Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q3 2019 Earnings Presentation
37 slides from Siamgas & Petrochemicals Public's earnings presentation, November 2019
Slide 1: Q3|2019 Performance Results
Q3|2019 PERFORMANCE RESULTS PRESENTATION FOR INVESTOR & ANALYST
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 BUSINESS • OVERSEA BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A
Slide 4: Shareholding Structure
SHAREHOLDING STRUCTURE 55.0% MAJOR SHAREHOLDERS Fund 22.5% Retail 19.6% Thai NVDR 2.9% 45.0% PUBLIC Latest book closing : On 22 AUG 2019
Slide 5: Milestones
MILESTONES Business acquisition Invest in Vietnam | Supergas Business acquisition 10 MW. Power Plant Founded Founded Singapore | Singgas Vietnam | Citygas N. and transmission line the company Marine & land logistic Malaysia | Mygaz China | Sinosiam in Myanmar SUSTAINABLE 1 2 2 2 2 GROWTH 9 0 0 0 0 7
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 Expand petrol with LPG stations. Currently opened 5 stations (Kaset-Nawamin, Phutthamonthon Sai 2, Bypass Cha-am Pranburi, Bypass Saraburi, Phuket and 3 stations in pipeline. Open 3 petrol stations which are Suksawat, Chiang Mai, and Ayudhaya. Invest in TPP shares which oper
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 SRI-CHANG | TPP LIQUID TANK FARM MYANMAR, ANIN | SMD DIESEL POWERPLANT 10 MW. HO CHI MINH | THAILAND | SIAMGAS & SUPER
Slide 9: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND BUSINESS • OVERSEA BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A
Slide 10: Thailand Business Model
THAILAND BUSINESS MODEL SGP COMMERCIAL FILLING USERS PLANTS COOKING LPG RETAILERS AGENT FILLING HOUSEHOLD GAS SEPARATION PLANTS USERS PLANTS REFINERIES SGP INDUST. TERMINALS INDUSTRIAL & & USERS DEPOTS SGP AUTO-LPG AUTOMOTIVE STATIONS MOTORISTS AGENT AUTO-LPG STATIONS
Slide 11: SGP's Network in Thailand
SGP’s NETWORK IN THAILAND 26 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 Agent Filling Plants x 142 8.Songkhla 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 23.6% 24.1% 24.4% 24.6% 24.9% YoY: Total -4.8% | SGP -2.2% 4,409 -5.3% 4,177 -1.6% 4,108 -2.4% 4,011 2,848 QoQ: Total +2.9% | SGP +3.8% 3,370 3,171 3,107 3,027 2,140 -3.3% -0.4% -1.7% 1,004 929 956 1,039 1,
Slide 13: Cooking Market
COOKING MARKET LPG Sales Volume (‘000 tons) | COOKING SECTORS SGP’s market share in Thailand 29.1% 29.3% 28.6% 27.5% 26.9% COOKING PORTION YoY: Total -0.8% | SGP -3.9% 2,094 +0.8% 2,110 +1.9% 2,151 +0.6% 2,164 1,584 QoQ: Total +5.6% | SGP +2.8% 1,484 1,491 1,534 1,570 60% 1,158 +1.4% -0.4% -3.5% 545
Slide 14: Automotive Market
AUTOMOTIVE MARKET LPG Sales Volume (‘000 tons) | AUTOMOTIVE SECTORS SGP’s market share in Thailand 16.9% 16.7% 17.5% 19.5% 21.0% AUTOMOTIVE PORTION 1,731 YoY: Total -12.4% | SGP +1.8% -15.3% 1,466 -10.0% 1,319 -11.3% 1,170 QoQ: Total -3.0% | SGP +6.6% 1,439 778 23% 1,221 1,089 942 -16.3% -5.9% -0.9%
Slide 15: Industry Market
INDUSTRY MARKET LPG Sales Volume (‘000 tons) | INDUSTRY SECTORS SGP’s market share in Thailand 23.4% 23.6% 24.3% 23.9% 24.5% INDUSTRY PORTION YoY: Total -4.7% | SGP -1.4% 677 638 +6.0% 584 600 +6.3% 17% +2.8% 487 QoQ: Total +3.7% | SGP +3.3% 483 515 448 459 367 171 157 163 +3.7% +9.3% +4.4% 155 162
Slide 16: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND BUSINESS • OVERSEA BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A
Slide 17: Oversea Network
—_ 0 Refrigerated Cargo Me, OVERSEA NETWORK me Ww (W)) SIAMGAS \S/ GROUP ——— 2) Siam Ocean Gas & Energy Ltd. ee seers 100,000 Tons LPG Terminal SHANTOU | == <- nemo ®) Sino Siam Gas & Petrochemicals Co,Ltd. = r st @) 200,000 Tons LPG Terminal me FLOATING LPG TERMINAL di 45,000 DWT VLGC ee .
Slide 18: Historical CP Price Movement
HISTORICAL CP PRICE MOVEMENT 9 5 8 6 2007 3 2008 7 2009 4 2010 6 +385.0 -535.0 +387.5 +200.0 7 7 6 2 2011 5 2012 5 2013 6 2014 10 -130.0 +185.0 +182.5 -602.5 6 6 6 2 6 2 2015 6 2016 6 2017 4 2018 4 -92.5 -67.5 +180.0 -150.0
Slide 19: Saudi Aramco CP vs Crude Oil
SAUDI ARAMCO CP VS CRUDE OIL USD/TON 2017 2018 655 700 635 Q1 +140.0 -107.5 600600 595 580580570570 560570 Q2 -152.5 +87.5 600 505 505 655525 520535530 495 490 500 460 575575590590 465470 580 600 470 Q3 +102.5 +57.5 500 560555 420 435445 540415 415 510 390390 525 500 515525 Q4 +90.0 -187.5 480 365 4
Slide 20: Trading Business Sale Volume
TRADING BUSINESS >>> 9M/2019 >>> By SIAM GAS TRADING PTE. LTD. (100%) TARGET VOLUME 1,150,000 TONS GROWTH 22.0 % SUCCESS 89.4 % 1,027,802 122,198 9M | 2019 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 946,394 942,946 736,544 664,255 663,564 400,368 589,188 543,452 30
Slide 21: Retail Business Singgas Sale Volume
RETAIL BUSINESS >>> 9M/2019 >>> BY SINGGAS (LPG) PTE. LTD. (95%) TARGET VOLUME 22,500 TONS GROWTH 5.2 % SUCCESS 68.3 % 15,363 7,137 9M | 2019 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 25,683 24,375 21,396 21,041 21,401 21,772 21,866 5,353 5,458 17,872 4,935 8,793
Slide 22: China Business Sale Volume
RETAIL BUSINESS >>> 9M/2019 >>> BY 1. SINOSIAMGAS AND PETROCHEMICALS CO., LTD. (100%) TARGET VOLUME 1,300,000 TONS 2. SIAM OCEAN GAS & ENERGY LTD. (100%) GROWTH 1.7 % SUCCESS 69.4 % 902,715 397,285 9M | 2019 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 1,277,786 1,21
Slide 23: Vietnam Business Sale Volume
RETAIL BUSINESS >>> 9M/2019 >>> BY 1. SUPERGAS COMPANY LIMITED (100%) TARGET VOLUME 45,000 TONS 2. CITYGAS NORTH COMPANY LIMITED (70%) GROWTH 42.0 % SUCCESS 105.8 % 47,622 9M | 2019 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 185,274 166,814 143,628 17,745 13,931 67
Slide 24: Mygaz Business Sale Volume
RETAIL BUSINESS >>> 9M/2019 >>> BY MYGAZ SDN. BHD. (70% ) TARGET VOLUME 202,500 TONS GROWTH 38.3 % SUCCESS 51.9 % 105,019 97,481 9M | 2019 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 146,464 133,642 116,790 37,068 34,582 34,756 91,696 95,600 52,592 - - - 2010 2011 2
Slide 25: Oversea Total Sale Volume
9M/2019 >>> TARGET VOLUME 2,720,000 TONS GROWTH 12.4 % SUCCESS 77.2 % 2,098,522 621,478 9M | 2019 Remaining target 2,420,223 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 2,156,314 2,025,809 1,782,877 736,324 649,069 645,946 1,428,978 1,307,220 797,880 629,177 78,079 2010 2011 2012 20
Slide 26: Myanmar Power Plant Sale Volume
230 MW. POWERPLANT SELL TO GOVERNMENT >>> BY MYANMAR LIGHTING (IPP) CO., LTD. (41.1%) QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 1,081,187 1,048,258 902,867 344,654 264,491 185,355 Y-2017 Y-2018 9M-2019 Q3/18 Q2/19 Q3/19 YoY -3.1 % YoY +42.7% QoQ -23.3%
Slide 27: Myanmar Diesel Power Plant Sale Volume
10 MW. DIESEL POWERPLANT SELL TO HOUSEHOLD >>> BY SOUTHERN MYANMAR DEVELOPMENT CO., LTD. (33.0%) COD In QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) July 2018 3,558 1,158 1,313 1,262 402 Y-2018 9M-2019 Q3/18 Q2/19 Q3/19 YoY +214.3% QoQ -3.8%
Slide 28: Financial Results
* BUSINESS OVERVIEW * THAILAND BUSINESS * OVERSEA BUSINESS * FINANCIAL RESULTS * BUSINESS OUTLOOK * Q&A LLL! ae. ay aa
Slide 29: Revenue Breakdown by Business
Thailand Offshore 31.8% Oversea business 31.6% Logistic 35.9% Other (Service & Other & Dividend) 0.5% 0.3% 26.8% 30.2% 41.9% 0.8% 0.4%
Slide 30: Revenue
+15.9% -20.6% -2.7% -8.8% 69,103 62,157 840 58,339 59,629 980 51,176 886 757 49,773 48,378 594 401 19,246 684 47,329 17,927 17,756 36,903 16,742 34,661 38,403 111 246 160 15,274 27,902 35,132 105 33,652 136 13,807 12,197 12,294 11,489 9,869 24,274 22,921 19,792 20,340 20,934 15,451 15,720 5,328 5,48
Slide 31: EBITDA and EBITDA Margin
EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN 1,400 10% 6,000 12% 1,223 5,193 1,200 3,500 10% 1,050 8% 5,000 10% 3,093 1,000 3,000 6.35% 8.71% 5.91% 6% 8% 800 4,000 8% 2,500 600 4% 2,860 6.04% 6% 2,836 2,651 6% 2,000 334 3,000 5.91% 1,681 400 297 2.19% 2% 4.86% 1,500 200 4% 2,000 4%
Slide 32: Net Profit and Margin
1,500 11% 4,947 3,000 7% 5,000 10% 2,751 1,227 9% 6% 1,007 8.36% 2,500 4,000 8% 1,000 6.40% 5.42% 7% 738 5.71% 5% 3,037 2,891 2,000 560 3,000 6.00% 2,811 6% 5% 2,260 1,656 500 346 5.23% 1,605 4% 304 4.71% 1,500 3.84% 2.27% 3% 2,000 4% 3.34% 3.15% 1.82% 3.14% 3.30% 3% 1,119 - 1,116 Q3|2018 Q4|2018 Q1
Slide 33: Assets, Liabilities & Equity
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 38,020 38,020 35,804 35,804 2,495 1.63 1.52 2,849 3,824 6,909 1.34 1.37 4,818 9,337 1.17 1.14 6,263 1.05 0.95 1
Slide 34: Business Outlook
* BUSINESS OVERVIEW * THAILAND BUSINESS * OVERSEA BUSINESS * FINANCIAL RESULTS * BUSINESS OUTLOOK * Q&A Ln a. ar Ta
Slide 35: LPG Sales Volume Outlook
Sales volume (TONs) 2017 2018 OUTLOOK 2019 9M|2019 % Success LPG Sales Volume (Tons) SGP - Thailand 1,030,660.58 1,010,383.14 1,050,000.00 733,379.64 69.8% SGP - Thailand SGP Offshore Trading* 736,544.45 942,945.98 1,150,000.00 1,027,802.10 89.4% SGP Offshore Trading China 1,219,476.64 1,277,786.33
Slide 36: Dividend History
2019 0.10- 2018 0.25 0.20 2017 0.50 1.00 2016 0.15 0.35 2015 0.20 0.30 2014 0.15 0.20 2013 0.10 0.50 2012 0.15 0.25 2011 0.15 0.30 2010 0.20 0.30 2009 0.20 0.30 Interim Final 2008 0.15 0.25 SGP split par from Bt1.00 to Bt 0.50 in May 2018
Slide 37: Questions Are Welcomed
° @ @ QUESTIONS ARE WELCOMED !
Siamgas and Petrochemicals Public Company — Q3 2019 Earnings Presentation on 6ix