GDP DRIVES US TOWARD FURTHER SUCCESS
3Q18 Highlight Performance by Business Financial Performance Projects Update Strategic Direction 2
Financial Highlight: 3Q18 & 9M18 performance Hyvahl & RDCC planned SD and lower product spreads vs lower crude premium Overview of Business 72 74 70 Dubai (Avg.) 51 51 3Q18 9M18 Unit: $/bbl TA in 1Q17 Crude run KBD 201 210 203 170 209 1% 1% Net Sales QoQ 5% YoY 40% (net excise tax) YoY 31% Net Sales 194,686 28% 28% 139,151 (net excise tax) 68,831 194,686 65,367 68,831 52,355 MB MB Unit: MB 71% 71% Market GIM ($/bbl) 15.05 13.86 14.57 13.44 12.37 Net Stock G/(L)($/bbl) 3.61 0.28 1.04 1.73 1.90 Acct. GIM ($/bbl) 16.09 17.47 14.85 15.34 14.10 QoQ 27% YoY 28% 10% 9% EBITDA EBITDA YoY 21% 17,809 Unit: MB 35% 13,890 40% 5,258 17,809 MB 7,162 MB 6,635 5,258 51% 55% YoY 37% QoQ 37% Net Income 12% 14% 15% YoY 21% Net income 27% Unit: MB 9,362 6,841 2,560 9,362 4,050 3,248 MB MB 2,560 61% 71% 3Q17 2Q18 3Q18 9M17 9M18 Petroleum Petrochemical Utilities and Others 3
Awards & Achievement in 3Q18 IR PC’s Achievement “Dow Jones Sustainability “Best SET Sustainability Indices (DJSI) Member” Awards 2018 In Oil and Gas Refining And & Marketing Industry received outstanding plant management Thailand Sustainability Investment” The 5th consecutive year, with the highest score By The Stock Exchange of Thailand (SET) By RobecoSAM “Thailand Energy Awards 2018” “Excellent CG Scoring Company” For Plant Management Corporate Governance Report : CGR By Department of Alternative Energy By Thai Institute of Directors (IOD) Development and Efficiency, and The Stock Exchange Ministry of Energy of Thailand (SET) Marketing Social Contribution “IRPC Join Guangzhao Saiju “Top Community Care Performance Polymer Ltd.” Companies in Asia 2018” Investment in plastic product E-Commerce business in By Asia Corporate Excellence & The PRC and incorporation Sustainability Awards a subsidiary under the laws of Thailand 4
IRPC’s DJSI Achievements DJSI member for the 5th consecutive year 2019 IRPC received the highest scores from Expecting RobecoSAM Dow Jones Sustainability Indices (DJSI): Sustainability Award 2018 Oil and Gas Refining and Marketing Industry Leader Gold Class 2019 and being DJSI member for the 5 th consecutive year 5 th year DJSI Member Listed And ranked as Industry Leader 2017 4 th year DJSI Member Listed 2016 3 rd year 2015 DJSI Member Listed 2 nd year DJSI Member Listed 2014 1 st year DJSI Member Listed 2013 Listed in “The Sustainability Year Book 2014” 5
3Q18 Highlight Performance by Business Financial Performance Projects Update Strategic Direction 6
Petroleum Spread Refinery Spread Lube Base Spread - Soften Demand - Lower import from China as QoQ ULG 95 - Dubai QoQ 500SN – FO 180 3.5%S Spread - High inventories level in USA and Europe Yuan depreciation against - Higher export volume from China and South $/TON USD $/bbl Korea QoQ 13% QoQ 4% 556 528 513 16.1 481 458 14.8 14.2 14.4 451 13.7 417 12.1 11.6 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 QoQ - Higher export volume from China Gas oil - Dubai 150 BS – FO 180 3.5%S Spread + Higher demand from N.Asia, Australia and South Africa $/bbl $/TON QoQ 13% QoQ 1% 658 635 579 588 536 544 14.8 14.6 14.4 13.9 471 13.0 11.8 11.4 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 + Higher demand from Europe and Persian Gulf + Tight supply QoQ HSFO - Dubai Asphalt – FO 180 3.5%S Spread QoQ + Lower export volume from Iran + unplanned shutdown of Malaysian Refinery $/TON $/bbl QoQ 43% QoQ 40% (13) (1.8) (1.4) (28) (2.5) (38) (41) (3.1) (3.1) (44) (55) (4.4) (4.9) (68) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 7
Petroleum Production Lower U-Rate in 3Q18 due to Hyvahl & RDCC planned Shutdown Crude Intake Lube Base oil & Asphalt Crude Run 201 2 10 203 170 209 (KBD) 87% 8 4 % 82% 73% 85% % U-Rate 93% 9 8 % 94% 79% 97% % U-Rate 14% 9% Others 5.2 13% 14% 14% Unit : Mbbl 6% 5% 6% 4.5 9% 8% Domestic 19% 15% 14% 16% 21% Far East 2.7 66% 66% 66% 63% 57% 2.3 Lube Middle East 1.8 1.7 1.7 34% 32% 34% 35% 41% Sweet Crude 0.9 Asphalt 66% 68% 66% 65% Sour Crude 0.9 2.5 59% 0.9 2.2 0.9 0.8 0.8 3Q17 2Q18 3Q18 9M17 9M18 Premium over 3Q17 2Q18 3Q18 9M17 9M18 1.9 3.4 2.8 1.5 3.2 Dubai ($/bbl) RDCC Refinery % U-Rate 95% 104 % 75% 72% 95% 37.4 Unit : Mbbl 0.7 LPG 2.0 29.5 13% 13% 14% Ethylene 7.3 15% 16% 0.3 3% 4% 4% 4% 3% 2.2 LPG & Propylene 18% 18% Others 17% 18% 18% 4.2 Benzene Rich Naphtha 2% 2% 2% 9% 9% Gasoline 12.6 12.6 Gasoline 11.3 29% 30% 0.2 0.2 32% HCN 26.0 0.1 21% 21% 0.5 21.1 1.0 0.6 Diesel 1% Diesel 2.6 2.3 8% 1.7 9% 8% 8% 9% Fuel oil 5% 5% 8.8 8.5 5% 8.6 Fuel oil 6% 6% 7% 7% 6% 6% 7% 0.5 Fuel Gas 0.5 1.7 1.4 0.3 13% 13% 11% 11% 11% Internal 3Q17 2Q18 3Q18 9M17 9M18 use&Fuel Loss 3Q17 2Q18 3Q18 . 9M17 9M18 Remark: Excluding internal use quantity 8
Petroleum Group : Sales & GRM Lower Mkt. GRM : Lower petroleum spread & Hyvahl and RDCC planned shutdown Sales Volume & Revenue Market GRM Sales volume (M.bbl) Crude intake (M.bbl) YoY 21% QoQ 1% 50.7 YoY 6% 18.5 19.1 18.7 46.5 57.0 42.0 5.3 4.6 Unit : $/bbl Lube Base 5.9 16.8 17.0 16.1 45.4 1.8 5.2 1.7 5.1 1.8 Refinery 37.3 5.0 14.3 15.0 15.3 4.3 2.1 1.8 1.7 2.3 3Q17 2Q18 3Q18 9M17 9M18 1.5 Revenue (MB) QoQ 6% YoY 45% YoY 38% 3.8 3.4 3.2 2.9 2.8 3Q17 2Q18 3Q18 9M17 9M18 35,380 45,934 48,913 94,478 137,048 Petroleum 31,053 41,246 43,998 82,772 122,800 Refinery 3Q17 2Q18 3Q18 9M17 9M18 4,327 4,688 4,915 11,706 14,248 Refinery Lube Base Lube Base ❑ 3Q18 Petroleum revenue was Bt 49 bn Sales Distribution ▪ QoQ : 6% increase from 5% price increase & 1% volume increase ▪ YoY : 38% increase from 32% price increase & 6% volume increase 2Q18 3Q18 ❑ 3Q18 Market GRM was $4.3/bbl ▪ QoQ: $0.9/bbl decrease due to lower petroleum spread, Hyvahl & RDCC planned shutdown vs lower crude premium over Dubai ▪ YoY: $1.6/bbl decrease due to lower Lube Base Oil spread, Hyvahl & RDCC planned shutdown and higher crude premium over Dubai Export Export Local Local 42% 46% 58% 54% ❑ 9M18 : Petroleum revenue was Bt 137 bn ▪ YoY : 45% increase from 24% price increase & 21% volume increase due mainly to major TA in 1Q17 ❑ 9M18 Market GRM was $5.0/bbl Top 3 Export Destinations in 3Q18 : Singapore, Malaysia, Cambodia ▪ YoY : $0.1/bbl decrease as lower Lube Base Oil spread vs higher 9 diesel spread
Petrochemical Spread HDPE-Ethylene – Naphtha PP-Propylene – Naphtha - Lower Chinese demand due to - Lower demand from Monsoon QoQ QoQ Spread Spread weaken Yuan + Tight supply from turnaround $/TON $/TON QoQ 19% QoQ 7% Olefins Ethylene-NP HDPE-Ethylene Propylene-NP PP-Propylene 1,026 1,008 910 830 823 817 762 693 679 663 661 660 621 617 367 427 284 201 171 286 267 228 287 356 298 365 256 363 659 622 626 591 581 544 550 435 406 362 361 323 296 258 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 + Higher PX demand + Increasing demand QoQ QoQ MX – Naphtha Spread Toluene – Naphtha Spread + Tight supply from turnaround in N.E.A. $/TON $/TON Aromatics QoQ 5% QoQ 32% 217 202 200 192 182 182 170 164 159 137 121 114 115 109 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 QoQ ABS – Naphtha Spread QoQ PS – Naphtha Spread - Higher utilization rate - High production volume in China - Soften demand from China $/TON - Weaken demand $/TON Styrenics QoQ 9% QoQ 5% 1,428 1,382 1,377 1,379 1,353 1,248 1,226 1,029 977 998 945 878 905 898 10 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Petrochemical Group : Production QoQ : Better Olefins’ U - Rate but lower Aromatics’ U -rate due to maintenance SD Olefins Aromatics & Styrenics ❑ 3Q18: 95% Olefins U-Rate (263 KMT) ❑ 3Q18: 97% Aromatics & Styrenics U-Rate (179 KMT) ▪ 2% higher U-rate (1 month HDPE planned SD in 2Q18) ▪ Aromatics: Lower U-rate from 1 wk Aromatics’ plant SD Production Volume* Production Volume* 561 Unit : KMT Unit : KMT 801 490 592 250 Polystyrenics 229 592 Polyolefins Styrenics 14 401 9 197 194 271 261 263 179 81 87 297 Aromatics 86 162 253 196 202 4 4 6 209 192 Olefins 109 106 87 100 75 61 3Q17 2Q18 3Q18 9M17 9M18 3Q17 2Q18 3Q18 9M17 9M18 104% 104% 97% 87% 100% % U-Rate ** 97% 93% 95% 82% 92% % U-Rate ** 92% 95% 94% 86% 91% Polystyrenics 98% 88% 90% 86% 88% Polyolefins 109% 112% 96% 110% 113% Styrenics 97% 100% 101% 78% 99% Olefins 110% 108% 92% 84% 103% Aromatics Remark : * Production volume excluded internal use ** Utilization rate calculated based on main products 11
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