Performance Conference Call Q4/2017 and YE February 2018

Transcription

1 Performance Conference Call Q4/2017 and YE February 2018

2 Key Business Drivers: Gas price remained low while oil price picks up Dubai FO HDPE Price 1,128 Dubai vs FO ($/BBL) Petchem ($/Ton) 1, ,178 QoQ YoY Dubai 17% 29% FO 15% 40% QoQ 59.3 YoY HDPE 8% 3% PX-Naphtha 13% 10% 1, , , * JLC = Japan LNG Cocktail : Landed LNG price in Japan JLC* JKM 6 Avg. Pooled 4 Price NG Prices ($/MMBTU) FX (USD/THB) 35.3 QoQ YoY JLC* 5% 17% JKM 42% 23% Avg. Pooled 3% 2% Appreciated (QoQ) 0.5 THB/USD (1.5%) PX-Naphtha Spread Note: Figures are average & Naphtha (MOPJ) Appreciated (YoY) THB/USD (4%) 1

3 2017 Performance: Record high full-year performance: Contributed from almost businesses MMTHB Net Income Others Affi. P&R PTTEP PTT 94,609 8,771 29,079 8,607 53,183 39,442 Margin 6,572 12,445 Other Income OPEX* Depre & Amortization 8,142 17,645 18,852 14,093 Int. & Impair FX & CIT exp.& Derivatives Other** 135,180 11,346 40,235 25,520 67,275 29% 38% 197% 26% Others Affiliates PTTNGD : higher FO price & low feed cost Coal performance improved from higher ASP Petrochem & Refining Improved MKT GRM Better Olefins due to both prices and vol. Aromatics decreased from PX spreads PTTEP Improved ASP from oil price recovery Lower unit cost (DD&A) Reduced sales volume Gas S&M margin rose GSP margin improved from lower feed cost, higher petchem prices, and increased vol. Oil Margin declined mainly from lower stock gain Non-oil expansions (Amazon & 7-11) Trading Margin improved from domestic condensate Extra Items (5,031) (9,196) * including petroleum exploration expenses and royalties ** including profit from discontinued operation 83% Extra Items Higher impairment Dividends from mutual fund 2

4 PTT EBITDA Breakdown by BU s: (Unit: MMTHB) Business Unit Q3/17 Q4/17 QoQ YoY Gas- EBITDA 20,628 24,400 18% 72,082 89,402 24% S&M 3,943 4,718 20% 9,128 16,267 78% TM 8,428 8,306 (1%) 32,666 34,134 4% GSP 5,912 8,774 48% 23,134 29,424 27% NGV (1,052) (855) 19% (3,954) (4,188) (6%) Others 3,397 3,457 2% 11,108 13,765 24% Oil- EBITDA 4,613 4,513 (2%) 22,918 19,598 (14%) Trading*- EBITDA 686 1, % 5,024 5,387 7% Total** 25,927 30,809 19% 100, ,387 14% *MIS ** Included subsidiaries from all BUs 4 3

5 4 Statement of Financial Position MMTHB 1,805,041 1,818,746 2,232,331 2,232,314 Assets/Liabilities slightly decreased : Decreased in PPE due to depreciation exp. Decreased in Other non-current asset from PTTEP impairment Increased in AR trade from higher vol. and prices Decreased in debt from bonds buy back and repayments Cash & S/T Invest 392, , , ,405 AP & Other Liabilities AR & Other Current Assets Others Noncurrent Assets 349, , , , , ,353 L/T Liabilities (incl. due within 1 yr) Net Debt/EBITDA Net Debt/Equity PPE 1,106,703 1,171,597 1,076,906 1,248,556 Total Equity YE16 YE17 PTT Ratings at Sovereign Level FC : Moody s (Baa1), S&P (BBB+), FITCH (BBB+) 1 31 Dec Dec Sep LC : Moody s (Baa1), S&P (BBB+), FITCH (BBB+)

6 Statements of Consolidated Cash Flows : 2017 Operating , ,100 Net Income 94, ,180 Changes in assets & liabilities (13,147) (13,235) Income Tax (30,609) (33,958) Non-Cash Adjustment 219, ,113 Investing (178,914) (180,525) CAPEX (PP&E, Intangible asset) (109,199) (115,814) Investment (Sub. & Affiliates & others) (7,137) (23,230) Current investment (68,185) (52,838) Dividend/Interest Received 10,580 17,517 Others (4,973) (6,160) Free Cash flow 91, ,575 Financing (116,203) (162,498) Repayment Loans (70,943) (114,915) Interest paid (32,618) (30,893) Dividend paid (44,590) (73,834) Received from share issue 102 3,056 Received from loans/bonds 26,652 49,998 Adjustment Others 5,194 4, (12,454) Beginning Cash and Cash Equivalents 239, ,566 Cash In/(Out) (24,412) (49,377) Ending Cash & Cash Equivalents Ending cash incl. S/T investment 215, , , ,840 5

7 Thank you PTT Public Company Limited Investor Relations Department Tel , Fax , ptt-ir@pttplc.com Website: Disclaimer The information contained in our presentation is intended solely for your personal reference only. 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. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events, financial performance and result of PTT s activities. These views are based on assumptions subject to various risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions are correct. Actual results may differ materially from those projected. The information contained in this presentation is subject to change without notice and PTT does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. 7