Q4|2018 PERFORMANCE RESULTS PRESENTATION FOR INVESTOR & ANALYST - - PowerPoint PPT Presentation
Q4|2018 PERFORMANCE RESULTS PRESENTATION FOR INVESTOR & ANALYST - - PowerPoint PPT Presentation
Q4|2018 PERFORMANCE RESULTS PRESENTATION FOR INVESTOR & ANALYST DISCLAIMER The informat ion cont ained in t his present at ion is for informat ion purposes only and does not const it ut e an offer or invit at ion t o sell or t he solicit at
The informat ion cont ained in t his present at ion is for informat ion purposes only and does not const it ut e an offer or invit at ion t o sell or t he solicit at ion of an offer or invit at ion t o purchase or subscribe for share in S iamgas and Pet rochemicals Public Company Limit ed (“ S GP” and shares in S GP, “ shares” ) in any j urisdict ion or should it or any part of it form t he basis of, or be relied upon in any connect ion wit h, any cont ract or commit ment what soever. This present at ion may include informat ion which is forward-looking in nat ure. Forward- looking informat ion involve known and unknown risks, uncert aint ies and ot her fact ors which may impact on t he act ual out comes, including economic condit ions in t he market s in which S GP operat es and general achievement of S GP business forecast s, which will cause t he act ual result s, performance or achievement s of S GP t o differ, perhaps mat erially, from t he result s, performance or achievement s expressed or implied in t his present at ion. This present at ion has been prepared by t he S
- GP. The informat ion in t his present at ion
has not been independent ly verified. No present at ion, warrant y, express or implied, is made as t o, and no reliance should be placed on, t he fairness, accuracy, complet eness or correct ness of t he informat ion and opinions in t his present at ion. None of t he S GP or any
- f it s agent s or advisers, or any of t heir respect ive affiliat es, advisers or
represent at ives, shall have any liabilit y (in negligence or ot herwise) for any loss howsoever arising from any use of t he present at ion or it s cont ent s or ot herwise arising in connect ion wit h t his present at ion. This present at ion is made, furnished and dist ribut ed for informat ion purposes only. No part of t his present at ion shall be relied upon direct ly or indirect ly for any invest ment decision-making or for any ot her purposes. This present at ion and all ot her informat ion, mat erials or document s provided in connect ion t herewit h, shall not , eit her in whole or in part , be reproduced, redist ribut ed
- r made available t o any ot her person, save in st rict compliance wit h all applicable
laws.
DISCLAIMER
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AGENDA
3
- Business Overview
- Thailand Business
- Oversea Business
- Financial Results
- Business Outlook
- Q & A
6.5% 17.9% 14.3%
SHAREHOLDING STRUCTURE
Latest book closing : On 31 AUG 2018
MANAGEMENT PUBLIC Fund
61.3% 38.7%
4
Thai NVDR Retail
MILESTONES
5
Founded the company Business acquisition Uniquegas Listed in Setup | Cylinder Manufacture Acquire | Ethanol Business Business acquisition Vietnam | Supergas Singapore | Singgas China | Sinosiam Setup | Trading Business in Singapore Business acquisition China | Sogel Business acquisition Vietnam | Citygas N. Malaysia | Mygaz Founded Marine & land logistic Invest in 230 MW.Power Plant In Myanmar
SUSTAINABLE GROWTH
2 4 2 1 1 2 1 6 2 8 1 9 7 6 2 1 2 1 3 2 5
Invest in 10 MW. Power Plant and transmission line in Myanmar
2 1 8
Business operation
6
THAILAND OVERSEA
LIQUEFIED PETROLEUM GAS (LPG) ROAD TRANSPORTATION MARINE TRANSPORTATION CYLINDER MANUFACTURING OIL RETAIL BUSINESS CONTAINER TERMINAL SERVICE BUSINESS
1 2 3 4 5 6
LIQUEFIED PETROLEUM GAS (LPG)
1
- Singapore
- China
- Malaysia
- Vietnam
2 3
COMBINE CYCLE POWER PLANT
- Myanmar
DIESEL POWER PLANT
- Myanmar
BUSINESS UPDATE
Thailand
Expand pet rol wit h LPG st at ions. Expand Filling plant s.
Overseas
The Company is const ruct ing t erminal and f illing plant s in Myanmar. The Company is const ruct ing f illing plant in Penang Malaysia. The Company is planning t o const ruct LPG t erminal in Indonesia and Bangladesh.
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PROJECT LPG TERMINAL
- AT. Northport, Malaysia
8
Terminal north port
Project success >>> LPG filling hall 95 %
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Project success >>> LPG filling hall 95 %
Terminal north port
10
Project success >>> TRUCK loading building 80 %
Terminal north port
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SGP’s PRESENCE
12
S HANTOU, S OUTH CHINA | S OGEL THAILAND | S IAMGAS & UNIQUEGAS EAS T MALAYS IA | MYGAZ ZHUHAI, S OUTH CHINA | S INOS IAMGAS HO CHI MINH | S UPERGAS HAIPHONG | CITYGAS NORTH S INGAPORE, RETAIL BUS INES S | S INGGAS S INGAPORE,TRADING BUS INES S | S GT MYANMAR, MAWLAMYING | MLIPP POWERPLANT 230 MW. MALAYS IA | MYGAZ
OTHER business LPG business
MYANMAR, ANIN | S MD POWERPLANT & TRANS MIS S ION LINE 10 MW.
AGENDA
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- Business Overview
- Thailand Business
- Oversea Business
- Financial Results
- Business Outlook
- Q & A
THAILAND BUSINESS MODEL
REFINERIES & GAS S EP ARATION PLANTS SGP TERMINALS & DEPOTS SGP FILLING PLANTS AGENT FILLING PLANTS LPG RETAILERS SGP AUTO-LPG STATIONS AGENT AUTO-LPG STATIONS
MOTORISTS HOUSEHOLD USERS COMMERCIAL USERS INDUSTRIAL USERS COOKING AUTOMOTIVE INDUST.
SGP LPG IMPORT
14
SGP’s NETWORK IN THAILAND
15
FILLING PLANT & AUTOGAS STATION Company Filling Plant s x 43 Agent Filling Plant s x 144 Company Aut ogas S t at ions x 44 Agent Aut ogas S t at ions x 521
6.Khonkaen 1.Bangkok 3.Chachoengsao 4.Nakornsawan 5.Lampang 8.S
- ngkhla
7.S urat t hani 2.S amut prakan
25 8 500
vessels terminals roadtankers
Floating Storage
1,039 1,005 1,001 984 251 245 246 3,370 3,171 3,107 3,027 783 759 757 4,409 4,177 4,108 4,011 1,034 1,004 1,002 2015 2016 2017 2018 4Q'17 3Q'18 4Q'18 SGP Group Others Total
THAILAND LPG MARKET
16
SGP GROUP 24.6%
OTHERS 75.5%
- 2018 LPG market size 4.01 million TON
Cooking 2.16 million TON (53.9%) Automotive 1.17 million TON (29.2%) Industrial 0.68 million TON (16.2%)
- Average growth (’14-’18) -3.4%
MKT SHARE 2018
MARKET SHARE
- 1. PTT
41.1 %
- 2. SGP
24.6 %
- 3. WP
18.0 %
- 4. OTHER
16.4 %
2
LPG Sales Volume (‘000 tons) | ALL SECTORS YoY: Total -3.0% | SGP -2.2% QoQ: Total -0.2% | SGP +0.04%
- 3.3%
- 5.3%
- 0.4%
- 1.6%
23.6% 24.1% 24.4% 24.6% SGP’s market share in Thailand
- 2.4%
- 1.7%
610 619 616 594 155 148 149 1,484 1,491 1,534 1,570 397 397 396 2,094 2,110 2,151 2,164 552 545 545 2015 2016 2017 2018 4Q'17 3Q'18 4Q'18 SGP Group Others Total Cooking
COOKING MARKET
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SGP GROUP 27.5%
OTHERS 72.5%
60%
COOKING PORTION
MKT SHARE 2018
MARKET SHARE
- 1. PTT
49.7 %
- 2. SGP
27.5 %
- 3. WP
19.9 %
- 4. OTHER
2.9 %
2
+1.4% +0.8%
- 0.4%
+1.9%
YoY: Total -1.1% | SGP -3.8% QoQ: Total +0.1% | SGP +0.6% LPG Sales Volume (‘000 tons) | COOKING SECTORS
29.1% 29.3% 28.6% 27.5% SGP’s market share in Thailand
+0.6%
- 3.5%
292 245 230 228 57 57 56 1,439 1,221 1,089 942 261 231 229 1,731 1,466 1,319 1,170 317 288 285 2015 2016 2017 2018 4Q'17 3Q'18 4Q'18 SGP Group Others Total Automotive
AUTOMOTIVE MARKET
18 23%
AUTOMOTIVE PORTION
SGP GROUP 19.5% OTHER S 80.5%
MKT SHARE 9M|2018
MARKET SHARE
- 1. SGP
19.5 %
- 2. WP
18.5 %
- 3. PTT
17.3 %
- 4. OTHER*
44.7 %
1
* 10 company
- 16.3%
- 15.3%
- 5.9%
- 10.0%
LPG Sales Volume (‘000 tons) | COOKING SECTORS
16.9% 16.7% 17.5% 19.5% SGP’s market share in Thailand
- 0.9%
- 11.3%
YoY: Total -10.2% | SGP -2.0% QoQ: Total -1.0% | SGP -1.5%
137 142 155 162 39 41 41 448 459 483 515 125 130 131 584 600 638 677 165 171 172 2015 2016 2017 2018 4Q'17 3Q'18 4Q'18 SGP Group Others Total Industrial
INDUSTRY MARKET
19 17%
INDUSTRY PORTION
SGP GROUP 23.9%
OTHERS 76.1%
MKT SHARE 2018
MARKET SHARE
- 1. PTT
54.5 %
- 2. SGP
23.9 %
- 3. WP
11.2 %
- 4. OTHER
10.4 %
2
+2.8% +3.7% +6.3% +9.3%
LPG Sales Volume (‘000 tons) | COOKING SECTORS
23.4% 23.6% 24.3% 23.9% SGP’s market share in Thailand
+6.0% +4.4%
YoY: Total +4.4% | SGP +3.9% QoQ: Total +0.4% | SGP +0.3%
AGENDA
20
- Business Overview
- Thailand Business
- Oversea Business
- Financial Results
- Business Outlook
- Q & A
HISTORICAL CP PRICE MOVEMENT
21
2015 2014 2007 2008 2009 2010 2011 2012 2013
9 3 5 7 8 4 6 6 7 5 7 5 6 6 2 10
+385.0
- 535.0
+387.5 +200.0
- 130.0
+185.0 +182.5
- 602.5
6 6
- 92.5
2016
6 6
- 67.5
2017
6 4 2
2018
6 4 2
+180.0
- 150.0
54.9 55.5 52.0 53.1 50.9 46.9 48.7 51.4 55.2 57.6 62.6 64.2 69.1 65.7 66.7 71.8 77.0 75.9 75.0 73.8 79.1 80.6 66.0 57.7 60.2 64.4 65.1
0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 Brent crude oil
435 510 480 430 385 385 345 420 480 575 575 590 590 525 480 475 500 560 555 580 600 655 540 445 430 440 490 495 600 600 490 390 390 365 460 500 580 580 570 570 505 465 470 505 560 570 595 635 655 525 415 420 470 520
100 200 300 400 500 600 700
Propane [C3] Butane [C4]
Saudi Aramco CP vs Crude oil
22 USD/TON USD/BARREL
6 4
+180.0
2 6 4
- 150.0
2
2017 2018 Q1 +140.0
- 107.5
Q2
- 152.5
+87.5 Q3 +102.5 +57.5 Q4 +90.0
- 187.5
2018 2019 Q1
- 107.5
+75.0 2017 2018 Q1
- 2.1
+2.5 Q2
- 5.1
+9.2 Q3 +8.3 +3.2 Q4 +9.1
- 21.4
2018 2019 Q1 +2.5 +7.5
2 1
Singapore Market (1/2)
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56,906 463,104 664,255 946,394 663,564 589,188 543,452 736,544
2010 2011 2012 2013 2014 2015 2016 2017 2018
+713.8 % +43.4 % +42.5 %
- 29.9
%
- 11.2
%
- 7.8
% +35.5 % +28.0 %
Sales volume : tons S ell t o cust omer in Macau, Hong Kong, Philippines, Viet nam, S
- ut h China, Bangladesh,
Cambodia, et c. By SIAM GAS TRADING PTE. LTD.(100% owned)
Trading business >>>
942,946
Singapore Market (2/2)
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8,793 17,872 25,683 24,375 21,041 21,401 21,772 21,866
2010 2011 2012 2013 2014 2015 2016 2017 2018
+103.3 % +43.7 %
- 5.1
%
- 13.7
% +1.7 % +1.7 % +0.4 %
- 2.1
%
S mall market wit h good margin Consumer seeks qualit y product & service over price concern Sales volume : tons By Singgas (lpg) pte. Ltd. (95% owned)
Retail business >>>
21,396
China Market
25
- 121,705
87,969 338,229 345,645 909,874 1,200,167 1,219,477
2010 2011 2012 2013 2014 2015 2016 2017 2018
Large import LPG market in S
- ut h China
Advant age over compet it ors wit h large cavern st orage Large sale volume wit h cont inuous growt h rat e
- 27.7
% +284.5 % +2.2 % +163.2 % +31.9 % +1.6 % +4.8 %
Sales volume : tons By 1. sinosiamgas and petrochemicals co., ltd. (100% owned)
- 2. siam ocean gas & energy ltd. (100% owned)
Retail business >>>
1,277,786
Vietnam Market
26
12,380 26,496 19,972 67,388 185,274 166,814 143,628 44,785
2010 2011 2012 2013 2014 2015 2016 2017 2018
High compet it ion wit h high growt h pot ent ial Consumers gradually swit ch t o LPG inst ead of fire wood
+114.0 %
- 24.6
% +237.4 % +173.9 %
- 10.0
%
- 13.9
%
- 68.8
%
- 29.4
%
Sales volume : tons By 1. supergas company limited (100% owned)
- 2. citygas north company limited (70% owned)
Retail business >>>
31,631
Malaysia Market
27
- 52,592
91,696 95,600 116,790 133,642
2010 2011 2012 2013 2014 2015 2016 2017 2018
Market leader wit h growt h pot ent ial in East Malaysia Expand market t o West Malaysia
+74.4 % +4.3 % +22.2 % +14.4 % +9.6 %
Sales volume : tons By mygaz sdn. bhd. (70% owned)
Retail business >>>
146,464
Total oversea volume
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78,079 629,177 797,880 1,428,978 1,307,220 1,782,877 2,025,809 2,156,314 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total
+705.8 % +26.8 % +79.1 %
- 8.5
% +36.4 % +13.6 % +6.4 % +12.2 %
Wholesale 39.0% China 52.8% Vietnam 1.3% S ingapore 0.9% Malaysia 6.1%
2018
Sale Portion
2,420,223
230 MW. POWERPLANT | MYANMAR
29
Capacity : MW. By MYANMAR LIGHTING (IPP) CO., LTD. (41.1% owned)
Sell to government >>>
Consist ent Income
- High demand in
elect ricit y
2017 2018 1,081,187
1,048,258
230 MW. Combine cycle power plant
30
230 MW. Combine cycle power plant
31
230 MW. Combine cycle powerplant
32
230 MW. Combine cycle powerplant
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AGENDA
34
- Business Overview
- Thailand Business
- Oversea Business
- Financial Results
- Business Outlook
- Q & A
30.3% 25.7% 42.8% 0.4% 0.9%
Thailand Offshore Oversea business Logistic Other (S ervice & Other & Dividend)
REVENUE PORTION
2017
Thailand 35.6% Oversea 64.4%
2018
Thailand 31.5% Oversea 68.5%
35
34.1% 20.1% 44.3% 0.7% 0.8%
Full year and quarterly Revenue [Bt.m]
36
24,274 22,921 19,792 20,340 20,934 36,903 34,661 27,902 38,403 47,329 980 757 684 886 840
62,157 58,339 48,378 59,629 69,103
2014 2015 2016 2017 2018 5,174 5,005 5,118 5,328 5,483 12,115 10,521 10,803 13,807 12,197 228 218 265 111 246
17,517 15,744 16,186 19,246 17,927
Q4| 2017 Q1| 2018 Q2| 2018 Q3| 2018 Q4| 2018
2018 Consolidated revenue of Bt.69,103 m shows a 15.9% yoy growth
Revenue by year Revenue by quarter
Local TH Oversea Other +15.9%
yoy
- 6.9%
qoq
+2.3%
yoy
Full year and quarterly EBITDA [Bt.m]
37 1,690 588 1,282 1,223
- 441
9.65% 3.73% 7.92% 6.35%
- 2.46%
- 3%
- 1%
1% 3% 5% 7% 9% 11% 13% 15% (1,000) (500)
- 500
1,000 1,500 2,000
Q4|2017 Q1|2018 Q2|2018 Q3|2018 Q4|2018
EBITDA EBITDA MARGIN 1,164 2,836 2,860 5,193
2,651
1.87% 4.86% 5.91% 8.71% 3.84%
0% 2% 4% 6% 8% 10% 12%
- 1,000
2,000 3,000 4,000 5,000 6,000
2014 2015 2016 2017 2018
EBITDA EBITDA MARGIN
EBITDA by year EBITDA margin : 3.84% in 2018 decreased from 8.71% in 2017
2018 Consolidated EBITDA of Bt.2,651 m shows a -48.9% yoy decline
EBITDA by Quarter
Gross profit margin & Net profit margin
38
1,706 469 1,055 1,227
- 490
889 101 766 738
- 734
9.82% 3.01% 6.60% 6.40%
- 2.76%
5.07% 0.64% 4.73% 3.84%
- 4.09%
- 6%
- 4%
- 2%
0% 2% 4% 6% 8% 10% 12% (1,000) (500)
- 500
1,000 1,500 2,000 Q4|2017 Q1|2018 Q2|2018 Q3|2018 Q4|2018 834 3,037 2,891 4,947
2,260
- 514
1,116 1,119 2,811
871
1.35% 5.23% 6.00% 8.36% 3.30%
- 0.83%
1.91% 2.31% 4.71% 1.26%
- 2%
0% 2% 4% 6% 8% 10% 12% (1,000)
- 1,000
2,000 3,000 4,000 5,000 6,000 2014 2015 2016 2017 2018
Gross profit margin : 3.30% in 2018 decreased from 8.36% in 2017 Net profit margin : 1.26% in 2018 decreased from 4.71% in 2017
1 2 3 4
Gross profit = 2,260 Bt.m Gross profit margin = 3.30% Net profit margin = 1.26% Net profit = 871 Bt.m
1 2 3 4
Gross profit & Net profit by year Gross profit & Net profit by quarter
FINANCIAL POSITION
39 7,301 8,983 Loan from financial institution Debenture
0.99 1.06 1.20 0.97 1.03 1.08 1.14 0.95 0.85 1.05 1.34
1.63 11,308 10,129 5,297 5,626 6,448 6,947 4,321 3,765 4,084 9,337 31 DEC 2017 31 DEC 2018 Short term loan Current liabilities Long term Debt Non current liabilities Total Equity 15,646 16,794 9,152 11,344 4,070 4,818 2,590 2,849 31 DEC 2017 31 DEC 2018 Cash & Equivalents Inventory Other asset PP&E
ASSET (THB Million) LIABILITIES & EQUITY (THB Million) DEBT PORTION
LOAN FROM FINANCIAL INSTITUTION 7,301 DEBENTURE 8,903 TOTAL 16,204 (THB Million)
Interest Bearing Debt (Times)
COMPANY RATING
BBB+ Stable
BOND RATING
BBB+ Stable
BOND with CGIF RATING
A+ Stable
31,458 35,804 31,458 35,804
AGENDA
40
- Business Overview
- Thailand Business
- Oversea Business
- Financial Results
- Business Outlook
- Q & A
OUTLOOK 2019
41
LPG Sales Volume (Tons)
Sales volume (TONs) 2016 2017 2018 Outlook 2019 % Growth Thailand 1,016,965.56 1,030,660.58 1,010,383.14 1,050,000.00 3.9% Offshore Trading 543,451.66 736,544.45 942,945.98 1,150,000.00 22.0% China 1,200,167.37 1,219,476.64 1,277,786.33 1,300,000.00 1.7% Vietnam 143,628.32 44,784.87 31,631.45 45,000.00 42.3% Malaysia & Singapore 138,561.38 155,507.90 167,859.71 225,000.00 34.0% GRAND TOTAL 3,042,774.29 3,186,974.44 3,430,606.62 3,770,000.00 10.0% Oversea business 2,025,808.73 2,156,313.86 2,420,223.47 2,720,000.00 12.4% Domestic portion 33.4% 32.3% 29.5% 27.9% Oversea portion 66.6% 67.7% 70.5% 72.1% Growth (%) 24.5% 4.7% 7.6% 10.0%
7.6% 4.7% 7.4% 16.0% 8.7% 29.8% 11.1% 49.2%
2010 2011 2012 2013 2014 2015 2016 2017 2018
SGP - Thailand SGP Offshore Trading China Vietnam Malaysia & Singapore
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 0.15 0.20 0.20 0.15 0.15 0.10 0.15 0.20 0.15 0.50 0.25 0.25 0.30 0.30 0.30 0.25 0.50 0.20 0.30 0.35 1.00 0.20
Interim Final
DIVIDEND PAYMENT
42
Dividend Policy
The Company has est ablished t he policy t o pay dividends t o t he shareholders at t he rat e of not less t han 40%
- f t he net profit aft er
corporat e income t ax, accumulat ed loss brought forward (if any) and appropriat ion of st at ut ory reserve in accordance wit h t he Company’ s separat e financial st at ement s. However, t he Board of Direct ors may set t he rat e of dividend less t han t he one ment ioned above depending
- n t he operat ing result s, financial
sit uat ion, liquidit y and t he necessit y t o expand t he operat ion as well as t he reserve on circulat ing capit al of t he operat ing of t he organizat ion.
Historical dividend payment
Unit : Baht/annum SGP split par from Bt1.00 to Bt 0.50 in May 2018
Q & A
Questions are welcomed !
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