Tipco Asphalt Public Co. Ltd. · SET:TASCO
Tipco Asphalt Public — Q1 2020 Earnings Presentation
17 slides from Tipco Asphalt Public's earnings presentation, May 14, 2020
Slide 1: Tipco Asphalt (TASCO) 2-2020 Opportunity Day (Q1 2020 Operational Results)
Tipco Asphalt Public Company Limited (TASCO) 2-2020 Opportunity Day (Q1 2020 Operational Results) 14th May 2020
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 Q1 2020 Financial Performance 2 Q1 2020 Highlights 3 Q2 2020 Outlook 4 Q&A
Slide 4: Covid-19 impact on each country
Covid 19 impact on each country Lockdown Impact 25 Jan - 17 Feb • Sales volume postponed to Q2 and Q3 2020 China • Normal high sales volume in Q2 2020 will also be affected 18 Mar – 9 June • No domestic sale from mid Mar till 12 May 2020 Malaysia • KBC refinery can operate • Business as usual for ex
Slide 5: Sales & Services Revenue & Sales Volume
Sales & Services Revenue & Sales Volume Sales & Services Revenue Unit: Mil. THB • Sales and services stood at Baht 5,111 million, reflecting a 36,893 decrease of 27.9% from the same period of last year • The selling price decreased significantly attributable to the global 5,111 7,091 10,784 9,450 9,
Slide 6: Operating Gross Profit
Operating Gross Profit Operating Gross Profit Unit: Mil. THB • The slight decrease in gross profit (before NRV loss provision and Hedging gain) was mainly due to the reduction in selling 2020 2019 4,174 price in this quarter and low domestic sales volume as compared to the corresponding period in 20
Slide 7: EBITDA & Net Profit
EBITDA & Net Profit EBITDA Unit: Mil. THB • The Group’s cashflow generated from operations decreased to 3,953 Baht 379 million compared to Baht 474 million in the corresponding period of 2019 which mainly from a decrease in 1,195 939 1,345 sales volume 379 474 Q1 Q2 Q3 Q4 Year 2020 2019 Net Profit A
Slide 8: TFRS 9 and TFRS 16 impact
TFRS 9 and TFRS 16 impact • the Group has adopted financial reporting standards related to TFRS 9 and TFRS 16 as at 1 January 2020. Unit: Thousand Baht 31 Dec 2019 TFRS 9 TFRS 16 1 Jan 2020 Asset Trade and other receivables 5,233,998 (26,703) 5,207,295 Right-of-use assets 569,006 569,006 Leasehold r
Slide 9: Debt to Equity Ratio
Debt to Equity Ratio Debt/Equity Ratio 1.00 0.86 0.81 0.01 0.003 0.002 Q1 2019 Q4 2019 Q1 2020 Total liabilities/Total equity LT debt/Total equity • The Group’s consolidated debt to equity ratio (D/E ratio) was 0.81 comparing to 1.00 in the corresponding period a year ago due to the significant redu
Slide 10: Key Ratios and Historical Dividend
Key Ratios and Historical Dividend Return on Asset 2/ Return on Equity1/ Unit: % Unit: % 2020 2019 2020 2019 24.2 15.6 21.1 13.5 15.4 10.3 12.6 8.2 6.6 7.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1/ Return is based on sum of last 12 months net profit 2/ Return is based on sum of last 12 months net profit Return is
Slide 11: Expense relating to fire incident and insurance claim
Expense relating to fire incident and insurance claim • The refinery incurred additional operating expense of Baht 42 million in hiring alternative storage facilities for crude oil, logistic handling and other related expenses attributable to the fire incident in 2018 Loss/(Gain) from the fire incid
Slide 12: Status of crude storage of KBC refinery
Status of crude storage of KBC refinery Storage tanks were fully operated • New construction tanks were commissioned on 20th March 2020 and 4th May 2020, respectively • Current Rental of Floating Storage Units contract will be due in Aug 2020 with an option to extend for another 6 months 2 repaired
Slide 13: Q1 2020 - Highlights
Q1 2020 - Highlights Refinery • Low utilization rate was due to low international demand as a result of Covid-19 and Chinese New Year festival • Refinery shut down for 36 days due to Covid-19 Domestic Market • Low sales volume was due to 2020 government budget delay from Q4 2019 to Q2 2020 Internati
Slide 14: Asphalt Selling Price vs. Ice Brent Price
Asphalt Selling Price vs. Ice Brent Price Unit: USD/barrel 90.0 Avg. asphalt selling price Avg. Ice Brent price 80.1 80.0 74.9 76.0 70.1 71.4 68.9 71.2 67.2 68.1 65.3 67.1 70.0 61.5 71.2 60.0 57.3 60.0 63.6 68.3 63.5 54.7 50.9 52.2 62.2 63.3 63.8 62.0 62.5 46.9 47.1 51.1 50.0 45.8 57.9 55.2 53.8 41.
Slide 15: Highlights: Asphalt Volume & Asphalt Revenue Structure
Highlights : Asphalt Volume & Asphalt Revenue Structure Asphalt sales volume by market Main International Markets Unit: % Ranked by % proportion of total sales volume Domestic International Q1 2019 Q4 2019 Q1 2020 Vietnam 65% 84% 78% 35% China 16% 22% Million tons 0.40 0.60 0.32 Asphalt Revenue (Exc
Slide 16: Outlook
Outlook Refinery • Refinery ramp up production in response to demand recovery from the relaxation of Country lockdown Domestic Market • Demand entering peak season due to 2020 government budget disbursement since April 2020 International Market • Key markets recovering due to improvement on Covid-19
Slide 17: Thank You
THANK YOU www.tipcoasphalt.com
Tipco Asphalt Public Company — Q1 2020 Earnings Presentation on 6ix