demand.

• Conducting feasibility study for expansion of painting shop in order to cater to

increased volumes of work from various customer groups such as automotive,

industrial and agricultural machinery for both the domestic and export markets.

• Leading designer and fully integrated producer of pick-up “flat deck” cargo box for all

brands of pick-up, for export worldwide.

26

Outlook – Special Purpose Vehicles

• Develop our business as a builder of special purpose vehicles based on pick-up trucks in co-operation with brand owners for niche market vehicles that they do not produce, e.g.

- Military vehicles of various kinds (e.g. MUV4) for sale in the domestic market and with the aim of exporting to ASEAN and developing countries

- armoured/ bullet-proof vehicles, cash transporters, etc.

• Use our experience in R&D, body design and engineering to take on design work for various types of vehicles, building prototypes, making dies and jigs for auto makers and other business partners.

• Seek business alliances to develop various kinds of vehicles jointly, for export in both CBU and SKD form, particularly to ASEAN in view of advantageous AFTA duty regime.

27

Questions &

Answers