The Bangchak Petroleum Plc. Analyst Meeting for Q1Y2011 performance – May 11, 2011 Dr. Anusorn Sangnimnuan President 1 Mr. Surachai Kositsareewong EVP-Accounting &Finance
Agenda BCP Achievements in Q1 and Outlook in 2011 BCP Performance in Q1 Y2011 New Business Progress Marketing Activities in Q1 2011 www.bangchak.co.th The Bangchak Petroleum Plc. 2
Global Key Factors to Keep An Eye On Unrest in oil producing countries may cause oil disruption Geopolitical Political Tension Risk Saudi Arabia is forced Key Bubble Currency OPEC High inflation and Quantitative Risk in to replace the loss Fluctuation Factors Production volatility of US dollar Easing (QE) China supply from MENA Global Global Economic Economic Recovery Recovery + World GDP Growth and - Debt crisis in some strong oil demand European countries 3
World Oil Price - Poor economic data in OECD countries may cause short term selling of commodity Oil price is downward in short-term but in long-term, it moves in an upward trend due to unrest situation and world economic recovery www.bangchak.co.th The Bangchak Petroleum Plc.
Product Crack Spread Product cracks stay above 2010 level $/BBL 140.00 Gas Oil 130.00 ~ 20 $/BBL 120.00 ULG95 110.00 Dubai 100.00 BCP Forecasted 90.00 www.bangchak.co.th The Bangchak Petroleum Plc. 5
Crude Run in 2011 Average Crude Run in 2011 ≈ 91.4 KBD Crude Run above 100 KBD with better yield of JP-1 Q1 average crude run 62.7 KBD Turnaround Period 32 days Note : During Feb 3 – Mar 6,2011 , catalyst changing gives more JP-1 www.bangchak.co.th The Bangchak Petroleum Plc. 6
Refinery Highlights 9.62 $/BBL 5.5-6 $/BBL KBD 120.0 109.0 105.0 103.0 103.0 102.0 100.0 100.0 100.0 91.4 90.0 Base GRM 80.0 62.7 Crude Run 60.0 40.0 Sale Volume 20.0 0.0 Q1 Q2 Q3 Q4 Y2011 (Actual) (Plan) (Plan) (Plan) www.bangchak.co.th The Bangchak Petroleum Plc. 7
Marketing Highlights Average Sales Volume 1.5 Baht/Ltr 1.75 Baht Ltr ML MKM 1.41 Baht Ltr 400 350 300 250 200 379 353 359 353 150 323 100 50 0 Q1 (Actual) Q2 (PLAN) Q3 (PLAN) Q4 (PLAN) Y2011 Number Of 2011 2011 Market share 2009 2010 Service stations ( As of Apr ) (Target) 500 E20 139 297 352 20 E85 2 5 5 www.bangchak.co.th The Bangchak Petroleum Plc. 8
Bangchak Bio Fuel Utilization Rate & Production Plan 22.5 22.5 17.8 14.4 11.6 82% 82% 65% 53% 43% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Yr 2011 Utilization Rate Production Plan (ML) www.bangchak.co.th The Bangchak Petroleum Plc. 9
Agenda BCP Achievements in Q1 and Outlook in 2011 BCP Performance in Q1 Y2011 New Business Progress Marketing Activities in Q1 2011 www.bangchak.co.th The Bangchak Petroleum Plc. 10
GRM Performance Unit : $/Bbl 1Q11 1Q10 4Q10 High GRM & Inventory gain Oil price increase 15 6.41 9.62 10 5.54 High spread due to strong Market GRM) 5 0 demand of diesel Q1 2011 Q1 2010 0.77 Japan’s crisis GRM Hedging .5 0.1 -0.97 0 .5 Q1 2011 Q1 2010 Accounting GIM ($/Bbl) -1 Total GRM Contribution MKM 2.69 5.12 6 3 4 2 16.31 $/Bbl Inventory G(L) 0.58 1 2 0 0 2.54 13.77 2.98 4 2.54 2.46 5 2 MKM 5 1Q11 4 0 www.bangchak.co.th The Bangchak Petroleum Plc. 11
Profit and Loss Highlights 1Q11 1Q10 4Q10 r Unit : Million Baht Extraordinary items : Sale Revenue 35,382 33,224 +6.5% 35,661 The dividend of Baht 84 million from Bangchak EBITDA 2,234 1,532 +45.8% 1,988 Biofuel Co., Ltd. Refinery business 1,890 1,146 +64.9% 1,767 Reversal of loss from Marketing business 344 386 -10.8% 221 impairment of intangible Depreciation & Amortization (425) (449) (510) assets of Baht 241 million. Other FX and Impairment 261 148 172 The increase of the Financial Cost (191) (199) (221) consolidated expenses Pre-tax Profit 1,879 1,032 +82.0% 1,429 was mainly from the Catalyst write-off Baht 113 Tax (441) (277) (439) million. Net Profit 1,437 755 +90.3% 990 EPS 1.14 0.65 0.85 Inventory Gain/(Loss) 888 148 +501.5% Adjusted EBITDA 1,346 1,384 -2.7% Refinery business 1,002 998 +0.4% Marketing business 344 386 -10.8% www.bangchak.co.th The Bangchak Petroleum Plc. 12
Refinery BU Performance 1Q11 1Q10 4Q10 M.Baht $/BBL M.Baht $/BBL M.Baht $/BBL Base GRM 1,664 9.62 1,421 5.54 1,581 6.41 GRM Hedging (168) (0.97) 25 0.10 (189) (0.77) Inventory Gain/(Loss) 888 5.12 148 0.58 663 2.69 Total GRM 2,383 13.77 1,594 6.21 2,054 8.32 Other Income 90 24 421 Operating Expenses (583) (471) (708) EBITDA 1,890 1,146 1,767 Adjusted EBITDA 1,002 998 1,104 Key factors Crude Run (KBD) 62.7 86.3 89.1 Exchange rate ( ฿ /$) 30.68 33.04 30.1 DB ($/Bbl) 100.49 75.83 84.31 www.bangchak.co.th The Bangchak Petroleum Plc. 13
Marketing BU Performance 1Q11 1Q10 4Q10 M.Baht ฿ /L M.Baht ฿ /L M.Baht ฿ /L Net Retail Margin 404 0.70 438 0.73 468 0.77 Net Industrial Margin 64 0.17 69 0.18 96 0.25 Total MKM 468 0.49 507 0.51 564 0.57 2.52 $/bbl 2.48 $/bbl 2.98 $/bbl Other Income 244 202 206 Operating Expenses (368) (323) (549) EBITDA 344 386 221 Sale Volume KBD ML/Mo KBD ML/Mo KBD ML/Mo o Retail 40.6 194 41.8 199 42.6 203 o Industrial 26.6 127 27.2 130 27.0 129 Total Sale Volume 67.2 320 68.9 329 69.8 333 www.bangchak.co.th The Bangchak Petroleum Plc. 14
Financial Position Q1 Y2011 Unit : Million Baht Assets 31 Mar 11 31 Dec 10 Liabilities 31 Mar 11 31 Dec 10 Cash 1,175 8,504 Short Term Loan + Due 1 Yr 3,380 2,587 Trade Accounts Receivable 8,188 6,314 Trade Accounts Payable 11,063 10,094 Inventories 18,029 15,058 Other Current Liabilities 4,402 4,482 Other Current Assets 5,129 1,635 Long Term Loan 14,257 16,441 Current Assets 32,521 31,511 Other Non current Liabilities 1,049 1,109 Total Liabilities 34,151 34,713 Shareholders' Equity Investment in Subsidiary 348 198 Common Share 1,250 1,177 PPE 24,046 23,311 Premium on Share Capital 9,430 8,462 Leasehold Rights 948 954 Revalue Asset - - Other Non-Current Assets 1,191 1,165 Retained Earning 14,224 12,787 Total Equity 24,904 22,426 Total Assets 59,054 57,139 Total Liabilities & Equity 59,055 57,139 Remark : Figures were adjusted to the new accounting standard www.bangchak.co.th The Bangchak Petroleum Plc. 15
Financial Measurement Q1 Y2011 Consolidated PROFIT / RETURN RATIO (1Q2011) Total EBITDA Net Profit Net Profit Margin % 3.98 2,325 MB 1,508 MB Earning per Share Baht 1.14 5% 4% Return on Equity-ROE % 5.97 BBF 12% 15% Marketing BU Return on Assets-ROA % 2.40 FINANCIAL POSITION RATIO Refinery BU (As of 31 Mar 11) Current Ratio times 1.73 83% 81% AR Day days 16.61 DSCR times 3.68 D/E Ratio times 0.72 EBITDA Net Profit Net debt to EBITDA times 2.78 Book Value per Share (BV) Baht 20.07 www.bangchak.co.th The Bangchak Petroleum Plc. 16
Bangchak Bio Fuel Performance Q1 Y2011 Balance Sheet Profit & Loss Unit : Million Baht 1Q11 1Q10 ∆ 4Q10 82 Sale Revenue 683 529 29.1% 836 56 315 56 Cost of Goods Sold (548) (477) 14.9% (673) 170 S/T Debt 19 Cash Gross Profit Margin 135 52 159.6% 163 118 Trade A/P Operating Expenses (5) (4) 25.0% (9) Other Assets 454 Other Liabilities Inventory Loss (40) Inventory EBITDA 90 59 52.5% 154 L/T Debt 807 PP&E Depreciation (11) (11) 0.0% (11) 497 Equity Interest (8) (9) -11.1% (8) Corporate Tax (6) Net Profit 71 38 86.8% 129 Total Assets 1,259 MB Total Liabilities 762 MB Total Equities 497 MB www.bangchak.co.th The Bangchak Petroleum Plc. 17
BCP Shareholders’ Structure As of Dec 31, 10 As of Mar 31, 11 At present Unit : Million shares 125 10.0% 125 9.9% MOF 125 10.6% PTT 52 52 4.1% 4.2% 52 4.4% Others 198 215 17.2% 15.7% 249 21.2% Total BCP-DR1 426 36.2% 375 392 31.4% 29.7% 281 281 23.9% 22.5% 281 22.2% PTT 470 39.9% 577 46.1% 609 48.1% Others Total BCP 858 68.6% 751 63.8% 890 70.3% 1,265 100% Total (BCP&BCP-DR1) 1,177 100% 1,250 100% CDDR fully convert to CS 7 94 22 (at 14.3 Baht/share) CD-PTT fully convert to CS 42 42 42 (at 14 Baht/share) Warrant fully convert to CS 68 69 68 (at 18 Baht/share) 1,382 Total (Fully Diluted) 1,382 1,382 www.bangchak.co.th The Bangchak Petroleum Plc. 18
Agenda BCP Achievements in Q1 and Outlook in 2011 BCP Performance in Q1 Y2011 New Business Progress Marketing Activities in Q1 2011 www.bangchak.co.th The Bangchak Petroleum Plc. 19
BCP Future Prosperity EBITDA 6,165 MB EBITDA >10,000 MB 400 Ethanol Marketing 22% 2,200 Solar New Business 6% Refinery 72% BBF 300 Potash Algae Y2010 Y2015 PAT : 2 ,889 MB PAT : 3,000 – 4,800 MB www.bangchak.co.th The Bangchak Petroleum Plc. 20
Solar Farm : Phase I www.bangchak.co.th The Bangchak Petroleum Plc.
Solar Farm : Phase I Layout Phase I : 38 MW Project Cost ~ 4,200 MB Dyke Work Progress 62% COD Q4-2011 Expected EBITDA +700 MB/Year PV Module Installed Landfill 88% Completed Facility Building Pond As of 1 May 2011 www.bangchak.co.th The Bangchak Petroleum Plc.
Solar Farm : Phase I PV Module Installation www.bangchak.co.th The Bangchak Petroleum Plc.
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