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MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited

Thai Oil Public Company Limited · May 21, 2014 · 86 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. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 1
    -0- Thai Oil Public Company Limited Opportunity Day Presentation to Investors 21 May 2014
  2. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 2
    -1- 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,…
  3. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 3
    -2- Corporate Vision, Mission and Values A LEADING FULLY INTEGRATED REFINING & PETROCHEMICAL VISION COMPANY IN ASIA PACIFIC To be in top quartile on performance and return on investment To create a high-performance…
  4. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 4
    -3- Corporate Governance Policy Roles and Responsibilities for Corporate Governance Policy Stakeholders The board of directors, management Truthfully report companys situation and and all staff shall commit to moral future trends…
  5. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 5
    -4- Presentation Agenda Q1/2014 KEY HIGHLIGHTS Q1/2014 PERFORMANCE ANALYSIS Q2-4/2014 MARKET OUTLOOK 2014 KEY ACTIVITIES / PROJECT UPDATE KEY TAKE AWAY MESSAGE
  6. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 6
    -5- Q1/2014 KEY HIGHLIGHTS
  7. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 7
    -6- Q1/14 Business Highlights Macro-economies / Industry Highlights Improving Indonesian import demand & Improved Market GRM opportunities to export diesel to US during winter Soften Dubai crude price pressured by weak CN Stock…
  8. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 8
    -7- Q1/2014: Improving Groups Net Profit Top Group Net Profit Gross Refining Margin - GRM Unit : million THB NP w/o Stock G/L Stock G/(L) LCM /bbl Q1/14 Q4/13 Q1/13 Before tax Marketing GRM 5.1 1.9 6.6 Q1/14 Q4/13 R Q1/13R…
  9. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 9
    -8- Q1/2014 PERFORMANCE ANALYSIS
  10. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 10
    Refining -9- Q1/14: Concerns on Chinese EconLower Dubai Crude Price Dubai Crude Price Average Y2013 = 105 /bbl Y2014 Q1 Q2 Q3 Q4 Q1 Q2TD /bbl 108 101 106 107 104 105 120 115 111 108 107 108 108 110 106 107 106 104 105 104 105…
  11. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 11
    Refining -10- Q1/14: Thriving Product SpreadsImproving MKT GRM LPG - DB (Unit: /bbl) Diesel - DB + Firm demand from Vietnam, Saudi Arabia & Africa Q2TD 8 May + Strong heating oil market in the US amid expected colder weather and…
  12. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 12
    Refining -11- Q1/14: Fallen Crude PriceResulting in Inventory Loss Dubai Crude Price Marketing Gross Refining Margin Marketing GRM Average Y2013 = 105 /bbl Y2014 (Unit: /bbl) Q1 Q2 Q3 Q4 Q1 Q2TD /bbl 108 101 106 107 104 105 120 6.6…
  13. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 13
    Refining -12- Optimized & Flexible OperationsSuperior Performance Crude Assays based on Sources of Product Spread over Domestic demand for TOP configuration Crude output Dubai (US/bbl) petroleum products* 1 % S = 1.54 % S = 2.13 %…
  14. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 14
    Refining -13- Strong Domestic Sales despite Flatten Local Demand Domestic Oil Demand / Domestic Refinery Intake Domestic Oil Demand *including TOP intake (Excluding TOP = 61%) Utilization = 105% KBD Q1/13 Q1/14 KBD -0.3 % 92% 88%…
  15. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 15
    Aromatics -14- Q1/14: Depressed PX SpreadSubdued Aromatics Margins Aromatics Spreads and Margins Aromatics Production 2013 2014 Q1/14 Q4/13 Q1/13 /ton Q1 Q2 Q3 Q4 Q1 Q2TD* 2013 95% 94% 82% PX*-ULG95 559 462 476 445 273 178 486…
  16. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 16
    Lube Base -15- Q1/14: Softer Bitumen SpreadSlightly Lower Lube Margins Base Oil & Bitumen Spreads & Margins Base oil Production 2013 2014 Q1/14 Q4/13 Q1/13 /ton Q1 Q2 Q3 Q4 Q1 Q2TD* 2013 100% 95% 97% 500SN-HSFO 419 494 519 509…
  17. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 17
    Performance Breakdown -16- Beauty of IntegrationSustainable GIM (Unit: US/bbl) 21.6 20.3 16.5 18.6 16.5 19.2 8.2 Product to Feed 7% to GIM Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13 6.6 5.0 5.1 5.3 3.6 4.3 Crude 1.9 Marketing GRM…
  18. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 18
    Performance Breakdown -17- Q1/14: Performance Breakdown Refinery Aromatic Lube Base IPT Plant TP Plant SAKC Ship Sapthip Mae Sod UBON Utilization Production Production Availability Utilization Utilization Utilization Utilization…
  19. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 19
    Financial -18- Consolidated Financial Performance (US/bbl) Q1/14 Q4/13R Q1/13R QoQ+/(-) YoY+/(-) Marketing GRM 5.1 1.9 6.6 3.2 (1.5) Marketing GIM 6.1 4.9 8.8 1.2 (2.7) Accounting GIM 4.5 6.4 7.7 (1.9) (3.2) (million THB) Sales…
  20. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 20
    Financial -19- Strong Financial Performance Statements of Financial Position Consolidated Long-Term Debt as at 31 Dec 13 1) (Unit: million THB) Total Long-Term Debt Net Debt 208,662 217,566 76,526 million THB 27,540 million THB…
  21. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 21
    -20- Q2-4/2014 Market Outlook Macroeconomics & Crude Prices Petroleum Market Aromatics & Base Oil Conclusion
  22. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 22
    -21- Macroeconomics & Crude Prices Limited crude demand during refinery maintenance and softer Chinese economy to pressure oil price BUT Russia Ukraine conflict to limit losses
  23. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 23
    Macroeconomics & Crude Prices -22- 2014 Global GDP Growth by IMF Improved world economic growth 2014 driven by advanced countries Growth 2014 (%YoY) 2013 China US EU World Jan-14* Apr-14** 12% USA 1.9% 2.8% 2.8% 9% EU -0.5%…
  24. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 24
    Macroeconomics & Crude Prices -23- 2014 Global Oil Demand Growth IEA forecasted 2014 world oil demand increases around 1.29 mbd FSU Unit: KBD North America Europe 110 120 70 380 90 -110 -60 -510 -340 Middle East 240 Asia…
  25. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 25
    Macroeconomics & Crude Prices -24- 2014 Non-OPEC Supply Growth IEA forecasted 2014 Non-OPEC oil supply increases around 1.51 mbd mainly from North America Unit: KBD FSU North America Europe 1240 1350 1270 50 230 -30 -180…
  26. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 26
    Macroeconomics & Crude Prices -25- 2014 World Oil Market Balance & OPEC Spare Capacity OPEC spare capacity rises around 6 MBD in 2014. With high spare capacity, OPEC will play an important role to balance global oil demand/supply and…
  27. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 27
    Macroeconomics & Crude Prices -26- Soft Demand during Refinery Shutdown amid Ukraine Issue /BBL /BBL 120 2014 Dubai 104 120 109 110 106 105 110 104.4 103.6 103.0 104.5 100 100 90 90 80 80 70 70 2011 2012 2013 1Q14…
  28. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 28
    Macroeconomics & Crude Prices -27- Instability Situation in Libya, Iraq, Iran, South Sudan & Syria Instable supply from Libya, Iraq South Sudan. Along with uncertainty of oil sanction lift in Iran add volatility to crude price…
  29. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 29
    -28- Petroleum Product Market Firm GRM in Q2-14 due to tight supply during refinery maintenance and refinery closure in Japan
  30. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 30
    Refinery -29- Overview 2014-18 Refinery Status (Effective Additional Capacity) Expected supportive GRM in 2014 due to limited net capacity addition as refinery closure in Japan, Australia & project postponement in China CDU…
  31. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 31
    Refinery -30- Refinery Maintenance in Asia-Pacific Area Seasonal peak refinery maintenance in Asia-Pacific during Q2 limits crude oil demand. This will support petroleum product market. Asia Pacific Refinery % capacity 5.7%…
  32. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 32
    Refinery -31- Uncertainty on Chinese Diesel Exports Asian market could be pressured by Chinese barrels Chinas gasoil demand and exports Domestic Demand (LHS) Export (RHS) Potential for more exports KT KT 18,000 800 Diesel…
  33. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 33
    Refinery -32- Expected Peak Asian Gasoline Price in Q2 Refinery maintenance for key importer e.g. Vietnams Dung Quat refinery (350KBD) Tracking increasing US gasoline demand due to stronger 4-week average gasoline demand during…
  34. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 34
    Refinery -33- Supportive GRM in Q2 due to Tighter Supply during Peak Refinery Maintenance (/bbl) 2013FY Q4-13 Q1-14 Q2TD-14* 2H-2014** ULG95-DB 13.6 9.2 14.6 16.2 JET-DB 17.5 17.3 17.0 15.8 GO-DB 17.9 17.7 17.8 18.2 HSFO-DB…
  35. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 35
    Refinery -34- Thailand Oil Demand 2013 and 2014 Outlook Year on Year 2011 2012 2013 2014F LPG +15 % +7 % +2% +4% Mogas** -1 % +5 % +7% +1% Jet/Kero +8 % 0% +9% +3% Diesel** +4 % +7 % +2% +1% Fuel Oil -6% -4 % -8% -14%…
  36. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 36
    -35- Aromatics PARAXYLENE . New PX capacities weigh down PX spread
  37. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 37
    -36- Has PX Spread Hit the Bottom 7.2 mil tons of new PTA plants start- Japan up in China (Yisheng Dalian, Yisheng QE1 Tsunami Hainan, Hengli 2) Fears over EU Lehman Brothers showed debt 3.9bn loss Q413-Q114 Fears over EU…
  38. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 38
    Aromatics -37- Heavy PX Capacity Addition Causing Supply Surplus Feedstock Uncertainty (MTPA) Own Feedstock Sinopec Hinan HC Petrochem TPPI Tenglong1 Tenglong2 2013 2014 Addition Plan KTPA Company Early plan of…
  39. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 39
    Aromatics -38- Weak Downstream Demand Adding More Pressure Key Events Description Illustration MTA AP Polyester Demand % Weak Chinese GDP in Q1-14 at 7.4% Weak 80 16% AP Polyester Demand Chinese Contracting Chinese PMI for 4…
  40. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 40
    Aromatics -39- PX Demand/Supply Outlook AP/ME PX Capacity* and Demand Effective Additional Capacity Forecast Forecast MTA MTA 2010-2013 2014 2015-2019 Dem: 8.1% Dem: 6.3% Dem: 5.9% 8 60 Cap: 6.2% Cap: 17.2% Cap: 7.9% 50 55 6…
  41. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 41
    Aromatics -40- BZ Demand/Supply Outlook AP/ME BZ Capacity* and Demand Effective Additional Capacity Forecast Forecast MTA MTA 2010-2013 2014 2015-2019 50 Dem: 5.4% Dem: 5.5% Dem: 4.7% 4 Cap: 5.3% Cap: 7.5% Cap: 4.3% 40 44 3 39…
  42. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 42
    Aromatics -41- Increasing New Supply Pressures PX Market (/t) 2013FY Q4-13 Q1-14 Q2TD-14* 2H 2014** PX-ULG95 485 446 273 178 BZ-ULG95 289 297 286 242 TL-ULG95 148 153 81 38 Note: PX = Paraxylene, BZ = Benzene, TL = Toluene…
  43. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 43
    -42- Lube Base & Bitumen Seasonal agricultural demand supports base oil spread
  44. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 44
    Lube Base Oil & Bitumen -43- Stable to Firm Base Oil Price on Steady Demand Stronger Gr.I margin mainly driven by light grade /t 2013 YTD-14 800 Key Factors 500SN-HSFO 485 496 Firm Chinese demand for low viscosity 600 base oil…
  45. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 45
    Lube Base Oil & Bitumen -44- Weak Chinese & Indo. Market Hitting Bitumen Market /t /t Bitumen-HSFO Bitumen Price FOB Asia HSFO FOB SG 800 140 700 100 600 60 500 20 400 -20 300 -60 200 100 -100 0 -140 Slow demand…
  46. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 46
    Lube Base Oil & Bitumen -45- Seasonal demand supported base oil spread (/t) 2013FY Q4-13 Q1-14 Q2TD-14* 2H2014** 500SN-HSFO 485 509 487 508 Bitumen-HSFO -14 -27 -67 -67 Remark : *QTD until 8 May 14 ** Compared to 1H2014…
  47. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 47
    -46- Conclusion
  48. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 48
    Conclusion -47- Firm Fundamental Refinery Soften crude oil price on strong growth supply from US light tight oil Supportive GRM in 2014 due to limited net capacity addition Mild local oil demand growth in 2014 pressured by slower…
  49. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 49
    -48- 2014 KEY ACTIVITIES / PROJECT UPDATE
  50. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 50
    Project Update -49- Strategic Investment Plan CAPEX Plan (Unit US million) Remaining capital investment Projects COD Total Project 2017- Cost 2013 2014 2015 2016 2019 Refinery upgrading 2014 137 99 29 Our CAPEX investments…
  51. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 51
    Project Update -50- CDU-3 Major Turnaround 2014 Major Turnaround Crude Distillation Unit-3 (CDU-3) is under major turnaround 55 Days during Jun-Jul 2014 Other relevant units are also under turnaround such as HCU-1, CCR-1, TPXs…
  52. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 52
    Project Update -51- 2014 Key Project Update : HCU Revamp Project Detail Progress HCU Revamp: Modify HVU-2 by using Shell Deep Cut Technology COMPLETED Basic Design Capable to produce more diesel/jet at the expense of Package (BDP) &…
  53. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 53
    Project Update -52- 2014 Key Project Update : CDU-3 Crude Preheat Train Project Detail Progress CDU-3 Crude Set up, replace & rearrange heat exchangers in CDU-3 to COMPLETED Basic Design Preheat Train reduce fuel usage Package (BDP)…
  54. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 54
    Project Update -53- 2014 Key Project Update : EIP Project Detail Progress Emission To control flue gas quality according to the new CONSTRUCTION PHASE Improvement emission law (New emission law limits SOX < 500 ppm (overall progress…
  55. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 55
    Project Update -54- 2014 Key Project Update : Solvent Capacity Expansion Project Detail Progress To expand solvent capacity to meet the demand growth CONTRUCTION PHASE Solvent in Thailand and the region (overall progress 100%)…
  56. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 56
    Project Update -55- 2014 Key Project Update : LAB Project Detail Progress Upgrade existing Benzene and Kerosene into higher CONSTRUCTION Phase Linear valued product; LAB which is an intermediate feedstock (overall progress 35.2%)…
  57. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 57
    Project Update -56- 2014 Key Project Update : 2 SPPs Project Detail Progress Low risk power business enhance income stability EXECUTE Engineering, Support reliability of electricity & steam supply for TOP Procurement & TOP SPP…
  58. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 58
    Project Update -57- 2014 Key Step Out on New Geography Study Project Detail Study Refinery Background/Objective Yangon Upgrading In 2012, Myanmar Govt issued Bid Thanlyin Project in Invitation to participate in upgrading Myanmar…
  59. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 59
    -58- KEY TAKE AWAY MESSAGE
  60. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 60
    -59- Key Take Away Messages Business / Operational Excellence Max Run Refinery to Capture decent Margins / Max Domestic Sales Focus on upcoming CDU-3 major turnaround in Jun-14 Optimized Run Aromatic / Base Oil to support Group…
  61. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 61
    -60- Thank You Any queries, please contact: at email: irthaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
  62. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 62
    -61- APENDIX
  63. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 63
    -62- TOP Group Overview
  64. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 64
    -63- Strategic Relationship and Operational Integration with PTT Thai Oils strong shareholder base Benefits from PTTs dual 27.7% role as our major shareholder and key 49.1% business partner All transactions take place at arms…
  65. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 65
    -64- TOP Group Synergy & Strategic Role in PTT Group Value Chain Upstream Intermediate Downstream Solvent Pentane Diversifying to a broad Hexane range of downstream Toluene SOLVENTS The majority of Mixed-Xylene products to…
  66. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 66
    -65- Key Milestones: 53 Years, A Long Track Record of Success 1961 1997 2004 2011 Today Capacity expansion and initial stage of Listing, expansion and A leading integrated refining and business diversification diversification…
  67. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 67
    -66- Thai Oil Group Business Structure 100.0% 100.0% 74.0% PTT 26.0% 100.0% 100.0% 100% Thai Paraxylene Thai Lube Base Thaioil Power Thaioil Marine Thaioil Ethanol Thaioil (TOP) (TPX) (TLB) (TP) (TM) (TET) Sells Electricity/ 4…
  68. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 68
    -67- Process Linkage: Beauty of Integration PROCESS FLOWCHART Thai Paraxylene ADIP FUELGAS Thai Oil ISOM LPG 20,000 MX HDT-1 MX 40,000 HDT-2 HDT-3 CCR-1 ULG95 85,000 CCR-2 CDU-1 50,000 ULG91 45,000 KMT-1 CDU-2 JET…
  69. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 69
    -68- One of Regions Leading Refineries Total Thailand crude refining capacity 1,095 kbd 2013 Market shares for refined petroleum product3 32% Fang (3 kbpd) market shares Thai Oil (275 kbpd) PTTs Principal Refiner BCP2…
  70. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 70
    -69- Strategic Location with Competitive Advantages in Access to Key Markets Close proximity to the key domestic markets Access to Indochina markets through deep water ports Our strategic location provide us with LAOS 1. Close…
  71. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 71
    -70- Competitive Performance Benchmarking Solomon (Bi-Annually) Shell Global Solutions International (SGSi) 2012 2010 Operational Performance Review Hydrocarbon Management Review Operational Troubleshooting Staff…
  72. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 72
    -71- Integrated Margin & Competitive Cash Cost Gross Refining Margin TOPs Cash Cost (Unit: US/bbl) (Unit: US/bbl) Marketing GRM Accounting GRM (Marketing GRM + Stock G/L) Operating Cost Interest Expense (Net) 6.4 6.2 5.3 4.5 2.1…
  73. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 73
    -72- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB 447,432 EBITDA (excl stk G/L) EBITDA (incl stk G/L) 446,241 399,125 414,575 318,391 28,760 284,123 22,897 23,868 22,808 22,337 21,393 17,381…
  74. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 74
    -73- Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan THB/Share EPS Total dividend n.a. Interim dividend 9.19 9.40 Dividend…
  75. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 75
    -74- TOP Group Key Highlights Thailands largest and Diversified earnings 2 one of the regions through integration 1 most advanced and with, and significant competitive refineries contribution from, our subsidiaries…
  76. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 76
    -75- Asian Margin Vs. US-EU margin /bbl SINGAPORE GRM 90.2% 56.0% 72.5% Total Capacity: 17.5 MBD Total Capacity: 17.0 MBD Total Capacity: 4.9 MBD Source: EIA, Norwegian Energy, Thai Oil
  77. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 77
    -76- Crude Inventory Source: Norwegian Energy
  78. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 78
    -77- Global Distillate Inventory Source: Norwegian Energy
  79. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 79
    -78- Fuel Oil Inventory Source: Norwegian Energy
  80. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 80
    -79- Chinas Product Export Source: Norwegian Energy
  81. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 81
    -80- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/DAY LPG demand in Q1-14 decreased by 3.0% YoY mainly due to lower usages in petrochemical and cooking sector as PTTGC shut I-1 Plant for 37 days and I-4/1 Plant…
  82. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 82
    -81- Domestic Gasoline Demand GASOLINE Demand Highlight Thailand Gasoline Demand Mogas consumption in Q1-14 increased by MML/DAY 0.8% YoY to stood at 22.5 mml/day, partly due to transportation demand, which was share by 7.2% of…
  83. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 83
    -82- Domestic Jet Demand Thailand JET-A1 Demand MML/DAY JET Demand Highlight Jet consumption in Q1-14 rose by 4.0% YoY supported by 12% expansion of aircraft movement. However, the growth of flights was capped by implementation…
  84. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 84
    -83- Domestic Gasoil Demand GASOIL Demand Highlight Thailand Gasoil Demand Gasoil demand in Q1-14 decreased by 0.6% MML/DAY YoY partly due to lower demand in industry sector which has impacted by economic slowdown from the…
  85. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 85
    -84- Domestic Fuel Oil Demand Thailand Fuel Oil Demand MML/DAY FUEL OIL Demand Highlight Fuel Oil demand in Q1-14 expanded by 3.20% YoY mainly due to higher demand in power sector as Yetagun and Yadana gas platform maintenance…
  86. MAY 2014 INVESTOR PRESENTATION – Thai Oil Public Company Limited – slide 86
    -85- Thank You Any queries, please contact: at email: irthaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976

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