Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (July 2013)
73 slides from Thai Oil Public's investor presentation, July 2013
Slide 1: Thai Oil Public Company Limited Presentation to Investors
Thai Oil Public Company Limited Presentation to Investors July 2013
Slide 2: Disclaimer
-2- Disclaimer The information contained in this presentation is intended solely for your personal reference. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it.
Slide 3: Corporate Vision, Mission and Values
-3- Corporate Vision, Mission and Values A LEADING FULLY INTEGRATED REFINING & PETROCHEMICAL VISION COMPANY IN ASIA PACIFIC • To be in top quartile on performance and return on investment • To create a high-performance organization that promotes MISSION teamwork, innovation and trust for sustainabil
Slide 4: Corporate Governance Policy
-4- Corporate Governance Policy Roles and Responsibilities for Corporate Governance Policy Stakeholders The board of directors, management • Truthfully report company’s situation and and all staff shall commit to moral future trends to all stakeholders equally principles, equitable treatment to all
Slide 5: Agenda
TOP GROUP OVERVIEW Q1/13 BUSINESS HIGHLIGHTS PERFORMANCE ANALYSIS MARKET OUTLOOK TOP WAY FORWARD
Slide 6: TOP Group Overview
TOP Group Overview
Slide 7: Strategic relationship and operational integration with PTT
-7- Strategic relationship and operational integration with PTT Thai Oil’s strong shareholder base Benefits from PTT’s dual 27.9% role as our major # of Listed 2,040 mil. Shares shares shareholder and key 49.1% business partner Free Float 49.9% Shares All transactions take place 23.0% at arm’s l
Slide 8: TOP Group Synergy & Strategic Role in PTT Group Value Chain
-8- TOP Group Synergy & Strategic Role in PTT Group Value Chain Upstream Intermediate Downstream Solvent Pentane Hexane Toluene Diversifying to a broad SOLVENTS Mixed-Xylene range of downstream products to enjoy higher Paraxylene profit margins and Mixed-Xylene reduce earnings volatility Toluene ARO
Slide 9: Key milestones: 51 years, a long track record of success
-9- Key milestones: 51 years, a long track record of success 1961 – 1997 2004 – 2011 Today Capacity expansion and initial stage of business A leading integrated refining and petrochemical Listing, expansion and diversification diversification group in Asia Pacific 1961 1970 2004 • 275 kbd refinery (
Slide 10: Thai Oil Group Business Structure
-10- Thai Oil Group Business Structure PTT 26.0% 100.0% 100.0% 74.0% 100.0% 100.0% 100% Thai Paraxylene Thai Lube Base Thaioil Power Thaioil Marine Thaioil Ethanol Thaioil (TOP) (TPX) (TLB) (TP) (TM) (TET) 5 Oil&Chemical Tankers Mitr Phol 35.0% Padaeng Aromatics Capacity: Lube Base Oil Sells Electri
Slide 11: Process Linkage: Beauty of Integration
-11- Process Linkage: Beauty of Integration Thai Paraxylene PROCESS FLOWCHART ADIP FUELGAS Thai Oil ISOM LPG 20,000 MX HDT-1 MX 40,000 HDT-2 HDT-3 CCR-1 ULG95 85,000 CCR-2 CDU-1 50,000 ULG91 45,000 KMT-1 CDU-2 JET KMT-2 50,000 CDU-3 165,000 KEROSENE HVU-1 Thai Lube Base HVU-2 HVU-3 FCCU HDS-2 10,400
Slide 12: One of Region's Leading Refineries
-12- One of Region’s Leading Refineries Total Thailand crude refining capacity 1,095 kbd 2012 Market shares for refined petroleum product3 Fang (3 kbpd) 35% market Thai Oil (275 kbpd) shares PTT’s Principal Refiner BCP2 (120 kbpd) Esso (170 kbpd) Nelson Index - Regional Comparison RPC (17 kbpd) IRPC
Slide 13: Strategic location with competitive advantages in access to key markets
-13- Strategic location with competitive advantages in access to key markets Close proximity to the key domestic markets Access to Indochina markets through deep water ports Our strategic location provide us with LAOS 1. Close proximity with the key domestic Bangkok VIETNAM markets and Sriracha (124
Slide 14: Competitive Performance Benchmarking
-14- Competitive Performance Benchmarking Solomon (Bi-Annually) Shell Global Solutions International (SGSi) 2008 2010 Operational Performance Review Hydrocarbon Management Review + 1 NOTCH to Q1 Operational Troubleshooting + 1 NOTCH to Q1 Staff Competency Development + 1 NOTCH to Q1 Knowledge Manage
Slide 15: Integrated Margin & Competitive Cash Cost
-15- Integrated Margin & Competitive Cash Cost Gross Refined Margin TOP’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Marketing GRM Accounting GRM (Marketing GRM + Stock G/L) Operating Cost Interest Expense (Net) 6.4 6.2 6.6 4.6 5.3 4.5 5.5 1.6 1.8 3.4 3.3 4.1 1.4 1.4 1.5 1.5 2.2 0.5 0.5 0.4 0.4 0.6 1
Slide 16: Financial Performance
-16- Financial Performance Sales Revenue EBITDA Unit: THB Million Unit: THB Million EBITDA (excl stk G/L) EBITDA (incl stk G/L) 447,432 446,241 399,125 28,760 318,391 284,123 22,808 22,897 21,393 23,868 20,350 17,381 12,846 14,585 104,914 7,949 5,856 4,397 2008 2009 2010 2011 2012 Q1/13 2008 2009 20
Slide 17: TOP Group Key Highlights
-17- TOP Group Key Highlights Thailand’s largest and Diversified earnings 1 2 one of the region’s through integration most advanced and with, and significant competitive refineries contribution from, our subsidiaries Strategic relationship Strategic location with Industry with high 3 4 5 and operati
Slide 18: Business Highlights
Business Highlights
Slide 19: Q1/13: Business Highlights
Business Highlights -19- Q1/13 : Business Highlights Economic / Industry Highlights • Weaker US, EU & China economic data show • IEA, EIA, OPEC revised down 2013 global oil sign of economic slowdown demand growth • Debt crisis in Cyprus & Inconclusive Italian election results induced investors’ conc
Slide 20: Q1/13: Improved Profit among Market Uncertainties
Business Highlights -20- Q1/13 : Improved Profit among Market Uncertainties Top Group Net Profit Gross Refinery Margin - GRM Unit : THB million NP w/o Stock G/L Stock G/(L) LCM $/bbl Q1/13 Q4/12 Q1/12 Before tax Marketing GRM 6.6 5.2 4.0 Q1/13 Q4/12 Q1/12 Stock Gain/(Loss) (1.1) (1.9) 5.2 4,363 MB 1
Slide 21: Performance Analysis
Performance Analysis
Slide 22: Q1/13: Varied Economic Factors…Unstable Crude Price
Refining -22- Q1/13: Varied Economic Factors…Unstable Crude Price Apr May Jun $/bbl 160 Dubai Crude Oil Price 102 100 100 Avg. Sep’12 140 102.9 $/bbl 111 $/bbl 106 109 as of 8 July 120 100 Avg. Mar’12 80 122 $/bbl Avg. Dec’12 Avg. Mar’13 Avg. Dec’11 106 $/bbl 105 $/bbl 60 Avg. Dec’10 106 $/bbl Avg.
Slide 23: Q1/13: Escalating Product Spreads…Supportive GRM
Refining -23- Q1/13: Escalating Product Spreads…Supportive GRM LPG - DB (Unit: $/bbl) GO - DB + Tight supply ahead of refinery maintenance Q3TD 8 July + Winter demand for heating oil in EU and NEA + High demand from ME and West Africa -39.1 -41.7 -46.7 -32.6 -38.9 -41.6 -42.0 -40.0 -40.3 - Sluggish
Slide 24: Crude Price Volatility…Causing Stock Loss
Refining -24- Crude Price Volatility…Causing Stock Loss Jan Feb Mar (Unit: $/bbl) 108 111 106 200 Marketing Gross Refinery Margin – Marketing GRM Dubai Crude Oil Price (Unit: $/bbl) 180 102.9 $/bbl as of 8 July 7.7 5.2 6.6 4.6 4.6 5.3 160 4.0 Q1/12 Q2 Q3 Q4 Q1/13 FY/11 FY/12 Avg. Mar’12 140 Avg. Dec
Slide 25: Optimized & Flexible Operations…Superior Performance
Refining -25- Optimized & Flexible Operations…Superior Performance Crude Assays based on Sources of Product Spread over Domestic demand for TOP configuration Crude output Dubai (US$/bbl) petroleum products* 1 % S = 1.54 % S = 2.13 % S = 0.79 Others 3% 3% 5% -38.9 LPG API = 31.2 API = 30.4 API = 39.7
Slide 26: Growing Country Demand…Max Domestic Sales
Refining -26- Growing Country Demand…Max Domestic Sales Domestic Oil Demand / Domestic Refinery Intake Domestic Oil Demand Kbpd Utilization = 100% Kbpd +7% 95% Q1/12 94% 95% 90% 89% 91% 100% 1,200 84% 89% 89% 87% 90% 1,000 90% Q1/13 80% 70% +6% 800 60% +9% +8% +4% 600 50% 40% +7% 400 788 785 770 750
Slide 27: Q1/13: Tight Supply…Buoyant Aromatics Margins
Aromatics -27- Q1/13: Tight Supply…Buoyant Aromatics Margins Aromatics Spot Prices and Margins Aromatics Production (US$/Ton) Q1/12 Q2 Q3 Q4 2012 Q1/13 Q1/13 Q4/12 Q1/12 PX-ULG95 482 380 394 536 448 534 82% 88% 82% BZ-ULG95 72 84 139 336 158 303 Paraxylene (PX) (US$/Ton) + Tight supply as the delay
Slide 28: Q1/13: Slow Demand…Soften Lube & Bitumen Margins
Lube Base -28- Q1/13: Slow Demand…Soften Lube & Bitumen Margins Base Oil & Bitumen Spot Prices & Margins Base oil Production (US$/Ton) Q1/12 Q2 Q3 Q4 2012 Q1/13 Q1/13 Q4/12 Q1/12 500SN-HSFO 500 621 497 460 519 419 97% 86% 101% BITUMEN-HSFO -99 -32 -41 15 -39 -19 Lube Base Oil (US$/Ton) - Slow demand
Slide 29: Beauty of Integration…Sustainable GIM
Integrated Margin -29- Beauty of Integration…Sustainable GIM (US$/bbl) 20.3 18.1 16.3 18.2 18.7 16.5 12.8 Product to Feed 22% to GIM Q1/12 Q2 Q3 Q4 Q1/13 FY/11 FY/12 4.6 7.7 5.2 6.6 5.2 5.3 4.0 Crude Marketing GRM (excluded stock gain / loss) Q1/12 Q2 Q3 Q4 Q1/13 FY/11 FY/12 72% to GIM 20.0 21.7 22.
Slide 30: Q1/13: Maintained Healthy Profit Amidst Volatilities
Performance Breakdown -30- Q1/13: Maintained Healthy Profit Amidst Volatilities Refinery Aromatic Lube Base GPSC Plant TP Plant SAKC Ship Sapthip Mae Sod Utilization Production Production Availability Utilization Utilization Utilization Utilization Utilization Run rate of 2 plants: PTTUT+IPT in Q1/1
Slide 31: Consolidated Financial Performance
Financial -31- Consolidated Financial Performance (US$/bbl) Q1/13 Q4/12 Q1/12 QoQ+/(-) YoY+/(-) Marketing GRM 6.6 5.2 4.0 1.4 2.6 Marketing GIM 8.8 7.3 6.7 1.5 2.1 Accounting GIM 7.7 5.6 11.7 2.1 (4.0) (MB) Sales Revenue 104,914 111,755 117,087 (6,841) (12,173) EBITDA 4,397 4,413 8,650 (16) (4,253)
Slide 32: Solid Financial Position
Financial -32- Solid Financial Position Statements of Financial Position Consolidated Long-Term Debt as at 31 Mar 13 1) (Unit: MB) Total Long-Term Debt Net Debt 208,950 170,676 THB 73,785 million THB 10,231 million Trade Payable Cash & ST 41,614 / Others (US$ 2,505 million) (US$ 347 million) investm
Slide 33: Dividend Payment
Financial -33- Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan Dividend Payment THB/Share Payout FY/04 1.80 25% EPS FY/05 3.50 40% Total dividend THB/Share FY/06 3.50 45% Interim 1.50 n.a. 9.19 9.40 An
Slide 34: Q1-2013 Market Outlook
Q1-2013 Market Outlook • Macroeconomics & Crude Prices • Petroleum Market • Aromatics & Base Oil • Conclusion
Slide 35: Macroeconomics & Crude Prices
Macroeconomics & Crude Prices Weak global economics data & outlook… Increasing world oil supply to pressure oil prices
Slide 36: 2013 GDP by IMF – Gradual Upturn in Global Growth
Macroeconomics & Crude Prices -36- 2013 GDP by IMF – Gradual Upturn in Global Growth IMF revised down global GDP in 2013 from its January’s forecast on fragile growth in major countries Growth (%YoY) 2012 2013 2014 12% China 7.8% 8.0% 8.2% 9% 5.2% India 4.0% 5.7% 6.2% 6% 4.0% 4.0% 3.3% 3% 2.8% 3.2%
Slide 37: Global Oil Demand Growth in 2013
Macroeconomics & Crude Prices -37- Global Oil Demand Growth in 2013 IEA, EIA and OPEC revised down 2013 global oil demand growth due to weaker US and EU economies FSU North America Europe 300 160 140 20 -290 -300 -650 -140 -270 Middle East Asia 250 150 80 1,040 610 490 Africa Latin America 140 170 2
Slide 38: Non-OPEC Supply Growth in 2013
Macroeconomics & Crude Prices -38- Non-OPEC Supply Growth in 2013 Stronger non-OPEC supply in 2013 at around 1.0 mbd, mainly from the North of America FSU North America 1250 Europe 1020 100 120 500 -50 -300 -210 -300 Middle East Asia -100 -190 -10 Africa 30 40 Latin America -200 0 60 100 60 -290 -50
Slide 39: OPEC to Balance Demand/Supply
Macroeconomics & Crude Prices -39- OPEC to Balance Demand/Supply Due to increasing Non-OPEC oil supply in 2013, call on OPEC crude will drop to 29.8 MBD Well-supplied oil market in 2013 (MBD) Growth Rate 100 (MBD) 90 2011 2012 2013 Call on Call on 80 +0.6 +0.9 +0.8 OPEC Crude OPEC Crude 2012 2013 70
Slide 40: Crude on the Rise… Factors to watch
Macroeconomics & Crude Prices -40- Crude on the Rise What We See…. “Volatile oil prices on economic and political uncertainties” $/BBL $/BBL 120 2013 Dubai $105 120 $109 $108 $107 110 $106 $104 110 $102 100 100 90 90 80 80 70 70 2011 2012 1Q13 2Q13 3Q13 4Q13 Latest Forecast Actual … Factors to watch
Slide 41: Petroleum Product Market
Petroleum Product Market Soften GRM … Sudden Mute Demand and Increasing Product Supply Pressure down margin in Q2-13
Slide 42: 2013 Refinery Status – Supply to Match with Demand
Petroleum Market -42- 2013 Refinery Status – Supply to Match with Demand CDU Capacity Addition VS Additional Demand – AP & ME CDU Capacity Addition VS Additional Demand – AP & ME Addition KBD Company and (Site) China Q2-13 200 PetroChina Pengzhou (Sichuan) Possible delay to Q2-13 (from Q1-13) due to
Slide 43: Firm growth thanks to active government policy
Petroleum Market -43- Firm growth thanks to active government policy % year on year 2011 2012 Q1-13 2013F LPG +11 % +8 % +9% +5 % Gasoline -1 % +5 % +8% +3 % Jet/Kero +8 % 0% +4% +3 % Gasoil +4 % +7 % +6% +4 % Fuel Oil -6% -4 % +7% 0% Total (exclude LPG) +3 % +6 % + 6% +4 % Factor to Watch “Strong d
Slide 44: Margins Under Pressure in Q2 on Mute Demand
Petroleum Market -44- Margins Under Pressure in Q2 on Mute Demand ($/bbl) Q1-13 Q2-13 Q3TD-13 2H-13** LPG ($/t) 920 771 -40.3 ULG95-DB 18.4 14.6 18.3 JET-DB 20.3 15.3 17.5 GO-DB 19.6 16.8 20.9 HSFO-DB -7.3 -3.6 -6.1 MARKET GRM 6.6 Note: Q3TD as of 8 July ** Compared to 1H-13 Factor to watch… “Refine
Slide 45: Aromatics
Aromatics PARAXYLENE …. PX tightness eases on bearish PTA market
Slide 46: Why does PX market weak?
Aromatics -46- Why does PX market weak? PTA utilization rate Polyester fiber inventory in China • Weak economic outlook in EU pressures polyester export demand, leading to high inventory in China • PTA producers either shut or reduce their operation in order to manage their inventory • As a result,
Slide 47: How long is the big impact?
Aromatics -47- How long is the big impact? Asia polyester Demand PX and PTA Expansion New PTA(PX Equivalent) New PX 10000 Seasonal low demand and CN NY holiday 8000 6000 4000 2000 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 • PTA margins improvement will lead PTA producers ramp-up their operating
Slide 48: Tighter BZ Supply
Aromatics -48- Tighter BZ Supply “Lower BZ production in US” BZ Global Demand/Supply US Ethylene Crackers Feedstock Pygas Reformate 41% 44% 8% 7% Other Coal Source: CMAI, Nexant TOP Estimate BZ Supply Source Ethane Capacity 57 Mil Tons (2012) Propane Butane Naphtha Cracker Source: CMAI and TOP Estim
Slide 49: PTA shutdown to weigh down PX demand
Aromatics -49- PTA shutdown to weigh down PX demand ($/t) Q1-13 Q2-13 Q3TD-13 2H-13** PX-ULG95 534 435 398 BZ-ULG95 303 305 179 TL-ULG95 180 138 40 Note: Q3TD as of 8 July ** Compared to 1H-13 Note: PX = Paraxylene, BZ = Benzene, TL = Toluene Factor to Watch … “Heavy schedule T/A help limit downside
Slide 50: Lube Base & Bitumen
Lube Base & Bitumen Base oil price improved Spread supported by weak fuel oil
Slide 51: More G.II, G.III Supply to come
Lube Base & Bitumen -51- More G.II, G.III Supply to come Global base oil demand remain on an uptrend, growing at 3-4% p.a., with the rising of Gr.II &III consumption Additional supply will be located mainly in Asia Pacific, especially China Surplus capacity of Gr.II and Gr.III will lead to bas
Slide 52: Bitumen Market: Supportive Factors
Lube Base & Bitumen -52- Bitumen Market : Supportive Factors Indonesian Bitumen Consumption Weak HSFO Price to support Bitumen Spread kT/yr $/MT $/MT 950 Bitumen-HSFO 800 140 +3.0-4.0% 700 100 900 600 60 850 500 20 400 800 +2.7% -20 300 -16.7% +0.0% 750 200 -60 100 -100 700 0 -140 650 Sep-12 Nov-12
Slide 53: Tight supply support base oil price
Lube Base & Bitumen -53- Tight supply support base oil price ($/Ton) Q1-13 Q2-13 Q3TD-13 2H-13** 500SN-HSFO 419 495 513 Bitumen-HSFO -19 -7 5 Note: Q3TD as of 8 Jul ** Compared to 1H-13 Factor to Watch … “Less supply supported base oil price” •Seasonal demand from •Kick off paving projects from agri
Slide 54: Conclusion
Conclusion 2013-14 : Supportive Fundamental amid Volatile Environment
Slide 55: Firm Fundamental
Conclusion -55- Firm Fundamental CRUDE & Weak fundamental on rising non-OPEC supply to pressure crude prices in REFINERY Q2-13 limited by OPEC budget target and geopolitical risks” “Soften GRM in Q2-13 on sudden mute demand and rising supply to trigger refinery run cuts in coming months” AROMATICS “
Slide 56: TOP Way Forward
TOP Way Forward
Slide 57: Broadening Growth, Capturing Step Out, Pursuing Sustainability
-57- Broadening Growth, Capturing Step Out ,Pursuing Sustainability Operational Excellence Growth (Core & Step Out) Core Business Quick win Value Chain Enhancement Adjacent Logistics New Business AEC countries Geography
Slide 58: Strategic Investment Plan
-58- Strategic Investment Plan CAPEX Plan (Unit US$ million) Remaining capital investment Projects COD Total After Project Cost 2013 2014 2015 2015 Our CAPEX investments will Refinery upgrading 2014 128.2 87.6 cover improvements in Reliability, efficiency and flexibility - 382.9 150.0 71.8 18.4 27.2
Slide 59: Question & Answer
Question & Answer
Slide 60: Thank You
-60- Thank You Any queries, please contact: at email: ir@thaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
Slide 61: Appendices
Appendices
Slide 62: Asian Margin Vs. US-EU margin
-62- Asian Margin Vs. US-EU margin $/bbl $/bbl SINGAPORE GRM EU-US GRM 10.00 40.00 35.00 8.00 30.00 6.00 25.00 4.00 20.00 2.00 15.00 0.00 10.00 5.00 -2.00 0.00 -4.00 -5.00 -6.00 -10.00 Apr-12 Apr-13 Jun-12 Aug-12 Mar-12 Mar-13 Sep-12 Feb-12 Jul-12 Nov-12 Feb-13 Jan-12 May-12 Oct-12 Jan-13 May-13 Dec
Slide 63: Crude Inventory
-63- Crude Inventory Source: Norwegian Energy
Slide 64: Global Distillate Inventory
-64- Global Distillate Inventory Source: Norwegian Energy
Slide 65: Fuel Oil Inventory
-65- Fuel Oil Inventory Source: Norwegian Energy
Slide 66: China's Product Export
-66- China’s Product Export Source: Norwegian Energy
Slide 67: Benchmark Product Yield
-67- Benchmark Product Yield SG DB WTI CRK BRT CRK SG DB CRK HSK Yield Reuters Reuters Reuters Reuters Yield Adj F&L Adj F&L Adj F&L Mogas 47% 25% 31% 10% Naphtha - - 7% 6% Jet 25% 25% 18% 17% GO 11% 23% 16% 16% FO 13% 18% 22% 46% LPG 4% 6% 3% 3% MTBE -2% - - - TOTAL 98% 97% 97% 98%
Slide 68: Domestic LPG Demand
-68- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight • LPG demand in 4M-13 increased by 6%YoY 1,300 1,188 1,245 mainly driven up by automotive sector from 1,200 1,099 1,100 strict regulation imposed on LPG filling 2009 1,000 plants. 900 2010 800 2011 700 2012 600 500 2013 LPG Demand by
Slide 69: Domestic Gasoline Demand
-69- Domestic Gasoline Demand Thailand Gasoline Demand GASOLINE Demand Highlight ML/Mth • Gasoline consumption in 4M-13 grew 9%YoY . 750 703 • In April 13, proportion of ULG91 in gasoline 686 700 2009 pool touched 0 mml/day. GSH portion was 650 622 92% of total mogas pool, led by by 40% of 2010 GSH9
Slide 70: Domestic Jet Demand
-70- Domestic Jet Demand Thailand JET-A1 Demand JET Demand Highlight • Jet consumption in 4M-13 rose 5%YoY in 500 482 448 457 466 line with an increase in number of flights 450 428 as well as a rise in tourists. 404 397 375 371 388 399 378 2008 400 2009 350 2010 300 2011 2012 250 Jan Feb Mar Apr May
Slide 71: Domestic Gasoil Demand
-71- Domestic Gasoil Demand Thailand Gasoil Demand GASOIL Demand Highlight ML/Mth • Gas oil demand in 4M-13 rose by 5%YoY 1,900 due to continued capped retail price at 1,830 1,836 1,800 1,695 1,696 1,793 1,758 30B/litre. 1,723 1,656 1,700 1,700 2008 1,666 1,600 1,650 2009 1,553 1,500 2010 1,400 Outl
Slide 72: Domestic Fuel Oil Demand
-72- Domestic Fuel Oil Demand Thailand Fuel Oil Demand FUEL OIL Demand Highlight ML/Mth • FO demand rose 6%YoY owing to 450 increasing demand from power sector. 400 329 350 2008 300 2009 237 250 2010 200 215 206 2011 150 188 189 167 169 182 169 2012 100 160 152 Jan Feb Mar Apr May Jun Jul Aug Sep Oc
Slide 73: Thank You
-73- Thank You Any queries, please contact: at email: ir@thaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
Thai Oil Public Company — Investor Presentation (July 2013) on 6ix