Tipco Asphalt Public Co. Ltd. · SET:TASCO
Tipco Asphalt Public — Q1 2018 Earnings Presentation
15 slides from Tipco Asphalt Public's earnings presentation, May 17, 2018
Slide 1: Tipco Asphalt Public Company Limited (TASCO) 2-2018 Analyst meeting
Tipco Asphalt Public Company Limited (TASCO) 2-2018 Analyst meeting 17th May 2018 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 Q1 2018 financial Performance 2 2018 Highlights 3 Outlook 4 Q&A บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 2
Slide 4: Financial Performance: Sales & Services Revenue vs. Sales Volume
Q1 2018 Financial Performance : Sales & Services Revenue vs. Sales Volume Sales & Services Revenue Unit: Mil. THB 28,260 • Sales and services revenue stood at Baht 5,263 million, reflecting a decrease of 37% from the same 8,350 8,212 period of last year due to decrease in 5,263 5,164 6,535 sale volu
Slide 5: Financial Performance: Operating Gross Profit
Q1 2018 Financial Performance : Operating Gross Profit Operating Gross Profit Unit: Mil. THB • This cost increase was mainly due to the 3,478 high inventory cost where we saw average Brent price of USD 67/bbl during 1st quarter 2018 as compared to USD 55/bbl 1,571 during 1st quarter 2017. 607 619 74
Slide 6: Financial Performance: EBITDA & Net Profit
Q1 2018 Financial Performance : EBITDA & Net Profit EBITDA Unit: Mil. THB • The Group’s cash flow generated from 4,514 operations stood at Baht 162 million lower than the profit of Baht 304 million was due to adjustment of non-cashflow 1,811 1,123 items. 850 730 162 Q1 Q2 Q3 Q4 Year 2018 2017 Net Pr
Slide 7: Financial Performance: Debt to Equity Ratio
Q1 2018 Financial Performance : Debt to Equity Ratio Debt/Equity Ratio 0.60 0.51 0.54 0.06 0.04 0.03 Q1 2017 Q4 2017 Q1 2018 Total liabilities/Total equity LT debt/Total equity • The Group’s consolidated debt to equity ratio (D/E ratio) remained low at 0.54 comparing to 0.60 in corresponding period
Slide 8: Financial Performance: Key Ratios and Historical Dividend
Q1 2018 Financial Performance : Key Ratios and Historical Dividend Return on Equity1/ Return on Asset2/ Unit: % Unit: % 2018 2017 2018 2017 25.9 24.3 20.0 19.9 23.4 19.5 20.3 15.6 12.3 9.1 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 las
Slide 9: Highlights: Crude & Refinery, Hedging
Q1 2018 Highlights Crude & refinery • There was 8 weeks refinery shutdown in Q1 2018 which comprise 3 weeks in Jan 2018 due to crude delivery problem and whole month March 2018 due to the mandatory refinery maintenance • The mandatory refinery maintenance was required by regulatory in every 36 month
Slide 10: Highlights: Domestic and International Market
Q1 2018 Highlights: Domestic and International Market Domestic Market • Sales volume still remained at high level due to strong government budget • However, sales volume of premium product decreased as compared to Q4 2017 International Market • Plant shutdown due to maintenance during 2 March - 3 Ap
Slide 11: Asphalt Selling Price vs. Ice Brent Price
Asphalt Selling Price vs. Ice Brent Price Unit: USD/barrel 120.0 109.7 Avg. asphalt selling price Avg. Ice Brent price 103.4 100.0 89.5 94.2 90.9 80.1 80.0 70.1 67.2 77.1 61.5 60.0 57.3 60.0 51.1 54.7 50.9 52.2 63.5 45.8 46.9 47.1 62.2 57.9 55.2 51.2 53.8 40.0 45.3 48.2 44.7 38.0 37.4 38.5 34.7 20.0
Slide 12: Highlights: Asphalt Volume & Asphalt Revenue Structure
Highlights : Asphalt Volume & Asphalt Revenue Structure Asphalt sales volume concentration by market Unit: % Main International Markets Domestic International 0.53 0.41 0.32 Mil tons Mil tons Mil tons China 66% 55% 71% Australia 34% 45% 29% Q1 2017 Q4 2017 Q1 2018 Asphalt Revenue (Exc. Non asphalt &
Slide 13: 2018 Outlook – Refinery and Marine Business
2018 Outlook – Refinery and Marine Business Crude • Crude supplier is working hard to resolve its crude delivery operational issues and reassures the Company that it will continue to honour the terms of the supply contract. Refinery • Refinery resumed processing crude from April 2018 onwards. Marine
Slide 14: 2018 Outlook – Domestic & International Market
2018 Outlook – Domestic & International Market Domestic Market • Additional government budget which emphasized on natural latex modified asphalt is pending award. International Market • Expecting Asphalt price to catch up with Brent price and this could trigger customer to place more orders. บริ ษทั
Slide 15: Q&A
Q&A บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 14
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