Investor Presentation - sabic.com 2019... · INVESTOR PRESENTATION Q1 2019. SABIC OVERVIEW INVESTOR...

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INVESTOR PRESENTATION Q1 2019

Transcript of Investor Presentation - sabic.com 2019... · INVESTOR PRESENTATION Q1 2019. SABIC OVERVIEW INVESTOR...

Page 1: Investor Presentation - sabic.com 2019... · INVESTOR PRESENTATION Q1 2019. SABIC OVERVIEW INVESTOR PRESENTATION. 3 Classification: General Business Use SABIC AT A GLANCE 50 Countries

INVESTOR PRESENTATION

Q1 2019

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SABIC OVERVIEW

INVESTOR PRESENTATION

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SABIC AT A GLANCE

50Countries of operations

Top 3 Largest global

chemical companies1

100+Countries of sales

USD BnTotal Assets

FY 2018

85USD Bn

Annual SalesFY 2018

45USD Bn

Net Income FY 2018

~6USD Bn

Market Capitalization4

97

A+/A1Highest standalone

credit rating3

Top 3 Chemical Brand

Value2

MostProfitable global

chemical company5

Product Application Centers

Technology and Corporate Research and Innovation Centers

Production, Distribution, Storage Facilities and Logistical Hubs

International Subsidiaries and Sales Offices

Manufacturing and Compounding Companies

Global Headquarters

Source: 1 Forbes 2018, 2 Brand Finance 2018. Notes: 3 By all three ratings agencies, 4 As of 11 March 2019, 5 ICIS 100 Chemical companies 2018, All figures are rounded to the nearest billion. SAR/USD

Rate: 0.2666.

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0

10

20

30

40

50

60

70

80

1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

SABIC’S GROWTH SINCE ITS INCEPTION

In addition to SABIC’s organic growth, we have successfully acquired and integrated several businesses since establishment

MORE THAN 40 YEARS OF ORGANIC AND INORGANIC GROWTH

1984Gas

1985Sadaf, Yanpet,

Petrokemya, Kemya, Sharq and Ibn Sina

2002DSM Petrochemicals

2006Huntsman

Petrochemicals

2007GE Plastics

2010Yansab and Sharq

2011 / 2012Saudi Kayan

2017Ibn Sina POM

2018SAMAC

1983Hadeed,

Al-Bayroniand Ar-Razi

MM

T

7

40

2000 2017

SALES USD Billion

CAGR 10.7%

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SABIC’S 2025 STRATEGY - WORLD LEADER IN CHEMICALS

TO BE THE PREFERRED WORLD LEADER IN CHEMICALS

by delivering Chemistry that MattersTM

More global…more integrated…more differentiated…ambitious growth

FINANCIAL

World class financial

performance

• Grow revenues faster than global GDP

• Leading EBITDA margin in our industry

MARKET

Adapt to / differentiate

in markets

• Closer to products with high value add

• Growth driven by differentiated offerings and innovative solutions

FEEDSTOCK

Increase flexibility &

competitiveness

• Access to diversified, global competitive feedstock around the world

• Energy & feedstock optimization

TECHNOLOGY

Creating

a competitive edge

• Best in class productivity and efficiency

• Leadership in select technologies

OUR VISION:

SUSTAINABILITY ORGANIZATION & CULTURE GLOBALIZATION

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KEY HIGHLIGHTS

INVESTOR PRESENTATION

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KEY HIGHLIGHTS

1. Market Leader in Multiple Products and Segments

2. Diversified Global Footprint

3. Cost Leadership and Operational Excellence

4. Strategic, Strong and Stable Alliances

5. Robust Financial Profile, Dividend and Stock Performance

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1. MARKET LEADER IN MULTIPLE PRODUCTS AND SEGMENTS

1 Source: Global Market Share excluding Partners vs 2017 consumption from BI. 3Ps&E: PVC/ PET/ PS & Elastomers

PETROCHEMICALS AGRI-NUTRIENTS SPECIALTIES

TRANSPORTATIONMEDICAL DEVICES PACKAGING CLEAN ENERGYCONSTRUCTION

A global leading fertilizer producer;with over 7 MMT produced in 2017

► No 1 exporter of Granular Urea1

• Key products include urea, ammonia, phosphate and specialised products

• Represents circa 10% of SABIC’s total production by volume

• Sustainable projects to turn greenhouse gases to fertilizer

Global offerings of innovative solutions for various industries;

• Broad portfolio including specialty compounds, film and sheet, and a range of branded products such as NORYL™, ULTEM™, EXTEM™, and LNP™products

• 9,000 people employed

• Over 10,000 customers

• Portfolio of approximately 40,000 products

AGRI-NUTRIENTSELECTRICAL &

ELECTRONICS

SABIC’s largest operating unit;One of the world’s largest global petrochemicals companies

► No 1 producer of MTBE 1

► No 1 producer of glycols 1

► No 2 producer of Methanol and Polycarbonate 1

► No 3 producer of Polyethylene and Polypropylene 1

Manufactures a wide range of chemicals, plastics and other materials in Middle East, Europe, Americas and Asia

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2. DIVERSIFIED GLOBAL FOOTPRINT

Source: SABIC’s Consolidated Financial Statement and Independent Auditor’ Report for FY 2017, Note 34. Notes: All figures as of FY 2017, PPE = Property, Plant and Equipment, 14% of Sales are from

other locations. 1 Key growth areas outside of KSA

Globally, SABIC has presence in all the key demand centres and has close proximity to future growth markets Balanced sales across geographies

Product Application Centers

Technology and Corporate Research and Innovation Centers

Production, Distribution, Storage Facilities and Logistical Hubs

International Subsidiaries and Sales Offices

Manufacturing and Compounding Companies

Global Headquarters

2 Manufacturing Companies8 Compounding Companies1 Cracker

S P

25 Manufacturing Companies11 Crackers

A PS

H Hadeed

P Petrochemicals

A Agri-Nutrients

S Specialties

Key Growth Areas1

1%

S8 Manufacturing Companies8 Compounding Companies

PS

8%4%

P

9%

5 Manufacturing Companies 9 Compounding Companies3 Crackers

24%

15%

86%

39%

Sales

PPE

H

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2. STRATEGIC INITIATIVES TO DRIVE FUTURE GROWTH

Oil-to-chemicals Project Agreement with Saudi Aramco to develop the largest crude oil to chemicals complex in the world

Exploring Methanol

Specialties - 24.99% stake in Clariant AGJV to explore Coal-to-Chemicals Technology

Gulf Coast Growth Ventures JV Project

Developing a petrochemical complex with ExxonMobil Chemical Exploring

Fertilizers in Africa

SABIC is focused on increasing proximity and enhancing access to value-add growth markets and access to competitive feedstock

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3. WORLD CLASS OPERATIONAL EXCELLENCE AND SUSTAINABLE PROGRESS

Source: 1 Gartner’s 2018 “Top 25 Supply-Chain Benchmarking”. Notes: 2 Changes in performance compared to 2010, 3 Environment, Health, Safety and Security (EHSS) rate is a severity-weighted

rate that captures all EHSS incident types.

BUILDING SUSTAINABLE VALUE (FINANCIALLY AND NON-FINANCIALLY)

GREENHOUSE-GAS INTENSITY REDUCTION 2

9.3%

ENERGY-INTENSITY REDUCTION 2

7.6%

WATER INTENSITY REDUCTION 2

8.8%

MATERIAL-LOSS INTENSITY REDUCTION 2

35.2%

TOTAL CO2

UTILIZATION in 2017 (MILLION METRIC

TONS)

3.5mmt

FLARING REDUCTION 2

43%

EHSS RATE REDUCTION 2, 3

21%

STRONG FOCUS ON OPERATIONAL EXCELLENCE

• Maintain cost efficiency via global network of operations and assets with drive to be a first quartile producer

• Feedstock diversification, value chain integration and accessing competitive feedstocks globally

• Streamline operations by reducing the number of its SBUs from six to three – The metals SBU was integrated with the operating company Hadeed in 2017

• Top 3 - SABIC was ranked one of the top three companies for supply-chain excellence in the chemicals industry1

• Integration across supply chain network, logistics infrastructure, and business intelligence, delivering more than 28 mntonnes of product to nearly 20,000 destinations in more than 130 countries annually

• CO2 Purification plant capturing and purifying up to 500,000 Metric Tons of CO2 from the production of ethylene glycol every year

• Optimization and anti-coking technology saving 65,000 tonnes of feedstock

• Received UN’s first Clean Development Mechanism greenhouse-gas reduction credit in KSA

Operational Excellence Supply Chain Excellence Technology Improvements

REDUCTION IN RECORDABLE INCIDENT RATE 2

14%

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3. SABIC RESEARCH AND TECHNOLOGY

SABIC has created an integrated Innovation and Business Development function consisting of a global team of experts to drive growth across all aspects of the business

Notes: 1 Figures as of FY 2018; filed patents. 2 SABIC internal IP Data 3 Research and Technology has been reported in SABIC’s financial statement since 2016, prior to this date this expense was

captured in Technology and Innovation. SAR/USD Rate: 0.2666.

RESEARCH TECHNOLOGY DEVELOPMENT

BUSINESS DEVELOPMENT

21Research, Development and Innovation Centers

Globally

USD BnResearch and

Technology spending over the last 5 years3

2,000+Employees in research

centers worldwide

6,670+Issued patents and over 5,200+

pending patent applications worldwide

30+SABIC-owned Technologies

80+ Licensed Technologies

Globally

2.2+1

2

2 1

1

1

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4. PARTNERSHIPS, THE CORNERSTONE OF SABIC’S BUSINESS GROWTH MODEL

PARTNERSHIP WITH BEST IN CLASS GLOBAL COMPANIES1

Notes: 1 Percentages represent direct SABIC’s ownership in the respective joint ventures.

Scientific Design

50%

Kemya, Yanpet & GCGV

50%

Cos-Mar

50%

Ibn Zahr

80%

Ibn Sina

50%SAMAC

50%Chemtank

75%Sharq

50%

SSTPC

50%

SSNC

50%

PARTNERSHIP WITH UNIVERSITIES FOR R&D

► SABIC values innovation, ingenuity and collaboration as core drivers of its business

► SABIC promotes these values through strategic agreements with premier global research institutions

► To support our research, we have five key geographies with innovation hubs: the Middle East, the USA, Europe, South Asia and North Asia

17 Global Universities

5 Technology

and Innovation

Hubs

11 Saudi Universities

SABIC has pioneered a culture of partnerships in its manufacturing and R&D activities

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4. STRATEGIC ALIGNMENT WITH GOVERNMENT INITIATIVES

Significant contributor to the domestic GDP

70% owned by Public Investment Fund (KSA)

KSA Vision 2030 focuses on diversifying away from oil

► SABIC is integral to this fundamental shift and has the right capabilities to enable KSA Vision 2030

► SABIC will continue to be a key player in this strategic pivot already representing 30% of KSA’s non-oil exports

► SABIC support localization agenda and local industry

development via Nusaned1 - integrated Localization Engine

Saudi Aramco expressed an interest to buy some or all of PIF's interest in SABIC

► SABIC is aware that such negotiations are ongoing but is not directly involved in the negotiations

► Any such sale will not affect the Government’s ultimate beneficial ownership of SABIC

SABIC total exports

= USD 21Bn2

representing

34.5%2

of KSA’s non-oil exports

SABIC contributed

~4%2

to KSA’s private sector GDP

~2%2

of KSA’s total GDP

SABIC’S STRATEGIC IMPORTANCE TO THE KINGDOM OF SAUDI ARABIA NOW AND IN THE FUTURE

+21,000employees in KSA out of

+33,000employees worldwide

Notes: 1 Nusaned, in Arabic, means Support. 2 Figures as of FY 2018

Saudi Arabia’s economic transformation under Vision 2030 will bring significant growth opportunities for SABIC

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5. HIGHEST RATED CHEMICAL COMPANY1

A1 A1 A1A3 A3

Baa1 Baa2 Baa2 Baa2Ba1

A+A

A- A- A-BBB+ BBB+ BBB BBB

BBB-

A+ A+ A+A

A-

BBB BBBBBB-

SABIC SABIC DSM Equate Westlake

Moody's S&P Fitch

CONSISTENTLY ONE OF THE HIGHEST RATED CHEMICAL COMPANIES IN THE WORLD

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

SABIC

BASF

DSM

DOW

Lyondellbasell

AA-

A+

A

A-

BBB+

BBB

BBB-

BB+

BB

BB-

B+

S&P STANDALONE CREDIT RATING HISTORY

Notes: 1 On a standalone basis, Corporate Credit Rating, Stand-alone Credit Rating.

Standalone Corporate

On a standalone basis, SABIC is the highest rated chemical company in the world

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5. STRONG FINANCIAL PERFORMANCE1

Notes: 1 IFRS accounting standards were first adopted in 2017, as such 2015 figures are as per SOCPA standards, while 2016 figures onwards are per IFRS standards. 2 Under SOCPA, sales in 2016 amounted to USD 35.3bn,3 Under SOCPA, Adjusted EBITDA in 2016 amounted to USD 11.5bn, and Adjusted EBITDA Margin was 32% . 4 Under SOCPA, Cash Flows in 2016 amounted to USD 10.6bn and Cash Flow Margin was 30% . 5 Under SOCPA,

CAPEX in 2016 amounted to USD 3.5bn, SAR/USD Rate: 0.2666.

39.5 38.1 39.9

45.1

10.0

2015 2016 2017 2018 1Q19

SALES (USD Bn) ADJUSTED EBITDA (USD Bn)

11.8 11.4 12.114.2

2.730% 30% 30%

32%

27%

2015 2016 2017 2018 1Q 19

Adjusted EBITDA Margin (%)

14.3

10.7 10.312.0

2.6

36%

28% 26% 27%

26%0%

10%

20%

30%

40%

50%

60%

2015 2016 2017 2018 1Q 19

Cash Flow Margin (%)

NET CASH FLOWS FROM OPERATIONS (USD Bn)

CAPEX (USD Bn)

5.3

3.82.9

3.8

1.1

2015 2016 2017 2018 1Q 19

2 3

45

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5. STRONG FINANCIAL PERFORMANCE

Source: 1SABIC, Bloomberg - HDPE High-Density Polyethylene. Notes: IFRS accounting standards were first adopted in 2017, as such 2015 figures are as per SOCPA standards, while 2016 figures

onwards are per IFRS standards, SAR/USD Rate: 0.2666. 2 Net income Attributable to Equity holders of the parent.

ROBUST PROFITABILITY DESPITE FLUCTUATIONS IN COMMODITY PRICES

US

D /

bb

l

US

D / to

nn

e

1

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

2,100

20

40

60

80

100

120

140

2013 2014 2015 2016 2017 2018

Crude Oil, Brent

Polyethylene (RHS)

EBITDA Margin (%)

Net Income Margin (%)

30%

28%

30% 30% 30% 31%

13% 12%

13% 12% 12% 13%

2

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1.8%3.3%

5.2% 5.6%4.5%

6.6%7.2% 4.4%

4.1%

3.7%

0.0%

2.0%

4.0%

6.0%

8.0%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

5. SABIC DIVIDEND HISTORIC PAYOUT

DIVIDEND YIELD

NET INCOME (USD Bn); CASH DIVIDENDS & PAYOUT

2.4

5.7

7.86.6 6.7 6.2

5.0 4.7 4.95.7

1.22.8

4.0 4.0 4.0 4.4 4.43.2 3.4 3.5

50% 49% 51%60% 59% 71%

88% 68% 68%61%

0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Net Income Cash dividends Dividend payout ratio

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5. SABIC STOCK PERFORMANCE

1) Chart represents 10/31/17 – 11/4/18; asset returns include dividend reinvestment

SABIC STOCK PERFORMANCE VS S&P 5001

131.51%

105.74%

Index

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

SABIC Tadawul All Share Index (TASI) S&P 500

113.16%

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19.4 16.8 15.5 12.1

18.316.1 16.9 14.0

0.0

5.0

10.0

15.0

20.0

25.0

2015 2016 2017 2018

Gross Debt Cash & ST Investments

Net Debt / EBITDA (x)

5. DEBT SUMMARY

Type

23

77

Bonds Term Loans

%

Currency

67

26

7

USD SAR EUR

%

Fixed / Floating

25

75

Fixed Floating

%

Outstanding Maturity

9

77

6

<1 Years 1 - 5 years

> 5 years

%

DEBT MATURITY PROFILE (USD Bn)

Notes: Data as of Year End 2018

BREAKDOWN OF DEBT

GROSS DEBT AND CASH (USD Bn)

0.09 0.06 -0.12

0.8 1.0 1.02.81.1

1.0

1.63.4

1.0 1.2

9.3

2019 2020 2021 2022 2023 2024 + Total

Term Loans

Bonds / Notes

-0.13

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5. STRONG FINANCIAL PERFORMANCE

SABIC Group ( in USD bn) 1Q 2019 4Q 2018 % QoQ 1Q 2018 % YoY 2018 2017

Sales 9.97 10.70 -7% 11.16 -11% 45.09 39.94

EBITDA 2.71 2.78 -2% 3.39 -20% 13.76 11.65

Income from Operations 1.64 1.73 -5% 2.39 -31% 9.69 7.73

Net Income 0.91 0.86 5% 1.47 -38% 5.74 4.91

EPS 0.30 0.29 5% 0.49 -38% 1.91 1.64

SAR/USD Rate: 0.2666. ¹ Income from operations adjusted for Depreciation & Amortization expenses. Attributable to equity holders of the parent. Free Cash Flow = operating cashflow adjusted for

capital expenditure. ROIC= NOPAT/Avg. Invested Capital; NOPAT = Income from operations adjusted for zakat & income taxes.

RECENT FINANCIAL PERFORMANCE

KEY BALANCE SHEET AND CASHFLOW FIGURES AND RATIOSSABIC Group ( in USD bn)

SABIC Group ( in USD bn) 1Q2019 1Q2018 1H2018 2018 2017

Total Assets 87.01 90.52 85.37 85.26 85.76

Equity attributable to equity holders of parent 46.68 45.69 46.16 46.16 43.71

Total Equity 59.48 58.10 59.05 59.05 56.04

Net Debt -0.42 0.48 -1.35 -1.37 -1.42

Net cash from Operations 2.63 1.88 3.21 11.93 10.31

Capital Expenditure 1.09 0.51 1.39 3.78 3.04

Free Cashflow 1.54 1.37 1.82 8.14 7.27

ROIC 12% 18% 13% 19% 16%

Net Debt / EBITDA -0.01 0.01 -0.03 -0.03 -0.04

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KEY HIGHLIGHTS

1. Market Leader in Multiple Products and Segments

2. Diversified Global Footprint

3. Cost Leadership and Operational Excellence

4. Strategic, Strong and Stable Alliances

5. Robust Financial Profile, Dividend and Stock Performance

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