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3Q 2019 Earnings Presentation – Banpu Public Company Limited

Banpu Public Company Limited · Nov 13, 2019 · 64 slides

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Slides

  1. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 1
    3Q19 results Investor and analyst update 13th November 2019
  2. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 2
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  3. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 3
    DISCLAIMER The information contained in this presentation is intended solely for your reference. This presentation contains forward-looking statements that relate to future events, which are, by their nature, subject to significant risks…
  4. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 4
    1 Focus: BANPU NEXT 2 Financial Summary 3 Energy Resources Coal Gas 4 Energy Generation 5 Energy Technology 6 Key Takeaways 4
  5. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 5
    Banpu asset value structure: indicative long term plan ILLUSTRATIVE ONLY COAL- BIV SUPPLY CHAIN MANAGEMENT COAL FIRED COAL- FIRED SMART ENERGY ENERGY COAL COAL- TECH FIRED TECH GAS- MINERALS FIRED GAS RE…
  6. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 6
    Banpu group structure current SIMPLIFIED: ILLUSTRATIVE ONLY BANPU BANPU BANPU BIV BPOD BNAC MINERALS POWER INFINERGY COAL COAL GAS POWER CLEAN TECH TECH IP AUSTRALIA INDONESIA US GAS THERMAL SOLAR INNOVATION COAL COAL…
  7. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 7
    Banpu group structure new SIMPLIFIED: ILLUSTRATIVE ONLY 50% BANPU BANPU 50% BANPU BNAC BIV MINERALS POWER NEXT MINING GAS POWER CLEAN TECH TECH IP INDONESIA AUSTRALIA US GAS COAL-FIRED RENEWABLE DIGITAL ENERGY…
  8. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 8
    BANPU NEXT: driving the Greener, Smarter transition Capture maximum synergy value around core clean energy technology themes Harness and leverage the 3D mega trends: decentralization, decarbonization, digitalization Attract…
  9. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 9
    BANPU NEXT: harnessing the 3Ds Development of Energy Management Systems, Portfolio of renewable power plants Energy Trading, and eMobility solutions including solar farms and wind farms Temperature sensor Monitoring Lighting…
  10. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 10
    Renewable power generation SOLAR AND WIND CONTINUE TO LEAD BANPU NEXTs RENEWABLE POWER CAPACITY ADDITIONS renewable power portfolio 2019 Asia-Pacific renewable power generation capacity Unit: GW JAPAN 235 MW 3,000 1 TW solar and wind…
  11. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 11
    Solar rooftop POLICIES OPEN OPPORTUNITIES FOR BANPU NEXTs SOLAR ROOFTOP IN SOUTHEAST ASIA solar rooftop portfolio 2019 Policy support initiatives: THAILAND 15 MW THAILAND VIETNAM SINGAPORE AND OTHER SOUTHEAST ASIA 0.05/kWh…
  12. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 12
    Energy storage systems (ESS) GLOBAL DEMAND FOR LITHIUM-ION BATTERY BANPU NEXTs DRIVEN BY ELECTRIC VEHICLES lithium-ion battery production 2019 Annual lithium-ion battery demand Unit: GWh Others 2,000 10x lithium-ion CHINA 1,800…
  13. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 13
    Electric vehicles (EV) BANPU NEXTs EV GROWTH SUPPORTED BY PRICE PARITY EV portfolio 2019 BETWEEN EVS AND ICE* VEHICLES Annual passenger EV sale by region JAPAN Unit: Million EVs Compact EVs 35 + c.20 Million EVs Banpu 21.5%…
  14. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 14
    Smart cities BANPU NEXTs BANPU NEXT TO BECOME LEADING smart city portfolio 2019 SMART CITY DEVELOPER IN THAILAND THAILAND 1 operating project; Smart city business model concept 3 projects under development BANGKOK AND CHONBURI…
  15. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 15
    BANPU NEXT: growth targets 2025 Operating capacity* Operating capacity* 0.3 GW 4x 1.1 GW 0.1 GW 5x 0.5 GW 300 M 30 M equity invested to date equity invested to date Lithium-ion battery production capacity** EV sale and…
  16. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 16
    BANPU NEXT: senior management team Chanit Kanokwan Somruedee James Rama Suwanparin Jitchobtham Chaimongkol Phataminviphas Managing Director of Banpu Managing Director of CEO of Banpu CEO of Banpu Infinergy Electric Vehicle…
  17. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 17
    1 Focus: BANPU NEXT 2 Financial Summary 3 Energy Resources Coal Gas 4 Energy Generation 5 Energy Technology 6 Key Takeaways 17
  18. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 18
    Banpu consolidated sales revenues USD million -11% QoQ -32% YoY 965 52 Others* 37 -36% QoQ -57% YoY 39 731 654 Power 35 -22% QoQ 244 -14% YoY 41 22 25 Gas 32 20 -21% QoQ 196 -49% YoY 172 Coal Australia -12% QoQ…
  19. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 19
    Banpu consolidated coal gross margin 3Q19: 27% AUSTRALIA COAL INDONESIA COAL USD million USD million Australia coal Indonesia coal gross margin: 27% gross margin: 28% 593 434 409 244 196 172 47% 29% 28% 20% 11% 27%…
  20. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 20
    Banpu consolidated EBITDA USD million 310 -2% QoQ -47% YoY 37 24 41 Power 168 164 -17% QoQ 34 +6% YoY Gas 47 39 -33% QoQ -53% YoY 11 16 Coal Australia Power +158% QoQ 21 Gas 174 53 +30% YoY Coal Australia Coal…
  21. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 21
    Banpu consolidated NPAT 3Q18 NET PROFIT AFTER TAX 2Q19 NET PROFIT AFTER TAX USD million Non-recurring items: USD million 310 FX loss USD:THB (24.8M) Non-recurring items: Other non recurring (3.4M) FX loss USD:THB (40.8M) Derivative…
  22. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 22
    Banpu consolidated financial position 3Q19 CONSOLIDATED FINANCIAL POSITION DEBT FX STRUCTURE GEARING RATIOS USD million Net debt / Equity 1 (x) CASH EQUIVALENT 1.18x 0.99x 1.07x 682 AUD Float TOTAL 5% THB BORROWINGS Float 9%…
  23. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 23
    1 Focus: BANPU NEXT 2 Financial Summary 3 Energy Resources Coal Gas 4 Energy Generation 5 Energy Technology 6 Key Takeaways 23
  24. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 24
    Global coal demand trends: 2019 vs 2018 CHANGE GEOGRAPHY COMMENTS 2019-18 (Mt) Import remained strong in Q3 as buyers speed up imports amid fear of import ban. Weak demand, high stocks and production recovery continue pressure…
  25. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 25
    Global coal supply trends: 2019 vs 2018 CHANGE GEOGRAPHY COMMENTS 2019-18 (Mt) Government approved production increase to boost royalties High China demand continues support Indonesian coal prices. INDONESIA +40 Online monitoring…
  26. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 26
    Banpu group coal sales 2019e COAL SALES* SOURCE DESTINATION ANALYSIS 2019e GLOBAL COAL SALES* 2019e BY REGION 12.1 Mt 4.5 0.4 India Others 4% 4% Japan 6.8 Mt Thailand 3% 16% 7.2 1.9 Mt 2.0 1.8 1.0 0.9 4.8 Korea S KOREA…
  27. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 27
    Banpu coal sales pricing status AUSTRALIA COAL INDONESIA COAL 2019e 2019e Unsold Indexed Indexed 3% 8% 8% 11.4* 25.5* Fixed 32% Mt 57% Mt Fixed Export Domestic 92% Fixed OUR WAY IN ENERGY Note: * target sales;…
  28. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 28
    Banpu ASPs vs thermal coal benchmark prices BANPU ASP VS BENCHMARK PRICES COMMENTS Monthly NEX Unit: US/t; A/t for CEY 200 3Q19 ASP reduced from previous quarter 150 following the global coal price. CEY export 100 50 prices…
  29. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 29
    Australia coal: operational summary 2019e OUTPUT (ROM EQUITY BASIS) QUARTERLY OUTPUT (ROM EQUITY BASIS) COAL OUTPUT (Mt)1 +25% QoQ 2019e Output: 10.0 Mt CV: 6,700 kcal/kg2 +17% YoY 3.0 Newcastle 2.8 2.4 NCIG 2.2 Airly PWCS…
  30. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 30
    Australia coal: financial summary FINANCIAL SUMMARY Comments Lower sales due to short term stock Unit: A M 3Q19 2Q19 QoQ 3Q18 YoY movement between quarters Sales (Mt) 2.7 2.9 5% 3.4 19% ASP impacted by decline in export prices but…
  31. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 31
    Indonesia coal: operational summary 2019e OUTPUT (SALEABLE TONNE BASIS) QUARTERLY OUTPUT (100% BASIS) 2019e target: 23.5 Mt COAL OUTPUT (Mt) +21% QoQ CV: 5950 - 6250 kcal/kg* +5% YoY East Kalimantan Indominco 12.5 Mt 6.8 6.4…
  32. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 32
    Indonesia coal: financial summary FINANCIAL SUMMARY Comments Unit: US M 3Q19 2Q19 QoQ 3Q18 YoY Slightly higher total sales in Sales (Mt) 6.5 6.3 3% 6.4 1% 3Q19, except for Indominco and Jorong ASP (US/t) 62 67 8% 89 30% ASP was…
  33. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 33
    China and Mongolia coal summary CHINA COAL 2019 PRODUCTION* GAOHE OPERATIONAL UPDATES Unit: Mt ROM Gaohe Stable production with continued focus on safety 2019 target: 11.4 Mt Lower sales in Q3 due to hydro power impact MONGOLIA 2.6 2.5…
  34. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 34
    1 Focus: BANPU NEXT 2 Financial Summary 3 Energy Resources Coal Gas 4 Energy Generation 5 Energy Technology 6 Key Takeaways 34
  35. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 35
    U.S. gas market update AVERAGE HENRY HUB PRICE AS OF 21 OCT 19 U.S. TOTAL NATURAL GAS PRODUCTION CONSUMPTION Unit: US/MMBTU Unit: Bcf/d Forecast 5.0 120 2018 YTD 2019 2.13 average 110 4.5 average 21-Oct-2019 3.15 2.60 100 4.0…
  36. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 36
    Gas business 3Q19 performance 3Q19 profitability was largely impacted by weak Henry Hub price and a decision to strategically curtail fracking. However, we expect more contribution from new wells which will strengthen EBITDA, with some…
  37. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 37
    1 Focus: BANPU NEXT 2 Financial Summary 3 Energy Resources Coal Gas 4 Energy Generation 5 Energy Technology 6 Key Takeaways 37
  38. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 38
    Banpu Energy Generation: 6.1 GW target by 2025 Evaluating high-efficiency low- emissions (HELE) thermal Total group target Banpu Powers target power projects in Vietnam and other Southeast Asia and gas-fired 5.3 GW 6.1 GW power…
  39. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 39
    Banpu Power 3Q19: thermal power THAILAND LAOS CHINA BLCP Hongsa China CHP Solid operational performance with Continued implementation of Impacted from lower seasonal demand full dispatch to support electricity efficiency…
  40. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 40
    Banpu Power 3Q19: renewable power 80 MW CHINA JAPAN VIETNAM China Solar Japan Solar Vietnam Wind Higher sales revenue due to favorable Consistent power generation despite Progressing well on development as weather condition and…
  41. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 41
    1 Focus: BANPU NEXT 2 Financial Summary 3 Energy Resources Coal Gas 4 Energy Generation 5 Energy Technology 6 Key Takeaways 41
  42. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 42
    BPIN partnership with PMCU to develop CU Smart City Banpu Infinergy has been engaged by Property Management of Chulalongkorn University (PMCU) to install solar rooftops on buildings and parking lots within Suanluang-Samyan area…
  43. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 43
    BPIN: 3.4 MW solar rooftop projects secured Banpu Infinergy is contracted to install 4 solar rooftop projects in Thailand with total capacity of 3.4 MW including: FN Outlet (6 branches) Chula Suanluang- Samyan (Sport Zone and…
  44. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 44
    Durapower: increase battery production capacity to 1 GWh Battery plant has further increased production capacity from 380 MWh to 1 GWh per annum Highlights the strengths of advanced technology utilization, along with over 40…
  45. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 45
    1 Focus: BANPU NEXT 2 Financial Summary 3 Energy Resources Coal Gas 4 Energy Generation 5 Energy Technology 6 Key Takeaways 45
  46. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 46
    Banpu group: integrated energy solutions Energy Resources Energy Generation Coal mining operations Thermal power plants in Indonesia, Australia, in Thailand, Laos and China and Mongolia China Energy Resources Energy…
  47. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 47
    BANPU NEXT: delivering sustainable growth Sustainability Strengthen Management Accelerate focus Banpus focus greener, smarter balance sheet growth BANPU NEXT BANPU NEXT to have Dedicated and Delivering growth in support Banpus…
  48. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 48
    APPENDIX 48
  49. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 49
    China: relaxation in import restrictions CHINA THERMAL COAL IMPORTS/EXPORTS* Unit: Mt QUARTERLY (ANNUALIZED) ANNUAL 3Q19 The price for benchmark QHD 5500 drifted between RMB612/t to RMB580/t in Q3 on weak demand, high inventory…
  50. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 50
    India: sluggish economy and record hydro hit coal demand INDIA THERMAL COAL IMPORTS* Unit: Mt QUARTERLY (ANNUALIZED) ANNUAL 3Q19 India economy faces severe challenges due to tepid consumer demand, liquidity issues in the financial…
  51. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 51
    Regional thermal coal market: 2019e vs 2018 +6 +30 RUSSIA USA EUROPE OTHER N. ASIA -14 -22 CHINA +40 -14 +10 INDIA +25 COLOMBIA INDONESIA SOUTH -8 AFRICA +2 OTHERS * -2 Unit: Mt AUSTRALIA SUPPLY ATLANTIC PACIFIC…
  52. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 52
    Coal quarterly output summary AUSTRALIA OPERATIONS: COAL OUTPUT (MT) ROM OUTPUT ON EQUITY BASIS Mines CV (kcal/kg)* 3Q18 2Q19 3Q19 4Q19e Western operations 1.0 0.8 1.0 1.4 Springvale 6,700 0.4 0.3 0.1 0.3 Clarence 6,700 0.3 0.4 0.5 0.5…
  53. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 53
    Natural gas : reserve and production term Reserve Production DEFINITION PRODUCTION UNIT Natural Gas Reserve Definitions in the US are In the US, production is measured in 1000 cubic defined by the SEC and are the same as used…
  54. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 54
    2019 indicative guidance ILLUSTRATIVE AND INDICATIVE ONLY UNIT GUIDANCE (US/ MCF) COMMENTS REVENUE Reserves (Bcf) 1,250 Production volume (Mmcfd) 190-250 Average differential to 0.20 - 0.50 Difference selling points and Henry Hub…
  55. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 55
    Key external and corporate events FED maintains BoT maintains FED cut policy US announced SET index dropped INDIRECT policy rate at policy rate at rate to from increase tariff by 10pt on lower- 2.25-2.5% 1.75% 2.5% to 2.0% on…
  56. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 56
    Fx impact analysis guidance on P&L CURRENCY NPAT IMPACT 3Q19 APPROXIMATE FX NPAT 5% SENSITIVITY 4Q19 EXPOSURE (USM) EXPOSURE (USM) (USM) Assuming 5% depreciation of local NET LIABILITY NET ASSET currencies against USD BOT forecast…
  57. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 57
    Banpu group EBITDA breakdown 351 231 168 164 USD million & holding companies 4Q18 1Q19 2Q19 3Q19 100% 68% 79% AACI OVERHEAD U.S. SHALE GAS AUD mil 132 101 65 67 73 50 40 20 54 53 28 47 36 28 16 11 -1 -1 -1 -1 4Q18 1Q19…
  58. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 58
    Banpu group net debt breakdown USD million Consolidated 3,407 3,437 3,391 3,558 NOT consolidated & holding Net debt companies Net cash 4Q18 1Q19 2Q19 3Q19 100% AUSTRALIA COAL 68% INDONESIA COAL 79% POWER AUD mil 731…
  59. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 59
    Banpu consolidated : operating profit USD million 3Q19 2Q19 3Q18 QoQ% YoY% Total sales revenues* 654 731 965 -11% -32% Sales revenue Coal 586 645 846 -9% -31% Sales revenue Gas 20 25 39 -21% -49% Sales revenue Power 31 41 37 -22%…
  60. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 60
    Banpu consolidated : operating profit USD million 3Q19 2Q19 3Q18 QoQ% YoY% Gross Profit 171 162 356 6% -5/% GPM 26% 22% 37% SG&A (92) (88) (84) Royalty (57) (63) (84) Income from associates 63 77 65 Other income and Dividend 5 10 5…
  61. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 61
    Banpu consolidated : net profit USD million 3Q19 2Q19 3Q18 QoQ% YoY% EBIT 78 89 249 -12% -69% Interest expenses (45) (46) (43) Financial expenses (1) (1) (2) Income tax (core business) (29) (15) (43) Minorities (16) (17) (36) Net…
  62. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 62
    Centennial : Income statement USD million 3Q19 2Q19 3Q18 QoQ% YoY% Sales volume (Mt) 2.7 2.9 3.4 -5% -19% Sales revenue 172.2 200.1 248.4 -14% -31% Cost of Sales (125.3) (179.3) (200.4) Gross Profit 46.9 20.9 48.0 125% -2% GPM 27% 10%…
  63. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 63
    Australia coal: quarterly equity rom output Total equity ROM (Mt) PLANNED ACTUAL (INDICATIVE ONLY) 5.0 4.5 4.0 3.4 3.4 3.5 3.0 2.8 NORTHERN 3.0 2.5 2.4 2.5 2.2 2.3 2.4 2.0 1.6 2.0 1.3 1.8 1.5 1.4 0.9 1.4 WESTERN…
  64. 3Q 2019 Earnings Presentation – Banpu Public Company Limited – slide 64

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