Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q4 2021 Earnings Presentation
42 slides from Siamgas & Petrochemicals Public's earnings presentation, March 2022
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 LPG market in Q4/2021 is steady compare to the same period last year due to Covid 19 situation. The Company’s sale in industrial sector increases strongly due to higher demand from auto part manufacture and poultry farm. LPG price cap extended until March 3
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
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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 371 FILLING PLANT & AUTOGAS roadtankers STATION 7.Suratthani Company Filling Plants x 44 8.Suratthani Agent Filling Plants x 134 27 Company Autogas Stations x 41 vess
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% 22.5% BUSINESS YoY: Total +0.6% | SGP -5.2% -2.4% LPG Sales Volume (‘000 tons) -5.3% 4,108 4,011 -10.8% 3,799 -0.5% 3,389 3,372 QoQ: Total +11.1% | SGP +10.8% 3,107 3,027 2,847 2,583 2,613 -1.7% -3.
Slide 14: Cooking Market
COOKING MARKET SGP’s market share in Thailand THAILAND LPG 28.6% 27.5% 26.8% 24.7% 23.9% BUSINESS YoY: Total -0.8% | SGP -5.5% COOKING PORTION LPG Sales Volume (‘000 tons) +0.6% 2,151 2,164 -1.8% 2,125 2,033 +0.8% 2,049 -4.4% QoQ: Total +6.8% | SGP +7.1% 1,534 1,570 1,556 1,530 1,560 -3.5% -4.2% -11
Slide 15: Automotive Market
AUTOMOTIVE MARKET SGP’s market share in Thailand THAILAND LPG 17.5% 19.5% 21.8% 22.4% 19.8% BUSINESS YoY: Total -7.0% | SGP -16.4% 1,319 AUTOMOTIVE PORTION -11.3% LPG Sales Volume (‘000 tons) 1,170 -12.6% 1,023 -26.4% QoQ: Total +21.8% | SGP +21.7% 752 -26.4% 1,089 644 942 800 584 17% 516 190 176 -0
Slide 16: Industry Market
INDUSTRY MARKET SGP’s market share in Thailand THAILAND LPG 24.3% 23.9% 24.5% 22.3% 20.9% BUSINESS YoY: Total +13.7% | SGP +8.2% +6.0% 677 -3.8% 679 INDUSTRY PORTION 638 651 -7.2% +12.4% LPG Sales Volume (‘000 tons) 604 QoQ: Total +14.9% | SGP +14.5% 19% 483 515 491 537 469 +4.4% +5.4% 164 162 186 -
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 870 USD/TON Propane [C3] OVERSEA 800 2019 2020 795 900 Butane [C4] LPG 800 Q1 +75.0 +7.5 665 660 830 BUSINESS 625 620 Q2 -82.5 -115.0 605 795 700 565 560 750 550 530 525 Q3 -67.5 +20.0 505 515 495 490 600 665 655 450 440 440 430 430 430 430 430 620 420 Q4 +92.5 +95.0 595
Slide 20: Trading Business
TRADING BUSINESS 2021 TARGET VOLUME 1,400,000 TONS OVERSEA LPG TARGET GROWTH 12.8 % BUSINESS Related party SUCCESS 101.9 % 956,363 Third party, 40% 1,426,789 , 1,426,789 60% 2021 Success WHOLESALE +14.9% +29.0% +3.7% 1,434,873 1,426,789 1,241,420 359,789 373,005 289,240 942,946 736,544 Sale volume (
Slide 21: Retail Business
RETAIL BUSINESS OVERSEA TARGET VOLUME 1,420,000 TONS LPG TARGET GROWTH 18.9 % BUSINESS SUCCESS 77.5 % 1,100,025 319,975 CHINA MALAYSIA VIETNAM SINGAPORE 2021 Remaining target 80.5% 12.7% 5.3% 1.5% -7.5% +20.5% -7.9% 1,477,277 1,419,769 1,416,848 324,909 300,525 1,194,386 248,533 1,100,025 Sale volum
Slide 22: Total Sale Oversea
TOTAL SALE OVERSEA OVERSEA TARGET VOLUME 2,820,000 TONS China Vietnam LPG 35% 2% TARGET GROWTH 15.8 % BUSINESS Singapore SUCCESS 89.6 % Wholesale 1% 56% 2,526,815 293,185 Malaysia 6% 2021 Remaining target +3.7% +9.7% +10.7% 2,851,721 2,435,806 2,526,815 673,530 2,420,223 614,149 608,322 2,156,314 Sa
Slide 23: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 23
Slide 24: Power Plant
wey, POWER PLANT
Slide 25: Combine Cycle Powerplant Sale Volume
230 MW. COMBINE CYCLE POWERPLANT OTHER BUSINESS SELL TO GOVERNMENT >>> 1,358,415 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 1,256,970 1,268,385 1,081,187 1,048,258 340,591 325,888 270,599 Y-2017 Y-2018 Y-2019 Y-2020 Y-2021 Q4/20 Q3/21 Q4/21 -3.0% +19.9 % +8.1% -6.6% YoY 20.6% QoQ -17
Slide 26: Diesel Powerplant Sale Volume
10 MW. DIESEL POWERPLANT OTHER BUSINESS SELL TO HOUSEHOLD >>> 6,580 6,750 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 4,964 1,791 1,671 1,582 1,158 Y-2018 Y-2019 Y-2020 Y-2021 Q4/20 Q3/21 Q4/21 +328.7 % +32.5% +2.6% YoY -11.6% QoQ -5.3% 26
Slide 27: Liquid Tank Farm and Deep Sea Port
LIQUID TANK FARM AND DEEP SEA PORT
Slide 28: 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 2 (5.29/unit) T-961 T-962 T-963 T-964 4 187.14 3 (46.79/unit) T-975 T-9
Slide 29: Oil Trading Business
OIL TRADING BUSINESS OTHER OIL TRADING BUSINESS >>> BUSINESS by Siam Gas Trading Pte.Ltd. 1,969,494 609,612 COMPARE | SALE VOLUME (BARRELS) ANNUALY | SALE VOLUME (BARRELS) 445,880 1,204,225 156,453 Y-2020 2021 Q4/2020 Q3/2021 Q4/2021 +63.5 % YoY -74.3% QoQ -64.9% 29
Slide 30: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 30
Slide 31: Financial Report 4Q/2021
sees ---| Accounting & Finance |-~- ® FINANCIAL REPORT 40/2021
Slide 32: Revenue Portion
REVENUE PORTION 2021 FINANCIAL Thailand 20.8% RESULTS 2020 Oversea 79.2% Thailand30.6% Oversea 69.4% Offshore Offshore 40.3% 36.3% Thailand Oversea Thailand Oversea 18.9% business 28.6% business 38.9% 33.0% Other Other (Service & (Service & Other & Dividend) Logistic Other & Dividend) Logistic 1.5%
Slide 33: Full Year and Quarterly Revenue
FULL YEAR AND QUARTERLY REVENUE [BT.M] FINANCIAL 2021 Consolidated revenue of Bt.79,511 m shows a 42.9% yoy growth RESULTS Unit : Mil.Baht yoy +42.9% yoy +60.2% +20.1% qoq 79,511 69,103 67,442 1,491 59,629 840 TOTAL 607 55,641 24,032 REVENUE 886 1,123 20,010 248 OTHER 17,429 18,039 14,832 357 339 54
Slide 34: Full Year and Quarterly EBITDA & EBITDA Margin
FULL YEAR AND QUARTERLY EBITDA & EBITDA MARGIN FINANCIAL 2021 Consolidated EBITDA of Bt.6,634 m shows a +53.3% yoy growth RESULTS EBITDA EBITDA MARGIN yoy +53.3% yoy -0.6% -15.4% qoq 7,000 6,634 15% 2,500 20% 13% 5,193 2,075 2,075 6 ,000 17% 1,766 1,755 11% 4,327 2,000 5,000 14% 9% 4,000 3,315 8.71%
Slide 35: Net Profit & Net Profit Margin
NET PROFIT & NET PROFIT MARGIN FINANCIAL 2021 Consolidated NET PROFIT of Bt.3,809 m shows a +84.7% yoy growth RESULTS NET PROFIT yoy +84.7% yoy -2.4% -24.9% qoq NET PROFIT MARGIN Unit : Million Baht 1 All Time 4,000 High 3,809 8% 2 1,322 1,321 3,500 7% 1,400 10% 2,811 3 3,000 6% 9% 992 1,200 2,500 5
Slide 36: Financial Position
FINANCIAL POSITION ASSET (THB Million) LIABILITIES & EQUITY (THB Million) FINANCIAL Cash & Equivalents Inventory Short term loan Current liabilities RESULTS Other asset PP&E Long term Debt Non current liabilities INTEREST BEARING DEBT Total Equity (TIMES) 50,894 50,894 1.58 2,611 1.33 1.45 1.35 41,3
Slide 37: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 37
Slide 38: Outlook 2022
OUTLOOK 2022 LPG Sales Volume (Tons) BUSINESS SGP - Thailand SGP Offshore Trading OUTLOOK China Vietnam Malaysia & Singapore Total 1.2% 2021 3,286,782.52 15.3% 2020 3,247,191.66 SALE VOLUME OUTLOOK 2022 11.8% 2019 3,834,967.52 Sales volume (TONs) 2019 2020 2021 Outlook 2022 % Growth 7.6% SGP - Thail
Slide 39: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 39
Slide 40: Dividend Payment
DIVIDEND PAYMENT DIVIDEND POLICY HISTORICAL DIVIDEND PAYMENT DIVIDEND POLICY The Company has established the policy to 2021 0.20 0.80 pay dividends to the shareholders at the rate 2020 0.10 0.40 of not less than 40% of the net profit after 2019 0.10 0.25 2018 0.25 0.20 corporate income tax, accumula
Slide 41: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 41
Slide 42: Q&A
Q&A Q&A QUESTIONS ARE WELCOMED ! 42
Siamgas and Petrochemicals Public Company — Q4 2021 Earnings Presentation on 6ix