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Q2 2005 EARNINGS CALL – PTTEP

PTTEP · Aug 18, 2005 · 43 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2005 EARNINGS CALL – PTTEP – slide 1
    Analyst Briefing Q2/2005 18 August 2005 1
  2. Q2 2005 EARNINGS CALL – PTTEP – slide 2
    Highlights Operational Results Financial Performance Projects & Investments 3
  3. Q2 2005 EARNINGS CALL – PTTEP – slide 3
    Recent Major Developments of PTT and Affiliates Gas Business Announcement of GSP6 to support ethane cracker project, start up by Q4/08 Refining Business MOU signed for a merger of RRC and SPRC, which RRC serving as a core,…
  4. Q2 2005 EARNINGS CALL – PTTEP – slide 4
    Q2/2005 Financial Snapshot : Another Solid Quarter Q2/2004 Q2/2005 Sales 150,673 MB Sales 226,291 MB + 75,618 MB (+ 50%) Gas Group Gas Group 32% 22% 12% Petrochem Oil Group Oil Group & Refinery 68% 66% EBITDA 19,470 MB…
  5. Q2 2005 EARNINGS CALL – PTTEP – slide 5
    Q2/2005 Financial Snapshot : Another Solid Quarter Q2/2004 Q2/2005 Net Income 14,083 MB Net Income 18,355 MB PTTEP + 4,272 MB (+ 30%) RRC PTTEP 15% 14% 19% PTT 44% Associates Associates PTT 23% 41% : Refinery 15% 44% :…
  6. Q2 2005 EARNINGS CALL – PTTEP – slide 6
    1H/2005 Financial Snapshot 1H/2004 1H/2005 Sales 287,816 MB Sales 417,453 MB + 129,637 MB (+ 45%) Gas Group Gas Group 32% 22% 13% Petrochem Oil Group Oil Group & Refinery 68% 65% EBITDA 37,277 MB EBITDA 53,228 MB Oil…
  7. Q2 2005 EARNINGS CALL – PTTEP – slide 7
    1H/2005 Financial Snapshot 1H/2004 1H/2005 Net Income 26,357 MB Net Income 44,351 MB + 17,994 MB (+ 68%) RRC PTTEP PTTEP 9% 16% RRCs gain from 14% debt restructuring PTT 17% Associates 48% 22% Associates 36% PTT : Refinery…
  8. Q2 2005 EARNINGS CALL – PTTEP – slide 8
    Highlights Operational Results Financial Performance Projects & Investments 9
  9. Q2 2005 EARNINGS CALL – PTTEP – slide 9
    Gas Business : Stable Income & Growing Continuously Gas Sales Volume Customer Profile MMSCFD MMSCFD EGAT IPP SPP 4000 GSP Industry 3100 + 8% yoy + 8% yoy 3013 + 1% qoq + 1% qoq 3500 3000 2970 2,970 3,013 3000 2,784 249 8% 265…
  10. Q2 2005 EARNINGS CALL – PTTEP – slide 10
    Gas Separation Plants : Strategic Value Creators Product Sales Volume : Strong contribution from GSP5 kTon %yoy %qoq 900 803 814 680 674 671 723 40 5% 59 Propane (26%) (32%) 52 50 50 190 170 21% 600 54 139 138 131 139 119 15%…
  11. Q2 2005 EARNINGS CALL – PTTEP – slide 11
    PTTEP : High Oil Price Driving Record Performance 66.48% owned by PTT (as of 30 Jun 2005) Financial Highlights EBITDA NI Sales Volume (RHS) MB +7% KBOED 133 143 139 +4% yoy 141 (3%) qoq 131 25,000 150 20,000 100 15,000 10,920…
  12. Q2 2005 EARNINGS CALL – PTTEP – slide 12
    Oil Business : Leadership Position & Expansion Capability Oil Marketing : Dominant Position & Strong Brand with 36% Market Share ML of gas stations PTT : Total = 1,327 (as of Jun 2005) %yoy %qoq 3,582 3,514 3,489 3,710 4,062 3,353…
  13. Q2 2005 EARNINGS CALL – PTTEP – slide 13
    Petrochemical Associates : Olefins Olefins Prices NPC /Ton MB %Utl PP 1200 10000 94 97 120 HDPE 86 1098 100 Ethylene 7500 69 1100 1043 11061050 80 Propylene 1073 1062 51 1048 1054985 1050 5000 60 Naphtha 1015 3067 1000 2434 40…
  14. Q2 2005 EARNINGS CALL – PTTEP – slide 14
    Petrochemical Associates : Aromatics Aromatics Prices ATC /Ton MB 116 114 118 113 116 %Utl 1400 10000 120 PX 100 BZ 7500 4996 80 1200 Condensate 1,089 5000 3723 60 3120 2473 40 1877 2500 973 3629 20 949 1612 2698 931 2532…
  15. Q2 2005 EARNINGS CALL – PTTEP – slide 15
    Refining Affiliates : Record Oil Prices Driving Performance TOP RRC MB %Utl MB %Utl 105 110 14464 15000 105 102 120 12000 102 102 120 95 98 98 100 11238 100 7243 100 10000 8126 80 8000 5567 4335 80 6338 11249 5521 60 2908 4000…
  16. Q2 2005 EARNINGS CALL – PTTEP – slide 16
    Highlights Operational Results Financial Performance Projects & Investments 17
  17. Q2 2005 EARNINGS CALL – PTTEP – slide 17
    Consolidated Income Statement : Q2/2005 Unit : million Baht except EPS (Baht/share) and percentages Q2/04 Q1/05 Q2/05 %YoY %QoQ 1H/04 1H/05 %Chg Sales 150,673 191,161 226,291 50.2 18.4 287,816 417,453 45.0 S&A Exp. 4,169 5,631 6,785…
  18. Q2 2005 EARNINGS CALL – PTTEP – slide 18
    Share of Net Income from Associates Income from Associates of 4,509 MB ( 25% of Total Net Income) Q2/04 : Net Income 14,083 MB Q2/05 : Net Income 18,355 MB -22% PTTEP RRC 5,812 MB 4,509 MB 19% 14% Associates* PTT : Refinery 15% :…
  19. Q2 2005 EARNINGS CALL – PTTEP – slide 19
    Share of Net Income from Associates Income from Associates of 10,275 MB ( 23% of Total Net Income) 1H/04 : Net Income 26,357 MB 1H/05 : Net Income 44,351 MB RRC +7% PTTEP 9% 9,564 MB 10,275 MB 14% Gain from debt Associates*…
  20. Q2 2005 EARNINGS CALL – PTTEP – slide 20
    Balance Sheets & Financial Ratios Balance Sheets Financial Ratios MB Liabilities 600,000 Equities 3.0 ICR (RHS) 12.3 14 487,226 480,245 12 500,000 2.5 9.4 10 400,000 2.0 7.7 324,331 268,549 8 302,311 1.4 300,000 1.5 Net…
  21. Q2 2005 EARNINGS CALL – PTTEP – slide 21
    Debt Profile : Cost Control & Risk Management Average loan life Consolidated (6.4 years) / PTT Only (6.0 years) Long-term Debts by Currency Long-term Debts by Company MB JPY RRCs debt repayment of MB Equivalent THB USD Total Cost %…
  22. Q2 2005 EARNINGS CALL – PTTEP – slide 22
    Highlights Operational Results Financial Performance Projects & Investments 23
  23. Q2 2005 EARNINGS CALL – PTTEP – slide 23
    CAPEX & Investments : Building Infrastructure to Grow CAPEX & JV Investments : 2005 2009 to serve growing gas demand MB Total Capex 212,266 MB (5.6bn) which 70,000 91% invested in gas business group 64,351 58,068 60,000 Others…
  24. Q2 2005 EARNINGS CALL – PTTEP – slide 24
    Strategic Roadmap : Core Gas Business Serving as a growth platform to capture more opportunities along the gas value chain Existing 2005 2006 2007 2008 2009 Transmission 3rd Pipeline 2 Completed Projects BV7 Comp. 3rd Pipeline…
  25. Q2 2005 EARNINGS CALL – PTTEP – slide 25
    Strategic Roadmap : Value Enhancers Existing - 2005 2006 2007 2008 2009 EO/EG 1 EO/EG 2 MEG 220 kta MEG 220 kta EO 80 kta Ethylene from debot TOC (PTT 48.97%) Ethylene from expansion plant 2 Ethylene 685 kta Debot Plant 1 Debot 2…
  26. Q2 2005 EARNINGS CALL – PTTEP – slide 26
    Conclusions Q2/05 was another strong quarter driven by solid performance on the core businesses gas, PTTEP, and GSP. High quality assets, stable cash flow, and strong financial position helped PTT to outperform the overall market…
  27. Q2 2005 EARNINGS CALL – PTTEP – slide 27
    Thank you. PTT Public Company Limited Investor Relations Department Tel. (+66 2) 537-2787 Email: irpttplc.com http://www.pttplc.com/ 28
  28. Q2 2005 EARNINGS CALL – PTTEP – slide 28
    Appendix 29
  29. Q2 2005 EARNINGS CALL – PTTEP – slide 29
    PTT : The Only Integrated Gas Company in Thailand Ministry of Finance 52%, Public 48% Largest Thai Public Company Global Recognition Market Cap. (Bt mn) % PTT SET 4,714,917 100.0 PTT Group 1,207,208 25.6 373rd : Worlds Largest…
  30. Q2 2005 EARNINGS CALL – PTTEP – slide 30
    PTT Group Strategy PTT Vision : To be a high-performance energy company with reasonable return to stakeholders Business Group Strategy EE & &PP Grow in Thailand and beyond Core Value Creators Gas Gas Pursue growth vigorously &…
  31. Q2 2005 EARNINGS CALL – PTTEP – slide 31
    Corporate Structure PTT Gas Business Group Oil Business Group Petrochemical & Refining Exploration and production Marketing Trading Gas-based petrochemicals Transmission and distribution Commercial Crude and Refineries Processing…
  32. Q2 2005 EARNINGS CALL – PTTEP – slide 32
    Thailands Energy Consumption (Include Petrochemical Feedstock) KBOED Actual 2004 Projection 3500 3,200 5) 6% 04- 201 1% 9% 0 (2 Hydro/Others ) CAGR 3000 04 (1 985-20 1,677 14% CAGR 2% Coal/Lignite 2500 13% 2000 31% Gas/LNG…
  33. Q2 2005 EARNINGS CALL – PTTEP – slide 33
    Gas Demand Outlook in Thailand : Growing Constantly MMSCFD Actual 2004 Projection 7,000 7% 5,900 ) 6,000 9% - 2 015 ) 2004 Industry 12% 004 R ( 998 -2 CA G 5,000 R (1 CAG 2,780 GSP 24% 4,000 9% 14% 3,000 77% Power 64%…
  34. Q2 2005 EARNINGS CALL – PTTEP – slide 34
    GSPs : Increase Gas Consumption & Enhance Gas Value Extracting valuable components from natural gas to produce high-value products Gas Demand Product Usage MMSCFD kTPA 1,000 7,000 900 13% 12% 009) Stab NGL 6,000 00 9) 2 -2 800…
  35. Q2 2005 EARNINGS CALL – PTTEP – slide 35
    Natural Gas Sales Structure : Stable & Fixed Return Sales Price Structure Customers Gas Pool Price + Supply Margins + Pipeline Tariffs Power Producers (75%) : EGAT (33%) 1.75% 19.4 Bt/mmbtu Average Purchased : IPP (28%)…
  36. Q2 2005 EARNINGS CALL – PTTEP – slide 36
    Take-or-pay Contract : Extra Cash from Make-up Gas MMSCFD 1,000 Make-up Gas 900 DCQ 800 700 Advanced payment 600 500 830mn booked as advanced payment for gas in 2001 400 Gas taken exceeding DCQ since 2001 300 Actual gas…
  37. Q2 2005 EARNINGS CALL – PTTEP – slide 37
    Major Projects Update PTTs Natural Gas Pipeline Network 3rd Offshore Pipeline : EPC contract awarded in 2004 : Scheduled to startup by 1H/2006 Sainoi to N&S BKK Power Plants (capacity 480 mmcfd) Karnchanaburi Purchasing and…
  38. Q2 2005 EARNINGS CALL – PTTEP – slide 38
    Petrochemical Assets : Strategic Gas-based Operations Company Key Products Debt PTTs Market Cap. Highlights (PTT ownership) (TPA) Oustanding Book Value PTTs Portion (USD mil) (USD mil) (USD mil) Ethylene: 685,000 514 276 583 EO/EG…
  39. Q2 2005 EARNINGS CALL – PTTEP – slide 39
    Refining Assets : Integrating Oil Operations Company Refining Process Debt PTTs Market Cap. Highlights (PTT ownership) (Capacity in bpd) Oustanding Book Value PTTs Portion (USD mil) (USD mil) (USD mil) Complex 893 432 1,452…
  40. Q2 2005 EARNINGS CALL – PTTEP – slide 40
    Refineries in Thailand Leading position in the market with 31% of Thailands total refining capacity (PTT equity portion) RPC TOP (220 kbpd) 2% (PTT 49.54%) ESSO TOP 14% 22% BCP (120 kbpd) TPI (PTT 7.91%) ESSO (145 kbpd)…
  41. Q2 2005 EARNINGS CALL – PTTEP – slide 41
    Gross Refining Margins /bbl 14 12.07 12 11.63 Q1/05 10 8.50 Q2/05 Yr 2004 8.04 7.93 8 6 5.69 Yr 2003 4 3.95 3.56 2 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -2 Note : Data using monthly average GRMs of three…
  42. Q2 2005 EARNINGS CALL – PTTEP – slide 42
    Dividend Policy & Historical Payments Baht/share % of Net Income 14 32.4% 32.6% 35% 30.1% 28.4% 12 30% 10 25.0% 25% 8 Dividend payment at no less than 25% of Net Income 20% 6.75 6 15% 4.00 4 10% 2.85 2.50 2 5% 0…
  43. Q2 2005 EARNINGS CALL – PTTEP – slide 43
    END 44

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