Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q1 2021 Earnings Presentation
43 slides from Siamgas & Petrochemicals Public's earnings presentation, June 2021
Slide 1: Q1 2021 Performance Results
Q1| 2021 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 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 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 SGP expands new filling plants in Buriram, Kalasin, and Chiangrai. LPG market in Q1/2021 is lower than the same period last year mainly from drop in Autogas sector. OVERSEAS CP price drops USD 82.5 in Q2/2021 after end of high season in Q1/2021. Sales volume in Vietnam drops
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 24.4% 24.6% 25.1% 23.8% 23.2% YoY: Total -4.6% | SGP -10.1% 4,108 -2.4% 4,011 -5.3% 3,799 -10.8% 3,389 QoQ: Total -3.3% | SGP -4.5% 3,107 3,027 2,847 2,583 -1.7% 860 902 890 860 -3.3% -15.4% 1,001 984 952 8
Slide 13: Cooking Market
COOKING MARKET LPG Sales Volume (‘000 tons) | COOKING SECTORS SGP’s market share in Thailand 28.6% 27.5% 26.8% 24.7% 24.6% COOKING PORTION YoY: Total +0.3% | SGP -3.2% 2,151 +0.6% 2,164 -1.8% 2,125 -4.4% 2,033 QoQ: Total -2.5% | SGP -3.2% 1,534 1,570 1,556 1,530 64% -3.5% 522 521 536 522 -4.2% -11.7
Slide 14: Automotive Market
AUTOMOTIVE MARKET LPG Sales Volume (‘000 tons) | AUTOMOTIVE SECTORS SGP’s market share in Thailand 17.5% 19.5% 21.8% 22.4% 20.8% AUTOMOTIVE PORTION 1,319 YoY: Total -22.5% | SGP -31.6% -11.3% 1,170 -12.6% 1,023 -26.4% 752 QoQ: Total -11.2% | SGP -12.8% 1,089 18% 942 800 584 -0.9% -2.3% -24.5% 218 19
Slide 15: Industry Market
INDUSTRY MARKET LPG Sales Volume (‘000 tons) | INDUSTRY SECTORS SGP’s market share in Thailand 24.3% 23.9% 24.5% 22.3% 21.1% INDUSTRY PORTION YoY: Total +3.8% | SGP -5.1% 638 +6.0% 677 651 604 -3.8% 18% -7.2% QoQ: Total +3.3% | SGP -0.3% 483 515 491 469 +4.4% 169 163 164 169 -1.4% -15.6% 155 162 160
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 380.0 JAN 737.5 JAN 927.5 JAN 880.0 DEC 725.0 DEC 925.0 DEC 795.0 DEC 980.0 2009 8 4 2010 6 6 2011 7 5 2012 7 5 +387.5 +200.0 -130.0 +185.0 JAN 955.0 JAN 1,015.0 JAN 447.5 JAN 367.5 DEC 1,162.5 DEC 560.0 DEC 467.5 DEC 400.0 6 6 2 10 6 6 2016 6 6 2013 2014 2015 +182.5
Slide 19: CP Price and Supply Situation Effects
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
60 80 0 30 70 10 20 40 50 0 300 200 500 100 600 400 700 800 Jan-19 60.2 Jan-19 430 420 7 Feb-19 64.4 Feb-19 440 470 4 Mar-19 67.0 Mar-19 490 520 USD/TON 1 Apr-19 71.6 Apr-19 515 535 USD/BARREL May-19 70.3 May-19 525 530 Jun-19 63.0 Jun-19 430 415 Jul-19 64.2 Jul-19 375 355 Aug-19 59.3 Aug-19 370 360
Slide 21: Singapore Market (1/2)
SINGAPORE MARKET (1/2) 3M/2021 >>> TARGET VOLUME 1,400,000 TONS TARGET GROWTH 12.8 % SUCCESS 24.1 % 337,015 1,062,985 TRADING BUSINESS >>> 2021 Remaining target 1,434,873 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 1,241,420 946,394 942,946 736,544 338,129 337,015 664,255 663,564 28
Slide 22: Singapore Market (2/2)
SINGAPORE MARKET (2/2) 3M/2021 >>> TARGET VOLUME 20,000 TONS TARGET GROWTH 24.7 % SUCCESS 19.6 % 3,925 16,075 RETAIL BUSINESS >>> 2021 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 16,034 5,259 3,856 3,925 3,925
Slide 23: China Market
CHINA MARKET 3M/2021 >>> TARGET VOLUME 1,150,000 TONS TARGET GROWTH 21.4 % SUCCESS 17.2 % 197,947 952,053 RETAIL BUSINESS >>> 2021 Remaining target 1,277,786 QUARTERLY | SALE VOLUME (TONS) 1,219,477 ANNUALLY | SALE VOLUME (TONS) 1,200,167 1,190,464 909,874 947,145 263,982 228,496 197,947 338,229 345
Slide 24: Vietnam Market
VIETNAM MARKET 3M/2021 >>> TARGET VOLUME 100,000 TONS TARGET GROWTH 8.6 % SUCCESS 13.6 % 13,613 86,387 RETAIL BUSINESS >>> 2021 Remaining target 185,274 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 166,814 143,628 24,287 20,693 92,081 67,388 64,632 13,613 44,785 31,631 19,972 13,613
Slide 25: Malaysia Market
MALAYSIA MARKET 3M/2021 >>> TARGET VOLUME 150,000 TONS TARGET GROWTH 7.8 % SUCCESS 23.7 % 35,599 114,401 RETAIL BUSINESS >>> 2021 Remaining target 146,464 140,868 139,126 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 133,642 116,790 91,696 95,600 34,331 36,377 35,599 52,592 35,599 - 2
Slide 26: Total Oversea Volume
TOTAL OVERSEA VOLUME 3M/2021 >>> TARGET VOLUME 2,820,000 TONS TARGET GROWTH 15.8 % SUCCESS 20.9 % 588,099 2,231,901 2021 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 1,782,877 630,503 614,149 1,428,978 588,099 1,307,2
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 1,048,258 339,434 340,591 329,531 329,531 Q1/20 Q4/20 Q1/21 Y-2017 Y-2018 Y-2019 Y-2020 Y-2021 -3.0% +19.9 % +8.1% YoY -2.9% QoQ -3.2% 29
Slide 30: MW. Diesel Powerplant
10 MW. DIESEL POWERPLANT SELL TO HOUSEHOLD >>> 6,580 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) COD 1,791 In 4,964 1,689 July 2018 1,386 1,689 1,158 Y-2018 Y-2019 Y-2020 Y-2020 Q1/20 Q4/20 Q1/21 +19.9 % +8.1% YoY +21.8% QoQ -5.7% 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%) 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 33: Oil Trading Business
OIL TRADING BUSINESS By SIAM GAS TRADING PTE. LTD. (100%) 722,652 COMPARE | SALE VOLUME (BARRELS) QUARTERLY | SALE VOLUME (BARRELS) 609,612 722,652 609,612 397,059 197,554 Q1/2020 Q2/2020 Q3/2020 Q4/2020 Q1/2021 Q1/2020 Q4/2020 Q1/2021 N/A +101.0 +53.5 +18.5 N/A +18.5 % % % % YoY % QoQ % 33
Slide 34: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 34
Slide 35: Revenue Breakdown by Business
Thailand Offshore 46.1% Oversea business Logistic 22.0% Other (Service & Other & Dividend) 29.9% 2020 Thailand 30.6% Oversea 69.4% 1.6% 0.4% 36.3% 3M/2021 28.6% Thailand 24.0% 33.0% Oversea 76.0% 1.5% 0.5% 35
Slide 36: Full Year and Quarterly Revenue
FULL YEAR AND QUARTERLY REVENUE [BT.M] 3M|2021 Consolidated revenue of Bt.17,429 m shows a 4.2% yoy growth unit : Mil.Baht yoy -17.5% yoy +4.2% yoy +4.2% qoq +17.5% 69,103 67,442 840 59,629 607 55,641 886 48,378 1,123 17,429 17,429 17,429 17,429 16,727 16,727 684 47,329 45,728 339 14,832 339 Other 3
Slide 37: Full Year and Quarterly EBITDA
FULL YEAR AND QUARTERLY EBITDA [BT.M] 3M|2021 Consolidated EBITDA of Bt.2,075 m shows a +124.9% yoy growth unit : Mil.Baht EBITDA EBITDA MARGIN 6,000 15% 4,000 17% 4,000 17% 5,193 13% 3,500 15% 3,500 15% 5,000 4,327 13% 11.90% 11.90% 13% 11% 3,000 3,000 11.90% 4,000 11% 11% 9% 2,500 2,500 3,315 2,07
Slide 38: Net Profit
NET PROFIT 3M|2021 Consolidated NET PROFIT of Bt.1,322 m shows a +178.2% yoy growth 2 1,143 Mil.baht Q1/2017 NET PROFIT NET PROFIT MARGIN unit : Mil.Baht 3 1,139 Mil.baht Q4/2019 2,000 8% 3,000 6% 2,000 8% 2,811 7.59% 7.59% 1,800 1,800 7% 6.85% 2,500 1,600 4.71% 1,600 All Time 6% 2,062 1,400 1,322 6
Slide 39: 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) 45,149 45,149 41,388 41,388 1.63 2,392 1.52 1.50 6,369 1.44 1.
Slide 40: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 40
Slide 41: Outlook
OUTLOOK 202 LPG Sales Volume (Tons) Sales volume (TONs) 2018 2019 2020 Outlook 2021 3M|2021 % Success SGP - Thailand 1,010,383.14 983,246.31 811,385.58 910,000 200,474.12 22.0% SGP - Thailand Offshore Trading 942,945.98 1,434,872.89 1,241,419.64 1,400,000 337,014.83 24.1% SGP Offshore Trading China
Slide 42: 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 43: Q&A
Q&A QUESTIONS ARE WELCOMED ! 43
Siamgas and Petrochemicals Public Company — Q1 2021 Earnings Presentation on 6ix