P T G E N E R G Y P C L F I S C A L Y E A R 2017 R E S U L T S O P P O R T U N I T Y D A Y - M a r 8 th, 2018

Size: px

Start display at page:

Download "P T G E N E R G Y P C L F I S C A L Y E A R 2017 R E S U L T S O P P O R T U N I T Y D A Y - M a r 8 th, 2018"

Lawrence Johnson
6 years ago
Views:

1 P T G E N E R G Y P C L F I S C A L Y E A R 2017 R E S U L T S O P P O R T U N I T Y D A Y - M a r 8 th,

2 A G E N D A O U T L O O K O V E R V I E W F I N A N C I A L PERFORMANCE 2

3 จากการสร างรากฐานในธ รก จน าม น ส การต อยอดและเต บโตในธ รก จอ นๆ 3

4 SERVICE STATION RENEWABLE ENERGY PUNTHAI /COFFEE WORLD PT MAXNITRON LUBE CHANGE MAX MART AUTOBACS NETWORK EXPANSION PRO TRUCK MAX CAMP 4

5 NETWORK EXPANSION 5

6 NETWORK INTEGRATION LINK our businesses With PT MAX CARD Through MOBILE APPLICATION 6

7 WHAT S NEW? 7

8 8

9 9

10 COFFEE WORLD 10

11 COFFEE WORLD 11

12 12

13 N E T W O R K P A T H 13

14 14

15 15

16 O V E R V I E W

slower pace from +6% in 2016 to +3% in 2017 Diesel, Gas 95, and E20 slightly grew while Benzene 95 and Gas 91 sharply

17 THAILAND S ALL CHANNELS CONSUMPTION Unit: Million Liter 30,607 +6% YoY +3% YoY 32,362 33,232 +3% QoQ +3% YoY 8,136 8,337 8,385 8,121 8,389 68% 70% 68% 67% 68% 70% 68% 68% 4Q16 1Q17 2Q17 3Q17 4Q Thailand consumption increased in a slower pace from +6% in 2016 to +3% in 2017 Diesel, Gas 95, and E20 slightly grew while Benzene 95 and Gas 91 sharply declined from fuel product switching Diesel Benzene 95 Gasohol 95 Gasohol 91 E20 Source: Department of Energy Business and Company Data 17

THAILAND S ALL CHANNELS MARKET SHARE 1.4% 4.9% 7.7% 1.5% 7.2% 8.8% 1.5% 7.7% 6.1% 10.2% 7.3% 37.1% 7.9% 11.5% 2015 36.3% 11.5% 2016 37.4% 11.8% 2017 13.1% 15.2% 13.5% 13.5% 13.6% 13.

18 THAILAND S ALL CHANNELS MARKET SHARE 1.4% 4.9% 7.7% 1.5% 7.2% 8.8% 1.5% 7.7% 6.1% 10.2% 7.3% 37.1% 7.9% 11.5% % 11.5% % 11.8% % 15.2% 13.5% 13.5% 13.6% 13.7% Total Consumption: 30,607 ML Total Consumption: 32,362 ML Total Consumption: 33,232 ML * Including Benzene 91-95, Gasohol 91, Gasohol 95, Gasohol E20, and Diesel Source: Department of Energy Business and Company Data PTG s sales volume growth outperformed the industry, representing the market share of 10.2% in 2017 from 7.7% in 2015 Expect to be rank 2nd in

THAILAND S OIL RETAIL CONSUMPTION Unit: Million Liter +9% YoY +3% YoY 23,502 24,324 21,499 12.7% 4.4% 11.

5% +3% QoQ +4% YoY 5,967 6,021 6,127 5,984 6,192 62% 64% 63% 62% 63% 63% 63% 63% 4Q16 1Q17 2Q17 3Q17 4Q17

19 THAILAND S OIL RETAIL CONSUMPTION Unit: Million Liter +9% YoY +3% YoY 23,502 24,324 21, % 4.4% 11.8% 1.7% 4Q % 13.6% 15.5% +3% QoQ +4% YoY 5,967 6,021 6,127 5,984 6,192 62% 64% 63% 62% 63% 63% 63% 63% 4Q16 1Q17 2Q17 3Q17 4Q Diesel Benzene 95 Gasohol 95 Gasohol 91 E20 Source: Department of Energy Business and Company Data 18% 16% 14% 12% 10% 8% 6% 4 % 2% 0 % 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 19

05% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 PTT WP_GAS SIAM_GAS PTG 4Q16 1Q17 2Q17 3Q17 4Q17 2015 2016 2017 Source:

20 THAILAND S LPG AUTO CONSUMPTION Unit: Million Liter 3,188-15% YoY 2,716-10% YoY 2,443 35% 30% 25% 20% 15% 10% -3% QoQ -11% YoY % 0% 0.64% 0.97% 1.16% 1.80% 2.19% 2.50% 2.77% 3.05% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 PTT WP_GAS SIAM_GAS PTG 4Q16 1Q17 2Q17 3Q17 4Q Source: Department of Energy Business and Company Data LPG Auto market has been decreasing overtime due to low oil price PTG s LPG volume has been in an increasing trend from brand awareness 20

PTG S SALES VOLUME Total Petrol Volume by Channel Unit: Million Liter +10% QoQ +19% YoY 734 821 881 799 875 95% 92% 92% 96% 97% 2,237 88% +28% YoY 2,860 +18%

Wholesale 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017 PTG highly focuses retail portion.

21 PTG S SALES VOLUME Total Petrol Volume by Channel Unit: Million Liter +10% QoQ +19% YoY % 92% 92% 96% 97% 2,237 88% +28% YoY 2, % YoY 3,377 90% 94% Total LPG Volume Unit: Million Liter % QoQ +60% YoY % YoY 62 4Q16 1Q17 2Q17 3Q17 4Q Retail Wholesale 4Q16 1Q17 2Q17 3Q17 4Q PTG highly focuses retail portion. 97% of total sales volume in 4Q17 was from retail channel The proportion of Benzene has been increasing over time to 28% in 2017 from 26% in 2015 due to the station expansion in Bangkok and vicinity areas LPG sales volume increased 111% YoY 21

22 SAME-STORE-SALES GROWTH A Petrol Same-Store-Sales B LPG Same-Store-Sales Unit: ML/Station/Month Unit: ML/Station/Month Petrol SSS growth increased 5% YoY to 0.22 ML/station/month With more selective petrol expansion led to high quality service stations SSS growth increased 49% YoY to 0.08 ML/station/month Our effective loyalty program through PT Max Card led the SSS to continuously rise 22

23 2017 F I N A N C I A L P E R F O R M A N C E

(+10%), and non-oil revenue (+75%) Non-oil proportion was 3%, slightly higher than last year at 2% *

24 TOTAL REVENUE A Unit: Baht Million Total Revenue B Revenue by Business Non-oil* 3% +31% YoY +13% QoQ +25% YoY 2017 Oil, 97% Revenue increased 31% YoY from rising in sales volume (+18%), oil retail price (+10%), and non-oil revenue (+75%) Non-oil proportion was 3%, slightly higher than last year at 2% * Non-oil includes LPG, Logistics, Max Mart, Punthai Coffee, Coffee World, Lubricant, Rental income, and others 24

portion was from LPG and Coffee Business

25 REVENUE GROWTH in EACH CATEGORY OIL Non-OIL* Unit: Baht Million 53,169 63, % YoY 82,686 Unit: Baht Million 509 1, % YoY High revenue growth was from non-oil portion 1,938 with 75% growth Majority increase in non-oil portion was from LPG and Coffee Business * Non-oil includes LPG, Logistics, Max Mart, Punthai Coffee, Coffee World, Lubricant, Rental income, and others 25

Gross Profit from Non-oil businesses portion increased to 8% from 5% last year (reached 9% in 4Q17) Non-oil businesses will

26 GROSS PROFIT A Gross Profit B Gross Profit by Business Unit: Baht Million +20% YoY +3% QoQ +21% YoY Non-oil* 8% 2017 Oil, 92% Imbalance retail price adjustment in Q1 and Q2 led to lesser marketing margin in 2017 compared to 2016 reflected slow growth in GP Gross Profit from Non-oil businesses portion increased to 8% from 5% last year (reached 9% in 4Q17) Non-oil businesses will increase GPM in the future * Non-oil includes LPG, Logistics, Max Mart, Punthai Coffee, Coffee World, Lubricant, Rental income, and others 23 26

in SG&A led to a drop in net profit 15% YoY In 2016, PTG had an extra profit from dilution gains as PTG s associate (AMA Marine

27 EBITDA and NET PROFIT A EBITDA B NET PROFIT Unit: Baht Million +12% YoY +2% QoQ +5% YoY Unit: Baht Million -15% YoY 4% QoQ -22% YoY With lower marketing margin and with high expansion in both oil and no -oil business for future growth resulted in an increase in SG&A led to a drop in net profit 15% YoY In 2016, PTG had an extra profit from dilution gains as PTG s associate (AMA Marine PLC) issued newly ordinary shares, if such special item was excluded, the net profit would decrease by 9% YoY, instead of 15% YoY 27 24

28 KEY FINANCIAL RATIOS A Profitability Ratios B Efficiency Ratios 7.0% 8.1% 7.4% 3.2% 4.3% 3.6% 1.2% 1.7% 1.1% GPM EBITDA Margin NPM 25.0% 17.1% 18.8% 9.0% 10.6% 6.0% ROA ROE The decline in both profitability ratios and efficiency ratios were from lower marketing margin than last year and higher SG&A during the expansion period 25 28

KEY FINANCIAL RATIOS Unit: Days A 0.62 0.44 0.59 16.05 11.45 14.53 7.83 7.28 7.86 2015 2016 2017 Day in Inventory Operating Cycle Avg. Collecting Period Avg.

29 KEY FINANCIAL RATIOS Unit: Days A Day in Inventory Operating Cycle Avg. Collecting Period Avg. Payment Period B Cash Cycle Unit: Days (3.01) (6.80) (7.27) We are a cash generating Business! The slightly increase in cash cycle was from the longer average payment period according to the internal cash management 25 29

BALANCE SHEET and LEVERAGE RATIO A Assets B Liabilities & Equity C Leverage Ratios Unit: Baht Million Unit: Baht Million 2,311 1,404 7,805 8,865 821 5,800 391 3,809 4,608 2,334 2,501 1,248 983 1,525

30 BALANCE SHEET and LEVERAGE RATIO A Assets B Liabilities & Equity C Leverage Ratios Unit: Baht Million Unit: Baht Million 2,311 1,404 7,805 8, , ,809 4,608 2,334 2,501 1, ,525 1,989 6,596 12,527 17, ,596 7,805 1, ,787 2,152 12,527 17,985 5,980 3,203 4,520 3,654 2,120 3,599 4,001 4,589 5, Total asset Prepaid leasehold right and land rental Others PP&E Equity Trade and Other Gayables S-T Borrowing L-T Borrowing Interest Bearing Debt Investment Inventories Other Liabilities An increase in non-current assets were from PP&E and rental and leasehold rights from continuous expansion of oil and non-oil businesses The increase in liabilities was from loans to finance the business expansion and trade and other payables from higher sales volume An increase in IBD ratio was from long-term loans and debentures to accommodate business expansion 30

31 เราจะไม หย ดแค การให บร การด านพล งงาน แต จะไปถ งท กท ท วไทย เพ อเป นหน งในใจคนไทยท วประเทศ

32 4 พยางค

33 หน งคนละม วน

35 PTG MISELTONES Paktai Chueplerng Co., Ltd. established Entered fuel retail industry Change our name to PTG Energy Co., Ltd. Listed in SET as PTG Ventured in Palm Product Processing (PPP Green Complex) Enter in LPG business Received Best Company Performance Award and Best CEO Award Ranked 2nd in no. of stations with 1,407 stations nationwide Launched high quality lubricant under PT Maxnitron JV with SMM for launching trucks maintenance service (PRO TRUCK) Entered Ethanol Project Acquired Autobacs for passenger cars maintenance service Acquired GFA (Coffee World) Opened PT Max Camp for travelers Received Best CEO Award 35

36 PTG TARGETS Reach 4,000 touch points Expand Non-oil business Increase PT Max Card members to 18million Rank with more than 2,000 service stations nationwide st 2 nd Rank nd Increase in market PT Max Card share (14%) members to 9.6 Punthai and Coffee World million million 400stores

3-5 YEARS PLAN: BUILD PTG ECO- SYSTEM Petrol Business

choice Non-Oil Businesses Enlarge non-oil businesses

from non-oil in 2022 Renewable Energy Earn more

37 3-5 YEARS PLAN: BUILD PTG ECO- SYSTEM Petrol Business Expand our outlets coverage Become the customer s first choice Non-Oil Businesses Enlarge non-oil businesses Stabilize and increase NPM Target 60% net profit portion from non-oil in 2022 Renewable Energy Earn more profitability from integrated business Biodiesel Plant Retails Ethanol Plant Wholesales 37

MIX of NET PROFIT Non-Oil 10% 2017 Oil 90%

Non-oil business includes LPG, Convenience

38 MIX of NET PROFIT Non-Oil 10% 2017 Oil 90% Non-oil 60% 2022 Oil 40% Remark: Oil business includes Diesel, Benzene 91-95, Gasohol 95, Gasohol 91, and Gasohol E20 Non-oil business includes LPG, Convenience stores, Coffee business, Share profit, Dividend, etc. 38

39 OUR KEY SUCCESS FACTORS Rigorous station expansion and high coverage area of stations Brand loyalty and high switching cost Operational Efficiency with company owned trucks and tank farms Key strengths 39

1Q17 Highlights. +22%YoY. Officially Launched. PT Maxnitron. Sales Volume 821 Liters 6.1 1,436. Million Members. Stations

1Q17 Highlights. +22%YoY. Officially Launched. PT Maxnitron. Sales Volume 821 Liters 6.1 1,436. Million Members. Stations 1Q17 Highlights +22%YoY Sales Volume 821 Liters 6.1 Million Members Officially Launched PT Maxnitron 1,436 Stations Agenda Industry Outlook Business Performance Project Update Financial Performance Thailand