Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — Bangchak — FY2021 Earnings Presentation
30 slides from Bangchak Corporation Public's earnings presentation, Feb 24, 2022
Slide 1: Bangchak Corporation Analyst Meeting - FY 2021 Results
BANGCHAK CORPORATION ANALYST MEETING - FY 2021 Results February 24, 2022
Slide 2: Awards & Recognitions in 2021
Awards & Recognitions in 2021 Over 40 awards of pride … Leadership and Management Sustainability and Corporate Governance Innovation Corporate Image and CSR Awards Awards Awards Awards • Thailand Corporate Excellence Awards • Thailand Sustainability Investment • Global Brands Awards - Excellence in
Slide 3: Amidst the 2021 Crisis, Achievements Have Reached
Amidst the 2021 Crisis, Achievements Have Reached Bio-based Products Natural Resources Refinery and Trading Marketing Business Power Plant Business Business Business Business Crude run 120+ KBD in Nov & Dec Market Share 16.2% New Investment Projects Fully Integrated Biofuel Producer OKEA Solar farm
Slide 4: 2021 Performance Contribution by Business Unit
2021 Performance Contribution by Business Unit Natural Resources ~7,000% 8,251 MB 32% EBITDA 2020 2021 400% Refinery Unit: MB 9,363 MB 25,818 300% 4,104 36% Bio-based 200% 1,863 MB Marketing Power Plant 7% 2020 2021 2,614 MB 4,193 MB EPS (THB/Share) (5.50) 5.25 Budget 100% 10% 7,624 100% 16% PAT (6,
Slide 5: Bangchak Group's New High Record, the New Era awaits
Bangchak Group’s New High Record, Accelerate EBITDA through “Green Portfolio” expansion the New Era awaits… Energy BESS Food & Pharmaceuticals Efficiency Ingredients Total Revenue 199,417 MB Consolidated EBITDA PAT* 25,818 Unit: MB 13,421 7,624 5,827 5,608 2,796 2010 2011 2012 2013 2014 2015 2016 20
Slide 6: Table of Content
TABLE OF CONTENT 01 Business Performance 02 Financial Performance 03 Business Update and Going Forward 6
Slide 7: Q4/2021 BCP Group Accounting EBITDA by Business Unit
Q4/2021 BCP Group Accounting EBITDA by Business Unit Accounting EBITDA Q4/2021 9,281 MB One-time items (Unit: MB) Accounting EBITDA 4,832 3,112 3,084 1,891 1,179 1,038 433 890 562 255 616 255 Q3/21 Q4/21 Q3/21 Q4/21 Q3/21 Q4/21 Q3/21 Q4/21 Q3/21 Q4/21 Refinery & Trading Natural Resources Marketing P
Slide 8: FY 2021 BCP Group Accounting EBITDA by Business Unit
FY 2021 BCP Group Accounting EBITDA by Business Unit FY2021 25,818 MB Accounting EBITDA (Unit: MB) 9,363 8,251 433 4,193 3,640 2,614 2,174 1,863 1,828 616 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 (1,004) (2,169) Refinery & Trading Natural Resources Marketing Power Plant Bio-Based Products o
Slide 9: Refinery and Trading Business: FY2021 EBITDA 9,363 MB
Refinery and Trading Business: FY2021 EBITDA 9,363 MB Operating GRM Hedging Inventory Gain/Loss GRM Performance ($/BBL) Crude run Product Yield 93% 94% 140 89% 81% 83% 130 2% 2% 3% 2% 120 LPG 12.26 3.91 Production Profile 110 54% 3.81 5.13 20% 20% 20% 20% Gasoline 3.72 0.03 100 107.0 111.4 112.2 4.1
Slide 10: Marketing Business: FY2021 EBITDA 2,614 MB
Marketing Business: FY2021 EBITDA 2,614 MB Total Sales Volume (ML/Mo) Sale Volume by Product (ML) 400 368 367 351 381 829 HSD FY2021 vs. FY2020 748 340 324 332 800 715 708 731 746 713 300 300 Retail 627 o Delta variants led the government to deploy maximum measure in the 461 410 354 426 391 416 stri
Slide 11: Power Plant Business: FY2021 EBITDA 4,193 MB
Power Plant Business: FY2021 EBITDA 4,193 MB Electricity Sales (Million kWh) FY2021 vs. FY2020 875 o Share of profit 600 MB, +122% YoY from 270 MB in 2020, mainly from 773 • Geothermal power plant 577 MB: significantly increased due to higher 523 453 Laos tariff rate and lower finance cost 295 o Ele
Slide 12: Natural Resources Business: FY2021 EBITDA 8,251 MB
Natural Resources Business: FY2021 EBITDA 8,251 MB Sales Volume - Net to OKEA (kboe/d) FY2021 vs. FY2020 18.1 o 2021 EBITDA shifted as OKEA was firstly consolidated in Q3/2021 17.0 15.9 15.8 15.2 2.5 0.3 0.7 Ivar Aasen 13.0 10.2 o OKEA’s EBITDA substantially increased following the oil 8.1 8.2 7.6 8
Slide 13: Table of Content
TABLE OF CONTENT 01 Business Performance 02 Financial Performance 03 Business Update and Going Forward 13
Slide 14: 2021 Event Highlights
2021 Event Highlights Debentures Issuance: • BBGI 1,300 MB bond issuance in May • BCPG 12,000 MB Green bond issuance in September • BCP 7,000 MB bond issuance in November Change in investment status: Accounting Method Controlled over OKEA ASA in Jul Subsidiary Consolidation • 1H: Take share of profi
Slide 15: Consolidated Statement of Income
Consolidated Statement of Income Statement of Income (Unit:MB) FY2020 FY2021 YoY Revenue 136,450 199,417 46% ❖ Revenue 2020 2021 Cost of goods sold (132,122) (175,744) 33% 112,500 Unit: MB 84,336 Gross Profit 4,328 23,673 447% 40,701 28,518 Other incomes 533 1,279 140% 19,936 24,470 10,068 Selling a
Slide 16: Consolidated Statement of Financial Position - Assets
Consolidated Statement of Financial Position Assets Unit: MB 36% Items Change Main factors 148,323 MB 201,785 MB Trade & Other +138% • BCP group exc. OKEA +4,744 MB, mostly from BCP’s trade receivable by Current 32,022 Cash & Equivalents Receivables higher product price and export volume and BCPG’s
Slide 17: Consolidated Statement of Financial Position - Liabilities & Equities
Consolidated Statement of Financial Position Liabilities & Equities Unit: MB 31 Dec 20 31 Dec 21 Change Unit: MB Total Liabilities 90,006 132,226 47% Total Equity 58,316 69,559 19% 148,323 MB 201,785 MB Trade & Other Current Payables Items Change Main factors 15,651 7,734 Other Current Liabilities L
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 46,494 (41,383) 21,651 MB LAC loan repayment 2,669 Subsidiaries' capital increased 1,655 Cash from OKEA Interest, Dividend 1,554 Consolidation & Others 5,011 MB (at 1 July) • LT loans 3,352 MB (21,9
Slide 19: Table of Content
TABLE OF CONTENT 01 Business Performance 02 Financial Performance 03 Business Update and Going Forward 19
Slide 20: Aims for High Run Rate and Higher Niche Product
Aims for High Run Rate and Higher Niche Product 2021 Q1/2022E 2022E Crude run: KBD BPR: Work, yield, Logistic and Energy Efficiency Improvement 99.0 120 120 DB: $/BBL 69.4 85 – 90 90 2022 Estimated Benefit of 1,200 MB • Crude run at maximum capacity ~120+ KBD as demand rises Product yield • Produce
Slide 21: BFPL: Strategic Move toward Better Profit and Low Carbon Business
BFPL: Strategic Move toward Better Profit and Low Carbon Business Rights over the pipeline network capacity and terminal systems for 20 years Bangkok Fuel Pipeline & Logistics Company Limited Investment Value 1,600 MB Pipeline Network: • 17% IRR • Pay back in 5.4 yrs New opportunity from maximize as
Slide 22: Emphasizing on Retail Growth and Premium Products
Emphasizing on Retail Growth and Premium Products RM Sales Volume (ML/MO) Highest Sales Record 450 2020 2021 432 400 390 374 Target 350 332 Average Service station Network Expansion sales +18% 300 1,277 2021 2022 250 Sales volume was severely affected by Covid-19 delta variant 350 341 as of Dec 2021
Slide 23: Continuously Introduce More Food and Beverages Choices
Continuously Introduce More Food and Beverages Choices No. of stores 817 2021 2022 9 stations in 2021 26 stations in 2022 516 sites in S/S 817 1,000 New business model, ready for the growth engine 301 sites out S/S Stores Stores stores as of Dec2021 As of Dec 2021 • Top leading food brands, to enabl
Slide 24: EV Infrastructure Development and Lube Market Penetration
EV Infrastructure Development and Lube Market Penetration EV Chargers on Major Routes across The Country Domestic Lubricant Market Share 2022 Target 2022 Target: 246 stations 2021 10.5% 9.9% Ready-to-Use in 70 Bangchak Stations Covering 37 Provinces As of Dec 2021 2020: 9.4% Source: DOEB & BCP 24
Slide 25: IPO in March 2022: Biotechnology Beyond Biopower
BIOTECHNOLOGY BEYOND BIOPOWER Collaborate with World Class Player through Investing and Thailand First Fully Integrated Biofuel Producer Partnering to Bring Bio Business to 1,800,000 “New Frontier” LPD Capacity Synthetic Biology Distribution Platform TOP 2 Investing in Manus Distributing HVP Largest
Slide 26: Other Subsidiaries with the Shiny Outlook
Other Subsidiaries with the Shiny Outlook ✓ 2022 Performance drivers: ✓ Production guiding net to OKEA • Japan solar projects • 2022: 18,500-20,000 boepd o 45 MW solar COD plan in Q1/2022 (Komagane & Yabuki) ✓ Strong cash positive to prepare for acquisition o The first full-year contribution of 20 M
Slide 27: Hydrogen: Stepping toward More Sustainable Energy Solutions
Hydrogen: Stepping toward More Sustainable Energy Solutions invest 40% Transitus Energy Transitus Energy transits oil and gas upstream operations to cleaner energy by repurposing mid-to- late-life natural gas fields in the North Sea, operating carbon dioxide storage assets developed from depleted ga
Slide 28: 2022 Performance Guidance
2022 Performance Guidance Refinery & Trading o Average Crude run of 120 KBD o DB price @ 90 $/BBL Natural Resources o Head toward more niche product refinery, UCO portion of 13% o Aim for BCPT EBITDA to increase from 8.4MUSD to 15MUSD o 2022 Production guiding of 18,500-20,000 boepd o Strong cash po
Slide 29: CAPEX 2022: Growing More Green Portfolio Portion
CAPEX 2022: Growing More Green Portfolio Portion Group CAPEX 2022 CAPEX Others RFBG Refinery (RF+Trading) 1,800 NT&BD 1% 5% MKBG Others BBGI 10% BAU 1,300 5% 3.4% 2% RFBG Growth 500 NT&BD 24% Marketing (MK+BCR+BGN) 2,100 16% BAU 300 BBGI 16,725 MB 39,000 MB Growth 1,800 8% MKBG BCPG 30,000 13% BBGI
Slide 30: Thank You
THANK YOU ir@bangchak.co.th Tel. +66 2335 4370 / 8518 www.bangchak.co.th