The Bangchak Petroleum PLC - listed companybcp.listedcompany.com/misc/presentation/20160816... ·...
Transcript of The Bangchak Petroleum PLC - listed companybcp.listedcompany.com/misc/presentation/20160816... ·...
The Bangchak Petroleum PLC
Opportunity Day – 2Q2016
August 16, 2016
AGENDA
2The Bangchak Petroleum Plc
1 Performance Summary
2 Oil Market Outlook
4 Going Forward in 2H2016
3 Financial Performance Update
AGENDA
3The Bangchak Petroleum Plc
1 Performance Summary
2 Oil Market Outlook
4 Going Forward in 2H2016
3 Financial Performance Update
BCP Group Performance
4The Bangchak Petroleum Plc
Q2/16
1H/16
EBITDA PerformanceUnit: THB Million
3,143
4,085
0 2000 4000 6000
Operating
Accounting
Target3,000
5,649
5,278
0 2,000 4,000 6,000
Operating
Accounting
Target4,800
Q2/16 Performance Snapshots
Refinery resume full operation
Marketing growth outpace industry
Green Power Plant listing on schedule
Biofuel gaining momentum
E&P cost cutting continue
What we should consider???
Pressure on GRM / crude run
Japan solar power optimization
EBITDA Performance - BCP Group
5The Bangchak Petroleum Plc
0%
50%
100%
150%
200%
0.5 1.5 2.5 3.5 4.5 5.5
Target100%
Solar Power525
Marketing882
Refinery2,531
Biofuel113
E&P59
Q2/16 Performance Compare to Target by Business Unit
Accounting EBITDA 4,085 Million Baht
2,3
33
5,1
64
1,1
93
4,0
85
4,1
23
4,7
16
2,5
06
3,1
43
Q1/15 Q2/15 Q1/16 Q2/16
Accounting OperatingUnit: THB Million
EBITDA Performance
-21% YoY
+242% QoQ
Accounting EBITDA
-33% YoY
+25% QoQ
Operating EBITDA
Unit: THB Million
BCP Group Portfolios
6The Bangchak Petroleum Plc
Green Power Plant Biofuel E&PRefinery Marketing
Refinery Performance – Smooth Operation after Turnaround Maintenance
7The Bangchak Petroleum Plc
109 112 117 114
64
112
Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16
Refinery Crude RunUnit: KBD
Refinery Crude Run
Plan Level110 KBD
Crude run at high level as plan
Refinery run smoothly during the quarter
Producing more value products
Full supply chain management to optimize
overall benefits
Q2/16: Resume operation
Q2/15 Q1/16 Q2/16
Domestic Import
12% 18% 13%
1%
54% 49% 53%
11% 10% 11%
20% 19% 20%2% 2% 2%
Q2/15 Q1/16 Q2/16
Crude SourcingUnit: KBD
Product YieldUnit: %
LPGGasolineJet
Diesel
Fuel OilUCO
112
64
112
58%
42%
52%
48%
48%
52%
Refinery Performance – Better Market GRM, Positive Impact from Inventory Gain
8The Bangchak Petroleum Plc
Q2/16
1H/16
Refinery EBITDA Unit: THB Million
1626
2531
0 1000 2000 3000
Operating
Accounting
2,324
1,886
0 1,000 2,000 3,000
Operating
Accounting
10.41
5.35 6.27
0.14
0.82 0.01
1.34
-6.41
2.51
Q2/15 Q1/16 Q2/16
Market GRM Hedging Inventory Gain Loss
Q2/16: Market GRM better than previous quarter
Refinery utilization increased lead to higher value product yield
GO/DB spread was improved while UNL95/DB and FO/DB were weak
Crude cost spread Dated Brent and Dubai (DTD/DB) narrowing QoQ
An inventory gain of THB 905 Million (included a reversal of LCM of THB 6 Million)
Unit: $/BBL
0
2
4
0
50
100
Q2/15 Q3 Q4 Q1/16 Q2
Crude Price and Spread ($/BBL)
5
15
25
Q2/15 Q3 Q4 Q1/16 Q2
GO/DB
UNL95/DB
-10
-5
0
FO/DB
Crack Spreads ($/BBL)
DB DTD/DB
Accounting GRM
11.90 -0.24 8.79
GRM Performance
Target
Target
1,898
1,923
0 500 1,000 1,500 2,000
Operating
Accounting
Marketing Sales Volume
Marketing Performance – Sales Volume Increase from Last Year
9The Bangchak Petroleum Plc
Q2/16
1H/16
Marketing EBITDA Unit: THB Million
858
882
0 500 1000 1500 2000
Operating
Accounting
60% 61% 64%
40% 39% 36%
Q2/15 Q1/16 Q2/16
Retail Market Industrial Market
0.87 1.09 1.09
0.43
0.68 0.50
Q2/15 Q1/16 Q2/16
Net Retail Margin Net Industrial Margin
1,404 1,465 1,450
Net Marketing MarginUnit: THB/LitreUnit: Million Litre
0.69
0.93 0.87
Retail sales volume continue growing from;
Retail market oriented strategy
A decline in retail oil prices
Industrial sales volume reduced by seasonal factor
Retail Margin maintained its level
Industrial Margin dropped from seasonal factor and excess supply in the market
Low Oil Prices Driven Demand
Target
Target
Marketing Performance – Retail Sales Volume Continued its Growth Momentum
10The Bangchak Petroleum Plc
Retail Sales
Volume Growth
+8% YoY+4% QoQ
Refined
Petroleum Products
Export
OIL
Wholesales
Marketing Business
Industrial Customer
Retail Customer
12%
12%
% Portion of Total Sales volume of Q2/2016 = 1,908 Million Litre
28%
48%
Note: Retail Sales portion continued to increase Q2/15 = 47%, Q1/16 = 51%
180
200
220
240
260
280
300
320
340
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
FY2012
FY2013
FY2014
FY2015
FY2016
+12% Average YoY Growth Unit: Million Litre/ MonthRetail Sales Volume
0
100
200
300
400
500
600
Jan
-14
Feb
-14
Mar
-14
Ap
r-14
May
-14
Jun
-14
Jul-
14
Au
g-1
4Se
p-1
4O
ct-1
4N
ov-
14
Dec
-14
Jan
-15
Feb
-15
Mar
-15
Ap
r-1
5M
ay-1
5Ju
n-1
5Ju
l-1
5A
ug-
15Se
p-1
5O
ct-1
5N
ov-
15
Dec
-15
Jan
-16
Feb
-16
Mar
-16
Ap
r-16
May
-16
Jun
-16
BCP Standard Type
Major Oil excluding BCP
BCP Co-Op Type
503
448
442476
Unit: K.Litre/Station/ Month
Thruput per station
YTD2015 Jan-Jun 16 ∆
ปตท. 37.1% 37.3%
บางจาก 15.0% 15.0%
เอสโซ่ 13.6% 12.8%
เชลล์ 13.0% 12.8%
ปตท.คา้ปลกี 6.0% 5.7%
คาลเท็กซ์ 5.2% 5.1%
กลุม่ซสัโก้ 1.5% 1.8%
ไทยออยล์ 6.9% 7.7%
พทีจี ีเอ็นเนอรย์ ี่ 1.6% 1.6%
Marketing Network and Non-Oil Increase Thruput per S/S by Network Expansion and Non-Oil Business Extension
11The Bangchak Petroleum Plc11
Expansion of service station
+28NEWService Stations
1,075 Service Stations
As of Jun 2016
Non Oil EBITDA
354 Stores
30 Stores
6 Stores
165 Stores
41 52 50
Q2/15 Q1/16 Q2/16
Expansion is aimed for widening BCP customer segments for growth
Non Oil Business
Unit: THB Million +22% YoY
-4% QoQ
As of Jun 2016
-8
+10
+3
+1
Market Share (Retail Channel)
Green Power Plant – Solar Power
12The Bangchak Petroleum Plc
15
20
25
30
Target Actual
Thailand Portfolio (118 MWac)
Electricity Sales by Country (Unit: Million kWh)
0.0
1.0
2.0
Target Actual
Japan Portfolio (11 MWac)
Total Electricity Sales (Unit: Million kWh)
71.6
61.8
67.069.1
65.268.2 68.5 68.5
Q1/15 Q2/15 Q1/16 Q2/16
Target Actual
Steady steam of cash flow
EBITDA Lower than expected due to additional costs incurred from
preparing the other plants under construction and development
Q2/16
1H/16
Green Power EBITDA Unit: THB Million
557
525
0 200 400 600 800100012001400
Accounting
TH Contribution
Japan Contribution
1,204
1,153
0 200 400 600 8001,0001,2001,400
Accounting
TH Contribution
Japan Contribution
Target
Target
-32
-52
219
259
0 100 200 300
Operating
Accounting
Biofuel Business – Demand Increased as Diesel Price was Cheap
13The Bangchak Petroleum Plc
371 385 387
582
705 741
Q2/15 Q1/16 Q2/16
Daily Production Sales Volume
Building volume for new plant (BBF Plant#2)
Strong demand for B100 as Diesel Price was Cheap
Improvement in Biodiesel plant’s efficiency enabled it to raise its average
daily production rate
Current BBF sales volume was ≈91% of its new capacity which plan to
COD in Q3/16
(Existing 360 K. Litre/day + Plant#2 450 K. Litre/day = 810 K. litre/day)
Biodiesel Plant: Daily Production and Sales Volume
Unit: K. Litre per day Sales volume
+27% YoY
+5% QoQQ2/16
1H/16
Biofuel EBITDA Unit: THB Million
101
113
0 100 200 300
Operating
Accounting
Target
Target
E&P EBITDA Performance – Self Revision, Survival Plan Cutting Down Costs
14The Bangchak Petroleum Plc
Implement cost cutting plan
Galoc oil filed uptime was 99.93%
Successfully implement cost saving as
planned, cash cost 32 $/BBL in Q2/16
Use derivatives to hedge against crude
oil price volatility
6.405.57 5.12
3.583.11 2.86
Q2/15 Q1/16 Q2/16
Gross Production Net to NIDO
Production (Unit: KBD)
Q2/16
1H/16
E&P EBITDA Unit: THB Million
Q2/15 Q1/16 Q2/16
Volumes lifted and Sold*
(bbls)396,793 202,128 393,375
Cargo 2 Cargoes 1 Cargo 2 Cargoes
All prices are on FOB
realized basis
($/BBL)
Cargo 45
60.62
Cargo 50
31.27
Cargo 51
40.53
Cargo 46
62.98
Cargo 52
48.15
61.26
30.59
43.23
61.80
31.2744.34
Q2/15 Q1/16 Q2/16
Dubai Nido
Comparing Nido Selling Price to
Dubai benchmark priceUnit: $/BBL
Note: The cargo#52 sold in June was subject to the DES (Delivery Ex Ship) condition, Nido will realize the revenue in July 2016
Target
81
0 100 200 300
Accounting
Target
59
0 100 200 300
Accounting
AGENDA
15The Bangchak Petroleum Plc
1 Performance Summary
2 Oil Market Outlook
4 Going Forward in 2H2016
3 Financial Performance Update
Crude Oil Prices Outlook
16The Bangchak Petroleum Plc
0
20
40
60
80
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16
Dubai Price Movement
$/BBL
Iran nuclear deal reached
Greece Debt Default
No production freeze
Eyed on U.S. Presidential
election
Stronger winter demand / La Niña?
Rig count dropUpstream
investment cut
China’s stock rout
No OPEC production ceiling agreement
Brexit concerns
Wildfire in CanadaIran’s sanction lifted
Possible of OPEC and Non-OPEC coordinationFED rate hike
High Crude and Products
inventories
Market Highlights:
Dubai AVG: Q1/16 = 30.6 Q2/16 = 43.2 Q3/16 (F) = 42.0 Q4/16 (F) = 47.0 FY2015 = 50.8 $/BBL FY2016 (F) = 40.7 $/BBL
• Fear on huge stocks overhang threatens oil price recovery in short term.– Fade out of crude supplies tightened from disruption in Canada, Nigeria and Libya.
– Ample light product stocks and lower refinery margin will slowdown refinery run.
• However, oil market rebalancing is still underway.– Slower non-OPEC supply growth led by U.S. shale crude.
– Global oil demand still strong on low oil prices.
Q3: Global economic uncertainty and return of disrupted supply threatQ4: Stronger demand is likely and more balanced market
Huge stocks overhang threatens oil price recoveryhowever oil market rebalancing is still underway
Global oil demand robust, but not enough to ease glut in 2016 Huge stocks overhang threatens oil price recovery
57.0 56.0 56.5 56.7 57.4 56.5 56.8
39.5 39.8 39.7 40.2 39.0 39.8 40.6
95.2 95.6 96.8 96.9 94.8 96.1 97.4
40
50
60
70
80
90
100
1Q16 2Q16 3Q16 4Q16 2015 2016 2017
Global Oil Balance
Non-OPEC Supply OPEC Supply Global Demand
MB
Demand
Supply95.2 95.6 96.8 96.9 94.8 96.1 97.4
96.5 95.8 96.2 96.9 96.4 96.3 97.4Excess +0.8 +0.2 -0.6 0 +1.6 +0.2 -0.1
US Oil Rig Count recover after oil prices increase in Q2 But the current oil price is not enough to restore growth
US Tight Oil ProjectionsBaker Hughes US Oil Rig Count
Source: IEA, PIRA, EIA
1,800
1,900
2,000
2,100
2,200
2,300
2,400
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Total Commercial Stocks in 3 Major OECD Markets
2011 2012 2013 2014 2015 2016
MB
17
2.5
2.7
2.9
3.1
3.3
3.5
3.7
3.9
Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17
MBD
Slower global supply disruption compare to Q2’16OPEC key producers still pump more oil to the market
18
Iran raise oil production to near pre-sanctions level
Stronger demand and slower non-OPEC disruption lead to higher call on OPEC
Even political and security issue limit supply growth but Iraqi crude production higher compare to last year .
1H’2011 production level
Slower oil supply disruption from 1H’16
2.5
3.0
3.5
4.0
4.5
5.0
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
Iraq Oil ProductionMBD
29.0
30.0
31.0
32.0
33.0
34.0
1Q16 2Q16 3Q16 4Q16 2015 2016 2017
Call on OPEC vs OPEC Production Estimation
Call on OPEC OPEC Production
MBD
Source: IEA, Goldman Sachs and PIRA
MB
Refinery Product Margins lower in this year and will stay on the softer side
19
Singapore Product Cracks Spread Outlook
15.4
19.8 19.4 18.7 18.8
14.4
9.3 10.2
14.3
18.3
13.216.3
13.710.8
13.7
9.7 10.5
10.5 11.5
16.0
13.6
10.5
-1.9-3.5
-8.1-6.6 -5.2
-8.7
-5.3-6.8
-8.3
-5.0-6.5
-15
-10
-5
0
5
10
15
20
25
Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 2014 2015 2016
ULG95 - Dubai
Gas Oil 0.05%S - Dubai
Fuel Oil - Dubai
$/BBL
Market Highlights:
• Weaken gasoline cracks after end of peak summer, high inventories and yield shifted upward.
• Gasoil/diesel cracks will gradually recover in Q4 on winter season.
• Soften fuel oil cracks due to slower demand and higher supply.
• High Chinese product exports remain in place.
• Export-oriented refinery run cut and upcoming refinery maintenance will support market.
Factors to watch:
AGENDA
20The Bangchak Petroleum Plc
1 Performance Summary
2 Oil Market Outlook
4 Going Forward in 2H2016
3 Financial Performance Update
Quarterly Remark – From Financial Aspects
21The Bangchak Petroleum Plc
Q2/16 Remarks
BCP
Partial prepayment of long-term loan about THB 1,325 Million
Share purchase of THB 85 Million to maintain 4.95% stake in FPT
Increase fair value of THB 405 Million in investment of Lithium Americas Corp.
BCPG
As BCPG Purchase the entire solar power plant business of SunEdison in Japan, the company recorded the final
determination of goodwill of THB 1,156 Million
BCPG entered into loan agreements with financial institutions in THB and Japanese Yen currencies.
Established BCPG Biopower 1 and BCPG Biopower 2 wholly owned by BCPG which registered capital of THB 60
Million and THB 20 Million respectively
Established Bangchak Bioethanol (Chachoengsao)
BCP holds 85%, the initial registered capital of THB 1 million and will be raised to THB 500 million to support the transfer of
property rights and licenses to the company
Established BCP Trading (Singapore)
BCP holds 100% which registered capital of USD 1 million
Established Bongkot Marine Services
BCP holds 30% in joint venture with Prima Marine Co. Ltd., initial registered capital of THB 1 Million
Key Financial Performance - Consolidated
22The Bangchak Petroleum Plc
Statement of Income
Unit: THB Million Q2/15 Q1/16 Q2/16
Revenue 41,357 30,276 37,262
Cost of goods sold (36,390) (29,327) (32,986)
Gross Profit 4,967 949 4,276
Investment income and other income 139 126 111
Selling and administrative expenses (1,213) (1,212) (1,433)
Gain (loss) from oil hedging contract 47 163 (0.4)
Gain (loss) from FX forward contracts (8) 56 2
Gain on foreign exchange (26) 84 250
Reversal of Allowance for loss from impairment of assets
(0) 2 0.4
Share of profit of associate (1) 13 (6)
EBIT 3,905 180 3,200
Finance costs (401) (373) (327)
Income tax (expense) credit (594) 167 (459)
Profit for the period 2,809 (25) 2,415
Owners of the Company 2,794 47 2,417
Non-controlling interests 15 (72) (3)
Earnings per share (Baht per Share) 2.03 0.03 1.76
Remark:
Revenue
higher oil price lead to revenue increase
Stable Refinery crude run ( >110KBD)
Higher total sales volume +11% YoY +6% QoQ
Marketing sales volume grew +3% YoY +1% QoQ
Gross Margin
Higher Market GRM
Consolidated Inventory gain ≈ THB 941 Million
Selling and administrative expense
Due to the increased expense in BCPG Group
BCP Group Performance - Consolidated
23The Bangchak Petroleum Plc
Q2/16 BCP BGN BBF BCPG BCR BBE BCPE BCPI NIDO Total
% of Share holding 100% 70% 100% 100% 85% 100% 100% 81.41%
Revenue 35,255 7,469 2,221 759 - - - - 299
Net Profit 2,124 42 102 460 (15) (0.1) (0.2) (13) (179) 2,521
UBE - Share of profit of investments in associates (6)
NIDO - Adjust loss from impairment of assets -
Eliminations 100
Net Profit for the period 2,415
Profit (loss) attributable to:
Owner of the company 2,417
Non-controlling interests (2)
Unit: THB Million
BCP Group Performance - Consolidated
24The Bangchak Petroleum Plc
1H/2016 BCP BGN BBF BCPG BCR BBE BCPE BCPI NIDO Total
% of Share holding 100% 70% 100% 100% 85% 100% 100% 81.41%
Revenue 63,774 14,125 4,088 1,542 - - - 532
Net Profit 1,767 64 218 850 (30) (0.1) (0.2) 2 (353) 2,518
UBE - Share of profit of investments in associates 7
NIDO - Adjust loss from impairment of assets (399)
Eliminations 263
Net Profit for the period 2,389
Profit (loss) attributable to:
Owner of the company 2,464
Non-controlling interests (75)
Unit: THB Million
Key Financial Performance - Consolidated
25The Bangchak Petroleum Plc
EBITDA Structure of the Company and its subsidiaries
Q2/15 Q1/16 Q2/16 YoY QoQ
Total Revenue 41,357 30,276 37,262 -10% 23%
Total EBITDA 5,164 1,193 4,085 -21% 242%
EBITDA Refinery 3,404 (645) 2,531 -26% 493%
EBITDA Marketing 1/ 657 1,041 882 34% -15%
EBITDA Solar Power 2/ 735 628 525 -29% -16%
EBITDA Biofuel 3/ 99 146 113 14% -23%
EBITDA Exploration and Production 4/ 314 22 59 -81% 171%
EBITDA Others 5/ (45) 0.29 (25) 45% N/A
Profit attributable to
owners of the Company2,794 47 2,417 -13% N/A
Earnings per share (Baht) 2.03 0.03 1.76 -14% N/A
1/ EBITDA from Marketing Business, Bangchak Greenet Co.,Ltd, and Bangchak Retail Co.,Ltd2/ EBITDA from Solar Power Plant Business, BCPG Co.,Ltd. and its subsidiaries3/ EBITDA from Bangchak Biofuel Co., Ltd. and share of profit/ (loss) from Ubon Bio Ethanol Co, Ltd4/ EBITDA from Nido Petroleum Limited 5/ EBITDA from BCP Energy International Pte, Ltd. and others
Key Financial Position - Consolidated
26The Bangchak Petroleum Plc
Assets:
Cash & Equivalents increased by 9,244 MB mainly from cash from operation and reclassification of 4,500 MB current investment to cash, due to its maturity
Inventory decreased by 2,119 MB mainly from lower unit price of finished products and Volume of finished products decreased from 3.25 to 1.80 MBBL
PP&E increased by 2,999 MB from refinery machinery and equipment, acquisition of solar power plant and biodiesel plant
Other Non Current assets increased mainly from goodwill & license of BCPG Japan and fair value measurements for investment in Lithium Americas Corp.
Liabilities & Equity:
Current Liabilities increased mainly from
Account Payable from the value of crude oil purchase in Jun 2016 higher than in Dec 2015.
Long-term debt increased by 2,981 MB
BCP loans decreased from repayment and prepayment
Subsidiary‘s long-term loans increased from BBF and BCPG (the acquisition of solar power business in Japan)
Equities mainly increased from Net Profit 2,464 MB and decreased by 1,376 from dividend payment
Unit: THB Million
40,044 43,043
8,09910,220
13,94511,826
11,983 7,580
7,872 17,116
31 D EC 15 31 MA RCH 2016
Cash and Equivalents
Current Assets
Inventory
PP&E
Non Current Assets
81,942
89,786
Assets
31 Dec 15 30 Jun 16
35,983 37,320
2,838 3,391
33,65836,639
9,46212,436
31 D EC 152 31 MA RCH 20162
81,942
89,786
Liabilities & Equity
31 Dec 15 30 Jun 16
Current Liabilities
Long Term Debt
Total Equity
Non Current Liabilities
(Including current portion of L/T debt)
Cash Flow - Consolidated
27The Bangchak Petroleum Plc
Beginning Cash7,872 MB
Change in Cash9,279 MB
Ending Cash17,116 MB
FX adjustment(35 MB) 5,156
1,291
4,646
3,564
5,755
4,740
4,500
1,422
238
Cash From Operation(CFO)
Funding
Others
20,296
Sources of Cash Used of CashDebt Service
11,017
Asset PurchaseAcquisition
Cash Received from maturity of short-term investment
6M/2016 Sources and Uses of CashUnit: THB Million
Dividend Paid
Prepayment
Change in Working Cap
0.50 0.54 0.59 0.55 0.52
Q2/15 Q3/15 Q4/15 Q1/16 Q2/16
Net IBD/E Ratio (Times)
11,79732%
7,02819%
1,8285%
15,98644%
Baht LoanBaht Bond
USD Loan
33,021 THB Million
(as of June 30, 2016)
Long-Term Debt Portion
JPY Loan
Asset Purchase / Acquisition
PP&E refinery machinery and
equipment 2,271 MB
Biodiesel plant 387 MB
Acquisition of solar power business
• Solar Power plant 963 MB
• Construction works (BCPG) 619 MB
Intangible assets and Others 501 MB
AGENDA
28The Bangchak Petroleum Plc
1 Performance Summary
2 Oil Market Outlook
4 Going Forward in 2H2016
3 Financial Performance Update
3E Project – Project Progress
29The Bangchak Petroleum Plc
New Co-Gen Power Plant Progress: Detailed Design & Construction
Benefits
Improving product value
Saving cost and energy
Reducing emission
Yield Flexibility (Gasoline vs. Distillate)
Refining capacity upgrading
Cost saving on energy consumption
Debottlenecking for higher crude run
Enhancing product yield
3E Project
3E Timeline
FY2016 FY2018
• Completion of
Co-Gen (12 MW)
• CCR Project:EPC Award
Completion of
Continuous Catalyst Regeneration Unit (CCR)
FY2019FY2017
• Co-Gen Power Plant: Start Construction
• Debottlenecking project: Pre-feasibility study
• CCR project: Basic Design for Enlarge Capacity
“ Enhance Efficiency, Improve Energy Consumption, Better Environment ”
DebottleneckingProject for light end, i.e. NPU and ISOU: EPC Award
Completion of Debottlenecking
for the higher level of crude run and more flexible capture revenue
FY2020
Overall Site
Dynamic Load Test of Pile
Substation Building
Bangchak Service Station - Customer Destination
30The Bangchak Petroleum Plc
+60NEWStations Targetin FY2016
Most
Marketing Business - New Product “Green S REVOLUTION”
31The Bangchak Petroleum Plc
“Green S REVOLUTION”
Technologies have been developed from advanced refining process
Unlocking value - BCPG
32The Bangchak Petroleum Plc
Yabuki Project
14 MW installed – 10 MW PPA
Project Progress : Prepare Concept design
Schedule COD : Q1/17
Japan Portfolio Update
Thailand Portfolio UpdateSolar CO-OP
Total : 12 MW (3 sites)
Collaborate with 3 cooperative’s agricultures
Expected COD : 4Q2016
17th July 2015: Establishment of BCPG
Establishment
Completed in December 2015
Restructuring
Final filing : Mid of Aug 2016
Expected to IPO in Sep-Oct 2016
Offering Size: Not exceeding 590 M Shares
• IPO: 521.15 M Shares
• Pre-emptive Right: 68.85 M Shares
20 BCP shares : 1 BCPG share
IPO
Progress
BCPGGreen Power Plant Investment Stories
Nikaho Project
13 MW installed – 9 MW PPA
Project Progress : Commercially Operate
Schedule COD : 15 Jul 2016
Biomass in Southern Part of TH
Total : 18 MW PPA (2 sites)
2 Projects were met the technical requirement
of ERC (Energy Regulatory Commission)
Project Under Development (10 Projects)
195 MW installed – 164 MW PPA
Biodiesel Plant#2 – Project Progress
33The Bangchak Petroleum Plc
NEW Total Capacity 810,000 Litre/day
Capacity Plant#1: 360,000 litre/day
Capacity Plant#2: 450,000 litre/day
Project Progress completed
COD: 3Q2016
Investment Cost: ≈1,800 THB Million
Mainly Supplied to BCP
“ An investment for greater certainty of Biodiesel supply and supporting demand growth ”
Start commercial sales in July 2016
BCP Group Expansion- Newly Established Companies
34The Bangchak Petroleum Plc
Commodity Trading Businesses
Renewable EnergyPetroleum
BCP Trading Pte. Ltd. (BCPT)
• To trade commodities products, petrochemicals and other related chemicals
• BCP holds 100% shares
Marine Floating Storage
Bongkot Marine Services
Co., Ltd.
• To engage in businesses related to floating storage unit (FSU)
• BCP holds 30% shares
Green Power Plant (Biomass)
BCPG Biopower 1 Co., Ltd. &
BCPG Biopower 2 Co., Ltd.
• To develop and operate biomass power plant business
• BCPG holds 100% shares
Ethanol Business
Bangchak Bioethanol (Chachoengsao) Co., Ltd.
• To produce and sell ethanol product
• BCP holds 85% shares
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 The Bangchak Petroleum 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.
Thank You
Q&A