Performance of Q1 2017

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1 Performance of Q1 2017

2 Business Overview FPT BAFS was founded in 1983 by the Cabinet Resolution to provide aircraft refueling system services. The scope of services comprises of : I. Aviation fuel storage services II. Aviation fuel transportation services via high pressure pipeline system, Hydrant system, to the aircraft aprons and III. Refuelling services 2

3 BAFS Group BAFS Storage and Aircraft Refueling Services at Suvarnabhumi, Don Mueang, Samui, Sukhothai and Trat Airports 90.0% 83.3% 75.0% 100.0% Operating aviation fuel services using the Hydrant technology at Suvarnabhumi Airport Refueling services which is hired only for labor. Currently, it provides services at Samui, Sukhothai and Trat Airports Storing and transporting multi-products fuel through pipeline system research and development, the design and improvement, and the production and sales, of innovative products 3

4 Major Shareholders as of May, 2017 Retail Investors 22.4% THAI 22.6% AOT 4.9% Others Oil Com. 6.9% Chevron 2.5% Institutional Investors 19.5% ESSO (Th) 7.1% SHELL (Th) 7.1% PTT 7.1% 4

5 Passenger Statistic At BKK & DMK Total passenger of Q1/2017 increased by +6.6%(y-o-y) and +13.2%(q-o-q) Q1/2017 Passenger By Airports (M Passenger) DMK, 37.4% Q1 Q2 Q3 Q4 Domestic, 36.6% BKK, 62.6% Q1/2017 Passenger By Categories Source : AOT International, 63.4% 5

6 Flights Fueling Services by BAFS at BKK & DMK Total flights fueling services of Q1/2017 increased by +3.3% (y-o-y) and +1.6%(q-o-q) (Flights) 300, , , , ,000 50, , ,790 71, , ,121 67, ,253 59,718 55,948 46,482 63,693 69,807 50,904 50,774 42,508 67,842 62,484 72,518 48,978 51,067 41,400 42,863 49,291 55,483 63,121 70,207 72, Q1'17 12% 10% 8% 6% 4% 2% 0% Flights growth (y-o-y) 11.2% 9.6% 8.6% 5.8% 3.3% Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q1 Q2 Q3 Q4 Source : BAFS 6

7 Flights Fueling Services by BAFS at BKK & DMK In Q1/2017 total flights fueling services growth by +3.3%(y-o-y) which were BKK s growth by +2.0%(y-o-y) and +4.0%(q-o-q) DMK s growth by +5.0%(y-o-y) and -1.5%(q-o-q) (Flights) 75,000 60,000 45,000 30,000 15,000 DMK BKK +3.3% 279, ,790 40,401 41,225 29,806 31,293 - Q1'16 Q1'17 DMK, 42.5% BKK, 57.5% DMK, 43.2% BKK, 56.8% Source : BAFS 7

8 Fuel Volume Services At BKK & DMK Aviation volume of Q1/2017 increased by +1.8% (y-o-y) and +2.3%(q-o-q) (M Litres) 6,000 5,657 5,284 4,951 4,855 5,000 4,564 1,454 1,382 1,307 1,290 4,000 1,187 3,000 1,393 1,277 1,215 1,079 1,130 2,000 1,076 1,180 1,139 1,268 1,350 1,487 1,000 1,222 1,249 1,296 1,357 1,461 1, Q1 Q2 Q3 Q4 10% 8% 6% 4% 2% 0% Aviation volume growth (y-o-y) 9.1% 7.7% 6.5% 5.2% 1.8% Q1'16 Q2'16 Q3'16 Q4'15 Q1'17 Source : BAFS 8

9 Fuel Volume Services At BKK & DMK In Q1/2017 total Aviation volume growth by 1.8%(y-o-y) which were BKK s growth by +1.1%(y-o-y) and +4.1%(q-o-q) DMK s growth by +4.8%(y-o-y) and -4.6%(q-o-q) BKK DMK (M Litres) 1,800 1,500 1, % 1,461 1, ,195 1, Q1'16 Q1'17 DMK 18.2% BKK, 81.8% DMK, 18.8% BKK, 81.2% Source : BAFS 9

10 Into-plane Market Share at BKK Into-plane market share at BKK was 87.6% BAFS 87.6% Other 12.4% Source : BAFS 10

11 Financial Performance 11

12 Services income and Services volume Q1/2017 Services income increased by +1.4%(y-o-y) of which 80% was the income from Refueling business (Bt m) 4,500 4,000 4,564 3,500 3,664 3,000 2,500 2,349 2,000 1,500 4,951 4,855 4,091 3,919 2,981 2,761 5,657 5,284 4,372 4,509 3,565 3,328 1,461 1,487 1,075 1,217 Q1/2017 s Services income Fuel Transportation, 20% Aviation Refueling Business, 80% 1, Q1'16 Q1/17 Services Income (Bt M) Aviation volume (M litres) Fuel transportation volume (M litres) % (y-o-y) growth ) CAGR Services income 0.5% 17.5% 8.0% 11.6% 7.1% 11.0% Aviation fuel volume -0.9% 8.5% -1.9% 8.8% 7.1% 5.5% Fuel transportation volume 18.9% 11.7% -4.2% 11.6% 3.1% 5.3% Notes : 1) Y2013, the Group has consoled FPT in its Consolidated financial statement 12

13 Net profit and net profit margin Q1/2017 s Net profit declined by -11.9%(y-o-y) to Bt305.6m with a net profit margin of 32.2% However, if excluded extra income of Bt63.7m in Q1/2016, Net profit grew by 3.2%(y-o-y) 1,600 1,400 1,200 1, Net Profit and margin 33.6% 29.8% 28.5% 29.6% 25.1% 1,054 1, , ) 1) 2) 35.0% 32.2% Q1'16 Q1' % 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% Q1/2016 s Net profit Fuel Transportation 16% Aviation Refueling Business, 84% Net Profit - form operation Extra Items Net Profit Margin % YoY Growth CAGR Net Profit 51.0% 32.3% -28.1% 26.4% 14.6% 8.3% Notes : 1) Y2012 and Y2013, the Group recorded extra revenue around Bt150m and Bt217m from received insurance claims from flood occurred in 2011 and consoled FPT in its Consolidated financial statement 2) In 2016, the Group recorded extra. items of approximately Bt76.4m with net tax of Bt61.1m from the compensation from fuel pipeline damaged and from the reversal of fuel pipeline relocation 13

14 Statement of Comprehensive Income Unit : Bt m % Change Q1'17 Q1'16 Q4'16 (y-o-y) (q-o-q) Service income % 1.8% Other income ) 291) (74.5%) (35.0%) Total revenue (4.3%) 0.7% Cost of services % (21.0%) Admin. Expenses % (29.3%) Total expenses % (23.4%) EBIT (12.5%) 55.0% Finance cost (39) (20) (39) 95.1% (0.8%) Income tax expenses (83) (120) (19) (30.7%) 336.0% Net Profit (11.9%) 40.2% Net Profit Exclude Extra income % 42.4% Depreciation % (0.3%) EBITDA (8.7%) 37.3% Earning per share (11.9%) 40.2% Notes : 1) In Q1 16 the Group recorded extra. items of approximately Bt63.7m from the compensation of fuel pipeline damaged and the reversal of fuel pipeline relocation of FPT and in Q4 16 recorded the extra. Interest income of Bt4.3m from the mentioned compensation of FPT Profitability margin Profitability Ratio Q1'17 Q1'16 Q4'16 Gross Margin 60.9% 62.3% 49.6% EBIT Margin 47.3% 51.8% 30.7% EBITDA Margin 61.6% 64.7% 45.2% Net Profit Margin 32.2% 35.0% 23.1% 14

15 ROA, ROE and BV/Share ROA and ROE declined due to Total Assets and Total Equity increased by 33.9% and 19.1% from Q % 22.7% ROA and ROE 16.0 (Bt) BV/Share 20% 15% 10% 5% 19.6% 10.8% 14.9% 13.6% 9.3% 17.5% 17.6% 16.8% 11.4% 11.5% 10.6% 14.9% 9.7% % * * * Q1'16 Q1'17 ROA ROE Q1'16 Q1'17 (Unit : %) Q1'16 Q1'17 ROA 11.5% 9.7% ROE 17.5% 14.9% (Unit : bt) Q1'16 Q1'17 BV/Share * Notes : Y2012 and Y2013, the Group recorded extra revenue around Bt150m and Bt217m from received insurance claims from flood occurred in 2011 and consoled FPT in its Consolidated financial statement * Notes : In 2016, the Group recorded gain from the sale of investments in a subsidiary, FPT, in its Equity around Bt557m 15

16 Capital Structure Equity was 62% of total capital in Q1 17 while D/E ratio was 0.62 : 1 time (Bt m) 12,000 9,000 6,000 3,000 8,106 8,235 8,541 7,391 2,373 2,355 2,176 2, ,288 4,978 5,212 5,664 12,158 12,456 3,932 3, ,371 7,681 (X) D/E Q1' Q1'16 Q1'17 Equity S/T Debts L/T Debts (Unit : X) Q1'16 Q1'17 D/E IBD/E

17 Debt Profiles Long term debts was Bt3,353m with have an average cost around 4% per annum (Unit : Mil. Bt.) Credit Facilities Outstanding BAFS-KBANK BAFS-BBL 2, BAFS-TBANK BAFS-BBL BAFS-TMB 2,250 2,250 TARCO-TMB FPT-BBL FPT-BBL FPT-BCP Total 3,353 Principle payment (Bt m) TMB TMB (TARCO) BCP (FPT) BBL (FPT) TBANK BBL KBANK * Notes : Outstanding value include current portion to be paid within 1 year 17

18 BAFS s Price vs SET Index and Resource Index BAFS s price has accreted compared to SET index and Resource index since Jan 1, 2016 Closed Price Jan 1, 16 May 23, 17 Change (%) SET Index 1, , % RESOURCE Index % BAFS (Bt) % 18

19 Company Update 19

20 Company Update I. Expected aviation volume growth around 4% (y-o-y) to 5,884 million litres while the Into-plane market share still more than 85%. II. Progression of expansion projects :- Hydrant pipeline network system for BKK phase2 is around 52% and The Northern fuel pipeline expansion project is around 19% 20

21 Performance of Q1 2017

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