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ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc

Bangchak Petroleum Plc · Feb 27, 2014 · 63 slides

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Slides

  1. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 1
    The Bangchak Petroleum PLC. Analyst Meeting 4Q2013 and FY2013
  2. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 2
    AGENDA World Oil Situation 4Q2013 and FY2013 Review Financial Performance 2014 Overview
  3. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 3
    World GDP Growth Outlook (%YoY) 2014 8.0 7.7 7.5 World 3.7 7.3 3.6 7.0 5.4 US 2.2 6.0 6.4 2.0 5.0 4.4 1.0 EU 3.7 3.9 0.9 4.0 3.0 Japan 1.7 3.0 2.2 2.3 1.3 1.9 2.0 China 7.5 1.4 7.2 1.0 1.7 1.7 1.0 1.0 India 5.4 0.0 5.2 -1.0…
  4. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 4
    Oil Market Outlook: Demand Global Oil Demand Growth (KBD) Europe FSU -110 -20 130 110 100 North America -510 2012 380 Middle East 2013 120 270 220 140 Asia 2014 790 680 540 Source : IEA, Feb, 14 -340 Africa *Include…
  5. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 5
    Global Oil Supply and Balance 100 92.6 90.0 91.3 World oil balance (MBD) 90 80 Call on OPEC Call on OPEC 31.3 29.6 MBD 70 30.2 MBD 0 60 6.6 6.3 6.4 50 40 53.3 54.7 56.4 30 2012 2013 2014 OPEC Supply OPEC NGLs Non-OPEC…
  6. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 6
    Crude Oil Dubai price outlook 120 Actual Average Dubai 2013 = 105.45 /BBL Dubai WTI 115 Brent DB(F) 110 105.5 106.5 105 103.5 100 Dubai WTI Brent 95 104 101 104 105 DB (F) 90 85 2013 2014 2015 2016 Factors to…
  7. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 7
    Cracks Spread Outlook 30 /BBL AVG 2013 = 17.82 G.O. 0.05 %S - DB U NL 95 - D B HSF O 3.5%S - D B 25 G.O. 0.05%S - DB 17.25 17.4 20 16.75 17.5 18.0 17.5 17.8 15 14.0 15.0 11.0 10 13.0 13.3 13.0 12.5 5 AVG 2013 = 13.55 UNL 95 -…
  8. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 8
    AGENDA World Oil Situation 4Q2013 and FY2013 Review Financial Performance 2014 Overview
  9. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 9
    Operating Result (Consolidated) Yearly Summary o +35% YoY in crude run o +20% YoY in total sales volume growth o +287% YoY in revenues from Solar Power Business o Inventory Gain of THB 1,357 million (FY2012; Loss THB 674 Million) o…
  10. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 10
    Crude and Crack Spread Prices DB Factors (FY2012/FY2013) The global demand growth rate was increased at a slower rate than supply 109.05 108.09 106.81 growth. 106.2 105.45 100.80 Non-OPEC supply, especially North America and…
  11. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 11
    Refinery Business: Performance Review Crude Run (KBD) KBD 110 +35% YoY Target Crude run 100 99.95 100.61 101.17 99.34 90 95.61 80 70 73.71 60 FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013 Note In FY2012, There was an…
  12. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 12
    Refinery Business: Performance Review Crude Selection and Product Yield 5% 4% 3% 7% Local Far East 46% 45.7 KBD Middle East 51% 38% 37.6 KBD 47% Other 1% 3% LPG 20% 20% Gasoline 10% 11% Jet The level of Fuel Oil and…
  13. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 13
    Refinery Business: Performance Review TOTAL GRM (/BBL) -9% YoY 10.12 8.31 8.67 8.10 7.53 2.08 2.92 0.81 0.07 1.06 3.17 2.10 0.76 0.71 0.78 1.19 8.34 7.97 5.68 4.72 4.82 5.76 -0.84 -3.52 FY2012 1Q2013 2Q2013 3Q2013…
  14. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 14
    Biodiesel Business: Performance Review Average Production (ML/Day) 92% 98% 98% 95% 87% 93% 0.31 0.33 0.35 0.33 0.35 0.34 FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013 Utilization rate FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013…
  15. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 15
    Ethanol Business: Performance Review FY2013 Capacity: 400,000 litre/day Production (ML) 81.6 Raw material: Cassava, Cassava Utilization Rate (%) 62% Chips, and Molasses Operating Days (Days) 306 COD: January 2013 Consolidated…
  16. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 16
    Refinery Business: FY2013 Results EBITDA (THB Million) Refinery Business Crude run increased by 35% YoY Inventory Gain of THB 1,189 million in +18% YoY FY2013 compared to Inventory loss of THB -711 million in FY2012. 6,568…
  17. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 17
    BCP Trading Channels BCP Refinery Total Sales Volume (MM Litre) FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013 42% Retail 2,679 729 727 725 754 2,935 Market Marketing Channel Industrial 29% 1,890 527 510 492 542 2,070…
  18. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 18
    Marketing Business: Performance Review MK Total Sales Volume (MM Litre) +10% YoY 4,569 5,005 1,890 2,070 1,256 1,237 1,216 1,295 527 510 492 542 2,935 2,679 729 727 725 754 FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013 Retail…
  19. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 19
    Marketing Business : Performance Review RM Sales Volume: Gasoline, Gasohol, and Diesel (MM Litre) +10% YoY 6 +15% YoY 92 Gasoline 258 313 26 173 +52% YoY 797 Gasohol 590 6 31 15 20 27 69 79 83 81 194 201 204 198 +6% YoY…
  20. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 20
    Marketing Business : Performance Review Net Marketing Margin (Baht/Litre) 1.2 1.0 0.87 0.80 0.76 0.8 0.71 0.73 0.68 0.6 0.65 0.59 0.50 0.53 0.49 0.53 0.4 0.2 0.34 0.29 0.25 0.20 0.23 0.0 0.19 FY2012 1Q2013 2Q2013 3Q2013…
  21. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 21
    Retail Business : Performance Review Retail Market Share Avg. thruput per station (K.litre/Service Station/Month) All Products Other 12.8% 400 6.5% 368.10 38.2% 12.7% 350 14.8% 15.1% 300 Standard 250 Gasoline Jan-Dec 2012…
  22. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 22
    Retail Business: Performance Review CRM Program Strategic Collaboration Avg. sales volume (ML/MO) GSH Club 22.66 28.78 32.77 36.19 35.61 FY2012 FY2013 Members: 715,058 796,368 850,223 BigC Mini 7 62 +55 553,643 634,994…
  23. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 23
    Marketing Business: FY2013 Results EBITDA (THB Million) Marketing Business EBITDA was recorded at THB 1,383 Million, -22% YoY a decrease of 22% from FY2012. The reasons were from the higher cost of 1,783 1,383 ethanol and a price…
  24. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 24
    Solar Power Business: Performance Review FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013 Phase 2 : Bamnet Narong (16 MW PPA) Electricity Generation (MM kWh) Unit: Hour 7 32.97 19.75 36.00 34.08 36.88 126.71 6 Revenue (THB Million) 378…
  25. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 25
    R&M Business (Company) Contributing more margin BCP Synergy Business /BBL 14.00 12.00 10.00 Net MKM Contribution 8.00 6.00 4.00 Accounting GRM 2.00 0.00 Unit: /bbl FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013 Accounting GRM…
  26. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 26
    AGENDA World Oil Situation 4Q2013 and FY2013 Review Financial Performance 2014 Overview
  27. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 27
    Key Financial Highlight (Consolidated) Revenue +13% YoY Net Profit +9% YoY Unit: THB Million 186,514 Unit: THB Million 165,246 EPS (Baht/Share) 3.10 3.38 0.83 0.99 46,062 48,064 0.50 43,952 4,273 4,653 4Q2012 3Q2013 4Q2013…
  28. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 28
    Financial Position (Consolidated) Unit: THB Million Net IBD/E Ratio (Times) Assets Liabilities & Equity 0.65 0.49 72,389 72,389 0.39 70,853 70,853 0.45 0.34 Cash & 6,527 0.25 8,005 Current Equivalents 15,282 FY2011 FY2012…
  29. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 29
    Financial Performance: Refinery BU (Company) Crude Run (KBD) +35% YoY FY2012 FY2013 99.34 THB Million /BBL THB Million /BBL Market GRM 7,026 8.34 6,441 5.76 73.71 GRM Hedging 686 0.81 800 0.71 Inventory Gain/Loss (711) (0.84)…
  30. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 30
    Financial Performance: Refinery BU (Company) 3Q2013 4Q2013 4Q2012 THB Million /BBL THB Million /BBL THB Million /BBL Market GRM 1,380 4.72 1,429 4.82 2,558 10.66 GRM Hedging 230 0.78 353 1.19 288 1.20 Inventory Gain/Loss 926 3.17…
  31. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 31
    Financial Performance: Biodiesel Business B100 Price (Baht per litre) 40 35 30 25 20 Source: www.eppo.co.th Unit: THB Million FY2012 FY2013 % Revenue 4,443 4,401 -1% Gross profit 159 308 93% EBITDA 184 345 88% Net…
  32. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 32
    Financial Performance: Biodiesel Business Unit: THB Million 3Q2013 4Q2013 4Q2012 QoQ(%) YoY (%) Revenue 1,020 1,263 952 24% 33% Gross profit 61 119 (10) 94% N/A EBITDA 68 119 18 75% 572% Net Profit 48 98 (3) 105% N/A…
  33. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 33
    Financial Performance: Marketing BU (Company) Marketing Sales Volume FY2012 FY2013 THB Million Baht/L THB Million Baht/L +10% YoY Net Retail Margin 2,326 0.87 2,155 0.73 417.09 Net Industrial Margin 647 0.34 476 0.23 380.72…
  34. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 34
    Financial Performance: Marketing BU (Company) 3Q2013 4Q2013 4Q2012 THB Million Baht/L THB Million Baht/L THB Million Baht/L Net Retail Margin 550 0.76 533 0.71 643 0.91 Net Industrial Margin 97 0.20 101 0.19 149 0.30 Total MKM 647…
  35. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 35
    Financial Performance: Solar Business Revenue: Phase 1 (38 MW) & Phase 2 (32 MW) Unit: THB Million Unit: THB Million FY2012 FY2013 % 1,463 Revenue 378 1,463 287% Phase 1 Gross profit 255 1,108 335% Phase 2 684 Other income 74* 12…
  36. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 36
    Financial Performance: Solar Business Phase 1 (38 MW) & Phase 2 (32 MW) Unit: THB Million 3Q2013 4Q2013 QoQ(%) Revenue 381 431 12% Gross profit 280 333 16% Other income 12 9 -33% Operating Expense (1) (6) 91% EBITDA 372 415 10%…
  37. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 37
    Dividend Payment Dividend Payment (THB per Share) THB/Share 44% 39% 40% 40% 2.00 1.50 1.00 1.65 1.25 1.35 0.50 1.05 0.00 FY2010 FY2011 FY2012 FY2013 Dividend Payout DPS (THB/Share) Dividend Policy: 30 percent of…
  38. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 38
    AGENDA World Oil Situation 4Q2013 and FY2013 Review Financial Performance 2014 Overview
  39. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 39
    2014 Company Overview Consolidated EBITDA (Unit: THB million) TAM in Q2 Solar Phase 1,2 - fully operate Crude run plan Solar Phase 3 - start COD Q2 90 - 94 KBD Biofuel 3% Biofuel Solar Solar 4% 22% 15% 10,000 Refinery…
  40. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 40
    2014 Company Overview Refinery Business FY2013 FY2014 (Target) Crude Run (KBD) 99.34 90-94 GRM (/BBL) 7.53 7.0 Marketing Business MK sales volume (ML/MO) 417.09 435 Net Marketing Margin (Baht/litre) 0.53 0.64 Solar Power…
  41. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 41
    Investment Plan (Unit : THB Million) Total FY2014 FY2015 FY2016 FY2017 FY2018 Refinery Business: Normal CAPEX 8,750 1,900 1,650 1,950 1,200 2,050 New CDU 400 400 - - - - 3E Project 7,000 280 1,550 1,890 2,460 820 Marketing…
  42. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 42
    BCP Project Timeline FY2014 FY2015 FY2016 FY2017 FY2018 Refinery Upgrading Project (3E) Replacing new Completion of New Completion of New CCR CDU (100KBD) Co-Generation Debottlenecking Completion Solar Power Completion of…
  43. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 43
    2014 Refinery Plan Turnaround Maintenance Project 46 Days And Changing of New CDU Average Crude Run for the year 90-94 KBD 3E: Efficiency, Energy and Environment Improvement Project Investment Cost: Status Update: 7,000 THB…
  44. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 44
    2014 Retail Marketing Plan Thruput Per Station Marketing Strategies Network Expansion Network Rebranding Extending Non-oil Business
  45. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 45
    2014 Retail Marketing Plan Network Expansion Solid Network Expand through strategic locations with high sales volume, Network Rebranding industrial estate area, and high potential area in upcountry. Refurbishing service stations…
  46. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 46
    2014 Retail Marketing Plan Supporting Businesses (Non-Oil Businesses) Extending Non-oil Business Variety of retail businesses within the service station and attracting more customers via BigC mini, a strategic partner with BIGC…
  47. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 47
    Solar Power Plant Phase 3 (48 MW PPA) Phase 3: Project Investment: 4,500 THB Million Target EBITDA: 1,200 THB Million per Year EPC contractor : Solartron PCL and CTIEC Consortium Gunkul Engineering PCL and Trina Solar Phase…
  48. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 48
    Project Progress: Prakhonchai, Buriram (8 MW PPA) Project Progress: 97.87% COD plan: 1 Apr 2014 MAP 48
  49. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 49
    Project Progress: Nong Ki, Buriram (8 MW PPA) Project Progress: 97.47% COD plan: 1 Apr 2014 MAP 49
  50. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 50
    Project Progress: Dan Khun Thot, Nakornratchasima (8 MW PPA) Project Progress: 95.68% COD plan: 1 Apr 2014 MAP 50
  51. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 51
    Project Progress: Hua-Ta-Lay, Chaiyaphum (8 MW PPA) Project Progress: 88.65% COD plan: 1 Jun 2014 MAP 51
  52. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 52
    Project Progress: Kabin Buri, Prachinburi (16 MW PPA) Project Progress: 73.43% COD plan: 1 Jul 2014 MAP 52
  53. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 53
    Biodiesel Plant 2 Purpose Investment Cost: 1,400 THB Million To capture an opportunity regarding government policy of Diesel - B7 grade in 2014 EBITDA: Detail 380 THB Million per year 450,000 litre per day expansion which resulted in…
  54. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 54
    New Business New Business Investment of THB 5,000++ Million per year 54
  55. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 55
    Appendix 55
  56. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 56
    Profit and Loss (Consolidated) QoQ YoY Unit: THB Million 3Q2013 4Q2013 4Q2012 (%) (%) Sales Revenue 46,062 48,064 43,952 4% 9% EBITDA 2,564 1,810 2,037 -29% -11% Depreciation and Amortization -705 -712 -710 -1% -0.30% Gain…
  57. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 57
    Profit and Loss (Consolidated) Unit: THB Million FY2012 FY2013 % Sales Revenue 165,246 186,514 13% EBITDA 7,770 9,348 20% Depreciation and Amortization (2,454) (2,777) -13% Gain (loss) on foreign exchange 346 132 -62% Net…
  58. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 58
    Profit and Loss (Company) YoY Unit: THB Million FY2012 FY2013 (%) Sales Revenue 162,623 183,286 13% EBITDA 7,570 8,314 10% - Refinery Business 5,403 6,217 15% - Marketing Business 1,744 1,355 -22% - Solar Power Plant Business…
  59. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 59
    Profit and Loss (Company) QoQ YoY Unit: THB Million 3Q2013 4Q2013 4Q2012 (%) (%) Sales Revenue 45,263 43,337 4% 9% 47,220 EBITDA 2,290 1,500 2,056 -34% -27% - Refinery Business 1,776 1,154 1,582 -35% -27% - Marketing Business 340…
  60. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 60
    Financial Ratio (Consolidated) Q42012 Q32013 Q42013 FY2012 FY2013 Profitability Ratios (%) EBITDA Margin 4.67% 5.57% 3.77% 4.70% 5.01% 0.31% Profit Margin 2.61% 2.98% 1.49% 2.60% 2.54% -0.07% Return on Equity (ROE) 1/ 13.81%…
  61. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 61
    Non-OPEC Oil Supply Total Non-OPEC oil supply is expected to grow by another 1.7 MBD in 2014. Forecast Non-OPEC oil supply mainly driven by the shale oil revolution in the United States and oil sands output from Canada.…
  62. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 62
    Thank you irbangchak.co.th Tel. +662 335 4580, 335 4583 www.bangchak.co.th click Investor Relations Disclaimer : The information contained herein is being furnished on a confidential basis for discussion purposes only and only…
  63. ANALYST MEETING 4Q2013 AND FY2013 – Bangchak Petroleum Plc – slide 63
    Q&A 63

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