Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — FY2024 Earnings Presentation
41 slides from Bangchak Corporation Public's earnings presentation, Feb 24, 2025
Slide 1: Analyst Meeting Q4/2024 & FY2024
Analyst Meeting Q4/2024 & FY2024 February 24, 2025
Slide 2: Disclaimer
Disclaimer This information, which is for information purpose only, concerns a shareholding and management restructuring plan of Bangchak Corporation Public Company Limited (“BCP” or the “Company” and shares in the Company, “shares”) which involves a tender offer for delisting shares in Bangchak Sri
Slide 3: S&P Global Corporate Sustainability Assessment 2024
vosnauanarnnssu Oil & Gas Refinery and Marketing fumitivu a inmisus:tuves S&P Global Corporate Sustainability Assessment (CSA) Us=410 2024 S&P Global Bangchak Corporation Public Company Limited Corporate Sustainability Assessment (CSA) 2024 Score
Slide 4: A Record High in Revenue, Credit Ratings, Crude Run
A Record High in Revenue Credit Ratings Crude Run 589,877 258 136,450 2020 199,417 2021 328,017 2022 385,853 2023 mn.THB 2024 from A to A + KBD +16% YoY from 222 KBD in 2023 Retail Market Share 28.9% E&P Sale Volume EBITDA Synergies Premium Product Market Share 37.4 6,071 13.8% +10.3% YoY KBOEPD +33
Slide 5: Achieved THB 6,071 mn. for 2024 EBITDA Synergies
Achieved THB 6,071 mn. for 2024 EBITDA Synergies Annual EBITDA Target increase in GRM, Unit: Million Baht boosting EBITDA at 3,500 Refinery Operations Logistics MB/Y ++ Product Yield & GRM Optimization ++ Re-Zoning Focus ++ Sriracha Refinery’s Improved Utilization Every per$1BBL *Based on BCP Group’
Slide 6: 2025 Outlook: Extending Boundaries & Optimizing All Assets
2025 Outlook Extending Boundaries & Optimizing All Assets Crude Run (KBD) Total Sale Volume (ML/MO) ~1,210 +8% 280 +5% ML/MO 258 ~1,150 ML/MO 2025E 2025E Extending Boundaries & 2024 2024 Market GRM ($/BBL) Oil & Gas Production Volume (KBOEPD) +40% 5-6 ~50 KBOEPD +35% 4 2025E 36 2025E KBOEPD 2024 202
Slide 7: Single Listed-Entity Restructuring Plan
Restructuring Plan To purchase all securities in BSRC via share swap of BCP’s newly-issued shares to delist BSRC from the SET SINGLE LISTED-ENTITY for Refinery & Marketing Business 1 2 3 4 Minimize Redundant Enhance Competitiveness Response to Business Strengthening Operating Structure & Process & E
Slide 8: Bangchak Business Portfolio
Bangchak Business Portfolio Register Capital and Paid – up Capital 1,376,923,157 Baht 4.8% 19.8% 15.4% 59.62% Ministry of Finance Vayupak Fund Social Security Office Public (As of 10 February 2025) Natural Resources SINGLE with production capacity of 36 KBD in 2024 *Excluding YME filed LISTED- ENTIT
Slide 9: Agenda
Agenda 01 Restructuring Plan 02 Bangchak Group Performance 9
Slide 10: Restructuring Plan: Highlights
Restructuring Plan: Highlights To tender offer for all BSRC shares via share swap of BCP’s newly-issued shares to delist BSRC from the SET Swap Ratio To Approve in AGM Delisting BSRC BCP : BSRC BSRC: 9 APR 2025 Period 1 : 6.5 Shares BCP: 11 APR 2025 DEC 2025 (1) BCP’s Newly Tender Offer Issued Share
Slide 11: Restructuring Plan: Structure
Restructuring Plan: Structure Tender offer for BSRC shares by offering BCP new shares and delisting of BSRC under Tor. Jor. 34/2552 (Pure Share Transaction) Step 1: BCP to initiate a tender offer Step 2: Delisting BSRC Key Tender Offer Terms and Condition Precedents by offering BCP new shares(1) Oth
Slide 12: Impact to BCP's shareholders – Control Dilution
Impact to BCP’s shareholders – Control Dilution (Assuming 100% Tender Offer) Control Dilution Based on the swap ratio of 1:6.50, BCP will issue 97,209,185 shares to be offered to BSRC shareholders who accept the tender offer # newly issued shares 97,209,185 shares # paid-up shares + # newly issued s
Slide 13: Preliminary Timeline
Preliminary Timeline 20 Feb 25 BCP/BSRC BoD meeting 9 Apr 25: BSRC’s AGM to approve the restructuring plan and delisting to propose to the AGM to approve the restructuring plan, 11 Apr 25: BCP’s AGM to approve the restructuring plan, tender offer for all delisting of BSRC shares, of BSRC shares,
Slide 14: Agenda
Agenda 01 Restructuring Plan 02 Bangchak Group Performance 14
Slide 15: Q4/2024 Performance Snapshot
Q4/2024 Performance Snapshot Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 2% 142,922 12% 10,247 142,246 7,167 Q4/2023 Q4/2024 Q4/2023 Q4/2024 18% 7,167 MB Q4/2024 2% PAT (MB) Core Profit (MB) 89% 17 (977) 2,106 1,799 Refinery Marketing Clean Power Bio-Based
Slide 16: Q4/2024 Performance Snapshot comparing to Q3/2024
Q4/2024 Performance Snapshot comparing to Q3/2024 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 5,683 6,734 1,319 5,007 173 806 1,048 1,074 1,717 1,586 253 161 318 677 (1,619) Q
Slide 17: 2024 Performance Snapshot
2024 Performance Snapshot Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 589,877 12% 385,853 41,680 40,409 14% 2023 2024 2023 2024 40,409 MB 60% 2024 PAT (MB) Core Profit (MB) 12% 2% 13,233 9,924 6,120 Refinery Marketing 2,184 Clean Power Bio-Based 2023 2024 2
Slide 18: Refinery and Oil Trading Business
Refinery and Oil Trading Business Crude Run (KBD) 2023 vs. 2024 EBITDA (MB) Crude Run (KBD) EBITDA 101% 102% 100% 92% 5,006 MB (-62% YoY) 102% 86% 69% 79% 59% 85% Group Operating GRM 13,339 258 240 260 272 222 4.05 $/BBL 5,006 150 • Weakened Operating GRM due to a decline in crack spreads (UNL95 & G
Slide 19: Project Update: Efficiency and Cost Optimization
Project Update Paving the Way for Next-Level Efficiency and Cost Optimization VLCC Project Pipeline Network Expansion Targeted to be completed by early 2H/25 : Strengthens Nationwide Fuel Distribution Network Pre-Installation Survey : Sonic Scan to Cover All Regions All equipment at site VLCC Thai O
Slide 20: Sustainable Aviation Fuel (SAF) Project Update
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 93% Construction Progress as of Feb 25 Pipeline System Target COD: Q2/25 Don Mueang Airport Bangkok Depot & Refinery Current SAF B
Slide 21: Marketing Business
Marketing Business 2023 VS 2024 EBITDA (MB) RM Sales Volume (ML/MO) Bangchak's Group BCP BSRC EBITDA 698 719 693 698 697 5,577 MB (+22% YoY) 677 677 • Backed by a robust growth in total sales volume across all channels 5,577 415 423 403 398 415 398 410 4,578 Sales Volume (ML) 13,814 ML (+61% YoY) 1,
Slide 22: Strengthening Marketing Network
Strengthening Marketing Network Regenerative Everyday Life Retail Market Key growth drivers: ✓ 2025 Expansion Target: Market Share (%) 28.9% +100 SS 2025 13.8% 2024 2,2xx 2,163 28.8% ✓ Successful transformation, complete 16.4% logo change, 100% revamp of BSRC 2.6% 3.0% service stations into “Bangcha
Slide 23: Strengthen Retail Experience Offering
Strengthen Retail Experience Offering Unleashing Full Potential of Marketing Networks Introducing Non-Drink Model Revolutionizing Lubricant Sales Opened Panraks Clinic, with Strategic Expansion Through Service Stations Thailand’s first medical clinic in service station Market Share (%) 11.8% 10.9% 1
Slide 24: Clean Power Business
Clean Power Business 2023 vs 2024 EBITDA (MB) Sellable Output Breakdown by Power Types EBITDA 4,817 MB (+14% YoY) Solar - TH (336.8 GWh) Revenue from solar power plants in Thailand declined Solar - JP (57.9 GWh) due to adder expiration, but fully offset by key items as follows: 5% Wind – TH (11.2 GW
Slide 25: Clean Power Business Footprints in 7 Countries Globally
Clean Power Business Footprints in 7 Countries Globally Total New Capacities Adding (MW) ➢ 99 MW: Wind in Vietnam +389 ➢ 290 MW: Wind in Laos 2025 Remark: Information as of December 2024 and Unit is Contracted capacity or equity MW ppa 25
Slide 26: Bio-Based Products Business
Bio-Based Products Business EBITDA (MB) Revenue (MB) 2023 vs 2024 EBITDA 972 MB (+46% YoY) 972 22,192 Bio-Based Business 667 13,757 • Significant growth in biodiesel sales volume (+63% YoY), 253 161 318 4,240 5,365 6,659 driven by strong demand, thanks to Group consolidation • The upward trend in bi
Slide 27: Strengthening Biofuel Business: ASEAN 1st CDMO Producer
Strengthening Biofuel Business Best in Class in Maximizing Utilization Capacity Utilization ASEAN 1st CDMO Producer % Company Utilization % Industry Utilization B100 Ethanol BBGI Fermbox Bio Company Limited 99% 72% 76% 84% 59% 62% 65% 58% 58% 41% 47% 42% 2022 2023 2024 2022 2023 2024 As of January 2
Slide 28: Natural Resources Business
Natural Resources Business EBITDA (MB) Revenues from Crude Oil & Gas Sales (MB) NBP Gas and Brent Price (USD/BOE) 140 Brent NBP Gas 120 100 80 60 24,816 36,229 28,848 40 19,671 2023 2024 Jan 25 5,683 6,734 5,007 6,710 9,570 6,728 2023 vs 2024 EBITDA Q4/23 Q3/24 Q4/24 2023 2024 Q4/23 Q3/24 Q4/24 2023
Slide 29: Fostering Growth Opportunities: Building Long-Term Value Creation Potential
Fostering Growth Opportunities Building Long-Term Value Creation Potential Maintaining production performance OKEA’s New Drill Fields to Build Up The Portfolio 2025 Target production: 28-32 KBOEPD Upcoming drilling target in 2025 Operator Pursuing new investment opportunities Arkenstone (20% WI) (20
Slide 30: Strong Financial Status Going Forward
Strong Financial Status Going Forward Resilience Data as of 31 Dec 2024 Cash(1) Asset Debt(2) EBITDA LTM(3) 29,408 MB 316,542 MB 127,510 MB 40,409 MB Remark: (1)Including S/T investment (2)L/T loans and debentures (included current portion of L/T loans and debentures) and S/T loans from financial in
Slide 31: Investment Plan: 2025 CAPEX Plan
Investment Plan 2025 CAPEX Plan Total 50,000 mn.THB Refinery & Bio-Based Natural Oil Trading Marketing Green Power Products Resources New Business 4,500 2,900 20,000 1,000 20,000 1,600 Project Update Wind Farm in Vietnam Potash Mining in Nakhon Ratchasima ✓ 99 MW ✓ 65% Stake in ✓ SCOD in 1H/2025 ✓ C
Slide 32: 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 33: Complementary Refinery Portfolio
Complementary Refinery Portfolio FY24 FY24 FY24 Phra Khanong Refinery Sriracha Refinery Bangchak Group Crude Run (Utilization Rate) 111 KBD (92%) 148 KBD (85%) 258 KBD (88%) 27-Day TAM in Q2/24 2% 6% 4% 21% 28% 13% 33% 7% 10% Product Yield 47% 40% 43% 9% 4% 9% 8% 10% 2% 1% 2024 2024 2024 Crude Sourc
Slide 34: Bangchak's Historical Dividend
Bangchak’s Historical Dividend Dividend Policy: ≥ 30 percent of net profit after deduction of allocation of legal reserve However, this is subject to the economic situation, the Company’s cash flow and investment plans of the Company and its subsidiaries according to the necessary, appropriation and
Slide 35: Q4/2024: Core Profit to BCP (Excluding Extra Items)
Q4/2024: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -1,782 MB (after tax net to BCP) 1,799 (1,901) 58 17 Core PAT Inventory Loss & NRV PAT FX Gain (825) 885 Q4/24 Q4/24 Loss from One-time items FV of Derivative One-Time 100% After Tax Net to BCP 1 2 Derivatives 3 100% After Ta
Slide 36: 2024: Core Profit to BCP (Excluding Extra Items)
2024: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -3,934 MB (after tax net to BCP) 6,120 (5,616) PAT 1,324 2024 One-time items 2,184 218 One-time items 139 Core PAT Inventory Loss & NRV FX Loss Gain from FV of Derivative 100% After Tax Net to BCP 2024 OKEA 5,306 (292) BCPG 995
Slide 37: EBITDA Structure (Consolidated)
EBITDA Structure (Consolidated) Unit: THB Million Q4/2023 Q3/2024 Q4/2024 QoQ YoY 2023 2024 YoY Total Revenue 142,922 154,193 142,246 -8% -0.5% 385,853 589,877 53% Refinery and Trading Business 1/ 122,184 129,152 119,277 -8% -2% 324,651 492,993 52% Marketing Business 2/ 97,570 95,074 98,078 3% 1% 25
Slide 38: Profit and Loss (Consolidated)
Profit and Loss (Consolidated) Unit: THB Million Q4/2023 Q3/2024 Q4/2024 QoQ YoY 2023 2024 YoY Revenue from sale and services 142,922 154,193 142,246 -8% -0.5% 385,853 589,877 53% Gain (loss) from derivatives 1,266 2,256 (806) <-100% <-100% 2,287 928 -59% Accounting EBITDA 10,247 7,170 7,167 -0.04%
Slide 39: Financial Ratio (Consolidated)
Financial Ratio (Consolidated) Q4/2023 Q3/2024 Q4/2024 2023 2024 Profitability Ratios (%) Gross Profit Margin 5.61% 2.16% 4.40% 9.01% 5.18% EBITDA Margin 7.44% 4.85% 4.87% 11.13% 7.02% Net Profit Margin -2.46% -1.10% 0.10% 3.18% 0.70% Return of Equity (ROE) 19.63% 1.78% 3.31% 19.63% 3.31% Efficiency
Slide 40: Crude Oil Price Outlook
Crude Oil Price Outlook : Crude price move around 70-75 $/BBL in 2Q’25, Price will be pressured by global economic slowdown from Trump’s policy uncertainty. OPEC+ could extend its voluntary cut through to stabilize oil market. However, Trump’s policy is needed to be closely monitored Dubai and Dated
Slide 41: Oil Outlook
Oil Outlook Gasoline crack could slightly increase as Asia spring maintenance would reduce supply in the region. However, ample supply would limit upside. Gasoil crack could stable as heating demand fading after winter ends, However, Asia spring maintenance would provide some support. Higher Low Sul
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