The Bangchak Petroleum PLC Analyst Meeting FY2014 February 26, 2015 - - PowerPoint PPT Presentation

The Bangchak Petroleum PLC

Analyst Meeting FY2014

February 26, 2015

AGENDA

การใช ้ สี

1

FY2014 Financial Performance

2

FY2015 Target

3

FY2014 Highlights

1

AGENDA

การใช ้ สี

1

FY2014 Financial Performance

2

FY2015 Target

3

FY2014 Highlights

1

FY2014 Highlights

R&M

Refinery Business

• 46 Days of TAM resulting in AVG 86.5 KBD
• Total inventory loss of 5,454 THB Million
• AVG Market GRM 6.96 $/BBL

Marketing Business

• Consistently rank no.2 market share

throughout the year

• Total sales volume of 5,006 Million litre

(417 ML/MO); 60% Retail compared to 59% last year

• MKM 0.71 THB/Litre

E&P Business

• Acquired Nido Petroleum Limited

(own 81.41% of total shares)

• Further acquired 33% interest in

Galoc Field

E&P Business

Solar Power Business

• Full 118 MW PPA : 2 months

ahead of schedule Biofuel Business

• Full capacity utilization

Renewable Businesses

Fully Operated

4

5

R&M : Refinery Operation Review

Product Yield (%)

4Q/14 17% 49% 11% 20% 3% FY2014 18% 49% 10% 20% 3% LPG Gasoline Jet Diesel Fuel Oil/VGO 4Q/14 Review

• A temporary shutdown of Hydrocracking Unit

(HCU) for equipment inspection and reparation FY2014 Review

• Annual Turnaround Maintenance (46 Days)
• Changing CDU (from 80 KBD to 100 KBD)

*TAM = Annual Turnaround Maintenance

97.82 48.45 96.99 102.48 1Q/14 2Q/14 3Q/14 4Q/14 TAM FY2013 FY2014 99.34 86.48 Crude Run (KBD) FY2013 17% 49% 11% 20% 3% 55% 47% 56% 50% 45% 53% 44% 50% 1Q/14 2Q/14 3Q/14 4Q/14 Domestic Import Crude Sourcing (%) FY2013 FY2014 46% 54% 53% 47%

6

R&M : Refinery Performance Review

Crack Spreads Movement : $/BBL

• 20
• 10

10 20 30 1Q/14 2Q/14 3Q/14 4Q/14

UNL95/DB GO/DB FO/DB

Dubai Price Movement : $/BBL

40 60 80 100 120 1Q/14 2Q/14 3Q/14 4Q/14

104.76 109.21 94.61 52.89 Figures represented in the graph are close price

FY2014 Review

• Lower total GRM from an impact of

Inventory Loss

• Total Inventory loss of -5.30 $/BBL
• LCM of -0.96 $/BBL

4Q/14 Review

• Market GRM improve as crude oil

price drop faster than crack spreads

• Total Inventory loss of -14.21 $/BBL
• LCM of -3.20 $/BBL

GRM Performance ($/BBL)

6.41 4.89 6.94 8.45 5.88 6.96 0.31 0.58 0.61 0.48 0.71 0.48 0.16 2.15 (4.89) (14.21) 1.06 (5.30) 1Q/14 2Q/14 3Q/14 4Q/14 FY2013 FY2014 Market GRM Hedging Inventory G/L

6.88 7.61 2.66

• 5.28

7.66 2.15

7

BCP Trading Channels

1Q/14 2Q/14 3Q/14 4Q/14

713 527 192 214 780 431 18 130 746 475 149 283 777 558 142 275 1,646 1,358 1,654 1,752

FY2013 FY2014

2,935 2,070 698 1,039 6,742 3,016 1,991 502 902 6,410 Total Sales Volume Unit: Million Litre

+3% YoY

• 4%

YoY

• 28%

YoY

• 13%

YoY

• 5%

YoY

Refined Petroleum Products

Export

OIL

Wholesales

Marketing Business

Industrial Customer Retail Customer

11% 14%

% Data are as of FY2014

30%

Total

45%

8

R&M : Marketing Business

713 780 746 777 527 431 475 558 1Q/14 2Q/14 3Q/14 4Q/14 Retail Market Industrial Market

Marketing Sales Volume (Million Litre)

4Q/14 Review

• Retail market grew +4% QoQ

(seasonal demand; long holidays)

• Industrial market grew +17% QoQ

(from higher crude run of BCP’s refinery) 2,935 3,016 2,070 1,991 FY2013 FY2014 FY2014 Review

• Total sales volume was in relative to previous year as

sales volume through industrial market declined due to Refinery turnaround

• Total retail sales volume increased by +3% YoY
• Market share improved (from 3rd to 2nd Rank)

1,240 1,210 1,221 1,335 5,005 5,006 +3% YoY +9% QoQ +3% YoY +4% QoQ +3% YoY +17% QoQ +0.02% YoY +3% YoY

• 4% YoY

9

R&M : Marketing Business Performance

Retail Market Share Note: All products excluding LPG and NG Jan-Dec 2013 = 14.8% Rank: 3rd

36.9% 15.1% 14.5% 12.8% 6.2% 5.2% 1.5% 7.8%

2

nd Rank

Jan- Dec 2014 PTTRM Caltex Susco Others

424 130 455 200 400 600 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

BCP Standard Type BCP Co-Op Type Thruput per station (K.litre/Station/Month) Major oil excluding BCP

Note: Major oil excluding BCP is defined as PTT, Esso, Shell, Caltex FY2013 FY2014

1Q2014 2Q2014 3Q2014 4Q2014 FY2013 FY2014 40 58 56 64 125 218 39 62 63 67 127 232 Target Actual

10

Renewable Businesses : Solar Power Plant Performance

Electricity Sales (Million kWh) FY2014 Review

• Higher electricity sales due to fully operation

solar power plant phase 3 and higher solar irradiation hours 4Q/14 Review

• Although the solar irradiation on average was less

than 3Q/14 but the cold weather helped increasing the electricity generation

Fully Operation of all phases

+6% QoQ +83% YoY

11

Renewable Businesses : Biodiesel Plant Performance

FY2014 Review

• Sales volume increased due to change in the

government’s policy regarding the portion of B100 mixing with diesel (an increase from 5% to 7%) 4Q/14 Review

• Sales volume increased due to an

increase in Bangchak’s diesel demand 1Q/14 2Q/14 3Q/14 4Q/14 FY2013 FY2014 361 352 364 366 343 361 438 432 522 579 456 492 Daily Production Sales Volume Daily Production and Sales Volume (K. Litre per day) +11% QoQ +8% YoY

12

New Business : E&P Business

BCP E&P Timeline 2014 July Established BCPE 2015 December Purchase of additional 33% shares in Galoc Production Company WLL September - October On September 19, BCP acquired 50.10% On October 3 BCP successfully acquired 81.41% of Nido Petroleum Limited

“ Bangchak is successfully acquired 81.41% shares of Nido Petroleum Limited, total investment ≈2,900 THB Million ”

 On December 12, 2014 Nido acquired 33% of working interest in the Galoc Oil field for a purchase price of $US 108 million.  As of February 17, 2015 Nido holds 55.88% of working interest in the Galoc Oil field  FY2014 Reserves = 13.4 mmbbls

• 2P Reserves Galoc* = 9.9 mmbbls
• 2P Reserves West Linapacan = 3.5 mmbbls

*Note: 2P of Galoc = 5.0 mmbbls, Mid Galoc = 4.9 mmbbls

AGENDA

การใช ้ สี

1

FY2014 Financial Performance

2

FY2015 Target

3

FY2014 Highlights

1

14

Key Financial Highlight (Consolidated)

Revenue (THB Million) 4Q/13 3Q/14 4Q/14 FY2013 FY2014 48,059 46,835 45,749 186,490 183,016

• 5% YoY
• 2% QoQ
• 2% YoY

(Restated) (Restated) FY2014 Review

• Revenue from oil business decreased; Oil sales

volume decreased due to annual turnaround and average selling price of oil products per unit decreased from a drop in crude oil price

• Revenue from renewable businesses increased
• Fully operation of Solar Power phase 3
• Biodiesel - government’s policy regarding the

portion of B100 mixing with diesel (an increase from 5% to 7%) 4Q/14 Review

• Revenue from oil business decreased;

Average selling price of oil products per unit decreased due to a drop in crude oil price

• Revenue from renewable businesses

increased (both Biodiesel and Solar Power)

(Restated) (Restated)

4Q/13 3Q/14 4Q/14 FY2013 FY2014

15

Key Financial Highlight (Consolidated)

1,840 1,429 (1,256) 9,463 5,162

• 45% YoY
• 168% YoY
• 188% QoQ

EBITDA (THB Million)

FY2014 Review

• There was an Inventory Loss (including LCM) of

THB 5,454 Million (An LCM of THB 992 Million)

• Insurance Claim of THB 764 Million
• Higher GRM due to high crack spreads from the

rapidly drop of crude price

• Improved in Marketing Margin from higher retail

margin (lower cost of ethanol and high margin product sales volume growth)

• Fully operation of Solar power plant

4Q/14 Review

• There was an Inventory Loss (including LCM) of

THB 4,400 Million (An LCM of THB 992 Million)

• Higher GRM due to high crack spreads from the

rapidly drop of crude price

• Insurance Claim of THB 243 Million
• Higher EBITDA in renewable businesses; Solar

Power generated higher electricity sales due to seasonal effect, higher margin per unit from a slight rebound in CPO and B100 in the quarter

16

Performance Results (Consolidated)

4Q20131/

(Restated)

3Q2014 4Q2014 YoY QoQ FY2013 (Restated) FY2014  Total EBITDA 2/

1,840 1,429 (1,256) 9,463 5,162

EBITDA Refinery

1,189 113 (2,414) 6,336 137

EBITDA Marketing

116 612 318 1,366 2,208

EBITDA Solar Power

412 709 740 1,388 2,572

EBITDA Biofuel

123 54 99 379 303

EBITDA BCPE (E&P)

• (59)

1

• (58)

Net Profit

(Attributable to owners of the company)

689 381 (2,489) 4,652 712

EPS

0.50 0.28 (1.81) 3.38 0.52

1/ The Company and its subsidiaries’ operating results of 1Q2013, 2Q2013, 3Q2013, and 4Q2013 were restated according to the new and revised TFRS that are effective for annual periods beginning on or after 1 January 2014 2/ The different between total EBITDA and the sum of each business EBITDA was due to the elimination items

Business Units Performance

Unit: THB Million

17

Key Financial Highlight (Consolidated)

Profit for the year (THB Million)

Q4/2014 Review

• Depreciation and Amortization of THB 1,128 million
• An impairment of THB 826 million
• Interest Expense of THB 403 million

+ Gain from Exchange of THB 192 million + Income tax credit of THB 914 million

718 410 (2,506) (Restated)

• 449% YoY
• 712% QoQ

4Q/13 3Q/14 4Q/14

FY2014 Review

• Depreciation and Amortization of THB 3,294 million
• An impairment of THB 821 million
• Interest Expense of THB 1,427 million

+ Gain from Exchange of THB 674 million + Income tax credit of THB 463 million

FY2013 FY2014 (Restated) 4,730 756

• 84% YoY

Statement of comprehensive income 2014 Profit for the year 756 Foreign currency translation differences for foreign operations (354) Total comprehensive income for the year 403

18

Financial Position (Consolidated)

Assets (THB Million)

* Including current portion of long-term debt

Liabilities & Equity (THB Million)

Cash & Equivalents Other Assets PP&E Inventory Non Current Liabilities Current Liabilities L/T Debt* Total Equity 31 Dec 2013 31 Dec 2014

32,917 17,001 17,092 6,527 38,136 16,816 14,059 7,954

31 Dec 2013 31 Dec 2014

34,974 2,301 20,830 15,433 33,966 2,804 30,198 9,997

76,965 76,965 73,537 73,537

• Inventory decreased by THB 3,034 million due to a drop
• f crude oil price, while closing inventory in December

2014 was 4.98 mbbl (+0.6 mbbl from December 2013) In addition, LCM was THB 992 million.

• PP&E increased by THB 5,219 million mainly from Assets

from Solar Power Plant, Machinery, equipment refinery plants, Oil & Gas Properties.

• Current liabilities decreased by 5,435 million, mainly

from Trade Account Payable in December 31, 2013 in which due date was on a public holiday, however, such amount had been paid in January 2014.

• Long-term debt increased by THB 9,368 million
• Bond issuance of THB 10,000 million in April 2014
• Repayment of Long-term loans portion of THB 1,254

million.

19

Dividends

Dividend Policy: ≥ 30 percent of net profit after deduction of allocation of legal reserve

Dividend Payment : Unit THB per Share

0.50 0.65 0.35 0.60 0.60 0.55 1.00 0.90 0.75 0.40 0.00 0.50 1.00 1.50 2.00 FY2010 FY2011 FY2012 FY2013 FY2014 44% 39% 40% 40% 192% At the Board of Directors’ meeting held on 19 February 2015, the Board approved a dividend for 2H2014 of Baht 0.40 per share to the shareholders entitled to receive dividends. 1.05 1.65 1.25 1.35 1.00 1st Half 2nd Half Dividend Payout 2.40 EPS 4.24 3.10 3.38 0.52

(THB per Share)

AGENDA

การใช ้ สี

1

FY2014 Financial Performance

2

FY2015 Target

3

FY2014 Highlights

1

Global Oil Balance – US supply response price dip and recover

Source: IEA Oil Market Report and Medium Term Outlook Feb 2015

45.60 35.03 45.55 34.73 45.53 35.12 46.82 6.39 47.79 6.58 48.94 6.82 56.59 57.32 57.78

Non-OECD Demand OECD Demand OPEC Sustainable Capacity OPEC NGLs Non-OPEC Supply

2014 2015 2016

(Actual) (Forecast) (Forecast) Excess Supply: + 5.59 +5.29 +5.25

Global Oil Balance 2014 - 2016

Unit: MBD Petroleum Supply Curve $/BBL MB U.S. Supply Continue to Grow

Growth (MBD) 2014 2015 2016 Demand +0.64 +0.92 +1.13 Supply +1.93 +0.62 +1.09

Source: JP Morgan

Call on OPEC Call on Shale

21

22

Crude Oil Outlook – Market rebalancing and price recovery will be limited

Dubai Crude Price Outlook (Unit: $/BBL) 104.5 106.1 101.5 74.4 51.0 50.0 62.0 70.0 105.5 96.7 58.3

20 40 60 80 100 1Q'14 2Q 3Q 4Q 1Q'15 2Q 3Q 4Q 2013 2014 2015

“ Inventories build likely to continue until reaches its limits with in Q2’15 ”

2H’15 – Limited recovery

Bullish

• Demand response to low oil prices.
• Expected oil production cut will start in 2H,

markets should start to balance.

• Uncertainty on unrests in Iraq and Libya

Bearish

• Iranian oil exports likely to resume
• No sign from OPEC to cut its production or

exports

• Resuming operation of Nuclear power plants

was likely by the 2H’15

1H’15 – Finding the bottom

Bearish

• Lower demand during refinery maintenance

period in Q2.

• Strong U.S. dollar currency with interest rate

possibly raising around 3Q2015.

• EU economic slowdown and uncertainty in

Greece

• Global oil inventories continue to rise and will

reaches its limits sometime in Q2’15. Bullish

• An improvement in U.S. economic
• New demands from additional capacities
• The drop in US rig count and investment cuts.
• Uncertainty on unrests in Iraq and Libya

Source: BCP outlook

• 8.5
• 10.6
• 8.4
• 5.6
• 2.0
• 5.0
• 6.0
• 7.0
• 8.0
• 8.3
• 5.0
• 12
• 7
• 2

1Q'14 2Q 3Q 4Q 1Q'15 2Q 3Q 4Q 2013 2014 2015

17.8 16.0 14.4 16.0 15.1 13.7 14.0 14.5 17.9 16.0 14.3

10 15 20 1Q'14 2Q 3Q 4Q 1Q'15 2Q 3Q 4Q 2013 2014 2015

14.6 16.1 13.2 13.4 12.5 13.0 13.5 10.0 13.7 14.3 12.3

8 13 18 1Q'14 2Q 3Q 4Q 1Q'15 2Q 3Q 4Q 2013 2014 2015

Fuel oil 3.5%S - DB (Unit: $/BBL) Gas oil 0.05%S - DB (Unit: $/BBL) Gasoline 95 - DB (Unit: $/BBL)

23

Petroleum Product Outlook Soften crack spreads as excess refinery capacity and slow demand

Key driving factors in 2015

▼ Efficiency gain & alternative fuels ▲ New middle Class and road transportation demand in Asia Refinery Capacity ▼ New refinery in ME and India start to operate Key Product Factors

Source: BCP outlook, PIRA

▼ Subsidy removal ▲ Marine Gasoil demand shift in 2015 ▼ ECAs Implemented ▼ Decrease Chinese teapot demand ▲ BP’s 102 KBD in close down by mid-this year.

Net CDU Additions (MBD) 2014 2015 2016 World +0.804 +1.976 +1.717 China +0.714 +0.386 +0.685 Middle East +0.406 +0.817 +0.07

▼ High oil products export from China ▼ India headed export to Asia ▲ Japan nuclear restart postponed to 2H

24

FY2015 EBITDA Roadmap

Refinery 39% Marketing 23% Renewable 31% E&P 7%

FY2015

(Target)

10,400

THB Million

EBITDA

FY 2015 Guidance

Crude run plan ≈ 100-105 KBD GRM ≈ 6 $/BBL Refinery Business MK Sales Volume ≈ 450 ML/MO Net MKM ≈ 0.67 THB/litre Marketing Business Solar Power Business Fully Operation for all 3 phases Biofuel Business Biodiesel plant run at full capacity

(360,000 Litre/day) Additional Ethanol capacity of 150,000 Litre/day from new Ethanol Plant

Renewable Business Production rate ≈3,300 Barrels/day net to NIDO E&P Business

25

Oil Business: Marketing Plan

FY2014

Standard Service Station (S/S) CO-OP +24 Sites (626 Sites)

Total 1,070 Sites

1,110 Sites

At the end of year

FY2015

+18 Sites (444 Sites)

26

New Flagship Service Station

New Flagship Service Station Additional: 2 Service Stations in FY2015

Cha-am Service Station Non-Oil Business

27

Non-Oil: Social Enterprise Model

Non Non-Oil Oil Socia ial l Ente terpr prise ise Mode del (CSR/ R/CSV) V)

36% 64% FY2015 FY2016 Maintenance CAPEX

3,000 3,000

Growth CAPEX

3,700 5,000

RE & Resources

5,000+ 5,000+

28

Investment Planning Portfolio FY2015 - FY2016

Green Field

RE & Resources  20,000 MB

Brown Field

ir@bangchak.co.th

• Tel. +662 335 4580, 335 4583

www.bangchak.co.th click Investor Relations

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

• btained 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.

APPENDIX

Profit and Loss (Consolidated) Profit and Loss (Company) Financial Performance:

• Refinery BU (Company)
• Marketing BU (Company)
• Biodiesel Business (BBF)
• Solar Business

Financial Ratio (Consolidated)

31

Profit and Loss (Consolidated)

Unit: THB Million FY2013 (Restated) FY2014 Sales Revenue 186,490 183,016 EBITDA 9,463 5,162 Depreciation and Amortization (2,830) (3,294) Gain (loss) on foreign exchange 132 674 Net reversal of allowance for loss from impairment of assets 24 (821) Financial Cost (1,127) (1,427) Pre-tax Profit 5,662 294 Income Tax Expense (932) 463 Net Profit* 4,652 712 EPS (Baht/Share) 3.38 0.52 *Net Profit attributable to owners of the company YoY%

• 2%
• 45%

16% 410% N/A 27%

• 95%

150%

• 85%

32

Profit and Loss (Consolidated)

Unit: THB Million 4Q2013 (Restated) 3Q2014 4Q2014 Sales Revenue 48,059 46,835 45,749 EBITDA 1,840 1,429 (1,256) Depreciation and Amortization (725) (841) (1,128) Gain (loss) on foreign exchange (111) 175 192 Net reversal of allowance for loss from impairment of assets 54 3 (826) Financial Cost (271) (392) (403) Pre-tax Profit 787 373 (3,420) Income Tax Expense (68) 36 914 Net Profit* 689 381 (2,489) EPS (Baht/Share) 0.50 0.28 (1.81) *Net Profit attributable to owners of the company YoY% QoQ%

• 5%
• 2%
• 45%
• 188%

16% 34% 410% 10% N/A N/A 27% 3%

• 535%

N/A 150% N/A

• 85%
• 753%

33

Profit and Loss (Company)

Unit: THB Million FY2013 (Restated) FY2014 Sales Revenue 183,263 178,300 EBITDA 8,429 4,554 Depreciation and Amortization (2,647) (2,840) Gain (loss) on foreign exchange 132 378 Net reversal of allowance for loss from impairment of assets 24 (828) Financial Cost (1,052) (1,294) Pre-tax Profit 4,886 (30) Income Tax Expense (915) 326 Net Profit 3,971 296 EPS (Baht/Share) 2.88 0.22 YoY%

• 3%
• 46%

7% 186% N/A 23% N/A 136%

• 93%

34

Profit and Loss (Company)

Unit: THB Million 4Q2013 (Restated) 3Q2014 4Q2014 Sales Revenue 47,215 45,718 44,256 EBITDA 1,530 1,161 (1,328) Depreciation and Amortization (671) (730) (929) Gain (loss) on foreign exchange (111) 87 (17) Net reversal of allowance for loss from impairment of assets 54 3 (833) Financial Cost (246) (353) (355) Pre-tax Profit 556 168 (3,462) Income Tax Expense (72) 43 759 Net Profit 484 211 (2,702) EPS (Baht/Share) 0.35 0.15

• 1.96

YoY% QoQ%

• 6%
• 3%
• 187%
• 214%

39% 27%

• 85%
• 119%

N/A N/A 44% 1%

• 722%

N/A N/A N/A

• 659%

N/A

35

Financial Ratio (Consolidated)

FY2013 (Restated) FY2014 Profitability Ratios (%) EBITDA Margin 3.83% 2.82% Profit Margin 1.49% 0.41% Return on Assets (ROA) 9.33% 2.29% Return on Equity (ROE) 1/ 13.92% 2.09% 31 Dec 13 31 Dec 14 Liquidity Ratios (times) Current Ratio 2.22 2.82 Quick Ratio 1.18 1.61 Financial Policy Ratios (times) DSCR2/ 4.59 1.93 Interest bearing debt to Equity1/ 0.63 0.92 Net Interest bearing debt to Equity1/ 0.42 0.67

1/ Total equity attributable to owners of the Company 2/ DSCR in 2013 was excluded prepayment loan of Baht 5,500 million Note: ROE, ROA are annualized figures.

36

Financial Performance: Refinery BU (Company)

4Q2013 (Restated) 3Q2014 4Q2014 THB Million $/BBL THB Million $/BBL THB Million $/BBL Market GRM 1,464 4.93 1,997 6.94 2,617 8.45 GRM Hedging 353 1.19 176 0.61 150 0.48 Inventory Gain/Loss 622 2.10 (1,408) (4.89) (4,400) (14.21) Total GRM 2,439 8.22 766 2.66 (1,634) (5.28) Other Income 44 0.15 36 0.13 222 0.72 Insurance Claim

• 243

0.79 FX Forward Contract (418) (1.41) 5 0.02 (2) (0.01) Operating Expenses (856) (2.88) (694) (2.41) (1,092) (3.53) EBITDA 1,208 4.07 113 0.39 (2,263) (7.31) Key factor: Crude Run (KBD) 101.17 96.99 102.48 Exchange Rate (THB/USD) 31.87 32.25 32.85

• Avg. Dubai Price (USD/BBL)

106.81 101.45 74.37

37

Financial Performance: Refinery BU (Company)

FY2013 (Restated) FY2014 THB Million $/BBL THB Million $/BBL Market GRM 6,579 5.88 7,167 6.96 GRM Hedging 800 0.71 499 0.48 Inventory Gain/Loss 1,189 1.06 (5,454) (5.30) Total GRM 8,568 7.66 2,213 2.15 Other Income 154 0.14 378 0.37 Insurance Claim 1,518 1.36 764 0.74 FX Forward Contract (923) (0.82) 84 0.08 Operating Expenses (2,942) (2.63) (3,099) (3.01) EBITDA 6,375 5.70 340 0.33 Key factor: Crude Run (KBD) 99.34 86.48 Exchange Rate (THB/USD) 30.86 32.63

• Avg. Dubai Price (USD/BBL)

105.45 96.66

38

Financial Performance: Marketing BU (Company)

4Q2013 (Restated) 3Q2014 4Q2014 THB Million Baht/L THB Million Baht/L THB Million Baht/L Net Retail Margin 528 0.70 730 0.98 722 0.93 Net Industrial Margin 101 0.19 137 0.29 176 0.32 Net Retail Margin 629 0.49 867 0.71 898 0.67 Other Income 212 0.16 233 0.19 250 0.19 Operating Expenses (710) (0.55) (511) (0.42) (785) (0.59) EBITDA 130 0.10 588 0.48 364 0.27 Sales Volume KBD ML/Mo KBD ML/Mo KBD ML/Mo

• Retail

52 251 51 249 53 259

• Industrial

37 181 32 158 38 186 Total Sales Volume 89 432 84 407 91 445

39

Financial Performance: Marketing BU (Company)

FY2013 (Restated) FY2014 THB Million Baht/L THB Million Baht/L Net Retail Margin 2,132 0.73 2,943 0.98 Net Industrial Margin 476 0.23 619 0.31 Net Retail Margin 2,608 0.52 3,562 0.71 Other Income 909 0.18 949 0.19 Operating Expenses (2,205) (0.44) (2,335) (0.47) EBITDA 1,312 0.26 2,176 0.43 Sales Volume KBD ML/Mo KBD ML/Mo

• Retail

51 245 52 251

• Industrial

36 173 34 166 Total Sales Volume 86 417 86 417

40

Financial Performance: Solar Business

Unit: THB Million 4Q2013 (Restated) 3Q2014 4Q2014 Revenue 431 743 780 Gross Profit 333 590 620 Other Income/(Other Expense) 9 6 4 Operating Expense (9) (9) (5) EBITDA 412 709 740 Electricity Sales (MM kWh) 36.82 63.50 67.30 Note:

• Fully commercial operation of all 5 sites of Solar Power Plant Phase 3 (48 MW) in April 2014.

YoY% QoQ% 81% 5% 86% 5%

• 59%
• 37%
• 50%
• 49%

80% 4% 83% 6%

41

Financial Performance: Solar Business

Unit: THB Million FY2013 (Restated) FY2014 Revenue 1,463 2,692 Gross Profit 1,108 2,132 Other Income/(Other Expense) 12 28 Operating Expense (17) (25) EBITDA 1,388 2,572 Electricity Sales (MM kWh) 126.84 231.53 Note:

• Fully commercial operation of all 5 sites of Solar Power Plant Phase 3 (48 MW) in April 2014.

+/(-) YoY% +1,230 84% 1,024 92% 15 124% (9) 52% 1,184 85% +104.69 83%

42

Financial Performance: Biodiesel BU (BBF)

Unit: THB Million 4Q2013 (Restated) 3Q2014 4Q2014 Revenue 1,263 1,243 1,535 Gross Profit 119 59 86 Other Income/(Other Expense) (3.48) (0.30) (0.29) Operating Expense (10) (10) (13) EBITDA 119 63 89 Average Production Rate (K. Litre/Day) 352 364 366 YoY% QoQ% 21% 23%

• 27%

47%

• 108%
• 196%

25% 29%

• 26%

40% 4% 1%

43

Financial Performance: Biodiesel BU (BBF)

Unit: THB Million FY2013 (Restated) FY2014 Revenue 4,401 5,316 Gross Profit 308 280 Other Income/(Other Expense) 11 0.02 Operating Expense (30) (40) EBITDA 345 298 Average Production Rate (K. Litre/Day) 343 361 +/(-) YoY% +915 21%

• 29
• 9%
• 11
• 100%

10 32%

• 47
• 14%

+18 5%