INNOVATION CREATES THE NEXT Analyst Meeting Q1/2013

Transcription

1 INNOVATION CREATES THE NEXT Analyst Meeting Q1/2013

2 1 Contents Highlights Performance Q2/2013 Outlook AEC Readiness

3 Highlights Operation Finance Gas sales volume surged 10% YoY Record high of oil sales volume at 5,956 million liters Better PTTEP s performance as both sales volume and average selling price increased Soften refining affiliates performance in accordance with lower stock gain, despite in an increase in GRM Improved petrochemical performance as sales volume and spread margin rise FX gain THB 6,744 million from Baht appreciation Inaugurated PTT s power flagship under GPSC Myanmar s gas field maintenance shutdown was well-managed (5-12 Apr) PTT Group fund raised totally 1,310 MMUSD in Q1/2013 USD Loan/Bond PTT drawn down 310 MMUSD loan TOP issued 1,000 MMUSD bond Credit Rating upgraded and outlook revised Fitch upgraded PTT s foreign currency issuer rating from BBB to BBB+ JCR revised PTT s rating outlook from negative to stable S&P revised PTTEP s rating outlook from negative to stable PTT s affiliates adopted new accounting policy USD functional currency: TTM(T) and SPRC Deferred tax: IRPC and TTM(T) PTT Inaugurated FAASC new financial governance through Finance & Accounting Group Alignment & Coordination Management Sub Committee (FAASC) among PTT Group 2

4 3 Highlights (Cont.) Sustainability Key Events Update 1 EMG ระหว างการฟ องร อง 2. Gas resume 3. Stock gain and FX gain TOP Ubon Ethanol COD on Jan 2013 IRPC Multiproduct pipeline Project completed construction in Feb 2013 Launch Green ABS license in Feb 2013 BCP COD solar project Phase 2 on Mar 2013 PTTGC signed HOA with Pertamina to jointly study the feasibility of the World scale Petrochem Complex in Indonesia (April) PTTEP Rovuma Area 1; natural gas discovery in Orca-1 (April) PTT divested its 40% investment in PPCL (April) PTT Inaugurated PTT s Blue Card and Amazon Bio-cup

5 Price Movement Dubai crude ($/BBL) 35 Coal ($/Ton) FX (THB/USD) 20 LNG (JLC*) ($/MMBTU) Prices are monthly average * JLC = Japan LNG Cocktail : Landed LNG price in Japan 4

6 5 Net Income Performance: Q1/2013 vs Q1/2012 Unit : MMTHB 37,535 4% 5,232 Refinery 36,105 3,826 Crude intake slightly decrease 1% Avg. ACC GRM decrease 29%, mainly from lower stock gain 5,281 Petrochem 6,542 Sales vol. increase 11% Improved spread margin 11,057 PTTEP 12,602 Avg. selling price increase 3% Sales vol. increase 15% 15,536 PTT 12,033 NG sales vol. increase 10% Avg. GSP sales vol. increase 12% Oil vol. increase 5% Oil margin decrease 8% Avg. NG gas cost increase 8% More loss on NGV 429 Others 1,102 Gain from TTM Deferred income taxes adoption Q1/2012 Q1/2013

7 6 Contents Highlights Performance Q2/2013 Outlook AEC Readiness

8 Exploration & Production Performance : PTTEP (65.29%) Product Prices Net Income (100%) E & P Gas Oil & Trading Refining PetChem Others 2% QoQ 5% YoY Liquid (USD/BBL) 1% QoQ 3% YoY Weighted Avg. (USD/BOE) 1% QoQ 11% YoY Gas (USD/MMBTU) Unit: MMUSD % QoQ 15% YoY Q1/12 Q4/12 Q1/13 Unit: KBOED Sales Volume Q1/12 Q4/12 Q1/13 1% QoQ 15% YoY Liquid Gas Q1/12 Q4/12 Q1/13 Key Activities QoQ Sales volume decreased from MTJDA-B17 shutdown for maintenance. However, Bongkot volume increased due to no shutdown in Q1 2013, /S1 crude volume increased from new wells & higher beam pump activities Net income increased mainly due to less expenses i.e. exploration and operation expense as well as Montara s impairment in Q4/12 (95MMUSD) and FX gain YoY Net income increased by 15% mainly due to higher selling price and sales volume 7

9 Exploration & Production Roadmap : PTTEP E & P Gas Oil & Trading Refining PetChem Others Unit: KBOED Target Sales Volume Reserves 2012 by Geography Unit: MMBOE 1,786 50% International % % North America Middle East & Africa Australia 44% 56% 50% Domestic South East Asia P1 P1+P by Product Type 1,786 Thailand % 42% Liquid % 71% P1 P1+P2 Note : P1 = Proved, P2 = Probable, Gas Montara Zawtika Reserves Replacement Ratio * 0.91 Algeria 433a &416b Reserve Life Index (year) ** 8 *Reserves Replacement Ratio : 5-Yr Additional Proved Reserves / 5-Yr Production Volume **Reserves Life Index (Year) : Proved Reserves / Production Volume 8

10 Gas Business Performance : Natural Gas E & P Gas Oil & Trading Refining PetChem Others NG Sales Volume GSP - Reference Product Prices Unit: MMSCFD Unit : USD/Ton ,695 4,284 4,145 4,507 4,330 4,611 4,249 4,746 3,919 AVG. 4,695 4,537 4,161 1,539 1,428 1,462 1,395 1,393 1, PP HDPE Naphtha FO 3.5% Domestic LPG Unit: MMSCFD 4, Q1 Q2 Q3 Q4 NG Customer Profile 4,746 4, , , ,274 1,356 1,380 1% QoQ 10% YoY NGV (7%) Industry (13%) GSP (21%) SPP (11%) IPP (19%) EGAT (29%) Q1/12 Q4/12 Q1/13 Unit : KTon 1, GSP Sales Volume 1, , % QoQ 12% YoY Propane (14%) Ethane (34%) NGL (11%) LPG (41%) Q1/12 Q4/12 Q1/13 Q1/12 Q4/12 Q1/13 9

11 Gas Business Performance Unit: MMTHB 15,963 Gas BU EBITDA 9,259 Q1/12 Q4/12* Q1/13 Key Activities E & P Gas Oil & Trading Refining PetChem Others Unit : MMTHB 36% QoQ Q1/12 Q4/12* Q1/13 21% YoY 12,631 Others (19%) GSP (25%) TM (52%) S&M (4%) -3,570 NGV EBIT -5,240 Vol. MMCFD ,701 Retail price /kg Subsidy/Discount Baht/Kg - * Not restated 10% QoQ 32% YoY QoQ NG volume decreased from 4,746 mmcfd to 4,695 mmcfd mainly from GSP s shutdown Industry margin squeezed due to soften fuel oil prices EBITDA increased due to better margins from GSP following better petrochemical prices YoY NG volume increased from 4,284 mmcfd to 4,695 mmcfd mainly from EGAT and new 7 SPPs EBITDA decreased due to an increase in NG feed cost, more loss in NGV and lower margin from GSP QoQ Performance improved from lower feed cost and operating expenses, despite sales volume increased by 5% YoY Sales volume increased by 13%, also, feed cost sharply increased No Government subsidy, while special discount given to public transportation customers Control retail price of NGV remains 10

12 11 Gas Business Roadmap E & P Gas Oil & Trading Refining PetChem Coal 5% New Supply PTTEP (Bongkot South) PTTEP (M9) LNG PH#2 Pipeline Capacity (MMSCFD) 4,380 Offshore Compressor 5,580 4 th Onshore 6,980 6,980 6,980 6,980 GSP Capacity (MTA)

13 Oil Business Performance : PTT E & P Gas Oil & Trading Refining PetChem Others Contribution Margin 1/ Oil BU - EBITDA Unit : THB/Liter 7% QoQ 8% YoY Unit : MMTHB 4,931 4,989 56% QoQ 1% YoY ,529 3,188 4,492 Oil 2,624 Q1/12 Q4/12 Q1/13 1/ Excluded non oil business Sales Volume 2/ * Not restated Q1/12 Q4/12* Q1/13 Key Activities Non-Oil Unit : MM Liter 2% QoQ 5% YoY 5,956 5,840 5,671 Q1/12 Q4/12 Q1/13 2/ Only PTT and PTTRM QoQ EBITDA surged due to better margins and higher sales volume in relation to the first car policy Lower C-store seasonal demand YoY Record high of sales volume mainly from gasoline, diesel and aviation fuel Margin dropped due mainly to stock loss Income from non-oil business surged following branch expansion 12

14 13 Oil Business Development E & P Gas Oil & Trading Refining PetChem Others PTT Innovation Growing PTT brand internationally PTT Blue Society: PTT Blue Card Regional Top Brand in ASEAN Environmental Friendly Continue Growing Non-Oil Business AMAZON BIO CUP The first 100% compostable plastic cup in Thailand Branch expansion accompanying growth of service station, both domestic and international.

15 International Trading Business Performance : PTT E & P Gas Oil & Trading Refining PetChem Others Contribution Margin* Trading BU - EBITDA* Unit :THB/Liter 25% QoQ 11% YoY Unit : MMTHB 17% QoQ 25% YoY ,340 1,435 1,680 Q1/12 Q4/12 Q1/13 Q1/12 Q4/12** Q1/13 * PTT only : Adjusted effect of FX Unit : MM Liter Sales Volume 18,516 2% YoY 16,612 16,355 Q1/12 Q4/12 Q1/13 10% QoQ ** Not restated Key Activities QoQ Sales volume dropped mainly from crude oil sold to refineries Higher margin of imported crude oil and condensate YoY Sales volume slightly increased from crude oil and refined products from the out-out trading Margin increased due mainly from lower condensate discount given 14

16 15 International Trading Business: Roadmap E & P Gas Oil & Trading Refining PetChem Others

17 16 International Trading Business: Roadmap E & P Gas Oil & Trading Refining PetChem Others Dubai Office Guangzhou Office Singapore Office

18 Refining Business Performance Unit : USD/BBL Dubai A/C GIM A/C GRM Mkt GRM % GRM/GIM Net Income (100%) % QoQ 13,671 27% YoY Q1/12 Q4/12 Q1/13 Source : PTT, Refining Associates Note: Weighted Avg. GRM of PTT s associates complex refineries (TOP, SPRC, BCP, and IRPC) Weighted Avg. GIM of PTT s associates integrated refineries (TOP and IRPC) Account GRM/GIM = Market GRM/GIM + Hedging Gain/Loss + Stock Gain/Loss Unit : KBD Aggregated Util Stock Gain /Loss Total Intake 91% 94% Q1/12 Q4/12 Q1/13 E & P Gas Oil & Trading Refining PetChem Others % QoQ 1% YoY BCP IRPC SPRC TOP Unit : MMTHB * Not restated 3,977 Q1/12 Q4/12* Q1/13 Key Activities 99% QoQ 42% YoY 7,930 TOP SPRC BCP IRPC QoQ MKT GRM increased mainly from higher crude oil price and seasonal demand Higher crude intake and utilization rate PX and BZ spread margin increased mainly from China Polyester demand and US BZ tight supply Stock gain in Q1/13 while stock loss in Q4/12 YoY Lower performance from the decrease in accounting GRM due to lower stock gain 17

19 18 Refinery Project Update E & P Gas Oil & Trading Refining PetChem Others Ubon Ethanol : Ethanol plants Cassava/molasses Based Ethanol Capacity: 400,000 liters/day COD: Jan 2013 Solvent Expansion (SAKC) Increase capacity from 76 to 141 KTA Expected COD: 2014 Multiproduct pipeline : Completed construction; high sulfur high speed diesel sent to treat to be EURO-IV at PTTGC since Feb 6, IRPC 1 st process license for Green ABS, the 1 st company in PTT group, launched on Feb 26, 2013 Solar Power Plant Phase II (PPA 32 MW) PPA 16MW: Located in Bamnet Narong Chaiyaphum COD: March 6 th, 2013 PPA 16MW : Located at Bang Pa Han, Ayudhaya COD: April 5 th, 2013 Solar Power Plant Phase III (PPA 48 MW) COD: May 2014

20 Petrochemical Business Performance Unit : USD/Ton Spread Margins Net Income (100%) HDPE-Naphtha 14% QoQ 37% YoY 498 E & P Gas Oil & Trading Refining PetChem Others 565 PX-Naphtha 4% QoQ 13% YoY Unit : MMTHB 10,525 11,194 13,304 19% QoQ 24% YoY Others HMC Polymers PTTGC Q1/12 Q4/12 Q1/13 Unit : KTon Aggregated Util. HMC Polymers PTT Phenol 78% 757 Sales Volume Q1/12 Q4/12 Q1/13 90% 94% 822 3% QoQ 11% YoY 844 * Not restated Q1/12 Q4/12* Q1/13 Key Activities PTT Phenol QoQ Better performance due to higher utilization rate and spread margins, despite higher stock loss from PTTGC s refinery unit YoY Sales volume increased due to I4/1 shutdown in Q1/2012 Spread margin increased from higher demand following better sentiment of US and EU economies PTTGC Q1/12 Q4/12 Q1/13 19

21 20 Petrochemical Project Update E & P Gas Oil & Trading Refining PetChem Others Debottleneck - PTTPE Cracker & Polymer Plants Under study plant configurations Expecting additional capacity of 15-20% Debottlenecking - PX capacity Increases ARO II capacity from 655 to 770 KTA (total PX capacity ARO I and ARO II to increase from 1,195 KTPA to 1,310 KTPA) Expected COD: Q3/15 C4 Value Enhancement Export mixed C4 to maximize value Expected COD: Q1/14 Myriant Build a semi-commercial plant Expected COD: 2H/13 PTT Asahi Chemical Start commercial operation of PTTAC AN 200 KTA MMA 70 KTA AMS 160 KTA COD: Q1/13

22 Other Businesses : Coal - SAR (94.58%) E & P Gas Oil & Trading Refining PetChem Others Avg. Selling Price & Cash cost Net Income (100%) Unit : USD/Ton % QoQ 20% YoY Selling price 6% QoQ 21% YoY Unit : MMUSD % QoQ 43% YoY 8.2 * 50 Cash Costs Q1/12 Q4/12 Q1/13 Sales Volume *unaudited Q1/12 Q4/12 Q1/13 Key Activities Unit : KTon 14% QoQ 23% YoY QoQ Sales volume decreased from lower production from Sebuku mine despite cash cost decreased by 6% 2,015 2,861 2,472 Sebuku Jembayan YoY Sales volume increased from Sebuku s Northern Lease starting June 2012 Performance dropped due to the decreased average selling price and higher depreciation from new coal mines despite the increase in sales volume Q1/12 Q4/12 Q1/13 21

23 Other Businesses : Power GPSC (30.10%) Oversea Opportunities E & P Gas Oil & Trading Refining PetChem Others Myanmar Invest in hydro and coal-fired power plant in order to transmit power back to Thailand Invest in gas-fired power plant to sell electricity domestically Vietnam Laos Invest in hydro power plant Send power back to Thai s Grid Philippines Invest in gas- or coal-fired power plant PTT Group may try power pool system in Philippines Invest in coal-fired power plant Synergy with PTTI s coal business to import coal from Indonesia Performance Q1/13 (100%)* Indonesia Invest in coal-fired power plant Synergy with PTTI s coal business for fuel supply Revenue Net income 5,256 MB 117 MB 22 *unaudited 22

24 PTT Consolidated Performance: Q1/2013 Dubai (USD/BBL) Revenue EBITDA Unit : MMTHB 692, , ,932 Q1/2012 Q4/2012* Q1/ ,664 53,313 4% QoQ 1% YoY 8% QoQ 2% YoY 57,378 PTT - Gas PTTEP Q1/2013 4% 7% Others 17% Revenue PTT - Oil & Trading PTT - Gas 6% 1% 22% EBITDA 72% PTT - Oil & Trading Others 71% PTTEP Net Income Q1/2012 Q4/2012 Q1/ ,535 22,712 59% QoQ 4% YoY 36,105 Refining Others 11% 3% 33% PTT PetChem Net 18% Income EPS (THB/Share) * Not restated Q1/2012 Q4/2012 Q1/ % PTTEP 23

25 24 Statement of Financial Position : Solid and Secured Unit: MMTHB Cash & S/T Invest Other Current Assets Others Noncurrent Assets PP&E 143, , , , , , , , , , , ,896 Increased assets : 4 th Onshore pipeline Myanmar Zawtika PTTEP Australasia Arthit, contract 4 Bongkot Myanmar M3 and M11 Algeria Hassi Bir Rekaiz 652,338 2% 1,629,511 1,663, ,446 Other Liabilities L/T Liabilities (incl. due within 1 yr) Total Equity Strong Financial Position ICR * Net Debt/EBITDA < Net Debt/Equity < Mar-13 *ICR = EBITDA/Interest Expense PTT Ratings at Sovereign Level FC : Moody s (Baa ), S&P (BBB+), JCR (A-), FITCH (BBB+) LC : Moody s (Baa ), S&P (BBB+), JCR (A), FITCH (A-) 31 Dec Mar 13

26 25 PTT Group Performance : Q1/2013 Performance 100% % share Equity Method % PTT Unit : MMTHB Q1/13 Q1/12 YoY Q1/13 Q1/12 YoY PTT Net operating Income 12,033 15,536-23% 12,033 15,536-23% E&P - PTTEP 20,258 18,288 11% 65.29% 12,602 11,057 14% Petro. Business 13,304 10,525 26% 6,542 5,281 24% - PTTGC 12,075 9,852 23% 48.89% 5,825 4,868 20% - HMC/PPCL/PTTPL/PTTPM/PTTAC / PTTME/PTTTANK 1, % 40-48% % Refining 7,930 13,671-42% 3,826 5,232-27% Inter - TOP 4,363 7,226-40% 49.10% 1,816 3,177-43% - IRPC % 38.51% n.m. - SPRC 1,210 3,029-60% 36.00% 452 1,042-57% - BCP 2,198 2,438-10% 27.22% % - PTTI group (PTTAPM,EMG,PTTML,FLNG),PTTGE (925) (607) -52% 100% (799) (608) -31% Gas -PTTNGD/ TTM(T)/ TTM (M)/ PTTLNG 1, % % 1, n.m. Utilities -GPSC/ TP/ DCAP/ CHPP/ BIP/ BIC/ NNEG n.m % n.m. Oil & Oth. - PTTT/SBECL/THAPPLINE/Others % % % Shared of Net Income from Affiliates 42,860 43,540-2% 24,072 21,999 9% PTT Conso. Net Income 54,893 59,076-7% 36,105 37,535-4%

27 26 Contents Highlights Performance Q2/2013 Outlook AEC Readiness

28 Economic Outlook : Challenges ahead US Market expected to be slightly recoverd : - The Fed keep buying Treasury bonds and mortgage-backed securities until the job market improves substantially : - Market still concerns about consequence of federal spending cuts EU markets still uncertainty : - ECB cut its lending rate to a record low of 0.5% /Prolong European debt crisis : - Austerity Measure from lenders ( EC, ECB, IMF etc.) will limit economics growth and political uncertainty in Italy Asian markets are main driver : - New financial policy in China - Chinese try to support Yuan as a global currency - BOJ will pursuit a full-stream quantitative easing program : - Tension in South China Sea (Taiwan vs Philippines) Thailand market expected to grow slightly : - Thai Baht appreciation will effect Thai Exporter - Expected Thailand GDP growth in 2013 around % : - Monetary and Energy policy still in watch 27 27

29 Market Outlook : Crude Oil Monthly Avg. Dubai Crude Oil Dubai PRISM (PTT Group) Forecast Dubai crude oil price in Q2/2013 is expected to be around USD/BBL Governments of Major Countries try to use stimulus plan ECB cut interest rates from 0.75% to a record low of 0.50% The FED continues its spending $85 billion/month bonds buying to keep interest rates low and spur growth Geopolitical risks in the Middle East and North Africa (MENA) The world oil demand growth is forecasted to decrease by 0.9 MMBPD to reach 89.9 MMBPD in Q2/2013 Chinese economy grows more conservative Refineries turnaround season in Q2/2013 Rising Non-OPEC supply Source: PRISM (PTT Group) Estimated (May 2013) 28

30 Market Outlook : Henry Hub Natural Gas Price $/MMBTU Consensus EIA Outlook Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Henry Hub price in 2013 is expected to be flat around USD/MMBTU The abundant of cheap natural gas delivered by shale revolution have underpinned a renaissance in US s petrochemical sector Shale and other unconventional gas supplies should keep US gas balances in surplus for the foreseeable future. One important key factor to drive Henry Hub price is how much LNG export quantity will be allowed by US government Source : Short term Outlook, May 2013 EIA, Street Research, Bloomberg and PTT 29

31 Source: FACTS, DB, KBC, Reuters, IEA, Reuters, Thaioil and PRISM Estimated (May 2013) 30 Market Outlook : GRM Forecast GO Mogas FO Singapore GRM in Q2/2013 is estimated to be around 5-6 USD/BBL Refineries turnaround season in Q2/2013 Tighten supply from refinery run cuts Net capacity added in Q2/2013 around 80KBD Prolong European debt crisis

32 Jan-12 Source: PRISM Estimated Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct Market Outlook : Petrochemical Unit :USD/ton Spread 0 Olefins Y PP HDPE Naphtha Spread 0 Aromatics Y2013 PX BZ Naphtha HDPE-Naphtha expected to be around USD/TON PP-Naphtha expected to be around USD/TON Bz-Naphtha forecasted to be around USD/TON PX-Naphtha forecasted to be around USD/TON Olefins and Aromatics spreads slightly lower ECB cut interest rates from 0.75% to a record low of 0.50% Tight Petrochemical supply from refinery turnaround Additional capacity of both Olefins and Aromatics expansion will limit upside Uncertain economic conditions resulting in the volatility of BZ and PX derivative demand Chinese grows more conservative

33 32 Contents Highlights Performance Q2/2013 Outlook AEC Readiness

34 33 Develop Positioning in AEC 33

35 34 PTT Group s AEC Readiness Report : Volume I 34

36 35 Way Forward : PTT Group s AEC Readiness 35

37 Thank you PTT Public Company Limited Investor Relations Department Tel , Fax , ir@pttplc.com Disclaimer The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events and financial performance. 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. Petroleum Reserves and Resources Information In this presentation, the Company discloses petroleum reserves and resources that are not included in the Securities Exchange and Commission of Thailand (SEC) Annual Registration Statement Form 56-1 under Supplemental Information on Petroleum Exploration and Production Activities. The reserves and resources data contained in this presentation reflects the Company s best estimates of its reserves and resources. While the Company periodically obtains an independent audit of a portion of its proved reserves, no independent qualified reserves evaluator or auditor was involved in the preparation of reserves and resources data disclosed in this presentation. Unless stated otherwise, reserves and resources are stated at the Company s gross basis. This presentation may contain the terms proved reserves, probable reserves, and/or contingent resources. Unless stated otherwise, the Company adopts similar description as defined by the Society of Petroleum Engineers. Proved Reserves - Proved reserves are defined as those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulations. Probable Reserves - Probable reserves are defined as those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. Contingent Resources Contingent resources are defined as those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable. The reasons for non commerciality could be economic including market availability, political, environmental, or technological.

38 Statements of Consolidated Cash Flows for Q & 2012 Operating Q1/ ,048 Q1/ ,468 Investing Q1/ ,148 Q1/ ,374 Net Income 37,535 36,105 Changes in assets & liabilities -29,641-17,779 Income Tax -2,830-2,582 Non-Cash Adjustment 23,586 27,256 Interest-net CAPEX(PP&E, Intangible asset) -29,064-28,764 Investment (Sub. &Affiliates) -1, Dividend/Interest Received Others -2,001-1,480 Financing 24,647 8,205 Free Cash flow -3,100 13,094 Repayment Loans -6,711-19,116 Interest paid -3,897-4,362 Dividend paid Received from share issue - - Received from loans/bonds 35,255 31,691 Adjustment -1,901-2,092 Beginning Cash and Cash Equivalents 116, ,924 Cash In/(Out) 19,646 19,207 Ending Cash & Cash Equivalents 135, ,

39 Statements of Cash Flows for Year Q & 2012 (PTT Only) Operating Q1/2012 2,198 Q1/2013-7,079 Net Income 22,009 20,368 Changes in assets & liabilities -17,922-22,659 Income Tax Non-Cash Adjustment -1,743-4,423 Interest - net Investing Q1/2012-5,217 Q1/2013-6,919 CAPEX (PP&E, Intangible asset) -4,539-5,771 Investment (Sub. &Affiliates) Dividend/Interest Received 1, Others ,517 Financing 15,484 14,236 Free Cash flow -3,019-13,998 Repayment Loans -2,078-13,844 Interest paid -2,438-2,786 Dividend paid - - Received from share issue - - Received from loans/bonds 20,000 30,866 Adjustment Beginning Cash and Cash Equivalents 51,341 47,641 Cash In/(Out) 12, Ending Cash & Cash Equivalents 63,766 47,

40 Debt Profile : Control Cost & Manage Risk Managed debt according to financial risk and policy Debt Portfolio Unit : MMTHB PTT Only Consolidated : Cost of debts ~ 4.78 % : % fixed-rate ~ 91 % : Avg. debt life ~ 8.50 years : Cost of debts ~ 4.54 % : % fixed-rate ~ 84 % : Avg. debt life ~ 7.86 years USD THB 391, , , ,153 72,337 (30%) 288, , , ,212 (35%) (36%) 162,090 (41%) 215, ,816 (49%) (49%) 170, , ,548 (70%) (65%) (64%) 229, , ,310 (59%) (51%) (51%) 31 Dec Dec Mar Dec Dec Mar 13 Note : Data as of 31 March 2013 (THB/USD = THB/JPY = ) Excluding liabilities from finance leases; Cost of debts includes withholding tax. 39

41 Data as of 31 March 2013 E&P and Gas Business Group Oil Business Group Petrochemicals & Refining Business Group Subsidiaries Consolidate PTT Exploration & Production Plc. PTTEP 65.29% PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00% PTT LNG Co., Ltd. PTTLNG % Combined Heat and Power producing Co.,Ltd CHPP % Joint Ventures Proportionate Trans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) 50.00% Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) 50.00% District Cooling System and Power Plant DCAP 35.00% Associates Equity Thai Oil Power Co., Ltd. TP 26.00% Independent Power (Thailand) Co., Ltd. IPT 20.00% PTT Utility Co., Ltd. PTTUT 40.00% B.Grimm BIP Power Co., Ltd. B.Grimm BIP 23.00% Nava Nakorn Electricity Generation NNEG 30.00% Bangpa-in Cogeneration, Ltd BIC 25.00% Others Cost Ratchaburi Power Co., Ltd. RPCL 15.00% Thai Solar Renewable Co., Ltd TSR % Subsidiaries Consolidate PTT (Cambodia) Co., Ltd. PTTCL % Subic Bay Energy Co., Ltd. SBECL % PTT Retail Business Co., Ltd. PTTRB % Thai Lube Blending Co., Ltd. TLBC* 48.95% PTT Tank Terminal Co., Ltd. PTTTANK % Associates Equity Keloil-PTT LPG Sdn. Bhd. KPL 40.00% Vietnam LPG Co., Ltd. VLPG 45.00% Thai Petroleum Pipeline Co., Ltd.THAPPLINE 33.19% PetroAsia (Thailand) Co., Ltd. PA(Thailand) 35.00% Others Cost PetroAsia (Huizhou) Co., Ltd. PA(Huizhou) 25.00% PetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00% PetroAsia (Sanshui) Co., Ltd. PA(Sanshui) 25.00% Intoplane Services Co., Ltd. IPS 16.67% Fuel Pipeline Transportation Co., Ltd.FPT % Others Fair Value Bangkok Aviation Fuel Services Plc. BAFS 7.06% Petrochemical Subsidiaries Consolidate PTT Polymer Marketing Co., Ltd. PTTPM 50.00% PTT Polymer Logistics Co., Ltd. PTTPL % Associates Equity PTT Global Chemical Plc. PTTGC 48.89% PTT Phenol Co., Ltd. PPCL 40.00% PTT Maintenance and Engineering PTTME 40.00% PTT Energy Solutions Co., Ltd. PTTES 40.00% Joint Ventures Proportionate HMC Polymers Co., Ltd. HMC 41.44% PTT Asahi Chemical Co., Ltd. PTTAC 48.50% PTT MCC Biochem Co., Ltd. PMBC 50.00% Refining Associates Equity Thai Oil Plc. TOP 49.10% IRPC Plc. IRPC 38.51% Star Petroleum Refining Co., Ltd. SPRC 36.00% Bangchak Petroleum Plc. BCP 27.22% International Trading Business Group Subsidiaries Consolidate PTT International Trading Pte. PTTT % International Investment Subsidiaries Consolidate PTT International Co., Ltd. PTTI % PTT Green Energy Pte. Ltd PTTGE % Subsidiaries Consolidate Energy Complex Co., Ltd. EnCo 50.00% Business Service Alliance Co., Ltd. BSA * 25.00% Others Associates Equity PTT ICT Solutions Co., Ltd. PTTICT 20.00% Others Fair Value Dhipaya Insurance Plc. TIP 13.33% Remark : * Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies. 40

42 Oil Balance Thailand: Jan - Mar 2013 Adequate refining capacity maintains the stability of supply Supply Production Sales Import (79%) 959 KBD Imported Refined Petroleum Products 49 KBD Crude/ Condensate 910 KBD Total Refining Capacity in Thailand: 1,099 KBD Refined Products 995 KBD* Domestic Indigenous (21%) 253 KBD Crude/ Condensate 213 KBD PTT s Associated Refineries : 9 5 KBD (TOP, PTTGC, SPRC, IRPC, BCP) Refined Products 188 KBD 889 KBD (**) Export Other Refineries : 194 KBD (ESSO, RPC) 228 KBD Source: PTIT Remark : (*)Refined product from refineries= 890 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 105 KBD (**) Not included Inventory KBD = Thousand Barrels per day 41

43 Natural Gas Balance: Jan Mar 2013 Main driver of the Thai economy Indigenous (78%) 3,707 MMSCFD Others 39% Supply Production Sales Import (22%) 1,016 MMSCFD Myanmar 80% Chevron 34% PTTEP 27% LNG 20% 2,570 MMSCFD 6 GSPs Total Capacity 2,740 Actual Heat Pipeline 1,137 MMSCFD 1,016 MMSCFD Ethane/ Propane/ LPG/NGL 1,009 MMSCFD (22%) LPG/NGL Methane 1,561 MMSCFD Petrochemical Feedstock (16%) Industry Household Transportation (6%) Power (59%) Industry (13%) NGV (6%) Remark: MMSCFD = Million Cubic Heating Value,000 Btu/ft 3 42

44 Natural Gas Price Structure : Jan Mar 2013 Gas prices are mostly agreed under long-term contracts and volatility pass-through to ensure stable returns. Customers 1 Sales Price Structure Gas Pool Price + Supply Margins + Pipeline Tariffs Power Producers 59% : EGAT 29% 1.75% : IPP 19% Average Purchased Gas Price 1.75% 21.8 Bt/MMBtu : SPP 11% 9.33% GSP 21% Charged at the same price structure of power producers Petrochemicals Feedstocks Ethane, Propane, LPG NGL Local Cooking Gas Export Cooking Gas Profit-sharing mechanism based on market prices of petrochemicals Reference to Naphtha market price Capped at 333 USD/ton Reference to Saudi Aramco s contract price Industry 13% Charged at prices comparable to fuel oil NGV 7% Capped at 10.5 Baht/Kg Contract periods are ~ years or until depletion of gas fields or the expiration of concessions 1 As at Mar,

45 Natural Gas : Strong and Increasing Demand over Long Term Natural gas is a fuel of choice for power producers and transportation industry Source : PTT 44

46 Thailand s projected energy demand Commercial Primary Energy Consumption KBD , ,863 2% 13% 16% 35% 2,826 2,376 2% Hydro/Import 13% 2% Renewable 12% 15% Coal/Lignite 15% Natural Gas 41% 41% 3,261 3% 13% 16% 41% Nuclear 1% 3% 13% 17% 40% % 30% Oil 29% 27% 26% Source : EPPO/ PDP 2010 Revised 3 (June 2012)/ PTT analysis as of 1 May

47 Accolades PTT is widely recognized among business communities both international and local 144th in th in th in 2011 DJSI Member th in th in th in 2010 Asian Excellence Recognition Awards 2012/2013 Asia s Best CEO Asia s Best CFO Best Investor Relations Professional Best IR Website/Promotion Best Environmental Responsibility Best Investor Relations Companies Best CSR Corporate Governance Asia Recognition Awards 2012 Best CEO 2012 Best CFO 2012 Best Managed Company 2012 Best Corporate Governance 2012 Best Investor Relations 2012 Best Corporate Social Responsibility 2012 Best Commitment to Strong Dividend Policy 2012 Best Bond Awards 2011 Best Investor Relations Issuer 2012 Best Fully-Integrated Oil and Gas Company, Asia Best Sustainable Oil and Gas Company, Asia Platts Top 250 Global Energy Company 6th Overall Performance in Asia/Pacific (8th in 2011) Leadership Excellence Financial Management Excellence The Asset s Platinum Award for All-Round Excellence Investors Choice Award SET Awards 2012 Best Corporate Social Responsibility Awards 6th Annual Best Financial Institution Awards nd Annual Corporate Awards 2012 (Thailand) The Asian Banker Annual Achievement Awards 2012 The Global Green Rankings List 2011 Outstanding State Enterprise Award Best State Enterprise of the Year, Best of the Best