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 Consumption Unit: Million Liters 1.5% YoY 8,213 8,205 7,809 2.5% QoQ 8,136 8,337 Products 1Q2017 QoQ YoY Diesel 4.8% 1.1% Benzene 95-7.4% -5.8% Gasohol 95-2.6% 8.5% Gasohol 91-2.7% -4.0% E20-0.5% 7.0% 1Q16 2Q16 3Q16 4Q16 1Q17 Diesel Benzene 95 Gasohol 95 Gasohol 91 E20 Source: DOEB data Industry Outlook 1
Thailand s Marketing Margin Unit: Baht/Liter 2.0 1.8 1.6 1.4 1.56 1.51 1.40 1.63 1.53 1.55 1.46 1.61 1.61 1.72 1.72 1.81 1.79 1.77 1.68 1.2 1.27 1.0 2010 2011 2012 2013 2014 2015 2016 1Q17 Diesel Total 2 Source: EPPO data Industry Outlook
Market Share by Sales Volume Through all Channels 7.69% 1.47% 7.16% 8.76% 1.48% 6.12% 7.74% 9.82% 1.41% 4.44% 7.77% 7.85% 11.47% 2015 36.25% 11.53% 2016 37.45% 11.93% 1Q17 38.43% 13.09% 15.20% 13.46% 13.47% 12.63% 13.56% Total consumption: 30,607 ML Total consumption: 32,362 ML Total consumption: 8,365 ML 3 Including Diesel, Benzene 91-95, Gasohol 95, Gasohol 91, and Gasohol E20 Source: Department of Energy Business and Company Data Industry Outlook
Growing Number of Stations A Unit: Stations B Type of Station 574 31% 739 25% 75% 69% 951 1,150 19% 1,407 1,436 15% 14% 22% 85% 86% 81% 78% 2012 2013 2014 2015 2016 1Q17 COCO DODO COCO Mix 28 COCO LPG 31 DODO 207 Unit: Stations COCO Oil 1,170 PT stations continuously increased to 1,436 stations Expects to reach 1,800 stations in 2017 Business Performance 4 4
Petrol Sales Volume A By Channel B By Product Unit: Million Liters 671 11% 769 17% 22% YoY 686 9% 734 5% 12% QoQ 821 8% 671 24% 22% YoY 769 24% 76% 76% 686 734 30% 28% Unit: Million Liters 12% QoQ 821 26% 70% 72% 74% 89% 83% 91% 95% 92% 1Q16 2Q16 3Q16 4Q16 1Q17 Diesel Mogas Product QoQ YoY 5 1Q16 2Q16 3Q16 4Q16 1Q17 Retail Wholesale Total Diesel +15% +19% Mogas +5% +34% Business Performance
COCO Same Store Sales Continuously Increased Unit: ML/Station/Month 0.220 0.210 0.200 0.190 0.180 0.170 0.160 0.150 +2% QoQ +6% YoY 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Business Performance 6
COCO SSS by Opened Year Unit: ML/Station/Month 2017 0.05 2016 0.03 0.09 0.12 0.14 0.17 2015 0.14 0.16 0.16 0.17 0.18 2014 0.19 0.20 0.20 0.21 0.22 2013 0.19 0.20 0.19 0.21 0.21 2012 0.21 0.22 0.20 0.22 0.23 2011 0.23 0.24 0.22 0.24 0.25 2010 0.21 0.22 0.21 0.22 0.23 2009 0.23 0.24 0.22 0.24 0.25 Before 2009 0.41 0.42 0.39 0.41 0.44 7 1Q16 2Q16 3Q16 4Q16 1Q17 Business Performance
LPG Continuously Grows Contrasted with Nation s LPG-Auto Consumption Trend Unit: Million Liters 697 689 672 658 12 630 14 Thailand s LPG-Auto Consumption -4% QoQ -10% YoY 4 7 8 PTG s LPG Sales Volume +17% QoQ 8 1Q16 2Q16 3Q16 4Q16 1Q17 PTG s LPG sales volume Thailand s LPG-Auto Consumption +205% YoY Source: DOEB and Company data Business Performance
Logistics 17% YoY Expected transportation volume in 2017 will increase by more than 35% YoY from continuous expansion of the service stations 768 785 768 362 362 4% QoQ 865 898 407 407 400 1Q16 2Q16 3Q16 4Q16 1Q17 9 Transported Volume (ML) Trucks (Unit) Business Performance
PT Max Card 10 Unit: Million Members A 1.3 2.4 3.8 5.6 9% QoQ 6.1 7.4 2013 2014 2015 2016 1Q17 2017F B C Increasing sales volume from members through COCO channel Non-members 30% 1Q17 Gas, 1.64% Members 70% 1 Card for All Point-Collecting Portions Punthai, 0.09% 1Q17 Oil, 97.85% Max Mart, 0.01% Maxnitron, 0.41% Business Performance
Punthai Coffee Shop Unit: Locations 53 60 Punthai Coffee will hit 100 shops within June 2017 20 10 5 1 2012 2013 2014 2015 2016 1Q17 11 Punthai 1Q/2017 Inside station 52 branches Outside station 8 branches Business Performance
12 OPEN NOW! Punthai Suan Sunandha Branch
Officially Launched PT Maxnitron More than 20 SKUs Business Performance
Palm Complex (PPP) Business Type Capacity Palm Product Processing Biodiesel 450K/Day Olein 200K/Day COD 3Q/2017 Total Investment THB 4,800 Million (incl. working cap) 14 Project Update
Financial Performance
Revenue From Sales and Services Unit: Million Baht 53% YoY 17% QoQ 13,622 17,490 15,685 17,793 20,896 15 1Q16 2Q16 3Q16 4Q16 1Q17 1Q17 sales and service revenue increased by 17% QoQ and 53% YoY due to the increase of sale volume, up by 12% QoQ and 22% YoY, and selling price per liter, up by 6% QoQ and 25% YoY, respectively. Financial Performance
Gross Profit and SG&A Unit: Million Baht 1,200 1,325 1,433 1,273 1,428 1,387 910 943 902 732 772 831 913 929 1,071 1,116 1,161 1,193 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Gross Profit SG&A 16 In 1Q17, SG&A increased mainly still from employee-related expenses, and rental and leasehold right expenses due to the continuous expansion of PT stations. Financial Performance
Gross Profit Structure 1Q16 2% 1Q17 5% 98% 95% 17 Oil Non-oil Financial Performance
EBITDA and Net Profit A EBITDA B Net Profit -5% YoY 685 732 547 785 Unit: Million Baht -17% QoQ 649-39% YoY 296 314 157 306 Unit: Million Baht -41% QoQ 181 1Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q17 The unequal adjustment between retail price and petroleum costs has a major impact on EBITDA and net profit, even though the sales volume increased. Financial Performance 18
Key Financial Ratio A Profitability ratios B Efficiency ratios 8.7% 7.7% 6.6% 4.3% 3.2% 3.1% 1.2% 1.7% 0.9% 17.1% 9.0% 25.0% 10.6% 16.0% 5.4% Unit: Days 2015 2016 1Q17 GPM EBITDA Margin NPM C Liquidity ratios 2015 2016 1Q17 ROA ROE D Liquidity ratios Cash Cycle 19 0.75 0.61 0.43 15.48 0.37 16.33 10.24 12.18 8.56 8.81 8.08 7.16 2014 2015 2016 1Q17 Day in Inventory Avg. Collecting Period Avg. Payment Period 2014 2015 2016 1Q17 (0.68) (3.90) Unit: Days (7.89) (9.10) Financial Performance
Key Financial Ratio A Leverage Ratios B Balance Sheet 0.86 0.83 0.95 0.35 0.30 0.36 1.73 1.80 0.87 0.87 2013 2014 2015 2016 1Q17 Unit: Million Baht 6% QoQ Cash & Cash Equivalent 12,527 637 2,204 3,654 13,31 5 391 2,635 4,107 Trades & Other Payables D/E Ratios Interest Bearing Debt Main liability increased from trades and other payables from higher sales volume, and longterm loans from business expansion. Expected D/E ratio is not more than 2 times 20 Current Assets Non- Current Assets 9,686 4,284 4,589 10,289 2016 1Q17 4,457 4,751 Liabilities Equity Financial Performance