Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q2 2020 Earnings Presentation
41 slides from Siamgas & Petrochemicals Public's earnings presentation, September 2020
Slide 1: Presentation for Investor & Analyst Q2 2020 Performance Results
S I A M G A S AND P E T R O C H E M I C A L S P U B L I C C O M P A N Y L I M I T E D | 2 0 2 0 PRESENTATION FOR INVESTOR & ANALYST Q2 | 2020 PERFORMANCE RESULTS
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in Siamgas and Petrochemicals Public Company Limited (“SGP” and shares in
Slide 3: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 3
Slide 4: Shareholding Structure
SHAREHOLDING STRUCTURE 55.0% MAJOR SHAREHOLDERS Domestic Fund Foreign Fund 0.1% 26.3% Retail 16.8% 0.12% 26.30% 16.74% 1.81% Thai NVDR 1.8% 45.0% PUBLIC Latest book closing : On 8 MAR 2020 4
Slide 5: Milestones
MILESTONES Business Business Investment Business acquisition acquisition 10 MW. Power Plant acquisition Vietnam | Supergas Vietnam | Citygas N. and transmission line (LINH GAS) Founded Founded Singapore | Singgas Malaysia | Mygaz in Myanmar Cylinder the company Marine & land logistic China | Sinosia
Slide 6: Business Operation
BUSINESS OPERATION THAILAND OVERSEA LIQUEFIED PETROLEUM GAS (LPG) 1 LIQUEFIED PETROLEUM GAS (LPG) • Singapore 2 ROAD TRANSPORTATION • China 1 • Malaysia 3 MARINE TRANSPORTATION • Vietnam 4 CYLINDER MANUFACTURING COMBINE CYCLE POWER PLANT 2 • Myanmar 5 OIL RETAIL BUSINESS DIESEL POWER PLANT CONTAINER
Slide 7: Business Update
BUSINESS UPDATE THAILAND Siamgas purchased shares of Linh Gas Co. Ltd. through Siam Quality Steel Co. Ltd. which is a 99% own subsidiary. Siamgas launched mobile application for ordering LPG cylinder. OVERSEAS Penang LPG Terminal is under construction. 7
Slide 8: SGP's Presence
SGP’s PRESENCE LPG business OTHER business SHANTOU, SOUTH CHINA | SOGEL HAIPHONG | CITYGAS NORTH ZHUHAI, SOUTH CHINA | SINOSIAMGAS MYANMAR, MAWLAMYING | MLIPP POWERPLANT 230 MW. KOH SI-CHANG | STT LIQUID TANK FARM MYANMAR, ANIN | SMD DIESEL POWERPLANT 10 MW. HO CHI MINH | THAILAND | SIAMGAS & SUPERG
Slide 9: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 9
Slide 10: Thailand Business Model
THAILAND BUSINESS MODEL SGP COMMERCIAL FILLING USERS PLANTS COOKING LPG RETAILERS AGENT HOUSEHOLD GAS SEPARATION PLANTS FILLING USERS PLANTS REFINERIES SGP INDUST. TERMINALS INDUSTRIAL & & USERS DEPOTS SGP AUTO-LPG AUTOMOTIVE STATIONS MOTORISTS AGENT AUTO-LPG STATIONS 10
Slide 11: SGP's Network in Thailand
SGP’s NETWORK IN THAILAND 27 8 500 vessels terminals roadtankers 5.Lampang 6.Khonkaen 4.Nakornsawan 1.Bangkok 2.Samutprakan 3.Chachoengsao 7.Suratthani FILLING PLANT & AUTOGAS STATION Company Filling Plants x 44 8.Songkhla Agent Filling Plants x 142 Company Autogas Stations x 41 Agent Autogas Statio
Slide 12: Thailand LPG Market
THAILAND LPG MARKET LPG Sales Volume (‘000 tons) | ALL SECTORS SGP’s market share in Thailand 24.1% 24.4% 24.6% 25.1% 24.1% YoY: Total -20.5% | SGP -25.1% 4,177 -1.6% 4,108 -2.4% 4,011 -5.3% 3,799 QoQ: Total -18.0% | SGP -21.8% 3,171 3,107 3,027 2,847 1,641 -0.4% -1.7% -3.3% 929 902 739 1,246 1,005
Slide 13: Cooking Market
COOKING MARKET LPG Sales Volume (‘000 tons) | COOKING SECTORS SGP’s market share in Thailand 29.3% 28.6% 27.5% 26.8% 24.9% COOKING PORTION YoY: Total -10.0% | SGP -19.5% +1.9% +0.6% -1.8% 2,110 2,151 2,164 2,125 QoQ: Total -11.6% | SGP -16.3% 1,491 1,534 1,570 1,556 62% 982 -0.4% -3.5% -4.2% 512 521
Slide 14: Automotive Market
AUTOMOTIVE MARKET LPG Sales Volume (‘000 tons) | AUTOMOTIVE SECTORS SGP’s market share in Thailand 16.7% 17.5% 19.5% 21.8% 23.1% AUTOMOTIVE PORTION 1,466 YoY: Total -42.6% | SGP -38.3% -10.0% 1,319 -11.3% 1,170 -12.6% 1,023 QoQ: Total -31.4% | SGP -34.9% 21% 1,221 1,089 942 800 -5.9% -0.9% -2.3% 367
Slide 15: Industry Market
INDUSTRY MARKET LPG Sales Volume (‘000 tons) | INDUSTRY SECTORS SGP’s market share in Thailand 23.6% 24.3% 23.9% 24.5% 22.7% INDUSTRY PORTION YoY: Total -18.0% | SGP -26.3% +6.0% 677 -3.8% 651 638 600 +6.3% 17% QoQ: Total -20.9% | SGP -23.6% 483 515 491 459 292 +9.3% +4.4% -1.4% 157 163 226 129 142
Slide 16: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 16
Slide 17: LPG Business in Oversea
LPG BUSINESS IN OVERSEA SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMITED
Slide 18: Historical CP Price Movement
HISTORICAL CP PRICE MOVEMENT JAN 872.5 JAN 380.0 JAN 737.5 JAN 927.5 DEC 337.5 DEC 725.0 DEC 925.0 DEC 795.0 2008 5 7 2009 8 4 2010 6 6 2011 7 5 -535.0 +387.5 +200.0 -130.0 JAN 880.0 JAN 955.0 JAN 1,015.0 JAN 447.5 DEC 980.0 DEC 1,162.5 DEC 560.0 DEC 467.5 2012 7 5 6 6 2 10 6 6 2013 2014 2015 +185.0
Slide 19: Saudi Aramco CP vs Crude Oil
SAUDI ARAMCO CP vs CRUDE OIL USD/TON 2018 2019 800 Propane[C3] Butane[C4] Q1 -107.5 +75.0 700 655 590 600 Q2 +87.5 -82.5 580 565 600 560 555 655 540 525 480 475 500 635 490 515 525 505 Q3 +57.5 -67.5 595 590 500 570 560 570 445 430 440 440 430 420 430 545 430 505 505 525 520 535 530 Q4 -187.5 +92.5
Slide 20: Singapore Market (1/2)
SINGAPORE MARKET (1/2) TRADING BUSINESS >>> 6M/2020 >>> By SIAM GAS TRADING PTE. LTD. (100%) TARGET VOLUME 1,500,000 TONS TARGET GROWTH 4.5 % SUCCESS 42.0 % 629,874 870,126 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 1,434,873 946,394 942,946 323,948 338,129 73
Slide 21: Singapore Market (2/2)
SINGAPORE MARKET (2/2) RETAIL BUSINESS >>> 6M/2020 >>> BY SINGGAS (LPG) PTE. LTD. (95%) TARGET VOLUME 22,000 TONS TARGET GROWTH 5.3 % SUCCESS 43.8 % 9,639 12,361 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 25,683 24,375 21,041 21,401 21,772 21,866 21,396 20,884
Slide 22: China Market
CHINA MARKET RETAIL BUSINESS >>> 6M/2020 >>> BY 1. SINOSIAMGAS AND PETROCHEMICALS CO., LTD. (100%) 2. SIAM OCEAN GAS & ENERGY LTD. (100%) TARGET VOLUME 1,250,000 TONS TARGET GROWTH 5.0 % SUCCESS 37.7 % 470,775 779,225 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS)
Slide 23: Vietnam Market
VIETNAM MARKET RETAIL BUSINESS >>> 6M/2020 >>> BY 1. SUPERGAS COMPANY LIMITED (100%) 2. SUPERGAS HAIPHONG CO., LTD. (100%) TARGET VOLUME 80,000 TONS 3. CITYGAS NORTH COMPANY LIMITED (70%) TARGET GROWTH 23.8 % SUCCESS 60.5 % 48,374 31,626 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) 185,274 A
Slide 24: Malaysia Market
MALAYSIA MARKET RETAIL BUSINESS >>> 6M/2020 >>> BY MYGAZ SDN. BHD. (70% ) TARGET VOLUME 150,000 TONS TARGET GROWTH 6.5 % SUCCESS 43.5 % 65,210 84,790 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 146,464 140,868 133,642 116,790 91,696 95,600 34,582 34,331 65,210
Slide 25: Total Oversea Volume
TOTAL OVERSEA VOLUME 6M/2020 >>> TARGET VOLUME 3,002,000 TONS TARGET GROWTH 5.3 % SUCCESS 40.8 % 1,223,872 1,778,128 2020 Remaining target 2,851,721 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 2,420,223 2,156,314 2,025,809 1,782,877 645,946 630,500 1,428,978 593,372 1,307,220 1,223,
Slide 26: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 26
Slide 27: Powerplant
Y SIAMGAS SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMITED (27)
Slide 28: MW. Powerplant
230 MW. POWERPLANT SELL TO GOVERNMENT >>> BY MYANMAR LIGHTING (IPP) CO., LTD. (41.1%) 1,256,970 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 1,081,187 1,048,258 675,603 344,654 339,434 336,168 Q2/19 Q1/20 Q2/20 Y-2017 Y-2018 Y-2019 6M-2020 YoY -3.0% +19.9 % YoY -2.5% QoQ -1.0% 28
Slide 29: MW. Diesel Powerplant
10 MW. DIESEL POWERPLANT SELL TO HOUSEHOLD >>> BY SOUTHERN MYANMAR DEVELOPMENT CO., LTD. (33.0%) QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) COD 4,964 1,700 In 3,086 July 2018 1,386 1,158 1,313 Y-2018 Y-2019 6M-2020 Q2/19 Q1/19 Q2/20 YoY +29.5% QoQ +22.7% 29
Slide 30: Deep Sea Port and Oil Tank
(DEEP SEA PORT AND OIL TANK) 30
Slide 31: Oil Tank Storage | Si-Chang Terminal
OIL TANK STORAGE | SI-CHANG TERMINAL SERVICE FOR OIL TANK STORAGE >>> BY SIAM TANK TERMINAL COMPANY LIMITED (99.68%) CAPACITY STATUS UNIT (MIL.LITRE) (USAGE) T-981 T-982 T-983 T-984 T-985 T-986 T-987 T-988 8 42.32 6 T-961 T-962 T-963 T-964 4 187.14 FULL T-975 T-976 2 116.25 FULL 31
Slide 32: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 32
Slide 33: Revenue Breakdown 6M 2019 vs 6M 2020
Thailand Offshore Oversea business 36.2% Logistic 29.1% Other (Service & Other & Dividend) 33.2% 6M | 2019 Thailand 31.1% Oversea 68.9% 0.5% 1.1% 30.8% 6M | 2020 30.3% Thailand 30.7% Oversea 69.3% 38.1% 0.5% 0.3% 33
Slide 34: Full Year and Quarterly Revenue
FULL YEAR AND QUARTERLY REVENUE [BT.M] 6M|2020 Consolidated revenue of Bt.27,952 m shows a 19.0% yoy decline yoy -2.4% yoy -19.0% yoy -33.0% qoq -32.9% 69,103 67,442 840 58,339 59,629 607 34,499 17,669 16,742 16,727 886 265 15,274 206 757 105 350 48,378 27,952 136 684 47,329 45,728 587 34,661 11,225
Slide 35: Full Year and Quarterly EBITDA
FULL YEAR AND QUARTERLY EBITDA [BT.M] 6M|2020 Consolidated EBITDA of Bt.1,445 m shows a +7.3% yoy growth EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN 1,800 13% 6,000 15% 1,634 5,193 1,600 13% 11% 5,000 1,600 8% 1,445 1,400 11% 1,346 9.25% 9% 1,400 7% 4,000 1,200 3,315 9% 1,200 6% 5
Slide 36: Gross Profit Margin & Net Profit Margin
GROSS PROFIT MARGIN & NET PROFIT MARGIN unit : million Baht 6,000 10% 1,800 10% 9% 4,947 5,000 1,594 9.09% 8.36% 1,600 1,400 7% 1,311 8% 8% 1,400 1,099 1 6% 4,000 1,200 7% 1,200 6.45% 1,139 6% 3,251 3,037 1,000 5% 2,891 6.00% 2,811 1,000 4.65% 6% 3,000 768 4% 5.23% 3.97% 2 4% 800 800 2,260 4.85% 5%
Slide 37: Financial Position
FINANCIAL POSITION ASSET (THB Million) LIABILITIES & EQUITY (THB Million) Cash & Equivalents Inventory Short term loan Current liabilities Other asset PP&E Long term Debt Non current liabilities Total Equity INTEREST BEARING DEBT (TIMES) 41,439 38,919 41,439 38,919 1.63 1.63 2,500 1.52 1.44 4,855 2,
Slide 38: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 38
Slide 39: Outlook 2020
OUTLOOK 2020 LPG Sales Volume (Tons) Sales volume (TONs) 2017 2018 2019 Outlook 2020 6M|2020 % Success SGP - Thailand 1,030,660.58 1,010,383.14 983,246.31 1,030,000 398,569.76 38.7% SGP - Thailand Offshore Trading 736,544.45 942,945.98 1,434,872.89 1,500,000 629,874.43 42.0% SGP Offshore Trading Chi
Slide 40: Dividend Payment
DIVIDEND PAYMENT Dividend Policy Historical dividend payment The Company has established the policy to pay dividends to the 2020 0.10- shareholders at the rate of not less 2019 0.10 0.25 than 40% of the net profit after 2018 0.25 0.20 corporate income tax, accumulated 2017 0.50 1.00 loss brought for
Slide 41: Q&A
Q&A QUESTIONS ARE WELCOMED ! 41
Siamgas and Petrochemicals Public Company — Q2 2020 Earnings Presentation on 6ix