Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — Q3 2024 Earnings Presentation
35 slides from Bangchak Corporation Public's earnings presentation, Nov 11, 2024
Slide 1: Analyst Meeting Q3/2024
Analyst Meeting Q3/2024 November 11, 2024
Slide 2: Disclaimer
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 additional documentation. Except as otherwise provided herein, this documen
Slide 3: Relentless Pursuit of Excellence
Relentless Pursuit of Excellence Credit Ratings Bangchak Group’s Financial Stability strengthened credit ratings upgrade from Awards & Recognitions (in 2H/24) ESG with “Stable” outlook Business from A A People + • Sustainability Awards of Honor (5th consecutive year) Top CEO ESG Business Leader of t
Slide 4: Bangchak Business Portfolio
Bangchak Business Portfolio Register Capital and Paid – up Capital 1,376,923,157 Baht 4.76% 19.84% 15.78% 59.62% Ministry of Finance Vayupak Fund 1 Social Security Office Public (As of 5 September 2024) Bangchak Group at a Glance Sriracha Refinery Bio-Based Products Phra Khanong Holds 45.00% Refiner
Slide 5: Agenda
Agenda 01 Bangchak Bangchak Group Performance Group at a Glance 02 Q4/2024 Outlook 5
Slide 6: 9M/2024 Performance Snapshot
9M/2024 Performance Snapshot Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 447,631 14% 33,499 242,931 31,433 9M/2023 9M/2024 9M/2023 9M/2024 15% 33,499 MB 58% 9M/2024 PAT (MB) Core Profit (MB) 11% 2% 14,210 7,818 4,171 Refinery Marketing 2,168 Clean Power Bio
Slide 7: Q3/2024 Performance Snapshot
Q3/2024 Performance Snapshot Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 154,193 (21)% 13,813 94,528 7,427 12% Q3/2023 Q3/2024 Q3/2023 Q3/2024 7,427 MB Q3/2024 18% PAT (MB) Core Profit (MB) 89% 2% 11,011 3,814 711 Refinery Marketing Clean Power Bio-Based (2
Slide 8: Q3/2024 Performance Snapshot comparing to Q2/2024
Q3/2024 Performance Snapshot comparing to Q2/2024 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 6,219 5,670 6,734 1,330 1,319 4,873 2,048 1,702 2,196 934 1,013 169 209 161 RF (1
Slide 9: Q3/2024: Core Profit to BCP (Excluding Extra Items)
Q3/2024: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -2,804 MB (after tax net to BCP) PAT Q3/24 Core PAT Q3/24 One-time items 100% After Tax Net to BCP Inventory Loss & NRV FX Loss OKEA 4,764 114 Gain from FV of Derivative Others 190 155 100% After Tax Net to BCP FX Forward 1,7
Slide 10: Strong Financial Status Going Forward
Strong Financial Status Going Forward Resilience Data as of 30 Sep 2024 Cash(1) Asset Debt(2) EBITDA LTM(3) 30,707MB 329,441 MB 120,419 MB 43,747 MB (2)L/T loans and debentures (included current portion of L/T loans and debentures) (3)Last 12 Months Remark: (1)Including short-term investment Credit
Slide 11: Refinery and Oil Trading Business
Refinery and Oil Trading Business EBITDA (MB) Crude Run (KBD) Crude Run (KBD) EBITDA 97% 89% 102% (1,619) MB (<-100% QoQ, <-100 % YoY) 79% 6,219 63% 28% Group Operating GRM 2,048 260 2.49 $/BBL 230 165 137 • Weakened Operating GRM due to a decline in crack spreads (UNL95, GO & Jet) (1,619) 48 154 11
Slide 12: Enhancing Logistic Reach: VLCC Project and Pipeline Network Expansion
Enhancing Logistic Reach: Paving the Way for Next-Level Efficiency and Cost Optimization VLCC Project Pipeline Network Expansion New mooring buoys : Strengthens Nationwide Fuel Distribution Network to Cover All Regions Targeted to be completed by early 2H/25 VLCC Existing load @Thai Oil’s MBM Thai O
Slide 13: Sustainable Aviation Fuel (SAF)
Sustainable Aviation Fuel (SAF) Project Update Partnering with BAFS and BPT Investment Budget: 8.5 bn. THB Pioneering SAF Delivery via Pipeline to International airports 77% Construction Progress as of Oct 24 Pipeline System Target COD: Q2/25 Don Mueang Airport Bangkok Depot & Refinery Current SAF B
Slide 14: Marketing Business
Marketing Business EBITDA (MB) RM Sales Volume (ML/MO) EBITDA Bangchak's Group BCP BSRC 934 MB (-57% QoQ, -45% YoY) 698 719 693 677 652 • Pressured by seasonally lower sales volume and Inventory loss 2,196 387 415 423 403 398 Sales Volume (ML) 1,702 265 283 296 291 279 3,327 ML (-2% QoQ, +66% YoY) 9
Slide 15: Strengthening Marketing Network
Strengthening Marketing Network Regenerative Everyday Life Actively Engaged in Retail Market Supports Various by Launching New Campaign Societal Operations of Oil Service Stations* Note: Data as of 30 Sep 2024 Retail Market Share (%) 33% 13.2% 28.8% 29.0% 16.4% 2022 2023 9M2024 2030E *BCP internal d
Slide 16: Highlight: Regenerative Everyday Life
Highlight: Regenerative Everyday Life Two Healthcare Innovations Launched at Service Stations 1 Personal Health-Screening Kiosk ✓ Measure basic health parameters ✓ Calculate BMI to assess health condition ✓ Conduct preliminary symptom screening 2 Hyperbaric Oxygen Therapy ✓ Recover from fatigue & sy
Slide 17: Unleashing Endless Power
Unleashing Endless Power Innovative Oil Communication Driven by a Vision Best in class, Premium quality Gasohol 97 Market Share 9M2024 2023 Selected as First Fuel for supercars distributed by AAS Auto Service of Premium Products Jan-Aug 3.0% 13.2% 17
Slide 18: Achieved THB 4,400 mn. for 9M/2024 EBITDA Synergies
Achieved THB 4,400 mn. for 9M/2024 EBITDA Synergies Refinery Operations Marketing Network 9M/24 Actual 9M/24 Actual ~฿2,200 mn. THB ~฿500 mn. THB (Target ~300 mn.THB/year) (Target ~1,000 mn.THB/year) ✓ Improved utilization ✓ BSRC's throughput enhancement ✓ Product yield and GRM optimization ✓ Increa
Slide 19: Clean Power Business Footprints in 6 Countries Globally
Clean Power Business Footprints in 6 Countries Globally An integrated power generation company and service provider of smart energy system focusing on renewable and clean power Remark: Information as of September 2024 and Unit is Contracted capacity or equity MW ppa 19
Slide 20: Clean Power Business
Clean Power Business EBITDA (MB) Sellable Output Breakdown by Power Types EBITDA 1,319 MB (+30% QoQ, -1% YoY) Solar - TH (80.4 GWh) Higher Electricity Output (GWh) 4% Wind – TH (3.3 GWh) Q3/24 Wind – PH (8.1 GWh) 2,007 Gwh (+10% QoQ, +41% YoY) 1,330 1,319 12% 1,013 84% 2,007.0 Improved performance o
Slide 21: Bio-Based Products Business
Bio-Based Products Business EBITDA (MB) Revenue (MB) EBITDA 161 MB (-23% QoQ, -5% YoY) 209 5,209 5,365 169 161 3,526 Ethanol Business • Lower ethanol price (-1% QoQ) given the elevated stock Q3/23 Q2/24 Q3/24 Q3/23 Q2/24 Q3/24 levels in the market • Softened ethanol spread despite higher sales volum
Slide 22: ASEAN 1st CDMO Producer
Project Highlights ASEAN 1st CDMO Producer CDMO Plant Construction on track BBGI Fermbox Bio Company Limited ▪ PROJECT INVESTMENT : < 444 MB (Proceeds from IPO) ▪ PRODUCTION CAPACITY : 0.2 ML/Year (Initial Phase) ▪ SYNBIO PRODUCT : Industrial Enzymes (Initial Phase) ▪ TARGET COD : Q1/25 Foster vario
Slide 23: Natural Resources Business
Natural Resources Business NBP Gas and Brent Price (USD/BOE) EBITDA (MB) Revenues from Crude Oil & Gas Sales (MB) 100 Brent NBP Gas 80 60 6,734 9,570 40 4,873 5,671 7,146 8,337 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Oct 24 EBITDA Q3/23 Q2/24 Q3/24 Q3/23 Q2/24 Q3/24 6,734 MB (+19% QoQ, +38% YoY) Realized Pric
Slide 24: Fostering Growth Opportunities
Fostering Growth Opportunities Realizing value from Sales of Yme Building Long-Term Value Creation Potential Long-term Exploration Ambition Yme “ Exiting a Non-Core Area New Drill Fields to build up the portfolio 15% at Favorable Terms ” Arkenstone (20% WI) High-risk/high-reward frontier well (4Q/20
Slide 25: Agenda
Agenda 01 Bangchak Group Performance 02 Q4/2024 Outlook 25
Slide 26: Q4/2024 Outlook
Q4/2024 Outlook Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business Crude Run (KBD) Total Sales Volume Unit: ML/MO Electricity Generation (GWh) Sales Volume (ML) Commodity Market Prices ($/BBL) Brent +4% -5% +15% 82.0 NBP G
Slide 27: Thank You
THANK YOU ir@bangchak.co.th Add our LINE official account to get the latest news and more! Tel. +66 2335 8663/ 8518 / 8662 / 8040 @bcpir www.bangchak.co.th
Slide 28: Complementary Refinery Portfolio
Complementary Refinery Portfolio 9M/24 9M/24 9M/24 Phra Khanong Refinery Sriracha Refinery Bangchak Group Crude Run (Utilization Rate) 99 KBD (82%) 152 KBD (87%) 251 KBD (85%) 27-Day TAM in Q2/24 2% 6% 19% 13% 32% 7% Product Yield 48% 40% 8% 9% 10% 2% 9M/24 9M/24 9M/24 Crude Source 20% 61% 3%6% 9% 2
Slide 29: 9M/2024 Performance Snapshot comparing to 9M/2023
9M/2024 Performance Snapshot comparing to 9M/2023 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 19,808 11,621 13,987 4,832 2,992 5,029 3,171 3,743 414 654 9M/23 9M/24 9M/23 9M/2
Slide 30: 9M/2024: Core Profit to BCP (Excluding Extra Items)
9M/2024: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -2,004 MB (after tax net to BCP) PAT 9M/24 One-time items Core PAT Inventory Loss & NRV FX Gain Gain from FV of Derivative 100% After Tax Net to BCP 9M/24 100% After Tax Net to BCP OKEA 5,155 (307) FX Forward 916 689 BCPG 1,3
Slide 31: EBITDA Structure (Consolidated)
EBITDA Structure (Consolidated) Unit: THB Million Q3/2023 Q2/2024 Q3/2024 QoQ YoY 9M/2023 9M/2024 YoY Total Revenue 94,528 158,057 154,193 -2% 63% 242,931 447,631 84% Refinery and Trading Business 1/ 78,164 135,377 129,152 -5% 65% 202,467 373,716 85% Marketing Business 2/ 60,513 100,151 95,074 -5% 5
Slide 32: Profit and Loss (Consolidated)
Profit and Loss (Consolidated) Unit: THB Million Q3/2023 Q2/2024 Q3/2024 QoQ YoY 9M/2023 9M/2024 YoY Revenue from sale and services 94,528 158,057 154,193 -2% 63% 242,931 447,631 84% Gain (loss) from derivatives (415) 140 2,256 >100% >100% 1,021 1,734 70% Accounting EBITDA 13,813 10,764 7,427 -31% -
Slide 33: Financial Ratio (Consolidated)
Financial Ratio (Consolidated) Q3/2023 Q2/2024 Q3/2024 9M/2023 9M/2024 Profitability Ratios (%) Gross Profit Margin 13.84% 5.42% 2.16% 10.96% 5.44% EBITDA Margin 15.48% 7.03% 4.85% 13.23% 7.72% Net Profit Margin 12.55% 1.82% -1.10% 6.43% 0.90% Return of Equity (ROE) 21.28% 20.42% 1.78% 21.28% 1.78%
Slide 34: Crude Oil Price Outlook
Crude Oil Price Outlook : Crude Oil Price Outlook : Crude price move around 70-80 $/BBL in 4Q’24, Price will be pressured by global economic slowdown weighing on oil demand particular in US and China. However, OPEC+ keeps its voluntary cut through 2024 amid uncertainty over geopolitical risks contin
Slide 35: Oil Outlook
Oil Outlook Stable Gasoline Crack as U.S. demand fall following low seasonal, but the low refinery runs in Asia could cap the downside. Slightly higher Gasoil crack as demand increasing from winter stockpiling and China’s stimulus package, but the global economic slowdown limit the upside. Slightly
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