#1SRITRANG GLOVES TM "Touch Of Life™ J 4Q22 & FY22 Presentation SRI TRANG GLOVES (THAILAND) PUBLIC COMPANY LIMITED 21 February 2023 Excellent SET SET CAC Corporate Governance Score Apprised by Thai Institute of Directors CERTIFIED The Stock Exchange of Thailand The Stock Exchange of Thailand SET100 Index SETTHSI Index SGX ESG100 Environmental Social-Governance 2022#2Agenda 01 Company Overview 02 Financial Performance 03 Glove Business 04 Business Outlook SRITRANG GLOVES 2#3COMPANY OVERVIEW#4STGT At Glance STGT's total annualized installed capacity approx. 52,500 million pieces per annum is considered one of the world's top rubber gloves manufacturers Total Annualized installed capacity approx. 52,500 million pieces per annum STA 50.6% Rubberland Products Company Limited ("RBL") 5.4% Shareholding Structure Sri Trang Holdings Company Limited ("STH") 3.7% Dr. Viyavood Sincharoenkul Other Sincharoenkul Family Members Others 34.1% 4.8% 1.4% SRITRANG GLOVES 4,052 Chum million pieces phon 2,775 million pieces Sadao P.S. 4,158 million pieces 1989 Anvar Hat Yai Bangkok 11,725 million pieces Surat Thani PS STGG 100% PSE 99.9992% 99.9985% 12,517 Trang million pieces Thailand Thailand Singapore SRITRANG GLOVES Hat Yai 17,300 SDME STU STGS STGI STGV STRG STGP million pieces 100% 100% 100% 100% 100% 100% 99.99% China USA Singapore Engineering services company Glove Production EELEEB Indonesia Vietnam USA Philippines Asset management & Financial investment Distribution of rubber gloves as of 24/08/2022 4#5Million pieces Latex Powdered Examination Gloves Latex Powder-Free Examination Gloves Nitrile Powder-Free Examination Gloves STGT's Products Heavy Duty 300mm LONG CUFF EXTRA PROTECTION Powder-Free Surgical Latex Powder-Free Nitrile Powder-Free Latex Nitrile STERILE Examination Gloves NON DETECTABLE Other Specialty Glove PROTEIN Velvet Touch SPECTRUM Force Heavy Duty "Silicone Free" Nitrile Powder Free Chemo Comfort NOE Nitrile Powder Free Latex Gloves Summary Nitrile Gloves Summary Explore our Touch Of Life", product line We offer a wide range of high-quality natural latex and nitrile examination gloves Sales Volume & Production STGT's Product Mix by Gloves Sales NBR 23% FY22 NRPD 37% OBM 26% FY22 22.9 22.9 bn.THB bn.THB NRPF 40% OEM 74% *Non-glove sales revenue is excluded of THB 408.5 million. SRITRANG GLOVES 12-month data as of 31/12/2022 SRITRANG™ GLOVES TM STGT's Brands SRITRANG GLOVES SATORY TM I'M SRITRANG GLOVES GLOVE INX are Super Gard Sriex™ Ventyv™M エス GLOVES グローブ POLYMED® WELLGUARD 88.6% 83.2% 87.3% 40,000 35,000 73.3% 64.8% 100.0% 80.0% 49.8% 54.5% 60.0% 30,000 25,000 20,000 15,000 27,275 28,809 40.0% 29,315 27,920 20.0% Super Care 0.0% 10,000 7,604 7,905 7,627 6,381 6,896 5,000 7,863 8,104 7,352 5,798 6,666 0 4Q21 1Q22 2Q22 3Q22 4Q22 Production volume Sales volume --Utilization rate (%) based on technical capacity -20.0% -40.0% -60.0% 2021 2022 施睿康® SRITECH 5#6STGT's Key Competitive Advantages 1. Unique Product Mix: Good mix of affordable NR gloves allows us to penetrate to emerging countries where double or triple digits growth is prominent, and NBR gloves balance our revenue from mature markets. 2. Security of supply: Access to sufficient and high-quality supply of concentrated latex from STA Group. Our factories are located proximity to the main source of concentrated latex of the world. • • • 8. ESG Leader: Environmentally friendly technology by using 100% of renewable energy in production Awarded and rated best in class in workforce treatment under highly recognized standards Achieved the reduction of GHGs emission greater than the target and continue to pursue more challenging goal 7. Tax benefit from the Board of Investment Thailand (BOI): 5-8 year tax holidays from capacity expansion investment enables us to have effective tax rate at a single digit. SRITRANG GLOVES TM $ SRITRANG GLOVES 3. Low transportation and inventory handling costs: STGT's production facilities are located next to STA Group's concentrated latex factories and short distance to the seaports. TAX 4. No burden on import tax (CESS) of concentrated latex: As a domestic manufacturer, STGT's NR latex procurement is free from import tax. 6. Interest subsidy from Thai Government for long-term loans at the maximum rate of 3% till 2026. 5. Lower energy cost: Access to abundance of biomass woodchip as a main fuel source comparing to fossil base (natural gas) which is typically used by competitors in other countries. 6#73115 180 13 855 FINANCIAL 1060 HIGHLIGHT 5775 2 1#8STGT's Financial Highlights SRITRANG GLOVES 4Q22: Sales volume recovered from the bottom in 3Q22 Sales volume increased by 8.1% QoQ, showing recovery sign in terms of volume, though still down 9.3% YoY o ASP decreased YoY and QoQ Increase in new supply and ease of Covid-19 caused price competition in the market, resulting to pressured ASP which down by 11.8% QoQ and 38.2% YoY Improvement in GP margin QoQ Due to higher utilization rate as well as a greater decrease in raw material price FY22: Continuous growth in sales volume despite various industry challenges Sales volume increased by 5.6% YoY ASP decreased YoY Increase in new supply and ease of Covid-19 caused price competition in the market, resulting to pressured ASP which down by 54.3% YoY o Decline in margin Mainly due to ASP decrease with some effect of lower utilization rate#94Q22 & FY22 Financial Highlights SRITRANG GLOVES (in million THB) 4Q22 3Q22 %QoQ 4Q21 % YoY Volume (in million pcs.) 6,895.7 6,380.6 8.1% 7,604.1 -9.3% 2022 28,808.9 2021 % YoY 27,275.5 5.6% Sales revenue 4,760.8 4,884.0 -2.5% 8,285.4 -42.5% COGS (4,134.6) (4,324.4) -4.4% (5,688.5) -27.3% 23,304.8 (19,048.0) (19,291.8) 47,550.8 -51.0% -1.3% Gross profit 626.2 559.6 11.9% 2,596.9 -75.9% Other income 23.0 122.5 SG&A (616.0) Gain (loss) on exchange rate, net (200.1) -81.2% (537.6) 14.6% 167.9 219.1% 73.9 -68.8% (780.2) -21.0% 4,256.8 209.3 (2,401.1) 28,259.0 -84.9% 362.5 -42.3% (2,242.8) 7.1% (42.0) 375.9% 101.7 Other gain (loss), net 142.7 (262.5) 154.3% 127.4 12.0% (257.2) 598.1 (1,079.4) -83.0% -76.2% Operating profit (loss) (24.1) 49.9 -148.4% 1,976.0 -101.2% 1,909.5 25,897.4 -92.6% EBITDA EBIT Finance income Finance costs EBT Тах 443.6 451.8 -1.8% 2,346.1 -81.1% 3,519.9 27,251.1 -87.1% 49.1 81.1 -39.4% 2,004.6 -97.5% 2,070.3 26,004.0 -92.0% 73.2 31.2 134.5% 28.6 155.9% 160.8 106.5 51.0% (64.5) (45.8) 40.9% (32.7) 97.4% (186.8) (127.4) 46.7% (15.4) 35.3 -143.5% 1,971.9 -100.8% 1,883.5 25,876.6 -92.7% (23.0) (13.5) 70.4% (132.3) -82.6% (231.5) (2,172.5) -89.3% Net profit (38.4) 21.8 -276.0% 1,839.7 -102.1% 1,652.1 23,704.2 -93.0% GP margin 13.2% 11.5% 1.7% 31.3% -18.2% 18.3% 59.4% -41.2% EBITDA margin 9.3% 9.3% 0.1% 28.3% -19.0% 15.1% 57.3% -42.2% Net profit margin -0.8% 0.4% -1.3% 22.2% -23.0% 7.1% 49.9% -42.8% Financial Ratio Current ratio 4.62 4.85 -4.7% 5.23 -11.8% 4.62 5.23 -11.8% Cash cycle (days) 60.18 67.93 -11.4% 45.53 32.2% 49.63 35.97 IBD/E 0.24 Interest coverage ratio 22.48 0.25 29.28 -23.2% -2.9% 0.22 8.1% 0.24 0.22 38.0% 8.1% 94.57 -76.2% 24.11 207.07 -88.4% ROA -0.3% 0.2% -0.5% 13.8% -14.1% 3.3% 49.6% -46.3% ROE -0.4% 0.2% -0.6% 18.4% -18.8% 4.4% 67.3% -62.9% 9#10In million pcs In million THB YoY -43.7% 58,000 Sales Revenue and Volume Sales Revenue YoY -51.5% 47,438 QoQ -5.8% 48,000 38,000 28,000 19,716 22,990 11,655 18,000 5,356 8,224 7,034 6,415 8,000 4,912 4,629 9,093 3.914 1,623 1.545 16,067 3,078 2,621 19458 8,541 (2,000) 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 NRPD NRPF NBR Sales Volume 40,000 30,000 YoY -9.3% YoY +8.1% 20,000 7,604 7,905 7,627 10,000 6,381 6,896 YoY +5.6% 28,809 27,275 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 10 SRITRANG GLOVES#11Gloves' Sales Revenue Breakdown Sales Revenue by Products Sales Revenue by Geography SRITRANG GLOVES 100% 8% 4% 3% 90% 470 23% 24% 20% 25% 23% 13% 13% 14% 14% 14% 11% 14% 32% 80% 42% 70% 18% 19% 20% 23% 20% 28% 37% 60% 40% 39% 42% 39% 40% 14% 31% 50% 18% 12% 16% 19% 25% 40% 17% 15% 30% 49% 20% 40% 43% 41% 37% 37% 37% 37% 36% 38% 34% 37% 33% 28% 10% 0% 4Q21 1Q22 2Q22 3Q22 4Q22 FY21 FY22 4Q21 1Q22 2Q22 3Q22 4Q22 FY21 FY22 ■ Asia Europe NRPD NRPF NBR NBR 23% FY22 THB 22,896 mm NRPF 40% NRPD 37% North America Latin America Middle East Africa Australia, Oceania Africa Australia, Oceania 4% Middle East 3% Latin America 14% 1% Asia 41% FY22 THB 22,896 mm North America 20% Europe 16% 11#12In million THB Gross Profit Margin Gross Profit and Gross Profit Margin 35,000 59.4% 31.3% 24.5% 20.3% 11.5% 13.2% 30,000 28,259 25,000 20,000 15,000 10,000 YoY -75.9% 5,000 2,597 1,742 1,329 4Q21 1Q22 2Q22 QoQ +11.9% 560 3Q22 Gross profit--% Margin 626 4Q22 2021 YoY -84.9% 18.3% 4,257 2022 SRITRANG GLOVES 12#13Million THB 3,000 YoY -21.0% 2,500 2,000 SG&A SG&A Breakdown QoQ +14.6% YoY +7.1% 2,243 2,401 41% 45% 1,500 1,000 780 641 607 616 538 59% 55% 41% 500 48% 34% 35% 33% 59% 52% 66% 65% 67% 0 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 (1) (2) ■Selling expense Admin expense SG&A/Sales 14.0% 12.9% 11.0% 12.0% 9.4% 10.0% 9.0% 9.3% 8.0% 6.0% 4.0% 2.0% 0.0% 4Q21 1Q22 Note: (1) includes transportation, salary, commission, promotional expenses and insurance (2) includes salary, office rental, professional fee and bank charge 4.7% 10.3% SRITRANG GLOVES 2Q22 3Q22 4Q22 2021 2022 13#14In million THB 4,000 28.3% 21.8% 16.4% 3,500 3,000 YoY -81.1% 2,500 2,346 2,000 342 1,500 1,000 2,005 500 EBITDA EBITDA and EBITDA Margin 40,000 9.3% 9.3% 57.3% 15.1% QoQ -1.8% 35,000 YoY -87.1% 30,000 27,251 1,247 25,000 1,551 334 1,074 In million THB 20,000 15,000 26,004 10,000 351 1,217 452 444 5,000 723 371 395 81 49 4Q21 1Q22 2Q22 3Q22 4Q22 EBIT DA -EBITDA Margin 3,520 1,450 2,070 2021 2022 SRITRANG GLOVES 14#15In million THB In million THB Low Interest Expenses Short Term & Long-Term Loan 10,000 9,186 8,813 8,461 8,140 7,995 1,498 8,000 1,512 1,333 176 190 1,437 1,542 173 1,670 6,000 1,716 4,000 7,128 6,702 6,277 5,828 5,412 2,000 Dec 21 Long term Mar 22 Jun 22 Sep 22 Dec-22 Short term Debentures Current portion of LT loan Loan under RAOT Subsidy Scheme 10,000 8,996 8,461 8,640 8,140 260% 7,819 8,000 6,793 1,498 6,300 1,512 210% 6,000 4,750 2,286 160% 100% 100% 100% 100% 4,000 3,120 83% 82% 110% 66% 2,000 34% 60% 10% 2018 2019 2020 2021 1Q22 2Q22 3Q22 4Q22 Debentures Loan from local institutions (Ex. RAOT portion) Loan under RAOT program % Loan under RAOT In million THB Interest Expense 100 90 5.43% 5.43% 5.43% 5.43% 5.93% 80 ° 70 2.87% 60 1.53% 1.69% 2.06% 2.34% 50 65 40 30 46 42 20 33 35 10 0 4Q21 1Q22 Interest expense 3Q22 2Q22 Effective interest rate 4Q22 MLR RAOT subsidy scheme for the interest paid to the banks at the rate of 3% which will last till 2026. 82% of our term-loan is under RAOT interest subsidy scheme 15 SRITRANG GLOVES#16In million THB Tax expense 38.2% 3,100 11.0% 6.7% 9.5% 2,600 2,100 1,600 1,100 Effective Tax Rate Effective Tax Rate 2021 - 2022 SRITRANG GLOVES 12.3% 8.4% Effective tax rate was at 12.3% for FY22 N/A 2,172 2,515 600 132 130 23 65 14 39 100 82 78 215 231 174 48 (13) (17) (16) (343) 58 (400) (83) 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 Deferred tax Corporate tax Tax (Inc. deferred tax) --Effective tax rate With tax heaven scheme from the Board of Investment in Thailand (BOI) for the 5-8 years tax free for new investment. 16#17In million THB Net Profit Margin Net profit and Net profit Margin 2,900 22.2% 14.8% 27,400 49.9% 9.4% 0.4% -0.8% 24,900 23,704 2,400 22,400 YoY -1,878.1% 19,900 1,840 1,900 QoQ -276.0% 17,400 1,400 In million THB 14,900 1,052 12,400 9,900 900 400 (100) 616 7,400 7.1% YoY -93.0% 4,900 2,400 1,652 22 (100) (38) 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 Net profit -% Margin SRITRANG GLOVES 17#18Dividend Payment The Company has a dividend policy to pay dividend distributions to shareholders At least 50 percent of its net profit based on the Company's separate financial statements Moreover, the Company deemed it appropriate to determine the annual dividend payments for the year 2022. Dividen d Payme nt APR JUN SEP 2021 2021 2021 Annual Dividend Interim Dividend Interim Dividend Record Date 2022 Declaration Date DEC 2021 Interim Dividend Payable Date MAY 2022 Annual Dividend Amount [Baht per Share] SEP 2022 Interim Dividend % of PAT* MAY 2023 Annual Dividend SRITRANG GLOVES Apr 20, 2023 Feb 17, 2023 May 8, 2023 0.25 147% [YE22] Aug 24, 2022 Aug 10, 2022 Sep 7, 2022 0.50 2021 Apr 20, 2022 Feb 17, 2022 May 5, 2022 0.65 93% [4Q21] Nov 22, 2021 Nov 8, 2021 Dec 7, 2021 1.25 81% [3Q21] Aug 24, 2021 Aug 10, 2021 Sep 7, 2021 1.25 47% [2Q21] May 27, 2021 } 55% [YE21] May 12, 2021 Jun 10, 2021 1.50 42% [1Q21] Apr 16, 2021 Feb 16, 2021 Apr 28, 2021 2.00 2020 Nov 30, 2020 Nov 13, 2020 Dec 09, 2020 0.625 } 55% [YE20] Note: *Separate Financial Statements 18#19AM GLOVES BUSINESS#20Strategy for Overcoming to Challenges TM SRITRANG GLOVES SRITRANG GLOVES Maintain the Position as the Leader of NR Gloves Optimize our key competitive advantage to access to raw material source Expand the Product Lines to Other Specialty Gloves Offer more variety of products to cover more customer's needs Market Expansion to Various Countries from 140 countries in 2020 to more than 170 countries in 2022, and we expect to reach >190 countries in the next two years. We have already set up new subsidiaries in Singapore, Vietnam, the Philippines and Indonesia to support market expansion and distribution. Optimize the Production Capacity during the normalization period, the production capacity needs to be strategically utilized to obtain optimal margin Application of Automation and Technology For cost reduction and production efficiency enhancement AI Continuation and Maintenance of Leadership in ESG to align with the current global megatrend, and drive business towards sustainable growth 20 20#21Glove Demand Expected to Grow 8-12% per Annum from Pre-Covid-19 Level Key Growth Drivers in Short-Term and Long-term GLOVES North America Regulatory Requirements Healthcare Awareness Europe Regulatory Requirements Healthcare Awareness Aging Population Russia Regulatory Requirements Healthcare Awareness Population Growth South America Regulatory Requirements + Healthcare Awareness Population Growth Africa Regulatory Requirements Healthcare Awareness Population Growth Asia Regulatory Requirements Healthcare Awareness Growing affluence Population Growth Oceania Regulatory Requirements Healthcare Awareness#22Gloves are Necessities in Our Daily Lives & in Various Industries Increasing Application for Rubber Gloves Medical & Dental Pharmaceutical & Laboratory Food & Catering Industry Electronics Beauty and cosmetics Transportation Services & Hospitality Household Specialized medical applications SRITRANG GLOVES 22#23BUSINESS OUTLOOKS#24Capacity Expansion Plan Expansion plan is revised to achieve 56,000 million pcs. by 2024 Further expansion will be monitored closely depending on industry demand/ supply balance 56 55 Bn.Pcs./Year 48 Bn.Pcs./Year 40 Bn.Pcs./Year 33 Bn.Pcs./Year 14 Bn.Pcs./Year Bn.Pcs./Year 川 2017 2020 2021 2022 Avg. Annual Growth Rate = 2023 2024 12% million pcs Capacity Capacity development (Installed capacity) SRITRANG GLOVES 80,000 70,000 60,000 55,308 56,229 50,000 40,317 48,020 7,703 921 7,288 40,000 31,955 8,362 30,000 4,803 55,308 48,020 20,000 40,317 31,955 27,153 10,000 2020 2021 ■Installed capacity per year 2022F 2023F 2024F Additional capacity 24#25NON DETECTABLE PROTEIN Total Extractable Protein (tested according to ASTM D5712-15) SRITRANG GLOVES Detection limit Result Total Extractable Protein 2.2μg/ml or 7μg/dm² b.d. b.d.- below detection limit, 2.2μg/ml. Quantity of 4 Principal Allergenic Proteins (tested according to ASTM D7427-16) TM CWCG Clean World Clean Gloves Clean World Clean Gloves (CWCG) is the concept of sustainable business operations of Sri Trang Gloves which places the great importance on responsible operations and the manufacturing of high-quality and clean glove products. NATUTEX CO .Wood chip Biomass Energy Quantitation Limit Result Hev b 1 < 0.050µg/g UQ Hev b 3 < 0.050µg/g UQ Hev b 5 Hev b 6.02 < 0.025μg/g <0.025μg/g UQ UQ UQ - unquantifiable i.e. result below the limit of quantitation. Caution: Safe use of this glove by or on latex-sensitized individuals has not been established yet. Sustainable Sourcing Natutex Latex Low carbon production Renewable energy Clean Optimization Reduce Chloride residue by 63% 25#26SRITRANG GLOVES Ultra Contact Nitrile Powder Free Diamond textured for exceptional grip performance Si For silicone free required application Thicker gloves for better protection and durability Color Single wall thickness (finger) typical value 8.7 mil (0.22 mm) Dynamic hand protection against multiple hazards Exceptional dry and wet grip Efficient and easy donning 240 mm length Orange R Food contact compliance Raised diamond texture superb functional grip Powder free Silicone free Great chemical resistance MDR CLASS 1 MDR PPE CAT III CE2777 PPE PPE CATI CEPPE 100% Renewable Energy Low Carbon USAGE (highlight) A LA Production Automotive Industry Laboratory Janitorial This document are confidential and only for intended recipients, should not be copied, distributed or reproduced in whole or in part, nor passed to any third party without the prior written consent of Sri Trang Gloves#27SRITRANG GLOVES SHIELD PLUS Nitrile Powder Free Tested for use against chemotherapy drugs (acc. to ASTM D6978) Tested against EN 16523-1 and ASTM F739 for chemical resistance No permeation against Fentanyl up to 240 minutes (acc. to ASTM D6978) Color Blue Single wall thickness (finger) typical value 5.1 mil (0.13 mm) Efficient and easy donning Powerful hand protection against multiple hazards Extended cuff for extended protection 300 mm length "Food contact compliance Micro textured finger precise grip Powder free Great chemical resistance MDR CLASS 1 CLAS PPE CAT III CE2777 PPE MDR PPE CATI CE PPE CAT 300 LONG CUFF mm EXTRA PROTECTION TM 100% USAGE (highlight) A Renewable Energy Low Carbon Hospital Dental Production Laboratory Janitorial Industry Food This document are confidential and only for intended recipients should not be copied, distributed or reproduced in whole or in part, nor passed to any third party without the prior written consent of Sri Trang Gloves.#28SRITRANG GLOVES Our New Product: Latex Surgical Gloves Location Target completion & Target to Launch TM Capacity STGT HY3 2H2023 20 mil pair/year Medical 712 ศรีตรังโกลฟส์ LATEX POWDER-FREE SURGICAL GLOVES wwwahlenfan คริสรันโกลส 7 LATEX POWDER-FREE SURGICAL GLOVES SRITRANG GLOVES 28#29SRITRANG GLOVES TM Thank you very much Contact Investor Relations Tel: (+66)2-207-4500 Ext. 1402 and 1404 E-Mail: [email protected] SRITRANG GLOVES