-1- Thai Oil Public Company Limited Q4 & FY/18 Opportunity Day Presentation 28 February 2019 Time : 10.00 - 11.00 hrs. Venue : Stock Exchange of Thailand, Building B, Room 704
-2- -2- Disclaimer The information contained in this presentation is intended solely for your personal reference. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. Some statements made in this material are forward-looking with relevant assumptions, which are subject to uncertainties, which may cause the actual result/performance to be materially deviated from any future result/performance implied by such forward-looking statements. Please note that the company and management/staff are not capable to control and guarantee if these forward-looking statements will be accurately materialized, they are subject to various risks and uncertainties.
-3- -3- Corporate Vision, Mission and Values Empower Human Life VISION through Sustainable Energy and Chemicals • To enrich stakeholders’ well -being and deliver sustainable returns MISSION built upon innovation, technology and resilient portfolio with top class management and accountable corporate governance Professionalism Excellent Striving Vision Focus VALUES Ownership & Commitment Initiative Social ResponsibilityIntegrityTeamwork & Collaboration
-4- -4- Corporate Governance Corporate Governance Policy Roles and Responsibilities The board of directors, management and all staff shall for Stakeholders commit to moral principles, equitable treatment to all stakeholders and perform their duties for the company’s interest • Truthfully report company’s with dedication, integrity, and transparency. situation and future trends to all Anti-Corruption Policy stakeholders equally on a timely manner. The Board, the management, and employees must not • Shall not exploit the confidential corrupt or accept corruption of all forms in any circumstances, covering the business of the Company in every country and in information for the benefit of every relevant agency. The Company defines guidelines, related parties or personal gains. operating measures, and roles and duties of responsible • Shall not disclose any confidential persons, as well as regularly monitoring and reviewing the information to external parties. implementation of the anti-corruption policy in compliance with changes in businesses, rules, regulations, and relevant laws. Whistle-Blowing Channels Chairman of the Board or cgcoordinate@thaioilgroup.com Chairman of the CG Committee or Should you discover any Chairman of the Audit Committee or +66-0-2797-2999 ext. 7440-7442 ethical wrongdoing that is CEO/President or Company Secretary not compliance to CG +66-0-2797-2973 Thai Oil Public Company Limited policies or any activity that 555/1 Energy Complex Building A could harm the Company’s http://www.thaioilgroup.com 11F, Vibhavadi Rangsit Road, interest, please inform: Chatuchak, Bangkok 10900
-5- -5- Our Achievement in Sustainable Development 6 th Consecutive Year as the Member of DJSI Emerging Markets 5 th Consecutive Year of leading positions: Oil & Gas Refining & Marketing
-6- -6- Presentation Agenda TOP GROUP BUSINESS OVERVIEW 2018 KEY HIGHLIGHTS 2018 PERFORMANCE ANALYSIS 1H/19 MARKET OUTLOOK
-7- -7- TOP GROUP BUSINESS OVERVIEW
-8- -8- Thai Oil Group Business Structure PTT 26.0% 100.0% 100.0% 74.0% 100.0% 100.0% Thai Paraxylene Thai Lube Base Thaioil Power Thaioil Marine Thaioil Ethanol Thaioil (TOP) (TPX) (TLB) (TP) (TM) (TET) 50.0% Aromatics Capacity: Lube Base Oil Sells Electricity/Steam to • 5 Oil & Chemical Tankers Sapthip (SAP) Paraxylene Capacity : Group Capacity : 22,800 DWT Capacity : 527,000 tons/annum Cassava Based Ethanol Base Oil • Crude Tankers: 3VLCCs 275,000 barrels/day Small Power Producer Mixed Xylene Capacity : 200,000 lts/day 267,015 tons/annum Capacity: 881,050 DWT Program 52,000 tons/annum Bitumen BCP 14 crew & utility boats Others • 3-on-1 Combined Cycle Benzene 350,000 tons/annum 21.3% (120 DWT each) 21.3% 57.4% Electricity 118 MW 259,000 tons/annum TDAE • 2 Large vessels for crude, Ubon Bio Ethanol (UBE) Steam 216 tons/hour Total 838,000 tons/annum 67,520 tons/annum feedstock & product Cassava/Molasses Based Plant storage and transportation Capacity : 400,000 lts/day TOP SPP 75.0% Mitsui 25.0% services capacity: 200,000 100.0% 100.0% DWT 2 Small Power Producers LABIX Company Limited Thaioil Energy Services • Ship management services Total capacity: 239 MW (LABIX) (TES) Steam capacity 497 T/H PTTOR 40.4% LAB producer and distributor Proceeds the business on COD 2016 Capacity: 120 KTA COD: 2016 9.2 % Others 50.4% various professional of Thaioil & management services TP 29.7% 100.0% 100.0% PTT 22.6% Thappline (THAP) Thaioil Treasury Center (TTC) PTTGC 22.7% Multi-product Pipeline Global Power Synergy Increases financial efficiency Capacity:26,000 m.lts/y Thaioil Solvent Public Company Limited of Thaioil group Through TOP Solvent (TS) PTT Group 85.0% 15.0% Principal power plant of PTT Sarn Palung Social PTT 40.0% 80.5% 100.0% Total Equity Capacity Enterprise PTTGC 20.0% 20.0% 1,922 MW of electricity IRPC 20.0% Supports execution of social Solvent distribute Sak Chaisidhi Top Solvent 1,582 tons/hour of steam PTT Energy Solutions enterprise of PTT group in Thailand (SAKC) Vietnam 2,080 Cu.m./hour of Industrial (PTTES) PTT Group 80.0% 20.0% Solvent manufacturer water Solvent distribute in Provides engineering PTT Digital Solutions Capacity : 141,000 12,000 RT of Chilled water Vietnam technique consulting services (PTT Digital) tons/annum Refinery Net Profit Contribution Aromatics 51% 24% 13% 12% Lube Base (Avg. from 2006 – 2018) Others
-9- -9- 2018 KEY HIGHLIGHTS
-10- -10- Key Highlights 2018 Key Market Drivers Highlights Soften refinery margins pressured by higher crude premium due to Refinery Implication supply tightness followings OPEC’s cut and weak gasoline spread due to 1) Mkt GRM at 4.7 $/bbl high inventory worldwide. But negative impact was partially offset by (2017 = 6.7 $/bbl) strong middle distillates margin supported by decent demand and 1) Include Margin and Productivity limited supply Improvement 2) Slightly lower crude price toward year end pressured by 1) U.S. (0.4) $/bbl inventory loss recorded high production 2) waiver of imported Iranian crude by U.S. (from stock gain 0.9 $/BBL in 2017) until 1 May, 2019 2) Based on refinery intake Aromatics & LAB Robust Aromatics & LAB Robust aromatics contribution mainly from strong PX spread 3) Margins supported by 1) supply tightness as the start-up of PetroRabigh (1.3 ( GIM contribution 1.8 $/bbl from MTA) and Nghi Son (0.7 MTA) were not at full capacity 2) robust 1.6 $/bbl in 2017) demand from downstream product i.e. PTA & Polyester 3) Aromatic contribution including LAB Lube Base Soften Lube Base Soften Base Oil spread pressured by additional base oil supply mainly Contribution from Saudi Arabia (0.89 MTA) and China (0.65 MTA) ( GIM contribution 0.5 $/bbl from 0.8 $/bbl in 2017) $/BBL FY/17 FY/18 Market GIM 9.1 6.9 Refinery + Aromatics & LAB + Lube Base 4) Inventory Gains/ (Loss) 0.8 (0.3) Accounting GIM 9.9 6.6 4) Based on integrated intake
Key Highlights -11- -11- 2018 Key Achievements Key Achievements 2018 TOP Group Net Profit Unit : million THB (MB) Operational Maintain high reliable production F/X gain/(loss) Net Operating Profit Excellence 2018 2017 Reversal of NRV/(NRV) & Adjusted to cost Others i.e. Hedging gain/(loss) & Stock gain/(loss) Non-recurring items * Refinery 113 % 112 % Q3/18 Q4/18 FY/17 FY/18 Aromatic 89 % 83 % 4,558 MB (4,812) MB Base Oil 84 % 88 % 10,149 MB 24,856 MB * Planned MTA CDU-1 (May- Jun’18) 3,182 Capture high local & Indochina sales 754 2018 2017 3,343 Local 86 % 86 % 627 Indochina 9 % 9 % 548 18,257 Other exports 5 % 5 % Growth & 1,169 13,083 Profitability 4,247 2018 Dividend 2.65 Baht per share approx. 5,406 3,309 Improvement MB (1,315) (328) (679) In Aug, EGM approved investment in CFP Project (994) (140) (1,252) (7,211) CAPEX USD 4.8 bn. And, in Oct, Thaioil signed EPC Contract, with a consortium of companies (763) In Apr, TTC Successfully did Liability Management (852) (233) Transactions to enhance debt management FY/18 efficiency. In Nov, TTC issued USD 1bn to support FY/17 Sustainability & Awards CFP investment Included Stock G/L 2% 9%1% Subsidiaries financial management successfully Refinery 22% 7% refinanced LABIX and TMS 40% Aromatic & LAB Sustainability Member for Oil & Gas Industry for 11% 6 th consecutive years of DJSI Emerging Markets 11% Lube Base 71% Best Company Performance Awards 2018, listed Power 25% company with market cap > 100 Bn THB from SET Others Best IR in energy sector – South East Asia, IR Magazine 2018
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