Tipco Asphalt Public Co. Ltd. · SET:TASCO
Tipco Asphalt Public — Q2 2019 Earnings Presentation
17 slides from Tipco Asphalt Public's earnings presentation, Aug 15, 2019
Slide 1: 3-2019 Opportunity Day (Q2 2019 Operational Results)
Tipco Asphalt Public Company Limited (TASCO) 3-2019 Opportunity Day (Q2 2019 Operational Results) 15th August 2019
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 Q2 2019 Financial Performance 2 Q2 2019 Highlights 3 H2 2019 Outlook 4 Q&A
Slide 4: Sales & Services Revenue & Sales Volume
Sales & Services Revenue & Sales Volume Sales & Services Revenue Unit: Mil. THB 27,632 • Sales and services stood at Baht 10,783.9 million, reflecting an 10,784 increase of 87.02% from the same period of last year and 52% 7,091 5,263 7,032 9,571 5,766 increased from Q1 2019 attributed to significant
Slide 5: Operating Gross Profit
Operating Gross Profit Operating Gross Profit • Gross profit of Q2 2019 was satisfactory given that the market Unit: Mil. THB prices fluctuated within range bound. In addition, the Company 2,364 has charged out to the Profit and Loss a hedging loss of Baht 35.6 million in this quarter which did not
Slide 6: EBITDA & Net Profit
EBITDA & Net Profit EBITDA Unit: Mil. THB • The Group’s cashflow generated from operations excluding fire 2,457 insurance claim stood at Baht 744.7 million increased by 57% over Q1 2019 1,195 1,169 474 588 538 162 • The Group’s cashflow generated from operations including fire insurance claim stood
Slide 7: Debt to Equity Ratio
Debt to Equity Ratio Debt/Equity Ratio 1.00 1.13 0.68 0.02 0.01 0.004 Q2 2018 Q1 2019 Q2 2019 Total liabilities/Total equity LT debt/Total equity • The Group’s consolidated debt to equity ratio (D/E ratio) reached 1.13 comparing to 0.68 in corresponding period of 2018 due to increase in working capi
Slide 8: Key Ratios and Historical Dividend
Key Ratios and Historical Dividend Return on Equity1/ Return on Asset2/ Unit: % Unit: % 2019 2018 2019 2018 15.4 10.3 12.3 11.2 9.1 8.5 7.7 8.1 6.6 6.2 4.5 4.5 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
Slide 9: Expense relating to fire incident and insurance claim
Expense relating to fire incident and insurance claim Loss/(Gain) from the fire • During the six-month period ended 30 June 2019, 2018 Q1 2019 Q2 2019 The refinery incurred additional operating expense of incident (Unit: Mil. THB) Baht 170 million in operating expense for crude Damaged Assets 289.92
Slide 10: Status of crude storage of KBC refinery
Status of crude storage of KBC refinery Refinery crude storage Floating Storage Unit 2 repaired tanks 2 damaged tanks • 2 repaired tanks are scheduled to be done in Q4 2019 • Rental period last during mid-February 2019 to • 2 damaged tanks are scheduled to done in Q1 2020 February 2020
Slide 11: Q2 2019 - Highlights
Q2 2019 - Highlights Crude • 4 crude cargos received during the Q2 2019 • Total crude receiving of 8 cargos in first half of 2019 well exceeded target Refinery • Refinery was processing at high utilization rate • New construction and repair of crude storage tanks are underway according to plan
Slide 12: Q2 2019 - Highlights
Q2 2019 - Highlights Domestic Market • Q2 2019 sale volume was benefiting from delay of budget disbursement in Q4 2018 • Entering into low working season International Market • Strong demand in China, Malaysia and Vietnam markets, especially in China market
Slide 13: 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 67.2 68.1 65.3 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 50.0 45.8 46.9 47.1 51.1 57.9 55.2 53.8 51.2 40.0 45.3 48.2 44.7 30.
Slide 14: Highlights: Asphalt Volume & Asphalt Revenue Structure
Highlights : Asphalt Volume & Asphalt Revenue Structure Asphalt sales volume by market Main International Markets Unit: % Domestic International Q2 2018 Q1 2019 Q2 2019 China 72% 65% 83% 35% Vietnam 28% 17% Million tons Q20.34 2018 Q10.40 2019 Q10.65 2019 Asphalt Revenue (Exc. Non asphalt & service
Slide 15: H2 2019 Outlook – Crude & Refinery
H2 2019 Outlook – Crude & Refinery Crude • Existing inventory in-hand is adequate to maintain refinery production until Q1 2020 • Target receiving of 15 crude cargos in 2019 Refinery • 2 repaired tanks will be resumed operation in Q4 2019 • Renewal of Floating Storage Unit until Feb 2020 • 2 new tan
Slide 16: H2 2019 Outlook – Domestic & International market
H2 2019 Outlook – Domestic & International market Domestic Market • 2020 fiscal government budget delay from Q4 2019 to Q1 2020 • Expected stimulus budget from new government to support GDP growth International Market • Benefit from consistence crude supply • Peak season in Indonesia and Vietnam
Slide 17: Thank You
THANK YOU www.tipcoasphalt.com
Tipco Asphalt Public Company — Q2 2019 Earnings Presentation on 6ix