Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q2 2021 Earnings Presentation
45 slides from Siamgas & Petrochemicals Public's earnings presentation, September 2021
Slide 1: LPG Domestic & Oversea
LPG Domestic & Oversea Thailand China Singapore Malaysia Vietnam Logistic Cylinder Manufacturing Oil Retail Business Container Terminal Service Liquid Tank Farm & Deep Sea Port Power Plant Combine Cycle Power Plant Diesel Power Plant
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 THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 3
Slide 4: Shareholding Structure
SHAREHOLDING STRUCTURE BUSINESS OVERVIEW MAJOR SHAREHOLDERS 55.0% (Weeraborwornpong Group) Domestic Fund Foreign 0.1% 29.7% Retail 13.3% Thai NVDR 1.9% 45.0% PUBLIC Latest book closing : On 11 MAR 2021 4
Slide 5: Milestones
MILESTONES BUSINESS Founded the company Business acquisition (LPG Business) OVERVIEW 1976 2013 • MYGAZ in Malaysia • CITYGAS NORTH in Vietnam Investment Business acquisition – UNIQUEGAS • 230 MW. COMBINE CYCLE POWER PLANT in Myammar 2016 2004 Investment Founded Marine & land logistic • 10 MW. DIESEL
Slide 6: Business Operation
BUSINESS OPERATION BUSINESS THAILAND OVERSEA OVERVIEW 1 LIQUEFIED PETROLEUM GAS (LPG) 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 POW
Slide 7: Business Update
BUSINESS UPDATE BUSINESS OVERVIEW THAILAND SGP expands new filling plants in Nakorn Phatom and Chonburi. Open new cylinder inspection and paint shop in Khonkan LPG market in Q2/2021 is higher than the same period last year due to recover from Covid 19. OVERSEAS CP price drops USD 82.5 in Q2/2021 but
Slide 8: SGP's Presence
SGP’s PRESENCE LPG business BUSINESS OVERVIEW OTHER business 8
Slide 9: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 9
Slide 10: LPG Domestic
LPG DOMESTIC
Slide 11: Thailand Business Model
THAILAND BUSINESS MODEL THAILAND LPG SGP BUSINESS 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 11
Slide 12: SGP's Network in Thailand
SGP’s NETWORK IN THAILAND THAILAND LPG BUSINESS 5.Lampang 6.Khonkaen 4.Nakornsawan 1.Bangkok 9 terminals 3.Chachoengsao 2.Samutprakan 500 FILLING PLANT & AUTOGAS STATION roadtankers Company Filling Plants x 41 7.Suratthani 27 Agent Filling Plants x 145 8.Suratthani Company Autogas Stations x 42 Agen
Slide 13: Thailand LPG Market: All Sectors
THAILAND LPG MARKET | ALL SECTORS SGP’s market share in Thailand THAILAND LPG 24.4 % 24.6 % 25.1 % 23.8 % 22.9 % BUSINESS YoY: Total +9.8% | SGP +5.5% 4,108 -2.4% 4,011 LPG Sales Volume (‘000 tons) -5.3% 3,799 -10.8% 3,389 QoQ: Total -5.7% | SGP -8.3% 3,107 3,027 2,847 2,583 1,672 -1.7% -3.3% -15.4%
Slide 14: Cooking Market
COOKING MARKET SGP’s market share in Thailand THAILAND LPG 28.6% 27.5% 26.8% 24.7% 24.2% BUSINESS YoY: Total +7.7% | SGP +5.9% +0.6% COOKING PORTION -1.8% LPG Sales Volume (‘000 tons) 2,151 2,164 2,125 -4.4% 2,033 QoQ: Total -5.0% | SGP -8.4% 1,534 1,570 1,556 1,530 1,019 -3.5% -11.7% 461 522 496 65
Slide 15: Automotive Market
AUTOMOTIVE MARKET SGP’s market share in Thailand THAILAND LPG 17.5% 19.5% 21.8% 22.4% 20.6% BUSINESS YoY: Total +3.1% | SGP -6.0% 1,319 AUTOMOTIVE PORTION -11.3% 1,170 LPG Sales Volume (‘000 tons) -12.6% 1,023 -26.4% QoQ: Total -8.7% | SGP -10.6% 752 1,089 942 800 17 584 323 149 169 154 % -0.9% -2.3
Slide 16: Industry Market
INDUSTRY MARKET SGP’s market share in Thailand THAILAND LPG 24.3% 23.9% 24.5% 22.3% 21.0% BUSINESS YoY: Total +25.0% | SGP +17.0.1% +6.0% 677 -3.8% INDUSTRY PORTION 638 651 -7.2% LPG Sales Volume (‘000 tons) 604 QoQ: Total -4.7% | SGP -5.8% 18 483 515 491 331 % 469 +4.4% 169 -15.6% 129 161 -1.4% 261
Slide 17: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 17
Slide 18: LPG Oversea
LPG OVERSEA
Slide 19: Saudi Aramco CP vs Crude Oil
SAUDI ARAMCO CP vs CRUDE OIL USD/TON Propane [C3] OVERSEA 800 2019 2020 Butane [C4] LPG 665 660 Q1 +75.0 +7.5 625 620 605 700 BUSINESS 565 560 Q2 -82.5 -115.0 550 530 525 515 505 600 495 665 490 655 Q3 -67.5 +20.0 450 620 440 440 430 430 430 430 430 420 595 590 585 500 Q4 +92.5 +95.0 375 375 545 370
Slide 20: Singapore Market (1/2)
SINGAPORE MARKET (1/2) 6M/2021 >>> OVERSEA LPG TARGET VOLUME 1,400,000 TONS BUSINESS TARGET GROWTH 12.8 % SUCCESS 49.6 % 693,995 706,005 TRADING BUSINESS >>> 2021 Remaining target 1,434,873 1,241,420 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 946,394 942,946 736,544 693,995 337,015
Slide 21: Singapore Market (2/2)
SINGAPORE MARKET (2/2) 6M/2021 >>> OVERSEA LPG TARGET VOLUME 20,000 TONS BUSINESS TARGET GROWTH 24.7 % SUCCESS 41.3 % 8,262 11,738 RETAIL BUSINESS >>> 2021 Remaining target 25,683 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 24,375 21,041 21,401 21,772 21,866 21,396 20,884 16,034 4,3
Slide 22: China Market
CHINA MARKET 6M/2021 >>> OVERSEA LPG TARGET VOLUME 1,150,000 TONS BUSINESS TARGET GROWTH 21.4 % SUCCESS 38.5 % 442,757 707,243 RETAIL BUSINESS >>> 2021 Remaining target 1,277,786 1,219,477 1,200,167 1,190,464 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 909,874 947,145 242,279 244,81
Slide 23: Vietnam Market
VIETNAM MARKET 6M/2021 >>> OVERSEA LPG TARGET VOLUME 100,000 TONS BUSINESS TARGET GROWTH 8.6 % SUCCESS 29.7 % 29,732 70,268 RETAIL BUSINESS >>> 2021 Remaining target 185,274 166,814 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 143,628 92,081 24,087 67,388 64,632 16,119 44,785 13,613
Slide 24: Malaysia Market
MALAYSIA MARKET 6M/2021 >>> OVERSEA LPG TARGET VOLUME 150,000 TONS BUSINESS TARGET GROWTH 7.8 % SUCCESS 46.8 % 70,216 79,784 RETAIL BUSINESS >>> 2021 Remaining target 146,464 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 140,868 139,126 133,642 116,790 91,696 95,600 70,216 35,599 34,6
Slide 25: Total Oversea Market
TOTAL OVERSEA MARKET 6M/2021 >>> OVERSEA LPG TARGET VOLUME 2,820,000 TONS BUSINESS TARGET GROWTH 15.8 % SUCCESS 44.1 % 1,244,962 1,575,038 2021 Remaining target 2,851,721 2,420,223 2,435,806 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 2,156,314 2,025,809 1,782,877 1,428,978 1,307,22
Slide 26: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 26
Slide 27: Power Plant
wey, POWER PLANT
Slide 28: Combine Cycle Power Plant
230 MW. COMBINE CYCLE POWERPLANT OTHER BUSINESS SELL TO GOVERNMENT >>> 1,358,415 1,256,970 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 1,081,187 1,048,258 342,367 336,168 329,531 671,898 Y-2017 Y-2018 Y-2019 Y-2020 6M/2021 Q2/20 Q1/21 Q2/21 -3.0% +19.9 % +8.1% YoY +1.8% QoQ +3.9% 28
Slide 29: Diesel Power Plant
10 MW. DIESEL POWERPLANT OTHER BUSINESS SELL TO HOUSEHOLD >>> 6,580 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 1,808 4,964 3,496 1,700 1,689 1,158 Y-2018 Y-2019 Y-2020 6M/2021 Q2/20 Q1/21 Q2/21 +19.9 % +8.1% YoY +6.3% QoQ +7.0% 29
Slide 30: Liquid Tank Farm and Deep Sea Port
LIQUID TANK FARM AND DEEP SEA PORT
Slide 31: Oil Tank Storage | Si-Chang Terminal
OIL TANK STORAGE | SI-CHANG TERMINAL OTHER SERVICE FOR OIL TANK STORAGE >>> BUSINESS by Siam Tank Terminal Co., Ltd. OCCUPIED AVALABLE UNIT CAPACITY OCCUPIED (MIL.LITRE) BY T-981 T-982 T-983 T-984 T-985 T-986 T-987 T-988 8 42.32 6 (5.29/unit) T-961 T-962 T-963 T-964 4 187.14 4 (46.79/unit) T-975 T-9
Slide 32: Oil Trading Business
OIL TRADING BUSINESS OTHER OIL TRADING BUSINESS >>> BUSINESS by Siam Gas Trading Pte.Ltd. COMPARE | SALE VOLUME (BARRELS) QUARTERLY | SALE VOLUME (BARRELS) 722,652 722,652 644,509 644,509 609,612 644,509 397,059 197,554 197,554 0 Q1/2020 Q2/2020 Q3/2020 Q4/2020 Q1/2021 Q2/2021 Q2/2020 Q1/2021 Q2/202
Slide 33: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 33
Slide 34: Financial Report 2Q/2021
sees ---| Accounting & Finance |-~- FINANCIAL REPORT 20/2021
Slide 35: Revenue Portion
REVENUE PORTION 6M/2021 FINANCIAL RESULTS 6M/2020 Thailand 23.4% Oversea 76.6% Thailand 31.0% Oversea 69.0% Offshore 45.3% Offshore 35.9% Thailand Thailand Oversea 28.9% 20.9% business Oversea business 31.3% 33.1% Other Other (Service (Service & & Other & Logistic Other & Dividend) Logistic Dividend
Slide 36: Full Year and Quarterly Revenue
FULL YEAR AND QUARTERLY REVENUE [BT.M] FINANCIAL 6M|2021 Consolidated revenue of Bt.35,469 m shows a 26.9% yoy growth RESULTS Unit : Mil.Baht yoy -17.5% +26.9% yoy yoy +60.7% +3.5% qoq 69,103 67,442 59,629 840 607 55,641 886 35,46 TOTAL 48,378 1,123 35,469 9 18,039 REVENUE 17,429 684 14,832 27,952 8
Slide 37: Full Year and Quarterly EBITDA & EBITDA Margin
FULL YEAR AND QUARTERLY EBITDA & EBITDA MARGIN FINANCIAL 6M|2021 Consolidated EBITDA of Bt.2,804 m shows a 94.0% yoy growth RESULTS Unit : Mil.Baht yoy +30.5% +94.0% yoy yoy +39.5% -64.5% qoq EBITDA EBITDA MARGIN 2,804 6,000 15% 5,193 13% 5,000 4,327 2,804 2,500 15% 11% 3,000 15% 4,000 11.90% 2,075
Slide 38: Net Profit & Net Profit Margin
NET PROFIT & NET PROFIT MARGIN FINANCIAL 6M|2021 Consolidated NET PROFIT of Bt.1,496 m shows a 206.9% yoy growth RESULTS Unit : Mil.Baht NET PROFIT yoy +51.6% +206.9% yoy yoy +1,323.6% -86.8% qoq NET PROFIT MARGIN 2,811 3,000 6% 2,500 4.71% 1,322 2,062 1,400 9% 8% 7.59% 2,000 4% 1,200 3.71% 1,600 1,
Slide 39: Financial Position
FINANCIAL POSITION ASSET (THB Million) LIABILITIES & EQUITY (THB Million) FINANCIAL Short term loan Current liabilities RESULTS Cash & Equivalents Inventory Other asset PP&E Long term Debt Non current liabilities INTEREST BEARING DEBT Total Equity (TIMES) 44,798 44,798 41,388 41,388 2,448 1.63 2,975
Slide 40: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 40
Slide 41: Outlook 2021
OUTLOOK 2021 LPG Sales Volume (Tons) BUSINESS SGP - Thailand SGP Offshore Trading OUTLOOK China Vietnam Malaysia & Singapore Total 15.3% 2020 3,247,192 11.8% 2019 3,834,968 Sales volume (TONs) 2018 2019 2020 Outlook 2021 6M|2021 % Success 7.6% SGP - Thailand 1,010,383.14 983,246.31 811,385.58 910,00
Slide 42: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 42
Slide 43: Dividend Payment
DIVIDEND PAYMENT DIVIDEND POLICY HISTORICAL DIVIDEND PAYMENT DIVIDEND POLICY The Company has established the policy to pay 2021 0.20 2020 0.10 0.40 dividends to the shareholders at the rate of not less 2019 0.10 0.25 than 40% of the net profit after corporate income 2018 0.25 0.20 tax, accumulated l
Slide 44: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 44
Slide 45: Q&A: Questions Are Welcomed!
Q&A Q&A QUESTIONS ARE WELCOMED ! 45
Siamgas and Petrochemicals Public Company — Q2 2021 Earnings Presentation on 6ix