Tipco Asphalt Public Co. Ltd. · SET:TASCO
Tipco Asphalt Public — FY2017 Earnings Presentation
16 slides from Tipco Asphalt Public's earnings presentation, Feb 16, 2018
Slide 1: Tipco Asphalt Public Company Limited (TASCO) 1-2018 Analyst meeting
Tipco Asphalt Public Company Limited (TASCO) 1-2018 Analyst meeting 16th February 2018 บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited
Slide 2: Disclaimer
Disclaimer This presentation material has been prepared solely for informational purposes only. TASCO is furnishing it solely for use by prospective investors / analysts in the proposed event. TASCO makes no representations or warranties as to the accuracy or completeness of such information. By acc
Slide 3: Agenda
Agenda 1 2017 financial Performance 2 2017 Highlights 3 2018 Outlook 4 Q&A บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 2
Slide 4: 2017 Financial Performance: Sales & Services Revenue vs. Sales Volume
2017 Financial Performance : Sales & Services Revenue vs. Sales Volume Sales & Services Revenue Unit: Mil. THB • Sales and services stood at Baht 28,260 28,260 million, reflecting an increase of 18% 24,038 from last year. This increase was mainly attributable to the increase of selling price in line
Slide 5: 2017 Financial Performance: Operating Gross Profit
2017 Financial Performance : Operating Gross Profit Operating Gross Profit Unit: Mil. THB • Cost of sales and services in 2017 stood at 4,656 Baht 24,109 million or 85.30% (82.99% in 2016) of sales and services before the 3,478 allowance for diminution in value of inventory that had been adequately
Slide 6: 2017 Financial Performance: EBITDA & Net Profit
2017 Financial Performance : EBITDA & Net Profit EBITDA Unit: Mil. THB • The Group’s cashflow generated from 4,514 4,728 operations stood at Baht 4,514 million compared to the Baht 4,728 million in 2016 2,286 1,811 1,123 1,233 850 735 730 474 Q1 Q2 Q3 Q4 Year 2017 2016 Net Profit After Tax Unit: Mil
Slide 7: 2017 Financial Performance: Debt to Equity Ratio
2017 Financial Performance : Debt to Equity Ratio Debt/Equity Ratio 0.59 0.51 0.51 0.10 0.05 0.04 Q4 2016 Q3 2017 Q4 2017 Total liabilities/Total equity LT debt/Total equity • The Group’s consolidated debt to equity ratio (D/E ratio) remained low at 0.04 comparing to 0.10 in corresponding period in
Slide 8: 2017 Financial Performance: Key Ratios and Historical Dividend
2017 Financial Performance : Key Ratios and Historical Dividend Return on Equity1/ Return on Asset2/ Unit: % Unit: % 2017 2016 2017 2016 56.1 46.1 40.6 33.8 33.1 25.9 25.9 24.3 27.7 20.0 19.9 21.4 23.4 20.3 19.5 15.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1/ Return is based on sum of last 12 months net profit 2/ R
Slide 9: 2017 Highlights: Crude and Refinery
2017 Highlights Crude • Crude supply delivery from Venezuela has been disrupted during the year which posed some challenges in the supply chain management. It has resulted to unscheduled stoppage refinery and lower utilization of vessel capacity. The company is fully aware of this challenge and has
Slide 10: 2017 Highlights: Hedging
2017 Highlights Hedging • Brent price plunged from USD57 per bbl at the beginning of 2017 to a low level at USD45 in June 2017, this has resulted a MTM valuation loss on 4-ways option of approximately of Baht 295 mil in the first half of 2017. Nevertheless, there was no cashflow impact as it was unr
Slide 11: 2017 Highlights: Domestic and International Market
2017 Highlights: Domestic and International Market Domestic Market • Sales volume remained at high level due to strong government budget • Domestic selling price reached peak in Q1 2017 and lower to normal level during the year International Market • Slowing down the international sale intentionally
Slide 12: 2017 Highlights: Asphalt Selling Price vs Ice Brent
2017 Highlights: Asphalt Selling Price vs Ice Brent Unit: USD/barrel 120.0 109.7 Avg. asphalt selling price Avg. Ice Brent 103.4 100.0 89.5 94.2 80.1 80.0 90.9 70.1 77.1 61.5 60.0 57.3 60.0 51.1 54.7 50.9 52.2 63.5 45.8 46.9 47.1 57.9 55.2 51.2 53.8 40.0 45.3 48.2 44.7 38.0 37.4 38.5 34.7 20.0 0.0 Q
Slide 13: 2017 Highlights: Asphalt Volume & Asphalt Revenue Structure
2017 Highlights : Asphalt Volume & Asphalt Revenue Structure Asphalt sales volume concentration by market Unit: % Main International Markets Domestic International 0.57 0.37 0.41 1.90 Mil tons Mil tons Mil tons Mil tons China 73% 74% 66% 74% Indonesia 27% 26% 34% 26% Q4 2016 Q3 2017 Q4 2017 2017 Asp
Slide 14: 2018 Outlook – Crude, Refinery, and Marine
2018 Outlook – Crude, Refinery, and Marine Crude • The political in Venezuela is still uncertain, but the management is confident to work closely with PDVSA to improve the delivery of crude cargo. We expect continuous disruptions in 2018 Refinery • Plan to shutdown for turnaround (every 3 years) for
Slide 15: 2018 Outlook – Domestic & International Market
2018 Outlook – Domestic & International Market Domestic Market • Domestic volume in Q1 2018 will benefit from disbursement of 2018 government budget • Q2 2018 may benefit from Baht 10,000 billion additional government budget which emphasized on natural latex modified asphalt International Market • J
Slide 16: Q&A
Q&A บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 14
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