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ANALYST MEETING 2013 – Irpc

Irpc · Feb 27, 2014 · 41 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. ANALYST MEETING 2013 – Irpc – slide 1
    Analyst Meeting 2013 27 February 2014 The future begins now creating shared value
  2. ANALYST MEETING 2013 – Irpc – slide 2
    Disclaimer This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use by prospective investors / analysts in the proposed event. IRPC makes no representations or warranties…
  3. ANALYST MEETING 2013 – Irpc – slide 3
    Agenda I. 2013 Highlights II. Operation & Financial Performance III. Industry Outlook IV. Strategic Direction V. Appendix 3
  4. ANALYST MEETING 2013 – Irpc – slide 4
    2013 Overview Overview of Business Dubai 107 107 109 106 Unit: USD/BBL 1. In 2013, average Dubai price dropped to 106/bbl from 109/bbl in 2012 largely 0.4% influenced by US budget and debt ceiling 283,668 282,649 13% battle, Shale…
  5. ANALYST MEETING 2013 – Irpc – slide 5
    2013 Highlights Asset Utilization Enhancement Wang Chan 3,312 Rai 1. In November 2013, 3,312 Rai of land located in Wang Chan Wang Chan district, district, Rayong province was sold for 596 MB. Rayong province 2. In December 2013, 51%…
  6. ANALYST MEETING 2013 – Irpc – slide 6
    Outstanding Achievement in 2013 Operation Continuously implemented Zero Unplanned Shutdown &Operational Excellence program with collaboration in PTT Group Increased plants efficiency & no serious injures throughout the year 2013…
  7. ANALYST MEETING 2013 – Irpc – slide 7
    Outstanding Achievement in 2013 Investment Multi Product Pipeline (Diesel 10KBD, Jet 15KBD) between PTTGC and IRPC allowed the two companies to exchange streams to create more synergy. EBSM Upgrading for ABS Specialties project…
  8. ANALYST MEETING 2013 – Irpc – slide 8
    Agenda I. 2013 Highlights II. Operation & Financial Performance III. Industry Outlook IV. Strategic Direction V. Appendix 8
  9. ANALYST MEETING 2013 – Irpc – slide 9
    Mixed Performance of Petroleum Spread /BBL Dubai 10 200 180 AVG. Dubai 116 10 106 0.04 106 1 107 0.7 108 7 101 5 106 0.5 107 160 Price. 140 120 100 Dubai 80 ULG 95 60 GAS OIL 0.05% 40 FUEL OIL 20 1Q12 2Q12 3Q12 4Q12 1Q13…
  10. ANALYST MEETING 2013 – Irpc – slide 10
    Sliding Lube Base Oil Spreads /TON FO 180 3.5%S 500SN 150BS Asphalt 1,800 1,600 1,400 1,200 1,000 800 600 400 200 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 0 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13…
  11. ANALYST MEETING 2013 – Irpc – slide 11
    Weaker Aromatics Spread /TON Naphtha Benzene Toluene Mixed Xylene 1,500 1,400 1,300 1,200 1,100 1,000 900 800 700 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 600 500 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13…
  12. ANALYST MEETING 2013 – Irpc – slide 12
    Rising Olefin Spread /TON Naphtha Ethylene Propylene HDPE PP 1,700 1,500 1,300 1,100 900 700 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 500 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13…
  13. ANALYST MEETING 2013 – Irpc – slide 13
    Declining Styrenics Spread /TON Naphtha SM ABS PS 2,500 2,300 2,100 1,900 1,700 1,500 1,300 1,100 900 700 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 500 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 SM -…
  14. ANALYST MEETING 2013 – Irpc – slide 14
    Increased Domestic Crude Intake Crude Intake Unit: KBD Domestic Crude Sweet Crude Sour Crude Crude intake rose to 181 KBD, up 3%. 184 171 178 168 183 189 179 174 175 181 Domestic crude intake amounted to 10 KBD or 6%. 1% 4% 5% 6%…
  15. ANALYST MEETING 2013 – Irpc – slide 15
    Focus on Domestic Market Sales Volume Structure 15.8 17.1 17.7 17.6 17.8 66.1 70.2 Unit: Mbbl 13.7 14.2 15.3 14.9 14.8 57.6 59.2 Unit: Mbbl Sales Qty 14% 16% 14% 16% 17% 13% 16% Petrochem 35% 42% 42% 38% 41% 39% Export Petroleum…
  16. ANALYST MEETING 2013 – Irpc – slide 16
    Maintain Efficient Inventory Turnover in 2013 Volume (Mbbl) Unit Price (/bbl)* QoQ 10% 242 236 227 234 YoY 6% 220 Total 7.8 6.9 7.3 7.3 Petrochem 13% 6.6 14% 13% 14% 15% Petroleum 37% 130 131 132 128 40% 41% 40% Crude 118…
  17. ANALYST MEETING 2013 – Irpc – slide 17
    GIM in 2013 Market GIM Unit: /bbl Power & Utility Petrochemical Petroleum In 2013, the Market GIM was 7.0/bbl or 14,206 MB increasing 78% 85% 88% 83% 81% 82% 84% from 5.8/bbl or 11,699 MB in Utilization rate 2012. 7.4 8.0 6.7 0.8…
  18. ANALYST MEETING 2013 – Irpc – slide 18
    Financial Highlight Quarter Year Unit: MB 4Q13 4Q12* Change 2013 2012* Change Foriegn Exchange Rate 31.87 30.82 3% 30.86 31.22 -1% Net Sales 74,769 66,418 13% 282,649 283,668 -0.4% Market GIM 3,302 3,202 3% 14,206 11,699 21% Stock…
  19. ANALYST MEETING 2013 – Irpc – slide 19
    4Q13 Debt Portfolio Debt Profile Debt Structure As of December 31, 2013 37,683 36,074 37,907 Unit: MB ST Net Debt = 37,907 MB Loan 0.3% LT Debt (MB) 44,207 Bond Loan 43,654 43,031 36% (THB) ST Loan 148 238 360 148 46% Bond LT…
  20. ANALYST MEETING 2013 – Irpc – slide 20
    Cash Flow Projection 2013A 2014F 2015F 2016F 2017F 2018F 2014 - 18 39,849 26,188 23,645 23,080 20,437 Use of Cash 120,920 20,727 2,889 CAPEX 45,799 10,231 2,699 13,910 Loan Repayment 44,606 14,838 13,519 3,793 11,033…
  21. ANALYST MEETING 2013 – Irpc – slide 21
    Agenda I. 2013 Highlights II. Operation & Financial Performance III. Industry Outlook IV. Strategic Direction V. Appendix 21
  22. ANALYST MEETING 2013 – Irpc – slide 22
    Crude Oil and Petroleum Products Outlook Price Spread Key Products 2014 Outlook Driving Determinants (2013) (2013) Refinery (/bbl) (/bbl) Global oil demand grows by 1.31 MBD but supply disruption in ME Dubai 106 may be eased but…
  23. ANALYST MEETING 2013 – Irpc – slide 23
    Petrochemical Products Outlook Price Spread Key Products 2014 Outlook Driving Determinants (2013) (2013) Olefins (/T) (/T) There is optimistic outlook for PE. Demand growth continues while Ethylene 1,351 429 at the same time…
  24. ANALYST MEETING 2013 – Irpc – slide 24
    Agenda I. 2013 Highlights II. Operation & Financial Performance III. Industry Outlook IV. Strategic Direction V. Appendix 24
  25. ANALYST MEETING 2013 – Irpc – slide 25
    Strategic Initiatives: Overview Post-Phoenix: 2015 Onwards Delta: 2014 Onwards Phoenix + : 2010 Onwards 3 2 1 Adding up more value to Margin Improvement Initiatives petrochemical feedstock from Transformation to support high…
  26. ANALYST MEETING 2013 – Irpc – slide 26
    Strategic Initiatives: UHV Phoenix + Delta Post-Phoenix Structural Changes for Specialty Growth Margin Improvement Initiatives Specialty Growth through JV UHV Project Product Yield Benefit Increase propylene yield 320 KTA Heavy…
  27. ANALYST MEETING 2013 – Irpc – slide 27
    Strategic Initiatives: Delta Phoenix + Delta Post-Phoenix Structural Changes for Specialty Growth Margin Improvement Initiatives Specialty Growth through JV Delta is a strategic enabler for IRPC to meet 2020 vision Three pillars of…
  28. ANALYST MEETING 2013 – Irpc – slide 28
    Strategic Initiatives: Delta Phoenix + Delta Post-Phoenix Structural Changes for Specialty Growth Margin Improvement Initiatives Specialty Growth through JV PTT Group Operational Excellence Management System (OEMS) Embedment…
  29. ANALYST MEETING 2013 – Irpc – slide 29
    Strategic Initiatives: Delta Phoenix + Delta Post-Phoenix Structural Changes for Specialty Growth Margin Improvement Initiatives Specialty Growth through JV 1 2 3 29
  30. ANALYST MEETING 2013 – Irpc – slide 30
    Strategic Initiatives: Post-Phoenix Phoenix + Delta Post-Phoenix Structural Changes for Specialty Growth Margin Improvement Initiatives Specialty Growth through JV On-going & Approved Project Study Project 2014 2015 2016 2017…
  31. ANALYST MEETING 2013 – Irpc – slide 31
    Strategic Initiatives: Post-Phoenix 2015 Crude Run 215 KBD 100% 2013 Nelson Complexity Index 8.6 Crude Run 181 KBD 84% More stable portfolio of Revenue: Nelson Complexity Index 6.6 Petroleum/Petrochemical & Others 59% / 41% Portfolio…
  32. ANALYST MEETING 2013 – Irpc – slide 32
    Thank You Investor Relations Contact: irirpc.co.th Tel. 02-649-7380, Fax. 02-649-7379 Presentation is available at www.irpc.co.th Click Presentations This presentation material has been prepared solely for informational purposes…
  33. ANALYST MEETING 2013 – Irpc – slide 33
    Agenda I. 2013 Highlights II. Operation & Financial Performance III. Industry Outlook IV. Strategic Direction V. Appendix 33
  34. ANALYST MEETING 2013 – Irpc – slide 34
    Phoenix Initiatives & Roadmap Operational Efficiency Asset Utilization Product & Services Capacity&&Products Capacity Product Improvement Enhancement Improvement Expansion 1. Petrochem Operation & 9 . New Value Added for Port 3.…
  35. ANALYST MEETING 2013 – Irpc – slide 35
    Additional Capacity in Phoenix Projects Project Total Capacity 2012 2013 2014 2015 Old/New Oct. Sep. PRP+ Propylene Propylene Propylene Propylene Growth (UHV) 312/732 KTA +100 KTA +320 KTA EBSM SM Sep. Upgrading for ABS +60 KTA…
  36. ANALYST MEETING 2013 – Irpc – slide 36
    Phoenix by Business Unit Refinery & Lube Products 2011 2012 2013 2014 2015 2016 ADU CDU 215 KBD 215 KBD Lube Base +25 KTA Initiative 150BS 95 KTA 120 KTA 120 KTA 7 Asphalt +28 KTA TDAE 22 KTA 50 KTA 50 KTA Lube Group 1…
  37. ANALYST MEETING 2013 – Irpc – slide 37
    Phoenix by Business Unit (Cont) Olefins Products 2011 2012 2013 2014 2015 2016 +73 KTA Initiative Ethylene 360 KTA 433 KTA 433 KTA 2 +100 KTA +320 KTA Propylene 312 KTA 412 KTA 732 KTA 732 KTA Butadiene 56 KTA 56 KTA Acetylene 4…
  38. ANALYST MEETING 2013 – Irpc – slide 38
    Phoenix by Business Unit (Cont) Aromatics Products 2011 2012 2013 2014 2015 2016 Benzene 114 KTA 114 KTA Toluene 132 KTA 132 KTA Mixed Xylene 121 KTA 121 KTA Styrene Products 2011 2012 2013 2014 2015 2016 +60 KTA Initiative SM…
  39. ANALYST MEETING 2013 – Irpc – slide 39
    Phoenix Project: 2 UHV Project Description: Upgrading bottom refinery product to high value added for Petrochem feedstock Capacity Expansion: Increase propylene from 412 KTA to 732 KTA. Progress : 52%*, now Under construction, piling and…
  40. ANALYST MEETING 2013 – Irpc – slide 40
    Benefits of UHV Project Production Yield 100% 4% 2% 2% Ethylene 6% 19% 20% 5% Propylene 80% 21% 11% LPG 60% 35% 10% Naphtha 35% Gasoline 40% 38% Diesel/Jet 11% 20% 43% Lube Base 20% 10% 8% FO 0% Current Run +40 KBD…
  41. ANALYST MEETING 2013 – Irpc – slide 41
    Phoenix Project: 3 Ethylene Specialty Development Project Description: High Value Added Product of HDPE Specialty & PE Wax Expected EBIT: USD 5 million/year Progress: 83%* Under Construction 1. HDU I: Completed 2. HDU II & Convert…

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