Opportunity Day FY2017 March 6, 2018 | The Stock Exchange of - - PowerPoint PPT Presentation

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Opportunity Day FY2017 March 6, 2018 | The Stock Exchange of - - PowerPoint PPT Presentation

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Enhances lives everyday with The Green Chemical Concept Opportunity Day FY2017 March 6, 2018 | The Stock Exchange of Thailand Disclaimer This presentation includes forward-looking statements that are subject to risks and uncertainties,

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Enhances lives everyday with The Green Chemical Concept

Opportunity Day FY2017

March 6, 2018 | The Stock Exchange of Thailand

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Disclaimer

This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described

  • herein. This presentation contains a number of forward-looking statements including, in particular,

statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. GGC has based these forward-looking statements on its views with respect to future events and financial performance. Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than

  • anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking

statements. Forward-looking statements represent estimates and assumptions only as of the date that they were

  • made. The information contained in this presentation is subject to change without notice and GGC

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.

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Agenda

Highlights Palm Oil Market Update Financial Performance GGC Going Forward

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2017 Highlights

Palm Oil Market Updates Financial Performance GGC Going Forward Highlights

Key Achievements Key Achievements

August: Prime Minister’s Industry Award 2017- Quality Management January: MOU Bioeconomy

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August: Enviico Eco-friendly toilet cleaner

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2017 Highlights

Palm Oil Market Updates Financial Performance GGC Going Forward Highlights

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Key Highlights Key Highlights

+ Kernel Nut Extraction is on operation in Feb + Refined Glycerin Plant 2 project was approved for FID + Kernel Nut Extraction is on operation in Feb + Refined Glycerin Plant 2 project was approved for FID + Both ME & FA plants ran at full capacity + Glycerin prices soar due to short supply + Both ME & FA plants ran at full capacity + Glycerin prices soar due to short supply FA Business Unit: + Tight supply in Asia and S. America induced demand for Natural FA + Natural FA prices were in competitive range to Synthetic FA + Improve FA sales volume compares to 2016 FA Business Unit: + Tight supply in Asia and S. America induced demand for Natural FA + Natural FA prices were in competitive range to Synthetic FA + Improve FA sales volume compares to 2016

  • CPO prices fallen to the lowest price at

19B/kg

  • THB continually appreciated over USD
  • CPO prices fallen to the lowest price at

19B/kg

  • THB continually appreciated over USD

+ Improving FY17 Core Performance:

  • Consoled Adj. EBITDA + 63%yoy
  • FA Adj. EBITDA + 605%yoy

+ Improving FY17 Core Performance:

  • Consoled Adj. EBITDA + 63%yoy
  • FA Adj. EBITDA + 605%yoy

ME Business Unit: +Mandate of B5/B7 +The highest production volume ever +Domestic Crude Palm Oil inventory remains high ME Business Unit: +Mandate of B5/B7 +The highest production volume ever +Domestic Crude Palm Oil inventory remains high

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33.60 26.34 24.81 35.09 28.76 4Q16 3Q17 4Q17 FY16 FY17 30.14 22.43 20.48 31.95 24.88 4Q16 3Q17 4Q17 FY16 FY17

2017 Operation Highlights

Palm Oil Market Update Financial Performance GGC Going Forward Highlights

CPO (DIT) : THB/Kg CPO (DIT) : THB/Kg ME (EPPO) : THB/Lt ME (EPPO) : THB/Lt

METHYL ESTER (B100) BUSINESS UNIT METHYL ESTER (B100) BUSINESS UNIT

Biodiesel Mandate Biodiesel Mandate ME EPPO P2F : THB/Kg ME EPPO P2F : THB/Kg GGC’s ME Operational Performance GGC’s ME Operational Performance

Plant Utilization Rate Adjusted EBITDA (MB) Page 6 4Q16 3Q17 4Q17 FY16 FY17

B5 B7 B5,B7 B7 B7,B5 B3

Sales Volume (Tons) 4.70 4.80 4.93 4.41 4.96 4Q16 3Q17 4Q17 FY16 FY17 59% 112% 100% 82% 101% 4Q16 3Q17 4Q17 FY16 FY17 53,038 97,373 91,716 281,688 344,173 4Q16 3Q17 4Q17 FY16 FY17 143 109 133 932 589 4Q16 3Q17 4Q17 FY16 FY17

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2,205 2,094 2,315 1,576 2,321 2,248 1,826 2,186 1,685 2,098

4Q16 3Q17 4Q17 FY16 FY17

2017 Operation Highlights

Palm Oil Market Updates Financial Performance GGC Going Forward Highlights

FATTY ALCOHOLS BUSINESS UNIT FATTY ALCOHOLS BUSINESS UNIT

CPKO (MPOB) : USD/Ton CPKO (MPOB) : USD/Ton FA (ICIS) : USD/Ton FA (ICIS) : USD/Ton Natural Fatty Alcohols regained Competitiveness vs. Synthetic ones Natural Fatty Alcohols regained Competitiveness vs. Synthetic ones FA Market P2F : USD/Ton FA Market P2F : USD/Ton GGC’s FA Operational Performance GGC’s FA Operational Performance

Plant Utilization Rate Sales Volume (Tons) Adjusted EBITDA (MB) Synthetic FA (C1215) Price : USD/Ton Natural Mid Cut FA (C1214) Price : USD/Ton Page 7 49 48 55 43 51 4Q16 3Q17 4Q17 FY16 FY17 Crude Oil Price (WTI) : USD/BBL Ethylene Price (USGC) : USD/Ton 720 704 738 676 719 4Q16 3Q17 4Q17 FY16 FY17 1,505 1,156 1,304 1,299 1,244 4Q16 3Q17 4Q17 FY16 FY17 1,983 1,820 2,054 1,759 1,975 4Q16 3Q17 4Q17 FY16 FY17 177 433 488 201 483 4Q16 3Q17 4Q17 FY16 FY17 105% 123% 121% 98% 112% 4Q16 3Q17 4Q17 FY16 FY17 28,048 31,574 32,045 100,140 111,152 4Q16 3Q17 4Q17 FY16 FY17 81 245 316 172 1,213 4Q16 3Q17 4Q17 FY16 FY17

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Projects Timeline

Palm Oil Market Update Financial Performance Highlights GGC Going Forward

Refined Glycerine Plant 2 20 KTA Project Kernel Nut Extraction (TETSO) Methyl Ester Plant 2 Refined Glycerine Plant 2 Oleo Specialties Biocomplex Phase 1

Capacity Feedstock Intake 90 KTA Methyl Ester 200 KTA Refined Glycerine 20 KTA 14 KTA Sugarcane : 2.4 mm TPA Ethanol : 186 mm LPA CAPEX 380 MB (GGC holds 30%) 1,650 MB 326 MB TBA 7,650 MB (GGC will hold 50%) Project Progress Update Completed Under Construction BoD approved for FID Feasibility Study FID : 3Q18 Scheduled COD February 2018 3Q18 Targeted : 2Q19 Targeted : 4Q19 4Q20

2018 2019

Kernel Nut Extraction 90 KTA Feed Intake Methyl Ester Plant 2 200 KTA Biocomplex Phase 1

Sugarcane : 2.4 mm TPA Ethanol : 186 mm LPA

2020

Oleo Specialties 14 KTA

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On Schedule - Project Construction

Palm Oil Market Updates Financial Performance Highlights GGC Going Forward

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Kernel Nut Extraction Plant Kernel Nut Extraction Plant Methyl Ester Plant 2 Methyl Ester Plant 2

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Agenda

Highlights Palm Oil Market Updates Financial Performance GGC Going Forward

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424 584 433 492 389 483 2,243 1,783 1,820 2,054 1,896 1,975 1,516 999 1,156 1,304 1,256 1,244 500 1,000 1,500 2,000 2,500 1Q17 2Q17 3Q17 4Q17 1Q18 FY17 USD/T Spread FA CPKO

1Q18 Highlights of Palm Oil & Oleochemicals Market

Palm Oil Market Updates Financial Performance GGC Going Forward Highlights

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ME Chain ME Price & Spread FA Price & Spread FA Chain ME:

  • ME demand is healthy due to high biodiesel consumption in

traveling season and additional demand from ME stock policy

  • Government requested for co-operation from Biodiesel

producers to build up ME stock to boost up local CPO price CPO:

  • Palm oil production in 1Q18 will decrease in drought season
  • Local CPO stock trends to decrease due to
  • Tight CPO supply in winter
  • High ME consumption in travelling season
  • CPO export cargo
  • National CPO stock
  • Dec’17 = 485,379T (Normally level around 200,000T)

FA:

  • Natural FA prices trend to decline follow CPKO price in 1Q18
  • FA demand shall pick up after New Year and Chinese New Year

long weekend period

  • Low price Natural FA shall boost up demand over Synthetic FA

CPKO:

  • CPKO price is slow down due to weak demand in 1Q18,

expectedly from China

  • Palm Oil stock in South East Asia remained > 2,000,000T due to

yield recovery from El-Nino

5.17 4.95 4.80 4.99 4.85 4.98 39.54 34.38 30.45 28.68 27.88 33.26 30.78 25.84 22.43 20.48 19.10 24.88 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 1Q17 2Q17 3Q17 4Q17 1Q18 FY17 THB/KG Spread ME CPO

Go to pg.20

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Agenda

Highlights Palm Oil Market Update Financial Performance GGC Going Forward

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59 143 101 109 85 133 802 932 382 589 213 81 109 245 303 316 658 172 755 1,213 273 224 211 354 387 449 1,460 1,104 1,138 1,802 2,111 3,277 2,836 11,111 11,659 2,009 1,903 2,383 6,089 7,813 4,120 5,180 5,219 17,200 19,472 4Q16 3Q17 4Q17 FY16 FY17 ME Business Unit FA Business Unit

Consolidated Financial Performance

Palm Oil Market Updates Financial Performance Highlights GGC Going Forward Sales Revenue (MB) Sales Revenue (MB) EBITDA & Adjusted EBITDA* (MB) / Adjusted EBITDA Margin* (%) EBITDA & Adjusted EBITDA* (MB) / Adjusted EBITDA Margin* (%)

4Q16 3Q17 4Q17 FY16 FY17

ME EBITDA ME Adjusted EBITDA FA EBITDA FA Adjusted EBITDA Consolidated Adjusted EBITDA Margin

Net Profit (MB) & Net Profit Margin (%) Net Profit (MB) & Net Profit Margin (%)

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142 55 251 937 521

4Q16 3Q17 4Q17 FY16 FY17

5.4% 6.8% 8.6% 6.4% 9.3%

3.4% 1.1% 4.8% 5.6% 2.7%

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Financial Position

Palm Oil Market Updates Financial Performance Highlights GGC Going Forward

Statements of Financial Position

Cash and Cash Equivalent Account Receivable, Inventory, and other Current Assets PP&E Non-current Assets Other Liabilities Interest Bearing Debt Shareholders’ Equities

December 31, 2016 Baht 11,631 million December 31, 2017 Baht 14,535 million

Key Financial Ratios Repayment Plan Cash Flows

Million Baht Million Baht Million Baht

231 280 338 441 567 765

2017 2018 2019 2020 2021 2022

528 935 (2,292) 2,575 1,745

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*

*cash from IPO was invested in ME2 of 417 MB and ST investment of 1,700 MB

9,058 7,923 11,073 833 2,689 2,400 0.1x 0.3x 0.2x 0.6x 1.8x 2.1x

  • 4.0
  • 5,000

10,000 15,000 20,000 25,000 30,000 FY15 FY16 FY17 Equity Debt D/E D/EBITDA

528 2,094

(2,464)

2,264 2,422

Beginning Cash Operating Cash Flows CAPEX & Investment Financing Ending Cash

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Performance FY17 vs. FY16

Palm Oil Market Updates Financial Performance Highlights GGC Going Forward

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Net Profit : Million Baht

Overall operating profit in FY17 was higher than FY16, attributed to the higher profitability of Fatty Alcohols but offsetting by lower profitability of Methyl Ester. Stock Gain (Loss) & NRV in FY17 was recognized loss of 664 MB while recorded stock gain of 356 MB in FY16, mainly due to the downward trend of crude palm oil prices this year and the volatile prices of crude palm kernel oil. Gain/(Loss) from FX in FY17 was recorded loss of 80 MB against gain in FY16 of 33 MB due to the impact from the appreciation of the THB, in which the THB was appreciated from 35.9 THB/USD at the beginning of 2017 to 32.5 THB/USD at the end of the year or 10% appreciation.

Composing of Stock gain in 2016 of 356 MB and Stock loss in 2017 of 664 MB

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Agenda

Highlights Palm Oil Market Updates Financial Performance GGC Going Forward

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Outlook

Palm Oil Market Updates Financial Performance Highlights GGC Going Forward

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  • Expect B7 for the whole year
  • CPO prices remain low due to high domestic inventory
  • ME Plant 2 is expected to start up 3Q18
  • Expect the market sentiment as same as in 2017
  • Oleospecialty deep dive through Oleospecialties Project Investment

METHYL ESTER

  • Target FID of 3Q18-awaiting for the legal constraint lift up as well as

the management on the sale of electricity

  • Roadshow in Japan for the investment in Biocomplex

FATTY ALCOHOLS BIOCOMPLEX

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T H A N K Y O U

Global Green Chemicals Public Company Limited

555/1 , Energy Complex, Building A, 4th Floor, Vibhavadi Rangsit Road, Chatuchak, Chatuchak, Bangkok 10900, Thailand Tel: +66(0) 2 558 7345 Fax: +66(0) 2 558 7301 www.ggcplc.com

For further information or enquiries, please contact our Investor Relations Team : ir@ggcplc.com

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Appendix

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Palm Oil & Oleochemicals Market

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CPKO CPO

2016 2017 2016 2017 2018 2018

Go to pg.11

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200 400 600 800 1,000 1,200

GL price and Spread

Spread RGL CGL

Palm Oil & Oleochemicals Market

Palm Oil Market Updates Financial Performance GGC Going Forward

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Glycerine

2016 2017 2018

Go to pg.11

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4Q16 3Q17 4Q17 yoy qoq

FY16 FY17 yoy Plant Utilization Rate (%) 105% 123% 121% 16%

  • 2%

98% 112% 14% Sales Volume (Tons) 28,048 31,574 32,045 14% 1% 100,140 111,152 11% Sales Revenue (Millon Baht) 2,009 1,903 2,383 19% 25% 6,089 7,813 28% EBITDA (Million Baht) 213 109 303 42% 177% 658 755 15% EBITDA Margin (%) 10.6% 5.7% 12.7% 2% 7% 10.8% 9.7%

  • 1.1%

Stock Gain/(Loss) & NRV 132

  • 136
  • 14
  • 110%
  • 90%

486

  • 458
  • 194%

Adjusted EBITDA (Million Baht)

(1)

81 245 316 290% 29% 172 1,213 605% Adjusted EBITDA Margin (%) 4.0% 12.9% 13.3% 9% 0% 2.8% 15.5% 12.7%

Note : (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV

4Q16 3Q17 4Q17 yoy qoq

FY16 FY17 yoy Plant Utilization Rate (%)

(1)

59% 112% 100% 69%

  • 11%

82% 101% 19% Sales Volume (Tons)

(2)

53,038 97,373 91,716 73%

  • 6%

281,688 344,173 22% Sales Volume (Million Litres) 61 113 106 73%

  • 6%

326 398 22% Sales Revenue (Millon Baht) 2,111 3,277 2,836 34%

  • 13%

11,111 11,659 5% EBITDA (Million Baht) 59 101 85 44%

  • 16%

802 382

  • 52%

EBITDA Margin (%) 2.8% 3.1% 3.0% 0.2%

  • 0.1%

7.2% 3.3%

  • 3.9%

Stock Gain/(Loss) & NRV

  • 83
  • 8
  • 48
  • 42%

530%

  • 130
  • 206

58% Adjusted EBITDA (Million Baht)(3) 143 109 133

  • 7%

22% 932 589

  • 37%

Adjusted EBITDA Margin (%) 6.8% 3.3% 4.7%

  • 2.1%

1.4% 8.4% 5.0%

  • 3.3%

Note : (1) Nameplate Capacity 300,000 Tons per year (2) Coversion ratio: 0.865 Tons = c.1,000 Litres (3) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV

Key Performance By Business Unit

METHYL ESTER (B100) BUSINESS UNIT METHYL ESTER (B100) BUSINESS UNIT

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FATTY ALCOHOLS BUSINESS UNIT FATTY ALCOHOLS BUSINESS UNIT

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Consolidated Income Statement

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Note : (1) Including Gain/(Loss) from FX and Derivatives (2) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV

MB % MB % MB % MB % MB % MB % MB % MB % Sales Revenue 4,120 100 5,180 100 5,219 100 1,099 27 39 1 17,200 100 19,472 100 2,272 13 Feedstock (3,341) - 81 (4,167) (80) (4,078) (78) (737) 22 88 (2) (13,936) (81) (15,131) 78 (1,195) 9 NRV (0) - 0 18 0 (1) (0) (1)

  • (18) (103)

(0) (0) (2) 0 (2) na. Product to Feed Margin 779 19 1,031 20 1,140 22 361 46 109 11 3,264 19 4,339 22 1,075 33 Other Variable Costs (326) - 8 (468) (9) (448) (9) (122) 37 20 (4) (1,403) (8) (1,693) 9 (290) 21 Fixed Costs (130) - 3 (130) (3) (149) (3) (19) 15 (20) 15 (522) (3) (555) 3 (33) 6 Stock Gain/(Loss) 49 1 (161) (3) (61) (1) (110) (226) 99 (62) 356 2 (662) 3 (1,018) (286) SG&A (112) - 3 (72) (1) (114) (2) (3) 2 (42) 58 (283) (2) (342) 2 (59) 21 Other Income 12 0 11 0 20 0 8 63 10 92 48 0 52 0 3 7 EBITDA 272 7 211 4 387 7 115 42 176 84 1,460 8 1,138 6 (321) (22) (139) - 3 (143) (3) (143) (3) (4) 3 (1) 0 (545) (3) (564) 3 (20) 4 EBIT 134 3 68 1 244 5 110 83 176 258 915 5 574 3 (341) (37) Finance Costs (22) - 1 (12) (0) (8) (0) 14 (63) 4 (31) (60) (0) (57) 0 2 (4) FX Gain/(Loss) (1) 22 1 (22) (0) (8) (0) (30) (135) 14 (65) 33 0 (80) (0) (113) (345) Shares of profit/(loss) from investment 24 1 15 0 27 1 3 13 12 82 104 1 87 0 (17) (17) Income Tax Expenses (15) - 0 6 0 (4) (0) 11 (73) (10) (173) (30) (0) (2) 0 28 (94) Net Profit 143 3 55 1 251 5 108 76 196 359 962 6 521 3 (441) (46) Owners of the company 142 3 55 1 251 5 109 77 196 359 938 5 521 3 (416) (44)

  • - - - - - - - - -

24 - - - - - Adjusted EBITDA (2) 224 5 354 7 449 9 226 101 95 27 1,104 6 1,802 9 699 63 Former shareholder before business restrucuring 4Q16 yoy yoy qoq FY16 FY17 4Q17 3Q17 Unit (Million Baht) Profit/(Loss) attributable to Depreciation and Amortization

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CPKO

Profitability Enhancement thru’ vertical integration

JV with experienced partner in Kernel Nut Extraction for Fatty Alcohols feedstock security and cost saving

Started Construction

Project Timeline CAPEX 380 MB

1Q18

COD

3Q16 Kernel Nut Extraction (TETSO) 90 KTA (Feedstock Intake Cap) Kernel Nut Fatty Alcohols

  • GGC holds 30% in JV (TETSO) with Eastern Palm Oil, experienced partner
  • Location : Nongyai, Chonburi (Close to palm oil plantation)
  • Security of CPKO supply
  • Competitiveness enhancement
  • Competitive CPKO cost
  • Logistic cost saving from better proximity to FA plant

Project Progress

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Overcoming Capacity Limitation via Expansion of ME Plant 2

Expanding GGC’s ME Plant to Future Capture Demand while Maximizing Profitability

Plant Optimization

Serve as base plant as can

  • perate at

low cost Support demand at different mandate level by alternating feed type

Maximize Profitability

ME Plant 1 ME Plant 2

Feed Flexibility when deemed economical Optimal feed use Minimize initial investments and operating cost

Refined Palm Oil (RPO) Crude Palm Oil (CPO) Methyl Ester 300 KTA Methyl Ester 200 KTA Refine Glycerine 31 KTA Crude Glycerine 123.9%

Utilization(1)

ME Plant 1

ME Plant 2

Crude Palm Oil (CPO) Others i.e. palm stearin or mixed feed Map Ta Phut, Rayong Nongyai, Chonburi

Flexibility Efficiency

Jul/16 FID

Project Timeline

Project Progress

CAPEX 1,650 MB

Apr/17 4Q/18

COD

Foundation Stone Placement Ceremony

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Applications

Enhance Value of By-Product(RGL#2)

CGL captive use to produce RGL with higher value Project Timeline CAPEX 326 MB

2Q/19

Targeted : COD

Under Feasibility Study ME Plant 2 Refined Gylcerine Plant 2 20 KTA Refined Glycerine Crude Glycerine

  • Integrated project with ME Plant 2
  • Capture market growth of high volume industries

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Biocomplex - Leveraging on Thailand’s Bioeconomy

Integrated Complex to Produce Biofuel, Biochemicals, Bioplastics from Sugarcane and Electricity/Steam from Biomass

Phase 2

Biochemical / Bioplastic Plant Cane Juice

  • r other RMs

Crushing Mill Ethanol Plant 186 mm litre per annum 2.4 mm tons / annum Cane Juice Ethanol

  • ther RMs;

HTM, Molasses Sugar cane Plantation Electricity to grid Utility & Waste Co-Generation Sugar cane

Phase 1

Electricity Bagasses Waste Electricity End Applications

Oil Fracking

E&E Construction

Durable Packaging Film / Fiber Auto High Value Added Pharma/Cosmetic Ingredient

Bioplastics Biochemicals

3Q/18 FID

Project Timeline Biocomplex Phase 1 CAPEX 7,615 MB

4Q/20

COD

Start Construction 3Q/18

Phase 1 Location : Nakornsawan GGC will hold 50% in JV with KTIS Under EIA approval process Key Investment Decision Criteria:

  • Amendment of related regulation
  • Approval to procure electricity by PEA

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Higher - Value Downstream Products

Specialty Oleochemicals Development towards higher profitability Project Timeline CAPEX TBA

4Q/19

Targeted COD

Fatty Alcohols Multi Purpose Reactor Specialty Oleochemicals

“Recipe”

Special Feedstocks Raw Materials For Property Enhancement

Ingredients in HPC products

  • Downstream integration with high margin products,
  • Help reduce country import
  • Target markets: Thailand, and CLMV

Under Feasibility Study

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