Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q4 2017 Earnings Presentation
39 slides from Siamgas & Petrochemicals Public's earnings presentation, May 2018
Slide 1: Q4|2017 Performance Results
SliahtitAas Q4|2017 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 3
Slide 4: Shareholding Structure
SHAREHOLDING STRUCTURE 61.3% MANAGEMENT Fund Thai NVDR 17.4% 5.5% Retail 15.8% 38.7% PUBLIC Latest book closing : On 9 MAR 2018 4
Slide 5: Milestones
MILESTONES Business acquisition Vietnam | Supergas Business acquisition Founded Founded Singapore | Singgas Vietnam | Citygas N. the company Marine & land logistic China | Sinosiam Malaysia | Mygaz 1 2 2 2 9 0 0 0 7 0 1 1 6 5 0 3 2 2 2 2 0 0 0 0 0 0 1 1 4 8 1 6 Business acquisition Listed in Setup |
Slide 6: Company Structure
COMPANY STRUCTURE SGP | 918,931,500 BAHT SIAMGAS AND PETROCHEMICAL PCL. THAILAND 4 70 MB. Road Transportation >| 39.37% 447 NB. Marine Trasportation 14.77% uGP 105 MB. LPG in Thailand 70 MB. < Cylinder Manufacture - 400 MB. [Ethanol product 100 MB. Oil product 1 MB. L__“~__y»| Food & Beverage SUBSID
Slide 7: Business Update
BUSINESS UPDATE Thailand The Company signed MOU with EGATi for procurement and supply of LNG to domestic power plant. The Company is expanding petrol station both petrol station only and petrol with LPG station. Overseas The Company is implementing construction process for terminal and filling plant
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 MEGAWATT THAILAND | SIAMGAS & UNIQUEGAS HO CHI MINH | SUPERGAS EAST MALAYSIA | MYGAZ MALAYSIA | MYGAZ SINGAPORE, RETAIL BUSINE
Slide 9: Agenda
AGENDA • Business Overview • Thailand Business • Oversea Business • Financial Results • Business Outlook • Q&A 9
Slide 10: Thailand Business Model
THAILAND BUSINESS MODEL SGP COMMERCIAL FILLING USERS PLANTS GAS SEPARATION COOKING LPG REFINERIES RETAILERS PLANTS AGENT & FILLING HOUSEHOLD USERS PLANTS SGP INDUST. TERMINALS INDUSTRIAL & USERS DEPOTS LPG IMPORT SGP AUTO-LPG AUTOMOTIVE SGP STATIONS MOTORISTS AGENT AUTO-LPG STATIONS 10
Slide 11: LPG Import
LPG IMPORT Refrigerated cargo Floating storage 44,000 tons 2,000 ton 1,500 ton 1,200 ton Receive LPG by Pressurize vessels Transportation to SGP terminal 11
Slide 12: SGP's Network in Thailand
SGP’s NETWORK IN THAILAND 24 8 500 vessels terminals roadtankers 5.Lampang 6.Khonkaen 4.Nakornsawan 1.Bangkok Floating Storage 2.Samutprakan 3.Chachoengsao 7.Suratthani FILLING PLANT & AUTOGAS STATION 8.Songkhla Company Filling Plants x 40 Agent Filling Plants x 151 Company Autogas Stations x 45 Age
Slide 13: Thailand LPG Market
THAILAND LPG MARKET LPG Sales Volume (‘000 tons) | ALL SECTORS YoY: Total -1.4% | SGP -1.9% 4,730 -6.8% 4,409 -5.3% 4,177 4,108 -1.6% QoQ: Total -0.2% | SGP +0.7% 3,609 3,370 3,171 3,107 -7.3% -3.3% -0.4% 1,048 1,036 1,034 1,121 1,039 1,005 1,001 792 787 783 256 249 251 2014 2015 2016 2017 4Q'16 3Q'
Slide 14: Cooking Market
COOKING MARKET LPG Sales Volume (‘000 tons) | COOKING SECTORS COOKING PORTION 2,188 2,110 2,151 2,094 +1.9% YoY: Total +2.0% | SGP -3.8% -4.3% +0.8% 1,545 1,484 1,491 1,534 QoQ: Total +1.2% | SGP +1.8% 62% +1.4% 541 545 552 -5.1% -0.4% 643 610 619 616 380 393 397 161 152 155 2014 2015 2016 2017 4Q'1
Slide 15: Automotive Market
AUTOMOTIVE MARKET LPG Sales Volume (‘000 tons) | AUTOMOTIVE SECTORS 1,974 1,731 AUTOMOTIVE PORTION -12.3% 1,466 YoY: Total -10.5% | SGP -2.2% -15.3% 1,319 -10.0% 1,624 1,439 QoQ: Total -2.7% | SGP +0.1% 1,221 1,089 23% -16.5% 355 326 317 -16.3% -5.9% 350 292 297 269 261 245 230 58 57 57 2014 2015 20
Slide 16: Industry Market
INDUSTRY MARKET LPG Sales Volume (‘000 tons) | INDUSTRY SECTORS 638 584 600 INDUSTRY PORTION 568 +6.3% YoY: Total +7.7% | SGP +6.8% +2.8% +2.8% QoQ: Total +0.0% | SGP -2.9% 15% 483 448 459 440 +9.3% 153 165 165 +3.7% +7.0% 116 124 125 128 137 142 155 37 41 39 2014 2015 2016 2017 4Q'16 3Q'17 4Q'17 SG
Slide 17: LPG Market (Volume Sale by SGP)
LPG market (Volume sale by SGP) LPG Sales Volume (‘000 tons) | By SECTORS Cooking Automobile Industrial |----------- 1,121 ------------| |----------- 1,039 ------------| |----------- 1,005 ------------| |------------ 1,001 -----------| 284 283 282 273 265 254 260 260 256 253 256 254 31 34 33 247 249
Slide 18: Agenda
AGENDA • Business Overview • Thailand Business • Oversea Business • Financial Results • Business Outlook • Q&A 18
Slide 19: Regional LPG Wholesale Model
REGIONAL LPG WHOLESALE MODEL 19
Slide 20: Huge Storage in China
HUGH STORAGE IN CHINA GROUP jamgas and Petrochemical Public Company Limited
Slide 21: Combined Largest Storage in China
COMBINED LARGEST STORAGE IN CHINA Total : 300,000 Tons Zhuhai : 200,000 Tons Shantou : 100,000 Tons Storage Caverns 21
Slide 22: Saudi Aramco CP vs Crude Oil
Saudi Aramco CP vs Crude oil USD/TON Propane [C3] 700 Butane [C4] 600600 580580 600 495 490 500 470480460470475 475 460 575575 500 440425 435 440 420 510 500 400 390 390390 365 380365 370 480 365 480 400 450 460465 345 460 350 425 315320 320 435 430 420 405395 310 395 290 390380 300 365 360 385385 Q
Slide 23: Historical CP Price Movement
HISTORICAL CP PRICE MOVEMENT 9 3 8 9 5 2005 2006 4 2007 3 2008 7 +112.0 -46.5 +385.0 -535.0 8 4 6 7 7 2009 2010 6 2011 5 2012 5 +387.5 +200.0 -130.0 +185.0 6 6 2 6 6 2013 2014 10 2015 6 2016 6 +182.5 -602.5 -92.5 -67.5 23
Slide 24: Singapore Market (1/2)
SINGAPORE MARKET (1/2) SIAM GAS TRADING PTE. LTD.(100%) - Offshore trading business Sale customer to Macau, Hong Kong, Philippines, Vietnam, South China, Bangladesh, Cambodia, etc. Sales volume : tons 946,394 736,544 664,255 663,564 216,547 589,188 543,452 174,277 463,104 95,233 56,906 2010 2011 201
Slide 25: Singapore Market (2/2)
SINGAPORE MARKET (2/2) SINGGAS (LPG) PTE.LTD. (95%) - Retail business Small market with good margin Consumer seeks quality product & service over price concern Sales volume : tons 25,683 24,375 21,401 21,772 21,866 5,709 21,041 5,654 17,872 8,793 5,493 2010 2011 2012 2013 2014 2015 2016 2017 4Q16 3Q
Slide 26: China Market
CHINA MARKET SINOSIAMGAS AND PETROCHEMICALS COMPANY LIMITED (100%) SIAM OCEAN GAS & ENERGY LIMITED (100%) Large import LPG market in South China Advantage over competitors with large cavern storage Large sale volume with continuous growth rate Sales volume : tons 1,200,167 1,219,477 386,759 909,874
Slide 27: Vietnam Market
VIETNAM MARKET SUPERGAS COMPANY LIMITED (100% owned) CITYGAS NORTH COMPANY LIMITED (70% owned) High competition with high growth potential Consumers gradually switch to LPG instead of fire wood Sales volume : tons 185,274 166,814 143,628 14,901 11,503 10,430 67,388 44,785 26,496 19,972 12,380 2010 2
Slide 28: Malaysia Market
MALAYSIA MARKET MYGAZ SDN. BHD. (70% owned) Market leader with growth potential in East Malaysia Expand market to West Malaysia Sales volume : tons 133,642 116,790 36,862 95,600 91,696 33,324 52,592 31,210 - - - 2010 2011 2012 2013 2014 2015 2016 2017 4Q16 3Q17 4Q17 +74.4 +4.3 +22.2 +14.4 +18.1 +10.
Slide 29: Oversea Market: Sale Volume
OVERSEA MARKET : SALE VOLUME Total Sales volume : tons 2,156,314 2,025,809 591,577 1,782,877 1,428,978 572,305 1,307,220 797,880 533,596 629,177 78,079 2010 2011 2012 2013 2014 2015 2016 2017 4Q16 3Q17 4Q17 +705.8 +26.8 +79.1 -8.5 +36.4 +13.6 +6.4 +7.3 -3.3 % % % % % % % YoY % QoQ % 29
Slide 30: Agenda
AGENDA • Business Overview • Thailand Business • Oversea Business • Financial Results • Business Outlook • Q&A 30
Slide 31: Revenue Portion
REVENUE PORTION Thailand 20.1% Offshore Oversea business 34.1% 44.3% Logistic 2016 Other (Servuce & Other) Thailand 42.3% Oversea 57.7% 0.8% 2017 12.6% 0.7% Thailand 35.6% 40.9% Oversea 64.4% 45.1% 0.5% 0.9% 31
Slide 32: Full Year and Quarterly Revenue
Full year and quarterly Revenue [Bt.m] 2017 Consolidated revenue of Bt.59,627 m shows a 23.3% yoy growth yoy +23.3% yoy +25.6% 65,746 qoq +23.8% 62,157 1,438 59,627 980 58,334 883 752 17,516 48,371 Other 227 678 14,432 14,151 13,947 13,527 230 175 76 251 Oversea 40,822 36,903 34,661 27,902 38,403 8,
Slide 33: Full Year and Quarterly EBITDA
Full year and quarterly EBITDA [Bt.m] 2017 Consolidated EBITDA of Bt.5,193 m shows a 81.6% yoy growth EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN 6,000 12% 2,000 20% 5,193 1,733 1,800 1,690 18% 5,000 10% 1,600 16% 8.71% 1,344 1,400 1,321 14% 4,000 8% 12.01% 1,200 12% 2,860 2,786 2,836 9.64% 9.65% 3,00
Slide 34: Gross Profit Margin & Net Profit Margin
Gross profit margin & Net profit margin YEARLY QUARTERLY 1 1,800 1 14% 4,947 1,706 5,000 12% 1,643 1,600 12% 2 1,441 10.27% 11.46% 10% 4,000 1,400 1,307 2 10.32% 9.82%10% 1,200 1,143 9.29% 3,037 8% 3,000 2,891 3 2,811 8% 7.92% 1,000 2,339 899 889 3 6.00% 6% 845 6.45% 5.23% 800 5.97% 6% 2,000 1,602 4
Slide 35: 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 Interest Bearing Debt (Times) Total Equity 31,458 31,458 28,557 28,557 1.20 2,590 1.14 4,084 1.10 1.08 1,
Slide 36: Agenda
AGENDA • Business Overview • Thailand Business • Oversea Business • Financial Results • Business Outlook • Q&A 36
Slide 37: Outlook 2018
OUTLOOK 2018 LPG Sales Volume (Tons) Sales volume (TONs) 2015 2016 2017 Outlook 2018 % Growth SGP - Thailand 1,051,300.48 1,016,965.56 1,030,660.58 1,100,000.00 6.7% Malaysia & Singapore SGP Offshore Trading* 589,188.38 543,451.66 736,544.45 820,000.00 11.3% Vietnam China 909,874.15 1,200,167.37 1,2
Slide 38: Dividend Payment
DIVIDEND PAYMENT • Dividend Policy The Company has established the policy to pay dividends to the shareholders at the rate of not less than 40% of the net profit after corporate income tax, accumulated loss brought forward (if any)and appropriation of statutory reserve in accordance with the Company
Slide 39: Q&A
Q&A Questions are welcomed ! 39
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