Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Siamgas and Petrochemicals PCL — Q3 2017 Earnings Presentation
39 slides from Siamgas & Petrochemicals Public's earnings presentation, December 2017
Slide 1: Q3|2017 Performance Results
SIAMGAS AND PETROCHEMICALS PCL. Q3|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 Thai NVDR 19.5% 5.8% Fund 13.5% 38.7% PUBLIC Latest closed data : On 28 AUG 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 SUSTAINABLE GROWTH 2 2 2 2 0 0 0 0 0 0 1 1 4 8 1 6 Business acquisitio
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 CHINA | SOGEL HAIPHONG | CITYGAS NORTH ZHUHAI, SOUTH CHINA | SINOSIAMGAS MYANMAR, MAWLAMYING | MLIPP POWERPLANT 230 MEGAWATT THAILAND | SIAMGAS & UNIQUEGAS HO CHI MINH | SUPERGAS EAST MALAYSIA | MYGAZ MALAYSIA | MYGAZ SINGAPORE, RETAIL BUSINE
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 21.15 Baht/kg. 0.67 0.66 20.29 20.29 20.29 20.29 20.29 20.29 20.29 20.29 20.29 20.29 20.96 20.96 20.49 20.49 20.49 21.15 21.15 21.15 22.29 20.29 20.29 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 Oc
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 24 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 4,730 YoY: Total -1.3% | SGP -1.4% 4,409 4,177 -6.8% -5.3% QoQ: Total +3.0% | SGP +1.1% 3,074 3,609 3,370 3,171 -7.3% 2,324 -3.3% 1,049 1,006 1,036 1,121 1,039 1,005 796 759 787 750 253 247 249 2014 2015 2016 9M|2017 3Q'16 2Q'17 3Q'17 SG
Slide 14: Cooking Market
COOKING MARKET LPG Sales Volume (‘000 tons) | COOKING SECTORS COOKING PORTION 2,188 2,110 2,094 -4.3% +0.8% YoY: Total +1.8% | SGP -2.5% 1,599 1,545 1,484 1,491 QoQ: Total +5.0% | SGP +1.0% 1,138 62% +1.4% 535 519 545 -5.1% 643 610 619 380 368 393 461 156 151 152 2014 2015 2016 9M|2017 3Q'16 2Q'17 3
Slide 15: Automotive Market
AUTOMOTIVE MARKET LPG Sales Volume (‘000 tons) | AUTOMOTIVE SECTORS 1,974 AUTOMOTIVE PORTION 1,731 -12.3% YoY: Total -10.1% | SGP -5.7% 1,466 -15.3% 1,624 1,002 QoQ: Total -2.6% | SGP -5.0% 1,439 1,221 23% 828 -16.5% 363 335 326 -16.3% 350 292 303 275 269 245 174 60 60 57 2014 2015 2016 9M|2017 3Q'1
Slide 16: Industry Market
INDUSTRY MARKET LPG Sales Volume (‘000 tons) | INDUSTRY SECTORS 584 600 INDUSTRY PORTION 568 YoY: Total +9.1% | SGP +10.2% +2.8% +2.8% 474 QoQ: Total +8.2% | SGP +11.5% 15% 448 459 440 358 151 152 165 +3.7% +7.0% 114 116 124 128 137 142 116 37 36 41 2014 2015 2016 9M|2017 3Q'16 2Q'17 3Q'17 SGP Group
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 ------------| |------------ 750 -----------| 284 283 282 273 265 265 254 260 260 256 253 254 31 34 33 247 249 3
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: Huge Storage in China
HUGH STORAGE IN CHINA GROUP jamgas and Petrochemical Public Company Limited
Slide 21: Combined Largest Storage in China
COMBINED LARGEST STORAGE IN CHINA Total : 300,000 Tons Zhuhai : 200,000 Tons Shantou : 100,000 Tons Storage Caverns 21
Slide 22: Saudi Aramco CP vs Crude Oil
Saudi Aramco CP vs Crude oil USD/TON Propane [C3] 700 Butane [C4] 600600 580580 600 495 490 500 470480460470475 475 460 575575 500 440425 435 440 420 510 500 400 390 390390 365 380365 370 480 365 480 400 450 460465 345 460 350 425 315320 320 435 430 420 405395 310 395 290 390380 300 365 360 385385 Q
Slide 23: 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 23
Slide 24: Singapore Market (1/2)
SINGAPORE MARKET (1/2) SIAM GAS TRADING PTE. LTD.(100%) - Offshore trading business Sale customer to Macau, Hong Kong, Philippines, Vietnam, South China, Bangladesh, Cambodia, etc. Sales volume : tons 946,394 664,255 663,564 600,000 209,203 589,188 543,452 542,271 170,522 463,104 139,778 56,906 2010
Slide 25: Singapore Market (2/2)
SINGAPORE MARKET (2/2) SINGGAS (LPG) PTE.LTD. (95%) - Retail business Small market with good margin Consumer seeks quality product & service over price concern Sales volume : tons 25,683 24,375 5,654 21,401 21,772 22,000 21,041 17,872 16,156 5,438 8,793 5,255 2010 2011 2012 2013 2014 2015 2016 Outlo
Slide 26: China Market
CHINA MARKET SINOSIAMGAS AND PETROCHEMICALS COMPANY LIMITED (100%) SIAM OCEAN GAS & ENERGY LIMITED (100%) Large import LPG market in South China Advantage over competitors with large cavern storage Large sale volume with continuous growth rate Sales volume : tons 1,250,000 1,200,167 356,502 909,874
Slide 27: Vietnam Market
VIETNAM MARKET SUPERGAS COMPANY LIMITED (100% owned) CITYGAS NORTH COMPANY LIMITED (70% owned) High competition with high growth potential Consumers gradually switch to LPG instead of fire wood Sales volume : tons 185,274 166,814 26,702 150,000 143,628 12,325 11,503 67,388 34,355 26,496 19,972 12,38
Slide 28: Malaysia Market
MALAYSIA MARKET MYGAZ SDN. BHD. (70% owned) Market leader with growth potential in East Malaysia Expand market to West Malaysia Sales volume : tons 128,000 116,790 33,324 95,600 96,780 91,696 31,952 52,592 29,961 - - - 2010 2011 2012 2013 2014 2015 2016 Outlook 9M|2017 3Q16 2Q17 3Q17 2017 +74.4 +4.3
Slide 29: Oversea Market: Sale Volume
OVERSEA MARKET : SALE VOLUME Total Sales volume : tons 2,150,000 2,025,809 1,782,877 1,564,013 584,232 1,428,978 1,307,220 558,381 797,880 514,616 629,177 78,079 2010 2011 2012 2013 2014 2015 2016 Outlook 9M|2017 3Q16 2Q17 3Q17 2017 +705.8 +26.8 +79.1 -8.5 +36.4 +13.6 +6.1 72.7 % % % % % % % YoY +4.
Slide 30: Agenda
AGENDA • Business Overview • Thailand Business Model and Highlights • Oversea LPG Market Highlights • Financial Results • Business Outlook • Q&A 30
Slide 31: Revenue Portion
REVENUE PORTION Thailand Offshore trading 20.2% Oversea business 36.0% 42.2% Logistic Other (Service&Other) 9M|2016 Thailand 44.5% Oversea 55.5% 0.8% 0.7% 9M|2017 13.0% Thailand 37.6% 42.7% Oversea 62.4% 42.5% 0.7% 1.0% 31
Slide 32: Full Year and Quarterly Revenue
Full year and quarterly Revenue [Bt.m] Q3|2017 Consolidated revenue of Bt.14,152 m shows a 37.4% yoy growth yoy +37.4% yoy -17.1% 65,746 qoq +4.6% 1,438 62,157 yoy +22.3% 980 58,334 752 14,432 13,947 14,151 48,371 230 13,527 Other 76 175 678 42,111 251 656 10,300 34,425 220 602 Oversea 40,822 36,903
Slide 33: Full Year and Quarterly EBITDA
Full year and quarterly EBITDA [Bt.m] Q3|2017 Consolidated EBITDA of Bt.1,321 m a shows of 254.8% yoy growth 3,500 8% EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN 2,000 EBITDA EBITDA MARGIN 14% 7% 1,800 1,733 3,000 2,860 2,786 2,836 12.01% 12% 5.91% 1,600 4,000 3,503 9% 6% 2,500 2,311 8.32% 1,344 8% 1,
Slide 34: Gross Profit Margin & Net Profit Margin
Gross profit margin & Net profit margin YEARLY 9 MONTH QUARTERLY 1,800 14% 1,643 3,500 9% 3,500 8% 3,241 1,600 3,037 8% 12% 7.76% 1,441 11.46% 1 3,000 2,891 7% 3,000 1,400 1,307 7% 10.32% 2 10% 2,500 2,339 6.00% 6% 2,500 9.29% 1,143 1,200 6% 2,074 5.23% 7.92% 8% 1,922 3 1,000 2,000 899 2,000 5% 5% 4
Slide 35: Financial Position
FINANCIAL POSITION 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 Interest Bearing Debt (Times) Total Equity 32,606 32,606 28,557 28,557 2,548 1,879 5,256 1.20 5,823 1.10
Slide 36: Agenda
AGENDA • Business Overview • Thailand Business Model and Highlights • Oversea LPG Market Highlights • Financial Results • Business Outlook • Q&A 36
Slide 37: Outlook 2017
OUTLOOK 2017 LPG Sales Volume (Tons) Sales volume (TONs) 2015 2016 Outlook 2017 9M|2017 % Success Malaysia & Singapore SGP - Thailand 1,051,300.48 1,016,965.56 1,050,000.00 827,971.78 78.9% Vietnam SGP Offshore Trading* 589,188.38 543,451.66 600,000.00 542,270.82 90.4% China China 909,874.15 1,200,1
Slide 38: 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 39: Q&A
Q&A Questions are welcomed ! 39
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