Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q4 2019 Earnings Presentation
37 slides from Siamgas & Petrochemicals Public's earnings presentation, March 2020
Slide 1: Q4 2019 Performance Results
Q |2019 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
Slide 4: Shareholding Structure
SHAREHOLDING STRUCTURE 55.0% MAJOR SHAREHOLDERS Fund 22.5% Retail 19.6% Thai NVDR 2.9% 45.0% PUBLIC Latest book closing : On 22 AUG 2019
Slide 5: Milestones
MILESTONES Business acquisition Invest in Vietnam | Supergas Business acquisition 10 MW. Power Plant Founded Founded Singapore | Singgas Vietnam | Citygas N. and transmission line the company Marine & land logistic Malaysia | Mygaz China | Sinosiam in Myanmar SUSTAINABLE 1 2 2 2 2 GROWTH 9 0 0 0 0 7
Slide 6: Business Operation
BUSINESS OPERATION THAILAND OVERSEA LIQUEFIED PETROLEUM GAS (LPG) 1 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 POWER PLANT CONTAINER
Slide 7: Business Update
BUSINESS UPDATE Thailand Expand petrol with LPG stations. Currently opened 5 stations (Kaset-Nawamin, Phutthamonthon Sai 2, Bypass Cha-am Pranburi, Bypass Saraburi, Phuket and 1 stations in pipeline. Complete TPP shares acquisition. TPP operates liquid tank farm and deep sea port. Overseas The Compa
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 MW. KOH SRI-CHANG | TPP LIQUID TANK FARM MYANMAR, ANIN | SMD DIESEL POWERPLANT 10 MW. HO CHI MINH | THAILAND | SIAMGAS & SUPER
Slide 9: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND BUSINESS • OVERSEA BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A
Slide 10: Thailand Business Model
THAILAND BUSINESS MODEL SGP COMMERCIAL FILLING USERS PLANTS COOKING LPG RETAILERS AGENT FILLING HOUSEHOLD GAS SEPARATION PLANTS USERS PLANTS REFINERIES SGP INDUST. TERMINALS INDUSTRIAL & & USERS DEPOTS SGP AUTO-LPG AUTOMOTIVE STATIONS MOTORISTS AGENT AUTO-LPG STATIONS
Slide 11: SGP's Network in Thailand
SGP’s NETWORK IN THAILAND 26 8 500 vessels terminals roadtankers 5.Lampang 6.Khonkaen 4.Nakornsawan 1.Bangkok 2.Samutprakan 3.Chachoengsao 7.Suratthani FILLING PLANT & AUTOGAS STATION Company Filling Plants x 44 8.Songkhla Agent Filling Plants x 142 Company Autogas Stations x 41 Agent Autogas Statio
Slide 12: Thailand LPG Market
THAILAND LPG MARKET LPG Sales Volume (‘000 tons) | ALL SECTORS SGP’s market share in Thailand 23.6% 24.1% 24.4% 24.6% 25.1% YoY: Total -5.2% | SGP -1.0% 4,409 -5.3% -1.6% -2.4% -5.3% 4,177 4,108 4,011 3,799 QoQ: Total -0.6% | SGP +1.3% 3,370 3,171 3,107 3,027 2,847 -3.3% -0.4% -1.7% -3.3% 1,002 956
Slide 13: Cooking Market
COOKING MARKET LPG Sales Volume (‘000 tons) | COOKING SECTORS SGP’s market share in Thailand 29.1% 29.3% 28.6% 27.5% 26.8% COOKING PORTION YoY: Total -0.7% | SGP -3.6% 2,094 +0.8% 2,110 +1.9% 2,151 2,164 2,125 +0.6% -1.8% QoQ: Total +0.1% | SGP +0.8% 1,484 1,491 1,534 1,570 1,556 60% 545 541 541 +1.
Slide 14: Automotive Market
AUTOMOTIVE MARKET LPG Sales Volume (‘000 tons) | AUTOMOTIVE SECTORS SGP’s market share in Thailand 16.9% 16.7% 17.5% 19.5% 21.8% AUTOMOTIVE PORTION 1,731 YoY: Total -13.9% | SGP +6.8% -15.3% 1,466 -10.0% 1,319 -11.3% 1,170 -12.6% 1,023 QoQ: Total -2.7% | SGP +3.4% 1,439 23% 1,221 1,089 942 800 -16.3
Slide 15: Industry Market
INDUSTRY MARKET LPG Sales Volume (‘000 tons) | INDUSTRY SECTORS SGP’s market share in Thailand 23.4% 23.6% 24.3% 23.9% 24.5% INDUSTRY PORTION YoY: Total -4.7% | SGP -2.0% 677 651 638 +6.0% -3.8% 584 600 +6.3% 17% +2.8% QoQ: Total +0.5% | SGP -0.3% 483 515 491 448 459 172 163 164 +3.7% +9.3% +4.4% -1
Slide 16: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND BUSINESS • OVERSEA BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A
Slide 17: Oversea Network
—_ 0 Refrigerated Cargo Me, OVERSEA NETWORK me Ww (W)) SIAMGAS \S/ GROUP ——— 2) Siam Ocean Gas & Energy Ltd. ee seers 100,000 Tons LPG Terminal SHANTOU | == <- nemo ®) Sino Siam Gas & Petrochemicals Co,Ltd. = r st @) 200,000 Tons LPG Terminal me FLOATING LPG TERMINAL di 45,000 DWT VLGC ee .
Slide 18: Historical CP Price Movement
HISTORICAL CP PRICE MOVEMENT JAN 872.5 JAN 380.0 JAN 737.5 JAN 927.5 2008 5 7 2009 8 4 2010 6 6 2011 7 5 -535.0 +387.5 +200.0 -130.0 JAN 880.0 JAN 955.0 JAN 1,015.0 JAN 447.5 2012 7 5 6 6 2 10 6 6 2013 2014 2015 +185.0 +182.5 -602.5 -92.5 JAN 367.5 JAN 465.0 JAN 580.0 JAN 425.0 2016 6 6 2017 6 4 2 2
Slide 19: Saudi Aramco CP vs Crude Oil
SAUDI ARAMCO CP VS CRUDE OIL USD/TON 2017 2018 Propane [C3] 800 Q1 +140.0 -107.5 Butane [C4] 655 700 635 Q2 -152.5 +87.5 600600 595 580580570570 560570 600 520535530 Q3 +102.5 +57.5 495 500 505 505 655525 490 460 465470 600 470 455 Q4 +90.0 -187.5 500 575575590590 560555 580 415420 415 435445 390390
Slide 20: Singapore Market (1/2)
SINGAPORE MARKET (1/2) TRADING BUSINESS >>> 2019 >>> By SIAM GAS TRADING PTE. LTD. (100%) TARGET VOLUME 1,150,000 TONS GROWTH 22.0 % SUCCESS 124.8 % 1,434,873 2019 Success 1,434,873 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 400,368 407,071 946,394 942,946 736,544 664,255 663,564 5
Slide 21: Singapore Market (2/2)
SINGAPORE MARKET (2/2) RETAIL BUSINESS >>> 2019 >>> BY SINGGAS (LPG) PTE. LTD. (95%) TARGET VOLUME 22,500 TONS GROWTH 5.2 % SUCCESS 92.8 % 20,884 1,616 2019 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 25,683 24,375 21,041 21,401 21,772 21,866 21,396 20,884 17,872 5,
Slide 22: China Market
CHINA MARKET RETAIL BUSINESS >>> 2019 >>> BY 1. SINOSIAMGAS AND PETROCHEMICALS CO., LTD. (100%) TARGET VOLUME 1,300,000 TONS 2. SIAM OCEAN GAS & ENERGY LTD. (100%) GROWTH 1.7 % SUCCESS 91.6 % 1,190,464 109,536 2019 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 1,277,7
Slide 23: Vietnam Market
VIETNAM MARKET RETAIL BUSINESS >>> 2019 >>> BY 1. SUPERGAS COMPANY LIMITED (100%) TARGET VOLUME 45,000 TONS 2. CITYGAS NORTH COMPANY LIMITED (70%) GROWTH 42.0 % SUCCESS 143.6 % 64,632 2019 Success 185,274 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 166,814 143,628 18,465 16,290 67,3
Slide 24: Malaysia Market
MALAYSIA MARKET RETAIL BUSINESS >>> 2019 >>> BY MYGAZ SDN. BHD. (70% ) TARGET VOLUME 202,500 TONS GROWTH 38.3 % SUCCESS 69.6 % 140,868 61,632 2019 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 146,464 140,868 133,642 116,790 91,696 95,600 36,714 34,756 35,849 52,592 -
Slide 25: Oversea Total Sales Volume
2019 >>> TARGET VOLUME 2,720,000 TONS GROWTH 12.4 % SUCCESS 104.8 % 2,851,721 2019 Success 2,851,721 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 2,420,223 2,156,314 2,025,809 1,782,877 734,869 754,655 627,049 1,428,978 1,307,220 797,880 629,177 78,079 2010 2011 2012 2013 2014 2015 2
Slide 26: MW. Powerplant
230 MW. POWERPLANT SELL TO GOVERNMENT >>> BY MYANMAR LIGHTING (IPP) CO., LTD. (41.1%) 1,256,970 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 1,081,187 1,048,258 354,103 267,050 264,491 Y-2017 Y-2018 Y-2019 Q4/18 Q3/19 Q4/19 YoY -3.0% +19.9 % YoY +32.6% QoQ +33.9%
Slide 27: MW. Diesel Powerplant
10 MW. DIESEL POWERPLANT SELL TO HOUSEHOLD >>> BY SOUTHERN MYANMAR DEVELOPMENT CO., LTD. (33.0%) COD QUARTERLY | SALE VOLUME (MW.) 4,964 ANNUALLY | SALE VOLUME (MW.) In 1,406 July 2018 1,262 1,158 756 Y-2018 Y-2019 Q4/18 Q3/19 Q4/19 YoY +85.9% QoQ +11.4%
Slide 28: Financial Results
* BUSINESS OVERVIEW * THAILAND BUSINESS * OVERSEA BUSINESS * FINANCIAL RESULTS * BUSINESS OUTLOOK * Q&A LLL! ae. ay aa
Slide 29: Revenue breakdown by business
Thailand Offshore 32.7% Oversea business 31.3% Logistic 35.1% Other (Service & Other & Dividend) 2018 Thailand 31.5% Oversea 68.5% 0.6% 0.3% 25.7% 2019 30.3% Thailand 32.2% 42.8% Oversea 67.8% 0.9% 0.4%
Slide 30: 2019 Consolidated revenue of Bt.67,442 m shows a 2.4% yoy decline
2019 Consolidated revenue of Bt.67,442 m shows a 2.4% yoy decline 69,103 67,442 58,339 59,629 Other 17,927 17,756 17,669 16,742 48,378 15,274 Oversea Local TH 2015 2016 2017 2018 2019 Q4|2018 Q1|2019 Q2|2019 Q3|2019 Q4|2019
Slide 31: 2019 Consolidated EBITDA of Bt.3,315 m shows a +25.0% yoy growth
2019 Consolidated EBITDA of Bt.3,315 m shows a +25.0% yoy growth EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN 6,000 15% 2,000 14% 5,193 1,634 13% 12% 5,000 1,500 9.25% 10% 11% 1,050 4,000 9% 1,000 8% 3,315 5.91% 8.71% 6% 2,836 2,860 3,000 7% 2,651 500 334 297 4% 5.91% 5% 2.19% 1.77% 2,000 4.86% 4.92% -
Slide 32: Gross profit and net profit
6,000 10% 2,000 17% 1,594 4,947 9% 5,000 8.36% 1,500 12% 1,139 8% 1,007 9.09% 4,000 7% 1,000 3,251 1 3,037 7% 2,891 6.00% 560 6.45% 2,811 5.71% 6% 3,000 5.23% 346 500 2,260 304 4.85% 2 3.15% 5% 4.71% 2.27% 1.82% 2% 2,000 1,360 3 4% - 1,116 1,119 Q4|2018 Q1|2019 -0.76%Q3|2019 Q2|2019 3.30% 871 -1.39%
Slide 33: Assets, Liabilities & Equity
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 Total Equity INTEREST BEARING DEBT (TIMES) 41,439 41,439 35,804 35,804 2,500 1.63 4,855 7,714 1.52 1.44 2,849 1.34 1.37 4,81
Slide 34: Business Outlook
* BUSINESS OVERVIEW * THAILAND BUSINESS * OVERSEA BUSINESS * FINANCIAL RESULTS * BUSINESS OUTLOOK * Q&A Ln a. ar Ta
Slide 35: LPG Sales Volume Outlook 2020
Sales volume (TONs) 2017 2018 2019 % Success Outlook 2020 % Growth LPG Sales Volume (Tons) SGP - Thailand 1,030,660.58 1,010,383.14 983,246.31 -2.7% 1,030,000 4.8% SGP - Thailand SGP Offshore Trading* 736,544.45 942,945.98 1,434,872.89 52.2% 1,500,000 4.5% China 1,219,476.64 1,277,786.33 1,190,464.0
Slide 36: Dividend History
2019 0.10 0.25 2018 0.25 0.20 2017 0.50 1.00 2016 0.15 0.35 2015 0.20 0.30 2014 0.15 0.20 2013 0.10 0.50 2012 0.15 0.25 2011 0.15 0.30 2010 Interim 0.20 0.30 Final 2009 0.20 0.30 2008 0.15 0.25 SGP split par from Bt1.00 to Bt 0.50 in May 2018
Slide 37: Questions are Welcomed!
° @ @ QUESTIONS ARE WELCOMED !
Siamgas and Petrochemicals Public Company — Q4 2019 Earnings Presentation on 6ix