Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — Q3 2021 Earnings Presentation
26 slides from Bangchak Corporation Public's earnings presentation, Nov 19, 2021
Slide 1: Analyst Meeting Q3/2021
ANALYST MEETING Q3/2021 November 19, 2021
Slide 2: Awards & Recognitions
Awards & Recognitions 2021 SET Awards: Business Excellence - Innovation Company Awards Sustainability Excellence BCP in Thailand Sustainability Excellence award in Low Carbon and Investment (THSI) index Sustainable Business Index (LCSi) for the 7th consecutive years 2021 Global Brand Award Bes
Slide 3: Key Activities
Key Activities • Intergeneration destination: official sponsor of PSG esports • Local agricultural team to reach out to Gen Z and Millennial prospect customers support projects with Department of • “B nature+” BBGI’s B2C products: Asta-Immu & alcohol sanitizer Internal Trade • Winnonie 24-hr self-se
Slide 4: 9M/2021 Performance Contribution from Each Business Unit
9M/2021 Performance Contribution from Each Business Unit Natural Resources 3,419 MB ~4,000% ~20% 400% Refinery 6,279 MB 300% 38% Bio-based 1,607 MB 200% Marketing 2,359 MB Power Plant 10% 3,155 MB Budget 100% 14% 100% 19% 0% Accounting EBITDA 16,537 Million Baht 9M/2020 9M/2021 9M/2020 9M/2021 Unit:
Slide 5: Q3/2021 EBITDA Contribution by Business Group
Q3/2021 EBITDA Contribution by Business Group Natural Resources 3,112 MB 10,000% 40% 400% Bio-based 890 MB Refinery 300% 1,891MB 12% 200% 25% Marketing Power Plant 562 MB 1,179 MB Budget 100% 100% 7% 16% 0% Accounting EBITDA 7,531 Million Baht Q2/2021 Q3/2021 Q2/2021 Q3/2021 Unit: MB EPS 1.21 1.25 7
Slide 6: Q3/2021 Performance Key Takeaways
Q3/2021 Performance Key Takeaways Refinery & Trading o Crude run 111.4 KBD (93% run rate). Shifting focus toward becoming Natural Resources a niche product refinery o OKEA was consolidated for the first quarter o Operating GRM 3.07 $/BBL - soften from the rising cost in crude premium o OKEA core per
Slide 7: Table of Content
TABLE OF CONTENT 01 Q3/2021 Business Performance 02 Financial Performance 03 Business Update and Going Forward 7
Slide 8: BCP Group EBITDA by Business Unit
BCP Group EBITDA by Business Unit EBITDA 7,531 MB 3,112 (Unit: MB) Accounting EBITDA 122 One-time items 1,976 1,891 433 1,458 1,179 997 827 890 562 616 296 276 Q2/21 Q3/21 Q2/21 Q3/21 Q2/21 Q3/21 Q2/21 Q3/21 Q2/21 Q3/21 Refinery & Trading Marketing Power Plant Bio-Based Products Natural Resources o
Slide 9: Refinery and Trading Business: GRM Performance
Refinery and Trading Business: Q3/2021 EBITDA 1,891 MB GRM Performance ($/BBL) Crude run Operating GRM Hedging Inventory Gain/Loss Product Yield 10.00 93% 140.0 89% 3% 130.0 79% 90% 2% 2% 5.00 0.97 3.81 3.72 120.0 LPG 0.22 Production Profile 70% 4.18 3.07 110.0 20% 20% 20% Gasoline 0.00 2.33 100.0 1
Slide 10: Marketing Business: Q3/2021 EBITDA
Marketing Business: Q3/2021 EBITDA 562 MB Total Sales Volume (ML/Mo) Sale Volume by Product (ML) Fuel consumption was under the pressure of Covid-19 lockdown measures o Total sales volume lowered by 11% QoQ 715 748 800 708 731 746 713 368 367 400 340 324 351 332 627 • Retail sales -10% 300 HSD 300 R
Slide 11: Power Plant Business: Q3/2021 EBITDA 1,179 MB
Power Plant Business: Q3/2021 EBITDA 1,179 MB Electricity Sales (Million kWh) Core profit from operation significantly improved mainly from high season of hydropower in Laos 295 Electricity sales +56% QoQ 270 o Laos hydropower sales +106% from the increase in the amount of rainfall 189 Laos as enter
Slide 12: Bio-based Products Business: Q3/2021 EBITDA 890 MB
Bio-based POWER PLANTProduct BUSINESS Business: Q3/2021 EBITDA 890 MB Operational performance was softened as a result of major domestic lockdown, putting pressure on overall biofuel demand ,but EBITDA improved due to an extraordinary item of 616 MB from UBE’s IPO o Even the revenue declined 12% QoQ
Slide 13: Natural Resources Business: Q3/2021 EBITDA 3,112 MB
Natural Resources Business: Q3/2021 EBITDA 3,112 MB EBITDA shifted from the recognition of OKEA ASA consolidation, and profit from divestment BCPE 122 MB Production Volume - Net to OKEA (kboe/d) OKEA continues to deliver solid operational results, mainly driven by higher oil and gas price as the glo
Slide 14: Table of Content
TABLE OF CONTENT 01 Q3/2021 Business Performance 02 Financial Performance 03 Business Update and Going Forward 14
Slide 15: Q3/2021 Consolidated Statement of Income
Q3/2021 Consolidated Statement of Income Q3/2021 Statement of Income (Unit:MB) Q2/2021 BCP Group OKEA QoQ Revenue 43,775 47,649 9% Cost of goods sold (40,032) (41,613) 4% Gross Profit 3,744 6,036 2,528 61% Other incomes 132 777 179 487% Gross profit increased 61% QoQ mostly attributed to OKEA, dri
Slide 16: Consolidated Statement of Financial Position (Assets)
Consolidated Statement of Financial Position Assets Main factors Items Change From BCP Group ex. OKEA From OKEA Unit: MB 33% Trade & Other +102% +3,783 MB +2,747 MB 148,323 MB 196,596 MB Current • BCP’s higher sales volume and average Receivables selling price of finished products 21,272 Cash & Equi
Slide 17: Consolidated Statement of Financial Position (Liabilities & Equities)
Consolidated Statement of Financial Position Liabilities & Equities Unit: MB 31 Dec 20 30 Sep 21 Change Total Liabilities 90,006 129,775 44% Unit: MB Total Equity 58,316 66,821 15% 148,323 MB 196,596 MB Main factors Trade & Other Current Payables Items Change From BCP Group ex. OKEA From OKEA 11,729
Slide 18: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow As of Jan 21 Unit: MB Sources of Cash Uses of Cash Beginning Cash 22,895 (28,398) 21,651 MB Investments Cash from OKEA (1,587) & Loan to Related co. Consolidation (2,805) Dividend & Others 5,011 MB (at 1 July) Interest & Dividend Right of Use & Others 802 3,248 (5
Slide 19: Table of Content
TABLE OF CONTENT 01 Q3/2021 Business Performance 02 Financial Performance 03 Business Update and Going Forward 19
Slide 20: Refinery Business Update
Refinery Business Update 9M/2021 Q4/2021E 2021E 2022E Crude run: KBD 94.6 110 95-100 120 FAST+ DB: $/BBL 66.4 80-85 65-70 75-80 Customized Products: Work Process Improvement 2% 2% 2% 20% 19% 20% LPG Yield Improvement 3% 4% Gasoline 7% <1% <1% Jet 54% 49% 53% Non-transportation fuels Logistic Improve
Slide 21: Greenovative Destination
Greenovative Destination 1,253 Standard Type 642 sites Strengthen modern channel to satisfy customers need and diverse lifestyles Service stations as of Sep 2021 COOP Type 611 sites Unique Design Digital Experience Service Stations • QR and Digital payment for Petrol Products, Good & Services Within
Slide 22: Becoming More Engaging with Intergeneration
Becoming More Engaging with Intergeneration 739 stores as of Sep 2021 Variety of non-oil businesses, both food and non-food that 492 sites in S/S 247 sites out S/S enable convenience for multi-generation customers No. of stores 5/15 stations in 2021 1,000 673 ~820 in 2022 • Partners with well known
Slide 23: Business Updates
Business Updates BBGI’s “B Nature +” wellness products: Japan solar projects (65 MW) • Asta-Immu (launched) • Chiba 1 20 MW has COD on 1 Nov 2021 • More than 10 products to be launched in • Yabuki 20 MW and Komagane 25 MW Q4/2021 to 2022, including Astra-VIS, etc. COD planned in Q1/2022 • B2C vi
Slide 24: Successfully Added New Capacity to Portfolio amid the Favorable Market
Successfully Added New Capacity to Portfolio amid the Favorable Market Yme in operation on 25 October Production Guiding – Net to OKEA (kboe/d) • Av. 5,600 boepd in the next 12 mo. 18-19 • 8,400 boepd at 15.5-16.5 16.1 Plateau 2020 2021 2022 WI 15% Attractive market fundamentals support value creati
Slide 25: With OKEA Consolidated, Our Commitment Remains the Same
With OKEA Consolidated, Our Commitment Remains the Same “Green Portion to be 50% of Portfolio in 2030” Green Portion BD Projects Green Portion ~43% 2% ~30% ESG Target NT Bio-Base 8% NT & LNG 2% 29% Bio-Base 5% 4X Power Power 11,000 28% MB 27% RFBG MB 45% RFBG Carbon Neutral in 2030 MKBG 18% Zero GHG
Slide 26: Thank You
THANK YOU ir@bangchak.co.th Tel. +66 2335 4370 / 8518 www.bangchak.co.th 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 ad
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