CARABAO GROUP 3Q 2020 Analyst Meeting - NOVEMBER 2020
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CARABAO GROUP
3Q 2020 Analyst Meeting
Strictly Private & Confidential
0
NOVEMBER 2020
Disclaimer
The provision herein does not constitute legal advice or investment opinions of any kind, neither is it intended as an
offer, solicitation for Carabao Group PCL. (“CBG” or “The Group”). The information presented within this material is
intended to indicate the Group’s operational and financial position at a given period of time and to be used,
downloaded, and distributed for analyst briefings, and general meetings with CBG, and to be used for educational
material in order to understand CBG’s operation only. The Group makes no representation that all information is
complete and accurate for the purpose of producing a projection of CBG’s operations, performance, or financial position
and may be susceptible to uncertainty and important changes based on political, economic, strategic, and other such
uncontrollable factors. Forward looking statements in this presentation are based on the management’s assumption in
light of information currently available and obtainable, as well as the aforementioned/unmentioned risks and
uncertainties. CBG’s actual results may vary materially from those expressed or implied in its forward-looking
statements, and no assurance is made as to whether such future events will occur. The Group accepts no liability
whatsoever for any loss arising directly or indirectly from the use or endorsement of any information contained herein
by any users and/or third parties.
1
Key messages
Strong growth in 2020 – delivering our strategic plans
Strengthen traditional retailer networks + Pull marketing
Overseas – focusing on strategic countries
NPD to accelerate growth and expand business opportunity
2 2
AGENDA
3Q2020
FINANCIAL DETAILS
BUSINESS UPDATES
CORPORATE PROFILE
3
Overview of 9M 2020
Strong performance despite COVID-19 backdrops
9M20 3Q20 Medium term
Revenue Growth +18.2% +14.1% Double digits
Efficiency and
Productivity improvements from APG and ACM running at full
Productivity capacity and strategic sourcing
Improvements
Savings from ESG initiatives i.e. Solar roof, APM, and plan
discontinue of sponsorship with CFC
Earnings Growth +55.7% +32.5%
4 4
Overview of 3Q 2020
Strong performance despite COVID-19 backdrops
TOTAL SALES OPERATING PROFITS OP MARGINS
฿ 4,405mn ฿ 1,112mn 25.2%
+14%YoY +20%YoY +120 bps
PY: ฿ 3,862mn PY: ฿ 925 mn PY: 24.0%
EPS ROE DPS*
฿ 0.97 42.3% ฿ 0.90
+33%YoY +400 bps +80%YoY
PY: ฿ 0.73 PY: 38.3% PY: ฿ 0.50
* Interim DPS from the 1st half of the fiscal
year’s earnings results
5 5
TOTAL SALES
Sales by Quarter (THBmn)
Sales Growth Analysis*
3Q20
YoY
QoQ
Sales YTD (THBmn)
9M20
YoY
FY19
YoY
6
* Sales growth of each product group weighted by
sales contribution
BRANDED OWN
BRANDED OWN
Improving GP margin due to economies of scale, increasing rate of captive consumptions of Growth: DOM vs Overseas
aluminum-can packaging and efficiencies, and savings from strategic sourcing
GPM
3Q20
YoY
ENERGY DRIVE
QoQ
OVERSEAS
DOMESTIC
% Sales from Overseas
FY17 9M20 DOM
Product Portfolio Region Diversification
Energy Drink Non- Functional Drink
Non-Carbonated Carbonated Energy Vitamin C
OVERSEAS
Mar Mar Jun’
DOM
’19 ’20 20
Mar
’20
OVER
SEAS
7
BRANDED OWN - OVERSEAS
Overseas 3Q20’s healthy YoY growth in CLMV markets driven by each individual country in CMV
By Format By Country
THB mn 4Y-CAGR FY15 FY16 FY17 FY18 FY19 %YoY 3Q19 2Q20 3Q20 %YoY %QoQ 9M19 9M20 %YoY
CLMV 33% 1,878 2,546 3,293 5,498 5,901 7% 1,473 1,800 1,656 12% -8% 4,192 5,426 29%
CHINA 0% - - 1,019 590 494 -16% 170 157 133 -22% -16% 409 356 -13%
ASIA 15% 332 718 487 229 579 153% 118 250 203 72% -19% 500 535 7%
OTHERS 6% 66 93 224 157 84 -47% 19 12 56 193% 361% 80 107 34%
TOTAL Overseas 33% 2,276 3,356 5,023 6,474 7,058 9% 1,780 2,219 2,048 15% -8% 5,181 6,424 24%
% of total overseas FY15 FY16 FY17 FY18 FY19 3Q19 2Q20 3Q20 9M19 9M20
CLMV 83% 76% 66% 85% 84% 83% 81% 81% 81% 84%
CHINA - - 20% 9% 7% 10% 7% 6% 8% 6%
ASIA 15% 21% 10% 4% 8% 7% 11% 10% 10% 8%
OTHERS 3% 3% 4% 2% 1% 1% 1% 3% 2% 2%
TOTAL Overseas 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
8
BRANDED by OEM & DISTRIBUTION for 3rd PARTY
Sales By Product
DISTRIBUTION for 3rd PARTY
FY17 3Q20
LEVERAGE DISTRIBUTION
YoY
due to a
GPM
product
mix
Growth: AL product
3Q20 9M20
AL AL
BRANDED OEM Sales By Product
LEVERAGE STRONG BRAND
YoY QoQ
due to due to cost GPM 3Q20
& DISTRIBUTION
gradual reduction
adjustment program, and
for selling new pricing
price of strategy for
Coffee RTD RTD in July’20
9Consolidated EBITDA & Debt Profile
Consolidated EBITDA (THBmn)
Key indicator of consolidated debt profile
Increased due to short-term
support of working capital
Reduced after all capacity expansion
projects completed in 2018
10Statement of financial position
STATEMENT OF FINANCIAL POSITION Unit: THB million
ASSETS Dec-19 Sep-20 Change LIABILITIES Dec-19 Sep-20 Change
Current Assets Current Liabilities
Cash, Cash Equivalents 962 945 (17) Short-term loans 7 2,053 2,046
Current Investments - - - Trade and other payable 1,447 1,806 360
Trade and other receivable 1,140 1,373 232 Current portion of long-term loans 291 291 -
Inventories 992 1,357 365 Current portion of Debentures 1,699 1,089 (610)
Other current assets 104 141 37 Other current liabilities 333 367 34
Total Current Assets 3,197 3,816 618 Total Current Liabilities 3,777 5,607 1,830
Long-term loans 1,043 825 (218)
Debentures 1,089 - (1,089)
Other non-current liabilities 153 334 181
Total non-current liabilities 2,284 1,159 (1,126)
Non-Current Assets Total Liabilities 6,062 6,766 704
Long-term Investment - - - SHAREHOLDERS' EQUITY
Investment Properties 103 108 5 Issued and fully paid up share capital 1,000 1,000 -
Property, plant & equipment 10,872 11,219 346 Premium on shares 3,963 3,963 -
Intangible Assets 81 94 13 Retained earnings 3,637 4,189 552
Deferred Tax Assets 33 49 15 Other components of shareholders' equity - 34 - 61 1
Other non-current assets 11 282 271 Equity attributable to owners of the Company 8,566 9,090 525
Goodwill 481 495 14 Non-controlling interests of the subsidiary 153 207 55
Total Non-Current Assets 11,583 12,248 665 Total shareholders' equity 8,718 9,298 579
Total Assets 14,780 16,063 1,283 Total liabilities and Equity 14,780 16,063 1,283
11Statement of comprehensive income
Unit: THB million 2017 2018 2019 Change 2018 2019 3Q2019 2Q2020 3Q2020 Change Change 3Q2020 9M2019 9M2020 Change 9M2020
(Adj.) YoY %sales %sales YoY QoQ %sales (Adj.) YoY %sales
Revenue from sales 12,904 14,422 14,933 3.5% 100.0% 100.0% 3,862 4,508 4,405 14.1% -2.3% 100.0% 10,976 12,974 18.2% 100.0%
Costs of goods sold 8,840 9,813 9,123 -7.0% 68.0% 61.1% 2,268 2,674 2,575 13.5% -3.7% 58.4% 6,783 7,588 11.9% 58.5%
Gross profits 4,065 4,609 5,810 26.1% 32.0% 38.9% 1,594 1,834 1,831 14.9% -0.2% 41.6% 4,193 5,386 28.5% 41.5%
Selling expenses 2,379 2,520 1,968 -21.9% 17.5% 13.2% 488 470 479 -1.7% 1.9% 10.9% 1,499 1,449 -3.3% 11.2%
G&A expenses 741 772 785 1.6% 5.4% 5.3% 181 294 239 32.2% -18.6% 5.4% 567 761 34.2% 5.9%
Operating profits 945 1,317 3,058 132.3% 9.1% 20.5% 925 1,069 1,112 20.2% 4.0% 25.2% 2,126 3,176 49.3% 24.5%
Other incomes 164 135 119 -11.9% 0.9% 0.8% 28 32 72 155.9% 129.1% 1.6% 84 130 54.2% 1.0%
Other expenses - 16 12 -27.3% 0.1% 0.1% 26 - - -100.0% - - 33 - -100.0% -
EBIT 1,109 1,435 3,165 120.5% 10.0% 21.2% 928 1,101 1,184 27.7% 7.6% 26.9% 2,211 3,306 49.5% 25.5%
EBITDA 1,372 1,899 3,699 94.7% 13.2% 24.8% 1,061 1,266 1,351 27.3% 6.8% 30.7% 2,610 3,803 45.7% 29.3%
Interest expenses 48 107 133 24.2% 0.7% 0.9% 34 32 21 -37.7% -32.9% 0.5% 102 84 -17.6% 0.6%
EBT 1,061 1,329 3,032 128.2% 9.2% 20.3% 893 1,069 1,163 30.2% 8.8% 26.4% 2,109 3,222 52.8% 24.8%
Income tax expenses 261 368 564 53.1% 2.6% 3.8% 167 179 191 14.0% 6.8% 4.3% 403 535 33.0% 4.1%
Net profits for the period 801 960 2,468 157.0% 6.7% 16.5% 726 891 972 33.9% 9.2% 22.1% 1,673 2,686 60.6% 20.7%
Net profits attributed to the *
1,246 1,159 2,506 116.3% 8.0% 16.8% 732 881 970 32.5% 10.0% 22.0% 1,704 2,652 55.7% 20.4%
Company's shareholders
Remark: *CBG increased shareholdings in ICUK from 51% to 84% since 1Q18 onwards.
ICUK is a subsidiary operating marketing and distribution of Carabao products in the UK and other countries outside Asia. .
1213
BUSINESS UPDATES
NPD: WOODY C+ LOCK winning more shares as brand awareness increased
Functional drink’s market value
Market share development
and trend
WOODY
X
CARABAO
9M
*out of 7 vitamin C shot players
14BUSINESS UPDATES
APM: Packaging manufacturing facility
Capex: ~700 M฿
❑ Construction on process with plan to start
commercial run in Dec 2020.
❑ Produce carton, label, and shrink film for
Carabao Group’s product in order to lift
product quality and brand image to a higher
standard - world class level.
❑ Obtain tax privileges from Board of
Investment (BOI).
SOLAR ROOF
INSTALLATION
❑ Installed capacity of 5
MW, dividing into 2
phases
❑ 2-MW phase to run in
Nov 2020
❑ Use economy-friendly
energy with objective
to reduce the emission
released into the air.
15Company overview
Carabao is the 2nd largest energy drink company in Thailand with strong distribution network
and a successful overseas business, represents c.50% of total sales
Business overview Product overview
• Founded in 2001 as a partnership between 3 founders one of which Categories Product Portfolio
is the leading singer of Carabao (Thai legendary folk band), the
Carabao Group is now the 2nd largest energy drink company in
Thailand with 21.3% market share1 Energy
drink
• Its main product, Carabao Energy Drink, is packaged into amber
glass bottles or aluminum cans. Other branded products include
bottled water, coffee, Carabao Sport electrolyte drink.
• Vertically integrated business model - CBG manufactures and Coffee
distributes its own products, while excess distribution is maximized
by distributing 3rd party products 3-in-1 instant coffee RTD coffee drink
• Carabao has strong in-house production capabilities of glass bottle, Others
and aluminum can (production commenced in late Q4 2018) branded
products Carabao Sport WOODY C+ Lock
• Started to diversify product portfolio into functional drink segment electrolyte drink
Drinking water
Functional drink
by launching WOODY C+ Lock in Mar’20
Carabao's market share evolution1
• Strong local distribution channel with presence in both traditional
Vol share of Thai energy drink market
and modern channels
o Over 50 first tier agents
o 31 distribution centers across Thailand
o >300 cash vans –direct distribution- covering c.180,000 retailers
• Successfully tapped into global markets
o Strong presence in international markets including Cambodia,
Myanmar, Vietnam, Laos and other countries
o Opportunities in new export markets thanks to the fame of
Carabao Cup Source: 1. Nielsen energy drink market report, as of September 2020 ("Nielsen Report") 17
Note: Since 2018, the market has been driven by some niched players, combining herbal
ingredients with energy drinks, which Nielsen categorizes these as energy drink segmentDomestic and international business overview
Increasing presence in the international market to drive growth
Sales breakdown
Established overseas
business diversifies
dependence on Thailand
Total sales by business segment Overseas sales of own branded products by region
9M20 total sales: 9M20 sales of branded own product:
THB 12,974m (+18% YoY) THB 6,424m (+24% YoY)
18Overseas presence
19Comprehensive distribution network
Strong local distribution network covering both modern and traditional channels
with unique cash van strategy
1. Traditional Trade – 83%1
A. 3-tiered agent distribution network – 49%
DOMESTIC
MARKET
c. 50%1
> 50 agents > 1,000
Sub agents/ Small to medium
large wholesalers wholesalers
RETAILERS
(Traditional)
B. Cash Vans – 34%2 • 31 DCs
• 326 Vans
• 180,000 retailers Consumers
2. Modern Trade –17%1
Convenience stores,
Supermarkets,
Hypermarkets
INTERNATONAL
3. Importers, Distributors,
MARKET
International Dealers
c. 50%1
RETAILERS
Consumers
Note: (1) Sales Figure, Sep’20 20
(2) Launched in Q2/15 . Reached 31 distribution centers in March 2017Cash van & distribution center (DC) nationwide
An instructive fleet to push new products onto the shelf of small retailers
31 DCs with 326 Vans,
covering approx.
180,000 registered
retailers nationwide
Direct access
to retailers
CASH VAN
326 Vans
21
Note : After first established in 1Q15, nationwide distribution centers were completed in 1Q17Marketing channels
Dedicated in-house marketing team has established strong relationships with multiple media channels, enabling us to react to market trends and
minimize lead time and costs
Flexible uses of multimedia channels to reach target consumers: media advertising, on-the-ground marketing team, brand ambassador and event
sponsorships
Global marketing platform via international football sponsorships to widen windows of opportunity in global stage
BELOW THE LINE
ABOVE THE LINE
On-ground marketing
TV commercials for wider reach
More than 80 BaoDang
Print ads in magazines, newspapers Girl Teams, consisting of
and posters c.600 members,
promote social activities
BRAND AMBASSADOR & EVENTS SPONSORSHIPS
Celebrity spokesperson promoting our brand, as
well as enhancing corporate image
Contributes significantly in establishing our brand
Regularly sponsor events which appeal to global
target consumers
22Vertically integrated manufacturing facilities
State-of-the-art manufacturing facilities to ensure safe and efficient production
Bottling/ Canning production facilities APG glass bottle manufacturing facility
Plant location: 50 KM from central Bangkok
• Prod. Cap. of 1.3 billion bottles p.a.
Bottles filling • Maximum molten glass production of
• Now: Prod. Cap. of 1.1 billion bottles p.a. 310X2 tons per day
• To be: Prod. Cap. of 1.5 billion bottles p.a.
New capacity to start commercialize in
4Q2020 Certifications:
Cans filling ACM Aluminum can manufacturing facility
• Now: Prod. Cap. of 1.4 billion cans p.a. (JV with Showa Denko Aluminum Can)
• To be: Prod. Cap. of 1.8 billion cans p.a. • Prod. Cap. of 1.0 billion cans p.a.
New capacity to start commercialize in
4Q2020 • Started to commercialize in 4Q2018
Certifications:
• Technology knowhow supported by
SHOWA DENKO Group, a leading
aluminum company from Japan
23Management team
INSTRUMENTAL TO BUILDING COMPANY’S SUCCESS
VISION
World Class Product, World Class Brand
Mr. Sathien Setthasit
MISSION
Chief Executive Officer
1. People: Develop our people with good attitude, willingness to learn, innovation,
accountability
Co-Founder of the Group in 2001
2. Work System: Execute with concise and international standard work system
3. Organization & Management: Operate with clear objective and understandable
responsibility, proper organization structure, and project-based approach
4. Technology: Embed technology and innovation in our processes through Ms. Nutchamai
production, management, sustainability development Thanombooncharoen
5. Product: Produce quality and well-known world class product Managing Director
6. Brand: Be wealthy and modern world class brand
Co-Founder of the Group in 2001
7. Corporate Image: Be known as world class organization with good governance
and social responsibility
Mr. Yuenyong Opakul Mr. Kamoldist Mr. Romtham Mr. Pongsarn
(Add) Smuthkochorn Setthasit Klongwathanakith
Senior Deputy Deputy Managing Deputy Managing Chief Financial Officer
Managing Director Director – Production Director – Int’l Business
• Co-Founder of the Joined in 2015, from
Group in 2001 Been with the Group Been with the Group CIMB Investment
• Lead singer of since 2002 since 2015 Bank
Carabao
• Brand Ambassador of 24
Carabao energy drinkFounders
Mr. Sathien Setthasit Miss Nutchamai Mr. Yuenyong Opakul
Thanombooncharoen (Add Carabao)
CEO
Managing Director Senior Deputy Managing
Director
Founded Tawandang Managed business with Mr. Formed the origin of
German Brewery in 1999 Sathien since 1999 Carabao - the Carabao band
Founded Carabao Managing Director of - in1977
Tawandang in 2002 Carabao since inception Gathered millions of fans for
the brand since
25Strong brand recognition associated with Carabao band
Carabao is Thailand’s legendary music-for-life
& one of the most respected band in Thailand
Songs for life music are reflections of aspects of Thai society
For over 30 years, Carabao songs have been known to speak
to the Thai people in a manner that can easily be related to
their own life experience and provide the hope and strength
to keep fighting.
The result is a truly passionate fan base that are overlapping
with energy drink target groups across the country that lives
and breathes the Carabao “Fighting Spirit”.
[Est. 1981] Carabao & Santana in Bangkok 29th Feb. 2016
26Shareholding structure
Ms. Nutchamai
Mr. Sathien Setthasit’s Mr. Yuenyong Opakul’s
Thanombooncharoen’s Others Free Float
Group Group
Group
32% 22% 14% 3% 29%
Remark: Shareholding portion as of Aug 2020
Holding Subsidiaries
Operating Subsidiaries
CARABAO GROUP
Registered and Fully Paid-up Capital THB 1,000 Million
100% 100% 100% 74% (2) 100% 100% 100% 100%
CBD DCM APG ACM APM ACV CHHK CTHK
85% (3) 84% (1)
▪ Manufactures, ▪ Manages the ▪ Manufactures and ▪ Manufactures and ▪ Manufactures and ▪ International trading
markets and domestic supplies glass supplies aluminum supplies packaging AWD CVHLUX arm
sells the Group’s distribution of bottles required for cans used as materials for the
products the Group’s the manufacture packaging materials Group’s Product
the Group’s product 100%
product for the Group’s
Product ▪ Owns and markets
functional drinks of ICUK
the Company’s
products
▪ Distribution, selling
and marketing in the
UK and outside-Asia
THAILAND OUTSIDE THAILAND
Note: (1) CBG’s shareholding in CVHLUX increased from 51.0% to 84.3% effectively on 8 January 2018 due to exercising the right offerings of CVHLUX and
converting shareholders’ loans to equity, in accordance with the Change of Overseas Subsidiaries’ Capital Structure transaction
(2) The 26% remaining portion of ACM is held by SHOWA DENKO Group, a Japanese business partner
(3) The 15% remaining portion of AWD is held by Mr. Vuthithorn Milintachinda, commonly known as “WOODY”, a public figure and media content
27
creator and owner.Key milestones
Jun 2017 Mar 2017 Jun 2018 2020 Mar 2020
Sponsors the EFL Cup; established as a JV with Carabao Green APM established as a AWD established as a JV
consequently renamed to SHOWA DENKO Group to Apple was launched packaging manufacture with WOODY, and WOODY
Carabao Cup. produce aluminum cans in Thailand; resized to for Carabao Products C+ Lock a vitamin C drink
180ml in Mar 2019 was launched
2016 Carabao 2015 2015 Start establishing Nov 2014 2014 Start Plus Zinc an
Drinking Water, Sponsorship of own distribution centers Carabao Group began electrolyte beverage was
3in1 Coffee, RTD Chelsea F.C. with a national coverage trading in Stock launched; renamed to
of 300,000 outlets Exchange of Thailand Carabao Sport in 2018
Coffee was launched
NO. 1
Challenger
Oct 2002 2004 In 18 months of the 2004 2012 2013
Carabao Dang launch, Carabao overtook Began DCM established as a APG manufactured
was launched Krating Daeng position to exporting to 15 distributor for glass bottles for
become the No. 1 challenger in countries Carabao products Carabao products
the market
28Our product portfolio: ENERGY DRINK SKUs
Carabao Carabao Carabao Carabao
Carabao Carabao Carabao Carabao Carabao
Energy Drink Carabao Carbonated Energy Drink Carbonated
Energy Drink Ginseng Carbonated Carbonated Carbonated
(Original Carbonated (The PRC (Mandarin
(Original) Edition (Original) (Sugar Free) (Green Apple) (Mixed Berry)
Export) Market) Orange)
• 150 ml • 250 ml • 330 ml • 330 ml • 330 ml • 330 ml • 330 ml/ • 250 ml • 330 ml • 330 ml
amber glass aluminum aluminum aluminum aluminum aluminum 180 ml aluminum aluminum aluminum
bottle can can can can can aluminum can can can
can
• Flat taste • Flat taste • Carbonated • Carbonated • Carbonated • Carbonated • Non- • Carbonated • Carbonated
• Carbonated Carbonated
• Caffeinated • Caffeinated + • Caffeinated + • Caffeinated + • Caffeinated + • Caffeinated + • Caffeinated + • Caffeinated +
+ B12 B12 Multivitamins Multivitamins Multivitamins Multivitamins • Caffeinated + Multivitamins Multivitamins
Multivitamins
• Ginseng • Less sugar • Sugar Free • Orange • Mixed Berry
Extract (1:4) • Green Apple Flavour Flavour
Flavour
Domestic Export Only Export in Asia First market: First market: First market: First market: The PRC First market: First market:
(mainly) Afghanistan UK UK UK - 330 ml/ Market UK UK
Thailand – 180ml
Oct 2001 2004 May 2015 Feb 2016 Apr 2016 Aug 2016 Oct 2016/ Mar 2017 Apr 2018 Mar 2020
Mar 2019
10 THB Differ in 2,000 Riel Differ in 1.19 GBP 1.19 GBP 1.19 GBP– 330ml 6 CNY 1.19 GBP 1.19 GBP
(domestic) various (17 Baht) various 15 THB – 180ml
countries countries
29Our product portfolio: NON-ENERGY DRINK
WOODY Carabao Carabao Coffee Carabao Coffee Carabao Coffee Carabao Coffee
Products Carabao Sport
C+ Lock Drinking Water (Rich Aroma) (Espresso) (Robusta) (Espresso)
Descriptions • 250ml glass • 140ml green • 2 size = 600ml • 30 small sticks • 30 small sticks • 180ml can • 180ml can
bottle glass bottles & 1200ml in 1 pack in 1 pack
• Outsource • Outsource
• Flat taste • Non-carbonated • Outsource • Outsource • Outsource production production
• Vitamin C Drink production production production • Distribution
• Electrolyte & • Distribution
through Cash
vitamins • Lemon taste/ • Distribution • Distribution • Distribution through Cash
Vans Channel,
Orange taste through Cash through Cash through Cash Vans Channel, BigC and 7-
• (No caffeine)
• Distribution Vans Channel Vans Cannel Vans Cannel BigC and 7- Eleven
through Cash and Tesco and Tesco Eleven
Vans Channel, 7-
Eleven, and CJ
Express
Domestic Market
Launch Date May 2014 Mar/ Jun 2020 Feb 2016 Jul 2016 Nov 2016
Retail Selling 10 THB 15 THB 7 & 12 THB 85 THB 10 THB
Price
303rd Party’s product for distribution
Products Seaweed Dish Washing Peanuts Toothbrush Razor Fabric Softener
Liquid
Retail Selling 5 10 5 10 10 10
Price (THB)
Launch Date November 2015 April 2016 June 2016 July 2016 August 2016
Products Toilet Cleaner Tissue Detergent Dried Tamarind Canned fish Coconut Nectar
Retail Selling 25 5 10 5 16 12
Price (THB)
Launch Date October 2016 December 2016 December 2016 July 2017 October 2017 January 2018
31INVESTOR RELATIONS
Carabao Group Public Co., Ltd.
Tel: +66 2636 6111 Ext.882
WORLD CLASS WORLD CLASS Email : IR@carabaogroup.com
32
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