Tipco Asphalt Public Co. Ltd. · SET:TASCO
Tipco Asphalt Public — FY2019 Earnings Presentation
15 slides from Tipco Asphalt Public's earnings presentation, Feb 21, 2020
Slide 1: 1-2020 Opportunity Day (FY/2019 Operational Results)
Tipco Asphalt Public Company Limited (TASCO) 1-2020 Opportunity Day (FY/2019 Operational Results) 21st February 2020
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 2019 Financial Performance 2 Q4 2019 Highlights 3 2020 Outlook 4 Q&A
Slide 4: Sales & Services Revenue & Sales Volume
Sales & Services Revenue & Sales Volume Sales & Services Revenue Unit: Mil. THB 36,893 • Sales and services stood at Baht 36,893 million, reflecting an 27,632 increase of 33.52% from last year 9,4507,032 9,5689,571 • Asphalt price remained stable and sustainable through the year 7,091 5,263 10,784 5
Slide 5: Operating Gross Profit
Operating Gross Profit Operating Gross Profit Unit: Mil. THB • Gross profit in 2019 increased to Baht 4,174 million compared 4,174 to Baht 2,364 million in 2018 due to lower crude cost and reversal of NRV Baht 794 million and small hedging loss. 2,364 1,168 916 518 1,076 808 1,014 607 431 • The Comp
Slide 6: EBITDA & Net Profit
EBITDA & Net Profit EBITDA Unit: Mil. THB 2019 2018 • The Group’s cashflow generated from operations stood at Baht 3,953 3,953 million compared to the Baht 2,457 million in 2018 due to 2,457 1,195 588 1,345 1,169 improved performance in this year as compared to last year 474 162 939 538 and the net
Slide 7: Debt to Equity Ratio
Debt to Equity Ratio Debt/Equity Ratio 0.91 0.95 0.86 0.02 0.004 0.003 Q4 2018 Q3 2019 Q4 2019 Total liabilities/Total equity LT debt/Total equity • The Group’s consolidated debt to equity ratio (D/E ratio) was at 0.86 comparing to 0.91 in 2018 due to better operation performance in this year 4
Slide 8: Key Ratios and Historical Dividend
Key Ratios and Historical Dividend Return on Asset 2/ Return on Equity1/ Unit: % Unit: % 2019 2018 2019 2018 24.2 15.6 21.1 13.5 15.4 9.1 10.3 8.5 12.3 11.2 6.6 6.2 7.7 8.1 4.5 4.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1/ Return is based on sum of last 12 months net profit 2/ Return is based on sum of last 12 mon
Slide 9: Expense relating to fire incident and insurance claim
Expense relating to fire incident and insurance claim • In 2019, the subsidiary had incurred additional operating expenses for crude storage, logistic handling and other related expenses of USD 12.6 million or Baht 387 million. Some of these expenses will be recurring until the damaged crude oil tan
Slide 10: Status of crude storage of KBC refinery
Status of crude storage of KBC refinery Total 6 out of 8 tanks are in place • 2 repaired tanks were completed and in operation since late- Nov 2019 • A new construction tank and the other new construction tank are expected to be completed in March 2020 and April 2020, respectively 2 repaired tanks 2
Slide 11: Q4 2019 - Highlights
Q4 2019 - Highlights Refinery • Refinery was continuously processing at high reliability rate • 2 repaired tanks have been successfully recommissioned in operation since December 2019 • Second insurance payment of Baht 143 million was received in Q4 2019 Domestic Market • 25% lower sales volume in Q
Slide 12: Asphalt Selling Price vs. Ice Brent Price
Asphalt Selling Price vs. Ice Brent Price Unit: USD/barrel 90.0 Avg. asphalt selling price Avg. Ice Brent price 80.1 80.0 74.9 76.0 70.1 71.4 68.9 71.2 67.2 68.1 65.3 70.0 61.5 71.2 60.0 57.3 60.0 63.6 68.3 63.5 51.1 54.7 50.9 52.2 62.2 63.3 63.8 62.0 62.5 50.0 55.2 45.8 46.9 47.1 57.9 51.2 53.8 40.
Slide 13: Highlights: Asphalt Volume & Asphalt Revenue Structure
Highlights : Asphalt Volume & Asphalt Revenue Structure Asphalt sales volume by market Main International Markets Unit: % Domestic International Q4 2018 Q3 2019 Q4 2019 2019 China 74% 83% 84% 80% 26% 20% Indonesia 17% 16% Million tons 0.49 0.62 0.60 2.27 Asphalt Revenue (Exc. Non asphalt & service i
Slide 14: Outlook
Outlook Refinery • 2 new construction tanks will be completed as scheduled in April 2020 • Refinery is maintaining high throughput but adjustable to the level of demand Domestic Market • The delayed government budget in 2019 will be disbursed after Q1 2020 International Market • Expect negative Impa
Slide 15: THANK YOU
THANK YOU www.tipcoasphalt.com
Tipco Asphalt Public Company — FY2019 Earnings Presentation on 6ix