Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (September 2022)
81 slides from Thai Oil Public's investor presentation, Sep 22, 2022
Slide 1: Presentation to Investors September 2022
Thai Oil Public Company Limited Presentation to Investors September 2022
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. Some statements mad
Slide 3: Presentation Agenda
-3- Presentation Agenda TOP GROUP BUSINESS OVERVIEW KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS STRATEGIC INVESTMENT PLANS OUTLOOK
Slide 4: TOP Group Business Overview
-4- TOP GROUP BUSINESS OVERVIEW
Slide 5: Strategic Relationship and Operational Integration with PTT
-5- -5- Strategic Relationship and Operational Integration with PTT Thai Oil’s strong shareholder base • Benefits from PTT’s dual role as our major shareholder 13.73% and key business partner • All transactions take place # of Listed 2.040 mil. at arm’s length and in Shares shares * 23.25% 48.03% ad
Slide 6: TOP Group Synergy & Strategic Role in PTT Group Value Chain
6- --6- 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 The majority of Mixed-Xylene refined petroleum profit margins and
Slide 7: Key Milestones: 61 Years, A Long Track Record of Success
7- --7- Key Milestones: 61 Years, A Long Track Record of Success 1961 – 1997 2004 – 2011 Today Capacity expansion and initial stage of business Listing, expansion and A leading integrated refining and diversification diversification petrochemical group in Asia Pacific 1961 1970 2004 • 275 kbd refine
Slide 8: Thai Oil Group Business Structure
Thai Oil Group Business Structure 8- --8- 100.0% 100.0% 100.0% 100.0% 100.0% Thai Paraxylene Thai Lube Base Thaioil Ethanol Thaioil Treasury Center Thaioil (TOP) TOP SPP (TPX) (TLB) (TET) (TTC) Capacity : Aromatics Capacity: Lube Base Oil Sells Electricity/Steam to 50.0% Enhance financial efficiency
Slide 9: Process Linkage: Beauty of Integration
9- --9- Process Linkage: Beauty of Integration PROCESS FLOWCHART Thai Paraxylene ADIP FUEL GAS Thai Oil ISOM LPG 20,000 MX HDT-1 MX 40,000 HDT-2 HDT-3 CCR-1 CCR-2 ULG95 85,000 CCR CDU-1 50,000 ULG91 45,000 KMT-1 CDU-2 KMT-2 JET 50,000 CDU-3 180,00 KEROSENE 0 HVU-1 HVU-2 FCCU 10,40 HDS-2 HVU-3 HVU-3
Slide 10: One of Region's Leading Refineries
-10- -10- One of Region’s Leading Refineries Total Thailand crude refining capacity 1,244.5 kbd (1) Market shares for refined petroleum product (3) Fang (2.5 kbpd) Thai Oil 22% Share Nameplate Capacity 30% 30% market market Thai Oil (275 kbpd) shares shares PTT’s Principal Refiner BCP (120 kbpd) Ess
Slide 11: Strategic Location with Competitive Advantages in Access to Key Markets
11- --11- Strategic Location with Competitive Advantages in Access to Key Markets Access to Indochina markets through deep Close proximity to the key domestic markets water ports and trucks Our strategic location provide us with 1. Close proximity with the key LAOS domestic markets and Indochina Ban
Slide 12: Optimized & Flexible Operations…Superior Performance
Crude & Production -12- Optimized & Flexible Operations…Superior Performance Thai Oil is able to diversify its type of crude intake and product outputs to maximize demand and margin Crude Assays based on Sources of Product Reference Domestic demand for TOP configuration* Crude output Price petroleum
Slide 13: Refinery: High & Reliable Utilization to Capture Strong Product Margins
-13- Refinery: High & Reliable Utilization to Capture Strong Product Margins TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate Jun’21 Mogas Jet/Kero Gasoil Total VS Jun’22 +1.3% +83.2% +17.6% +15.5% KBD 1H'21 1H'22 800 +13.4% 600 +16.1% 400 -0.1% 200 +59.8% 0 (2) M
Slide 14: Key Highlights
-14- KEY HIGHLIGHTS
Slide 15: Robust Financial Position Driven by Strong Profitability & Recapitalization
Robust Financial Position Driven by Strong Profitability & Balance -15- Recapitalization A Market Factors B Net Profit hit a Record High from 2 Major Contributions Net Profit (MB) GRM ($/BBL) Supply Tightness 25,327 MB $25.1/bbl • Supply Tightness from Russian vs Ukraine Conflict Q2/22 Q2/22 Excepti
Slide 16: Key Business Highlights
Key Business Highlights -16- Key Business Highlight Operational Commercial Financial • High and reliable refinery production to fulfill • Capture high local & Indochina sales • Recapitalization plan domestic oil demand Q1/22 Q2/22 1H/21 1H/22 ➢ Successful execution of GPSC share sale U-Rate % Q1/22
Slide 17: Strategic Direction: Achieving 3Vs Strategy
-17- Strategic Direction: Achieving 3Vs Strategy Value Maximization Value Enhancement Integrated Crude to Chemical Integrated Value Chain Mgmt. Value Diversification CFP • Reposition Top Solvent as Thaioil’s international • Power to focus on tag along with PTT Group • Progress 86% as of Jun’22 marke
Slide 18: Towards Net Zero
-18- Towards Net Zero Environmental Social Enhance Environment Engage Society Communities & Societies • CSR program supported medical staffs and communities 2050 Carbon 2060 Net Zero GHG with hygiene equipment Target Neutral Emissions Health care Scope 1&2 • Sustainable energy for health care (solar
Slide 19: Financial Highlights
-19- FINANCIAL HIGHLIGHTS
Slide 20: Q2 & 1H/22 Key Performance Highlights
-20- Q2 & 1H/22 Key Performance Highlights Market Highlight Contribution ($/bbl) QoQ Dubai rose from $110.9/bbl to $113.2/bbl Dubai ($/bbl) (ending price) YoY Dubai rose from $71.6/bbl to $113.2/bbl Crude • Supply disruption concern on Russia & Ukraine escalation, major countries i.e. the US and Eur
Slide 21: Q2 & 1H/22 Financial Performance
-21- Q2 & 1H/22 Financial Performance TOP Group Net Profit Net Profit Contributions* 1H/21 1H/22 Unit : Million Baht (MB) Q1/22 Q2/22 7,183 MB 25,327 MB 5,483 MB 32,510 MB Q1/22 Q2/22 17,334 Gain on GPSC share sale 17,334 22,029 before tax 259 Stock g/l 7,557 Net operating profit 1H/21 1H/22 14,472
Slide 22: Integrated Margin & Competitive Cash Cost
-22- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) (excl. one-time non-operating item) 2019 2020 2021 Q1/22 Q2/22 1H/22 Gross Integrated Mar
Slide 23: Financial Performance
-23- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L) EBITDA (incl stk G/L) 389,344 35,357 362,179 335,827 28,142 242,840 258,397 22,867 22,322 20,239 13,034 143,892 13,079 14,765 13,328 114,506 13,214 13,833 5,343 (2,056) (1,438) 2018 2019 2020 20
Slide 24: Q2/22 TOP Group Financial Position & Financial Ratios
-24- Q2/22 TOP Group Financial Position & Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 30 Jun 22 (Unit: million THB) Total IBD Net Debt 362,144 443,278 177,060 million THB 132,409 million THB Trade Payable Cash & ST / Others (US$ 4,993 million (US$ 3,734 millio
Slide 25: Dividend Payment
Dividend -25- Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan Unit : THB/share EPSR 2H dividend 1H dividend Year Dividend Annual DPS 1.80 3.50 3.50 4.50 2.75 2.55 2.00 3.30 2.70 2.30 1.16 2.70 4.50 5.2
Slide 26: TOP Group Strategic Investment Plan
CAPEX -26- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of July 2022 Estimated Budgeting for Actual Investment Plan Project 1H/22 2H/22 - 2025 CFP project * 282 1,140 Total Ongoing CAPEX 26 141 Reliability, Efficiency and Flexibility Improvement 5 48 Infrastructure Im
Slide 27: Strategic Investment Plans
-27- STRATEGIC INVESTMENT PLANS
Slide 28: Thaioil Strategic Direction
-28- Thaioil Strategic Direction Vision Empowering Human Life through Sustainable Energy and Chemicals To be a competitive Energy & Chemicals company that Strategic Objective delivers sustainable returns & better quality of life to all stakeholders Measurement Growth / Earnings Diversity / Returns /
Slide 29: Thaioil's 2022 Strategic Direction
Thaioil’s 2022 Strategic Direction Vision “Empowering Human Life through Sustainable Energy and Chemicals” 2018 – 2021 2022 – 2025 2026 – 2030 Accelerate the Reform Building on Our Strong Foundation : IC2C Post CFP : New Round of Growth • Key strategic investment 3V’s Strategy • Deliveries of invest
Slide 30: Clean Fuel Project (CFP): Rationale & Timeline
CFP -30- Clean Fuel Project (CFP) : Rationale & Timeline Project Rationale • Risk of losing competitiveness to others regional refineries as more new refineries with higher capacity and more advanced technologies are on stream. • Adjust product portfolio by producing high demand and clean product to
Slide 31: Scope of CFP & Technical Aspect
-31- Scope of CFP & Technical Aspect LPG Tops ISOM SRU Sulfur 5 HDT-3 Naphtha PX/BZ CCR-1/2 Platformate TPX HDT-4 Hy. Naph CDU-3 4 180 kbd Crude LPG LPG Kerosene Tops KMT-1/2 Lt.Naph 400 kbd Isomerate Gasoline New HDS-2/3 CDU-4 Diesel Jet/Kero 220 kbd HDS-4 Diesel 4 HMU-1/2&PSA-1/3 2 Fuel Oil HCU-1/
Slide 32: CFP Competitiveness
-32- CFP Competitiveness Without CFP With CFP CDU Capacity CDU Capacity 275,000 bbl per day 400,000 bbl per day Upgrading Ratio 28 % Upgrading Ratio 50% (upgrading capacity(1) over CDU capacity) (upgrading capacity(2) over CDU capacity) Power Plant 250 MW Remark : (1) including HCU 1/2, FCCU, TCU (2
Slide 33: CFP Value Proposition
-33- CFP Value Proposition Flexibility of crude intake Product Upgrading Light Distillate 25% (LPG, Light naphtha, Heavy naphtha, Light Crude Gasoline) 40% - 50% (API > 31) 23% 5% - 15% Medium Crude Middle Distillate (25 < API < 31) 62% (Jet , Gasoil) 100% 53% 40% - 50% Heavy Crude (API < 25) 17% Ot
Slide 34: Clean Fuel Project: Re-accelerate the Progress
-34- Clean Fuel Project : Re-accelerate the Progress Overall Project Progress Going Forward in 2022-2024 Project Progress Budget Utilization • Focus on construction at site i.e. 2018 – Q2/22 2018 – Q2/22 equipment and module installation works amid COVID-19 control measures in 2022 • Implement measu
Slide 35: Olefins Investment
-35- Olefins Investment Transaction Summary Key Investment Highlight #1 15.38% stake in CAP The Largest & Dominant Indonesia Integrated Petrochemical CAP Strategic Fit A Strategic Producer in Indonesia A Premier Operator Market Investment US$ 1,183 mn • 1st Tranche US$ 913 mn 15.0% • 2nd Tranche US$
Slide 36: Achieving TOP's Strategic Objectives: Integrated Crude to Chemicals
-36- Achieving TOP’s Strategic Objectives: Integrated Crude to Chemicals TOP’s Strategic Direction Strategic Objectives Achieved A jumpstart into Olefins value chain Value Maximization Minimum investment in existing facilities & growth plan Further extend Hydro-Carbon value chain to Olefins PetChem,
Slide 37: CAP2 Expansion is a Transformative Project for CAP
-37- CAP2 Expansion is a Transformative Project for CAP CAP2 Project Overview CAP2 Will Double The Capacity of CAP Approx. USD 5 bn (+/- 30%) new plant to double CAP’s Unit ’000 tons Petrochemical Capacity Flexible Feedstock Configuration Total Capacity +91% From CAP2 8,090 Synergy with Existing Pla
Slide 38: Details of Investment
-38- Details of Investment Use of Proceeds All primary proceeds to CAP will be used for the development and 100% construction of CAP2 Project TOP Investment Barito Pacific SCG Chemicals Free float Indonesia Group Condition Precedents 15.38% 44.58% to 46.29% 30.57% 7.76% to 9.47% All necessary appr
Slide 39: Key Partnership Arrangements
-39- Key Partnership Arrangements LPG, Naphtha Feedstock Commercial Products • PT. Tirta Surya Raya (TSR), Est. 2019 Polymer Products: • TOP’s solvent and chemical distributor PE, PP company in indonesia • TOP holds 77.7% in TSR through TOP Solvent Liquid Products: Thailand Benzene, Toluene, Xylene,
Slide 40: Expected Financial Benefits From the Transaction
-40- Expected Financial Benefits From the Transaction Share of Profit from CAP to Enhance TOP’s Performance Annual Net Income from 2016 to 2020 Quarterly Net Income from Unit: USD mm 2Q2020 to 1Q2021 ▪ Higher income stability ▪ from more diversified income source n.m. 320 185 Secured Demand 71 84 51
Slide 41: Funding Plan for the Transaction
-41- Funding Plan for the Transaction Uses of Fund Sources of Fund Additional Facility • Strong Support from PTT 15.38% to support TOP long term competitiveness Bridging Loans Recapitalization stake in CAP • Shareholder loan • Extended Trade Credit (ETC) Bank Extended USD Equity Trade Credit 1.183 b
Slide 42: Long-Term Recapitalization Plan and Short-term Liquidity Support
Long-Term Recapitalization Plan and Short-term Liquidity Support Objectives Recapitalization Short-term Liquidity Support Return Optimal Capital Structure With Net D/E ~ 1.0x (1) Sale of up to Maintain Investment Grade 10.8% GPSC Shares(3) Credit Rating in Short-term 90-Day Extended and Credit Ratin
Slide 43: Recapitalization Plan
-43- Recapitalization Plan Recapitalization plan for CAP investment funded by bridging loan, will consist of: 1. GPSC Share Sale at 10.78% or 304,098,630 shares to PTT and/or Siam Management Holdings Company Transaction Limited (“SMH”) (100% subsidiary of PTT) 2. Equity Offering of up to 239.2 mm sh
Slide 44: Recapitalization Plan
-44- Recapitalization Plan Equity Offering GPSC Share Sale Offering Structure Transaction Details 1. Structure • TOP sells GPSC shares 10.78% or 304.1 million shares to PTT and /or 1. Existing shareholders tranche Greenshoe up to 35.9 mm 3 Greenshoe SMH (100% subsidiary of PTT) to eligible domestic
Slide 45: Key Benefits of Recapitalization Plan
-45- Key Benefits of Recapitalization Plan Stronger Financial Position • Maintain optimal capital structure with expected net debt/equity of less than or equal to 1.0x post recapitalization • Maintain investment grade of company credit rating Stronger Financial Position Support Credit Ratings Net De
Slide 46: Corporate Venture Capital – Investment
-46- Corporate Venture Capital – Investment
Slide 47: 2H/22 Outlook
-47- 2H/22 OUTLOOK • Crude Oil • Refinery • Petrochemical • Base Oil & Bitumen
Slide 48: Slower Oil Demand on Mild Economic Recession
48-- --48 Slower Oil Demand on Mild Economic Recession A High Inflation and China’s Policy to Pressure Economic Growth B Slower GDP Growth on High Inflation and China’s COVID Policy 1. Russia – Ukraine Conflict 2 China’s Zero Covid Policy World GDP Outlook ● Global supply and logistic constraint ● L
Slide 49: Crude Surplus on Limited Russia Disruption, but Still supported by Less Supply Addition
49-- --49 Crude Surplus on Limited Russia Disruption, but Still supported by Less Supply Addition A Uncertain Russian Impact as Sanction Deadline Approaches B Less Supply Addition in Q4-22 on Limited OPEC Increase and Ended SPR Russia’s Crude Production Russian Disruption vs. MBD OPEC Spare Capacity
Slide 50: Normalized Refinery Margin but Still Higher than Pre-Covid
Normalized Refinery Margin but Still Higher than Pre-Covid on Tighter Supply and 50-- --50 Low Product Inventory Singapore Cracking GRM ($/BBL) Avg. 2017: $7.1/BBL Avg. 2018: $5.9/BBL Avg. 2019: $3.7/BBL Avg. 2020: $0.4/BBL Avg. 2021: $3.4/BBL 1H’22: $14.8/BBL Source : Reuters Aug’22, Exclude Fuel a
Slide 51: Firm Jet/Kero Market from Recovered Demand
Softer Gasoline Market from Higher Inventory and Steady-to-Soft Demand 51-- --51 Firm Jet/Kero Market from Recovered Demand Gasoline Market Jet/Kero Market 3. 1 Higher Inventories on Steady-to- 21. Steady Demand Growth, Pressured 11. Recovered Jet Demand on Strong Travelling Activity after Several S
Slide 52: Soften Fuel Oil Market on Limited Supply Disruption amid Higher Demand
Strong Gasoil Market from Tight Supply and Low Inventory -52- -52- Soften Fuel Oil Market on Limited Supply Disruption amid Higher Demand Gasoil Market Fuel Oil Market 11. Recovered Demand after Monsoon 2 Low Inventories with Stock Below and Improving Economic Outlook 5-Year Average 1 Limited Russia
Slide 53: Tighter Market with Demand Growth to Outpace Refining Capacity Addition
Tighter Market with Demand Growth to Outpace Refining Capacity Addition -53- -53- in 2022 and Medium Term & Lower Product Export from China AP/ME Effective CDU Addition VS Additional Demand Lower China’s Product Export in Long-Term China Dual Policy (Oct’21) : Cap CDU capacity at max. 20 MBD by 2025
Slide 54: Recovering Gasoline, Jet, and Fuel Oil Demand amid Economic Slowdown in 2H/22
-54- -54- Recovering Gasoline, Jet, and Fuel Oil Demand amid Economic Slowdown in 2H/22 A Higher Gasoline Demand from Higher Travel Mobility B Higher Jet Demand from Fully Opening the Country Gasoline Demand Jet Demand Factors Factors MML/Day +2.6% 2H/22 vs 1H/22: MML/Day • Fully opening the • Highe
Slide 55: Improved Aromatics Demand from Lockdown Easing amid New Capacity Addition
-55- -55- Improved Aromatics Demand from Lockdown Easing amid New Capacity Addition A Improved PX Demand amid B Better BZ Improved Demand market due due in 2021 to Lifting Lockdown to Less CapacityMeasure Addition Delayed Plants Start Up from Prior Demand Drop in 1H’22 amid New Capacity Addition AP/
Slide 56: Firm Demand Growth amid More Olefins Capacity Addition
-56- -56- Firm Demand Growth amid More Olefins Capacity Addition A ShortRecovering HDPE Term Support byDemand to Normal SM Run Rate LevelBZ and Lower amid Stock B Medical andmarket Improved Packaging Demand in 2021 due to to Support Less PP market Capacity amid Addition High Capacity Addition from N
Slide 57: Base Oil Market to be Supported by Low Fuel Oil Price and Less Capacity Addition
Base Oil Market to be Supported by Low Fuel Oil Price and Less Capacity Addition -57- -57- amid Low Demand During Rainy Season Base Oil Market to be Supported by Low HSFO Price A amid Lower Demand during Rainy Season B Small Gr.2/3 Addition and Permanent Base Oil Gr.1 Closure to Support Market $/TON
Slide 58: 2H/2022 Outlook Conclusion
-58- -58- 2H/2022 Outlook Conclusion (vs. 1H/2022) Crude Oil Crude Surplus on Limited Russia Disruption, but Still supported by Less Supply Addition Refinery Normalized Refinery Margin but Still Higher than Pre-Covid on Tighter Supply and Low Product Inventory Aromatics Improved Demand from Lockdown
Slide 59: Appendix
-59- APPENDIX • CAPEX Plan • Financial Performance • Optimised & Flexible Operations…Superior Performance • World GRM / Inventories • Thailand petroleum demand by products
Slide 60: TOP Group Strategic Investment Plan
-60- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of July 2022 Actual Project 1H/22 2H/22 2023 2024 2025 CFP project * 282 594 651 313 (418) Total Ongoing CAPEX 26 70 45 13 13 Reliability, Efficiency and Flexibility Improvement 5 Infrastructure Improvement ( i.e. New
Slide 61: Refinery: Strong Mkt GRM on Improving Petroleum Demand
-61- Refinery: Strong Mkt GRM on Improving Petroleum Demand Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2021 2022 2021 Q1/22 Q2/22 1H/21 1H/22 $/bbl Q1 Q2 Q3 Q4 Q1 Q2 1H Q3TD* FY 109% 112% 99% 110% DUBAI (DB) 60.0 66.9 71.7 78.3 95.6 108.0 101.8 99.9 69.2 % MB Intake/ MB-D
Slide 62: Aromatic: Softening Contribution from Weakening Aromatic Margins
-62- Aromatic: Softening Contribution from Weakening Aromatic Margins Aromatic Spreads and Margins Aromatics Production 2021 2022 2021 Q1/22 Q2/22 1H/21 1H/22 $/ton Q1 Q2 Q3 Q4 Q1 Q2 1H Q3TD* FY 73% 77% 85% 74% PX-ULG95 195 206 212 96 124 44 84 114 177 Q2/22 Market Highlight BZ-ULG95 182 313 287 148
Slide 63: Base Oil: Higher Contribution Supported by Improving Lube Spread
-63- Base Oil: Higher Contribution Supported by Improving Lube Spread Base Oil & Bitumen Spreads & Margins Base oil Production 2021 2022 2021 Q1/22 Q2/22 1H/21 1H/22 $/ton Q1 Q2 Q3 Q4 Q1 Q2 1H Q3TD* FY 89% 90% 94% 89% 500SN-HSFO 783 1,037 896 673 531 608 570 832 847 Q2/22 Market Highlight BITUMEN-HS
Slide 64: Power Sector: Lower Contribution to the Group
-64- Power Sector : Lower Contribution to the Group Power Business Sector Equity holding in SPP (4) (5)(6) 74% 100% Power & Steam Sales Electricity(1) (4) Thaioil Power(TP) completely transferred whole business to be under TOP in Feb’21 (GWh) (5) TOP shareholding in GPSC decreased from 24.29% to 15.
Slide 65: Olefins Business: Softening Petrochemical Contribution
-65- Olefins Business : Softening Petrochemical Contribution Olefin Product Spreads TOP Investment Indonesia (TII) Performance Polymer Spreads Monomer Spreads Net Profit (million USD) Q2/22 Performance Highlight - Softer Olefin spreads due to soften margin as a result of higher naphtha price and wea
Slide 66: Q2/22 Performance Breakdown
-66- Q2/22 Performance Breakdown (1) Others & Consolidated Petroleum & Lube Base Petrochemical Power (2) New Business (3) Net Profit Q1/22 6,655 (4) 288 362 7,183 Q2/22 26,092 (682) 408 326 25,327 1H/21 2,067 1,550 1,307 639 5,483 1H/22 32,746 (687) 696 689 32,510 Petroleum Aromatics & LAB TOP SPP S
Slide 67: Q2/22 TOP Group Consolidated P&L
-67- Q2/22 TOP Group Consolidated P&L (MB) Q2/22 Q1/22 QoQ+/(-) Q2/21 YoY+/(-) 1H/22 1H/21 YoY+/(-) ) (A) (D) Sales Revenue 143,892 114,506 29,386 78,120 65,772 258,397 151,570 106,827 Net Realized G/(L) on Financial Instrument (10,263) (5,727) (4,536) (56) (10,207) (15,990) (175) (15,815) (B) (E) E
Slide 68: 1H/22 Consolidated Cash Flow
-68- 1H/22 Consolidated Cash Flow (Unit: MB) 1H/21 1H/22 Represent 1H/21 1H/22 Operating Cash Flow (CFO) 1,059 23,295 Investing Cash Flow (CFI) (11,745) 7,708 Net income 5,731 41,963 Dividend income 757 781 Depreciation & NRV 3,628 3,752 Short term investment 5,252 (3,423) Other adj. 5,344 (10,707)
Slide 69: Q2/22 - Financial Performance
-69- Q2/22 - Financial Performance TOP Group Net Profit Gross Refining Margin - GRM Unit : Million Baht (MB) $/bbl Q1/22 Q2/22 1H/21 1H/22 Q1/22 Q2/22 1H/21 1H/22 Market GRM 6.4 25.1 0.6 16.1 7,183 MB 25,327 MB 5,483 MB 32,510 MB Stock 16.2 7.8 5.5 11.8 Gain/(Loss) Gain on GPSC share Accounting sale
Slide 70: World GRM: Asian Margin Vs. US-EU margin
World GRM -70- -70- Asian Margin Vs. US-EU margin Total Capacity: 3.45 MBD Total Capacity: 17.9 MBD Total Capacity: 14.4 MBD 89.3% 67.6% 72.9%
Slide 71: Global Crude Oil Inventories
Inventories -71- -71- Global Crude Oil Inventories
Slide 72: Global Gasoline Inventories
Inventories -72- -72- Global Gasoline Inventories
Slide 73: Global Middle Distillate Inventories
Inventories -73- -73- Global Middle Distillate Inventories
Slide 74: Global Fuel Oil Inventories
Inventories -74- -74- Global Fuel Oil Inventories
Slide 75: China's Refined Product Exports
Inventories -75- -75- China’s Refined Product Exports
Slide 76: Domestic LPG Demand
Thailand Petroleum Demand by Products -76- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day • In 5M’22, LPG demand increased by 9.5% YoY mainly following the increase in automobile and petrochemical sectors. LPG demand in the automobile and petrochemical sector rose by 24.8% and 1
Slide 77: Domestic Gasoline/Gasohol Demand
Thailand Petroleum Demand by Products -77- Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/GASOHOL Demand Highlight MML/Day • In 6M’22, Gasoline demand was decreased by 0.1% YoY to an average of 29.7 MML/day. The demand was effected by the pressure of Omicron variant outbr
Slide 78: Domestic Jet Demand
Thailand Petroleum Demand by Products -78- Domestic Jet Demand Thailand JET Demand JET Demand Highlight MML/Day • In 6M’22, Jet consumption increased by 60.2% YoY. The demand was recovered from fully opening the country by canceling of Test & Go program for fully vaccinated travelers since 1 May’22.
Slide 79: Domestic Gasoil and NGV Demand
Thailand Petroleum Demand by Products -79- Domestic Gasoil and NGV Demand Thailand Gasoil Demand Gasoil Demand Highlight MML/Day • In 6M’22, Gasoil demand increased by 16.1% YoY. The demand was supported by the improve of economic activities and also supported by government that capped diesel price
Slide 80: Domestic Fuel Oil Demand
Thailand Petroleum Demand by Products -80- Domestic Fuel Oil Demand Thailand Fuel Oil Demand Fuel Oil Demand Highlight MML/Day • In 6M’22, Fuel Oil consumption rose by 20.2% YoY, as the demand in the transportation sector, which accounted for 53.7% of total Fuel Oil demand, rose by 11.1% YoY, align
Slide 81: Thank You
-81- 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 (September 2022) on 6ix