The Bangchak Petroleum PLC. Analyst Meeting 1Q2016

Transcription

1 The Bangchak Petroleum PLC Analyst Meeting 1Q2016 May 18, 2016

2 AGENDA Performance Summary Oil Market Outlook Financial Performance Update Going Forward in

3 AGENDA Performance Summary Oil Market Outlook Financial Performance Update Going Forward in

4 Group Performance - Quarterly Result Summary Business Unit EBITDA Performance (Unit: THB Million) Q1/16 EBITDA Performance Unit: THB Million Operating Accounting Target 2,517 1,193 1,829 1,324 Continued Growth Momentum in Marketing Sales Volume 1, % over target 2,517 1,829 EBITDA Inventory Loss Better than expected performance from Marketing Contribution, despite weaker Market GRM Successful TAM as planned Full supply chain management to optimize overall benefits Accounting Operating Target Refinery Marketing Solar Power Biofuel E&P Marketing sales volume continued to grow and Marketing margin was very satisfied Weak Market GRM resulted in YoY decline Note: Operating EBITDA is defined as EBITDA excluding Inventory G/L, LCM, and Insurance Claim 4

5 BCP Portfolios Refinery Marketing Green Power Plant Biofuel E&P 5

6 Refinery Performance Smooth Operation after Turnaround Maintenance Refinery Crude Run Unit: KBD Crude sourcing Unit: KBD Plan level 110 KBD Import Domestic TAM Q1/15 Q4/15 Q1/16 TAM Q1/15 Q4/15 Q1/16 Note: TAM = Annual Turnaround Maintenance TAM Period: 45 Days (February 8 March 23) Crude run after TAM = 110 KBD Product Yield 3% 2% 2% 20% 19% 19% 11% 9% 10% 50% 53% 49% 1% 1% 16% 15% 18% Q1/15 Q4/15 Q1/16 TAM LPG Gasoline Jet Diesel UCO Fuel Oil 6

7 Refinery Performance Softer Market GRM, Negative Impact from Inventory Loss Q1/16 Refinery EBITDA Performance Unit: THB Million Operating Accounting Target -645 EBITDA 1, Inventory Loss GRM Performance Unit: $/BBL Accounting GRM Q1/15 Q4/15 Q1/16 Market GRM Hedging Inventory Gain Loss Crude Price and Spread ($/BBL) Q1/15 Q2 Q3 Q4 Q1/16 Crack Spreads ($/BBL) DB DTD/DB Q1/15 Q2 Q3 Q4 Q1/16 4 UNL95/DB GO/DB Market GRM soften as main products spreads were weak TAM Completed -10 FO/DB Crude cost spread Dated Brent and Dubai (DTD/DB) widening both YoY and QoQ together with main crack spreads; Gas Oil/Dubai (GO/DB) and Fuel Oil/Dubai (FO/DB) were weak Soften premium on FOVS due to lower demand An inventory loss of THB 1,342 Million (included a reversal of LCM of THB 99 Million)

8 Marketing Performance Marketing Sales Volume Continued to Grow Q1/16 Marketing EBITDA Performance Unit: THB Million Operating 1,051 Marketing Sales Volume Unit: Million Litre 1,344 1,390 1, % YoY +3% YoY Net MKM Margin Unit: THB/Litre Total MKM Accounting 1, % YoY Target 705 Q1/15 Q4/15 Q1/16 Q1/15 Q4/15 Q1/16 EBITDA Inventory Loss Retail Market Industrial Market Sales Volume Growth Despite TAM Low Oil Prices Driven Demand Retail Market Industrial Market Demand improved from retail price drop The stock of oil products were accumulated before TAM period to maintain overall Marketing sales volume Full supply chain management to optimize overall benefits Retail Margin dropped slightly from rising oil price during quarter Industrial Margin increased as supply tighten from emergency shutdown of other refineries

9 Marketing Performance Retail Sales Volume Continued its Growth Momentum Refined Petroleum Products Marketing Business Retail Sales Volume Unit: Million Litre/ Month % Average YoY Growth 50% Retail Customer Retail Sales Volume Growth +13% YoY +4% QoQ FY2016 FY2015 FY FY % Industrial Customer FY2012 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Wholesales Market Share (Retail Channel) Unit: Percentage Thruput per station Unit: K.litre/Station/Month 6% 12% Export % Portion of Total Sales volume of Q1/2016 = 1,774 Million Litre OIL Note: Retail Sales portion continued to increase Q1/15 = 44%, Q4/15 = 47% 5.3% 1.8% 1.6% 0.2% 5.6% 7.5% 12.9% 12.7% 37.6% 14.8% Jan- Mar 2016 March 2016 = 15% 2 nd Rank Major oil excluding BCP BCP Standard Type BCP Co-Op Type 9

10 Marketing Network and Non-Oil Increase Thruput per S/S by Network Expansion and Non-Oil Business Extension Q1/16 Non-Oil Revenue Performance Unit: THB Million +20% YoY -1% QoQ Oil Business expansion of service station +10 NEW Service Stations Non Oil Business expansion is aimed for widening BCP customer segments for growth Coffee Store 1,074 Service Stations As of Mar 2016 Q1/15 Q4/15 Q1/16 Growth in both Oil & Non-Oil New service station in strategic location (High volume area) Consistently improves quality and appearance of existing service stations and closes down some stations with less than target sales volume Introducing New Non-Oil businesses to enhance Marketing Business growth Fresh Cooking Food Convenience store 365 Stores 21 Stores 3 Stores 164 Stores 10

11 R&M Earnings Marketing Business Captures a Demand Surge During Low Oil Price Environment Refinery and Marketing EBITDA Unit: THB Million E&P 22 Renewable 774 Refinery -645 EBITDA 1,193 THB Million Marketing 1,041 Q1/2016 (Actual) 740 Accounting , Q1/2015 Q4/2015 Q1/2016 Substantial return from Marketing Business contribution helps overall R&M earnings Refinery Business earning was volatile due to market conditions and Turnaround maintenance (TAM) while Marketing Business triumphant during lower oil prices environment Marketing sales volume increased 9% YoY and 5% QoQ 11

12 BCP Portfolios Refinery Marketing Green Power Plant Biofuel E&P 12

13 Solar Power Plant Better than Expected Performance Q1/16 Solar Power EBITDA Performance Unit: THB Million Accounting 628 Electricity Sales by Country (Unit: Million kwh) Thailand Portfolio (118 MWac) Japan Portfolio (11 MWac) Contribution From JP Contribution From TH Jan-16 Feb Mar Target 635 Target Actual Target Actual Total Electricity Sales (Unit: Million kwh) Q1/15 Q4/15 Q1/16 Target Actual Steady steam of cash flow Higher than expected performance from Thailand Portfolio due to higher solar irradiation hours. Regarding operating sites in Japan, its contribution was affected by costs incurred from construction and development sites. This was a temporary factor reducing total EBITDA. 13

14 BCPG Progress Update BCPG Green Power Plant Investment Stories 500 MW In FY2020 BCP Subsidiaries BCPG Strategic Position of BCPG Develop, Own & Operate Green Power Plant Looking for favorable return together with social & environmental friendly Broaden opportunities scope outside Progress Establishment 30 th June 2015: Establishment of BCPG Restructuring Completed in December 2015 IPO First filing : 29 th March 2016 Expected to IPO in 2H2016 Biomass & Biogas Geothermal Wind Solar Power Plant Thailand BCPG Japan Portfolio 164 MW Fully Operated 11 MW Existing Portfolio 118 MW Fully Operated Data as of April

15 Biofuel Demand Increased as Diesel Price was Cheap Q1/16 Biofuel EBITDA Performance Unit: THB Million Biodiesel Plant (BBF) Daily Production and Sales Volume (Unit: K. Litre per day) Operating Accounting Target 89 Q1/15 Q4/15 Q1/16 EBITDA Inventory Gain Daily Production Sales Volume Note: EBITDA including a share of profit from Ubon Bio Ethanol (UBE) of Baht 12 million Building volume for new plant (BBF Plant#2) Strong demand for B100 Improvement in Biodiesel plant s efficiency enabled it to raise its average daily production rate Current BBF sales volume was 90% of its expected new capacity (Existing 360 K. Litre/day + Plant#2 450 K. Litre/day = 810 K. litre/day) 15

16 E&P Performance Q1/16 E&P EBITDA Performance Unit: THB Million Accounting Target Production (Unit: KBD) Implement cost cutting plan Galoc oil filed uptime was 99.93% Q1/15 Q4/15 Q1/16 Gross Production Net to NIDO Successfully implement cost saving as planned Use derivatives to hedge against crude oil price volatility Graph Comparing Nido Selling Price to Dubai benchmark price $/BBL Volumes lifted and Sold* (bbls) Q1/15 Q4/15 Q1/16 277, , ,128 Cargo 2 Cargoes 2 Cargoes 1 Cargo All prices are on FOB realized basis Q1/15 Q4/15 Q1/16 Cargo $/BBL Cargo $/BBL Cargo $/BBL Cargo $/BBL Note: The numbers were subjected to change based on the latest lifting/production volume adjustment from the operator Dubai Price Nido Average Selling Price Cargo $/BBL 16

17 Nido Update Self Revision, Survival Plan Cutting Down Costs NIDO Cash Cost Diagram Achieved as planned 41 $/BBL Through a revise of General And Administrative Expense and Galoc field related cost components (FPSO discount) G&A Oil Field Related Cost G&A 30 $/BBL G&A 32 $/BBL 33 $/BBL 26 $/BBL 28 $/BBL 2015 Actual Q1/2016 Target

18 AGENDA Performance Summary Oil Market Outlook Financial Performance Update Going Forward in

19 Upstream Capex ($ Billion) Supply Rebalancing is Well Under Way [MBD] OPEC 11 + Russia freeze Iran Libya US Shale Oil Other Non-OPEC & OPEC NGLs Total Supply Total Demand Over / (Under) Supply 1.7 (0.3) (1.1) (2.1) OPEC11+Russia: in talk on freeze production. back on line Declining as economic driven Declining as lack of CAPEX Supply/Demand balance early next year Upstream CAPEX A 2015E 2016E Others United States (-18.6% y/y) (-21.3% y/y) Middle East Global Capex U.S. Tight Oil Production Scenarios Crude production growth by grade Source: IEA, Energy Aspects, FGE, PIRA and BCP analysis 19

20 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Crude Oil Prices Outlook Q2: Eyed on OPEC meeting on 2nd June 2H: Balances are Tightening and Prices to Move Higher Crude Oil Prices Movement $/BBL Iran nuclear deal reach China s stock rout Possible of OPEC and Non-OPEC coordination WTI Brent Dubai Dubai Outlook OPEC Meeting U.S. election Factors to watch During Q2/16 Higher summer oil demand Refinery return from turnarounds in late of the quarter Supply disruption in Venezuela, Canada, Nigeria, Kuwait and Iraq OPEC/Non-OPEC co-operation Increasing Iranian oil output Upstream investment cut / rig count drop No production ceiling from OPEC Iran sanction lifted Inventories decline Refineries maintenance Outlook Dubai AVG: Q1/16 = 30.6 Q2/16 (F) = 41.0 FY2015 = 50.8 $/BBL FY2016 (F) = 40.2 $/BBL Throughout FY2016 Decline of non-opec supplies and Inventories drawdown China buying crude for SPR Uncertainty in MENA U.S. election Weak economic growth in China 20

21 Product Cracks Spread Outlook Gasoline: Healthy but not likely to repeat last year s stellar performance Gas oil: Gradually improve from the recent dip but will remain weaker than last year s level Fuel oil: Japan power plant and China teapot refiners move away from fuel oil Key Highlights: Gasoline 95 - DB ($/BBL) Q'15 2Q 3Q 4Q 1Q'16 2Q 3Q 4Q Summer driving demand Ample supply due to higher production / slower Indonesia s import demand Excess Chinese refining capacity / Higher export quota Gas oil 0.05%S - DB ($/BBL) Q'15 2Q 3Q 4Q 1Q'16 2Q 3Q 4Q Widespread drought / Power irrigation demand High Indian diesel demand growth High refinery run and export from China Fuel oil 3.5%S - DB ($/BBL) Q'15 2Q 3Q 4Q 1Q'16 2Q 3Q 4Q Growing export volumes from Iran Less Chinese teapot refinery demand for fuel oil Lower Japan s fuel oil for power generation Outlook

22 AGENDA Performance Summary Oil Market Outlook Financial Performance Update Going Forward in

23 Quarterly Remark From Financial Aspects Q1/16 Remarks Acquired Solar Power Business in Japan BCPG Purchase the entire solar power plant business of SunEdison in Japan within the budget of JPY 9,626 million (equivalent to THB 2,915 million) with total capacity of 198 Megawatts portfolio Payment was divided into 2 parts: 1. Upfront Payment of no more than JPY 4,256 million (equivalent to THB 1,275 million) determined from the valuation of the projects with aggregate capacity of 63 Megawatts; the O&M, and development Platforms 2. Deferred Payment based on the Condition Precedents for each project BCPG increased registered share capital from THB 3,700 Million to THB 10,000 million BCP paid up additional THB 3,300 million, the rest THB 3,000 million will be sold through IPO Invested in Huang Ming Japan Subsidiary of BCPG acquire 100% of total outstanding shares of Huang Ming in order to expand its investment in solar power plant project in Japan Established Bangchak Retail BCP own 100% with initial registered capital of THB 300 million for the purposes of operating food centre and distribution of consumer products Divested an investment in ASEAN Potash Chaiyaphum Plc. (APMC) Finished Nido Debt Restructure The restructuring of credit facility of USD 120 million between BCP and Nido was done during the quarter 23

24 Key Financial Performance - Consolidated Statement of Income Unit: THB Million Q1/15 Q4/15 Q1/16 Revenue 39,445 35,136 30,276 Cost of goods sold (37,082) (33,097) (29,327) Gross Profit 2,363 2, Investment income and other income Selling and administrative expenses (1,057) (1,672) (1,212) Gain (loss) from oil hedging contract (136) (312) 163 Gain (loss) from FX forward contracts (5) Gain on foreign exchange Reversal of Allowance for loss from impairment of assets 11 (70) 2 Share of profit of associate EBIT 1, Finance costs (411) (412) (373) Income tax (expense) credit (91) Profit for the period 1,056 (191) (25) Owners of the Company 1,037 (112) 47 Non-controlling interests 19 (79) (72) Earnings per share (Baht per Share) 0.75 (0.09) 0.03 REMARK Revenue Fallen oil price lead to revenue decrease Lower Refinery crude run from TAM Slightly lower total sales volume +1% YoY -3% QoQ Marketing sales volume grew +9% YoY +5% QoQ Gross Margin Soften Market GRM Consolidated Inventory loss THB 1,324 Million Selling and administrative expense Due to the increased expense in BCPG Japan Income tax credit Deferred tax expense recorded, resulted from the taxable loss 24

25 BCP Group Performance - Consolidated 1Q2016 BCP BGN BBF BCPG BCR BCPE BCPI NIDO Total % of Share holding 100% 70% 100% 100% 100% 100% 81.41% Revenue 28,520 6,657 1, Net Profit (357) (15) (0) 15 (174) (3) UBE - Share of profit of investments in associates 13 NIDO - Adjust loss from impairment of assets (401) Eliminations 366 Net Profit for the period (25) Profit (loss) attributable to: Owner of the company 47 Non-controlling interests (72) 25

26 Key Financial Performance - Consolidated EBITDA Structure of the Company and its subsidiaries Q1/15 Q4/15 Q1/16 YoY QoQ Total Revenue 39,445 35,136 30,276-23% -14% Total EBITDA 2,333 1,401 1,193-49% -15% EBITDA Refinery (645) -181% -596% EBITDA Marketing 1/ ,041 41% 90% EBITDA Solar Power 2/ % -27% EBITDA Biofuel 3/ % 29% EBITDA Exploration and Production 4/ 28 (26) 22-22% 183% EBITDA Others 5/ (27) (56) % 101% Profit attributable to owners of the Company 1,037 (112) 47-96% 141% Earnings per share (Baht) 0.75 (0.08) % 141% 1/ EBITDA from Marketing Business, Bangchak Greenet Co.,Ltd, and Bangchak Retail Co.,Ltd 2/ EBITDA from Solar Power Plant Business, BCPG Co.,Ltd. and its subsidiaries 3/ EBITDA from Bangchak Biofuel Co., Ltd. and share of profit/ (loss) from Ubon Bio Ethanol Co, Ltd 4/ EBITDA from Nido Petroleum Limited 5/ EBITDA from BCP Energy International Pte, Ltd. and others 26

27 Key Financial Position - Consolidated Unit: THB Million Assets Liabilities & Equity Cash and Equivalents Current Assets Inventory Non Current Assets 81,942 81,956 81,942 81,956 7,872 13,373 9,462 9,616 11,983 6,446 13,945 10,316 33,658 33,021 8,099 9,553 2,838 3,333 Current Liabilities Long Term Debt (Including current portion of L/T debt) Non Current Liabilities PP&E 40,044 42,267 35,983 35,985 Total Equity 31 Dec Mar Dec Mar 16 Assets: Cash & Equivalents increased by THB 5,501 million mainly from a reclassification of THB 4,500 Million current investment to cash, due to its maturity Inventory decreased by THB 3,629 million mainly from Lower unit price of crude oil and finished products Volume of inventory decreased from 6.4 to 5.5 million barrels PP&E increased by THB 2,223 million from refinery machinery and equipment, biodiesel plant, and acquisition of solar power business in Japan Other Non Current assets increased mainly from goodwill of solar power business in Japan Liabilities & Equity: Current Liabilities increased mainly from Account Payable increased THB 738 million from higher product prices while crude oil purchase decreased as the refinery was in turnaround maintenance Long-term debt decreased by THB 638 million Company s long-term loans pre-payment Subsidiary s long-term loans increased from BBF and BCPG (the acquisition of solar power business in Japan) 27

28 Cash Flow - Consolidated Q1/2016 Sources and Uses of Cash Unit: THB Million Others Cash Received from maturity of short-term investment Funding Cash From Operation (CFO) 11, , ,037 5,915 3,102 2,812 Asset Purchase Acquisition Debt Service CFO was sufficed for debts Still have cash on hands for investment Cash flow from operation (CFO) was enough to service debt, and enough for acquisition Asset Purchase / Acquisition PP&E Refinery & Biodiesel plant THB 1,377 million Intangible assets and Others THB 171 million Acquisition of solar power business (SunEdison Japan) Solar Power plant: THB 963 million Construction works (BCPG): THB 397 million Sources of Cash Used of Cash Net IBD/E Ratio (Times) Long-Term Debt Portion (as of March 31, 2016) Beginning Cash 7,872 Change in Cash 5,571 FX adjustment (70) Ending Cash 13, Q1/15 Q2 Q3 Q4 Q1/16 Baht Bond 15,985 49% 33,021 THB Million 1,662 5% JPY Loan Baht Loan 8,338 25% USD Loan 7,036 21% 28

29 AGENDA Performance Summary Oil Market Outlook Financial Performance Update Going Forward in

30 Project 3E Update Enhance Efficiency, Improve Energy Consumption, Better Environment 3E Timeline FY2016 FY2017 FY2018 FY2019 FY2020 Co-Gen Power Plant: Start Construction Debottlenecking project: Pre-feasibility study CCR project: Basic Design for Enlarge Capacity Completion of Co-Gen (12 MW) CCR Project: EPC Award Debottlenecking Project for light end, i.e. NPU and ISOU: EPC Award Completion of Continuous Catalyst Regeneration Unit (CCR) Completion of Debottlenecking for the higher level of crude run and more flexible capture revenue New Co-Gen Power Plant Progress: Detailed Design & Construction 3E Project Refining capacity upgrading Cost saving on energy consumption Debottlenecking for higher crude run Enhancing product yield Picture: Piling working Benefits Improving product value Saving cost and energy Reducing emission Yield Flexibility (Gasoline vs. Distillate) 30

31 Marketing Business Strategies Nationwide Coverage Professional Co-Op Excellence Service & Management System TURN PRO Program Improve Efficiency Open new service stations in main road, high visible area, and fully equipped with Non-Oil business CO-OP competency improvement to enhance competitiveness and equip Non-oil to those CO-OP with potentials Enhance service system, site management system, and franchising 31

32 Bangchak Service Station : Customer Destination Actual Q1/ NEW Service Stations Most Admired Service Station +60 NEW Stations Target in FY2016 Actual Q1/2016: Number of service station = 1,074 stations New service station =

33 New Subsidiary - Bangchak Retail Company Limited (BCR) Bangchak Retail Company Limited (BCR) To engage in businesses related to food, beverages, consumer products, wholesale and retail sale, transportation, education, and warehouse. Initial registered capital: 300,000,000 Baht BCP holds 100% stake Convenience Store Growing Non-Oil Portfolio Premium Coffee Fresh Cooking Food 33

34 BCPG An Update on Recent Kumamoto Earthquake Incident Kumamoto site still in operation Kumamoto Site (Detail as appeared on BCPG filing) Operating : 1 megawatts (40 JPY/kWh FiT 20 Years) COD: February 2015 Kumamoto Site 34

35 BCPG Japan Portfolio Update - Advance Development Nikaho Project 13 MW installed / 9 MW PPA Nagi Project 14 MW installed / 10.5 MW PPA Project Progress : Engineering & Procurement process Schedule COD : Q1/17 Project Progress : 73% Schedule COD : Q3/16 35

36 BCPG Project Update Japan Portfolio Update Japan Thailand Portfolio Update Solar CO-OP Yabuki Project 23 MW installed 20 MW PPA Project Progress : Prepare Concept design Schedule COD : Q1/17 Chiba Project (Huang Ming) 30 MW PPA Huang Ming Japan Company Limited has completed the transferred of electricity generation license of 20MW and 10 MW on April 1, 2016 Total : 12 MW (3 sites) Brief scope of work Ground installation for government and cooperative s agriculture by collaborate with 3 cooperative s agricultures 36

37 Biodiesel Plant#2 Project Update Project Progress 95% as of Apr 16 An investment for greater certainty of Biodiesel supply and supporting demand growth BBF Sales Volume BBF sales volume 700,000 Litre/day BCP captive use 545,000 Litre/day Note: Jan-Mar 2016 NEW Capacity Plant#2 additional 450,000 litre/day New Total Capacity 810,000 Litre/day COD: 3Q2016 Investment Cost: 1,800 THB Million Mainly supplied to BCP 37

38 Other Remarks Western Lithium USA Corporation changed its name to Lithium Americas Corp. (LAC) New Subsidiary / Joint venture BCP Trading Pte. Ltd. (BCPT) in Singapore with initial registered capital of 1,000,000 USD to trade commodities which include crude oil, petroleum products, petrochemicals and other related chemicals and to conduct other businesses that would benefit the company including but not limited to hedging, chartering, storage and distribution. BCP holds 100% stake Bangchak Bioethanol (Chachoengsao) Company Limited a joint venture investment with Sima Inter Product Company Limited (SIMA) with initial registered capital of 1,000,000 Baht. The registered capital will be increased to 500,000,000 Baht for the transfer of assets, rights and permits. BCP holds 85% stake 38

39 APPENDIX Profit and Loss (Consolidated) Profit and Loss (Company) Financial Performance: Refinery BU (Company) Marketing BU (Company) Solar Business Biodiesel Business (BBF) Financial Ratio (Consolidated)

40 Profit and Loss (Consolidated) Unit: THB Million Q1/15 Q4/15 Q1/16 YoY QoQ Sales Revenue 39,445 35,136 30,276-23% -14% Cost of Goods Sold (37,082) (33,097) (29,327) -21% -11% EBITDA 2,333 1,401 1,193-49% -15% Depreciation and Amortization (1,052) (1,219) (1,099) 4% -10% Gain (loss) on foreign exchange % -8% Net reversal of allowance for loss from impairment of assets 11 (70) 2-85% -102% Financial Cost (411) (412) (373) -9% -9% Pre-tax Profit 1,147 (208) (193) -117% -7% Income Tax Expense (91) % 871% Profit for the year 1,056 (191) (25) -102% -87% Owners of the Company 1,037 (112) 47-96% -141% Non-controlling interests 19 (79) (72) -477% -8% EPS (Baht/Share) 0.75 (0.09)

41 Profit and Loss (Company) Unit: THB Million Q1/15 Q4/15 Q1/16 YoY QoQ Sales Revenue 37,889 33,286 28,520-25% -14% Cost of Goods Sold (36,254) (31,895) (28,429) -22% -11% EBITDA 2,128 1, % -64% Depreciation and Amortization (825) (875) (733) -11% -16% Gain (loss) on foreign exchange % -15% Net reversal of allowance for loss from impairment of assets N/A -99% Financial Cost (356) (362) (342) -4% -6% Pre-tax Profit 1, (495) -147% -230% Income Tax Expense (113) (19) % -814% Net Profit (357) -138% -199% EPS (Baht/Share) (0.26) 41

42 Financial Performance: Refinery BU (Company) Q1/15 Q4/15 Q1/16 THB Million $/BBL THB Million $/BBL THB Million $/BBL Market GRM 3, , , Oil Hedging (136) (0.42) (339) (0.90) Inventory Gain/Loss (1,766) (5.51) (1,631) (4.30) (1,342) (6.41) Total GRM 1, , (51) (0.24) Other Income FX Forward Contract Operating Expenses (606) (1.89) (989) (2.61) (688) (3.29) EBITDA (645) (3.08) Key factor: Crude Run (KBD) Exchange Rate (THB/USD) Avg. Dubai Price (USD/BBL)

43 Financial Performance: Marketing BU (Company) Q1/15 Q4/15 Q1/16 THB Million Baht/L THB Million Baht/L THB Million Baht/L Net Retail Margin Net Industrial Margin Net Marketing Margin 1, , , Other Income Operating Expenses (547) (0.41) (927) (0.67) (598) (0.41) EBITDA , Sales Volume KBD ML/Mo KBD ML/Mo KBD ML/Mo - Retail Industrial Total Sales Volume

44 Financial Performance: Solar Power Business Unit: THB Million Q1/15 Q4/15 Q1/16 YoY% QoQ% Revenue % 4% Gross Profit % 7% Other Income/(Other Expense) % -98% Operating Expense (5) (23) (113) 2289% 402% EBITDA % -27% Electricity Sales (MM kwh) % 3% 44

45 Financial Performance: Biodiesel Business (BBF) Unit: THB Million Q1/15 Q4/15 Q1/16 YoY% QoQ% Revenue 1,235 1,423 1,867 51% 31% Gross Profit % 21% Other Income/(Other Expense) % -76% Operating Expense (9) (15) (13) 40% -12% EBITDA % 22% Average Production Rate (K. Litre/Day) % 5% 45

46 Financial Ratio (Consolidated) Q1/15 Q4/15 Q1/16 Profitability Ratios (%) EBITDA Margin 5.91% 3.99% 3.94% Profit Margin 2.68% -0.54% -0.08% Return on Assets (ROA) 0.53% 12.07% 9.07% Return on Equity (ROE) 1/ 1.39% 8.04% 6.11% 31 Mar Dec Mar 16 Liquidity Ratios (times) Current Ratio Quick Ratio Financial Policy Ratios (times) Interest bearing debt to Equity Net Interest bearing debt to Equity Q1/15 Q4/15 Q1/16 DSCR / Profit and Total equity attributable to owners of the Company Note: ROE, ROA are annualized figures. 46

47 Tel , click Investor Relations Thank You 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.