PT Chandra Asri Pacific Tbk · IDX:TPIA
PT Chandra Asri Pacific Tbk — PT Chandra Asri Petrochemical — FY2017 Earnings Presentation
19 slides from PT Chandra Asri Pacific Tbk's earnings presentation, Mar 15, 2018
Slide 1: Analyst Meeting FY-2017 Performance & Updates
Analyst Meeting FY-2017 Performance & Updates Jakarta - March 15th, 2018
Slide 2: Agenda
Agenda: 1. 2017 Performance 2. Projects Update 3. 2018 Outlook 4. Q & A 2
Slide 3: 2017 Performance
Chandra Asrt Petrochemical 2017 Performance
Slide 4: Company Highlights 2017
Company Highlights 2017 • Achieved record NIAT of US$319.2m, 6.3% higher y-o-y, primarily contributed by higher volumes and healthy product margins, partially offset by higher feedstock cost. • Net Revenues increased 25.3% to US$2418.5m from US$1930.3m for FY2016. • Recorded EBITDA of US$550.3m, 8%
Slide 5: Resilient Revenue Driven by Diverse Product Portfolio and Increased Volumes
Resilient Revenue Driven by Diverse Product Portfolio and Increased Volumes Revenue by Product Segments Sales Volume (US$m) (KT) 2,137 2,419 117 7 1,908 252 85 349 1,930 277 7 433 139 439 289 427 1,378 1,173 4 46 78 943 230 256 327 885 316 7 34 260 449 236 187 869 153 783 227 610 0 450 107 381 3
Slide 6: Strong Financials Further Enhanced by Economies of Scale
Strong Financials Further Enhanced by Economies of Scale Gross Profit Adjusted EBITDA (unaudited) (US$m) 494 545 Adjusted EBITDA 11% 26% 23% +239% margin yoy 510 550 (US$m) +229% yoy 146 155 2015 2016 2017 2015 2016 2017 Net Profit Cashflow from Operations, Capex (US$m) Net Profit 2% 16% 13% Margi
Slide 7: Strong Balance Sheet Supported by Financial Profile Strengthening
Strong Balance Sheet Supported by Financial Profile Strengthening Cash Balance Debt and Net Debt (US$m) (US$m) 843 633 548 451 425 299 126 *Net cash 97 position of USD$210m 2015 2016 2017 2015 2016 2017 Adjusted EBITDA / Finance Costs Leverage Ratios (1) (x) 16.0x 15.3x 3.5x 0.8x 1.1x 2.9x 6.9x 38%
Slide 8: Market Situation
Market Situation Continue healthy product margin from trend of slowdown in new capacity on-stream, despite rising feedstock price, primarily naphtha, linked to higher crude oil price. Product FY2017 FY2016 Y-o-Y % Notes Crude Increase crude price amid geopolitical tension and OPEC agreement to $54/b
Slide 9: Strong Track Record of Delivering Operational Excellence and Performance
Strong Track Record of Delivering Operational Excellence and Performance Naphtha Cracker Utilization(1) TAM/ Expansion tie-ins: Q4/2015 103% 99% 99% 100% 99% 102% Ramp-up of new capacity: Q1/2016 97% 90% 92% 74% 76% 66% 65% 57% 11% 2015 2016 2017 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q20
Slide 10: Production and Sales Volumes
Production and Sales Volumes Naphtha Cracker Polyethylene Plant (KT) (KT) 855 329 320 327 316 771 224 227 450 381 339 82 2015 2016 2017 2015 2016 2017 Prod Sales Prod Sales Polypropylene Plant Styrene Monomer Plant Butadiene Plant (KT) (KT) (KT) 449 451 356 349 444 440 117 118 428 427 276 276 88 85
Slide 11: Projects Update
Chandra Asrt Petrochemical Projects Update
Slide 12: Strategic Growth via Expansion and Debottlenecking (Excluding Second Petrochemical Complex)
Strategic Growth via Expansion and Debottlenecking (Excluding Second Petrochemical Complex) SSBR PE expansion C2, C3, MTBE operation, BD & PP Debotlenecking and Butene-1 expansion 2016 – 2020 CAGR: 6.2% C2: ∆40KT C3: ∆20KT PE: ∆400KT SSBR: ∆120KT MTBE: ∆130KT PP: ∆110KT BD: ∆37KT B1: ∆43KT
Slide 13: Strategic Growth via Expansion and Debottlenecking
Strategic Growth via Expansion and Debottlenecking Increase Production Capacity Butadiene Plant Expansion New Polyethylene Plant Furnace Revamp Increase BD capacity by 100 KT/A to 137 KT/A New facility of total 400 KT/A to produce LLDPE, Increase cracker capacity by modifying heat Rationale:
Slide 14: Capital Expenditure Plan to Pursue Value-Accretive Growth
Capital Expenditure Plan to Pursue Value-Accretive Growth Capex Plans Breakdown by Year 2017 – 2020 (US$m) Sources of Funding 568 Internal generated cash flows 536 Proceeds from Rights Issue 207 333 30 Bond proceeds 104 223 26 77 17 68 - 114 47 35 - 165 8 15 17 1 22 70 63 70 2- 17 18 27 - - 20
Slide 15: On-going Project Updates
On-going Project Updates Synthetic Rubber Plant: - Overall progress 98% as of 31 Dec 2017. - Target start-up: Q3 2018. Butadiene Plant expansions: - Overall progress 67% as of 31 Dec 2017. - Shutdown for tie-ins is planning for end of Feb 2018. - Target start-up Q2 2018. New Polyethylene Plant
Slide 16: 2018 Outlook
Chandra Asrt Petrochemical 2018 Outlook
Slide 17: Continuing healthy product spreads despite increasing feedstock price
Continuing healthy product spreads despite increasing feedstock price (US$/MT) 1,500 1,200 900 600 300 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2016 2016 2016 2017 2017 2017 2017 2018F 2018F 2018F 2018F Ethylene Polyethylene Naphtha Polypropylene Note: Forecasted price based on IHS 2 March 2018
Slide 18: Q&A
Chandra Asrt Petrochemical Q&A
Slide 19: Contact
Petrochemical al . Contact: ‘ andra Asri Petrochemical Tbk ‘ Investor Relations Wisma Barito Pacific Tower A, lt. 7 jiclip investor-relations@cape JI. Let. Jend. S. Parman Kav. 62°63. e , #Tel: +62 215307950 Jakarta 11410 a ee Fax: +62 21 530 8930 Visit our website at This document was prepared sole
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