- PETRONAS Dagangan Berhad

Transcription

Analysts’ Briefing
Year To Date March FY 2010/11
25th May 2011
1. MD/CEO’s Message
2. Financial Review For Year To Date
March FY 2010/11
3. Business Performance Review For
Year To Date March FY 2010/11
4. Lubricant Business Overview
5. Q&A
Financial Review For YTD March FY 2010/11
En Rozaini Mohd Sani
General Manager, Financial Services Division
Key Events / Highlights For Year To Date ended 31 March 2011
•
Sales volume in the quarter 4 and financial year ended 31st
March 2011 is 4.1% and 4.0% higher than same period last
year.
•
Average selling prices in the quarter 4 and financial year
ended 31st March 2011 increased by 14.1% and 8.3%
respectively against the same period last year.
•
Following the dip in international oil prices at a start of
FY10/11 i.e Quarter 1, the oil prices continued its climb in
Quarter 4, FY10/11 and maintain it price at an average of
USD106 per barrel.
•
For the year as a whole, the Malaysian economy registered
a growth of 7.2%.
Key Events / Highlights For Year To Date ended 31 March 2011
•
PDB has recently announced its financial results for
FY2010/11 with record Profit Before Tax of RM1.2 billion.
•
In 24th May 2011, PDB has announced final and special
dividend of RM0.35 and RM0.25 respectively for the
FY2010/11.
•
PDB paid out a total of RM633.3 million in August and
December 2010 for the dividends announced previously.
Key Financial Highlights
YTD 31/03/2011 vs YTD 31/03/2010
As at 31/03/2011 vs As at 31/03/2010
INCOME STATEMENT
BALANCE SHEET
Revenue increased by 12.5% to RM 23,267.6
million from RM20,687 million
Shareholders funds increased by 5.20% to
RM4,794.9 million from RM4,558.5 million
Profit Before Tax increased by 15.6% to
RM1,208.9 million from RM 1,046.0 million
Cash balances increased to RM1,026.2 million
compared to RM912.5 million
As at
31/03/2010
As at
31/03/2011
Earnings Per Share (sen)
75.8
87.5
Return on Revenue (%)
5.05
5.20
Return on Equity (%)
22.70
25.21
Return on Total Assets (%)
13.27
14.25
Key Ratios
Revenue was higher in FYE 2010/11 by 12.5% as a result of higher
average selling price by 8.3% and higher sales volume by 4.0%
Contribution of Revenue
by Product
FYE 10/11
(RM Mil)
+/(%)
FYE 09/10
(RM Mil)
Revenue
23,267.6
12.5
20,687.0
Cost of
Revenue
21,166.9
13.1
18,707.6
Fuel Oil,
1,410,595 , 7%
LPG 1,209,082
5%
Fuel Oil
1,117,496 5%
Lube 402,232
Others 572,024
2%
2%
Mogas
7,845,936 34%
Aviation
4,217,265 18%
Diesel
7,903,614 34%
LPG, 1,087,806 ,
5% Lube, 366,509 ,
2%
Others, 515,683 ,
3%
FYE
10/11
Mogas,
7,306,853 , 35%
Aviation,
3,092,567 , 15%
Diesel, 6,907,029
, 33%
FYE
09/10
Gross Profit was higher in FYE FY2010/11 by 6.1% mainly as a
result of higher gross profit of Diesel, Fuel Oil and Aviation
LPG 209,197
10%
YTD 10/11
(RM Mil)
Gross
Profit
2,100.7
+/(%)
6.1
Lube 93,550 5%
Fuel Oil
48,481 2%
Aviation 155,354
7%
YTD 09/10
(RM Mil)
Others 43,277
2%
Mogas 935,605
45%
Diesel 615,242
29%
1,979.4
Lube 113,816 6%
LPG 201,099 10%
Others 55,306 3%
FYE
10/11
Fuel Oil 23,367 1%
Aviation 134,397 7%
Mogas 924,591 47%
Diesel 526,823 26%
FYE
09/10
Profit before tax in FYE 2010/11 improved by RM162.9 million as a
result of higher gross profit, lower OPEX and higher other income.
Profit Before Tax
RM’Mill
1,250
OPEX
Other Income
RM’Mill
1,208.9
1255
1039.6
1060.7
1,200
1055
1,150
1,100
1,046.0
855
1,050
655
1,000
950
455
900
255
147.1
126.9
850
800
55
FYE 10/11
FYE 09/10
FYE 10/11
FYE 09/10
Gross Profit in QTR 4 FY2010/11 increased by RM112.0 million
(23.3% ) mainly due to higher gross profit for Mogas and Diesel
Contribution of Revenue
by Product
Q4 10/11
(RM Mil)
+/(%)
Q4 09/10
(RM Mil)
Revenue
6,382.7
17.8
5,417.5
Cost of
Revenue
5,790.0
17.3
4,936.8
LPG, 325,658 ,
5%
Lube, 109,754 ,
2%
Others, 145,276
, 2%
Fuel Oil, 341,519
, 5%
Mogas,
1,976,927 , 31%
Aviation,
1,240,216 , 20%
Diesel,
2,243,315 , 35%
Others,
95,903 , 2%
Lube, 97,001 , 2%
LPG, 280,340 , 5%
Fuel Oil, 462,633 ,
8%
Aviation, 863,859 ,
16%
Q4
10/11
Mogas, 1,841,196 ,
34%
Diesel, 1,776,562 ,
33%
Q4
09/10
Gross Profit was higher in Q4 FYE FY2010/11 by 23.3% mainly as a
result of higher gross profit for Mogas, Diesel and LPG
Q4 10/11
(RM Mil)
Gross
Profit
592.7
+/(%)
23.3
Q4 09/10
(RM Mil)
480.7
Lube 25,217 4%
LPG 57,332 10%
Fuel Oil 20,396
3%
Others 3,058 1%
Aviation
22,615 4%
Mogas 271,725
46%
Diesel 192,392
32%
Q4
10/11
LPG 42,581 9%
Lube 27,796 6%
Others 2,286 0%
Fuel Oil 9,513 2%
Aviation 33,686 7%
Mogas 233,711 49%
Diesel 131,079 27%
Q4
09/10
Profit before tax in Q4 FYE 2010/11 improved by RM84.4 million
(36.5%) as a result of higher gross profit by RM112.0 million which
however offset by higher OPEX and lower other income.
RM’Mill
350
RM’Mill
Profit Before Tax
350
315.5
OPEX
Other Income
312.0
285.7
300
300
231.1
250
250
200
200
150
150
100
100
50
50
0
0
Q4 FY 10/11
Q4 FY 09/10
34.6
Q4 FY 10/11
09/10
36.0
Q4 FY
Despite the increase in dividend payment during the year,
shareholder’s funds and cash balance remain strong.
RM Million
Shareholder’s Funds
RM Million
Cash Balance
1,026.2
5,000
4,558.5
4,794.9
4,500
1040.0
990.0
4,000
940.0
912.5
3,500
890.0
3,000
840.0
2,500
2,000
790.0
1,500
740.0
1,000
690.0
500
-
640.0
31 March 2010
31 March 2011
31 March 2010
31 March 2011
Cash balance remains healthy to support CAPEX and working
capital
Cash & Bank Balances
RM Million
1,500
1,437
1,350
1,200
1,050
1,015
900
875
750
600
1,145
1,020
912
826
863
751
150
0
880
836
479
450
300
1,0261,027
666
653
538
1,138
210
271
267
299
190
269
140
86
147
31.03.09 30.06.09 30.09.09 31.12.09 31.03.10 30.06.10 30.09.10 31.12.10 31.03.11
Cash and bank
Deposits
Total
Earnings per share is on upward trend due to strong earnings
performance
Earning Per Share
Sen per share
100
87.5
90
75.8
80
64.5
70
60
75.7
66.6
50.8
50
40
30
21.2
Earning Per Share
20
10
FY2004/05
PDB P/E
Market PE
FY2005/06
FY2006/07
FY
2005/06
7.99
13.15
FY
2006/07
9.53
16.07
FY2007/08
FY
2007/08
12.01
13.29
FY2008/09
FY
2008/09
13.57
13.68
FY2009/10
FY
2009/10
11.96
18.86
FY2010/11
FY
2010/2011
18.85
16.83
PDB share price increase has outperformed KLCI Index
KLCI Index
1800
RM per Share
17
16.50
16
1600
15.30 15
1518.6
14
1485 1520
1,422
1400
1,271
1,346 1,314
1,319
1,266
1,206
1,285
1,164
1,076
1200
1,020
7.90
7.95
8.55 8.60
13.50
8.92 8.70
12
12.08
11.00 11.30
10.76
800
880
885
10
8
7
966
6.55
11
9
9.27
1000
870
13
KLCI
6
5
PDB Total Shareholder Return as at 30 April 2011
CAGR (with Dividend Reinvestment) – 19.14%
Share Price (RM)
18.00
16.50
15.30
Share Price (RM')
16.00
On 24.02.05 Bonus
Issue at a ratio 1:1
14.00
12.00
9.05
10.00
8.00
6.65
6.50
4.82
6.00
7.00
4.28
4.00 2.80
3.56
4.18 3.65
4.02
3.98
FY93/94
TSR (%)
1,012
7.90
6.15
5.13 5.60
2.00
No of Shares
(with Dividend
Reinvestment)
8.00
7.95
4.06
FY94/95 FY95/96 FY96/97 FY97/98 FY98/99 FY99/00 FY00/01 FY01/02 FY02/03 FY03/04 FY04/05 FY05/06 FY06/07 FY07/08 FY08/09 FY09/10 FY10/11
1,034
1,050
1,067
1,097
1,134
1,1731
1,231
1,300
1,350
2,812
2,887
2,990
15 years
10 years
5 years
1 year
6 month
16.06
26.51
31.62
69.17
39.09
3,096
3,225
3,363
3,530
3,594
3,594
PDB has announced a final & special dividend for FY 2010/11 on
24th May 2011
Sen per share
100
Final - Special
90
Final
25
80
Interim - Special
70
Interim
60
35
15
50
40
33
30
-
33
20
20
10
10
30
12
10
5
FY2004/05
Dividend Net (RM)
Net Dividend
excluding special
dividend/ PAT (%)
(Payout)
30
15
10
5
FY2005/06
FY2006/07
15
12
FY 2007/08
FY 2008/09
FY 2009/10
FY 2010/11
FY2004/05
FY2005/06
FY2006/07
FY 2007/08
FY 2008/09
FY 2009/10
FY 2010/11
107,293
143,057
216,573
332,907
335,291
447,054
745,090
53%
29%
34%
51%
59%
45%
55%
PDB’s dividend yield continues to increase and remains at a
higher level than market yield
8.00
6.70
7.00
5.62
6.00
4.93
5.00
5.70
4.88
5.02
4.64
5.00
4.77
4.00
3.00
6.50
3.90
3.45
3.36
3.73
3.38
2.83
2.00
1.00
PDB Dividend Yield - With
Special Dividend
0.00
PDB Dividend Yield - Without
Special Dividend
FY2004/05FY2005/06FY2006/07
FY
2007/08
FY
2008/09
FY
2009/10
FY
2010/11
THANK
YOU
Business Performance Review For YTD
March FY 2010/11
En Ahmad Kushaini Ramli
Senior Manager, Strategic Planning Division
1. Malaysian Economic
2. Business Performance
3. Business Outlook and Key Focus Area
Sustained growth in Q12011 supported by continued strong
domestic and external demand
10.1
8.9
5.3
4.8
4.6
• The strong domestic demand was contributed by strong private sector spending, while expansion in
external demand was attributed by regional demand for high-priced commodities and non-electrical
products.
• Businesses are expected to remain cautious as expectations for growth are tempered by inflationary
concerns impacting cost and profit margin.
Source : CIRU-PETRONAS& BNM
3. Business Outlook & Key Focus Area
Volume growth supported by improved domestic economy
Quarterly Volume
YTD Volume
13,750.0
13,540.0
4.0
FY10/11
3.2 3.3
3.2 3.3
3.3 3.5
3.3 3.4
Q1
Q2
Q3
Q4
3.0
13,250.0
Mil Litres
Mil Litres
13,500.0
FY09/10
2.0
13,021.9
13,000.0
4.0 %
1.0
0.0
12,750.0
SPLY
YTD Mar FY10/11
• YTD Mar volume is above SPLY whilst Q4 volume also grew by 4.0% against SPLY.
• Growth in Q4 was contributed by higher Diesel, Aviation, Fuel Oil, and LPG sales.
Key achievement and activities in Q4 FY 2010/11
Achievement
PDB Wins Gold Award at the Putra Brand Awards by the Association of Accredited Advertising
Agents Malaysia on March 2011
Activities
 PDB Donates Gas PETRONAS to Flood Victims in Segamat, Kota Tinggi & Batu Pahat on
14 February 2011.
 Luxury Hotel Stays For 1,000 PETRONAS Mesra Card Holders during PETRONAS Mesra
Card Great Rewards Campaign on 18 February 2011.
 Launched of Mesra card In-store redemption at the PETRONAS Cards Centre on 2 March
2011.
 SmartPay friendly bowling tournament held at Kelab Golf Bukit Kiara on 9th March 2011
with SmartPay’s major customers.
 Sponsored the 3rd Putrajaya International Hot Air Balloon Fiesta held in Putrajaya in March
2011
 Launched its new product, the PETRONAS PRIMAX 95Xtra on 9 April 2011.
 Official sponsor for Formula 1 on 10-12 April 2011.
3. Business Outlook & Key Focus Area
Ringgit appreciated against global currencies whilst further tightening in
monetary policies is expected to contain inflationary pressures
• The stronger Ringgit performance against major
currencies was in line with the appreciation of
other Asian currencies on speculation for interest
rate increases due to rising inflationary pressure.
• The Dollar weakened due to elevated debt levels
in the US and as the Federal Reserve pumps funds
into its economy to spur growth.
• For Malaysia’s ringgit, it may extend gains from a
13-year high on speculation that the central bank
will raise borrowing costs to cool inflation, while
the US maintains near-zero policy rates.
• GDP is projected to remain moderate around
4.6% in Q1 FY2011 before rebounding to higher
pace of 5%-6% in 2H FY2011.
Source : CIRU-PETRONAS & BNM
Key Focus Area
• Retail Business
• Achieving market leadership
• Increasing throughput volume
• Opening new stations
• Commercial Business
• Maintain
and
strengthen
market leadership
• Focus on primary target market
and quality customers
Key Focus Area
• LPG Business
• Maintain market leadership
• Improve on product network
availability
and
customer
service
• Lube Business
• Aggressive market penetration
• Expand product range to
include fighting brand
THANK
YOU
Lubricants Business Overview
Mohd Shobri Abu Bakar
General Manager, Lubricants Business Division
LUBRICANTS BUSINESS OVERVIEW
PDB BUSINESS OVERVIEW
RETAIL
COMMERCIAL
LPG
LUBRICANTS
LUBRICANTS : HISTORICAL SNAPSHOT
1980
Lubricants business started by re-branding AGIP
1992
Introduced motorcycle oil Sprinta in can packing
1994
Introduced Sprinta 2TS - Low Smoke
Formation of Lub Dagangan Sdn Bhd (PDB holds 20% share)
1995
Introduced Mach5 API SH - Mineral based Auto gasoline engine oil
1996
Introduced Mach5 API SJ – in plastic bottle packing
1997
Introduced Syntium API SJ – Fully synthetic Auto gasoline engine oil
1998-99 PDB reverted to Business Lines structure – without Lube
2000-01 Established Lube unit in PDB
Petronas involvement in F1 – Syntium for F1
2000-01 Introduced Syntium & Mach5 API SL
– Petronas first to introduce API SL in Malaysia
Introduced Motolub CS3 CF4 – Heavy Duty Diesel Engine Oil
2002
Secure supply contract to Modenas for factory fill (through LDSB)
2003
Introduced Syntium 3000 API SL
– higher grade of Fully synthetic Auto gasoline engine oil
2003
Secured supply contract with Perodua (through LDSB)
– Perodua Genuine Oil and Perodua sub products
Secured supply contract with Hicom-Yamaha (through LDSB)
2004
Introduced Syntium 5000 API SL
– Premium grade of Fully synthetic Auto gasoline engine oil
Renewed supply contract to Proton Edar
Secured supply contract to Naza Kia
2005
Petronas first to introduced API SM and ILSAC GF-4 in Malaysia
Secure supply contract to EON branches (through LDSB)
2006
Secure supply contract to Auto Bavaria (BMW) and Sapura Auto
2006
Secured Ingress Auto (BMW)
2009
Introduced Urania ranges – new Heavy duty diesel engine oil
– First in Malaysia with API CJ-4
Secure supply contract to Nasim Peugeot
2010
Introduced Syntium Moto – Motorcycle oil
– Premium grade Synthetic ranges
– Sprinta remain for mineral based MCO
2010
Introduced M Plus API SJ – Auto gasoline engine oil
– Mineral based for high mileage car (fighting grade)
Secured contract with Suzuki
– Suzuki Genuine Oil
Launched PETRONAS NGV Lube
Renew Proton Edar contract
2011
Launched PETRONAS Nautimar for fishery industry
Signed supply contract with Cycle & Carriage
Signed supply contract with Naza Quest Sdn Bhd (Chevrolet)
LUBRICANTS OPERATING ENVIRONMENT
LUBRICANT SCENARIO IN MALAYSIA
 Industry demand : 230 million liters
 Industry revenue : RM 1.8 to 2 billion
 Transportation : 65% ( 150 million liters) Industrial : 35% (80 million liters)
 Estimated rate of growth : 1-2% per annum
 Passenger Vehicle Lubricants Distribution channel : Workshop – 60%, Authorised
Workshop 30% Service Station 10%
 Passenger car segment : 55 million liters – Synthetic 10% (180 million) : Semi-Syn
30% : Mineral 60%
LUBRICANTS MARKETING CHANNEL
RETAIL
 PETRONAS
Service Station
 Mesra C Store
COMMERCIAL
 Government &
Major Accounts
 PETRONAS
OPU’s
 Fuel / Diesel
Customers
 East Malaysia
Dealers
LUBE DIRECT
 OEM After Sales
o Perodua,
Proton, Naza,
Suzuki, BMW,
Mercedes,
Chevrolet,
Volvo, Sisma
Auto
 OEM Factory Fill
o Perodua,
Proton, HicomYamaha,
Modenas
LDSB
 Highstreet
Dealers & Spare
Part Shop
 Industrial Dealers
 Direct Workshop
LUBRICANTS DISTRIBUTION COVERAGE
MLBP
Melaka Lube Blending Plant
 Owned and managed by PETRONAS
Lubricants International Sdn Bhd (PLISB)
 Blending capacity : 6 million liters / month
Perlis
East Malaysia
Distributions
 7 warehouse
Kedah
Sep. Bay
MLDC
Melaka Lube Distribution Centre
 Centralized warehouse
 Storage capacity 9 million liters
Kelantan
Terengganu
Penang
PENINSULAR
Perak MALAYSIA
Kuala Lumpur
Selangor
Negeri Sembilan
MLBP
Melaka
Tawau
Sibu
Kuching
MALAYSIA
MLDC
SABAH
Bintulu
Pahang
Johor
Sandakan
Labuan
SARAWAK
LUBRICANTS PRODUCT OFFERING
NO OF SKU
:
373
COMMERCIAL
VEHICLE
LUBRICANT
PVL
CVL
MCO
IML
INDUSTRIAL &
MARINE
LUBRICANT
PASSENGER
VEHICLE
LUBRICANT
MOTORCYCLE
OIL
PASSENGER VEHICLE LUBRICANTS
NO OF SKU
:
SYNTIUM 5000
SYNTIUM 3000
65
PCMO
Premium
Synthetic
SYNTIUM 1000
PCMO
Semi
Synthetic
PCMO
Synthetic
PVL
PERODUA GENUINE
OIL
SUZUKI GENUINE OIL
OEM
SYNTIUM 800
PCMO
Mineral
MACH5
M PLUS
NGV LUBE
MOTORCYCLE OIL
NO OF SKU
:
29
SYNTIUM MOTO RS4
SYNTIUM MOTO RS2
MCO
Premium
Synthetic
SYNTIUM MOTO 4SP
SYNTIUM MOTO 2SP
MCO
Synthetic
MC
O
MCO
Mineral
SPRINTA 4XP
SPRINTA 4XT
SPRINTA 2XT
MCO
Semi
Synthetic
SYNTIUM MOTO 4SX
SYNTIUM MOTO 2SX
SYNTIUM MOTO
SCOOTER
COMMERCIAL VEHICLE LUBRICANTS
NO OF SKU
:
90
Diesel
Engine
Oil
GL 5
GL 4
GL 1
OEM : PERODUA
GL
Gear Oil
BRAKE FLUID DOT3 /
DOT4
RADIATOR COOLANT
CV
L
Specialty
URANIA MAXIMO
URANIA OPTIMO
URANIA
SUPREMO
URANIA TURBO
URANIA CD / CF
ATF
ATF XP
ATF DII / DIII
OEM : PERODUA ATF
PROTON ATF
XP
INDUSTRIAL & MARINE LUBRICANTS
HIDRAULIK EP / FZ / HL /
HVI
NO OF SKU
:
189
GEAR MEP
GEAR STR
GEAR SYN EP /
IG
NAUTIMAR FBO
OUTBOARD
SPECIAL
SILUB
DISROL
MOTOGRIS HB / LM /
MPA
GRIS EP / EPI / MP / MPI
GRIS LS / LSX
Hydraulic
Oil
Industrial
Gear Oil
Compress
or Oil
IML
Marine Oil
Turbine Oil
Agriculture
Oil
Grease
Others
LOGAMOL
PROMEXA
DANOL
PRESSOL
PRESSOL LM /
SYN
JENTERAM HC
JENTERAM HC
EXTRA
JENTERAM HT
JENTERAM SYN
AGRILUB
UNIVERSAL
ACHIEVEMENT
IMPRESSIVE GROWTH
Aggressive 6-8% growth year-on-year for last five years which is four times industry
growth.
STATE-OF-THE-ART FACILITIES
Owns largest blending plant in Malaysia and the most modern in South East Asia.
Local producer of high quality Group 3 base oil (MG3)
RESEARCH & DEVELOPMENT
Extensive investments in R&D resulting in products catering to the Malaysian market
demands. For example, the on going research to maintain Syntium as the foremost
lubricant for passenger vehicle.
ACHIEVEMENT (cont.)
ADDRESSING SPECIFIC MARKET DEMAND
Continuous innovation to address specific needs of various customer. For example,
the PETRONAS NGV Lube is the first specific lubricant for Natural Gas Vehicles.
FORMULA 1
Lubricant and fuel development since collaboration with Sauber in Formula 1.
Involvement with Formula 1 team – Sauber, BMW and Mercedes GP.
CLIENTELE
Impressive clientele including Cycle & Carriage, Naza Kia, Volvo, Peugeot, Chevrolet,
Proton, Perodua, Suzuki Malaysia and Yamaha.
OEM PARTNERSHIP
 Experienced
 Good Supply & Service Record
 Supply to most of Nation’s Automotive Names
THANK
YOU

- PETRONAS Dagangan Berhad

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