2. 2
Disclaimer
This presentation contains certain forward looking statements. Such forward looking statements (the words "believe“, "anticipate“, "estimate“, "target“, or "hope",
or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations) are not guarantees of future performances or events and involve risks
and uncertainties, and actual results may differ from those in the forward looking statements as a result of various factors and circumstances.
The views, analyses and opinions expressed herein contain some information derived from publicly available sources and third party information providers.
Mudman Public Company Limited and its affiliates (“Mudman”) undertakes no representation or warranty is made as to the accuracy, completeness, or reliability
of such information and no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.
Mudman makes no representation whatsoever about the opinion or statements of any analyst or other third party. Mudman does not monitor or control the content
of third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement.
Nothing in this presentation should be construed as either an offer to sell, a solicitation of an offer to buy or sell shares or any type of securities in any jurisdiction.
This presentation is not intended to be any type of investment advice and must not be relied upon as such. You must always seek the relevant professional advice
before otherwise making any such financial, legal or commercial decisions.
4. 4
Overview
To be great, enduring company, with appealing food & lifestyle brands,
proving a healthy and quality work environment
Successful International
Food & Lifestyle Brands
Trend Setters Developing & Caring for
Our People
5. 5
Key Milestones
2007 - 20112006 2015201420132012
Sub Sri Thai PCL acquired
100% stakes in Mudman
Acquisition of
Thailand operation
of Baskin Robbins
Khon Kaen Sugar Industry
PCL subscript capital
increase (9.3% stake)
Capital increase
to THB 843 mm
Capital increase
to THB 525 mmCompany registration
Sub Sri Thai PCL (SST)
A documentary/goods storage service provider with attractive cash flow
streams enabling SST to continuously raise fund via property funds/REIT
to fuel growth with market capitalization of ~THB 4,500 mm
Khon Kaen Sugar Industry PCL (KSL)
One of the largest Thailand’s sugar producers with vision to diversify into
many business ventures with market capitalization of ~THB 24,000 mm
Capital increase
to THB 300 mm
Create catering services
at Ramkamheng hospital
(cafeteria and IPD)
Open in Mar 2015
Acquisition of
Greyhound Original
& Cafe
Master franchisee of
Dunkin Donuts (1981)
Au Bon Pain (1996)
2016
Public
Conversion
2017
Capital increase
to THB 1,055 mm
6. 6
799 857
987 1,036
1,150
1,421
1,627
1,855
2,235
2,889
2,992
170 188 207 224 240 258 301 349 370 389 401
98 92
104 109
135
192
224
232
216
253 255
-50
-
50
100
150
200
250
300
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Total Revenues (THB mm) No. of Stores EBITDA (THB mm)
Solid Operational Platform & Strong Growth Capabilities
Acquisition of
Thailand operation
of Baskin Robbins
ORGANIC INORGANIC
Global Brand Acquisition
Selective International
Franchising
Operational Excellence
Consolidation of Systems
and Infrastructures
Intensive International
Expansion
Create catering services
at Ramkamheng hospital
(cafeteria and IPD)
Note: (1) Excluded international stores & some types of local stores (catering / booth / convention stores)
(2) Included Greyhound in 2014 onward
Acquisition of
Greyhound
Original & Cafe
Master franchisee of
Dunkin Donuts (1981)
Au Bon Pain (1996)
7. 7
64.3%
7.5%
4.9%
23.4%
Others
Strategic SHs*
Mudman at a Glance
Shareholding Structure
Management TeamBusiness Overview
Note: Please see details in the following page
Note: * Strategic SHs are individual investors who are defined per SEC regulation
As of April 2017
Nadim Xavier Salhani
CEO
• A proven track record of successful turnaround
• Over 15 years experience in Food & Beverage retail business
with leading international brands including Starbucks, Auntie
Anne’s Pretzel, Au Bon Pain and Dunkin Donuts
• Joined Mudman Group in 2003
Hansa Sermsri
CFO
• Over 20 years in accounting and finance
• Joined Mudman Group in 2006
• Previously with Excel Distribution, Motorola, Taylor Nelson
Sofres
Wimonrat Asawachavisit
Vice President
(Supply Chain)
• Over 19 years solid experience in supply chain management
• Joined Mudman Group in 1996
• Previously with Asia Food & Machinery
Lapaporn Tiasakul
Vice President
(Business Development)
• Over 18 years in F&B retail business
• Joined Mudman Group in 2003
• Previously with Starbucks, Auntie Anne’s Pretzel, The
Brooker Group and IMRS
Nobklao Trakoolpan
Vice President
(Operation)
• Experiences in the management of hospitality industry for
over 18 years
• Strong experiences in Food & Beverage, both kitchen and
dining area
• Experience for operating F&B, Culinary, Room Division,
Engineering and Security
• Previously with Holiday Inn Express Bangkok Siam
Food & Beverage
OwnedbrandMasterFranchisee
Premier Asian Player
Lifestyle
12 4 53
1
2
4
5
3
12. 12
Anticipated exponential growth from franchising model
Strengthen Footprint
(Existing Markets)
Win ASEAN
(Cover East Asia)
Expand beyond Asia
(Step into Europe)
Perceived as Global
Brands from Thailand
3
13. 13
Brand Managing Director handles:
• Operation
• Marketing
• Production
• Repair & Maintenance
• QC/QA
CORPORATE
SUPPORT
BRAND
Centralized Center to Support Each Brand
Supply Chain
Management
Human
Resource
Accounting &
Finance
Information
Technology
Operation
Support
Business
Development
FranchiseOwnbrand
Well established platform to support organic & inorganic growth4
16. 16
95%
5%
(6)
(14)
(132)
(17) (16)
(140)
(120)
(100)
(80)
(60)
(40)
(20)
-
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
70
59
(87)
59 63
(100)
(80)
(60)
(40)
(20)
0
20
40
60
80
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
737 738
762
755
738
720
725
730
735
740
745
750
755
760
765
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Key Takeaways
EBITDA
Net Profit
Note: * Excluded international stores
** Allocating loss based on EBITDA contribution
*** Excluded impairment loss
Revenues
THB mm + 0.1% YoY
- 2.3% QoQ
Stores * 406 411 425 441 433
EBITDA margin 9.5% 8.1% 8.9%*** 7.8% 8.6%
%SG&A/Revenues 58.8% 60.8% 58.4%*** 61.2% 61.0%
• 1Q/17 revenues reported THB 738 mm or flat
growth YoY, mainly due to economic slowdown
and lower consumer spending
• EBITDA in 1Q/17 reported THB 63 mm (8.6%
margin) which is lower from 1Q/16 (9.5% margin)
primarily due to higher SG&A in 1Q/17 (61.0%)
which mainly from staff expenses, rental &
services costs in accordance with expanding
number of stores
• Net margin in 1Q/17 and 1Q/16 recorded (2.1%)
and (0.8%) respectively, resulting from non-cash
items (Purchase Price Allocation) and high
industry competition
• Going forward, MM will have no major concern on
the impairment of GHF and will continue to
implement tactical strategies, marketing efforts
and efficient cost control to ensure strong growth
and healthy financial statement
68***
(8)***
Food & Beverage
Fashion Lifestyle
Revenues
Breakdown
(1Q/17)
Net margin (0.8%) (1.8%) (1.0%)*** (2.3%) (2.1%)
Mudman Group - Key Financial Performance (cont’d)
17. 17
(3.4%)
(0.2%)
6.3%
(1.9%)
(2.6%)
6.3% 6.4%
11.2%
(0.2%)
1.6%
-8%
-4%
0%
4%
8%
12%
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
SSSG - F&B TSSG - F&B
4.1 3.9
3.6
3.9
4.7
-0.2
0.8
1.8
2.8
3.8
4.8
5.8
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
1,847 1,831 1,787 1,999 1,962
2,138 2,124 1,993 1,815 1,799
0.86 0.86 0.90
1.10 1.09
-4.00
-3.00
-2.00
-1.00
-
1.00
2.00
-500
500
1,500
2,500
3,500
4,500
5,500
6,500
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Liabilities Equities D/E
SSSG & TSSG Financial Position
Net Debt / LTM EBITDA**
Mudman Group - Key Financial Performance (cont’d)
Note: * SSSG is calculated based on operating stores in the same comparing period (i.e. exclude stores operating only two months in comparing quarter)
** Last-twelve-month EBITDA (without impairment loss in 3Q/16)
• 1Q/17 same-store-sale-growth (SSSG)* of F&B decreased by (2.6%)
YoY, attributable to deteriorating retail sector and economic downturn
• Total-system-sales-growth (TSSG)* of F&B reported +1.6% YoY,
primarily from the on-going store expansion at selective locations
• Debt-to-Equity is 1.09x as of Mar-17, slightly lower from 1.10x at the
year-ended Dec-16
• Net debt / LTM EBITDA in 1Q/17 reported 4.7x higher from 3.9x at
Dec-16, primarily due to higher outstanding interest bearing debt (i.e.
loan for dividend payout which has been repaid by IPO proceed)
3,895 3,955 3,780 3,814 3,761
18. 18
1Q/16 2Q/16 3Q/16 4Q/16 1Q/17
Net sales 716.4 716.2 737.2 719.4 705.9
COGS (289.8) (287.0) (308.4) (295.2) (285.4)
Gross profit 426.6 429.2 428.8 424.2 420.6
GPM 59.5% 59.9% 58.2% 59.0% 59.6%
Selling exp (351.3) (376.8) (369.9) (375.8) (366.9)
Administrative exp (81.9) (71.3) (75.3) (85.8) (82.8)
Other inc / (exp) 20.7 21.3 25.2 35.2 31.7
Impairment loss - - (154.9) - -
EBIT 14.0 2.4 (146.2) (2.2) 2.5
Interest exp (15.1) (14.1) (13.7) (13.4) (16.2)
EBT (1.1) (11.7) (159.9) (15.6) (13.7)
Tax (4.9) (1.9) 28.3 (1.7) (1.9)
Net profit (6.0) (13.5) (131.6) (17.2) (15.6)
NPM (0.8%) (1.8%) (17.3%) (2.3%) (2.1%)
PPA 17.7 17.7 17.8 16.8 16.7
Net profit - excl PPA 11.8 4.2 (113.8) (0.4) 1.1
NPM - excl PPA 1.6% 0.6% (14.9%) (0.1%) 0.1%
EBITDA 69.9 59.5 (87.2) 58.8 63.2
EBITDA margin 9.5% 8.1% (11.4%) 7.8% 8.6%
EBITDA- operating 69.9 59.5 67.8 58.8 63.2
EBITDA margin 9.5% 8.1% 8.9% 7.8% 8.6%
Mudman Group - Key Financial Performance (cont’d)
• Purchase Price allocation (PPA) is an
amortization of identifiable intangible assets
(foreseeable useful life) at fair value after the
acquisition
• For example, trademark, franchise agreement,
contractual agreement and order backlog
• There are three brands associating with PPA:
- Dunkin’ Donuts
- Au Bon Pain
- Greyhound Cafe
• PPA is an accounting impact only on
“Consolidated” financial statement
• Without PPA impact, net profit would turn
to positive with NPM of 1% - 2%
Key Takeaways
PPA Implication to Our Brands
Note: Disregard tax implication in calculating net profit - excl PPA
19. 19
(200)
(150)
(100)
(50)
-
50
100
2013 2014 2015 2016
Net Profit Adj. PPA Amortize Adj. Impairment Normalized Net Profit
Net Profit (THB mm)
(168)
 Negative Earnings from Accounting Policies and Financing Costs: Negative net profit is caused by financing cost, depreciation and amortization from
normal operation, and PPA amortization from past acquisitions.
 Earnings from Normal Operation is Positive: by adding back PPA amortization from past acquisitions namely Dunkin’ Donuts, Au Bon Pain, and
Greyhound Group at total THB 32 mm, 48 mm, 71mm, and 70 mm in 2013 – 2016.
 Going forward, Mudman will have no major concern on the impairment of Greyhound Fashion and will continue to implement tactical strategies, marketing
efforts and efficient cost control to ensure strong growth momentum
70
155 57
(43)
71 2829
32 61
48 13
(35)
Dampen by Greyhound
acquisition financing cost
Mudman Group - Key Financial Performance (cont’d)