Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q3 2021 Earnings Presentation
45 slides from Siamgas & Petrochemicals Public's earnings presentation, March 2022
Slide 1: LPG Domestic & Oversea
LPG Domestic & Oversea Thailand China Singapore Malaysia Vietnam Logistic Cylinder Manufacturing Oil Retail Business Container Terminal Service Liquid Tank Farm & Deep Sea Port Power Plant Combine Cycle Power Plant Diesel Power Plant
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 THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 3
Slide 4: Shareholding Structure
SHAREHOLDING STRUCTURE BUSINESS OVERVIEW MAJOR SHAREHOLDERS 55.0% (Weeraborwornpong Group) Domestic Fund Foreign 0.1% 29.7% Retail 13.3% Thai NVDR 1.9% 45.0% PUBLIC Latest book closing : On 11 MAR 2021 4
Slide 5: Milestones
MILESTONES BUSINESS Founded the company Business acquisition (LPG Business) OVERVIEW 1976 2013 • MYGAZ in Malaysia • CITYGAS NORTH in Vietnam Investment Business acquisition – UNIQUEGAS • 230 MW. COMBINE CYCLE POWER PLANT in Myammar 2016 2004 Investment Founded Marine & land logistic • 10 MW. DIESEL
Slide 6: Business Operation
BUSINESS OPERATION BUSINESS THAILAND OVERSEA OVERVIEW 1 LIQUEFIED PETROLEUM GAS (LPG) LIQUEFIED PETROLEUM GAS (LPG) • Singapore 2 ROAD TRANSPORTATION • China 1 • Malaysia 3 MARINE TRANSPORTATION • Vietnam 4 CYLINDER MANUFACTURING COMBINE CYCLE POWER PLANT 2 • Myanmar 5 OIL RETAIL BUSINESS DIESEL POW
Slide 7: Business Update
BUSINESS UPDATE BUSINESS OVERVIEW THAILAND SGP to launch a fleet card project with CAPP Taxi. CAPP Taxi can use SGP fleet card to fill LPG at SGP station. Open new filling plants in Buriram, Kalasin, and Chiang Rai. LPG market in Q3/2021 is lower than the same period last year due to lock down from
Slide 8: SGP's Presence
SGP’s PRESENCE LPG business BUSINESS OVERVIEW OTHER business 8
Slide 9: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 9
Slide 10: LPG Domestic
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Slide 11: Thailand Business Model
THAILAND BUSINESS MODEL THAILAND LPG SGP BUSINESS COMMERCIAL FILLING USERS PLANTS COOKING LPG RETAILERS AGENT HOUSEHOLD GAS SEPARATION PLANTS FILLING USERS PLANTS REFINERIES SGP INDUST. TERMINALS INDUSTRIAL & & USERS DEPOTS SGP AUTO-LPG AUTOMOTIVE STATIONS MOTORISTS AGENT AUTO-LPG STATIONS 11
Slide 12: SGP's Network in Thailand
SGP’s NETWORK IN THAILAND THAILAND LPG BUSINESS 5.Lampang 6.Khonkaen 4.Nakornsawan 1.Bangkok 9 terminals 3.Chachoengsao 2.Samutprakan 371 FILLING PLANT & AUTOGAS roadtankers STATION 7.Suratthani Company Filling Plants x 44 8.Suratthani Agent Filling Plants x 134 27 Company Autogas Stations x 41 vess
Slide 13: Thailand LPG Market: All Sectors
THAILAND LPG MARKET | ALL SECTORS SGP’s market share in Thailand THAILAND LPG 24.4 % 24.6 % 25.1 % 23.8 % 22.6 % BUSINESS YoY: Total -6.2% | SGP -11.3% -2.4% LPG Sales Volume (‘000 tons) -5.3% 4,108 4,011 3,799 -10.8% 3,389 QoQ: Total -0.8% | SGP -2.3% 2,477 3,107 3,027 2,847 2,583 -1.7% -3.3% 1,916
Slide 14: Cooking Market
COOKING MARKET SGP’s market share in Thailand THAILAND LPG 28.6% 27.5% 26.8% 24.7% 24.0% BUSINESS YoY: Total -3.2% | SGP -6.6% 2,151 +0.6% 2,164 -1.8% 2,125 2,033 COOKING PORTION LPG Sales Volume (‘000 tons) -4.4% 1,517 QoQ: Total +0.4% | SGP -0.6% 1,534 1,570 1,556 1,530 1,153 515 496 498 65 -3.5%
Slide 15: Automotive Market
AUTOMOTIVE MARKET SGP’s market share in Thailand THAILAND LPG 17.5% 19.5% 21.8% 22.4% 20.1% BUSINESS YoY: Total -26.0% | SGP -36.6% 1,319 AUTOMOTIVE PORTION -11.3% 1,170 LPG Sales Volume (‘000 tons) -12.6% 1,023 -26.4% 752 QoQ: Total -5.9% | SGP -11.9% 1,089 942 800 468 17 584 196 154 145 % -0.9% -2
Slide 16: Industry Market
INDUSTRY MARKET SGP’s market share in Thailand THAILAND LPG 24.3% 23.9% 24.5% 22.3% 20.9% BUSINESS YoY: Total +9.6% | SGP +4.4.1% +6.0% 677 -3.8% INDUSTRY PORTION 638 651 -7.2% LPG Sales Volume (‘000 tons) 604 493 QoQ: Total +0.5% | SGP +0.6% 18 483 515 491 % 469 +4.4% 389 -1.4% -15.6% 148 161 162 1
Slide 17: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 17
Slide 18: LPG Oversea
LPG OVERSEA
Slide 19: Saudi Aramco CP vs Crude Oil
SAUDI ARAMCO CP vs CRUDE OIL 870 USD/TON Propane [C3] OVERSEA 800 900 Butane [C4] LPG 800 2019 2020 665 660 830 BUSINESS 625 620 605 Q1 +75.0 +7.5 795 700 565 560 550 530 525 Q2 -82.5 -115.0 505 515 495 490 600 665 655 450 440 440 Q3 -67.5 +20.0 430 430 430 430 430 620 420 595 590 585 500 375 375 37
Slide 20: Singapore Market (1/2)
SINGAPORE MARKET (1/2) 9M/2021 >>> OVERSEA LPG TARGET VOLUME 1,400,000 TONS BUSINESS TARGET GROWTH 12.8 % SUCCESS 65.7 % 1,053,785 346,215 TRADING BUSINESS >>> 2021 Remaining target 1,434,873 1,241,420 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 1,053,785 946,394 942,946 736,544 356
Slide 21: Singapore Market (2/2)
SINGAPORE MARKET (2/2) 9M/2021 >>> OVERSEA LPG TARGET VOLUME 20,000 TONS BUSINESS TARGET GROWTH 24.7 % SUCCESS 64.3 % 12,852 7,148 RETAIL BUSINESS >>> 2021 Remaining target 25,683 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 24,375 21,041 21,401 21,772 21,866 21,396 20,884 16,034 4,3
Slide 22: China Market
CHINA MARKET 9M/2021 >>> OVERSEA LPG TARGET VOLUME 1,150,000 TONS BUSINESS TARGET GROWTH 21.4 % SUCCESS 55.7 % 640,334 509,666 RETAIL BUSINESS >>> 2021 Remaining target 1,277,786 1,200,167 1,219,477 1,190,464 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 909,874 947,145 640,334 244,81
Slide 23: Vietnam Market
VIETNAM MARKET 9M/2021 >>> OVERSEA LPG TARGET VOLUME 100,000 TONS BUSINESS TARGET GROWTH 8.6 % SUCCESS 42.5 % 42,474 57,526 RETAIL BUSINESS >>> 2021 Remaining target 185,274 166,814 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 143,628 92,081 23,013 67,388 64,632 16,119 44,785 42,474
Slide 24: Malaysia Market
MALAYSIA MARKET 9M/2021 >>> OVERSEA LPG TARGET VOLUME 150,000 TONS BUSINESS TARGET GROWTH 7.8 % SUCCESS 69.2 % 103,840 46,160 RETAIL BUSINESS >>> 2021 Remaining target 146,464 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 140,868 139,126 133,642 116,790 103,840 91,696 95,600 37,540 34
Slide 25: Total Oversea Market
TOTAL OVERSEA MARKET 9M/2021 >>> OVERSEA LPG TARGET VOLUME 2,820,000 TONS BUSINESS TARGET GROWTH 15.8 % SUCCESS 65.7 % 1,853,285 966,715 2021 Remaining target 2,851,721 2,420,223 2,435,806 ANNUALLY | SALE VOLUME (TONS) QUARTERLY | SALE VOLUME (TONS) 2,156,314 2,025,809 1,782,877 1,853,285 1,428,978
Slide 26: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 26
Slide 27: Power Plant
wey, POWER PLANT
Slide 28: Combine Cycle Power Plant
230 MW. COMBINE CYCLE POWERPLANT OTHER BUSINESS SELL TO GOVERNMENT >>> 1,358,415 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 1,256,970 1,081,187 1,048,258 342,221 342,367 997,786 325,888 Y-2017 Y-2018 Y-2019 Y-2020 9M/2021 Q3/20 Q2/21 Q3/21 -3.0% +19.9 % +8.1% YoY 4.78% QoQ -4.8% 28
Slide 29: Diesel Power Plant
10 MW. DIESEL POWERPLANT OTHER BUSINESS SELL TO HOUSEHOLD >>> 6,580 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 5,168 1,808 4,964 1,703 1,671 1,158 Y-2018 Y-2019 Y-2020 9M/2021 Q3/20 Q2/21 Q3/21 +328.7 % +32.6% YoY -1.8% QoQ -7.5% 29
Slide 30: Liquid Tank Farm and Deep Sea Port
LIQUID TANK FARM AND DEEP SEA PORT
Slide 31: Oil Tank Storage | Si-Chang Terminal
OIL TANK STORAGE | SI-CHANG TERMINAL OTHER SERVICE FOR OIL TANK STORAGE >>> BUSINESS by Siam Tank Terminal Co., Ltd. OCCUPIED AVALABLE UNIT CAPACITY OCCUPIED (MIL.LITRE) BY T-981 T-982 T-983 T-984 T-985 T-986 T-987 T-988 8 42.32 6 (5.29/unit) T-961 T-962 T-963 T-964 4 187.14 4 (46.79/unit) T-975 T-9
Slide 32: Oil Trading Business
OIL TRADING BUSINESS OTHER OIL TRADING BUSINESS >>> BUSINESS by Siam Gas Trading Pte.Ltd. COMPARE | SALE VOLUME (BARRELS) ANNUALY | SALE VOLUME (BARRELS) 644,509 1,813,041 445,880 445,880 1,204,225 397,059 Y-2020 9M/2021 Q3/2020 Q2/2021 Q3/2021 +12.3 -30.8 +50.6 % YoY % QoQ % 32
Slide 33: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 33
Slide 34: Financial Report 3Q/2021
sees ---| Accounting & Finance |-~- FINANCIAL REPORT 30/2021
Slide 35: Revenue Portion
REVENUE PORTION 9M/2021 FINANCIAL RESULTS 9M/2020 Thailand 22.0% Oversea 78.0% Thailand 31.5% Oversea 68.5% Offshore Offshore 38.7% 36.5% Thailand Thailand Oversea 19.8% business 29.2% Oversea business 39.2% 32.1% Other (Service Other & Other (Service & & Other & Logistic Dividend) Logistic Dividend
Slide 36: Full Year and Quarterly Revenue
FULL YEAR AND QUARTERLY REVENUE [BT.M] FINANCIAL 9M|2021 Consolidated revenue of Bt.55,479 m shows a 35.9% yoy growth RESULTS Unit : Mil.Baht yoy -17.5% +35.9% yoy yoy +55.6% +10.9% qoq 69,103 67,442 59,629 840 607 55,641 TOTAL 886 55,479 55,479 20,010 REVENUE 48,378 18,039 1,123 17,429 357 OTHER 68
Slide 37: Full Year and Quarterly EBITDA & EBITDA Margin
FULL YEAR AND QUARTERLY EBITDA & EBITDA MARGIN FINANCIAL 9M|2021 Consolidated EBITDA of Bt.4,879 m shows a +90.5% yoy growth RESULTS Unit : Mil.Baht yoy +30.5% +90.5% yoy yoy +85.9% +184.6% qoq EBITDA EBITDA MARGIN 6 ,000 15% 5,193 13% 5,000 4,327 6,000 15% 2,500 15% 2,075 11% 2,075 4,000 4,879 4,87
Slide 38: Net Profit & Net Profit Margin
NET PROFIT & NET PROFIT MARGIN FINANCIAL 9M|2021 Consolidated NET PROFIT of Bt.2,817 m shows a +169.5% yoy growth RESULTS Unit : Mil.Baht NET PROFIT yoy +51.6% +169.5% yoy yoy +136.8% +659.0% qoq NET PROFIT MARGIN 2,811 3,000 6% 2,500 4.71% 2,062 2,000 4% 1,400 1,322 1,321 10% 3.71% 2,817 9% 3,000 2
Slide 39: Financial Position
FINANCIAL POSITION ASSET (THB Million) LIABILITIES & EQUITY (THB Million) FINANCIAL Cash & Equivalents Inventory Short term loan Current liabilities RESULTS Other asset PP&E Long term Debt Non current liabilities INTEREST BEARING DEBT Total Equity (TIMES) 47,377 47,377 41,388 41,388 3,105 1.58 1.45
Slide 40: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 40
Slide 41: Outlook 2021
OUTLOOK 2021 LPG Sales Volume (Tons) BUSINESS SGP - Thailand SGP Offshore Trading OUTLOOK China Vietnam Malaysia & Singapore Total 15.3% 2020 3,247,192 11.8% Sales volume % 2019 3,834,968 2018 2019 2020 Outlook 2021 9M|2021 (TONs) success 7.6% 2018 3,430,607 SGP - Thailand 1,010,383.14 983,246.31 81
Slide 42: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 42
Slide 43: Dividend Payment
DIVIDEND PAYMENT DIVIDEND POLICY HISTORICAL DIVIDEND PAYMENT DIVIDEND POLICY The Company has established the policy to pay 2021 0.20 2020 0.10 0.40 dividends to the shareholders at the rate of not 2019 0.10 0.25 less than 40% of the net profit after corporate 2018 0.25 0.20 income tax, accumulated l
Slide 44: Agenda
AGENDA THAILAND OVERSEA BUSINESS OTHER LPG LPG OVERVIEW BUSINESS BUSINESS BUSINESS FINANCIAL BUSINESS DIVIDEND Q&A RESULTS OUTLOOK POLICY 44
Slide 45: Q&A Questions Are Welcomed!
Q&A Q&A QUESTIONS ARE WELCOMED ! 45
Siamgas and Petrochemicals Public Company — Q3 2021 Earnings Presentation on 6ix