- Global Green Chemicals reported lower financial results in 1Q2019 compared to 1Q2018 and 4Q2018 due to lower crude palm oil and palm kernel oil prices.
- Methyl ester sales volume decreased 8% YoY due to lower demand, while fatty alcohols sales increased 2% YoY.
- Revenue decreased 39% YoY and 23% QoQ due to lower product prices and sales volumes. EBITDA declined 32% YoY and 50% QoQ.
- The company remained profitable with a net profit of THB 22 million, though this was 66% lower YoY due to margin pressure from lower commodity prices.
This document is a 321-page report from 2012 that analyzes the US natural polymer industry. It provides historical demand data from 2001-2011 and forecasts demand for 2016 and 2021 by market and product type. The report finds that US natural polymer demand is forecast to exceed $4 billion by 2016, driven primarily by expanding volume demand from improved economic conditions. Exudate and vegetable gums such as guar gum are predicted to experience the fastest growth through 2016. The food and beverage industry is expected to remain the largest market for natural polymers. The report also profiles 40 leading companies in the industry.
Celanese Corporation reported strong financial results for the second quarter of 2005 that exceeded previous guidance. Net sales increased 23% and operating profit rose significantly due to margin expansion. Basic EPS was $0.41 and diluted adjusted EPS was $0.53, above previous guidance. Adjusted EBITDA also exceeded guidance, rising 51% to $283 million. Based on this performance, the company raised its full-year 2005 guidance for diluted adjusted EPS to a range of $1.90 to $2.00.
The Timken Company reported record sales and earnings for 2004. Sales increased 19% to $4.5 billion compared to 2003, while net income increased 271% to $135.7 million. The company achieved strong growth through leveraging higher demand, price increases to offset raw material costs, and continued integration savings from the Torrington acquisition. For 2005, the company expects continued sales and earnings growth, driven by ongoing productivity improvements and recovery of material costs despite some moderation in automotive markets.
Gasmet business exam case UMB School Of Business and Economics 2013Rune Haugestad
Exam Case - Gasmet - mini scope:
The top management of Gasmet is performing a process with both Risk Management and review of existing corporate strategy on quarterly basis. To assist the management in reviewing existing strategy we will answer the following corporate strategic questions from the CEO of Gasmet:
1. decide whether he can still argue that
Gasmet has a sustainable competitive advantage, (1.2) and that Gasmet can mitigate (Reduce) the possible risks related to its core business, and
2. answer the Big Question: Should Gasmet maintain its current strategy or should it diversify?
A mashup of business analysis tools are used within the case:
PESTEL
Porters Five Forces
Value Chain
VRIN
TOWS/SWOT
20110523 ti conf_call_presentation_q4_engl_v2Tereosri
The document reports on the financial results of Tereos Internacional for the fourth quarter and full year of 2010/11. Key highlights include 24.2% revenue growth and 16.7% adjusted EBITDA growth for Q4, driven by double-digit increases in both cereal and sugarcane operations. For the full year, revenues grew 13.5% and adjusted EBITDA grew 10.3%, with sugarcane revenues increasing 60.2% due to higher volumes and prices. Net debt decreased 16.3% from the previous year. The company also announced several expansion projects and investments totaling over $1 billion for its sugarcane operations in Brazil.
Reliance Industries reported strong growth in its overall turnover and consumer businesses in the recent quarter. Its retail revenue grew 52% and EBITDA surged 77% due to store expansion and consumer traction. Digital business revenue also grew 10.6% due to a strong subscriber base of 306.7 million. Going forward, the company expects its retail and digital businesses to be the next major growth drivers. It plans to further expand its retail segment and increase market share in telecom to boost profitability.
Bayer reported strong results for Q1 2019, with sales increasing 42.4% to €13.0 billion and EBITDA before special items improving 44.6% to €4.2 billion. All business segments performed well, with Crop Science sales up 6% driven by growth in Latin America and North America. Pharmaceuticals grew 5% led by 15% increases for Xarelto and Eylea. Consumer Health declined 1% due to competition in North America. Full-year 2019 guidance was confirmed.
ITC Q1FY15 results in line with estimates; buy - HDFC SecIndiaNotes.com
ITC’s Q1FY15 results (Y-o-Y) were in line with our estimates. Cigarettes volumes declined for fifth straight quarter by ~2-3%. However, this was on expected lines. Steep price hikes initiated supported the overall growth, which remained in high double digits.
This document is a 321-page report from 2012 that analyzes the US natural polymer industry. It provides historical demand data from 2001-2011 and forecasts demand for 2016 and 2021 by market and product type. The report finds that US natural polymer demand is forecast to exceed $4 billion by 2016, driven primarily by expanding volume demand from improved economic conditions. Exudate and vegetable gums such as guar gum are predicted to experience the fastest growth through 2016. The food and beverage industry is expected to remain the largest market for natural polymers. The report also profiles 40 leading companies in the industry.
Celanese Corporation reported strong financial results for the second quarter of 2005 that exceeded previous guidance. Net sales increased 23% and operating profit rose significantly due to margin expansion. Basic EPS was $0.41 and diluted adjusted EPS was $0.53, above previous guidance. Adjusted EBITDA also exceeded guidance, rising 51% to $283 million. Based on this performance, the company raised its full-year 2005 guidance for diluted adjusted EPS to a range of $1.90 to $2.00.
The Timken Company reported record sales and earnings for 2004. Sales increased 19% to $4.5 billion compared to 2003, while net income increased 271% to $135.7 million. The company achieved strong growth through leveraging higher demand, price increases to offset raw material costs, and continued integration savings from the Torrington acquisition. For 2005, the company expects continued sales and earnings growth, driven by ongoing productivity improvements and recovery of material costs despite some moderation in automotive markets.
Gasmet business exam case UMB School Of Business and Economics 2013Rune Haugestad
Exam Case - Gasmet - mini scope:
The top management of Gasmet is performing a process with both Risk Management and review of existing corporate strategy on quarterly basis. To assist the management in reviewing existing strategy we will answer the following corporate strategic questions from the CEO of Gasmet:
1. decide whether he can still argue that
Gasmet has a sustainable competitive advantage, (1.2) and that Gasmet can mitigate (Reduce) the possible risks related to its core business, and
2. answer the Big Question: Should Gasmet maintain its current strategy or should it diversify?
A mashup of business analysis tools are used within the case:
PESTEL
Porters Five Forces
Value Chain
VRIN
TOWS/SWOT
20110523 ti conf_call_presentation_q4_engl_v2Tereosri
The document reports on the financial results of Tereos Internacional for the fourth quarter and full year of 2010/11. Key highlights include 24.2% revenue growth and 16.7% adjusted EBITDA growth for Q4, driven by double-digit increases in both cereal and sugarcane operations. For the full year, revenues grew 13.5% and adjusted EBITDA grew 10.3%, with sugarcane revenues increasing 60.2% due to higher volumes and prices. Net debt decreased 16.3% from the previous year. The company also announced several expansion projects and investments totaling over $1 billion for its sugarcane operations in Brazil.
Reliance Industries reported strong growth in its overall turnover and consumer businesses in the recent quarter. Its retail revenue grew 52% and EBITDA surged 77% due to store expansion and consumer traction. Digital business revenue also grew 10.6% due to a strong subscriber base of 306.7 million. Going forward, the company expects its retail and digital businesses to be the next major growth drivers. It plans to further expand its retail segment and increase market share in telecom to boost profitability.
Bayer reported strong results for Q1 2019, with sales increasing 42.4% to €13.0 billion and EBITDA before special items improving 44.6% to €4.2 billion. All business segments performed well, with Crop Science sales up 6% driven by growth in Latin America and North America. Pharmaceuticals grew 5% led by 15% increases for Xarelto and Eylea. Consumer Health declined 1% due to competition in North America. Full-year 2019 guidance was confirmed.
ITC Q1FY15 results in line with estimates; buy - HDFC SecIndiaNotes.com
ITC’s Q1FY15 results (Y-o-Y) were in line with our estimates. Cigarettes volumes declined for fifth straight quarter by ~2-3%. However, this was on expected lines. Steep price hikes initiated supported the overall growth, which remained in high double digits.
Bayer reported its Q2 2018 results and provided an outlook for fiscal year 2018 including the impact of the Monsanto acquisition. Key points include:
- The Monsanto acquisition closed on June 7th and integration is underway.
- Q2 performance was on track to meet previous targets. Guidance now reflects Monsanto.
- Full year sales are expected to increase mid-single digits including Monsanto. EBITDA is forecast to rise high-single digits.
- Core EPS is projected to decrease high-single digits due to Monsanto seasonality and financing costs, but Monsanto is expected to be accretive in the first year.
- Net debt is estimated to reduce to around €37 billion by
CCGY Corp. Presentation at Rodman & Renshaw Global Investment Conference 9/12/11William Steppacher
The document contains forward-looking statements about China Clean Energy Inc. that involve known and unknown risks and uncertainties that could materially affect results. It provides an overview of the company's products, facilities, equity details, revenue growth, and expansion plans to increase specialty chemical and biodiesel production capacity. The company sees opportunities in China's growing markets for specialty chemicals and transportation fuels.
Bayer reported results for FY/Q4 2018. Group sales increased 3% to €39.6 billion, meeting guidance. EBITDA before special items rose 5% to €9.5 billion, also meeting forecast. Core EPS was €5.94, slightly above the narrowed guidance range. For 2019, Bayer expects sales of about €46 billion (16% growth including Monsanto acquisition), EBITDA before special items of around €12.2 billion (28% increase), and Core EPS of approximately €6.80 (14% growth). Key focus areas for 2019 include delivering operational targets, integrating Crop Science, executing efficiency programs, defending glyphosate litigation, and improving Consumer Health performance.
Polypropylene has several characteristics such as high resistance to cleaning agents, disinfectants and various chemicals which makes it best suited to be used in medical applications. Polypropylene is a highly versatile polymer, used popularly in medical sciences for manufacturing syringes, surgical trays, inhalers, needle protectors and several instrument components.
- Tesco reported a 2.7% increase in group sales excluding petrol for the first quarter, with online grocery sales continuing to outperform.
- In the UK, total sales grew 1.0% excluding petrol despite a subdued market, while like-for-like sales declined 1.0% due to accelerating work to refocus general merchandise.
- International performance was mixed, with Asia sales up 2.8% excluding exchange rates but Europe down 3.0% excluding exchange rates due to challenging economic conditions.
The SGS Group performed solidly in the first semester with total revenue exceeding CHF 3.0 billion and is on track to deliver the revenue growth projected in the 2020 strategic plan.
The Group grew the top line by 4.9% on a constant currency basis, of which 3.4% was organic, with the remainder being associated with recent acquisitions. On a reported basis, Group revenue increased by 5.0%.
The strong growth was mainly attributable to the non-energy related businesses and once again demonstrated the strength of the Group’s well balanced portfolio.
The Hera Group approved positive results for 2017, with improvements in all operating, financial, and sustainability indicators. Key highlights include:
- Turnover exceeded €6 billion, rising 10.3% due to factors like acquisitions and increased trading.
- EBITDA grew 7.4% to €984.6 million due to strong performances across all business areas, especially electricity.
- Net profits increased 21.1% to €266.8 million due to lower tax rates.
- Proposed dividends were raised to 9.5 cents per share.
Bayer reported strong financial results for FY 2021 despite challenges from currency headwinds and inflation. Group sales increased 7% to €44.1 billion driven by growth across all divisions. Core EPS rose to €6.51. Bayer expects continued sales and earnings growth in 2022, forecasting sales of ~€46 billion and Core EPS of ~€7.00 at constant currencies. Key assumptions include mid-single digit growth in Crop Science and Consumer Health and low single digit growth in Pharmaceuticals.
The Royal Thai Government has initiated policies to support biofuel production and use in Thailand. These include tax incentives for gasohol and biodiesel producers and consumers, and a mandate for B2 biodiesel blending. It is anticipated that gasohol will dominate the gasoline market by 2012 and B100 biodiesel demand will reach over 1 billion liters. Despite growing demand, nearly all existing ethanol plants are running at only 70% capacity due to surpluses and high input prices. Biodiesel producers are concerned that palm oil production may not be sufficient to meet the growing demand. The report provides statistics on feedstock use, biofuel production and supply/demand projections through 2012.
1) The document provides a performance snapshot of the palm oil industry in 2018, noting challenges like falling prices and high stock levels.
2) Palm oil production was up in Indonesia in 2018 due to yield recovery, while production declined slightly in Malaysia. Combined ending stocks for Malaysia and Indonesia reached 7 million metric tons.
3) The document projects that palm oil prices may increase in 2019 on expectations of slowing output and robust demand, though factors like surplus soy availability could limit price increases. Production is forecast to have a marginal increase globally to around 74 million metric tons.
Using P/E basis, at the CMP the stock quotes at a FY16 P/E of 10.3. We think investors could buy the stock on dips to Rs.365 – Rs.384 band (~9.5-10.00x FY16E EPS and ~5.25-5.5xFY16 EV/EBITDA) for target of Rs.422 (~11.0x FY16E EPS and ~6x FY16 EV/EBITDA) over the next 1 quarter.
United Spirits' standalone performance improved in Q1 FY13, with revenues growing 6.6% due to price increases and a favorable product mix. EBITDA margins expanded substantially on a sequential basis. However, consolidated performance was below expectations due to lower margins and losses at Whyte & Mackay and foreign exchange losses. While United Spirits' premiumization strategy shows promise, its focus on repositioning Whyte & Mackay may delay improvements in consolidated profitability.
The document discusses a startup called Bioil that focuses on producing ethanol from agricultural waste to help reduce crude oil dependency. Bioil plans to source raw materials like damaged grains from nearby states and process them at its facility in Dwarka, Delhi to produce 2000 liters of ethanol per batch. Initially, the ethanol will be sold to oil marketing companies. Long term, Bioil wants to expand its raw material and customer bases to include plastic, medication and cosmetic industries. The government of India aims to increase pan-India ethanol production capacity to help achieve net-zero emissions by 2070.
Tereos Internacional reported its 2012/13 year-end results. Revenues increased 11.1% to R$7.6 billion due to higher sales volumes in sugarcane and starch & sweeteners segments. Adjusted EBITDA declined 9.4% to R$869 million due to higher cereal prices and reduced ethanol volumes in Europe. In Brazil, sugarcane crushing volumes increased but earnings declined due to lower sugar and ethanol prices. The Indian Ocean/Africa segment reported higher volumes and a 20% increase in adjusted EBITDA. The starch & sweeteners segment saw revenue growth of 19% but adjusted EBITDA fell 9% as higher raw material costs offset increased prices and volumes.
Tereos Internacional reported its 2012/13 year-end results. Revenues increased 11.1% to R$7.6 billion due to higher sales volumes in sugarcane and starch & sweeteners segments. Adjusted EBITDA declined 9.4% to R$869 million due to higher cereal prices and reduced ethanol volumes in Europe. In Brazil, sugarcane crushing volumes increased but earnings declined due to lower sugar and ethanol prices. The Indian Ocean/Africa segment reported increased revenues and adjusted EBITDA due to favorable commercial conditions and volume growth. The starch & sweeteners segment saw revenue growth from higher volumes and prices but adjusted EBITDA declined due to a sharp rise in raw material costs
The document provides highlights from Tereos Internacional's second quarter 2013/14 results. Key points include:
- Revenues increased 17.8% to R$2.207 billion driven by higher volumes in sugarcane and improved prices and mix in starch.
- Adjusted EBITDA rose 18.4% to R$342 million due to cost dilution in sugarcane Brazil from higher volumes and improved efficiency.
- Sugarcane crushing in Brazil was up 3.9% and energy sales increased 44.0% while sugar sales rose 21.2% and ethanol fell 3.3%.
- The starch segment saw revenues increase 31% from better volumes and prices, though profitability remained under
Guarani's Q4 and full year 2008/09 results presentation covers:
- Record revenues of R$1.17 billion due to higher sugar and ethanol prices and increased volumes.
- Adjusted EBITDA increased 45.6% to R$228.3 million due to price increases.
- A net loss of R$291 million was reported, impacted by non-cash effects of currency depreciation and amortization expenses.
- CAPEX was reduced with a focus on sugarcane plantations and selective efficiency projects.
- The outlook for 2009/10 is positive with expectations for continued strong sugar prices and stable ethanol demand.
Tereos Internacional reported on its 2013/14 fiscal year results. Key points included record sugarcane crushing in Brazil of 19.7 million tonnes, driven by strong yields and benefiting operational performance. Cereal grinding was up 5% due to better capacity utilization. Revenues increased 24% for the Starch & Sweeteners segment however profitability remained pressured. Overall, revenues grew 10% to R$8.3 billion while adjusted EBITDA rose 39% to R$962 million, supported by Brazil operational improvements and better performance in Alcohol & Ethanol Europe.
The document provides an equity valuation report for Olympic Industries, the largest biscuit manufacturer in Bangladesh. It recommends buying shares of Olympic Industries with a one-year target price of 276 BDT, representing a 32.5% capital gain. Olympic Industries has a dominant market share in Bangladesh, has invested heavily in expansion projects, and benefits from stable raw material prices and government subsidies. The biscuit industry in Bangladesh is growing due to rising incomes and is projected to significantly increase exports in the next two years.
Rudra Shares Fundamental Call Report- Bodal chemicals ltdAnkurShah108
Volume growth in key products such as SPS, Trion and Thionol Chloride will drive growth for Bodal Chemicals over the next 2-3 years. However, turbulence in China could impact realized growth and put pressure on margins. Significant negative surprises in free cash flow could also put the company's balance sheet at risk given its large recent capital expenditures. The company is pursuing capacity expansions, business integration, new product lines, inorganic growth, and geographical expansion to transform into a fully integrated global dyestuff company.
Bayer reported its Q2 2018 results and provided an outlook for fiscal year 2018 including the impact of the Monsanto acquisition. Key points include:
- The Monsanto acquisition closed on June 7th and integration is underway.
- Q2 performance was on track to meet previous targets. Guidance now reflects Monsanto.
- Full year sales are expected to increase mid-single digits including Monsanto. EBITDA is forecast to rise high-single digits.
- Core EPS is projected to decrease high-single digits due to Monsanto seasonality and financing costs, but Monsanto is expected to be accretive in the first year.
- Net debt is estimated to reduce to around €37 billion by
CCGY Corp. Presentation at Rodman & Renshaw Global Investment Conference 9/12/11William Steppacher
The document contains forward-looking statements about China Clean Energy Inc. that involve known and unknown risks and uncertainties that could materially affect results. It provides an overview of the company's products, facilities, equity details, revenue growth, and expansion plans to increase specialty chemical and biodiesel production capacity. The company sees opportunities in China's growing markets for specialty chemicals and transportation fuels.
Bayer reported results for FY/Q4 2018. Group sales increased 3% to €39.6 billion, meeting guidance. EBITDA before special items rose 5% to €9.5 billion, also meeting forecast. Core EPS was €5.94, slightly above the narrowed guidance range. For 2019, Bayer expects sales of about €46 billion (16% growth including Monsanto acquisition), EBITDA before special items of around €12.2 billion (28% increase), and Core EPS of approximately €6.80 (14% growth). Key focus areas for 2019 include delivering operational targets, integrating Crop Science, executing efficiency programs, defending glyphosate litigation, and improving Consumer Health performance.
Polypropylene has several characteristics such as high resistance to cleaning agents, disinfectants and various chemicals which makes it best suited to be used in medical applications. Polypropylene is a highly versatile polymer, used popularly in medical sciences for manufacturing syringes, surgical trays, inhalers, needle protectors and several instrument components.
- Tesco reported a 2.7% increase in group sales excluding petrol for the first quarter, with online grocery sales continuing to outperform.
- In the UK, total sales grew 1.0% excluding petrol despite a subdued market, while like-for-like sales declined 1.0% due to accelerating work to refocus general merchandise.
- International performance was mixed, with Asia sales up 2.8% excluding exchange rates but Europe down 3.0% excluding exchange rates due to challenging economic conditions.
The SGS Group performed solidly in the first semester with total revenue exceeding CHF 3.0 billion and is on track to deliver the revenue growth projected in the 2020 strategic plan.
The Group grew the top line by 4.9% on a constant currency basis, of which 3.4% was organic, with the remainder being associated with recent acquisitions. On a reported basis, Group revenue increased by 5.0%.
The strong growth was mainly attributable to the non-energy related businesses and once again demonstrated the strength of the Group’s well balanced portfolio.
The Hera Group approved positive results for 2017, with improvements in all operating, financial, and sustainability indicators. Key highlights include:
- Turnover exceeded €6 billion, rising 10.3% due to factors like acquisitions and increased trading.
- EBITDA grew 7.4% to €984.6 million due to strong performances across all business areas, especially electricity.
- Net profits increased 21.1% to €266.8 million due to lower tax rates.
- Proposed dividends were raised to 9.5 cents per share.
Bayer reported strong financial results for FY 2021 despite challenges from currency headwinds and inflation. Group sales increased 7% to €44.1 billion driven by growth across all divisions. Core EPS rose to €6.51. Bayer expects continued sales and earnings growth in 2022, forecasting sales of ~€46 billion and Core EPS of ~€7.00 at constant currencies. Key assumptions include mid-single digit growth in Crop Science and Consumer Health and low single digit growth in Pharmaceuticals.
The Royal Thai Government has initiated policies to support biofuel production and use in Thailand. These include tax incentives for gasohol and biodiesel producers and consumers, and a mandate for B2 biodiesel blending. It is anticipated that gasohol will dominate the gasoline market by 2012 and B100 biodiesel demand will reach over 1 billion liters. Despite growing demand, nearly all existing ethanol plants are running at only 70% capacity due to surpluses and high input prices. Biodiesel producers are concerned that palm oil production may not be sufficient to meet the growing demand. The report provides statistics on feedstock use, biofuel production and supply/demand projections through 2012.
1) The document provides a performance snapshot of the palm oil industry in 2018, noting challenges like falling prices and high stock levels.
2) Palm oil production was up in Indonesia in 2018 due to yield recovery, while production declined slightly in Malaysia. Combined ending stocks for Malaysia and Indonesia reached 7 million metric tons.
3) The document projects that palm oil prices may increase in 2019 on expectations of slowing output and robust demand, though factors like surplus soy availability could limit price increases. Production is forecast to have a marginal increase globally to around 74 million metric tons.
Using P/E basis, at the CMP the stock quotes at a FY16 P/E of 10.3. We think investors could buy the stock on dips to Rs.365 – Rs.384 band (~9.5-10.00x FY16E EPS and ~5.25-5.5xFY16 EV/EBITDA) for target of Rs.422 (~11.0x FY16E EPS and ~6x FY16 EV/EBITDA) over the next 1 quarter.
United Spirits' standalone performance improved in Q1 FY13, with revenues growing 6.6% due to price increases and a favorable product mix. EBITDA margins expanded substantially on a sequential basis. However, consolidated performance was below expectations due to lower margins and losses at Whyte & Mackay and foreign exchange losses. While United Spirits' premiumization strategy shows promise, its focus on repositioning Whyte & Mackay may delay improvements in consolidated profitability.
The document discusses a startup called Bioil that focuses on producing ethanol from agricultural waste to help reduce crude oil dependency. Bioil plans to source raw materials like damaged grains from nearby states and process them at its facility in Dwarka, Delhi to produce 2000 liters of ethanol per batch. Initially, the ethanol will be sold to oil marketing companies. Long term, Bioil wants to expand its raw material and customer bases to include plastic, medication and cosmetic industries. The government of India aims to increase pan-India ethanol production capacity to help achieve net-zero emissions by 2070.
Tereos Internacional reported its 2012/13 year-end results. Revenues increased 11.1% to R$7.6 billion due to higher sales volumes in sugarcane and starch & sweeteners segments. Adjusted EBITDA declined 9.4% to R$869 million due to higher cereal prices and reduced ethanol volumes in Europe. In Brazil, sugarcane crushing volumes increased but earnings declined due to lower sugar and ethanol prices. The Indian Ocean/Africa segment reported higher volumes and a 20% increase in adjusted EBITDA. The starch & sweeteners segment saw revenue growth of 19% but adjusted EBITDA fell 9% as higher raw material costs offset increased prices and volumes.
Tereos Internacional reported its 2012/13 year-end results. Revenues increased 11.1% to R$7.6 billion due to higher sales volumes in sugarcane and starch & sweeteners segments. Adjusted EBITDA declined 9.4% to R$869 million due to higher cereal prices and reduced ethanol volumes in Europe. In Brazil, sugarcane crushing volumes increased but earnings declined due to lower sugar and ethanol prices. The Indian Ocean/Africa segment reported increased revenues and adjusted EBITDA due to favorable commercial conditions and volume growth. The starch & sweeteners segment saw revenue growth from higher volumes and prices but adjusted EBITDA declined due to a sharp rise in raw material costs
The document provides highlights from Tereos Internacional's second quarter 2013/14 results. Key points include:
- Revenues increased 17.8% to R$2.207 billion driven by higher volumes in sugarcane and improved prices and mix in starch.
- Adjusted EBITDA rose 18.4% to R$342 million due to cost dilution in sugarcane Brazil from higher volumes and improved efficiency.
- Sugarcane crushing in Brazil was up 3.9% and energy sales increased 44.0% while sugar sales rose 21.2% and ethanol fell 3.3%.
- The starch segment saw revenues increase 31% from better volumes and prices, though profitability remained under
Guarani's Q4 and full year 2008/09 results presentation covers:
- Record revenues of R$1.17 billion due to higher sugar and ethanol prices and increased volumes.
- Adjusted EBITDA increased 45.6% to R$228.3 million due to price increases.
- A net loss of R$291 million was reported, impacted by non-cash effects of currency depreciation and amortization expenses.
- CAPEX was reduced with a focus on sugarcane plantations and selective efficiency projects.
- The outlook for 2009/10 is positive with expectations for continued strong sugar prices and stable ethanol demand.
Tereos Internacional reported on its 2013/14 fiscal year results. Key points included record sugarcane crushing in Brazil of 19.7 million tonnes, driven by strong yields and benefiting operational performance. Cereal grinding was up 5% due to better capacity utilization. Revenues increased 24% for the Starch & Sweeteners segment however profitability remained pressured. Overall, revenues grew 10% to R$8.3 billion while adjusted EBITDA rose 39% to R$962 million, supported by Brazil operational improvements and better performance in Alcohol & Ethanol Europe.
The document provides an equity valuation report for Olympic Industries, the largest biscuit manufacturer in Bangladesh. It recommends buying shares of Olympic Industries with a one-year target price of 276 BDT, representing a 32.5% capital gain. Olympic Industries has a dominant market share in Bangladesh, has invested heavily in expansion projects, and benefits from stable raw material prices and government subsidies. The biscuit industry in Bangladesh is growing due to rising incomes and is projected to significantly increase exports in the next two years.
Rudra Shares Fundamental Call Report- Bodal chemicals ltdAnkurShah108
Volume growth in key products such as SPS, Trion and Thionol Chloride will drive growth for Bodal Chemicals over the next 2-3 years. However, turbulence in China could impact realized growth and put pressure on margins. Significant negative surprises in free cash flow could also put the company's balance sheet at risk given its large recent capital expenditures. The company is pursuing capacity expansions, business integration, new product lines, inorganic growth, and geographical expansion to transform into a fully integrated global dyestuff company.
first quarter_2015_results_ceo_claudio_descalzi_comments_resultsAndre Cheng
- Eni reported financial results for the first quarter of 2015, with adjusted operating profit down 55% to €1.57 billion due to lower oil prices. Adjusted net profit was down 46% to €0.65 billion.
- Hydrocarbon production increased 7.2% to 1.697 million boe/d due to start-ups of new projects and higher Libya production, partially offsetting mature field declines.
- Cash flow from operating activities was €2.30 billion, funding capital expenditures of €2.9 billion and increasing net borrowings to €15.14 billion while maintaining the same leverage ratio as end of 2014.
This document brings together a set of latest data points and publicly available information relevant for Retail & Consumer Goods Industry. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
HUL registers profit in-line with street expectations in Q4FY15IndiaNotes.com
"Hindustan Unilever (HUL) matched street estimates with the fourth quarter profit rising 16.7 percent year-on-year to Rs1,018 crore compared to Rs872 crore in the year-ago period."
This document brings together a set of latest data points and publicly available information relevant for Retail & Consumer good. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
GHCL Limited provided an investor update for Q1 FY21. Revenues were Rs. 440 crores, down 50% YoY due to the impacts of COVID-19 including lockdowns affecting operations and lower demand. EBITDA was Rs. 84 crores with an EBITDA margin of 19.1%, down from 25.2% YoY. The inorganic chemicals segment saw revenues of Rs. 346 crores and EBITDA of Rs. 80 crores, while the textiles segment had revenues of Rs. 94 crores and EBITDA of Rs. 4 crores. The company expects utilization levels to gradually improve in the coming quarters as market conditions stabilize.
Jyothy Laboratories Q1FY15: Buy at CMP - HDFC SecIndiaNotes.com
Jyothy Laboratories reported a 15.8% increase in net sales for Q1FY15 but operating profit grew at a slower pace of 8.6% and operating margins declined. While sales growth of key brands like Ujala and brands in home care and detergents was healthy, higher raw material costs impacted margins. PAT grew strongly due to lower interest and tax costs. The analyst maintains a buy recommendation due to expected recovery in sales growth from brand extensions and marketing initiatives in coming quarters, but notes operating margins may be limited due to spending on new launches and innovations.
Bayer reported its FY/Q4 2019 results, achieving its guidance targets. Sales were €43.5 billion, EBITDA was €11.5 billion, and core EPS was €6.40. Each business division performed well, with Crop Science benefiting from integration synergies, Pharmaceuticals growing due to drugs like Xarelto and Eylea, and Consumer Health returning to peer growth. Bayer also progressed on portfolio measures, signing agreements to divest its Animal Health division and other smaller businesses. Looking ahead, Bayer provided guidance for 2020 of continued sales and earnings growth.
Discover the Beauty and Functionality of The Expert Remodeling Serviceobriengroupinc04
Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
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20190509 ggc-mdna-1q2019-en
1. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 1
Management Discussion and Analysis
For the operating results of 1Q2019
Global Green Chemicals Public Company Limited
2. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 2
Executive Summary
In 1Q2019, palm oil production and crude palm oil (CPO) inventory have remained high in both
domestic and international market, consequence to drastically lower crude palm oil (CPO) and crude palm
kernel oil (CPKO) prices than that of 1Q2018. Under these circumstances, the government has maintained
the biodiesel mandated at B7 in this quarter. In addition, the government has announced the various
measurements to enhance the consumption of B20, for instance, supporting the use of B20 in public buses
and other public transportations, by extending price subsidies on B20 to be cheaper than B7 at 5 Baht/litre
by State Oil Fund from the end of February 2019 to the end of May 2019 and accelerating to increase
thenumbers of gas stations sellingB20 to 1,000 stations withinend of this year. For natural fatty alcohols market,
in 1Q2019, it was better than 1Q2018, as its price was more attractive than synthetic fatty alcohols price
due to the decreasing of crude palm kernel oil price situation. Meanwhile, supply from natural fatty alcohols
and synthetic fatty alcohols were tight which were impacted by the announcement of permanent shutdown of
a synthetic fatty alcohols plant in Europe and temporary shutdown in some Chinese fatty alcohols plants
due to more strictly safety control and more stringent environmental regulations by its government.
Due to the aforementioned situation, the Global Green Chemical Public Limited (“GGC” or
“the Company”) recorded methyl ester sales volume at 94,703 tons, a decrease of 8,051 tons or 8%
compared to the same quarter of the previous year. While, fatty alcohols sales volume was sold at 24,798 tons,
increased by 563 tons or 2% from 1Q2018. As above reasons and the declining of products’ selling prices
following the dip in crude palm oil price and crude palm kernel oil price, the company reported sales
revenue of THB 2,816 million, decreased from 1Q2018 by THB 1,815 million or 39% and EBITDA of THB 143
million in this quarter was lower than the previous year by THB 68 million or 32%. The result was primarily
from the lower profitability of methyl ester caused by a higher market competition and a decrease in crude
palm oil price regarding to supply glut. However, the company has been improving the inventory
management to be more efficient since the second half of 2018, resulted to the lower stock loss.
As aforementioned, the company realized net profit of THB 22 million, a decrease of 66% compare to 1Q2018.
As of 31 March 2019, the company has total assets in the amount of THB 12,799 million which
comprised of cash and short-term investment amounted to THB 3,882 million, with total liabilities of THB
3,069 million and total equities of THB 9,730 million. In this regard, the company’s financial position remains
strong with low debt-to-equity ratio and high current ratio.
3. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 3
10%
90%
1Q2019
41%
59%
1Q2018
444
8%
92%
4Q2018
310
217
61%
39%
1Q2019
2,816
60%
40%
1Q2018
4,631
57%
43%
4Q2018
3,654
Operating Performance
Exhibit 1 : Consolidated Company’s Performance comparisonof1Q2019vs.1Q2018vs.4Q2018
UNIT: M THB 1Q2019 1Q2018 % YoY 4Q2018 % QoQ
Sales Revenue 2,816 4,631 -39% 3,654 -23%
EBITDA 143 211 -32% 286 -50%
EBITDA Margin (%) 5.1% 4.6% 0.5% 7.8% -2.7%
Stock Gain/(Loss) & NRV -74 -233 -68% -24 208%
Adjusted EBITDA(1)
217 444 -51% 310 -30%
Adjusted EBITDA Margin (%) 7.7% 9.6% -1.9% 8.5% -0.8%
Net Profit 22 64 -66% 171 -87%
Extra item - - n.a. 272(2)
n.a.
Net Profit 22 64 -66% 443 -95%
EPS (Baht/share) 0.02 0.06 -67% 0.43 -95%
Note : (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV
(2) Extra item was tax income from deferred tax assets amounting to THB 272 million.
Exhibit 2 : Sales revenue and Adjusted EBITDA breakdown by business unit comparison of 1Q2019 vs.
1Q2018 vs. 4Q2018 (million THB)
Methyl Ester Fatty Alcohols Methyl Ester Fatty Alcohols
Sale Revenue Breakdown Adjusted EBITDA Breakdown
4. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 4
Market Overview by business
Methyl Ester (Biodiesel)
Exhibit 3: Product and Feedstock Prices
Average Price 1Q2019 1Q2018 % YoY 4Q2018 % QoQ
Methyl Ester (B100) (Baht/litre)(1)
20.74 24.66 -16% 21.78 -5%
Methyl Ester (B100) (Baht/kg.)(2)
23.98 28.51 -16% 25.18 -5%
Crude Palm Oil (CPO) (Baht/kg.)(3)
16.04 20.34 -21% 16.94 -5%
EPPO P2F (Baht/kg)(4)
4.87 5.14 -5% 5.22 -7%
Biodiesel Mandate B7 B7 B7
Note : (1) Reference Price of EPPO
(2) Conversion ratio: 0.865 Tons = 1,000 Liters
(3) Reference Price of DIT
(4) Market ME Price - Mixed Feedstock according to EPPO's B100 formula
An average of the 1Q2019 crude palm oil (CPO-DIT) price was at 16.04 Baht/kg, being less than
1Q2018 crude palm oil price by 4.30 Baht/kg or down 21%, which was the same direction as the soften
in Malaysian crude palm oil price (CPO-MPOB) due to high inventory. In addition, there was a pressure
from soy bean oil price weak which is the substitute goods to CPO. On the domestic methyl ester
demand, it was estimated at 375,000 tons which was close to the same period of previous year, although,
the government has attempted to build up demand of B20 by announcing the variety of measurements.
While in 1Q2018, the government asked collaboration from fuel traders M.7 to keep more inventory of
methyl ester to absorb domestic palm oil surplus, as a result, demand of domestic methyl ester grew
higher than usual. Due to the lower crude palm oil price, methyl ester price in 1Q2019 was at 23.98
Baht/kg, dropped by 4.53 Baht/kg or down 16% from the same period of previous year.
Compared to 4Q2018, crude palm oil price was reduced by 0.90 Baht/kg or down 5% to at 16.04
Baht/kg because the inventory level still remains at 400,000 tons. In the meantime, the measurements to
stimulate domestic consumption of palm oil were rarely impact; for example, cooperating with EGAT to
purchase crude palm oil as fuel for power generation and stimulating the use of B20. On the demand side,
methyl ester domestic demand in 1Q2019 was at 375,000 tons, an increase of 23,400 tons or 7% from the
previous quarter, mainly due to government continually encourages the use of B20; for instance, supporting
the consumption of B20 in public buses and other public transportations, by increasing price subsidies on B20
to be cheaper than B7 at 5 Baht/litre supporting by State Oil Fund, until 31st
May 2019 and persuading fleet
trucks to use of B20 and accelerating to increase the numbers of gas stations selling B20 to 1,000 stations
5. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 5
withinendofthisyear. Duetocrudepalm oilpricesoftness,methyl ester pricewas at 23.98 Baht/kg, decreased
from the previous quarter by 1.20 Baht/kg or down 5%
The average EPPO P2F in 1Q2019 (the difference between ME EPPO price and mixed feedstock
prices) was at 4.87 Baht/kg, decreased by 0.27 Baht/kg or 5% compared to 1Q2018. Compare to 4Q2018, it
was reduced by 0.35 Baht/kg or down 7%. These were mainly resulted from the decreasing of methanol
price which was a factor in the ME EPPO price formula.
Fatty Alcohols
Exhibit 4 : Products and Feedstocks’ prices
Average Price
1Q2019 1Q2018 % YoY 4Q2018 % QoQ
(USD/ton)
Fatty Alcohols (1)
- Short Chain 3,249 3,618 -10% 3,538 -8%
- Mid Cut 1,241 1,796 -31% 1,231 1%
- Long Chain 1,183 1,271 -7% 1,164 2%
Average Fatty Alcohols(2)
1,365 1,784 -23% 1,395 -2%
Crude Palm Kernel Oil (CPKO)(3)
677 1,138 -41% 717 -6%
Market P2F of Fatty Alcohols 553 419 32% 535 3%
Note : (1) Reference Price of ICIS
(2) Average price of fatty alcohols with production proportion: Short Chain 8% Mid Cut 62% and Long Chain 30%
(3) Reference Price of Malaysian Palm Oil Board (MPOB)
Crude palm kernel oil price (MPOB) in 1Q2019 was at 677 USD/ton, dropped from 1Q2018 by
461 USD/ton or 41% and when compared to the previous quarter, it was decreased by 40 USD/ton or
6%. The primary cause was supply flood into the market, while the market demand was limited, chiefly
from a growing health concern, trade barriers from some countries and increasing production of substitute
goods which is coconut oil, attributed to pressure on crude palm kernel oil price.
Natural fatty alcohols demand in 1Q2019 improved from 1Q2018 and 4Q2018 due to more attractive
natural fatty alcohols price than synthetic fatty alcohols price as crude palm kernel oil price falling. On the
other hand, fatty alcohols supply was much tight because of the announcement of permanent shutdown of
a synthetic fatty alcohols plant in Europe and temporary shutdown in some Chinese fatty alcohols plants due
6. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 6
to more strictly safety control and more stringent environmental regulations by its government. Moreover, the
market demand was improved by having demand from agriculture sector and construction sectors that
stocked its product for sales during summer in China.
Due to demand and supply factors as mentioned, Market P2F of natural fatty alcohols in 1Q2019
was at 553 USD/ton, improved by 134 USD/ton or 32% from 1Q2018 and increased by 18 USD/ton or 3%
from 4Q2018.
Operating Performance by business unit
Methyl Ester (ME) Business Unit Operating Performance
Exhibit 5 : Keys Operating Performance of ME Business Unit
1Q2019 1Q2018 % YoY 4Q2018 % QoQ
Utilization (%)(1)
102% 119% -17% 112% -10%
Sales Volume (ton) 94,703(2)
102,754 -8% 97,431(3)
-3%
Sales Volume (million litre)(4)
109 119 -8% 113 -3%
Sales Revenue (million baht) 1,714 2,774 -38% 2,079 -18%
EBITDA (million baht) 3 163 -98% 1 200%
EBITDA margin (%) 0.2% 5.9% -5.7% 0.0% 0.2%
Stock Gain/(Loss) & NRV(million baht) -18 -17 5.9% -25 -28%
Adjusted EBITDA (million baht)(5)
21 180 -88% 26 -19%
Adjusted EBITDA Margin (%) 1.2% 6.5% -5.3% 1.3% -0.1%
Note : (1) Nameplate Capacity 300,000 tons per year from methyl ester plant 1
(2) In 1Q2019, GGC had sales volume from methyl ester plant 2 of 15,678 tons. However, the company could only realize the total sales
volume from methyl ester plant 1 because methyl ester plant 2 is under testing run for commercial operation.
(3) In 4Q2018, GGC had sales volume from methyl ester plant 2 of 7,109 tons. However, the company could only realize the total sales
volume from methyl ester plant 1 because methyl ester plant 2 is under testing run for commercial operation.
(4) Conversion ratio: 0.865 Tons = 1,000 Liters
(5) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV
7. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 7
Operating performance comparison between 1Q2019 vs. 1Q2018
In 1Q2019, the company recorded methyl ester revenue of THB 1,714 million, declined from
1Q2018 by 38%. This was due to the fact that the company could only recognized the sales revenue
from sales volume from methyl ester plant 1, resulting to the decrease in sales volume of 23%. However,
once included amount of sales volume from methyl ester plant 2, the total sales volume of methyl ester was
decreased by 8,051 tons or 8%. In addition, the sales revenue was also impacted by methyl ester selling price
dropped in relation to the soften of crude palm oil price and glycerine price in 1Q2109 was significantly
decreased, attributed to a decline in by-product’s revenue. Furthermore, the company had impact from
a decrease in crude palm oil price resulted to a decrease in feedstock price discount, and an effect from
Stock Loss & NRV of THB 18 million. Based on these factors, EBITDA was recorded at THB 3 million,
a decrease of 98% and the company reported Adjusted EBITDA of THB 21 million, a decrease of 88%.
Operating performance comparison between 1Q2019 vs. 4Q2018
On quarter by quarter basis, methyl ester business unit’s revenue in 1Q2019 was declined by THB
365 million or down 18%, although, sales volume from both plants was close to the previous quarter.
However, the company could only recognize sales volume from methyl ester plant 1, thus, the sales
volume was decreased by 13% due to an increase of methyl ester plant 2’s sales volume. in addition,
the company had impact from methyl ester’s selling price declined in according with a decrease in
crude palm oil price and decrease of by-product’s revenue. However, the company has been improving
the inventory management to be more efficient since the second half of 2018, as a result, the company
realized a decreased Stock Loss & NRV of THB 7 million or 28%, compared to 4Q2018. Due to above
reasons, EBITDA was recorded at THB 3 million, increased from the previous quarter by 200% and
Adjusted EBITDA was reported at THB 21 million, dropped by THB 5 million or 19%.
8. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 8
Fatty Alcohol (FA) Business Unit Operating Performance
Exhibit 6 : Keys Operating Performance of FA Business Unit
1Q2019 1Q2018 % YoY 4Q2018 % QoQ
Utilization (%) 111% 101% 10% 129% -18%
Sales Volume (Ton) 24,798 24,235 2% 33,442 -26%
Revenue from Sales (million baht) 1,102 1,857 -41% 1,575 -30%
EBITDA (million baht) 140 48 192% 285 -51%
EBITDA Margin (%) 12.7% 2.6% 10.1% 18.1% -5.4%
Stock Gain/(Loss) & NRV -56 -216 -74% 1 -5700%
Adjusted EBITDA (million baht)(1)
196 264 -26% 284 -31%
Adjusted EBITDA Margin (%) 17.8% 14.2% 3.6% 18.0% -0.2%
Note : (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV
Operating performance comparison between 1Q2019 vs. 1Q2018
Fatty alcohols business recorded revenue of THB 1,102 million in 1Q2019, decreased from 1Q2018
by 41% mainly due to the decreasing of natural fatty alcohols price following the decreasing of crude palm
kernel oil price by 41%, though the company recorded a slightly increasing of sales volume compared to
the same quarter of the previous year, up 2% mainly from improving of demand. As a result of crude palm
oil price drop, the company realized Stock Loss & NRV of THB 56 million, a decrease of 74%. However, the
company has been improving the inventory management to be more efficient since the second half of
2018, resulted to the lower Stock Loss. Accordingly, EBITDA was reported at THB 140 million, an increase
of 192% and Adjusted EBITDA was recorded at THB 196 million, a decrease of 26%.
Operating performance comparison between 1Q2019 vs. 4Q2018
On quarter by quarter basis, the revenue of fatty alcohol business was recorded at THB 1,102
million, decreased from 4Q2018 by 30%, primarily from the declining of sales volume caused by annual
planned maintenance for catalyst changing at the beginning of January for 11 days and low seasonal
demand after New Year. In addition, due to a decrease in crude palm kernel oil price, the company realized
a decreased Stock Loss & NRV of THB 56 million. Accordingly, EBITDA was recorded at THB 140 million,
declined by 51% and Adjusted EBITDA was reported at THB 196 million, a decrease of 31%.
9. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 9
Consolidated Profit & Loss statement
Exhibit 7 : Consolidated Profit & Loss Statement comparison of 1Q2019, 1Q2018 and 4Q2018
1Q2019 1Q2018 YoY 4Q2018 QoQ
MB % MB % MB % MB % MB %
Sale Revenue 2,816 100 4,631 100 (1,815) (39) 3,654 100 (838) (23)
Feedstock (1,975) (70) (3,522) (76) 1,547 (44) (2,575) (70) 600 (23)
Net Realizable Value (NRV) (7) (0) 2 0 (9) (450) (4) (0) (3) 75
Product to Feed Margin 834 30 1,111 24 (277) (25) 1,075 29 (241) (22)
Variable Costs (403) (14) (495) (11) 92 (19) (484) (13) 81 (17)
Fixed Costs (133) (5) (126) (3) (7) 6 (163) (4) 30 (18)
Stock Gain/(Loss) (67) (2) (235) (5) 168 (71) (20) (1) (47) 235
SG&A (110) (4) (72) (2) (38) 53 (140) (4) 30 (21)
Other Income 22 1 28 1 (6) (21) 18 0 4 22
EBITDA 143 5 211 5 (68) (32) 286 8 (143) (50)
Depreciation and Amortization (111) (4) (139) (3) 28 (20) (125) (3) 14 (11)
EBIT 32 1 72 2 (40) (56) 161 4 (129) (80)
Net Financial Costs (4) (0) (5) (0) 1 (20) (5) (0) 1 (20)
FX Gain/Loss(1) (3) (0) (27) (1) 24 (89) (1) (0) (2) 200
Share of Profit/(Loss) from
investment
1 0 20 0 (19) (95) 9 0 (8) (89)
Income Tax Expenses (4) (0) 4 0 (8) (200) 7 0 (11) (157)
Net Profit bef extra items 22 1 64 1 (42) (66) 171 5 (149) (87)
Extra item net of tax(2) - n.a. - n.a. - n.a. 272 7 (272) (100)
Net Profit after extra items 22 1 64 1 (42) (66) 443 12 (421) (95)
Notes : (1) Including Gain/(Loss) from FX and Derivatives
(2) Extra item was tax income from deferred tax assets amounting to THB 272 million.
10. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 10
Statement of Financial Position
Exhibit 8 : Consolidated Financial Position as of March 31, 2019 and as of December 31, 2018
Assets
As of March 31, 2019, the company had total assets of THB 12,799 million, a decrease of THB 285
million when compared to December 31, 2018, primarily from a decrease in current assets of THB 307
million, which could describe as follow:
1) A decrease in inventory of THB 217 million, because in December 2018 the company had to
reserve more raw materials for production during New Year 2019 and the declining of raw material prices;
2)Adecreaseinaccountreceivablechieflyfromthedecliningofproducts’sellingpricescomparedto4Q2018;and
3) An increase in cash and cash equivalent of THB 95 million caused by the decreasing of working capital.
Liabilities
As of March 31, 2019, the company had total liabilities of THB 3,069 million, a decrease of THB 307
million or 9%, mainly attributed to a decrease in account payable of THB 260 million since this quarter the
company was not required to keep additional raw materials volume while in December 2018, the company
was required to reserve for production during New Year 2019, a decrease in the raw materials prices in
1Q2019 and a decrease in payable to contractor of THB 27 million due to payment to contractor as per
project progress.
Shareholder’s equities
As of March 31, 2019, the company had total shareholder’s equity of THB 9,730 million, increased from
December 31, 2018 by THB 22 million which was resulted from the profit of THB 22 million.
Cash and Cash Equivalent
Account Receivable,
Inventory, and other Current
Assets
PP&E
Non-Current Assets
Other Liabilities
Interest Bearing Debt
Shareholders’ Equities
As of December 31, 2018
THB 13,084 million
As of March 31, 2019
THB 12,799 million
11. Global Green Chemicals Public Company Limited
Management Discussion and Analysis | 11
Statement of Cash Flows
The company had cash from operating activities of THB 246 million which consists of
1) the cash from net profit of THB 22 million; and
2) other operating activities of THB 224 million mainly due to a decrease in account receivable and
inventory.
The company had spent cash for investing activities of THB 90 million, which composed of
obtaining PP&E for THB 121 million, chiefly from investing in methyl ester plant 2, and investment
in GGC KTIS Bio Industrial Company Limited amounting to THB 30 million and a decrease in short-
term investment of THB 50 million.
The company had cash flow spending for financial activities of THB 17 million, which was spent for
interest payment and payment of installments according to financial leases.
Key Financial Ratios
Exhibit 9 : Key Financial Ratios comparison of 1Q2019, 1Q2018 and 4Q2018
Key Financial Ratio 1Q2019 1Q2018 4Q2018
Current ratio (x) 5.2 7.5 4.4
EBITDA to sales revenue (%) 5.1 4.6 7.8
Net profit to sales revenue (%) 0.8 1.4 12.1
Return on total assets (%) (10.9) 3.9 (10.5)
Return on equity (%) (11.5) 4.6 (11.2)
Debt to equity (x) 0.3 0.3 0.3
Interest bearing debt to equity (x) 0.2 0.2 0.2
Interest bearing debt to EBITDA (x) 2.5 2.3 2.3
Notes:
Current ratio (x) = Current assets divided by current liabilities
EBITDA to sales revenue (%) = EBITDA divided by sale volume
Net profit to sales revenue (%) = Net profit divided by sales revenue
Return on total assets (%) = Net profit divided by average total assets
Return on equity (%) = Net profit divided by average equities attributed to owners of the company
Debt to equity (x) = Total debt divided by shareholders’ equities
Interest bearing debt to equity (x) = Interest bearing debt divided by shareholder’ equities
Interest bearing debt to EBITDA (x) = Interest bearing debt divided by EBITDA