BANGCHAK CORPORATION PUBLIC COMPANY LIMITED · 2019. 7. 3. · Bancha Retail Co. td. Bancha reen...
Transcript of BANGCHAK CORPORATION PUBLIC COMPANY LIMITED · 2019. 7. 3. · Bancha Retail Co. td. Bancha reen...
BANGCHAK CORPORATIONPUBLIC COMPANY LIMITED
COMPANY PROFILE
BANGCHAK CORPORATION PUBLIC COMPANY LIMITEDSustainable Innovative Business Development in Harmony with the Environment and Society
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Its core business is petroleum refining, producing high-standard products from domestic and international
sources. With a capacity of 120,000 barrels per day, Bangchak produces and distributes its products through
more than 1,100 service stations nationwide. It has expanded its businesses to oil trading, green power energy,
bio-based products, natural resources, and business development.
01 Company Profile
BCP COMPANY PROFILE1
COMPANY PROFILELorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod
COMPANY PROFILE
To be the Leading Asian Greenovation Group, founded on Good Corporate Governance, through Inclusiveness and Sustainability
Innovation Agility & Mobility Beyond Expectation
ContinuousDevelopment
Pursuit ofSustainability
BCP commits in bringing Disruptive and Inclusive Greenovation to Delight our customers, being a trusted partner and Value Creator for all Stakeholders, and promoting Sustainable Development to Society.
We emphasize inclusive and Sustainable business, pursue Domestic and Overseas expansion, embrace Good Corporate Governance principles, and nurture a High-performance. Learning culture and happy Workplace.
VISION
MISSION
CORE VALUE
02 Company Profile
03 Company Profile
BANGCHAK BUSINESS STRATEGIES
Security (S1)
Bangchak’s integrated strategy for refining, marketing, and natural resources to procure, produce, and sell retail petroleum products and biofuels to satisfy the needs of both the private and public sectors. The growth of electric vehicles does not affected the growing demand for petroleum products.
Bangchak focuses on investments in stable income businesses with low exposure to external risks such as the green power energy (BCPG), and diversifying risks in our businesses through supply chains management to address industry volatility.
The Company’s preparedness for future technology and change. Bangchak Initiative and Innovation Center (BiiC) was established to invest in innovative energy businesses, such as lithium battery production for EV cars and higher-value bio-based products. In 2018, four venture capital companies were established to invest in domestic startups whose operations are in line with the 10 businesses being promoted by the government.
Stability (S2)
Sustainability (S3)
STEPS TOWARD GREEN SOCIETY
Company changed its name to Bangchak Corporation Plc.
Expanded investments to E&P business
Achieved Euro IV Standard
Established OilTrading Business
Established Bangchak Retail & launched SPAR
Thailand
Expanded investment in petroleum deposits operated by OKEA AS
in Norway
Established 4 companies to engage in innovative
Green Energy businesses
Converted to Complex Refinery
Listed in SET IPO
BCPG expanded to Wind & Geothermal power plantbusinesses
LaunchedBiofuel Products(Biodiesel, Gasohol)
Established“Bangchak”on 8th November
core business growthexpansion in renewable energy
Acquired Solar Power Plant Business in Japan
Established “BCPG”
Begun commercial operation of Solar power
plant in Bang Pa-in, Ayudhya
EstablishedBiodiesel Business
1984
1994
2004
2009
2011
2012
2014
2016
2017
2018
Strengthening national energy security by emphasizing upstream energy
Diversifying and expanding business portfolio into steady-income businesses
Developing new and related businesses to existing core businesses
04 Company Profile
Mr. Chaiwat Kovavisarach Mr. Yodphot Wongrukmit
Mr. Kiatchai Maitriwong
Mr. Pongchai Chaichirawiwat
Mr. Bundit Sapianchai Mr. Chalermchai Udomranu
Mr. Somchai Tejavanija
Mr. Surachai Kositsareewong
President & CEO SEVPCorporate Management
and Sustainability Development
SEVPCorporate Strategic
Planning and Sustainability Development Group
SEVPPresident of BBGI PLC.
SEVPPresident of BCPG PLC.
SEVP Refinery Business Group
CMO & SEVPMarketing Business Group
SEVPAccounting and Finance
Group
MANAGEMENT TEAM
RefineryComplex Refinery, capacity of 120 KBD, with on-going value enhancement projects (3E and YES-R projects)and integration with own distribution channels
MarketingDistribution networks of BCP’s oil products, equipped with supplementary non-oil businesses to increase its market share and sales volume
Green Power BusinessEngage and invest in domestic and overseas green power businesses, including solar power, wind power, and geothermal power
Bio-based ProductsThe largest biofuel (biodiesel and ethanol) producer and distributorin Thailand, enhancing future growth opportunities
Natural ResourcesConsisting of petroleum exploration & production, and lithium mining businesses, ensuring energy security long term competitiveness
BANGCHAK’S BUSINESS PORTFOLIO
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SHAREHOLDING STRUCTURE
Bangchak RetailCo., Ltd.
Bangchak Green Net Co., Ltd.
Oam Suk Social Enterprise Co., Ltd.
Bongkot Marine Service Co., Ltd.
Fuel Pipeline TransportationCo., Ltd.
Subsidiary Associated Company
Register book closing date on 7 March 2019
Other Company
1,376,923,157 BAHTREGISTER CAPITAL AND PAID – UP CAPITAL
Bangchak Corporation Plc.
Green Power Business Bio-Based ProductsBusiness Group
Marketing BusinessRefinery and
Trading BusinessNatural Resources
Business and Business Development
60.66%14.66%
VAYUPAK FUND 1 PUBLIC
9.98%
MINISTRY OF FINANCE
14.70%
SOCIAL SECURITY OFFICE
BCP Trading Pte. Ltd.100.00%
30.00%
4.95%
100.00%
49.00%Nido Petroleum Pty Ltd.100.00%
Nido Petroleum (Holding) Pty Ltd.
100.00%
Nido PetroleumIndonesia (Holding)Pty Ltd.
100.00%
Nido PetroleumIndonesia (Gurita) Pty Ltd.
100.00%
Nido PetroleumIndonesia (Cakalang)Pty Ltd.
100.00%
Nido PetroleumIndonesia (Baronang) Pty Ltd.
100.00%
40.00%
BCP Energy International Pte, Ltd.100.00%
BCP Innovation Pte, Ltd.100.00%
BCV Bio Based Co., Ltd.100.00%
BCV Energy Co., Ltd.100.00%
BCV Innovation Co., Ltd.100.00%
BCV Partnership Co., Ltd.100.00%
BCPR Co., Ltd.100.00%
Nido Petroleum Phillippines Pty Ltd.
100.00%
BCPR Pte, Ltd.100.00%
Lithium Americas Crop.15.86%
Bonumose LLC.5.17%
Enevate Corporation1.15%
OKEA ASA49.33%
Minera Exar S.A.50.00%
Lithium Nevada Crop.
100.00%
Rheo Minerals Inc.100.00%
BCPG Plc. Bangchak Corporation Plc. Bangchak Corporation Plc.
Bangchak Solar Energy Co., Ltd.
Bangchak Solar Energy (Chaiyaphum1)Co., Ltd.
70.11%
100.00%
100.00%
Bangchak Solar Energy (Nakhonratchasima)Co., Ltd.
100.00%
Bangchak Solar Energy (Buriram1) Co., Ltd.
100.00%
Bangchak Solar Energy (Buriram) Co., Ltd.
100.00%
BBGI Plc.
KSL Green Innovation Plc.
Bangchak Bioethanol(Chachoengsao) Co., Ltd.
60.00%
100.00%
85.00%
Bangchak Biofuel Co., Ltd.
70.00%
Ubon Bio Ethanol Plc.21.28%
Ubon Agricutural Energy Co., Ltd.
100.00%
Ubon Biogas Co., Ltd.
100.00%
Bangchak Solar Energy (Prachinburi) Co., Ltd. 100.00%
BCPG Investment Holding Pte, Ltd.100.00%
BCPG Biopower 1 Co., Ltd. 100.00%
BCPG Biopower 2 Co., Ltd. 100.00%
Lom Ligor Co., Ltd. 100.00%
Star Energy Group Holdings Pte, Ltd.33.33%
Huang Ming Japan Co., Ltd.
100.00%
BSE Energy Holding Pte, Ltd.100.00%
Greenergy Holding Pte, Ltd.100.00%
Greenergy Power Pte, Ltd.100.00%
BCPG Wind Cooperatlef U.A.100.00%
BCPG Japan Cotporation100.00%
PetroWind Energy Inc40.00%
BCPG Engineering Co., Ltd.100.00%
NB Bio EnergyCo., Ltd.
100.00%
Exploration and Production Business
Innovation Business
Bangchak refinery is a complex refinery, able to produce premium grade gasoline and diesel. Its gasohol and diesel products comply with the governments Euro IV standard.
A modern complex refinery with a maximum capacity of 120,000 barrel per day
Enhance the refinery’s safety and environmental standards, to maximize efficiency and capacity through 3E and YES-R projects
Owned distribution channels for supply chain optimization
Strategic development of oil trading business by focusing on expanding out-out (overseas oil suppliers for overseas customers) transactions
01REFINERY AND TRADING BUSINESS
BANGCHAK’S REFINERY CHARACTERISTIC
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ปร�มาณการผลิต
TAM = Turnaround Maintenance Period
ActualCrude Run
Utilization Rate
2012 2013 2014 2015 2016 2018TAM TAM TAM TAM
113KBD
74KBD
99KBD 86
KBD
101KBD
102KBD
2017
111KBD61%
83%72%
94%84% 93% 85%
CRUDE SOURCING2018
CAPACITY EXPANSION & EFFICIENCY IMPROVEMENT3E Project : Efficiency, Energy and Environment
PRODUCTION PROFILE
Co Generation Power Plant #3 (≈12 MW)Completed in 2017
Continuous Catalyst Regeneration Unit (CCR) (CCR : Higher Capacity & maintenance cycle extension)To be completed in 2020
Bangchak Refinery uses
> 20 different crude sources (domestic and regional) to produce high quality and environmental friendly products
23 %Domestic
77 %International
PRODUCT YIELD2018
LPG
UCO
Fuel oil
Jet
Diesel
Gasoline
3%
3%
10%
12%
19%
53%
07 Company Profile
Debottlenecking Higher Optimal Crude runTo be completed in 2020
Flexible Product Yieldto capture market demand
Cost Saving from Energy Optimizationand electricity stability in refinery production processes
Extended Interval Between Maintenance Periodsfrom 18 Months to 30 - 36 Months
4,020 ML
53%
1,925 ML
25%1,026 ML14%
622 ML8%
Conducting the business of retailing petroleum fuel and lubricant products through service stations under the concept of “Greenovative Experience” Its market share of more than 15%, makes it the second largest in the country.
Emphasizing great customer experience by developing service and service stations, with responsibility to the society and environment. Eco-friendly products (i.e. premium diesel) and technology at service stations enhance customer experience and reduce energy consumption.
Professional teams are assigning to industrial, transportation (airlines land transport and shipping), construction and agricultural sector customers.
Focusing on developing Non-Oil businesses, comprising of coffee shops and convenience stores, to maximize customer satisfaction.
Marketing Business
Bangchak oil and lubricant products’ main distribution network of more than 1,100 service stations nationwide, industrial sectors network and Non-Oil services satisfy customer expectation and increase competitiveness.
02MARKETING BUSINESS
MARKETING BUSINESS CHARACTERISTIC
TOTAL SALES VOLUME Unit: % Portion of total sales volume in 2018
08 Company Profile
SERVICE STATIONSas of December 2018
1,175Sites
STANDARD TYPE
555Sites
CO-OP TYPE
620Sites
2012 2013 2014 2015 2016 20182017
13.8%
14.8%
15.1%15.0%
15.1%
15.4%15.8%
“THE FRESH QUALITY ECO-COFFEE IN THAILAND” more than 500 Inthanin coffee shops nationwide serve 100% Arabica coffee beans roasted with specific process while giving back to the community and environment.
World class retail chain fromthe Netherlands, offering an extensive range of fresh produce, focusing on convenience and healthy lifestyles of local customers. It has expanded together with BCP’s services station.
Retail Market Industrial Market
2012 2013 2014 2015 2016 2017
1,000
900
800
700
600
500
400
300
CAGR 7% FROM 2012-2018
2018
NON-OIL BUSINESS EXPANSIONTo attract customers and expandmarket share
HISTORICAL MARKET SHARE Retail Channel by Sales Volume
Unit: ML/Quarter
Push forward higher sales volume through the highest margin channel
TOTAL SALES VOLUME
SERVICE STATIONS ROLL OUT STRATEGY
NON-OIL ROLL OUT PLAN
NETWORK EXPANSIONFocus on high potential areas, with service stations of distinguished character, harmoniously customized to each area
Marketing Business group focuses on expanding and developing Non-Oil businesses, such as convenience stores, and coffee shops, in service stations will become a crucial part of business expansion to enhance customer experience and traffic.
CURRENT NETWORK OPTIMIZATION• Maintain service quality and pace• Development of Loyalty Program systems and utilizing Big Data to further
improve customer satisfaction.• Offer high quality environmentally – friendly products• Platform for social movement i.e. using local or agricultural product as
promotional gifts to customers.
Second Rank
2
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Thailand
Japan
Operating : 158 MWDeveloping : 24 MW
Indonesia
Operating : 14 MWDeveloping : 6 MW
The Philippines
SOLAR ENERGY
Data as of December 2018
WIND ENERGY GEOTHERMAL ENERGY
Operating: 15 MWac
Developing: 117 MWac
Operating : Solar 139 MWac
Developing: Wind 9 MWac
Currently, BCPG has a total capacity of 326 MWac
with a further 155 MWac being developed.
• Pursuing Bangchak heritage in Green Power Business• The Iconic green energy developer who evolves the world through greener and innovative pathways • The only and frontier exclusively green energy player in Thailand• Operating diversified green power business portfolio in terms of both technology and geography
SOLAR POWER BIOMASS POWERWIND POWER HYDRO POWERGEOTHERMAL POWER
2012 2013 2014 2015 20182016 2017
3870
118 11820
125
1414
139
15
158
1414
130
30
158
Operated by BCPG PLC.BCPG engages in operating and investing in power generation business from green energy sources (both domestic and overseas), such as solar, wind, and geothermal power plants.
03GREEN POWER BUSINESS
GREEN POWER BUSINESS CHARACTERISTIC
CONTRACTED CAPACITYUnit: MWac
10 Company Profile
Khonkaen
UbonratchataniKanchanaburiChachoengsao
Ayudhaya
Operates under BBF
BBGI holds 70%
Biodiesel Business
Crude palm oil930,000 L/D
Operates under KGI-NP
BBGI holds 100%
Ethanol Business
Molasses150,000 L/D
Operates under UBE
BBGI holds 21%
Ethanol Business
Cassava400,000 L/D
Operates under KGI-BP
BBGI holds 100%
Ethanol Business
Molasses300,000 L/D
Operates under BBE
BBGI holds 85%
Ethanol Business
Cassava150,000 L/D
Operated by BBGI PLC.The largest biofuel producer and distributorin Thailand.
The total production capacity of BBGI’s subsidiary and associated companies exceeds 1,930,000 liters per day, consisting of 1,000,000 liters of ethanol and 930,000 liters of biodiesel per day.
04BIO-BASED PRODUCT BUSINESS
11 Company Profile
Together with Bangchak Initiative and Innovation Center (BiiC), and the Asian Institute of Technology (AIT), Thailand’s leading research and technology institute, BBGI group’s R&D project include:
ETHANOL ENHANCE CAPACITY
Existing
1,000,000L/D
Target
1,200,000L/D
Registered Capital 2,532 THB Million
40%
60%
BIOMATERIALS
(e.g. Biodegradable Plastics, Recycle Packaging)
BIOCHEMICALS
(e.g. Food Supplements, Cosmetics)
( BEFORE IPO )
BBGI’S STRUCTURE
BBGI – EXPANSION PLAN AND POTENTIAL PROJECTS
RESEARCH & DEVELOPMENT PROJECT SCOPES
12 Company Profile
BCPI holds
15.81 % in LAC As of December 2018
Consist of petroleum exploration & production business, and lithium mining business. Bangchak invests in Natural Resources business to ensure energy security and preserve the company’s long term competitiveness.
05NATURAL RESOURCES BUSINESS
• BCPI invested C$ 42.5 million in LAC.• BCPI now the 2nd largest shareholder of LAC. • Its business is lithium mining in Argentina
and the United States.• Cauchari-Olaroz project expects COD in 2020.
OKEA ASABangchak holds 49% shares in OKEA ASA• The investment was made as a joint partnership in a world-class asset with long-lasting production life. OKEA ASA,
a Norwegian company engaging in the petroleum development business in Norway.• Focusing on the Norwegian Continental Shelf, creating value through cost effective development and operation systems.
Ivar Aasen
Producing Producing Producing
0.554% 15% 55%44.56% 12%
Yme GrevlingDraugen Gjoa
Developing Developing
~49%~35%
16%Minor Shareholder
13 Company Profile
BANGCHAK INITIATIVEAND INNOVATION CENTERBangchak established Bangchack Initiative and Innovation Center (BiiC) to create a Green Ecosystem to drive innovation on green energy and Bio-Based product business.
STARTUP AND INCUBATION
CORPORATE VENTURE CAPITAL
RESEARCH& DEVELOPMENT
for greenovative breakthrough
ResearchInstitutes
Universities
Expertsand Advisors
Corporate Partner& Startup Support
FundingCustomer Support &Service Provider
Live Lab &Co-working Space
Entrepreneur & Startup
GREEN ECOSYSTEM
14 Company Profile
BANGCHAK : CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY ACTIVITIES AND ACHIEVEMENT
AWARDS& RECOGNITIONS
15 Company Profile
Climate change, the energy crisis and plastic waste has affected food sustainability. The Bio Economy is a revolutionary approach utilizing technology and innovation to further enhance agricultural development and value. The company aspires to use promote Greenovation as the driving force of the new bio economy.
Service station development integrating innovation and environmental stewardship. The Thailand Environment Institute awarded Bangchak with the “Inno-Green Station Standard (Platinum)” in 2018 for its quality of life, environmental, and safety enhancements and design.
Develop a coffee business under the banner of “Ariyasub Shop” at Cherntawan Ranch, Chiang Rai Province, where the company shares its knowledge with regards to Inthanin Coffee to create a business model that acts as a learning center and storefront.
Developing the quality of life of the Kayin people (Poh) through local partnerships to create sustainable, strong and self-reliant communities.
BIO ECONOMY, a new sustainable Future
Inno – Green Station
Oam Suk Social Enterprise Company Limited
The Integrated Sufficiency Economy Model at Kaen Makrut, Ban Rai, Uthai Thani Province.
The Asset Corporate Awards
SET Sustainability Award 2015-2018
SET Award 2018
The Global Good Governance Awards
ASEAN Corporate Governance
• Platinum Award (2014-2018) in recognition of overall outstanding performance (financial, management, ESG, IR)
• Best CEO Award (2017)• Best Investor Relations (2018)
• Best Sustainability Awards (2017-2018)
• Thailand Sustainability Investment (2015-2018)
• Outstanding Investor Relations (2018)
• Best CEO Platinum Award• Best CSR Excellence Award
(Thailand)• Best Community
Programme Gold Award• Global Good Governance Award (2018)
• TOP 50 ASEAN PLCs (2017-2018)
Asian Excellence Awards• Asia’s Best CEO
(2013-2014, 2016-2018) • Asia’s Best CFO (2015)• Best IR (2012-2018)• Best Environmental Responsibility (2015-2018)
BANGCHAK STOCK INFORMATION
Resources/Energy & UtilitiesSET100 / SETHD / SETCLMV / SETTHSI / MSCI Thailand / ESG 100
Establish Date 08/11/1984
% OF SHAREHOLDER (as of 7 Mar 2019)
As of 7 Mar 2019
BCP Bangchak Corporation Public Company Limited
Price (B.)
32.25
52 Week High/Low
40.50 / 31.00
P / E (X)
18.45
P / BV (X)
1.06
Paid-up (MB.)
1,376.92
Foreign Shareholder
14.36%
Market Cap (MB.)
45,438.46
NVDR Shareholder
7.51%
Listed Date 02/08/1994
Par1.00 Baht
Ministry of Finance 9.98%
Vayupak Fund 1 14.66%
Social Security Office 14.70%
Public 60.66%
16 Company Profile
DISCLAIMER
The information contained herein is being furnished on a confidential basis for discussion purposes only and only for the use of the recipient, and may be subject to completion or amendment through the delivery of additional documentation. Except as otherwise provided herein, this document does not constitute an offer to sell or purchase any security or engage in any transaction.
The information contained herein has been obtained from sources that Bangchak Corporation Public Company Limited (“BCP”) considers to be reliable; however, BCP makes no representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein.
Any projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such projections, valuations and analyses may be based on subjective assessments and assumptions and may utilize one among alternative methodologies that produce differing results; accordingly, such projections, valuations and statistical analyses are not to be viewed as facts and should not be relied upon as an accurate representation of future events. The recipient should make an independent evaluation and judgment with respect to the matters contained herein.
BANGCHAK CORPORATION PUBLIC COMPANY LIMITED
2098 M Tower Building, 8th Floor, Sukhumvit Road, Phra Khanong Tai, Phra Khanong, Bangkok 10260 Thailand.Tel.: +66 2335 4390, +66 2335 8518, +66 2335 4370
Email: [email protected]