Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Siamgas and Petrochemicals PCL — Q1 2017 Earnings Presentation
36 slides from Siamgas & Petrochemicals Public's earnings presentation, June 2017
Slide 1: Q1|2017 Performance Results
SIAMGAS AND PETROCHEMICALS PCL. Q1|2017 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 Model and Highlights • Oversea LPG Market Highlights • Financial Results • Business Outlook • Q&A 3
Slide 4: Shareholding Structure
SHAREHOLDING STRUCTURE 61.3% MANAGEMENT RETAIL 22.9% 15.8% FUND 38.7% PUBLIC Latest closed data : On 10 MAR 2017 4
Slide 5: Milestones
MILESTONES Business acquisition Vietnam | Supergas Business acquisition Founded Founded Singapore | Singgas Vietnam | Citygas N. the company Marine & land logistic China | Sinosiam Malaysia | Mygaz 1 2 2 2 9 0 0 0 7 0 1 1 6 5 0 3 2 2 2 2 0 0 0 0 0 0 1 1 4 8 1 6 Business acquisition Listed in Setup |
Slide 6: Company Structure
COMPANY STRUCTURE SGP | 918.93 MB. THAILAND SIAMGAS AND PETROCHEMICAL PCL. OVERSEA 1.00 Mil.MYR. SGGAS 14.3 Mil.SGD. SINGGAS LCR 70 MB. Ammonia in Malaysia LPG in Singapore 29.99% 95.oo% Road Transportation 99.99% 39.37% 12.00 Mil.MYR. MYGAZ 0.5 Mil.SGD. SGT Wholesale business SLM 447 MB. LPG in Mal
Slide 7: SGP's Presence
SGP’s PRESENCE LPG business OTHER business SHANTOU, SOUTH CHAINA | SOGEL HAIPHONG | CITYGAS NORTH ZHUHAI, SOUTH CHAINA | SINOSIAMGAS MYANMAR, MAWLAMYING | MLIPP POWERPLANT 230 MEGAWATT THAILAND | SIAMGAS & UNIQUEGAS HO CHI MINH | SUPERGAS EAST MALAYSIA | MYGAZ MALAYSIA | MYGAZ SINGAPORE, RETAIL BUSI
Slide 8: Agenda
AGENDA • Business Overview • Thailand Business Model and Highlights • Oversea LPG Market Highlights • Financial Results • Business Outlook • Q&A 8
Slide 9: LPG Retail Price
LPG Retail Price [Baht/kg.] COOKING AUTOMOBILE INDUSTRIAL 20.49 Baht/kg. - - - - - - - - - - - - 0.67 - - 20.29 22.29 20.29 20.29 20.29 20.29 20.29 20.29 20.29 20.29 20.29 20.29 20.29 20.96 20.96 20.96 20.49 (2.00) (0.47) Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 D
Slide 10: Thailand Business Model
THAILAND BUSINESS MODEL SGP COMMERCIAL FILLING USERS PLANTS GAS SEPARATION COOKING LPG REFINERIES RETAILERS PLANTS AGENT & FILLING HOUSEHOLD USERS PLANTS SGP INDUST. TERMINALS INDUSTRIAL & USERS DEPOTS LPG IMPORT SGP AUTO-LPG AUTOMOTIVE SGP STATIONS MOTORISTS AGENT AUTO-LPG STATIONS 10
Slide 11: LPG Import
LPG IMPORT Refrigerated cargo Floating storage 44,000 tons 2,000 ton 1,500 ton 1,200 ton Receive LPG by Pressurize vessels Transportation to SGP terminal 11
Slide 12: SGP's Network in Thailand
SGP’s NETWORK IN THAILAND 23 8 500 vessels terminals roadtankers 5.Lampang 6.Khonkaen 4.Nakornsawan 1.Bangkok Floating Storage 2.Samutprakan 3.Chachoengsao 7.Suratthani FILLING PLANT & AUTOGAS STATION 8.Songkhla Company Filling Plants x 40 Agent Filling Plants x 151 Company Autogas Stations x 45 Age
Slide 13: Thailand LPG Market
THAILAND LPG MARKET LPG Sales Volume (‘000 tons) | ALL SECTORS YoY: Total -2.8% | SGP -0.6% 4,775 -0.9% 4,730 -6.8% 4,409 -5.3% 4,177 QoQ: Total -1.6% | SGP -0.6% 3,572 3,609 3,370 3,171 -6.8% -7.3% -3.3% 1,061 1,048 1,032 1,203 1,121 1,039 1,005 806 792 778 256 256 254 2013 2014 2015 2016 1Q'16 4Q'
Slide 14: Cooking Market
COOKING MARKET LPG Sales Volume (‘000 tons) | COOKING SECTORS -9.2% 2,409 COOKING PORTION 2,188 -4.3% +0.8% 2,094 2,110 YoY: Total +0.4% | SGP +1.3% 1,691 QoQ: Total -1.0% | SGP -1.1% 1,545 1,484 1,491 63% -10.4% +1.4% 533 541 535 -5.1% 718 643 610 619 376 380 376 157 161 159 2013 2014 2015 2016 1Q'
Slide 15: Automotive Market
AUTOMOTIVE MARKET LPG Sales Volume (‘000 tons) | AUTOMOTIVE SECTORS +11.2% 1,974 -12.3% 1,775 1,731 AUTOMOTIVE PORTION -15.3% 1,466 YoY: Total -9.5% | SGP -11.7% 1,624 1,415 1,439 QoQ: Total -4.0% | SGP -2.5% 1,221 22% -2.7% 376 355 341 -16.5% -16.3% 360 350 312 297 284 292 245 64 58 57 2013 2014 20
Slide 16: Industry Market
INDUSTRY MARKET LPG Sales Volume (‘000 tons) | INDUSTRY SECTORS +2.8% 592 -4.0% +2.8% 584 600 INDUSTRY PORTION 568 YoY: Total +2.7% | SGP +11.2% 14% 467 448 459 QoQ: Total +2.2% | SGP +4.5% 440 +3.7% 152 153 156 +1.8% +7.0% 118 116 118 125 128 137 142 35 37 39 2013 2014 2015 2016 1Q'16 4Q'16 1Q'17 S
Slide 17: LPG Market (Volume Sale by SGP)
LPG market (Volume sale by SGP) LPG Sales Volume (‘000 tons) | By SECTORS Cooking Automobile Industrial |----------- 1,121 ------------| |----------- 1,039 ------------| |----------- 1,005 ------------| |------------ 254 -----------| 284 283 282 273 265 254 260 260 256 253 256 254 31 34 33 241 30 35
Slide 18: Agenda
AGENDA • Business Overview • Thailand Business Model and Highlights • Oversea LPG Market Highlights • Financial Results • Business Outlook • Q&A 18
Slide 19: Regional LPG Wholesale Model
REGIONAL LPG WHOLESALE MODEL 19
Slide 20: Saudi Aramco CP vs Crude Oil
Saudi Aramco CP vs Crude oil USD/TON Propane[C3] Butane[C4] 700 600 600 600 495 490 470 480 460 470 475 475 500 440 425 435 440 420 510 500 400 390 390 390 365 380 365 370 480 400 450 460 465 345 460 350 425 405 395 315 320 310 320 435 430 Q1 +140.0 395 290 390 380 385 385 300 365 360 345 320 325 33
Slide 21: Historical CP Price Movement
HISTORICAL CP PRICE MOVEMENT 9 3 8 9 5 2005 2006 4 2007 3 2008 7 +112.0 -46.5 +385.0 -535.0 8 4 6 7 7 2009 2010 6 2011 5 2012 5 +387.5 +200.0 -130.0 +185.0 6 6 2 6 6 2013 2014 10 2015 6 2016 6 +182.5 -602.5 -92.5 -67.5 21
Slide 22: Singapore Market
SINGAPORE MARKET SIAM GAS TRADING PTE. LTD. (100% owned) Wholesale business %Growth 10.4% %Success 27.1% YoY +101.6% QoQ +70.7% SINGGAS (LPG) PTE. LTD. (95% owned) (UNIT : TON) (UNIT : TON) 162,546 600,000 Retail business 543,452 95,233 80,615 Small market with good margin 162,546 Consumer seeks qua
Slide 23: China Market
CHINA MARKET SINOSIAMGAS AND PETROCHEMICALS COMPANY LIMITED Large import LPG market in South China Advantage over competitors with large cavern storage Large sale volume with continuous growth rate SIAM OCEAN GAS & ENERGY LIMITED %Growth 4.2% %Success 20.4% YoY +7.1% QoQ -34.0% (UNIT : TON) (UNIT :
Slide 24: Vietnam Market
VIETNAM MARKET SUPERGAS COMPANY LIMITED (100% owned) CITYGAS NORTH COMPANY LIMITED (70% owned) %Growth 4.4% %Success 7.0% YoY -79.2% QoQ -29.4% (UNIT : TON) (UNIT : TON) 150,000 50,629 143,628 High competition with high growth potential Consumers gradually switch to LPG 14,901 10,527 instead of fire
Slide 25: Malaysia Market
MALAYSIA MARKET Market leader with growth potential in East Malaysia Expand market to West Malaysia %Growth 9.6% %Success 24.6% YoY +20.5% QoQ +0.9% (UNIT : TON) (UNIT : TON) 128,000 116,790 31,210 31,505 26,145 31,505 MYGAZ SDN. BHD. (70% owned) 2016 Outlook2017 2017 1Q'16 4Q'16 1Q'17 25
Slide 26: Oversea Market: Sale Volume
OVERSEA MARKET : SALE VOLUME Total %Growth 6.1% %Success 21.6% YoY +15.9% QoQ -12.8% (UNIT : TON) (UNIT : TON) 2,150,000 2,025,809 533,596 465,165 401,284 465,165 2016 Outlook2017 2017 1Q'16 4Q'16 1Q'17 26
Slide 27: Agenda
AGENDA • Business Overview • Thailand Business Model and Highlights • Oversea LPG Market Highlights • Financial Results • Business Outlook • Q&A 27
Slide 28: Revenue Portion
REVENUE PORTION Thailand Offshore trading 22.6% Oversea business 35.4% Logistic 40.4% Other (Service&Other) Q1|2016 Thailand 45.8% Oversea 54.2% 0.7% 0.9% Q1|2017 10.5% Thailand 37.0% 43.9% Oversea 63.0% 43.7% 0.8% 1.1% 28
Slide 29: Full Year and Quarterly Revenue
Full year and quarterly Revenue [Bt.m] Q1|2017 Consolidated revenue of Bt.14,432 m shows a 23.9% yoy growth yoy +23.9% yoy -17.1% 65,746 qoq +3.5% 62,157 58,334 14,432 48,371 13,947 47,752 Other 12,481 11,644 10,300 Oversea Local TH 2012 2013 2014 2015 2016 Q1|2016 Q2|2016 Q3|2016 Q4|2016 Q1|2017 Re
Slide 30: Full Year and Quarterly EBITDA
Full year and quarterly EBITDA [Bt.m] Q1|2017 Consolidated EBITDA of Bt.1,733 m shows a 245.2% yoy growth 3,500 8% EBITDA EBITDA MARGIN 2,000 16% EBITDA EBITDA MARGIN 7% 1,800 1,733 3,000 2,860 14% 2,786 2,836 5.91% 1,600 6% 12% 2,500 2,311 1,400 1,344 12.01% 5% 10% 4.84% 4.86% 1,200 9.64% 2,000 4.2
Slide 31: Gross Profit Margin & Net Profit Margin
Gross profit margin & Net profit margin 3,500 8% 1,800 14% 1 1,643 3,037 3,000 1 2,891 7% 1,600 12% 1,441 11.46% 2 2 1,400 2,500 2,339 6.00%6% 10.32% 10% 2,074 5.23% 1,200 1,143 3 2,000 5% 7.92%8% 4.38% 1,602 1,000 899 4 1,500 3 4% 727 6.45% 3.60% 1,119 800 6% 1,116 5.83% 1,000 834 3% 817 469 4 600
Slide 32: Financial Position
FINANCIAL POSITION ASSET (THB Million) LIABILITIES & EQUITY (THB Million) Interest Bearing Debt (Times) 28,557 30,664 28,557 30,664 Cash & 2,034 4,366 Short term loan 1.24 1.20 Equivalents 1,879 1.13 1.10 3,888 3,512 Inventory 3,345 1.07 0.99 1.06 1.03 4,056 Current Liabilities 0.97 4,193 Other asse
Slide 33: Agenda
AGENDA • Business Overview • Thailand Business Model and Highlights • Oversea LPG Market Highlights • Financial Results • Business Outlook • Q&A 33
Slide 34: Outlook 2017
OUTLOOK 2017 LPG Sales Volume (Tons) Sales volume (TONs) 2015 2016 Outlook 2017 Q1|2107 % Success Malaysia & Singapore SGP – Thailand 1,051,300.48 1,016,965.56 1,050,000.00 268,376.54 25.6% Vietnam SGP Offshore Trading* 589,188.38 543,451.66 600,000.00 162,545.50 27.1% China China 909,874.15 1,200,1
Slide 35: Dividend Payment
DIVIDEND PAYMENT • Dividend Policy The Company has established the policy to pay dividends to the shareholders at the rate of not less than 40% of the net profit after corporate income tax, accumulated loss brought forward (if any)and appropriation of statutory reserve in accordance with the Company
Slide 36: Q&A
Q&A Questions are welcomed ! 36
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