Performance of Q1/2018

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Alfred Bailey
5 years ago
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1 Performance of Q1/2018

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.

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 Retail Investors % THAI 22.6% AOT 4.9% Others Oil Com. 6.9% Chevron 2.5% Institutional Investors % ESSO (Th) 7.1% SHELL (Th) 7.1% PTT 7.1% 4

5 Passenger Statistic At BKK & DMK Total passenger of BKK &DMK in Q1/2018 increased by +6.6%(y-o-y) and +7.0%(q-o-q) Q1/2018 Passenger By Airports (M Passenger) Q1/2018 DMK, 38.1% Domestic, 34.9% BKK, 61.9% Q1/2018 Passenger By Categories Q1 Q2 Q3 Q4 Source : AOT International, 65.1% 5

6 Flights Fueling Services by BAFS at BKK & DMK Total flights fueling services at BKK & DMK in Q1/2018 increased by +4.6% (y-o-y) and +2.4%(q-o-q) (Flights) 350, , , , , ,000 50, , , , ,042 71,410 74, ,121 67,492 59,718 55,948 69,807 71,649 63,693 50,904 50,774 67,842 69,441 62,484 75,850 48,978 51,067 49,291 55,483 63,121 70,207 72,518 75, Q1/ % 10% 8% 6% 4% 2% 0% Flights growth (y-o-y) 11.2% 9.6% 8.6% 5.8% 3.8% 4.6% 3.3% 2.4% 2.6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q Source : BAFS 6

7 Flights Fueling Services by BAFS at BKK & DMK In Q1/2018 total flights fueling services growth by +4.6%(y-o-y) which were BKK s growth by +4.9%(y-o-y) and DMK s growth by +4.1%(y-o-y) DMK BKK (Flights) 75,000 60,000 45, % 72,518 75,850 41,225 43,260 30,000 15,000-31,293 32,590 Q1/17 Q1/18 DMK 43.2% BKK 56.8% DMK 43.0% BKK 57.0% Source : BAFS 7

8 Fuel Volume Services At BKK & DMK Aviation volume of Q1/2018 increased by +4.1% (y-o-y) and +4.3%(q-o-q) (M Litres) 7,000 6,000 5,657 5,747 5,284 4,951 10% 5,000 4,855 1,454 1,485 1,382 1,307 1,290 8% 4,000 1,393 1,418 1,277 3,000 1,215 1,130 6% 2,000 1,180 1,139 1,268 1,350 1,357 1,548 4% 1,000 2% 1,249 1,296 1,357 1,461 1,487 1, % Q1/2018 Q1 Q2 Q3 Q4 Aviation volume growth (y-o-y) 9.1% 7.7% 6.5% 5.2% 4.1% 1.8% 1.8% 2.1% 0.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Source : BAFS 8

9 Fuel Volume Services At BKK & DMK In Q1/2018 total Aviation volume growth by 4.1%(y-o-y) which were BKK s growth by +3.8%(y-o-y) and DMK s growth by +5.3%(y-o-y) BKK DMK (M Litres) +4.1% 1,600 1,487 1,548 1, ,208 1,254 - Q1/2017 Q1/2018 DMK 18.8% BKK 81.2% DMK 19.0% BKK 81.0% Source : BAFS 9

10 Into-plane Market Share at BKK Into-plane market share at BKK was 88.4% BAFS 88.4% Other 11.6% Source : BAFS 10

11 Financial Performance 11

12 Services Income and Services Volume Q1/2018 Services income increased by +3.8%(y-o-y) to Bt966M, which 79% was the income from Refueling business (Bt m) 6,000 5,000 4,000 4,951 4,855 4,091 3,919 5,284 4,372 5,657 5,747 4,509 4,643 Q1/2018 s Services income Fuel Transportation, 21% 3,000 2,000 1, ,328 3,565 3,581 1,487 1,548 2,761 2,981 1,217 1, Q1/17 Q1/18 Aviation Refueling Business, 79% Services Income (Bt M) Aviation volume (M litres) Fuel transportation volume (M litres) % YoY Growth ) Y CAGR Q1/2018 Services Income 17.5% 8.0% 11.6% 7.1% 0.5% 6.7% 3.8% Aviation Fuel Volume 8.5% -1.9% 8.8% 7.1% 1.6% 3.8% 4.1% Fuel Transportation Volume 11.7% -4.2% 11.6% 3.1% 3.0% 3.2% 3.0% Notes : 1) Y2013, the Group has consoled FPT in its Consolidated financial statement 12

13 Net Profit attributable to Equity holders of the Company and Net Profit Margin Q1/2018 Net profit increased by +5.6%(y-o-y) to Bt322.6M with 35.3% of Net profit margin (Bt m) 1,400 1,200 1, % 1, % % 31.6% 61 1, % % 35.3% 40% 35% 30% 25% 20% 15% 10% Q1/2018 s Net profit Fuel Transportation 16% Aviation Refueling Business, 84% ) 2) Q1/2017 Q1/2018 5% 0% Extra Items Net Profit attributable to Equity holders of the Company Net Profit Margin Notes : 1) 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. revenue of Bt76.4m from the compensation of FPT s fuel pipeline damaged and from the reversal of FPT s fuel pipeline relocation 13

14 Statement of Comprehensive Income Unit : Bt M % Change Q1/2018 Q1/2017 (y-o-y) Services income % Others income (39.3%) Total revenues % Cost of services % Administrative expenses (3.4%) Total expenses % EBIT % Finance cost (10.6%) Income tax expenses % Net Profit for the year % Net Profit to Equity holders of the Company % Depreciation % EBITDA % Earning per share % Profitability margin Profitability Ratio Q1/2018 Q1/2017 Gross Margin 60.9% 60.9% EBIT Margin 47.9% 47.3% EBITDA Margin 62.1% 61.6% Net Profit Margin 35.3% 34.4% 14

15 ROA, ROE and BV/Share ROA and ROE declined due to Total Assets and Total Equity increased by +9.7% and +4.3% from Dec, % ROA and ROE (Bt) 16.0 BV/Share 25% 20% 15% 10% 5% 23.6% 14.2% 15.6% 9.7% 13.8% 13.4% 11.1% 11.3% 8.4% 8.0% % * Q1/2018 ROA ROE 4.0 * Q1/2018 (Unit : %) 2017 Q1/2018 ROA 8.4% 8.0% ROE 13.8% 13.4% (Unit : bt) 2017 Q1/2018 BV/Share * Notes : 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 58% of total capital in Q1/2018 while D/E ratio was 0.73 : 1 time (Bt M) (X) D/E 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 8,084 8,258 8,541 2,344 2,374 2, ,988 5,212 5,664 13,621 12,158 12,414 4,749 3,932 3, , ,371 7,570 7, Q1/ Q1/2018 Equity S/T Liabilities L/T Liabilities (Unit : X) 2017 Q1/2018 D/E IBD/E Net IBD/E

17 Debts Profile Long term debts was Bt4,012M (Unit : Bt M) 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 FPT-BBL 6,300 1,050 Total 4,012 * Notes : Outstanding value include current portion to be paid within 1 year (Bt M) 1, Principle payment BBL (FPT) TMB TMB (TARCO) BCP (FPT) TBANK BBL KBANK 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 17, 18 Change (%) SET Index 1, , % RESOURCE Index % BAFS (Bt) % 18

19 Company Update 19

20 Company Update I. The Boards approved to establish the Joint Venture Companies as follow :- BAFS INTECH Company Limited which 90% own by BAFS. The objective is to design, produce, assembly, aviation refueling vehicle and aviation ground service equipment BPTG Company Limited which 40% own by BAFS. The objective is to operate petrol stations located in the front area of Pichit Depot, Lampang Depot, and Kampang Petch Booster Pump Station of Fuel Pipeline Transportation Company Limited 20

21 Company Update II. Progression of expansion projects as of Apr 2018:- Hydrant pipeline network system for BKK phase2 was around 67% and The Northern fuel pipeline expansion project was around 52% 21

22 Performance of Q1/2018

23 Dividend and Payout Ratio Dividend Policy : Not less than 50% of Net Profit of company only (Bt / share) % 81% 82% % 93% 90.0% 65.0% % 15.0% -10.0% -35.0% EPS of company only DPS Dividend Payout -60.0% 23

24 Aviation Volume growth at BKK & DMK Unit : ML +7.1% +1.6% +8.8% -0.9% 4, % -1.9% 4,951 4,855 5,284 5,657 5,

25 Expansion Projects 25

26 26

Saraburi depot Tie-In point Chong Nonsi depot Don Mueang depot Dia.

27 Existing fuel pipeline in Thailand and FPT s expansion project Lampang depot 209 Km. Phichit depot Separation Station, Kamphaeng Phet Bang Pa In depot 367 Km. Saraburi depot Tie-In point Chong Nonsi depot Don Mueang depot Dia. 14 Lum Lukka depot Suvarnabhumi depot BCP s Refinery TOP s Refinery Existing fuel pipeline in Thailand and FPT s expansion project FPT s existing pipeline Thappline s existing pipeline FPT s expansion project, North pipeline Refinery at Map Ta Phut 27

Performance of Q1 2017

Performance of Q1 2017 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