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PTG Opportunity Day1Q2019
1
AGENDA
• 1Q19 Highlights
• Industry Outlook
• Business Overview and Development
• Financial Performance
2
HIG
HLI
GH
TS
Meet targetsOil sales volume 18% YoY
LPG sales volume 55% YoY
EBITDA growth 51% YoY
Market share Retail market share 15.3%
Becomes number 2 in retail market share
Non-oilGross profit from non-oil increases 53% YoY
Brand creation of non-oil businesses
3
Industry Outlook
1Q
19
30
30.5
31
31.5
32
32.5
33
33.5
34
0
10
20
30
40
50
60
70
80
90
WTI (USD/BBL) Retail Price
(THB/L)
Exchange Rate
(THB/USD)
Fx (THB/USD)WTI (USD/BBL)HSD Diesel Price (THB/L)
Movement of WTI, Exchange rate and HSD Retail Price
59.2 – 66.1
31.3 – 32.9
46.5 – 60.1
31.3 – 32.6
5
Lower crude oil price
and strong THB
30 THB Diesel price cap announced in late May 18
6,033 5,874 6,006
2,674 2,800 2,755
8,707 8,674 8,761
1Q18 4Q18 1Q19
Diesel Mogas
Total Consumption Retail Consumption
Unit: ML
3,947 4,077 4,092
2,253 2,401 2,363
6,200 6,478 6,454
1Q18 4Q18 1Q19
Diesel Mogas
1.0% QoQ
0.6% YoY
-0.4% QoQ
4.1% YoY
Unit: ML
Oil Thailand Consumption
Total Thailand oil consumption increased
only 0.6% YoY and 1.0% QoQ.
Diesel consumption dropped 0.5% YoY,
while mogas consumption grew 3.0% YoY.
The slower growth was from the slowdown
in the exporting sector.
Retail oil consumption increased 4.1% YoY
and 0.4% QoQ.
In 1Q2019, there was positive retail oil
consumption growth in every region.
6
1,889 1,856 1,783
1Q18 4Q18 1Q19
-3.9% QoQ
-5.6% YoY
LPG Auto ConsumptionAll Channel Consumption
561 528 491
1Q18 4Q18 1Q19
-7.0% QoQ
-12.6% YoY
LPG consumption in 1Q2019 decreased
5.6% YoY and 3.9% QoQ.
The drop was mainly from the decrease in
auto LPG consumption of 12.6% YoY.
Auto LPG accounted for 27.5% of total
LPG consumption in 1Q2019.
The consumption of auto LPG continued
to drop 12.6% YoY and 7.0% QoQ.
This was due to the switching fuel product
as the price gap was narrower.
Unit: ML
Unit: ML
LPG Thailand Consumption
Unit: ML
7
Business
Overview and
Development1Q
19
8901,016 1,045
5244 64
1Q18 4Q18 1Q19
Retails Wholesale
+4.6% QoQ
+17.7% YoY
Retail 94%
Total 1,109 ML
Oil Sales Volume
PTG total oil sales volume in 1Q2019 rose
17.7% YoY and 4.6% QoQ.
Retail oil sales volume increased 17.4% YoY
and 2.9% QoQ.
The increase was due to the station
expansion and same store sales growth.
Unit: ML
Growth of Retail +2.9% QoQ+17.4% YoY
Wholesale 6%
Growth of Wholesale +45.8% QoQ+23.2% YoY
685 753 796
257307 313
1Q18 4Q18 1Q19
Sales Volume by Product
+5.7% QoQ
+16.1% YoY Diesel
72%
Mogas
28%
1Q19
9
+2.0% QoQ
+21.8% YoY
Diesel
Mogas
Unit: ML
Oil All channel Market Share
38.2%
13.6%12.6%
11.9%
9.8%
7.8%
6.1%
1Q17
37.6%
13.2%13.0%
11.6%
10.8%
7.4%
6.4%
1Q18
37.8%
13.2%13.2%
12.7%
11.4%
7.2%
4.6%
1Q19
Total Consumption
8,365 ML
Total Consumption
8,707 ML
Total Consumption
8,761 ML10
Total Consumption
6,188 ML
Total Consumption
6,484 ML
Total Consumption
6,837 ML
Oil Retail Market Share
38.3%
15.3%
15.0%
12.0%
11.9%
4.0%1.6% 1.8%
1Q1941.1%
15.1%12.6%
12.4%
12.2%
4.8%1.7%
0.1%
1Q17
40.4%
15.3%
13.7%
12.6%
11.8%
4.3%1.7%
0.1%
1Q18
11
19 29 30
1Q18 4Q18 1Q19
+2.6% QoQ
+55.3% YoY
LPG Sales Volume
LPG sales volume increased 55.3% YoY and
2.6% QoQ.
The growth of sales volume was from the
station expansion, services standard, and
PT Max Card loyalty program.
Unit: ML
LPG Sales Volume Growth
Same Store Sales 9% YoY
Station expansion 41% YoY
55.3%
12
Total Consumption
621 ML
Total Consumption
544 ML
Total Consumption
483 ML
Auto LPG Market Share
17.6%
17.1%
16.4%10.3%
6.2%
32.4%
1Q19
20.1%
18.5%
17.2%10.1%
3.6%
30.5%
1Q18
28.5%
17.6%
14.2%
7.8%
2.2%
29.7%
1Q17
13
1,789 127
49
Stand AloneMixed
78
NUMBER OF SERVICE STATION
1,531
COCO87%
1,916stations
DODO
258
13%
14
1 March 2019
1 stations
1
15 May 2019
147 stations
3
15 April 2019
54 stations
2
The leap growth of B20
200 stations
4
Mid June 2019
15
21581167
53
16
81 5
546 Touch Points
NUMBER OF NETWORKS
16
April June
October
2018 2019
50%
100%
80%
NOW
65%
17
Capacity Utilization Rate
Adding Service - Banking Agent
Now opened banking agent’s services at 50 Max Marts
Cash deposit (BAY) Cash withdraw Balance inquiry18
19
24 May 2019PT Maxnitron racing series 2019EVENT
SALES VOLUME EBITDA+16-20%O I L
L P G +55-60%+40-50%
2019 TARGETS
NETWORKS
Core Business
Non-oil Business
New Business
2,500 MB
500 MB
500 MB
BUDGET PLAN
OIL 2,000
NON-OIL 700
branches
*Oil & Non-oil branches
More than
connect dot to dot
“”
20
Financial
Performance
1Q
19
24,752
29,24328,655
1Q18 4Q18 1Q19
-2.0% QoQ+15.8%% YoY
RevenueUnit: Baht Mil l ion
Oil
97%
Non-oil* 3%
1Q19
Gross ProfitUnit: Baht Mil l ion
1,903 2,0002,537
7.70%6.80%
8.90%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1Q18 4Q18 1Q19
Gross Profit GPM
Oil
90.4%
CVS &
others
3.2%LPG
3.2%F&B
3.2%
1Q19
* Non-oil includes LPG, Logistics, Max Mart, Food and Beverages, and Lubricant
+26.8% QoQ+33.3%% YoY
In 1Q2019, revenue from sales and services was
28,655 million Baht, increased 16% YoY but
decreased 2% QoQ.
There was a fall in oil retail price 2% YoY and 7%
QoQ.
Non-oil revenue accounted for 3% of total
revenue.
Gross profit grew 33% YoY and 27% QoQ.
The growth was from the decrease in cost of
oil per liter by 4% YoY and 9% QoQ, resulting
in GPM improvement.
Non-oil gross profit accounted for 9.6% of
total gross profit.
22
EBITDAUnit: Baht Mil l ion
SG&A grew 20% YoY and 3.7% QoQ, which
mainly from the expansion of oil businesses and
non-oil businesses.
The expenses grew slower due to the selective
expansion strategy. EBITDA increased 51% YoY and 50% QoQ due to
the rise in sales volume and the marketing
margin, coping with expense management.
NET PROFITUnit: Baht Mil l ion
948 9591,435
3.80% 3.30%
5.00%
-5.00%
-3.00%
-1.00%
1.00%
3.00%
5.00%
7.00%
0
500
1,000
1,500
2,000
2,500
1Q18 4Q18 1Q19
EBITDA EBITDA margin
269 176519
1.10% 0.60%1.80%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
0
200
400
600
800
1,000
1,200
1,400
1Q18 4Q18 1Q19
NI NI margin
Net income was 519 million Baht, grew 93% YoY
and 195% QoQ.
Therefore, the NPM also improved.
EPS in 1Q19 rose to 0.31 baht from 0.16 baht in
1Q18.
+194.9% QoQ+92.9%% YoY
+49.6% QoQ+51.4%% YoY
23
PROFITABILITY LEVERAGE RATIO
6.80%3.60%
10.30%
21.30%
13.30%
36.50%
1Q18 4Q18 1Q19
ROA ROE
1.5
1.621.6
1Q18 4Q18 1Q19
Interest Bearing Debt to Equity
Profitability recovered as the Company’s profit
increased.
However, PTG is building the non-oil businesses
to stabilize the profitability.
The leverage ratio slightly drop form the year
end 2018 due to the selective investment of
branch expansion.
PTG manages its leverage ratio by balancing
investment budget with operating cash flow.
24
(x)
OPERATING CASH CYCLE CASH FLOW
Unit: Baht Mil l ion
7.86 6.66 5.87
0.59 0.84 0.99
16.05 16.54 17.60
(7.60)(9.04)
(10.75)
2017 2018 1Q19
Day in Inventory Avg. Collection Period
Avg. Payment Period Cash Cycle
PTG have negative operating cash cycle of
10.75 days.
The better operating cash cycle due to the
better supply chain management.
2017 2018
PTG continued to expand its oil and non-oil
businesses to cover all the targeted areas. However, the Company applies focus strategy
in business investment corresponding with the
operating cash flow.
Unit: Day
25
ASSETS LIABILITIES AND
EQUITY
Unit: Baht Mil l ion
The increase of total liability came from the
short-term borrowing to support the growth of oil
sales volume.
1,989 1,758 1,8482,501 2,586 2,550
8,86511,026 11,296
2,311
2,874 2,88017,985
20,939 21,731
2017 2018 1Q19
Others Prepaid Leasehold Right & Rental
PP&E Investment
Inventories Cash and Cash Equivalents
2017 2018
5,119 5,476 5,997
2,120 1,400 2,150
4,520 6,335 5,788
5,9805,792
7,227
17,985
20,939 21,731
2017 2018 1Q19
Other Liabilities L-T Borrowing
Trade and Other Payables S-T Borrowing
Equity
2017 2018
Unit: Baht Mil l ion
The total assets increased due to the business
expansion of oil and non-oil businesses.
26
1Q16 1Q17 1Q18 1Q19
50%
38%
42%
1Q16 1Q17 1Q18 1Q19
44%
47%
19%
1Q16 1Q17 1Q18 1Q19
19%21%
26%
Employee- related expenses
Rental and
leasehold right expenses
Depreciation expenses
YoY YoY YoY
27
Cost Austerity
To stay connected with PTG,
please add Line: @ptgir
Service StationStation System
Management
Auto Maintenance Service
Transportation and DC
Food and Beverages Renewable Energy
PTG BUSINESSES
30
PTG MILESTONES
31
32
33
34
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