Tipco Asphalt Public Co. Ltd. · SET:TASCO
Tipco Asphalt Public — FY2015 Earnings Presentation
20 slides from Tipco Asphalt Public's earnings presentation, Mar 1, 2016
Slide 1: Tipco Asphalt Public Company Limited (TASCO) 4-2015 Opportunity Day
Tipco Asphalt Public Company Limited (TASCO) 4-2015 Opportunity Day 1st March 2016 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 Q4 2015 and 2015 Highlights 2 Q4 2015 and 2015 performance 3 Q1 2016 outlook 4 Acquisition update บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 2
Slide 4: Highlights: Volume & revenue
Q4 2015 and 2015 Highlights: Volume & revenue Volume Revenue Gross Profit vs. Net profit Unit: Mil. Ton Unit: Bil. Baht Unit: Bil. Baht 2.50 Revenue Volume 60.0 2.29 Gross Profit Net Profit 8.0 7.5 50.0 7.0 2.00 2.03 6.0 40.0 5.0 1.50 4.0 5.1 30.0 3.0 1.00 2.1 2.0 2.0 45.7 2.0 20.0 0.59 0.60 37.1 0.
Slide 5: Highlights: Key ratios and dividend
Q4 2015 and 2015 Highlights : Key ratios and dividend (Unit : %) ROE (Unit : %) ROA 62.4% 40.8% 12.3% 38.2% 8.0% 6.4% 6.0% 8.8% 2010 2011 2012 2013 2014 2015 21.3% 21.4% 15.5% 17.2% (Unit : Baht/share) 2010 2011 2012 2013 2014 2015 Dividend* 0.90 • Very strong growth in net profit resulted in high R
Slide 6: 2015 Highlights
2015 Highlights 50 From BBB+(THA) to A- (THA) VERY GOOD CORPORATE GOVERNANCE SCORE LEVEL 3 ANTI-CORRUPTION บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 5
Slide 7: 2015 Highlights: TASCO Shares Trading Statistics
2015 Highlights: TASCO Shares Trading Statistics 30 Dec 2015 31 Dec 2014 27 Dec 2013 No. of ordinary shares (‘000 shares) 1,543,850 153,277 152,580 Par value (Baht/share) 1 10 10 Market Cap (THB million) 62,525 9,963 7,782 Price (Baht/share) 40.5 6.52/ 5.12/ EPS (Baht/share) 3.292/ 0.782/ 0.542/ P/E
Slide 8: 2015 Highlights
2015 Highlights Crude • Brent price decreased from USD58 from beginning to USD36 per barrel at the end of year • Procure 15 crude cargoes under long term crude supply agreement to support export sales Refinery • 84% refining utilization and 99.8% reliability • Still Benefited from efficiency in fuel
Slide 9: 2015 Highlights
2015 Highlights Domestic Market • 53% sales volumes growth due to strong government budget • Healthy GP margin was driven by high margin Asphalt Emulsion and PMA sales International Market • Moderate sales volumes growth at 5% • Indonesia becomes the biggest growth asphalt market • High GP margin on
Slide 10: Highlights: Total sales volumes
Q4 2015 and 2015 Highlights : Total sales volumes Sales volume Sales volume concentration by market Unit: Mil tons Unit: % Domestic International 2.29 2.03 77% 84% 83% 77% 78% 0.60 0.60 0.49 23% 16% 17% 23% 22% Q4/2014 Q3/2015 Q4/2015 2014 2015 Q4/2014 2014 Q3/2015 Q4/2015 2015 • Total sales volume
Slide 11: Highlights: Asphalt Volume & Asphalt revenue structure
Q4 2015 and 2015 Highlights : Asphalt Volume & Asphalt revenue structure Asphalt Volume Proportion by market Main International markets Unit: % Domestic International 0.49 0.60 0.60 2.03 2.29 China Mil tons Mil tons Mil tons Mil tons Mil tons 77% 83% 77% 84% 78% Indonesia 23% 17% 23% 16% 22% Q4/2014
Slide 12: Highlights: International asphalt market selling price vs Ice Brent
Q4 2015 Highlights: International asphalt market selling price vs Ice Brent USD/Barrel 100 Avg. asphalt selling price 86 90 Ice Brent 80 70 70 67 63 63 64 58 55 60 53 54 52 48 50 50 45 88 87 36 40 82 34 30 62 65 64 60 60 58 53 57 54 56 53 20 45 31 10 0 • Average asphalt selling prices moved in line
Slide 13: Performance: Sales & Services Revenue
Q4 2015 and 2015 Performance : Sales & Services Revenue (Unit : THB Million) Sales & services Revenue • Sales and services stood at Baht 37,137 45,727 million, reflecting a decrease of 19% from the same period last year 37,137 • This decrease was mainly attributable to the drop in selling price in l
Slide 14: Performance: Operating Gross Profit
Q4 2015 and 2015 Performance : Operating Gross Profit (Unit : THB Million) Operating Gross Profit • Cost of sales and services in 2015 stood at 7,504 Baht 30,641 million or 82.51% (95.62% in 2014) of sales and services before the allowance for diminution in value of inventory that had been adequatel
Slide 15: Performance: EBITDA & Net Profit
Q4 2015 and 2015 Performance : EBITDA & Net Profit (Unit : THB Million) EBITDA 6,375 • The Group cashflow generated from operations improved significantly to Baht 6,375 million compared to Baht 2,630 million in 2014. 2,630 • This has positive impact to the consolidated debt to equity ratio. 1,796 1,
Slide 16: Performance: Debt to Equity Ratio
Q4 2015 and 2015 Performance : Debt to Equity Ratio ST loan vs Current asset Unit: THB million ST loan Current asset • The huge decrease in short term loan due 8,409 8,807 repayment of short-term crude financing. 8,097 4,094 1,298 36 Q4 2014 Q3 2015 Q4 2015 Debt/ Equity Ratio Total debt/Total equity
Slide 17: Q1 2016 outlook – Refinery and marine
Q1 2016 outlook – Refinery and marine Refinery • 80% - 95% refining capacity utilization, the Group continued to enjoy high efficiency in fuel consumption and production cost • Maintain high reliability at 99.8% Marine • 90-100% utilization rate • Two additional asphalt vessels from acquisition to s
Slide 18: Q1 2016 outlook – Domestic Market
Q1 2016 outlook – Domestic Market Thailand road & related budget Unit: Mil THB Fiscal Additional Growth 131,974 10,000 30,000 96,661 7,700 126,265 101,974 88,961 15% 24% 2014 2015 2016 • 2015 additional stimulus package budget will benefit in H1 2016 performance • Substantial budget allocation for s
Slide 19: Q1 2016 outlook – International Market and Tax Benefit
Q1 2016 outlook – International Market and Tax Benefit • Overall international volumes in Q1/2016 is subject to seasonality fluctuation • The Brent has seemed hitting the bottom and subject to the successful collaboration between OPEC members and Russia to limit the production output, the bearish ou
Slide 20: Q&A
Q&A บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 19
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