Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q4 2023 Earnings Presentation
35 slides from Siamgas & Petrochemicals Public's earnings presentation, March 2024
Slide 1: 4Q/2023 Performance
4Q/2023 Performance SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMITED
Slide 2: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 2
Slide 3: Major Shareholders
Domestic Fund MAJOR SHAREHOLDERS 0.05% (Weeraborwornpong Group) PUBLIC Retail 55.7 12.94% Foreign 814.32 % 29.99% Million Shares Thai NVDR 1,837.86 1.32% Million Shares PUBLIC 44.3 % Latest book closing : On 15 MAR 2024 3
Slide 4: Company history and business acquisitions
Business acquisition Business acquisition Investment Business acquisition LPG Business LPG Business POWERPLANT CYLINDER MANUFACTURER SUPERGAS in Vietnam MYGAZ in Malaysia 10 MW. DIESEL LINH GAS in Thailand Founded Founded SINGGAS in Singapore CITYGAS NORTH in Vietnam in Myanmar the company logistic
Slide 5: Thailand and Oversea businesses
THAILAND OVERSEA 1 LIQUEFIED PETROLEUM GAS (LPG) LIQUEFIED PETROLEUM GAS (LPG) • Singapore 2 ROAD TRANSPORTATION • China 1 • Malaysia 3 MARINE TRANSPORTATION • Vietnam • Laos 4 CYLINDER MANUFACTURING COMBINE CYCLE POWER PLANT 2 5 OIL RETAIL BUSINESS • Myanmar DIESEL POWER PLANT 3 6 CONTAINER TERMINA
Slide 6: Thailand and Oversea quarter commentary
THAILAND Domestic sale volume in Q4/2023 increased 0.6% compare to the same period last year due to demand decreases in cooking and automotive sectors which increased 0.5% and 1.8% respectively. Domestic sale volume of SGP increased 1.6% compare to the same period last year. Cooking gas dropped 2.5%
Slide 7: LPG business / Other business
LPG business OTHER business 7
Slide 8: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 8
Slide 9: SGP Terminal
SGP Terminal Fill in LPG cylinder for delivery. Transport LPG from separation plant by truck tanker to the Company’s Terminal and Depot. Sathupradit Terminal Bangpakong Terminal Suksawat Terminal Songkhla Terminal Suratthani Terminal (2) Transport LPG from refineries by Nakornsawan Depot vessel to t
Slide 10: LPG Proportion and Market Share
-5.3% +0.4% +7.4% 3,799 -10.8% -0.5% 3,639 39.6% 3,389 3,626 21.7% Market Share 3,372 Market Year 2 TOTAL Share -3.3% +1.9% SIAMGAS -15.4% -5.8% 12.4% +5.3% 952 805 759 18.1% 775 790 Others (9) 8.2% Unit : ‘000 tons 2019 2020 2021 2022 2023 YoY: Total +0.6% | SGP +1.6% 59% 58% Siamgas QoQ: Total +2.
Slide 11: Cooking gas quarter and market share
-1.8% +1.2% -0.05% -4.4% +0.8% 2,125 2,033 2,094 2,049 2,095 Year TOTAL -4.2% -11.7% -4.2% SIAMGAS -2.6% -0.3% 569 502 489 488 467 Unit : ‘000 tons 2019 2020 2021 2022 2023 YoY: Total +0.5% | SGP -2.5% 47.0% Market Share QoQ: Total +2.3% | SGP +5.2% 22.3% Market Share 2 Quarter 533.43 523.96 536.01
Slide 12: Automotive LPG quarter and market share
-12.6% 1,023 +3.2% +25.4% -26.4% -14.4% 825 752 799 Year 644 TOTAL SIAMGAS -2.3% +6.2% -24.5% +16.5% 223 -24.2% 169 128 156 147 Unit : ‘000 tons 2019 2020 2021 2022 2023 YoY: Total +1.8% | SGP +4.5% Others (8) 14.3% Market Share 26.8% 18.9% QoQ: Total +3.2% | SGP +1.8% Market 2 Share Quarter 209.61
Slide 13: Industry LPG quarter and market share
+8.8% -1.6% +12.4% -3.8% 732 721 -7.2% 651 679 604 Year TOTAL -1.4% +18.8% SIAMGAS -15.6% +5.4% +14.7% 160 135 142 140 167 Unit : ‘000 tons 2019 2020 2021 2022 2023 YoY: Total -0.7% | SGP +12.1% Market Share 47.0% 23.2% QoQ: Total +1.1% | SGP -0.1% Market 2 Share Quarter 181.59 178.28 180.29 11.9% 1
Slide 14: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 14
Slide 15: LPG and Oil prices
40 80 120 140 0 60 100 20 1000 900 500 600 700 100 0 200 800 400 300 55.3 550 530 9 62.3 605 585 3 65.7 USD/TON 625 595 - 65.3 560 530 68.3 495 475 73.4 530 525 74.3 620 620 70.5 660 655 71.6 665 665 79.3 800 795 80.8 +317.5 870 830 74.8 JAN 540.0 DEC 772.5 795 750 85.6 740 710 5 94.1 775 775 7 112.
Slide 16: Supply flows and floating storage
USA 30 1.5 30 5 45 Middle East 5.5 8 Supply from Middle East 12 7 3 Supply from Australia 2.5 Supply from USA 0.75 Receiving and distribution point 1 Delivery time Australia 7 16 Floating Storage
Slide 17: Offshore trading sales volume
YoY -18.8% QoQ -10.0% Quarter Year 1,434,873 1,426,789 1,416,870 1,323,806 1,241,420 370,213 333,951 300,704 tons tons 2019 2020 2021 2022 2023 4Q|22 3Q|23 4Q|23 O 1,600,000 Third Party u Target 1,323,806 Ton TOTAL SALES 53.64% t l 12.9% 2,467,781 growth TONS o Subsidiary o 87.2% 1,143,975 Ton k suc
Slide 18: Overseas retail sales volume
YoY -20.6% QoQ -20.8% 1,477,329 Quarter 1,416,848 Year 1,382,207 1,194,386 1,100,025 434,970 435,884 345,314 tons tons 2019 2020 2021 2022 2023 4Q|22 3Q|23 4Q|23 O 1,588,500 u Target t 14.9% l CHINA MALAYSIA VIETNAM SINGAPORE LAOS growth o 1,209,007 TON 153,074 TON 95,915 TON 18,564 TON 769 TON o 93
Slide 19: Total oversea sales volume
YoY -19.8% QoQ -16.1% 2,851,721 2,799,077 2,801,135 Quarter Year 2,435,806 2,526,815 805,183 769,834 646,018 tons tons 2019 2020 2021 2022 2023 4Q|22 3Q|23 4Q|23 Proportion sale by country O 3,188,500 u Target t 47.2% 43.1% 5.5% 3.4% 0.7% 0.1% 13.9% l growth Trading China Malaysia Vietnam Singapore
Slide 20: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 20
Slide 21: Power Plant
wey, POWER PLANT
Slide 22: Combine cycle and diesel power plant sales
230 MW. 10 MW. COMBINE CYCLE POWERPLANT DIESEL POWERPLANT SELL TO GOVERNMENT >>> SELL TO HOUSEHOLD >>> SELL TO HOUSEHOLD >>> ANNUALLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) +8.1% -6.6% YoY YoY 1,358,415 +4.1% +2.6% 1,268,385 -10.8% 1,177,949 +4.1% +32.5% -6.4% 1,131,506 6,750 -16.9% 6,580
Slide 23: Liquid Tank Farm and Deep Sea Port
LIQUID TANK FARM AND DEEP SEA PORT
Slide 24: Liquid tank farm and oil trading
LIQUID TANK FARM & DEEP SEA PORT SERVICE OIL TRADING OVERSEA BUSINESS No. Total Number of Utilized ANNUALLY | SALE VOLUME (BARRELS) Capacity Liquid Tank As 31 DEC 2023 (Mil.Liter) 1 15.27 4 +63.5% YoY (avg. 3.82/unit) 2 2 1,969,494 +30.9% +30.9% 2 27.05 4 4 1,204,225 819,890 +193,768 Barrel (avg. 6.
Slide 25: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 25
Slide 26: Revenue breakdown 2023 vs 2022
2023 2022 Thailand 26.1% Thailand 20.3% (Thailand LPG, Logistic & Other) (Thailand LPG, Logistic & Other) Oversea 73.9% Oversea 79.7% (Offshore Trading & Retail Oversea Business) (Offshore Trading & Retail Oversea Business) Offshore Offshore Thailand 33.3% 38.2% 24.9% Thailand Oversea Oversea 18.8%
Slide 27: 2023 Consolidated Revenue
2023 Consolidated REVENUE of Bt.91,106 m shows a -11.7% yoy decline YEARLY QUARTERLY Unit : Million Baht YoY YoY QoQ -11.7% -13.4% -1.0% -12,092 M.Baht -3,506 M.Baht -236 M.Baht +29.8% 103,198 -11.7% +4.1% +49.2% 91,106 -5.7% 1,587 26,243 +11.3% -1.0% -2.4% 79,511 24,760 -16.7% TOTAL 1,034 22,973 22
Slide 28: 2023 Consolidated EBITDA
2023 Consolidated EBITDA of Bt.3,841 m shows a +8.3% yoy growth YEARLY QUARTERLY EBITDA YoY QoQ EBITDA MARGIN +187.5% -27.2% +53.3% +1,043 M.Baht -598 M.Baht 7,000 6,634 14% +167.5% 2,197 6,000 12% 2,5 00.00 15.00% +30.5% -27.2% 13.00% 5,000 +8.3% 10% 2,000.00 4,327 -46.5% 1,599 11.00% +25.0% 3,841
Slide 29: 2023 Consolidated Net Profit
2023 Consolidated NET PROFIT of Bt.1,018 m shows a -4.9% yoy decline YEARLY QUARTERLY NET PROFIT YoY QoQ NET PROFIT MARGIN +1,738.8% -38.4% +799 M.Baht -473 M.Baht +84.7% 4,000.00 3,809 8.00% +198.1% 1,5 00.00 10.00% 3,500.00 7.00% 1,230 -38.4% 8.00% 3,000.00 6.00% +51.6% 1,000.00 758 6.00% 2,5 00.0
Slide 30: Assets, liabilities, equity and debt
ASSET (THB Million) LIABILITIES (THB Million) EQUITY (THB Million) PP&E Other asset Shot term loan Current liabilities Total Equity Inventory Cash & Equivalents Long term Debt Non current liabilities +12.3% 52,845 47,072 5,378 +18.4% 36,930 +0.2% 15,914 3,457 15,880 6,390 9,826 31,191 7,900 Million
Slide 31: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 31
Slide 32: Sale volume 2023 and outlook 2024
SALE VOLUME 2023 & OUTLOOK 2024 LPG Sales Volume (Tons) % % Sales volume (TONs) 2021 2022 2023 Outlook 2024 Change(TON) Growth Growth SGP - Thailand SGP Offshore Trading SGP - Thailand 759,968 803,542 812,854 1.2% 860,000 5.8% 47,146 China Vietnam SGP Offshore Trading 1,426,789 1,416,870 1,323,806 -
Slide 33: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 33
Slide 34: Dividend policy and historical dividend payment
DIVIDEND POLICY HISTORICAL DIVIDEND PAYMENT 2023 0.10 0.15 The Company has established the policy to Interim 2022 0.20 0.20 pay dividends to the shareholders at the rate Final 2021 0.20 0.80 of not less than 40% of the net profit after 2020 0.10 0.40 corporate income tax, accumulated loss 2019 0.10
Slide 35: Thank You
THANK YOU 02-120-9999 # 3611,3612 sgp_ir@ugp.co.th www.siamgas.com 553 The Palladium Building 30th Floor, Ratchaprarop Road, Makkasan, Ratchathewi, Bangkok 10400 Thailand.
Siamgas and Petrochemicals Public Company — Q4 2023 Earnings Presentation on 6ix