Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (March 2015)
83 slides from Thai Oil Public's investor presentation, March 2015
Slide 1: Presentation to Investors March 2015
Thai Oil Public Company Limited Presentation to Investors March 2015
Slide 2: Disclaimer
-2- 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, retain, distribute or take any action in reliance upon it.
Slide 3: Corporate Vision, Mission and Values
-3- 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 organization that promotes MISSION teamwork, innovation and trust for sustainabil
Slide 4: Corporate Governance Policy
-4- Corporate Governance Policy Roles and Responsibilities for Corporate Governance Policy Stakeholders The board of directors, management • Truthfully report company’s situation and and all staff shall commit to moral future trends to all stakeholders equally principles, equitable treatment to all
Slide 5: Thaioil Group Sustainable Development
-5- Thaioil Group Sustainable Development Member of DJSI Emerging Markets for 2 consecutive years • Highest Ranked Level in RobecoSAM Gold Class of Global Oil & Gas Companies • No.1 in ENERGY industry around the WORLD (Industry Group Leader) • No.1 in Oil & Gas Producers Worldwide (Industry Leader)
Slide 6: Presentation Agenda
-6- Presentation Agenda TOP GROUP BUSINESS OVERVIEW KEY FINANCIAL HIGHLIGHT STRATEGIC INVESTMENT PLAN MARKET OUTLOOK KEY TAKE AWAY MESSAGES APPENDIX Q4 & FY/14 PERFORMANCE ANALYSIS GLOBAL REFINERY MARGINS / INVENTORY / THAILAND PETROLEUM DEMAND
Slide 7: TOP Group Business Overview
-7- TOP Group Business Overview
Slide 8: Strategic Relationship and Operational Integration with PTT
-8- Strategic Relationship and Operational Integration with PTT Thai Oil’s strong shareholder base 5.5% • Benefits from PTT’s dual 20.3% role as our major shareholder and key 49.1% business partner • All transactions take place at arm’s length 25.1% and in adherence with strong corporate PTT 49.1% g
Slide 9: TOP Group Synergy & Strategic Role in PTT Group Value Chain
-9- 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 enjoy higher refined petroleum profit margins and Paraxylene products are sold
Slide 10: Key Milestones: 53 Years, A Long Track Record of Success
-10- 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 petrochemical group in Asia Pacific 1961 1970 2004 • 275 kbd refinery
Slide 11: Thai Oil Group Business Structure
-11- 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) Aromatics Capacity: Lube Base Oil • 4 Oil & Chemical Tankers Mitr Phol 35.0% Padaeng Sells Ele
Slide 12: Process Linkage: Beauty of Integration
-12- 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 KMT-2 50,000 CDU-3 165,000 KEROSENE HVU-1 Thai Lube Base HVU-2 HVU-3 FCCU HDS-2 10,400
Slide 13: One of Region's Leading Refineries
-13- One of Region’s Leading Refineries Total Thailand crude refining capacity 1,095 kbd 2014 Market shares for refined petroleum product3 31% Fang (3 kbpd) market shares Thai Oil (275 kbpd) PTT’s Principal Refiner BCP2 (120 kbpd) Esso (170 kbpd) Nelson Index - Regional Comparison 14.0 13.8 IRPC2 (2
Slide 14: Strategic Location with Competitive Advantages in Access to Key Markets
-14- 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 proximity with the key domestic markets and VIETNAM Indochina Bangkok Sri
Slide 15: Optimized & Flexible Operations…Superior Performance
-15- Optimized & Flexible Operations…Superior 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 % S = 0.79 Others 4% -35.6 LPG 11% API = 31.2 API = 30.4 API = 39.7 PLATFORMAT
Slide 16: Strong Domestic Sales despite Flatten Local Demand
-16- Strong Domestic Sales despite Flatten Local Demand Domestic Oil Demand / Domestic Refinery Intake Domestic Oil Demand *including TOP intake (Excluding TOP = 65%) Utilization = 98% KBD 2013 2014 KBD 1,200 92% 88% 85% 89% 93% 89% 92% 92% 86% 92%* 92% 87% 100% 1,000 0.6% 85% 85% 1,000 80% 800 800
Slide 17: Competitive Performance Benchmarking
-17- Competitive Performance Benchmarking Solomon (Bi-Annually) Shell Global Solutions International (SGSi) 2012 2010 Operational Performance Review Hydrocarbon Management Review Operational Troubleshooting Staff Competency Development Knowledge Management & Research
Slide 18: TOP Group Key Highlights
-18- TOP Group Key Highlights Thailand’s largest and Diversified earnings 2 one of the region’s through integration 1 most advanced and with, and significant competitive refineries contribution from, our subsidiaries Strategic relationship Strategic location with Industry with high 3 4 5 and operati
Slide 19: Key Financial Highlights
-19- Key Financial Highlights
Slide 20: 2014 Key Industry Highlights
-20- 2014 Key Industry Highlights Refinery Implication $48/bbl drop in Dubai crude price pressured by 4.5 $/bbl inventory loss ample supply ,while demand remains soft (from stock gain 0.8 to stock loss 4.5 $/bbl Y/Y) Benefits from crude price collapse (i.e. lower refinery Improved market GRM fue
Slide 21: 2014 Key Events/Achievements & TOP Group Net Profit
-21- 2014 Key Events/Achievements & TOP Group Net Profit Key Events / Achievements 2014 Top Group Net Profit Unit : million THB Completion of CDU-3 Turnaround NP w/o Stock G/L Stock G/(L) LCM Additional benefits Including (tax expense) Excluding tax 9 days earlier than plan /reversal (46 vs 55 day
Slide 22: FY/14 Success on TOP Profit Recovery Program
-22- FY/14 Success on TOP Profit Recovery Program 5,243 Million Baht Success from Margin Improvement / Profit Recovery Program / Risk Management 2,218 MB 1,923 MB Commodities Hydrocarbon / Supply Chain Hedging (both crack & Commercial Management spread & Inventory) save 0.57 US$/bbl Less CDU-3 Mai
Slide 23: Integrated Margin & Competitive Cash Cost
-23- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Marketing GRM Accounting GRM (Marketing GRM + Stock G/L) Operating Cost Interest Expense (Net) *Including 8.2 MTA cost 6.4 6.2 0.14 $/bbl 5.3 5.7 4.1 4.6 4.5 4.3 5.1 3.4 3.3 2.2
Slide 24: Financial Performance
Financial -24- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB 447,432 EBITDA (excl stk G/L) EBITDA (incl stk G/L) 446,241 399,125 414,575 390,090 318,391 284,123 28,760 22,337 22,897 23,868 22,808 20,350 21,393 19,541 17,381 19,713 88,545 12,846 14,585 7,949 6,880 2,6
Slide 25: Strong Financial Performance
Financial -25- Strong Financial Performance Statements of Financial Position Consolidated Long-Term Debt as at 31 Dec 14 1) (Unit: million THB) Total Long-Term Debt Net Debt 208,662 79,603 million THB 33,618 million THB 192,802 Cash & ST 43,815 39,482 Trade Payable (US$ 2,404 million) (US$ 1,015 mil
Slide 26: Dividend Payment
Financial -26- Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan THB/Share n.a. n.a. 9.19 9.40 7.82 8.13 7.28 EPS Total dividend 5.91 6.04 Interim dividend 5.09 Dividend payout 48% 4.41 45% 4.50 43% 45%
Slide 27: Strategic Investment Plans
-27- Strategic Investment Plans
Slide 28: Broadening Growth, Capturing Step Out, Pursuing Sustainability
Project Update -28- Broadening Growth, Capturing Step Out ,Pursuing Sustainability Operational Excellence Growth (Core & Step Out) Core Business Quick win Value Chain Enhancement Adjacent Logistics New Business AEC countries Geography
Slide 29: Strategic Investment Plan
Project Update -29- Strategic Investment Plan CAPEX Plan (Unit US$ million) Remaining capital investment Our CAPEX Projects COD Total Project investments will Cost 2014 2015 2016 2017 2018 cover improvements Refinery upgrading 2014 137 32 in plants reliability, efficiency & Reliability, efficiency a
Slide 30: Margin Contribution from completed projects in Q3/14
Project Update -30- Margin Contribution from completed projects in Q3/14 Project Project Details Actual Benefit Realization HVU Revamp: • Modify HVU-2 • Phase I: • Capable to produce more diesel/jet at Benefit Realization Benefit PSA-3 the expense of fuel oil (1-2%) ($/bbl) • Phase II: • Capable to
Slide 31: Key Project Progress Update: LAB
Project Update -31- Key Project Progress Update : LAB Project Detail Progress • TPX JV with Mitsui (75% : 25%) 86% • Upgrade existing Benzene and Kerosene into higher Linear Alkyl valued product; LAB which is an intermediate Benzene feedstock in production of surfactant (detergent) (LAB) • Capacity:
Slide 32: Key Project Progress Update: 2 SPPs
Project Update -32- Key Project Progress Update : 2 SPPs Project Detail Progress • Low risk power business enhance income stability 60% • Support reliability of electricity & steam supply for TOP Group TOP SPP • Develop 2 new SPP power plants; (2 blocks of SPP) • Total power capacity 239 MW (~20% us
Slide 33: New Project Approval in Q3/14: Lorry Expansion Project
New Project -33- New Project Approval in Q3/14 : Lorry Expansion Project Project Project Detail Lorry • Expand lorry loading capacity Expansion Existing Capacity Lorry Expansion Project Project Designed Capacity : 10 mml/day Planned Additional Capacity : +5 mml/day (10 gantries) (+ 5 gantries) • CAP
Slide 34: Progress on Myanmar Project
Project Update -34- Progress on Myanmar Project Study Project Detail Progress • On mid-July, 2014, Myanmar Petrochemical PTT/TOP had Enterprise (MPE) issued Invitation to Tender, submitted proposal on specifying the proposal deadline by mid-Oct, 2014 Oct 13, 2014 Refinery Upgrading Project • Plann
Slide 35: 2015 Market Outlook
-35- 2015 MARKET OUTLOOK • Crude Oil • Petroleum Products • Aromatics • Base Oil & Bitumen
Slide 36: Macroeconomics and Crude Price
-36- Macroeconomics and Crude Price
Slide 37: 2015 Global GDP Growth by IMF
Macroeconomics & Crude Prices -37- 2015 Global GDP Growth by IMF IMF revised down the Global GDP growth to 3.5% 2014 2015 Growth 2013 (%YoY) China US EU World Oct-14(2) Jan-15(3) Oct-14(2) Jan-15(3) 12% USA 2.2% 2.2% 2.4% 3.1% 3.6% 9% EU -0.5% 0.8% 0.8% 1.3% 1.2% 6% 5.2% 3.9% China 7.8% 7.4% 7.4% 7.
Slide 38: 2015 Global Oil Demand Growth
Macroeconomics & Crude Prices -38- 2015 Global Oil Demand Growth IEA forecasted 2015’s global oil demand to increase by 0.9 MBD mainly from Asia FSU North America Europe 130 100 490 0 The global oil demand will grow -210 140 -90 -70 by 0.9 MBD in 2015, amid weak -260 global demand conditions. Middle
Slide 39: 2015 Non-OPEC Supply Growth
Macroeconomics & Crude Prices -39- 2015 Non-OPEC Supply Growth IEA revised down 2015’s Non-OPEC oil supply growth by 350 KBD to 0.9 MBD. North America FSU 1600 Europe 1313 840 0 180 20 IEA forecasted 2015’s oil supply -150 -70 -120 from non-OPEC producers to rise by 0.9 MBD, mainly from North Americ
Slide 40: Overview of Crude Prices in Q1/15
Macroeconomics & Crude Prices -40- Overview of Crude Prices in Q1/15 Dubai Price Rebound in Late Jan’ 15 Fundamental Factors USD/BBL Abundant Supply from both Non-OPEC and OPEC MTD Feb producers, amid weak global demand conditions 100 (16 Feb 15) MBD MBD Surplus 90 $ 54.2 80 70 60 50 2014 2015 40 So
Slide 41: 2015 Crude Outlook
Macroeconomics & Crude Prices -41- 2015 Crude Outlook USD/BBL Dubai Price Movement 120 105 104 106 97 101 100 53$/BBL 80 74 61 60 51 50 53 53 40 20 2013 2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 2015 Actual (Annually) Actual (Quarterly) Forecast Estimates as of Feb’15 FACTORS TO WATCH DEMAND-SIDE
Slide 42: Petroleum Products
& ~ Group PETROLEUM PRODUCTS -42-
Slide 43: Overview 2014-20 Refinery Status
-43- Overview 2014-20 Refinery Status New barrels from AP/ME are expected to continually flood the petroleum product market CDU Addition VS Additional Demand – AP & ME Addition Nameplate AP Additional Demand ME Additional Demand Country Company ME Addition China (start-up period) (KBD) Australia Jap
Slide 44: High Supply Pressures GRM
Refinery -44- High Supply Pressures GRM ($/bbl) 2013 2014 Q4-14 Q1-15 Q2-15TD* 2015(F)** ULG95-DB 13.7 14.3 13.4 15.5 16.3 JET-DB 17.5 15.9 17.7 17.0 14.1 GO-DB 17.9 16.1 16.0 16.3 14.7 HSFO-DB (8.0) (8.3) (5.6) (1.9) (3.6) SG GRM Crack 6.1 5.8 6.2 8.5 7.8 Remark : *as of 7 Apr 15 , **Compared to 20
Slide 45: Thailand Oil Demand Outlook
Refinery -45- Thailand Oil Demand Outlook Thailand oil demand in 2015 is expected to grow at 2.1% YoY supported by better economic outlook compared to 2014 Year on Year 2013 2014 2015(F) LPG +2% 0% +3% MogasA +7% +4% +4% Jet/Kero +9% -1% +3% DieselA +2% +1% +1% Fuel Oil -8% -4% -5% Total +3.0% +0.6%
Slide 46: Aromatics
& ~ Group AROMATICS -46-
Slide 47: Has PX Spread Hit the Bottom?
Aromatics -47- Has PX Spread Hit the Bottom?
Slide 48: Heavy PX Capacity Addition Causing Supply Surplus
Aromatics -48- Heavy PX Capacity Addition Causing Supply Surplus MTA Feedstock Uncertainty Sinopec Hinan 3.5 HC Petrochem 3.0 Tenglong2 Tenglong1 TPPI 2.5 2.0 1.5 1.0 0.5 0.0 Jan Sep Oct Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2013 2014 2014 Country Plan KTA Company Early plan of PX
Slide 49: 2015 PX and PTA Capacity Update
Aromatics -49- 2015 PX and PTA Capacity Update Country Plan KTA Company Global Nameplate PX Additional/Closure Capacity MTA Korea Q1’15 -200 Lotte Chemical1 4.0 3.0 Kazakhstan Q2’15 469 JSC KazMunaiGas 2.0 Ningbo Zhongjin 1.0 China Q3’15 800 Petrochemical 1 0.0 -1.0 Q1 Q2 Q3 Q4 India Q3’15 2,250 Rel
Slide 50: PX Demand/Supply Outlook
Aromatics -50- PX Demand/Supply Outlook AP/ME PX Capacity* and Demand AP/ME PTA Additional New Capacity* Forecast Forecast MTA MTA 2010-2014 2015 2016-2019 14 12 Dem: 7.4% Dem: 5.7% Dem: 5.8% 60 Cap: 8.1% Cap: 11.1% 12 Cap: 6.4% 11 50 53 10 8 40 47 50 8 7 45 42 39 41 6 30 37 35 37 6 4 4 33 31 33 4 4
Slide 51: Weak Benzene Spread on Soft Demand and Bearish Crude Market
Aromatics -51- Weak Benzene Spread on Soft Demand and Bearish Crude Market
Slide 52: BZ Demand/Supply Outlook
Aromatics -52- BZ Demand/Supply Outlook AP/ME BZ Capacity* and Demand BZ Imports by North America Forecast Forecast MTA 2010-2014 2015 2016-2019 MT Dem: 5.2% Dem: 4.3% Dem: 4.5% 50 3.0 Cap: 5.6% Cap: 4.9% Cap: 3.3% 45 40 44 40 42 2.0 35 39 40 37 30 33 33 34 31 30 32 25 28 29 1.0 26 27 20 23 23 23 24
Slide 53: Stable PX Spread Due To Production Cut
Aromatics -53- Stable PX Spread Due To Production Cut ($/t) 2013 2014 Q4-14 Q1-15 Q2-15TD* 2015(F)** PX-ULG95 486 279 252 253 238 BZ-ULG95 289 268 207 101 171 Note: PX = Paraxylene, BZ = Benzene Remark : *as of 7 Apr 15 , **Compared to 2014 Overall Market in Q1-15 Factor to Watch for 2015… PX: + Cut
Slide 54: Base Oil & Bitumen
& ~ Group BASE OIL & BITUMEN -54-
Slide 55: Weak Base Oil Prices
Base Oil & Bitumen -55- Weak Base Oil Prices $/ton 2014 YTD-15* 800 500SN-HSFO 495 374 Key Factors 600 150SN-HSFO 478 374 • Lower 150SN and 500SN spreads due to Gr.II supply 400 surplus 200 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 $/ton 2014 YTD-15* 600 Gr.III vs Gr.I 102 417 Key Factors 400
Slide 56: Weak Fuel Oil Support Bitumen Spread
Base Oil & Bitumen -56- Weak Fuel Oil Support Bitumen Spread $/ton 2014 YTD-15* 200 Bitumen-HSFO (32) 28 Key Factors 100 • Positive spread due to 0 weakening fuel oil price in -100 Q4-2014 -200 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 $/ton 800 650 500 2014 YTD-15* 350 Bitumen 527 337 HSFO 5
Slide 57: Abundant Supply to Pressure Base Oil Prices
Base Oil & Bitumen -57- Abundant Supply to Pressure Base Oil Prices ($/t) 2013 2014 Q4-14 Q1-15 Q2-15TD* 2015(F)** 500SN-HSFO 485 495 493 370 406 Bitumen-HSFO (14) (32) 85 24 41 Remark : *as of 7 Apr 15 , **Compared to 2014 Overall Market in Q1-15 Factor to Watch for 2015… Base oil: - Continued Gr.I
Slide 58: Conclusion
& ~ Group CONCLUSION -58-
Slide 59: 2015 Market Conclusion
Conclusion -59- 2015 Market Conclusion Refinery • Expected crude prices recovery in 2H15, supported by declining non-OPEC production • Additional supply from new refineries pressure refinery margins Aromatics • Stable PX spread due to production cut • Soft SM downstream margin limited BZ demand Base
Slide 60: Key Take Away Messages
by Tht Group Key Take Away Messages -60-
Slide 61: Key Take Away Messages: 2015 Key Focus
-61- Key Take Away Messages 2015 Key Focus Maximize Refinery Run to capture decent GRM Flexible & Optimized Run for Aromatics & Base Oil Maintain Regional 1st Quartile Cost Effectiveness Prudent Risk Management Strategies Sustain Strong Financial Discipline Further Enhance Cost Managemen
Slide 62: Appendix
-62- Appendix • Q4 & FY/14 Performance analysis • World GRM / Inventory • Thailand petroleum demand by products
Slide 63: Q4 & FY/2014 Performance Analysis
-63- Q4 & FY/2014 PERFORMANCE ANALYSIS
Slide 64: Thai Oil Refinery: Superior Performance
-64- Thai Oil Refinery : Superior Performance… TOP’s Refinery Utilization vs Industry TOP’s Refinery Crude sources & Product Output TOP Refinery Overall Industry Sources of Product Domestic demand for (Thailand) 108% Crude output petroleum products* 102% 98% Others 11% 4% LPG 92% 92% Far East 13% PL
Slide 65: Q4/14: Robust Refining Margins…Offset by Huge Inventory Loss
Refining -65- Q4/14:Robust Refining Margins…Offset by Huge Inventory Loss Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2013 Q4/14 2014 2014 2015 2013 2014 102% 108% 98%* $/bbl Q1 Q2 Q3 Q4 Q1 Q2TD* FY13 FY14 *CDU-3 MTA mid Jun to end Jul 14 DUBAI (DB) 104.4 106.1 101.5 74.4
Slide 66: Q4/14: Over PX supplies…Pressured Aromatics Margins
Aromatics -66- Q4/14: Over PX supplies…Pressured Aromatics Margins Aromatics Spreads and Margins Aromatics Production 2014 2015 2013 2014 2013 Q4/14 2014 $/ton Q1 Q2 Q3 Q4 Q1 Q2TD* FY13 FY14 89% 89% 82%* *Aromatics unit MTA mid Jun to end Jul 14 PX*-ULG95 273 220 371 252 253 238 486 279 BZ-ULG95 285
Slide 67: Q4/14: G II/III Price Competition…Soften Lube Margins
Lube Base Oil -67- Q4/14: G II/III Price Competition…Soften Lube Margins Base Oil & Bitumen Spreads & Margins Base oil Production 2014 2015 2013 2014 2013 Q4/14 2014 $/ton Q1 Q2 Q3 Q4 Q1 Q2TD * FY13 FY14 102% 80% 92%* *Base oil unit T/A in end-Sep 14 500SN-HSFO 486 501 500 493 370 406 485 495 BITUME
Slide 68: Beauty of Integration…Sustainable GIM
Performance Breakdown -68- Beauty of Integration…Sustainable GIM (Unit: US$/bbl) 21.6 20.3 16.5 18.6 19.2 8.2 4.8 8.7 6.1 2.9 Product to Feed Q1/13 Q2 Q3 Q4 Q1/14 Q2 Q3 Q4 FY/13 FY/14 6.6 8.2 5.0 5.1 4.4 4.6 4.3 5.7 3.6 Crude 1.9 Marketing GRM (excluded stock gain / loss) Q1/13 Q2 Q3 Q4 Q1/14 Q2 Q3
Slide 69: Q4 & FY/2014: Performance Breakdown
Performance Breakdown -69- Q4 & FY/2014: Performance Breakdown Key Points Utilization/Production (%) & Net Profit (million THB) • TOP/ TPX/ TLB: Lower intake due to CDU-3 & aromatics complex ***74% planned MTA (15 Jun-end July 14) holding & Lube planned S/D during Sep 14 • TS: Completion of capacity
Slide 70: Consolidated Financial Performance
Financial -70- Consolidated Financial Performance (million THB) Q4/14 Q3/14 Q4/13R QoQ+/(-) FY/14 FY/13R YoY+/(-) Sales Revenue 88,545 88,254 107,952 291 390,090 414,575 (24,485) Hedging Gain 328 695 388 (367) 2,218 1,292 926 EBITDA (5,373) (545) 4,257 (4,828) 2,651 22,337 (19,686) EBITDA excl. Stk
Slide 71: FY/2014 Consolidated Cash Flow
Financial -71- FY/2014 Consolidated Cash Flow (Unit: Million THB) (Unit: Million THB) Operating Cash Flow Investments 2014 2013 2014 2013 Operating Cash Flow 24,432 16,131 Investments (20,346) (26,242) Net income & non-cash adj. 7,762 24,882 + ST investments (1,734) (11,129) CAPEX (PP&E) & other (18
Slide 72: World GRM / Inventory; Thailand petroleum demand by products
-72- • World GRM / Inventory • Thailand petroleum demand by products
Slide 73: Asian Margin Vs. US-EU margin
-73- Asian Margin Vs. US-EU margin 91.0% 63.4% 73.8% Total Capacity: 17.0 MBD Total Capacity: 4.9 MBD Total Capacity: 17.5 MBD Source: EIA, Norwegian Energy, Thai Oil
Slide 74: Crude Inventory
-74- Crude Inventory Source: Norwegian Energy
Slide 75: Global Distillate Inventory
-75- Global Distillate Inventory Source: Norwegian Energy
Slide 76: Fuel Oil Inventory
-76- Fuel Oil Inventory Source: Norwegian Energy
Slide 77: China's Product Export
-77- China’s Product Export Source: Norwegian Energy
Slide 78: Domestic LPG Demand
-78- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight • In 2014 LPG demand slightly declined by 0.2% YoY as pressured by low usages in cooking, industrial and petrochemical sectors. Consumptions in cooking and industrial sector were limited by increased retail price to reflect real cost
Slide 79: Domestic Gasoline Demand
-79- Domestic Gasoline Demand Thailand Gasoline Demand GASOLINE Demand Highlight • Mogas demand in 2014 increased by 3.8% YoY to a record high of 23.30 mml/day. This was mainly due to new passenger car and reduction in retail price in Q4/2014 as a result of lower price of crude oil. Meanwhile, recor
Slide 80: Domestic Jet Demand
-80- Domestic Jet Demand Thailand JET-A1 Demand JET Demand Highlight • In 2014 Jet consumption marginally decreased by 1.0% YoY mainly due to the concern of politic situation in Thailand during May-Jul 14 and weakening global economic growth especially in Russia which has resulted from declining oil
Slide 81: Domestic Gasoil Demand
-81- Domestic Gasoil Demand Thailand Gasoil Demand Diesel Demand Highlight • In 2014 Diesel demand rose by 0.9% YoY. as supported by increased transportation demand and retail fuel price reduction in Q4/14. However, demand growth was limited by the slow growth of Thailand economy especially in Manuf
Slide 82: Domestic Fuel Oil Demand
-82- Domestic Fuel Oil Demand Thailand Fuel Oil Demand FUEL OIL Demand Highlight • In 2014, Fuel Oil consumption significantly fell by 3.9% YoY. because of lower demand in electrical sector which has resulted from fuel switching toward Natural gas and alternative energy. Moreover, demand in transpor
Slide 83: Thank You
-83- Thank You Any queries, please contact: at email: [email protected] Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
Thai Oil Public Company — Investor Presentation (March 2015) on 6ix