Tipco Asphalt Public Co. Ltd. · SET:TASCO
Tipco Asphalt Public — Q2 2015 Earnings Presentation
17 slides from Tipco Asphalt Public's earnings presentation, Aug 18, 2015
Slide 1: Q2 2015 Analyst Meeting
Tipco Asphalt Public Company Limited Q2 2015 Analyst Meeting 18th Aug 2015 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 Q2 2015 Highlights 2 Performance Highlights 3 Q3 2015 Outlook 4 New Mission บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 2
Slide 4: Q2 2015 Highlights
Q2 2015 Highlights • Brent price increased from USD55 and stabilized above USD63 per Crude barrel during Q2 • Procure more crude cargoes under long term crude supply agreement to support export sales • Benefited from stable crude price range compared to Q2 2014 when it was highly volatile at above U
Slide 5: Q2 2015 Highlights
Q2 2015 Highlights Domestic Market • Strong government budget disbursement spilled over into Q2 2015 resulted in 22% growth compared to Q2 2014 • Strong growth was driven by Asphalt Cement and PMA International Market • Consistent strong growth in China, Indonesia, Malaysia, Australia and Vietnam re
Slide 6: Highlights: Total sales volumes
Q2 2015 Highlights: Total sales volumes Sales volume Sales volume concentration by market Unit: Mil tons Unit: % Domestic International 2.03 64% 84% 84% 85% 0.66 0.52 0.43 36% 16% 16% 15% Q2/2014 2014 Q1/2015 Q2/2015 Q2/2014 2014 Q1/2015 Q2/2015 • Total sales volumes in Q2/2015 increased 27% • Due t
Slide 7: Highlights: International asphalt market selling price vs Ice Brent
Q2 2015 Highlights: International asphalt market selling price vs Ice Brent USD/Barrel 120 109 112 Avg. asphalt selling price 106 103 Ice Brent 100 95 86 80 70 67 64 63 63 58 55 60 53 53 87 87 86 85 87 88 87 82 40 62 65 64 60 58 53 57 20 0 • Asphalt prices moved in line with crude price บริ ษทั ทิปโ
Slide 8: Performance Highlights: Sales & Services Revenue
Q2 2015 Performance Highlights: Sales & Services Revenue (Unit : THB Million) Sales & services Revenue • Sales and services stood at Baht 10,488 45,727 million, reflecting a decrease of 7% from the same period last year. • This decrease was mainly attributable to the drop in selling price in line wi
Slide 9: Performance Highlights: Operating Gross Profit
Q2 2015 Performance Highlights: Operating Gross Profit (Unit : THB Million) Operating Gross Profit • This is the highest ever quarterly gross 2,005 profit margin of Baht1,908 million (after 1,908 hedging loss) mainly attributable to higher asphalt prices arising from strong demand 1,572 in export ma
Slide 10: Performance Highlights: EBITDA & Net Profit
Q2 2015 Performance Highlights: EBITDA & Net Profit (Unit : THB Million) EBITDA 2,630 • The Group cashflow generated from operations recorded the highest EBITDA 1,902 of Baht 1,902 million compared to Baht 43 million in the corresponding quarter in 1,346 2014. This has significant positive impact to
Slide 11: Performance Highlights: Debt to Equity Ratio
Q1 2015 Performance Highlights: Debt to Equity Ratio ST loan vs Current asset Unit: THB million ST loan Current asset • All the crude financing short-term 12,320 borrowing was fully repaid within Q2 due to strong cashflow generated from 9,423 8,901 8,409 operations. The Net current ratio 7,488 impro
Slide 12: Performance Highlights: Key ratios
Q2 2015 Performance Highlights: Key ratios (Unit : %) ROE* (Unit : %) ROA* 50.3% 23.9% 15.2% 38.2% 12.3% 34.0% 8.0% 8.8% 6.4% 6.0% 21.3% 21.4% 2010 2011 2012 2013 2014 Q1 Q2 15.5% 17.2% 2015** 2015** * Based on www.set.or.th ** Annualized based on last 12 months profit interest and tax (Unit : Baht/
Slide 13: Q3/2015 outlook
Q3/2015 outlook Crude • Expect to see some volatility in Brent price but stay within USD45-USD60 per barrel price for next three months Refinery • With almost 100% refining capacity utilization, the Group continued to enjoy high efficiency in fuel consumption and production cost • Maintain high reli
Slide 14: Q3/2015 outlook
Q3/2015 outlook Domestic Market • Expected disbursement of 2015 fiscal budget and Baht 40,000 additional budget to be fully released in September 2015 • Substantially increase in usage of natural rubber (latex) modified asphalt products International Market • Due to end of Hari Raya, Indonesia and M
Slide 15: TASCO Shares Trading Statistics
TASCO Shares Trading Statistics 14 Aug 2015 30 June 2015 31 Dec 2014 31 Dec 2013 No. of ordinary shares (‘000 shares) 1,542,931 1,540,397 153,277 152,580 Par value (Baht/share) 1 1 10 10 Market Cap (THB million) 38,959 35,275 9,963 7,781 Price (Baht/share) 25.25 22.90 6.54/ 5.14/ EPS (Baht/share) 2.
Slide 16: New Mission
New Mission 2015 2020 To be a well-recognized To be a globally preferred Mission leading asphalt focused integrated asphalt and company in Asia Pacific petroleum related product company บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 14
Slide 17: Q&A
Q&A บริ ษทั ทิปโก้แอสฟัลท์ จำกัด (มหำชน) Tipco Asphalt Public Company Limited 15
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