Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q1 2020 Earnings Presentation
41 slides from Siamgas & Petrochemicals Public's earnings presentation, June 2020
Slide 1: Presentation for Investor & Analyst Q1 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 Q1 | 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% 26.3% Retail 16.8% 0.12% 26.30% 16.74% 1.81% Thai NVDR 1.8% 45.0% PUBLIC Latest book closing : On 8 MAR 2020 4
Slide 5: Milestones
MILESTONES Business acquisition Invest in Vietnam | Supergas Business acquisition 10 MW. Power Plant Founded Founded Singapore | Singgas Vietnam | Citygas N. and transmission line the company Marine & land logistic China | Sinosiam Malaysia | Mygaz in Myanmar SUSTAINABLE 1 2 2 2 2 GROWTH 9 0 0 0 0 7
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 Siam Tank Terminal Co. Ltd. provides crude oil and refined oil storage service to Bangchak Corporation PLC. under long term contract. Suksawat LPG Terminal is under construction. The company is developing application for ordering LPG cylinder. OVERSEAS Siamgas Trading Pte. L
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 8 500 vessels terminals roadtankers 5.Lampang 6.Khonkaen 4.Nakornsawan 1.Bangkok 2.Samutprakan 3.Chachoengsao 7.Suratthani FILLING PLANT & AUTOGAS STATION Company Filling Plants x 44 8.Songkhla Agent Filling Plants x 142 Company Autogas Stations x 41 Agent Autogas Statio
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% 24.6% YoY: Total -6.4% | SGP -6.5% 4,177 -1.6% 4,108 -2.4% 4,011 -5.3% 3,799 QoQ: Total -5.1% | SGP -8.8% 3,171 3,107 3,027 2,847 -0.4% -1.7% -3.3% 902 963 951 902 1,005 1,001 984 95
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% 25.5% COOKING PORTION YoY: Total -1.9% | SGP -8.6% +1.9% +0.6% -1.8% 2,110 2,151 2,164 2,125 QoQ: Total -3.7% | SGP -7.3% 1,491 1,534 1,570 1,556 60% -0.4% -3.5% -4.2% 521 531 541 521
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% 23.6% AUTOMOTIVE PORTION 1,466 YoY: Total -17.9% | SGP -1.0% -10.0% 1,319 -11.3% 1,170 -12.6% 1,023 QoQ: Total -11.4% | SGP -13.9% 1,221 1,089 23% 942 800 -5.9% -0.9% -2.3% 265
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% 23.1% INDUSTRY PORTION YoY: Total -2.1% | SGP -6.4% +6.0% 677 -3.8% 651 638 600 +6.3% 17% QoQ: Total -0.6% | SGP -6.2% 483 515 491 459 +9.3% +4.4% -1.4% 163 166 164 163 142 155 162
Slide 16: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 16
Slide 17: LPG Business in Oversea
LPG BUSINESS IN OVERSEA 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: Saudi Aramco CP vs Crude Oil
SAUDI ARAMCO CP vs CRUDE OIL USD/TON Propane [C3] 2018 2019 800 Butane [C4] Q1 -107.5 +75.0 700 635 655 570 595 590 Q2 +87.5 -82.5 600 560 570 545 505 505 655 525 520 535 530 590 465 470 600 470 480 Q3 +57.5 -67.5 500 560 555 580 435 445 455 565 540 415 420 415 525 500 490 515 525 505 Q4 -187.5 +92.
Slide 20: Singapore Market (1/2) Trading Business
SINGAPORE MARKET (1/2) TRADING BUSINESS >>> 2020 >>> By SIAM GAS TRADING PTE. LTD. (100%) TARGET VOLUME 1,500,000 TONS TARGET GROWTH 4.5 % SUCCESS 22.5 % 338,129 1,161,871 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 1,434,873 946,394 942,946 407,071 338,129 338
Slide 21: Singapore Market (2/2) Retail Business
SINGAPORE MARKET (2/2) RETAIL BUSINESS >>> 2020 >>> BY SINGGAS (LPG) PTE. LTD. (95%) TARGET VOLUME 22,000 TONS TARGET GROWTH 5.3 % SUCCESS 23.9 % 5,256 16,744 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
Slide 22: China Market
CHINA MARKET RETAIL BUSINESS >>> 2020 >>> BY 1. SINOSIAMGAS AND PETROCHEMICALS CO., LTD. (100%) 2. SIAM OCEAN GAS & ENERGY LTD. (100%) TARGET VOLUME 1,250,000 TONS TARGET GROWTH 5.0 % SUCCESS 18.3 % 228,496 1,021,504 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS)
Slide 23: Vietnam Market
VIETNAM MARKET RETAIL BUSINESS >>> 2020 >>> BY 1. SUPERGAS COMPANY LIMITED (100%) 2. SUPERGAS HAIPHONG CO., LTD. (100%) TARGET VOLUME 80,000 TONS 3. CITYGAS NORTH COMPANY LIMITED (70%) TARGET GROWTH 23.8 % SUCCESS 30.4 % 24,287 55,713 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) 185,274 ANNU
Slide 24: Malaysia Market
MALAYSIA MARKET RETAIL BUSINESS >>> 2020 >>> BY MYGAZ SDN. BHD. (70% ) TARGET VOLUME 150,000 TONS TARGET GROWTH 6.5 % SUCCESS 22.9 % 34,331 115,669 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 146,464 140,868 133,642 116,790 91,696 95,600 35,681 35,849 34,331 34
Slide 25: Total Oversea Volume
TOTAL OVERSEA VOLUME 2020 >>> TARGET VOLUME 3,002,000 TONS TARGET GROWTH 5.3 % SUCCESS 21.0 % 630,500 2,371,500 2020 Remaining target 2,851,721 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 2,420,223 2,156,314 2,025,809 1,782,877 754,655 1,428,978 716,251 630,500 1,307,220 630,778 797
Slide 26: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 26
Slide 27: Powerplant
Y SIAMGAS SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMITED (27)
Slide 28: MW. Powerplant
230 MW. POWERPLANT SELL TO GOVERNMENT >>> BY MYANMAR LIGHTING (IPP) CO., LTD. (41.1%) 1,256,970 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 1,081,187 1,048,258 354,103 354,103 339,434 339,434 293,721 293,721 339,434 Q1/19 Q4/19 Q1/20 Y-2017 Y-2018 Y-2019 3M-2020 YoY -3.0% +19.9 % YoY
Slide 29: MW. Diesel Powerplant
10 MW. DIESEL POWERPLANT SELL TO HOUSEHOLD >>> BY SOUTHERN MYANMAR DEVELOPMENT CO., LTD. (33.0%) QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) COD 4,964 1,406 In 1,386 July 2018 1,386 983 1,158 Y-2018 Y-2019 3M-2020 Q1/19 Q4/19 Q1/20 YoY +41.0% QoQ -1.4% 29
Slide 30: Oil Tank Farm
SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMITED
Slide 31: 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 1 31
Slide 32: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 32
Slide 33: Revenue Breakdown 3M 2019 vs 3M 2020
Thailand Offshore Oversea business 36.7% Logistic 28.8% Other (Service & Other & Dividend) 32.4% 3M | 2019 Thailand 30.8% Oversea 69.2% 0.4% 1.7% 28.0% 3M | 2020 29.9% Thailand 30.9% 41.2% Oversea 69.1% 0.6% 0.3% 33
Slide 34: 3M|2020 Consolidated revenue of Bt.16,727 m, 5.8% yoy decline
FULL YEAR AND QUARTERLY REVENUE [BT.M] 3M|2020 Consolidated revenue of Bt.16,727 m shows a 5.8% yoy decline yoy -2.4% yoy -5.8% yoy -5.8% qoq -5.3% 69,103 62,157 840 58,339 59,629 980 757 886 48,378 17,756 17,756 17,669 16,727 16,742 16,727 684 47,329 160 160 15,274 206 36,903 350 105 350 Other 34,6
Slide 35: 3M|2020 Consolidated EBITDA of Bt.922 m, -12.2% yoy
FULL YEAR AND QUARTERLY EBITDA [BT.M] 3M|2020 Consolidated EBITDA of Bt.922 m shows a -12.2% yoy decline EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN 6,000 15% 1,634 1,800 15% 5,193 13% 1,600 13% 5,000 1,200 1,050 10% 11% 1,400 9% 11% 4,000 1,000 922 1,200 3,315 9% 8% 1,050 9% 7% 9
Slide 36: Gross Profit Margin & Net Profit Margin
GROSS PROFIT MARGIN & NET PROFIT MARGIN unit : million Baht 6,000 10% 1,800 10% 9% 4,947 5,000 1,594 9.09% 8.36% 1,600 8% 1,200 7% 8% 1,400 1,007 6% 4,000 1,139 7% 1,000 1 1,200 6% 3,251 5.71% 1,007 5.71% 6.45% 3,037 768 5% 2,891 6.00% 2,811 1,000 4.65% 6% 3,000 800 2 768 4% 5.23% 4.65% 4% 800 2,260
Slide 37: 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 40,154 41,439 40,154 1.63 2,500 2,459 3,092 1.52 1.44 1
Slide 38: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 38
Slide 39: Outlook 2020
OUTLOOK 2020 LPG Sales Volume (Tons) Sales volume (TONs) 2017 2018 2019 Outlook 2020 1Q|2020 % Success SGP - Thailand 1,030,660.58 1,010,383.14 983,246.31 1,030,000 224,053.75 21.8% SGP - Thailand Offshore Trading 736,544.45 942,945.98 1,434,872.89 1,500,000 338,129.06 22.5% SGP Offshore Trading Chi
Slide 40: Dividend Payment
DIVIDEND PAYMENT Dividend Policy Historical dividend payment The Company has established the policy to pay dividends to the 2019 0.10 0.25 shareholders at the rate of not less 2018 0.25 0.20 than 40% of the net profit after 2017 0.50 1.00 corporate income tax, accumulated 2016 0.15 0.35 loss brought
Slide 41: Q&A
Q&A QUESTIONS ARE WELCOMED ! 41
Siamgas and Petrochemicals Public Company — Q1 2020 Earnings Presentation on 6ix