Public Expose 2016 PT Chandra Asri Petrochemical Tbk Jakarta, 6 June 2016
1. Company Profile 2. Operational & Financial Performance 3. Project Updates 4. Industry Outlook 2
1. Company Profile 3. Project Updates 2. Operational & Financial Performance 4. Industry Outlook Company Profile (“ CAP ”) The largest integrated producer of Olefins and Polyolefins in Indonesia. Producing plastic raw materials and chemicals used in a variety of everyday consumer products (packaging, pipes, jerry cans, automotive, electronics, shoes, etc.). Owns the only Naphtha Cracker, Styrene Monomer, and Butadiene plant in Indonesia. The largest producer of Propylene (470KTA) & Integrated Petrochemical Complex Polypropylene (480KTA) in Indonesia. Sole producer of Ethylene (860KTA); and one of two Polyethylene producers (336KTA) in Indonesia. Strategic/adjacent plant location with customers in the industrial estate of Cilegon-Merak. Operates 3 Jetty with capacity of DWT 6K, 10K, and 80K Polypropylene Plant Naphtha Cracker within the plant complex to facilitate logistics. Majority Shareholders, Barito Pacific Grup* (65.2%) and SCG Chemicals (30.5%) as of May 2016. Notes: (*) Including the ownership of Marigold Resources and Magna Resources. KTA: Kilo tonnes per annum; DWT: Dead-weight ton Styrene Monomer Plant Butadiene Plant 3
1. Company Profile 3. Project Updates 2. Operational & Financial Performance 4. Industry Outlook Integrated Business Operations “ Integrated business operations from upstream to downstream resulting in higher efficiency, lower costs, and value- added ” . Crude Oil Oil & Gas Refinery Diesel Kerosene Gasoline Naphtha LPG Condensate Petrochemical Naphtha Cracker Upstream Ethylene Propylene Py-Gas Mixed C4 Petrochemical Styrene Monomer Polyethylene Polypropylene Butadiene Raffinate - 1 Midstream New Generation Synthetic Rubber Legend: Future products by SRI CAP Facility CAP Products 4
1. Company Profile 3. Project Updates 2. Operational & Financial Performance 4. Industry Outlook Integrated Business Operations ( cont’d ) Plant Main Process Key Markets Key Products Polyethylene LLDPE (1) Domestic Ethylene 330 Licensed by Exporr KTPA Univation HDPE (2) 860 KTPA 336 KTPA 430 Domestic KTPA Styrene Monomer Licensed by Domestic 100 Mobil-Badger Export KTPA and Lummus Naphtha Naphtha 340 KTPA Cracker Homopolymer 2,300 licensed by Lummus and KTPA Polypropylene Propylene KBR. Random Domestic W.R. Grace Copolymer 470 KTPA 480 KTPA Impact (Block) Copolymer Py-Gas Export 400 KTPA Butadiene Domestic Crude C 4 BASF/Lummus Export 315 KTPA 100 KTPA Notes: Improved margins along the integration of the production value chain (1) LLDPE: Linear Low Density Polyethylene (2) HDPE: High Density Polyethylene 5
1. Company Profile 3. Project Updates 2. Operational & Financial Performance 4. Industry Outlook Strategic Location “Adjacent and interlinked with customer’s facilities (45 km Ethylene pipeline)”. CAP’s Petrochemical Complexes Rhone Poulenc SBL Sulfindo Adiusaha Sulfindo Adi. NAOH, CL 2 EDC, VCM Santa Fe Sulfindo Adi. PVC Redeco Showa Esterindo Styrene Monomer Plant Polychem Cont Carbon CB Puloampel- Capacity 340 ktpa Trans Bakrie Sintetikajaya Serang Risjad Brasali Indochlor Merak EPS, SAN Main Plant Multisidia Golden Key ABS Main Plant Capacity (ktpa) – Buana Sulfindo Ethylene: 860 N Statomer PVC – Propylene: 470 Prointail – Py-Gas: 40 0 Unggul Indah AB PIPI PS and SBL – Mixed C4: 315 Mitsubishi Kasei – Polyethylene: 336 – TITAN PE Polypropylene: 480 Amoco Mitsui UAP Butadiene Plant: 100 ktpa Cabot Dow Chemical Indonesia Siemens Air Liquide KS On-Site Power Hoechst Cilegon ARCO PPG Polyprima PTA Polypet PET Asahimas Lautan Otsuka Dongjin Cilegon NSI Sriwie Anyer Main Plant Jetty New Toll Road CAP Pipeline Existing Road Existing customers with pipeline access 6
1. Company Profile 3. Project Updates 2. Operational & Financial Performance 4. Industry Outlook Loyal & Broad Customer Base Diversified clientele. Top 10 Customers Top 10 Customer’s Sales Breakdown contribute 40% of revenues in 2015. Total Net Revenues 2015: US$1,377 million Key Customers are loyal customers who have long term relationship. Top 10 Customer's Sales 40% Convenience for customers who are directly 60% Others linked with pipes integrated with CAP's production facilities. Key Customers Strong marketing and distribution platform with wide network serving ~300+ Customers. Short delivery trend time resulting in pricing premium to market reference prices. 7
1. Company Profile 2. Operational & Financial Performance 3. Project Updates 4. Industry Outlook 8
1. Company Profile 3. Project Updates 4. Industry Outlook 2. Operational & Financial Performance Plan Utilization Rate (dalam %) Ethylene Polyethylene, Polypropylene, Styrene Monomer, Butadiene Polyethylene Polypropylene Styrene Monomer Butadiene 99 99 94 95 95 94 93 92 89 89 80 79 76 76 74 72 69 66 57 47 2013 2014 2015 1Q-16 2013 2014 2015 1Q-16 Decline of utilization in 2015 was due to shutdowns in the 4th quarter for Tie-in work of the Cracker Expansion project. In addition, within the 85-day shutdowns period were also conducted a Turnaround Maintenance (TAM). 1st Quarter -2016, plant utilization showed an increase post Expansion completion in Dec-2015. Cracker plant has a new capacity of 860 KTA (up to 43%) and ramp up gradually to optimum capacity. Butadiene Plant operates since Sept-2013. 9
1. Company Profile 3. Project Updates 4. Industry Outlook 2. Operational & Financial Performance Volume and Price by products Olefins Ethylene Propylene Volume (KT) Volume (KT) 561 296 339 182 189 78 59 139 82 109 51 32 32 18 19 4 2014A 2015A 2014A 2015A 1Q-15A 1Q-16 1Q-15A 1Q-16 Price & spread (US$/ton) Price & spread (US$/ton) 1.378 1.345 1.031 949 926 931 931 808 756 644 574 552 376 552 574 376 479 447 415 375 256 182 268 550 1Q-15A 1Q-16 1Q-15 1Q-16 2014A 2015A 2014A 2015A 10
1. Company Profile 3. Project Updates 4. Industry Outlook 2. Operational & Financial Performance Volume and Price by products Polyolefins Polypropylene Polyethylene Volume (KT) Volume (KT) 477 471 449 444 314 311 227 224 124 118 110 74 74 105 74 68 2014A 2015A 1Q-15A 1Q-16 2014A 2015A 1Q-15A 1Q-16 Price & spread (US$/ton) Price & spread (US$/ton) 1.670 1.642 1.359 1.268 1.249 1.286 1.201 1.018 931 931 574 552 552 574 376 376 694 642 739 697 711 807 712 825 Q1-15A Q1-16 2014A 2015A 2014A 2015A Q1-15A Q1-16 11
1. Company Profile 3. Project Updates 4. Industry Outlook 2. Operational & Financial Performance Volume and Price by products Styrene Monomer and Butadiene Styrene Monomer (1) Butadiene Volume (KT) Volume (KT) 257 82 250 79 234 230 47 46 62 60 19 52 50 17 16 13 1Q-15A 1Q-16 2014A 2015A 2014A 2015A 1Q-15A 1Q-16 Price & spread (US$/ton) Price & spread (US$/ton) 1.605 1.329 1.094 971 957 943 931 1.280 805 746 567 733 552 574 721 376 326 373 238 390 398 391 370 231 2014A 2015A Q1-15A Q1-16 2014A 2015A Q1-15A Q1-16 (3) (1)Styrene Monomer and by products (Toluene and Ethyl Benzene) 12
1. Company Profile 3. Project Updates 4. Industry Outlook 2. Operational & Financial Performance Financial Highlights: Financial Position FY-2015 and 1Q-2016 31-Dec-2014 31-Dec-2015 31-Mar-2016 Changes Changes (US$ ‘000) (US$ ‘000) (US$ ‘000) Yoy (%) Ytd (%) 207,939 96,835 141,242 -53.4 45.9 Cash and cash equivalents Current Assets 458,495 319,799 339,572 -30.3 6.2 (exclude Cash and cash equivalents) 1,257,077 1,445,752 1,461,442 15.0 1.1 Non Current Assets 1,923,511 1,862,386 1,942,256 -3.2 4.3 TOTAL ASSETS 477,912 377,753 440,255 -21.0 16.5 Current Liabilities 579,737 597,787 579,753 3.1 -3.0 Non Current Liabilities 865,862 886,846 922,248 2.4 4.0 Equity 1,923,511 1,862,386 1,942,256 -3.2 4.3 TOTAL LIABILITIES AND EQUITY 13
1. Company Profile 3. Project Updates 4. Industry Outlook 2. Operational & Financial Performance Financial Highlights: Profit or Loss FY-2015 and 1Q-2016 FY-2014 FY-2015 Changes 3M-2015 3M-2016 Changes (US$ ‘000) (US$ ‘000) (%) (US$ ‘000) (US$ ‘000) (%) 2,460,051 1,377,573 -44.0 357,933 358,895 0.3 Net Revenues 2,342,587 1,231,844 -47.4 341,186 296,396 -13.1 Cost of Revenues 117,464 145,729 24.1 16,747 62,499 273.2 Gross Profit 50,187 79,222 57.9 (531) 45,894 8,742.9 Operating Profit (Loss) 18,439 26,256 42.4 2,849 35,402 1,142.6 Profit (Loss) For The Year 133,762 154,825 15.7 31,299 68,091 117.6 EBITDA 4.8 10.6 4.7 17.4 Gross Profit Margin (%) 2.0 5.8 -0.1 12.8 Operating Profit Margin (%) 0.7 1.9 0.8 9.9 Net Profit Margin (%) 5.4 11.2 8.7 19.0 EBITDA Margin (%) 14
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