Tipco Asphalt Public Co. Ltd. · SET:TASCO
Tipco Asphalt Public — FY2014 Earnings Presentation
14 slides from Tipco Asphalt Public's earnings presentation, Mar 5, 2015
Slide 1: Analysts Meeting 5th March 2015
Tipco Asphalt Public Company Limited Analysts Meeting 5th March 2015 บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 1
Slide 2: Historical Sales Volume of asphalt products
Historical Sales Volume of asphalt products (Unit : Tons) 2,031,100 1,390,956 1,251,070 1,096,636 851,527 728,077 2009 2010 2011 2012 2013 2014 บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) 2 Tipco Asphalt Public Company Limited
Slide 3: 2014 asphalt market selling price vs Ice Brent
2014 asphalt market selling price vs Ice Brent USD/MT USD/Barrel 570 112 564 Avg. market selling price 109 108 109 109 106 110 560 Ice Brent 102 107 550 100 95 540 533 532 534 533 531 530 527 528 527 90 523 522 86 520 80 510 506 70 500 70 490 58 60 480 470 50 Jan Feb Mar Apr May June July Aug Sep Oc
Slide 4: Performance Highlights: Sales & Services Revenue
Performance Highlights: Sales & Services Revenue (Unit : THB Million) Sales & services Revenue • Sales and services in 2014 stood at Baht 45,727 million reflecting an increase of 34.75% from last year 2013 2014 45,727 • The increase in sale revenue was mainly attributable to abundance supply of heav
Slide 5: Performance Highlights: Gross Profit
Performance Highlights: Gross Profit (Unit : THB Million) Operating Gross Profit(Inc. hedging & NRV) • Operating gross profit margin for 4th Quarter recorded another impressive Baht 854 million, continued to show improvement since 3rd Quarter despite the huge falling 2013 2014 crude prices 2,005 • T
Slide 6: Performance Highlights: SG&A & EBITDA
Performance Highlights: SG&A & EBITDA (Unit : THB Million) SG&A • Selling and administrative expenses in 2014 stood at Baht 153 million and Baht 644 million representing 0.33%, and 2013 2014 1.40% of sales and services, respectively. Comparatively, 785 797 these expenses in 2013 stood at Baht 127 mi
Slide 7: Performance Highlights: Debt to Equity Ratio & Net Profit After Tax
Performance Highlights: Debt to Equity Ratio & Net Profit After Tax (Unit : THB Million) Finance Cost • Financial expense in 2014 was Baht 222 million, an 2013 2014 increase from Baht 195 million of 2013 due to higher 222 195 working capital needs for purchase of crude and the purchase of minority s
Slide 8: Performance Highlights: Debt to Equity Ratio & Net Profit After Tax
Performance Highlights: Debt to Equity Ratio & Net Profit After Tax (Unit : Times) D/E – interest bearing • The Company’s consolidated interest bearing short-term debt to equity ratio significantly improved to 0.80 from 2013 2014 1.72 down attributable to falling crude prices and better 1.72 working
Slide 9: Performance Highlights: Key ratios
Performance Highlights: Key ratios (Unit : %) (Unit : %) ROE ROA 38.24% 6.78% 5.60% 3.83% 3.76% 4.27% 21.33% 21.44% 2010 2011 2012 2013 2014 17.20% 15.52% (Unit : Baht/share) Dividend1/ 2.00 1.25 1.00 2010 2011 2012 2013 2014 • Strong growth in net profit resulted in higher ROE at 21.44%. As a sign
Slide 10: 2014 Highlights
2014 Highlights Q1 2014 • In early 2014, the Company has successfully managed to secure a long term crude supply contract • (4 years) of heavy crude for up to 10 million bbl per annum • Tipco Asphalt finally succeeded gaining 100% control of KBC refinery in Malaysia after acquiring the remaining 17.
Slide 11: 2014 Highlights
2014 Highlights Q3 2014 • The Company received “Open Account term with 30 days credit” for crude payment. This will reduce the Company’s financing costs • Signed the Declaration of Intent of CAC to join Private Sector the Collective Action Coalition Against Corruption Q4 2014 • Restructured sharehol
Slide 12: 2015 Highlights
2015 Highlights Q1 2015 • According to 2-2015 BOD meeting, the BOD approved and propose to the AGM 1/2015 on stock split and additional Baht 1 per share dividend payment on top of interim dividend payment of Baht 1 paid in December 2014 • AGM No.1/2015 will be held on 7 April 2015 บริ ษทั ทิปโก้แอสฟ
Slide 13: 2015 outlook & direction
2015 outlook & direction • Crude: Benefit from low crude price in the market – margin improve Benefit from crude supply contract - consistency, productivity Effective hedging policy • Refinery: • Increase efficiency in fuel consumption • Maintain high reliability at 99.9% • Marine: • Maintain high r
Slide 14: 2015 outlook & direction
2015 outlook & direction • International market • Stable outlook of International market with growth potential in line with respective country GDP growth • JV company in Singapore progress: expect to start doing business in Q2 2015 Unit: % 2000-07 2012 2018 2014-2018 Country's medium term policy foc
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