Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (January 2016)
81 slides from Thai Oil Public's investor presentation, January 2016
Slide 1: Presentation to Investors, January 2016
Thai Oil Public Company Limited Presentation to Investors January 2016
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 3 consecutive years for Member of DJSI Emerging Markets & 2 consecutive years for • 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 Wo
Slide 6: Presentation Agenda
-6- Presentation Agenda TOP GROUP BUSINESS OVERVIEW KEY FINANCIAL HIGHLIGHTS STRATEGIC INVESTMENT PLANS MARKET OUTLOOK APPENDIX
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: 54 Years, A Long Track Record of Success
-10- Key Milestones: 54 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% Thai Paraxylene Thai Lube Base Thaioil Power Thaioil Marine Thaioil Ethanol Thaioil (TOP) (TPX) (TLB) (TP) (TM) (TET) Aromatics Capacity: Lube Base Oil Sells Electricity/Steam to • 5 Oil & Chemical Tankers Mitr Phol 3
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 1,252 kbd Market shares for refined petroleum product3 Thai Oil 22% Share 30% 31% Nameplate Capacity market market Fang (3 kbpd) shares shares Thai Oil (275 kbpd) PTT’s Principal Refiner Q3/15 9M/15 BCP (120 kbpd) Esso (1
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 ** 6% 4% -18.4 LPG API = 31.2 API = 30.4 API = 39.7 PLATFORM
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 = 70%) Utilization = 107% KBD Q3/14 KBD 1,200 93% 89% 92% 92% 90% 94% 95% 94% 92% 100% 1,000 Q3/15 2.3% 85% 83% 83% 85% 1,000 80% 800 800 60
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: Q3/15 Key Industry Highlights
Key Highlights -20- Q3/15 Key Industry Highlights Refinery Implication $17/bbl drop in Dubai crude price as abundant 4.9 $/bbl inventory loss OPEC supply, soften Chinese econ and expected more (from stock gain 2.5 $/bbl in Q2/15) supply from Iran Lower middle distillate cracks but partially offs
Slide 21: Q3/15 Key Operation and Financial Highlights
Key Highlights -21- Q3/15 Key Operation and Financial Highlights Operation / Financial Highlights TOP Group Net Profit Unit : million THB (MB) Utilization Maximized refinery Net Operating Profit (before tax) Stock G/(L) (before tax) Rate run to capture strong Reversal of NRV/(NRV) (before tax) Oth
Slide 22: Integrated Margin & Competitive Cash Cost
Financial -22- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Marketing GRM Accounting GRM (Marketing GRM + Stock G/L) Operating Cost Interest Expense (net) (excl. one-time non- operating item) 9.9 8.8 7.3 7.4 6.6 7.6 6.2 5.3 5.7
Slide 23: Financial Performance
Financial -23- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB 447,432 EBITDA (excl stk G/L & NRV) EBITDA (incl stk G/L & NRV) 446,241 399,125 414,575 390,090 318,391 28,760 23,868 22,808 22,337 284,123 22,897 20,350 21,393 20,586 225,123 17,381 19,713 19,541 19,144 14
Slide 24: Strong Financial Performance
Financial -24- Strong Financial Performance Statements of Financial Position Consolidated Long-Term Debt as at 30 Sep 15 1) (Unit: million THB) Total Long-Term Debt Net Debt 193,607 189,163 74,939 million THB 30,856 million THB Cash & ST Trade Payable (US$ 2,051 million (US$ 845 million investment 4
Slide 25: Dividend Payment
Financial -25- 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. EPS Total dividend 9.19 9.40 Interim dividend Dividend payout 7.82 8.13 7.28 5.91 6.04 5.09 5.26 48% 4.41 45% 4.50 43%
Slide 26: Strategic Investment Plans
-26- Strategic Investment Plans
Slide 27: Broadening Growth, Capturing Step Out, Pursuing Sustainability
-27- Broadening Growth, Capturing Step Out ,Pursuing Sustainability Vision A Leading fully integrated refining and petrochemical company in Asia Pacific END Vision Top quartile Top Qrt ROIC & DJSI Measurement performer NP Growth (Sustainability) by 2021 • Operational excellence • Organic growth i.e.
Slide 28: Thaioil Group Investment Matrix
-28- Thaioil Group Investment Matrix New Geography Myanmar, Vietnam, Indonesia Integrated Downstream (B2B, B2C/retail, logistics, trading) New Business AEC (Technology driven) Specialties Core Business Growth Integrated Refinery Solvent, Marine, Power, Ethanol Thailand Refinery Downstream
Slide 29: Strategic Investment Plan (Cplan 2016)
Updated CAPEX plan -29- Strategic Investment Plan (Cplan 2016) 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 & Reliabil
Slide 30: Key Project Progress Update: LAB
Project Update -30- Key Project Progress Update : LAB Project Detail Progress • TPX JV with Mitsui (75% : 25%) 99%* • Upgrade existing Benzene and Kerosene into higher Linear Alkyl valued product; LAB which is an intermediate feedstock Benzene in production of surfactant (detergent) (LAB) • Capacity
Slide 31: Key Project Progress Update: 2 SPPs
Project Update -31- Key Project Progress Update : 2 SPPs Project Detail Progress • Low risk power business enhance income stability 97%* • 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% u
Slide 32: Update on Myanmar Project
Project Update -32- Update on Myanmar Project Study Project Detail Progress • In mid-July, 2014, Myanmar Petrochemical Myanmar Govt. Enterprise (MPE) issued Invitation to Tender, to announced “no revamp existing Thanlyin refinery successful bidder” Refinery • In Feb 18, 2015, PTT/TOP submitted rev
Slide 33: Study Project: Clean Fuel Project (CFP)
Project Update -33- Study Project : Clean Fuel Project (CFP) Main objectives of CFP Enhance competitive advantage of the refinery and maintain 1st quartile performer Enhance capability to upgrade lower value product into higher value product and ability to process heavier (cheaper) crude oil CFP
Slide 34: Q4-15 & 2016 Market Outlook
-34- Q4-15 & 2016 MARKET OUTLOOK • Crude Oil • Petroleum Products • Aromatics • Base Oil & Bitumen
Slide 35: Crude Oil
& ~ Group CRUDE OIL -35-
Slide 36: 2015 Global GDP Growth by IMF
Macroeconomics & Crude Prices -36- 2015 Global GDP Growth by IMF IMF estimated the 2015’s Global GDP growth at 3.3% Growth (%YoY) 2014 2015 2016 China US EU World Oct-15(1) Jul-15(1) Oct-15(1) Jul-15(1) Oct-15(1) 12% USA 3.4% 2.5% 2.6% 3.0% 2.8% 9% EU 0.9% 1.5% 1.5% 1.7% 1.6% 6% China 7.3% 6.8% 6.8%
Slide 37: Global Oil Demand Growth Projection
-37- Global Oil Demand Growth Projection IEA forecasted 2016’s global oil demand to increase by 1.2 MBD mainly from Asia Demand Growth IEA (MBD) (MBD) The global oil demand will grow by 1.2 MBD in 2016, as 9 . .9 economic growth solidifies and consumers respond to lower 5 9 .5 .7 oil prices. 95.7 .
Slide 38: Non-OPEC Supply Growth Projection
-38- Non-OPEC Supply Growth Projection IEA estimated 2016’s Non-OPEC oil supply growth to contract by 600 KBD Remarks: Non-OPEC Supply excl. Biofuels/Processing G/(L) Non OPEC Growth IEA Supply (MBD) (MBD) As lower prices and reduced spending take their toll, non-OPEC 5 .7 . supply growth is expecte
Slide 39: Crude Market Outlook 2016: Prices on the Recovery Track
Refinery -39- Crude Market Outlook 2016: Prices on the Recovery Track but Capped by Downside Risks Dubai Price Movement $/BBL Shale Oil Boom Declining US Oil Rigs Greek Debt China’s Stock Potential 120 & CAPEX Cuts Default Market Bubble increase in Iranian Barrels 100 80 60 40 Non-OPEC 20 OPEC’s Mee
Slide 40: Slowing U.S. Oil Supply Growth to Support Price Recovery
Refinery -40- 1 Slowing U.S. Oil Supply Growth to Support Price Recovery A Declining Oil Rigs Signals Lower U.S. Oil Supply B Declined U.S. Shale Oil Production Rigs U.S. Oil Rig Counts U.S. Shale Oil Production MBD - 0.3 MBD YoY 1,800 in 2016 6 1,400 Over 60% 4 1,000 Reduction Oct’14 : 1,609 Rigs 2
Slide 41: Strong Chinese Crude Demand
Refinery -41- 2 Strong Chinese Crude Demand Despite the Slowing Chinese Economic Growth A Still-High Chinese Crude Imports B Rising China’s Foreign Crude Dependency MBD Chinese Crude Demand YoY Growth % China’s Foreign Crude Dependency (MBD) 8 + 0.29 MBD YoY 0.8 70 in 2016 60 6 0.6 50 4 0.4 + 6% inc
Slide 42: Arrivals of Additional Iranian Barrels
Refinery -42- 3 Arrivals of Additional Iranian Barrels A Historical Expect Fed Iran to Funds Add RateKBD in 2016 500-700 B Map of Iranian Oil Fields Iran’s Oil Production and Exports MBD 5 4 U.S. Sanction EU Import Ban 3 1 MBD Export Capped 2 1 Production Export 0 2011 2012 2013 2014 2015 2016 Sourc
Slide 43: Petroleum Products
& ~ Group PETROLEUM PRODUCTS -43-
Slide 44: Healthy Refinery Margin in 2016 due to Robust Gasoline Demand
Refinery -44- Healthy Refinery Margin in 2016 due to Robust Gasoline Demand and Refinery Closures Singapore Cracking GRM ($/BBL) 8.5 7.9 8.0 6.3 5.8 6.3 6.1 5.8 4.8 Y2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 4Q15 Y2015 2016 Actual Forecast Sources: Reuters, TOP’s estimate ($/BBL) 2014 Q3-15 Q4-15
Slide 45: Low Oil Prices to Support Gasoline Demand Growth
Refinery -45- 1 Low Oil Prices to Support Gasoline Demand Growth A Gasoline Demand Growth Outpacing Supply B US Needs High-Octane Component AP/ME/US Gasoline Demand & Supply Growth U.S. Regular and Premium Gasoline Sales KBD YoY Tight Gasoline supply 900 Demand Supply 20% Regular Premium 750 15% 581
Slide 46: Solid Indian Demand Growth to Reduce Impact from Paradip Startup
Refinery Solid Indian Demand Growth to Reduce Impact from -46- 2 Paradip Startup A India Paradip Full Run by Mar-16 C Solid Demand Growth Driven by Economy Capacity: 300 KBD India’s Gasoline Domestic Demand and Supply KBD Nov’15 : Mar’16: KBD 1000 Test Run Full Run 1000 Unit : KBD 122 800 800 80 600
Slide 47: Lower Demand from Japan and China to Pressure Fuel Oil Market
Refinery Lower Demand from Japan and China to Pressure -47- 3 Fuel Oil Market A Nuclear Startup and Slowdown Hit Demand B Teapot Demand Shifting toward Crude Japanese Fuel Oil Demand China Fuel Oil Net Import KBD KBD 600 500 Mar-11 : Oct-15 : Teapot refinery Fukushima 400 start import crude 500 Send
Slide 48: Refinery Closures and Delays to Support Margins
Refinery -48- Refinery Closures and Delays to Support Margins Start-up Nameplate CDU Addition VS Additional Demand – AP & ME period) Country (KBD) Company AP Additional Demand ME Additional Demand Q1-15 UAE 417 Ruwais Middle East China Q2-15 China 70 Local Rizhao Lanqiao Australia Japan Q3-15 China
Slide 49: Thailand Petroleum Demand Growth
Thailand Oil Demand -49- Strong Thailand’s Oil Demand in 2015 and 2016 Thailand Petroleum Demand Growth Year on Year 9M-2014 9M-2015 Y 2014 Y 2015(B) Y 2016(B) Mogas (A) +2.1% +13.5% +3.8% +11.6% +4.0% Jet/Kero -1.1% +9.8% -1.0% +9.0% +1.5% Diesel (A) +0.8% +3.3% +0.9% +3.4% +2.2% Fuel Oil -0.9% -5.
Slide 50: Aromatics
& ~ Group AROMATICS -50-
Slide 51: Stable Aromatics Market in 2016 on Reducing Plants Run
Aromatics -51- Stable Aromatics Market in 2016 on Reducing Plants Run and Improving Demand Aromatics Market PX-ULG95 ($/TON) BZ-ULG95 ($/TON) 371 327 279 273 268 285 252 255 246 233 254 220 207 98 115 74 Y2014 4Q14 Y2015 1Q14 2Q14 3Q14 1Q15 2Q15 3Q15 4Q15 2016 2016 Y2014 Y2015 3Q14 3Q15 1Q14 2Q14 4Q
Slide 52: Stable PX Market in 2016 on PX Run Cuts
Aromatics -52- 1 Stable PX Market in 2016 on PX Run Cuts A AP/ME PX Demand Growth & Capacity Addition B US will Start to Import PX from Asia in 2016 Utilization 0.1 Mil TON Mil TON Rate (%) 5 90% 4 4.3 EU CN 3.8 80% 3 3.0 KR / JPN 2 2.7 US 2.0 70% 0.13 Mil TON 1 1.6 1.5 1.8 ME SEA INDIA 0 60% 2013 2
Slide 53: Recovered U.S. Import and BZ Derivatives Demand Support Market
Aromatics -53- 2 Recovered U.S. Import and BZ Derivatives Demand Support Market A AP/ME BZ Demand Growth & Capacity Addition B North America Rises BZ Import from Asia Utilization Mil TON Mil TON Rate (%) 3 90% 2.5 2.2 1.9 2.0 1.7 2 2.4 80% 1.4 1.5 1.6 1 1.3 70% 1.0 1.0 1.1 1.1 1.1 0.9 0.5 US BZ Impo
Slide 54: PX and BZ Demand/Capacity Outlook
Aromatics -54- PX and BZ Demand/Capacity Outlook A AP/ME PX Demand and Capacity PX-ULG95 313 545 471 485 280 251 Forecast Mil Ton 2010-2015 2016-2020 Utilization Rate (%) 60 Dem: 6.8% Dem: 5.4% 100% 50 Cap: 8.2% Cap: 6.4% 55 51 90% 40 46 48 44 42 38 41 38 40 30 34 36 80% 30 31 33 31 33 20 29 26 27 2
Slide 55: Base Oil & Bitumen
& ~ Group BASE OIL & BITUMEN -55-
Slide 56: Stable Base Oil Spread in 2016 on Lower Capacity Addition
Base Oil & Bitumen -56- Stable Base Oil Spread in 2016 on Lower Capacity Addition Base Oil Market Base Oil Benchmark Spread ($/TON) Net Capacity Growth (MTA) 5.5 495 486 501 500 493 506 369 399 2.0 0.4 1.2 Y2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Y2015 Y2016 2014 2015 2016 2017 Group I Group II
Slide 57: Lower Bitumen Spread in 2016 on Softer Chinese Demand
Base Oil & Bitumen -57- Lower Bitumen Spread in 2016 on Softer Chinese Demand Bitumen Benchmark Spread ($/TON) A Weak Fuel Oil Supports Spread in 2015 85 82 $/TON Unplanned refinery Unplanned refinery 23 20 shutdown (494 KTA) shutdown (543 KTA) 591 600 522 -32 500 525 -69 -77 -66 387 400 437 341 346
Slide 58: Conclusion
& ~ Group CONCLUSION -58-
Slide 59: 2016 Market Outlook Conclusion
Conclusion -59- 2016 Market Outlook Conclusion Healthy margins as demand outpaces refinery Refinery additions Stable Aromatics spread on moderate operating Aromatics rate and rising U.S. BZ demand Stable Base oil spread on lower capacity addition , Lube Base while lower Bitumen spread on softer Chin
Slide 60: Appendix
-60- APPENDIX • Q3/15 Performance analysis • World GRM / Inventories • Thailand petroleum demand by products
Slide 61: Q3/15 Performance Analysis
-61- Q3/15 PERFORMANCE ANALYSIS
Slide 62: Thailand Leading Refinery: Superior Utilization/Commercial
Refining -62- Thailand Leading Refinery : Superior Utilization/ Commercial Total Thailand crude refining capacity 1,252 kbd1 TOP’s Refinery Utilization vs. Industry4 Thai Oil 22% Share Fang Nameplate Capacity TOP Refinery Overall Industry (Thailand) (3 kbd) Thai Oil (275 kbd) 107% 107% 107% PTT’s Pr
Slide 63: Q3/15: Healthy Market GRM but stock loss pressured Acc GRM
Refining -63- Q3/15: Healthy Mkt GRM but stock loss pressured Acc GRM Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2014 2015 2014 Q2/15 Q3/15 9M/15 $/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4 FY14 107% 107% 107% DUBAI (DB) 104.4 106.1 101.5 74.4 51.9 61.3 49.7 54.3 40.7 96.6 Dubai ULG
Slide 64: Q3/15: Lower Aromatics Margins from Soft CN Demand
Aromatics -64- Q3/15: Lower Aromatics Margins from Soft CN Demand Aromatics Spreads and Margins Aromatics Production 2014 2015 2014 Q2/15 Q3/15 9M/15 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4 FY14 84% 91% 80% PX*-ULG95 273 220 371 252 255 246 233 245 288 279 Paraxylene (PX) BZ-ULG95 285 254 327 207 98 115 74
Slide 65: Q3/15: Maintained Lube Margins supported by Lower HSFO
Lube Base Oil -65- Q3/15: Maintained Lube Margins supported by Lower HSFO Amid Soften Regional Demand Base Oil & Bitumen Spreads & Margins Base oil Production 2014 2015 2014 Q2/15 Q3/15 9M/15 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4 FY14 88% 87% 85% 500SN-HSFO 486 501 500 493 369 399 506 425 452 495 Lube Ba
Slide 66: Beauty of Integration…Sustainable GIM
Performance Breakdown -66- Beauty of Integration…Sustainable GIM (Unit: US$/bbl) 8.2 4.8 8.7 9.9 7.1 6.6 7.2 2.9 1.4 Product to Feed Q1/14 Q2 Q3 Q4 Q1/15 Q2 Q3 9M/15 9M/14 8.2 8.8 7.4 6.6 7.6 5.1 4.4 4.6 4.7 Crude Marketing GRM (excluded stock gain / loss) Q1/14 Q2 Q3 Q4 Q1/15 Q2 Q3 9M/15 9M/14 20.5
Slide 67: Q3/15: Performance Breakdown
Performance Breakdown -67- Q3/15: Performance Breakdown Key Points Utilization/Production (%) & Net Profit (million THB) • TOP: max run to capture strong GRM ***74% • TPX: soften contribution from lower holding P2F • TLB: stable contribution as lower P2F offset by lower production cost Refinery Arom
Slide 68: Consolidated Financial Performance
Financial -68- Consolidated Financial Performance (million THB) Q3/15 Q2/15 QoQ+/(-) Q3/14R YoY+/(-) 9M/15 9M/14R YoY+/(-) Sales Revenue 74,721 79,036 (4,315) 88,254 (13,533) 225,123 301,545 76,422 Hedging Gain 547 (187) 734 695 (148) 436 1,891 (1,455) EBITDA 2,931 10,004 (7,073) (545) 3,476 19,144
Slide 69: 9M/15 Consolidated Cash Flow
Financial -69- 9M/15 Consolidated Cash Flow (Unit: Million THB) (Unit: Million THB) Operating Cash Flow Investments 9M/15 9M/14R 9M/15 9M/14R Operating Cash Flow 22,537 12,852 Investments (7,041) (13,422) Net income & non-cash adj. 17,950 10,817 + ST investments 2,253 1,923 CAPEX (PP&E) & other (9,2
Slide 70: Appendix
-70- APPENDIX • World GRM / Inventories • Thailand petroleum demand by products
Slide 71: Asian Margin Vs. US-EU margin
World GRM -71- Asian Margin Vs. US-EU margin 93.85% 62.96% 65.12% Total Capacity: 17.5 MBD Total Capacity: 17.0 MBD Total Capacity: 4.9 MBD Source: EIA, Norwegian Energy, Thai Oil
Slide 72: Crude Inventory
Inventories -72- Crude Inventory Source: Norwegian Energy
Slide 73: Global Distillate Inventory
Inventories -73- Global Distillate Inventory Source: Norwegian Energy
Slide 74: Fuel Oil Inventory
Inventories -74- Fuel Oil Inventory Source: Norwegian Energy
Slide 75: China's Product Export
China Export -75- China’s Product Export Source: Norwegian Energy
Slide 76: Domestic LPG Demand
Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight • In first 11 months of 2015, LPG demand fell steeply by 10.1%YoY on account of lower usages in cooking, transportation and petrochemical sectors. Most of the decline came from cooking sector that faced higher retail prices and slowly- tha
Slide 77: Domestic Gasoline Demand
Domestic Gasoline Demand Thailand Gasoline Demand GASOLINE Demand Highlight • In Jan15-Nov15 period, Mogas demand jumped sharply by 13.4% from the same period last year to an average 26.16 mml/day. This was mainly due to a significant drop in retail prices and low-based last year which had the polit
Slide 78: Domestic Jet Demand
Domestic Jet Demand Thailand JET-A1 Demand JET Demand Highlight • In first 11 months of 2015, Jet consumption increased significantly by 9.8% over the corresponding period last year mainly owning to reviving tourism sector. The expansion in tourism sector was a result of the return of Chinese and Ma
Slide 79: Domestic Gasoil and NGV Demand
Domestic Gasoil and NGV Demand Thailand Gasoil Demand Diesel Demand Highlight • In Jan15-Nov15 period, Diesel demand rose gradually by 3.8% YoY as relatively low retail prices boosted the consumption amidst strong agricultural demand from the peaking of harvesting season. Nevertheless, demand growth
Slide 80: Domestic Fuel Oil Demand
Domestic Fuel Oil Demand Thailand Fuel Oil Demand FUEL OIL Demand Highlight • In first 11 months of 2015, Fuel Oil consumption dropped significantly by 3.2% from a year earlier as a result of lower amount of maintenance day of natural gas fields from Myanmar comparing to the last year. Consequently,
Slide 81: Thank You
-81- 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 (January 2016) on 6ix