Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q4 2020 Earnings Presentation
42 slides from Siamgas & Petrochemicals Public's earnings presentation, March 2021
Slide 1: Presentation for Investor & Analyst Q4 2020 Performance Results
S I A M G A S AND P E T R O C H E M I C A L S P U B L I C C O M P A N Y L I M I T E D | 2 0 2 0 PRESENTATION FOR INVESTOR & ANALYST Q4 | 2020 PERFORMANCE RESULTS
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 LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 3
Slide 4: Shareholding Structure
SHAREHOLDING STRUCTURE 55.0% MAJOR SHAREHOLDERS Domestic Fund Foreign Fund 0.1% 27.7% Retail 15.2% Thai NVDR 1.8% 45.0% PUBLIC Latest book closing : On 21 JUL 2020 4
Slide 5: Milestones
MILESTONES Business Business Investment Business acquisition acquisition 10 MW. Power Plant acquisition Vietnam | Supergas Vietnam | Citygas N. and transmission line (LINH GAS) Founded Founded Singapore | Singgas Malaysia | Mygaz in Myanmar Cylinder the company Marine & land logistic China | Sinosia
Slide 6: Business Operation
BUSINESS OPERATION THAILAND OVERSEA LIQUEFIED PETROLEUM GAS (LPG) 1 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 POWER PLANT CONTAINER
Slide 7: Business Update
BUSINESS UPDATE THAILAND Two new gasoline stations in pipeline. (Ban Pho and Lad Prao 77) Two new LPG storages in Suk Sawat and Kon Kaen. OVERSEAS Oil Trading business to neighboring countries. Sale volume increases gradually. 7
Slide 8: 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 MW. KOH SI-CHANG | STT LIQUID TANK FARM MYANMAR, ANIN | SMD DIESEL POWERPLANT 10 MW. HO CHI MINH | THAILAND | SIAMGAS & SUPERG
Slide 9: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 9
Slide 10: Thailand Business Model
THAILAND BUSINESS MODEL SGP 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 10
Slide 11: SGP's Network in Thailand
SGP’s NETWORK IN THAILAND 27 9 500 vessels terminals roadtankers 5.Lampang 6.Khonkaen 4.Nakornsawan 1.Bangkok 2.Samutprakan 3.Chachoengsao 7.Suratthani FILLING PLANT & AUTOGAS STATION 8.Suratthani Company Filling Plants x 41 9.Songkhla Agent Filling Plants x 145 Company Autogas Stations x 42 Agent A
Slide 12: Thailand LPG Market
THAILAND LPG MARKET LPG Sales Volume (‘000 tons) | ALL SECTORS SGP’s market share in Thailand 24.1% 24.4% 24.6% 25.1% 23.8% YoY: Total -6.4% | SGP -14.1% 4,177 -1.6% 4,108 -2.4% 4,011 -5.3% -10.8% 3,799 3,389 QoQ: Total +3.6% | SGP +3.7% 3,171 3,107 3,027 2,847 2,583 -0.4% -1.7% -3.3% -15.4% 951 858
Slide 13: Cooking Market
COOKING MARKET LPG Sales Volume (‘000 tons) | COOKING SECTORS SGP’s market share in Thailand 29.3% 28.6% 27.5% 26.8% 24.7% COOKING PORTION YoY: Total -1.0% | SGP -7.4% +1.9% +0.6% -1.8% -4.4% 2,110 2,151 2,164 2,125 2,033 QoQ: Total +4.1% | SGP +5.9% 1,491 1,534 1,570 1,556 1,530 62% -0.4% -3.5% -4.
Slide 14: Automotive Market
AUTOMOTIVE MARKET LPG Sales Volume (‘000 tons) | AUTOMOTIVE SECTORS SGP’s market share in Thailand 16.7% 17.5% 19.5% 21.8% 22.4% AUTOMOTIVE PORTION 1,466 YoY: Total -22.6% | SGP -32.5% -10.0% 1,319 -11.3% 1,170 -12.6% 1,023 -26.4% QoQ: Total -3.0% | SGP -7.7% 21% 1,221 752 1,089 942 800 -5.9% -0.9%
Slide 15: Industry Market
INDUSTRY MARKET LPG Sales Volume (‘000 tons) | INDUSTRY SECTORS SGP’s market share in Thailand 23.6% 24.3% 23.9% 24.5% 22.3% INDUSTRY PORTION YoY: Total -0.1% | SGP -10.7% +6.0% 677 -3.8% 651 638 -7.2% 600 +6.3% 604 17% QoQ: Total +10.8% | SGP +10.5% 483 515 491 459 469 +9.3% +4.4% -1.4% 164 148 164
Slide 16: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 16
Slide 17: Siamgas and Petrochemicals Public Company Limited
SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMITED
Slide 18: Historical CP Price Movement
HISTORICAL CP PRICE MOVEMENT JAN 872.5 JAN 380.0 JAN 737.5 JAN 927.5 DEC 337.5 DEC 725.0 DEC 925.0 DEC 795.0 2008 5 7 2009 8 4 2010 6 6 2011 7 5 -535.0 +387.5 +200.0 -130.0 JAN 880.0 JAN 955.0 JAN 1,015.0 JAN 447.5 DEC 980.0 DEC 1,162.5 DEC 560.0 DEC 467.5 2012 7 5 6 6 2 10 6 6 2013 2014 2015 +185.0
Slide 19: CP Price Movement and Supply Situation
600 0 400 1200 800 1000 1400 200 Jan-10 Apr-10 Jul-10 2010 Oct-10 Jan-11 Apr-11 HORMUZ STRAIT OF Jul-11 2011 Oct-11 Jan-12 Apr-12 1,205 Jul-12 597 2012 Oct-12 Jan-13 Apr-13 Jul-13 2013 SHORTAGE Oct-13 SITUATION EFFECT CP PRICE EXPECTED SUPPLY Jan-14 1,163 Apr-14 807 Jul-14 2014 Oct-14 Jan-15 448 Apr
Slide 20: Saudi Aramco CP vs Crude Oil
SAUDI ARAMCO CP vs CRUDE OIL USD/TON 2018 2019 800 Propane [C3] COVID-19 Q1 -107.5 +75.0 700 655 Butane [C4] 635 595 590 Q2 +87.5 -82.5 570 560 570 600 655 525 545 505 505 520 535 530 Q3 +57.5 -67.5 590 600 480 465 470 580 470 455 565 460 500 560 555 435445 540 415 420 440 Q4 -187.5 +92.5 525 500 51
Slide 21: Singapore Market (1/2)
SINGAPORE MARKET (1/2) 2020 >>> TARGET VOLUME 1,500,000 TONS TARGET GROWTH 4.5 % SUCCESS 82.8 % 1,241,420 258,580 TRADING BUSINESS >>> 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 1,434,873 1,241,420 946,394 942,946 407,071 736,544 322,305 664,255 663,564 289,24
Slide 22: Singapore Market (2/2)
SINGAPORE MARKET (2/2) 2020 >>> TARGET VOLUME 22,000 TONS TARGET GROWTH 5.3 % SUCCESS 72.9 % 16,034 5,966 RETAIL BUSINESS >>> 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 25,683 24,375 21,041 21,401 21,772 21,866 21,396 20,884 17,872 16,034 5,520 3,661 3,856 201
Slide 23: China Market
CHINA MARKET 2020 >>> TARGET VOLUME 1,250,000 TONS TARGET GROWTH 5.0 % SUCCESS 75.8 % 947,145 302,855 RETAIL BUSINESS >>> 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 1,277,786 1,200,167 1,219,477 1,190,464 909,874 947,145 287,749 263,982 212,388 338,229 345,645
Slide 24: Vietnam Market
VIETNAM MARKET 2020 >>> TARGET VOLUME 80,000 TONS TARGET GROWTH 23.8 % SUCCESS 115.1 % 92,081 RETAIL BUSINESS >>> 2020 Success 185,274 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 166,814 143,628 23,013 20,693 92,081 18,465 67,388 64,632 44,785 26,496 31,631 19,972 2011 2012 2013 201
Slide 25: Malaysia Market
MALAYSIA MARKET 2020 >>> TARGET VOLUME 150,000 TONS TARGET GROWTH 6.5 % SUCCESS 92.8 % 139,126 10,874 RETAIL BUSINESS >>> 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 146,464 140,868 139,126 133,642 116,790 91,696 95,600 35,849 37,540 36,377 52,592 - - 2011 2012
Slide 26: Total Oversea Volume
TOTAL OVERSEA VOLUME 2020 >>> TARGET VOLUME 3,002,000 TONS TARGET GROWTH 5.3 % SUCCESS 81.1 % 2,435,806 566,194 2020 Remaining target 2,851,721 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 2,420,223 2,435,806 2,156,314 2,025,809 1,782,877 754,655 1,428,978 1,307,220 598,908 614,149 7
Slide 27: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 27
Slide 28: Powerplant
POWERPLANT 28 28
Slide 29: MW. Powerplant
230 MW. POWERPLANT SELL TO GOVERNMENT >>> 1,358,415 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 1,256,970 1,081,187 1,048,258 354,103 342,221 340,591 Y-2017 Y-2018 Y-2019 Y-2020 Q4/19 Q3/20 Q4/20 YoY -3.0% +19.9 % +8.1% YoY -3.8% QoQ -0.5% 29
Slide 30: MW. Diesel Powerplant
10 MW. DIESEL POWERPLANT SELL TO HOUSEHOLD >>> 6,580 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) COD 4,964 1,703 1,791 In July 2018 1,406 1,158 Y-2018 Y-2019 Y-2020 Q4/19 Q3/20 Q4/20 YoY +19.9 % +8.1% YoY +27.3% QoQ +5.2% 30
Slide 31: Deep Sea Port and Oil Tank
(DEEP SEA PORT AND OIL TANK) 3131
Slide 32: Oil Tank Storage | Si-Chang Terminal
OIL TANK STORAGE | SI-CHANG TERMINAL SERVICE FOR OIL TANK STORAGE >>> BY SIAM TANK TERMINAL COMPANY LIMITED (99.68%) CAPACITY STATUS UNIT (MIL.LITRE) (USAGE) T-981 T-982 T-983 T-984 T-985 T-986 T-987 T-988 8 42.32 6 T-961 T-962 T-963 T-964 4 187.14 FULL T-975 T-976 2 116.25 FULL 32
Slide 33: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 33
Slide 34: Revenue Breakdown by Business
Thailand Offshore 36.3% Oversea business Logistic 28.6% Other (Service & Other & Dividend) 33.0% 2019 Thailand 32. % Oversea 67. % 1.5% 0.5% 32.7% 2020 31.3% Thailand 30.6% 35.1% Oversea 69.4% 0.6% 0.3% 34
Slide 35: Full Year and Quarterly Revenue
FULL YEAR AND QUARTERLY REVENUE [BT.M] yoy -17.5% yoy -16.1% unit : Mil.Baht qoq +15.4% 69,103 67,442 840 607 59,629 55,641 17,669 886 16,727 48,378 1,123 206 350 14,832 684 12,856 184 Other 11,225 352 237 27,902 38,403 47,329 45,728 38,588 12,076 11,553 8,675 10,617 Oversea 7,742 19,792 20,340 20,9
Slide 36: Full Year and Quarterly EBITDA
FULL YEAR AND QUARTERLY EBITDA [BT.M] 2020 Consolidated EBITDA of Bt.4,327 m shows a +30.5% yoy growth EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN 6,000 15% 5,193 2,000 20% 13% 1,766 5,000 1,800 18% 1,634 4,327 11% 1,600 16% 4,000 8.71% 1,400 14% 9% 3,315 7.78% 1,200 1,116 12% 2,860 3,000 7% 11.90% 5.
Slide 37: Gross Profit Margin & Net Profit Margin
GROSS PROFIT MARGIN & NET PROFIT MARGIN unit : million Baht 6,000 12% 5,000 4,947 10% 2,000 18% 1,800 1,720 3,761 16% 4,000 1 1,594 8.36% 1,600 14% 8% 3,251 1,400 2,891 11.62% 12% 3,000 2,811 6.82% 2 1,139 1,017 1,200 10% 6.00% 2,260 942 2,062 9.09% 6% 3 1,000 768 8% 7.43% 2,000 4.85% 6.85% 800 4.71
Slide 38: 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 Total Equity INTEREST BEARING DEBT (TIMES) 41,439 41,388 41,439 41,388 2,500 2,975 4,380 1.63 4,855 7,714
Slide 39: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 39
Slide 40: Outlook
OUTLOOK 2020 LPG Sales Volume (Tons) Sales volume (TONs) 2018 2019 2020 % Success Outlook 2021 % Growth SGP - Thailand 1,010,383.14 983,246.31 811,385.58 -17.5% 910,000 12.2% SGP - Thailand Offshore Trading 942,945.98 1,434,872.89 1,241,419.64 -13.5% 1,400,000 12.8% China 1,277,786.33 1,190,464.07 9
Slide 41: Dividend Payment
DIVIDEND PAYMENT Dividend Policy Historical dividend payment The Company has established the policy to pay dividends to the 2020 0.10 0.40 shareholders at the rate of not less 2019 0.10 0.25 than 40% of the net profit after 2018 0.25 0.20 corporate income tax, accumulated 2017 0.50 1.00 loss brought
Slide 42: Q&A Questions Are Welcomed!
Q&A QUESTIONS ARE WELCOMED ! 42
Siamgas and Petrochemicals Public Company — Q4 2020 Earnings Presentation on 6ix