petronas dagangan berhad · pdf file•strong demand for jet fuel supported by mas/airasia...
TRANSCRIPT
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CIMB ASEAN SERIES 2012 : MALAYSIA CORPORATE DAY
5 January 2012
Pearl Room, Mandarin Oriental Hotel,
Kuala Lumpur.
PETRONAS DAGANGAN BERHAD
2. Background of the Company
3. Company Performance
4. Key Strategies & Challenges
5. Q&A
1. Opening Remarks by En Rozaini M Sani,
General Manager of Finance Division
CONTENT
Background of the Company
Corporate Profile
• PETRONAS Dagangan Berhad (PDB) is the domestic marketing subsidiary of
Petroliam Nasional Berhad (PETRONAS owns 69.9%).
• Its principal activities are the marketing and distribution of petroleum products
in Malaysia.
• PDB was incorporated on 5 August 1982 and was converted to a public
company on 21 August 1993.
• Shares of the Company were listed on the Main Board of the Bursa Malaysia
Securities Berhad on 8 March 1994.
2000 Launching of Primax & Sprinta 5000
2001 Launching of PDB Customer Service
Centre
2006 Launching of PETRONAS Primax 3
2008 Acquired Lub Dagangan Sdn Bhd
2009 Introduced PETRONAS Urania, PRIMAX
95 and Dynamic Diesel
Introduction of New Mesra Loyalty
Programme
2010 Mesra Shoppe and PETRONAS Cards
Centre opened in KLCC
Launching of PRIMAX 97
Introduced Syntium Moto (March 2010)
1975 - Petronas established the
Domestic Marketing Department
1977 - Market entry : Bunkering at
Pasir Gudang, aviation at Penang and
Senai
1979 - Operate skid tank station due
to diesel crisis
Building the Brand… Brand of 1st choice
1970s The new millennium1980s-1990s
The Beginning…
Milestones
1981 Operated first service station.
Entered LPG market
1982 Incorporated as PDSB on 5 August
1992 Introduced Natural Gas for vehicles
(NGV)
1993 Converted to a public company on
21 August 1993
1994 Listed on the Kuala Lumpur Stock
Exchange (KLSE)
1996 Station reimaging and Mesra C-
Store
1999 Introduction of Loyalty Programme
(Mesra Card)
6
PDB’s Core Business
PETRONAS
DAGANGAN
BERHAD
Commercial
Business
Retail
BusinessLPG
BusinessLube
Business
S A R A W A
K
S A B A HP E N I N S U L A R
M A L A Y S I A
B R U N E I
Kedah
Supply and Logistics Networks
Number of terminals
Fuel– 17
LPG – 9
Aviation – 12
TOTAL: 38
Langkawi
Prai
Melaka
KL/ Selangor
Lumut
Johor
Kertih
Kuantan
Penang
Pahang
Perak
Perlis
Terengganu
Kuching
Sibu
Bintulu
Miri
Labuan
Sep. Bay
Sandakan
Tawau
10
Joint Venture depots and facilities are:
i) MPP KVDT Bulk Depot
ii) Bintulu Bulk Depot
iii) Tawau Bottling Plant and Bulk Depot
iv) KLIA Aviation Depot
v) ASB JV for Bunkering facilities
vi) IOTM Senari
vii) CODT Tg Manis
Business Performance Review For YTD Sept 2011
En Ahmad Kushaini RamliSenior Manager, Strategic Planning Division
1. Malaysian Economic
2. Business Performance
3. Key Achievements & Activities
Sustained growth supported by continued strong domestic and
external demand
• According to BNM Governor Tan Sri Dr Zeti Akhtar, the growth in Q3 is expected to be better with improvements
seen in several indicators (e.g; industrial production)
• Malaysia reported an external trade surplus of RM9.6 billion in September 2011. While it grew significantly by
40.5% from the same month last year, on a month-to-month basis, it posted a decline of 12.3% from RM11 billion
due to cooling external demand.
•The Business Sentiment Index (BSI) remains encouraging, having inched up negligible 0.8 points in Q3. It is
likely that consumers are only cautiously optimistic, and even appeared somewhat restrained, as they continue to
watch the economic radar as attentively as, if not more, than before.
Source : CIRU-PETRONAS& BNM
• YTD Sept volume is above SPLY by 14.7% against SPLY.
• Growth in Q2 was mainly contributed by higher Diesel, Aviation, Fuel Oil, and LPG
sales.
Mil L
itre
sYTD Volume
6,613.2
7,585.3
6,000.0
6,250.0
6,500.0
6,750.0
7,000.0
7,250.0
7,500.0
7,750.0
SPLY YTD Sept FY2011
14.7 %
Impressive volume growth despite moderate economics performance
RETAIL BUSINESS
2,995.8
0.0
1000.0
2000.0
3000.0
4000.0
5000.0
6000.0
SPLY YTD Sept FY2011
Mil
lio
n L
iters
YTD Volume
3,232.9
7.9%
YTD Sept FY2011 volume vs SPLY was mainly due to :-
• Introduction of PRIMAX95 Xtra
• Higher Diesel sales volume mainly from Sarawak & Sabah
regions.
Strong YTD Sept FY2011 performance against SPLY
COMMERCIAL BUSINESS
2,900.0
3,597.5
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
3,000.0
3,500.0
4,000.0
SPLY YTD Sept FY2011
Mil
lio
n L
ite
rs
YTD Volume
24.1%
YTD Sept FY2011 volume was higher than SPLY due to
increased demand from all products.
• Higher Diesel & Fuel oil upliftment due to gas curtailment issue
• Strong demand for Jet Fuel supported by MAS/AirAsia and other airlines
• Increased asphalt demand mainly for road construction projects.
LPG BUSINESS
• Higher sales from C14kg and bulk
• Increased demand by existing customers
• New customers who had been uplifting from other players now switching to
PETRONAS
0.0
200.0
400.0
600.0
800.0
SPLY YTD Sept FY2011
Mil
lio
n L
iters
663.5
706.0
YTD Volume
Higher YTD Sept FY2011 volume than SPLY due to higher demand
household cylinder and bulk.
6.4%
LUBRICANTS BUSINESS
26.9 25.8
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
55.0
SPLY YTD Sept FY2011
Mil
lio
n L
iters
YTD Volume
Decline performance than SPLY mainly due to customer accounts
restructuring
Decreased in YTD Sept FY2011 volume mainly Volume was above SPLY mainly due to customer
accounts restructuring between Direct & LDSB channel starting FY2011.
-4.0%
Positive economic growth outlook for the future.
• Given fragile outlook of the US and Eurozone and with total exports contributing nearly 100% of the country’s GDP. Malaysia is vulnerable to the recent global turmoil.
• Meanwhile, the implementation of ETP should continue to provide support for growth. PM Najib’srecently announced a list of 13 new EPPs, which will bring total committed investment to RM 177.1 billion.
• Palaysia has performed well in wooing FDIs in H1 2011, having attracted RM21 billion vis-à-vis RM10 billion in same period last year. The higher inflow mirrored growing investor confidence, stemming from the government initiatives to stimulate economic growth.
Source : CIRU-PETRONAS & BNM
Achievement
On 27 Sept 2011, PDB was awarded for 2nd Runner-up for The Best
Shareholders Return by Malaysian Business at the prestigious Prince Hotel &
Residence, Kuala Lumpur.
On 28 Sept 2011, Lumut Fuel Terminal has delivered its 1st ONE BILLION
LITER without LTI
Activities
28 Oct 2011, Signing Ceremony for Lubricant Supply Contract between PDB
and Boon Siew Honda.
28 Oct 2011, Grand Opening of our 1st Car Spa Outlet at PSS Jalan Masai.
On 7 Oct 2011, PETRONAS Dagangan Berhad has invited the Formula One
driver Nico Rosberg, to surprise customers at its PETRONAS Mutiara
Damansara and PETRONAS TTDI stations
On 1 Oct 2011, PDB Participated in iCapital.biz Bhd's Investor Day at the
Kuala Lumpur Convention Centre
Sept 2011 PETRONAS Dagangan Berhad (PDB) kick-started the next phase
of the PETRONAS PRIMAX 95 Xtra campaign with the PETRONAS XTRA
Challenge targeting 300 customers nationwide over the three-month period.
Key achievement and activities from Sept – Nov FY2011
Thank you
Financial Performance For YTD Sept 2011
En Rozaini M SaniGeneral Manager, Finance Services Division
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Key Events / Highlights
• The global economy continued to face a challenging environment due to uncertainties infinancial markets, unfavourable fiscal conditions and weaknesses in labour markets in theadvanced economies .
• The Malaysian economy registered a higher growth of 5.8% in Quarter 3, 2011 (2Q 11: 4.3%), due to stronger domestic demand.
• Inflation rate rose to 3.4% on an annual basis in the third quarter (2Q 11: 3.3%).
• PDB achieved higher average selling prices (18.8%) and sales volume (14.7%) for year to date 30 September 2011 as compared to same period last year.
• PDB has announced another interim dividend of 15 sen per ordinary shares less 25% taxamounting to RM111,763,575 in respect of quarter ended 30 September 2011, bringing thetotal interim dividend announced to date to 30 sen per ordinary shares less tax 25%.
Key Financial Highlights
• YTD 30/09/2011 vs YTD 30/09/2010 30/06/2010
COMPREHENSIVE INCOME
Revenue increased by 35.5% to RM14,844.9 million from RM10,952.8 million
Profit Before Tax increased by 29.7% toRM591.2 million from RM 561.5 million
• As at 30/09/2011 vs As at 31/03/2011
FINANCIAL POSITION
Shareholders funds decreased by 2.6% to RM4,668.9 million from RM4,794.9 million
Cash balances decreased to RM664.5 million compared to RM1,026.2 million
Key RatiosAs at
31/03/2011As at
30/09/2011
Earnings Per Share (sen) 87.5 87.1*
Return on Revenue (%) 5.2 3.9
Return on Equity (%) 19.1 18.1*
Return on Total Assets (%) 14.3 13.4*
* Annualised based on year to date figures as at 30 September 2011
Revenue increased mainly as a result of higher average selling price by 18.0% and higher sales volume by 13.1%________________________________________________
Revenue 7,304.9
+ / -(%)
32.9
QE 30/09/10(RM Mil)
5,496.3
QE 30/09/11(RM Mil)
QE 30/09/10
QE 30/09/11
Gross Profit increased by 15.6% mainly contributed by the increased in average margin for Mogas by 19.6% and Bitumen by 98.7%
Gross Profit 564.3 488.315.6
QE 30/09/11(RM Mil)
QE 30/09/10(RM Mil)
+ / -(%)
QE 30/09/10
QE 30/09/11
Mogas 211,354 43%
Diesel 134,812 28%
Aviation 49,602 10%
Fuel Oil 5,249 1%
LPG 49,677 10%
Lube 25,406 5%
Others 12,193 3%
Mogas 266,094
47%Diesel 138,234
25%
Aviation 61,679 11%
Fuel Oil 608 0%
LPG 36,011 6%
Lube 27,831 5%
Others 33,838 6%
As a result of higher gross profit, PDB managed to record higher Profit Before Tax despite higher OPEX
240
250
260
270
280
290
300
310
Qtr 2, FY2011 Qtr 2, FY10/11
300.4
284.3
RM Mill'
Profit Before Taxation
0
50
100
150
200
250
300
350
Qtr 2, FY2011 Qtr 2, FY10/11
301.4
249.4
37.3 45.3
RM Mill' OPEX Other Income
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Shareholder’s funds and cash balance remain strong.
RM Million RM Million
Shareholder’s Funds
4,000.0
4,100.0
4,200.0
4,300.0
4,400.0
4,500.0
4,600.0
4,700.0
4,800.0
31/03/2011 30/09/2011
4,794.9
4,668.9
0
200
400
600
800
1000
1200
31/03/2011 30/09/2011
1,026.5
664.5
Cash Balance
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Decrease in cash balance was mainly due to higheroutstanding subsidy receivables
RM’Mill
267
140
210
269
86
479
299
190
147
192255271
875
653
751
826
666
1,138
836
880
678
366
538
1,015
863
1,020912
1,145
1,437
1,026 1,026
870
621
0
150
300
450
600
750
900
1,050
1,200
1,350
1,500
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 30.06.11 30.09.11
Cash & Bank Balances
Cash and bank Deposits Total
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KLCI Index RM per Share
PDB’s share continue to outperform KLCI
performance.
870
885
966
1,164
1,173
1,249 1,319 1,346
1,422 1485.23
1519.94
1491.25
1371.55
1518.91
6.557.20 7.40
7.908.35
8.90 8.708.95 8.85
9.2710.17
16.30
11.30
12.08
17.64
5
6
7
8
9
10
11
12
13
14
15
16
17
18
800
900
1000
1100
1200
1300
1400
1500
1600
1700
KLCI PETDAG
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Earnings Per Share (EPS)
FY
2005/06
FY
2006/07
FY
2007/08
FY
2008/09
FY
2009/10
FY
2010/2011FY 2011
PDB P/E 7.99 9.53 12.01 13.57 11.96 18.85 18.71
Market PE 13.15 16.07 13.29 13.68 18.86 16.80 15.83
*Annualised based on quarter 2 financial results
21.2
50.8
64.5 66.6
75.8 75.7
87.5 87.1*
10
20
30
40
50
60
70
80
90
100
FY2004/05 FY2005/06 FY2006/07 FY2007/08 FY2008/09 FY2009/10 FY2010/11 FY 2011
Earning Per Share
Earning Per Share
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PDB’s dividend yield remain higher than market dividend yield
6.70 6.50
6.13
3.73
4.93 4.88
5.63 5.70
5.00
3.90 3.99
4.64
3.38 3.36
4.775.02
2.83
3.45
3.90
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
FY2004/05 FY2005/06 FY2006/07 FY 2007/08 FY 2008/09 FY 2009/10 FY 2010/11 FY 2011
PDB Dividend Yield - With Special Dividend
PDB Dividend Yield - Without Special Dividend
Market Dividend Yield
2.80
4.82
6.65 6.50
4.283.56
4.183.65
5.135.60
7.007.95
3.98
4.02
4.06
6.15
8.00
9.05
16.50 16.30
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
Mar 94
Mar 95
Mar 96
Mar 97
Mar 98
Mar 99
Mar 00
Mar 01
Mar 02
Mar 03
Mar 04
23 Feb 05
24 Feb 05
Mar 05
Mar 06
Mar 07
Mar 08
Mar 09
Mar 10
Mar 11
Sept 11
Share Price (RM')
CAGR (with Dividend Reinvestment) – 19.12%Share Price (RM)
On 24.02.05 Bonus Issue at a ratio 1:1
FY93/94 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 FY2011
No of Shares
(with Dividend
Reinvestment)
1,012 1,050 1,067 1,097 1,134 1,1731 1,231 1,300 1,350 2,812 2,887 2,990 3,096 3,225 3,363 3,530 3,594 3,594 3,716
18 years 10 years 5 years 1.5 year 9 months
TSR (%) 19.12 26.14 39.14 53.19 57.03
PDB Total Shareholder Return as at 30 October 2011
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PDB has announced second interim dividend for FY2011 on 23rd November 2011
FY2004/05 FY2005/06 FY2006/07 FY 2007/08 FY 2008/09 FY 2009/10 FY 2010/11
Dividend Net
(RM) 107,293 143,057 216,573 332,907 335,291 447,054 745,090
Net Dividend
excluding special
dividend/ PAT (%)
(Payout) 53% 29% 34% 51% 59% 45% 55%
Sen per share
-
10
20
30
40
50
60
70
80
90
100
5 5 10 12 12 1530 30
10
10 1520
33 33 30
3515
25Final - Special
Final
Interim - Special
Interim