14th August 2019 - listed companybcp.listedcompany.com/misc/presentation/20190814... · Total...

Bangchak Corporation Plc.

Analyst Meeting Q2/19

14th August 2019

Table of Content

Q2/19 Financial

Performance

02 03Appendices

04Q2/19

PerformanceUpdate

01BusinessUpdates

BCP Group Performance – Q2/19 Key Takeaways

Marketing

• Total sales volume expanded, mainly from retail sales which grew 8% YoY

• Net MKM at 83 st./litre increased following crude oil price downward trend, and increased retail sales portion

• Maintained 2nd rank (15.8%) retail sales market share as of 6M19

Refinery & Trading

• Crude run at 112.67 KBD

• Total GRM recovered QoQ to 4.53 $/BBL from recovering UNL spread, but YoY still weak from oil product oversupply

Power Plant

• Electricity generation remained stable YoY but increased QoQ

• New COD of 9 MW Lom Ligor Wind power plant in Apr’19

• Wind power plant entering low season in Q2 resulted in an operating loss

• Geothermal power plant operating profit lower from its shutdown maintenance

Bio-Based Product

• B100 sales volume increased from gov’t B20 diesel promotion

• Ethanol sales volume grew YoY from capacity added, lower QoQ from plant maintenance

• Intense B100 market competition and decreasing price of ethanol and glycerin resulting in biofuel margin squeeze

Natural Resources

• Realize share of profit from OKEA at 102 MB, comprised of 94 MB gain from changes in investment interest in OKEA, PPA revision and technicalimpairment on goodwill from lowered gas price of Gjoa oil field

1,929

517 650

509

610630

762

737721

171

194 136

36

(23)

145 Natural Resources

Bio-Based Products

Power Plant

Marketing

Refinery & Trading

EBITDA Performance

2,189

3,335

1,959

985214 528

Net Profit attributable to owners of the parent

Q2/18 Q1/19 Q2/19

Q2/18 Q1/19 Q2/19

Unit: THB Million

Unit: THB Million

3Bangchak Corporation Plc.

EBITDA Performance – BCP Group

Bangchak Corporation Plc. 4

0%

50%

100%

150%

200%

0.5 1.5 2.5 3.5 4.5 5.5

Target100%

Power Plant1,458Marketing

1,240Refinery

1,167

Biofuel330

E&P122

1H/19 Performance Compare to Target by Business Unit

Accounting EBITDA 4,147 Million Baht

Unit: THB Million

28%

30%35%

8%

3%

6,358 4,147

1H/18 1H/19

2,153 742

1H/18 1H/19

1.56 0.54 Unit: THB Million

EBITDA

Unit: THB Million

Net Profit 1/

1/ Profit attributable to owners of the parent

Unit: THB/Share

EPS

Refinery Business – Maintain high production rate & smooth operation


Production ProfileActual Crude RunUnit: KBD

GRM Performance Unit: $/BBL

8.81

3.43 4.95

7.51

4.20

(0.39)

0.09

(0.09)(0.22)

4.39

(0.03) (0.33)

1.55

(0.18)

12.82

3.49 4.53

8.84

4.02

Q2/18 Q1/19 Q2/19 1H/18 1H/19

Market GRM Hedging Inventory Gain/Loss

2Q/19 Refinery Group Acc. EBITDA 650 MB (-66% YoY, +26% QoQ) Operating EBITDA 812 MB

GRM weaken YoY from global production over supply and US – China trade war situation

GRM better QoQ mainly due to UNL spread recovery, and refinery’s smooth production

107 MB Inventory Loss from the sharp crude price fall in Jun’19 (Q2/18 and Q1/19 Inventory Gain(Loss) at 856 MB and (9) MB respectively)

BCP Trading transaction volume grew YoY from products and trade partners expansion, but soften QoQ from weak oil demand from the effect of trade war

-10

-5

0

5

10

15

20GO/DB

UNL95/DB

IK/DB

FO/DB

AVG Crack spread movement ($/BBL)

50

60

70

80

90

DB

DTD

AVG Crude oil price movement ($/BBL)

* Operating EBITDA : exclude Inventory gain/loss, One-time items, Gain/loss from FX forward contracts

66.8

110.1 112.7

88.0

111.4

56%

92% 94%

73%

93%

-50%

-30%

-10%

10%

30%

50%

70%

90%

0102030405060708090

100110120130140

Q2/18 Q1/19 Q2/19 1H/18 1H/19

Crude Run Utilization

TAM TAM

Distribution channel – Retail market sales continues to grow as our main priority

284307

334342

364

179190 184

167150

51

86

58 50

50

93

82

112 111

68

0

50

100

150

200

250

300

350

Q1/1

5

Q3/1

5

Q1/1

6

Q3/1

6

Q1/1

7

Q3/1

7

Q1/1

8

Q3/1

8

Q1/1

9

Unit: ML/Mo

Total Sales Volume

Retail

Industrial

Wholesales

Exports (FO & UCO)

2Q/19 Marketing Group – Acc. EBITDA 630 MB (+24% YoY, +3% QoQ)

Total marketing sales volume +6% YoY and +1% QoQ

Retail sales volume +8% YoY and +6% QoQ from customer base expansion, service station sales push, and B20 diesel promotion

Industrial sales volume +1% YoY but -8% QoQ from the intensified competition

Total Marketing Margin increased from the higher retail sales portion, and the lower product cost following crude oil price downward trend

Non-oil business

Bangchak Retail Revenue grew 28% YoY and 7% QoQ, and cost controlling measure still implemented

Net Marketing MarginUnit: Baht/Litre

0.750.71

0.830.79 0.77

Q2/18 Q1/19 Q2/19 1H/18 1H/19

Retail

58%

Industrial

24%

Total Sales Volume(% Portion of total sales volume in 2Q/19)

Service Stations

Factories, Jobbers, Aviations

Export

Very low sulfur Fuel Oil

8%Other oil companies

11%Wholesale 161

193 206

308

400

Q2/18 Q1/19 Q2/19 1H/18 1H/19


Unit: THB Million

Bangchak Retail Revenue

Marketing Network – Increasing Market Share & Thruput per station


15

.5%

12

.6%

12

.1%

9.3

%

4.3

% 1.6

%

1.7

%

1.7

%

15

.8%

12

.2%

12

.1%

10

.2%

4.1

% 1.9

%

1.8

%

1.7

%

6M/18 6M/19

Retail sales volume Market Share (%)4

1.2

%4

0.2

%

+21New ServiceStations1H/19

service stations as of Jun 20191,185

Standard Type 570 sites

(≈79% of Retail Sales Volume)

COOP Type 615 sites

(≈21% of Retail Sales Volume)

541 branches

Jun’19

+18 stores1H/19

46 stores

+1 stores1H/19

Jun’19

Supporting non-oil businesses

Service stations outlets

436

479510 496 496

128 131 125 118 118

495

464 452 446 437

2015 2016 2017 2018 6M/19

Thruput per station Unit: K.Litre/Mo BCP

Standard

BCP Co-op

AVG Major oil

Source: DOEB

Bangchak B20 promotion campaign


4 5 9

17

29 35

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

1.3% 1.8%3.4%

6.4%

10.5%

13.9% % compared to total Diesel sales through marketing business

B20 Sales Volume

Unit: Million Litre

Bangchak B20s is better than normal B20 products, with

- S Super Booster - Boost combustion efficiency, engine runs smoothly giving

a more responsive driving experience both on flat terrain and inclines

- S Super Purifier - Able to cleanse injectors even more, and protects the

engine, lowering corrosions

helps reduce pollution, but sells at the same price, allow more energy for the engine, and more economical for the customers

B20 is currently available in stations nationwide

and still expanding+400


Power Plant Business

Bio-based Products Business Natural Resources

Business

PoweBCP Group Portfolio – Refinery & Marketing BusinessBCP Group Portfolio – Subsidiaries

BCP Group Portfolio Subsidiaries

Power Plant Business – BCPG


130 139 14834 15 15

158 158 158

14 14 14

Q2/18 Q1/19 Q2/19

Operating Capacity (MW PPA)

SolarWind

Solar

Geothermal

Wind

336 326 335

66.7 71.9 75.9

132.7147.814.9 4.1

5.4

24.09.5

Q2/18 Q1/19 Q2/19 1H/18 1H/19

JP TH

81.6 76.0 81.3

Electricity Sales

Unit: Million kWh2Q/19 Power Plant Group – Acc. EBITDA 721 MB (-5% YoY, -2% QoQ)

Electricity Sales slightly higher:

TH: Increase both YoY & QoQ from:

• Irradiation rate higher from more favorable weather YoY & QoQ

• Apr’19 – COD Lom Ligor Wind project (9 MW PPA)

JP: decrease YoY but increase QoQ:

• Irradiation rate seasonally higher QoQ

• Sep’18 – Nikaho & Nagi project sold (total 19 MW PPA)

Share of profit from associated companies:

• Geothermal power plant: 74 MB / Wind power plant: -12 MB

156.8 157.2

Bio-Based Product Business – BBGI


2Q/19 Bio-based products group Acc. EBITDA 136 MB (-21% YoY, -30% QoQ)

Biodiesel

Sales volume +20% YoY and +15% QoQ from B20 promotion

Gross margin -37% YoY and -1% QoQ, due to the squeezed glycerin margin from its oversupply situation, and higher price competition on B100 product

Ethanol

Sales volume +29% YoY from capacity increment of KGI plant (+100 KL/day), but -4% QoQ from BBE annual maintenance

Gross margin +5% YoY from higher sales volume, but -30% QoQ from ethanol price and sales volume decline

BBE started raw material price management program, which could result in a better profitability from Q3/19 onwards

35 4

8

46

70

94

39

54

44

81

98

Q2/18 Q1/19 Q2/19 1H/18 1H/19

Sales Production

Ethanol Production & Sales Volume

Unit: million litres

18

20

22

24

26

28

30

32

34

36 Ethanol B100

Biofuel Price Movement

Unit: Baht/litre

Source: EPPO

68 71 8

2

14

1 15

3

61 67 74

13

2

14

1

Q2/18 Q1/19 Q2/19 1H/18 1H/19

Sales Production

Biodiesel Production & Sales Volume

Unit: Million litres

Natural Resource Business – Petroleum Exploration & Production


Full quarter share of profit from OKEA 102 MB; comprised of

30 MB Operating profit sharing, including technical goodwill from Gjøa Field from the lower gas price

(22) MB from purchase price allocation revision for Gjøa Field

94 MB gain from changes in investment interest in OKEA (additional share allocation and IPO share purchase)

BCP, 49.33

%

Seacest, 34.98%

Minor Shareholders,

15.70%

Prior to IPO

BCP, 46.62%

Seacrest, 20.22%

Minor Shareholder,

33.16%

Post IPO

OKEA shareholding Structure

8.64 9.24

10.49 10.50

0.37 0.31

Q1/19 Q2/19

Production Volume(Net to OKEA)

(unit: kboe/d)

56.260.7

6.49

4.05

-1

1

3

5

7

9

11

13

15

0

10

20

30

40

50

60

70

Gas Price ($/MMBTU)

Liquid Price ($/BBL)

Realized Prices

Source: OKEA

Ivar Assen

Gjoa

Draugen

OKEA has successfully listed its shares in Oslo stock exchange

Table of Content

Q2/19 Financial

Performance

02BusinessUpdates

03Appendices

04Q2/19

PerformanceUpdate

01

Q2/19 Highlights


Cash Activities OKEA’s IPO

OKEA’s IPO transaction issue 15 M.Share in

Jun’19

BCPR SG’s additional investment of 226 MB in

OKEA ASA’s IPO

Proportion of shareholding in OKEA ASA change

from 49.33% to 46.75%

Recorded gain from changes in investment

interest in OKEA of 94 MB

Noted: Greenshoe option was excercised on 17 July

2019, proportion of BCPR shareholding change to 46.62%

BCP Bond repayment 4,000 MB in Apr’19

BCP 80 MUSD Long term loan drawdown

Dividend payment

BCP paid dividend from 2H/18 performance of 688 MB

(0.50 THB/Share)

BCPG paid dividend from Q1/19 performance of 320 MB

(0.16 THB/Share), paid to BCP 224 MB

Statement of Income - Consolidated


(Unit: MB)

Gross Profit -33% YoY, +19% QoQ: fluctuated mainly due to refinery performance

Unit: MBStatement of Income

Q2/18Q1/19 Q2/19

(Restated)

Revenue 45,558 45,535 48,326

Cost of goods sold (41,699) (43,355) (45,738)

Gross Profit 3,858 2,181 2,588

Investment income and dividend income 12 37 31

Other income 181 81 77

Selling and administrative expenses (1,785) (1,721) (1,897)

Gain (loss) from oil hedging contract (136) 29 (28)

Exploration and evaluation expense (13) (4) (0.2)

Gain (loss) from FX forward contracts 95 (11) 27

Gain (loss) on foreign exchange (39) 57 168

Loss from impairment of assets (412) - -

Share of profit of associate and JV (8) 157 156

EBIT 1,753 806 1,121

Finance costs (374) (443) (421)

Income tax expense (253) 32 (25)

Profit for the period 1,126 395 675

Owners of the Company 985 214 528

Non-controlling interests 141 181 147

Earnings per share (Baht per Share) 0.72 0.16 0.38

(Unit: MB)

(Unit: $/BBL) Q2/18 Q1/19 Q2/19

Market GRM 8.81 3.43 4.95

Inv. G/L 4.39 (0.03) (0.33)

Hedging (0.39) 0.09 (0.09)

Crude run (KBD) 66.80 110.12 112.68

Revenue +6% YoY, +6% QoQ: mainly increased from

Refinery & Marketing

- YoY: Higher crude run and sales volume

- QoQ: Higher average selling price per unit

Revenue portion from subsidiaries increased by 4% YoY, 2% QoQ

Share of profit of associate and JV Q2/2019

- Bongkot Marine Services 7 MB

- Ubon Bioethanol Plc. (15) MB

- Petrowind Energy Inc. (12) MB

- Star Energy Group Holdings Pte. Ltd 74 MB

- OKEA ASA 102 MB

Statement of Income - Consolidated


Statement of Income 6M/18 6M/19

Revenue 89,783 93,861

Cost of goods sold (82,597) (89,093)

Gross Profit 7,186 4,768

Investment income and dividend income 28 68

Other income 240 159

Selling and administrative expenses (3,446) (3,618)

Exploration and evaluation expense (22) (5)

Gain (loss) from oil hedging contract (209) 1

Gain (loss) from FX forward contracts 95 16

Gain on foreign exchange 133 225

Loss from impairment of assets (412) -

Share of profit of associate and joint venture 115 314

EBIT 3,710 1,928

Finance costs (739) (864)

Income tax expense (476) 7

Profit for the period 2,494 1,070

Owners of the Company 2,153 742

Non-controlling interests 341 328

Earnings per share (Baht per Share) 1.56 0.54

The company groups’ 6M/19 performance declined compared to 6M/18, mainly from refinery business was affected by the year round global oil price fluctuation.

(Unit: MB)

(Unit: $/BBL) 6M/18 6M/19

Market GRM 7.51 4.20

Inv. G/L 1.55 (0.18)

Hedging (0.22) -

Crude run (KBD) 87.96 111.40

Financial Position - Consolidated


Total Asset 117,369 116,183 1%

Total Liabilities 67,831 66,423 2%

Total Equity 49,538 49,760 0.4%

1,185 MB

31 Dec 18Unit: MB

Cash and Equivalents & ST Investment 5,887 MB

- BCP Bond repayment 4,000 MB in Apr 19

- finance cost and dividend paid

Inventory 2,086 MB

BCP increase crude oil and oil products inventories in preparation for the Hydrocrack unit maintenance at the beginning of 3rd quarter

30,896 32,177

48,877 49,704

3,6803,356

15,13517,221

6,9697,799

11,813 5,926

31 DEC 18 30 JUN 19

Cash and Equivalents & Short term Investment

Other Current Assets

Inventory

PP&E

Other Non Current Assets

117,369

Assets

31 Dec 18 30 Jun 19

Account Receivable

116,183

30 Jun 19

PP&E 827 MB

+ Increased mainly from refinery 3E projects 1,313 MB and power plant assets

1,189 MB

- Depreciation for Q2/2019 of 2,208 MB

Other Non Current Assets 1,282 MB

+ Increased of Long-term loans to related parties from loan to LAC 702 MB

+ Other long-term investments

+ Change in net fair value of available-for-sale investment (LAC) 384 MB

+ Investment in new start up 126 MB

31 Dec 18 30 Jun 19

Crude 3.16 MBBL 3.43 MBBL

Product 1.77 MBBL 2.43 MBBL



Account Payable 2,231 MB from: YE 2018 had usual less

AP since prepayment was made in December 2018

Other Current Liabilities 1,772 MB

- Excise tax and oil fuel fund payable decreased by 802 MB

- Other payables decreased by 1,051 MB mainly from accrued expenses,

other current payable, payable from project construction

Total Asset 117,369 116,183 1%


Total Equity 49,538 49,760 0.4%

31 Dec 18Unit: MB 30 Jun 19

Other Current Liabilities

Long Term Debt

Other Non Current Liabilities

(Including current portion of L/T debt)

45,460 43,825

7,6035,831

6,6808,911

5,004 4,639

3,083 3,217

31 DEC 18 30 JUN19

Liabilities

31 Dec 18 30 Jun 19

67,83166,423

Account Payable

Short term loan

Other non current liabilities 134 MB

- Non-current provisions for employee benefit increased by 183 MB

Long-term debt 1,635 MB

- BCP bond repayment 4,000 MB

+ Loans from financial institutions increased by 2,328 MB mainly from BCP and BBGI

1,408 MB



Equity

Total Asset 117,369 116,183 1%


Total Equity 49,538 49,760 0.4%

31 Dec 18Unit: MB 30 Jun 19

6,823 6,946

27,607 27,623

15,273 15,279

31 DEC 18 31 MAR 19

49,538 49,760

Other Components

Non-Controlling Interests

Retained Earnings

Paid up capital, Share premium and capital surplus

(87)

223 MB

30 Jun 1931 Dec 18

(165)

Retained Earnings 16 MB

+ 6M2019 BCP Net Profit of 742 MB

- Dividend paid 688 MB

- Impact of changes in accounting policies (net of tax) 38 MB

Non-controlling interest 123 MB

Other component of equity 79 MB

+ Net fair value change in available-for-sale investment (LAC)

increased by 384 MB

- Loss in foreign currency conversion of financial statement 295 MB

- Share of other comprehensive income of associates decreased

by 10 MB

Cash Flow - Consolidated


BCP Liquidity Management

Beginning Cash11,551 MB

Ending Cash5,703 MB

FX adjustment(228) MB

BCP bond repayment (4,000) MB

Working capital management (1,298) MB

Other activities (320) MB

3,600

3,811

2,309

60

3,022

959

880

320 300

Cash From Operation

Funding

7,470

Sources of Cash Uses of Cash

7,791

Debt Service -Repayment

Investment in PPE

Tax Paid

Investment in intangible assets and others

Dividend paid

Investment in subsidiaries, associated companies

Selling of PPE, Selling of investments and

others

6M/19: Other cash activities

Unit: THB Million

Debt Structure as of 30 Jun 2019


10%

19%

71%

80%

20%

29,434MB

55%

45%

13%

43%

30%

14%

48,464MB

BCP only Consolidated

Baht Bond

USD Loan

Baht Loan

JPY Loan

Baht Bond

Baht Loan

USD Loan

%Fixed

%Float

%Fixed

%Float

0.76 0.80 0.85

1.261.35

1.59

Q2/18 Q1/19 Q2/19

Liquidity and Leverage Ratios Unit: Times

Current Ratio

Net IBD to Equity

Table of Content

Q2/19 Financial

Performance

02BusinessUpdates

03Appendices

04Q2/19

PerformanceUpdate

01

Refinery Business – Updates


Status ProgressExpected

Completion

Continuous Catalyst Regeneration Unit (CCR) (CCR: Higher Capacity & maintenance cycle extension)

Construction 80% 2020

Debottlenecking

Hydrocracker Unit (HCU) Revamping (Higher Optimal Crude Run: Distillate)

Construction 80% 2020

3E Project Updates

Piping installation

Hydrocracker maintenance to change catalyst went as planned • Shutdown 19 Jul – 19 Aug• Production ramp up since 9 Aug

Equipment Erection Overall CCR Construction Area

Plan after resume normal operation • Crude Run 120 KBD• Product Yield remains the same

main

tenance

Upgra

din

g p

roje

cts

Refinery Business – IMO analysis


Global Refinery Industry Global bunker fuel demand will shift to marine gasoil in 2020

• The specification change requires a major shift in the blend stocks used for bunker fuels, initially creating a huge disposition issue for HSFO.

• That volume will be replaced by marine gas oil and various low-sulfur blends of gasoil/residuals

• Expected strong growth in diesel consumption to meet the fuel demand 0.5%S => Strong distillates cracks spread

• Excess HSFO supply => weaken HSFO cracks spread

Bangchak’s preparation

• Prepare LSFO for alternative market

• Study crude sourcing flexibility according to price situation

• Secure sweet crude

3.46

1.21*

1.5

2.95

0.97

2019 2020

Source: FGE Energy Consultant

-2.25 MBD Gap

*Scrubber & Cheating & etc.

(Unit: MBD)Global Bunker Fuel Switch

HSFO

Marine FO

Marine GO

Crack Spread movement

Source: Consensus Balancing

Marine GO/DB

Marine FO/DB

HSFO/DB

$/BBL

Marketing Business – 2H2019 network expansion plans updates


Continue to increase market share in Retail Sales

2019 Network Expansion

+60New StationsMostly Standard size

SPAR convenient stores is under business plan revision, and will enhance its efficiency before continue to roll out more branches

The award considered by three factors namely BRAND QUALITY, BRAND AFFINITY and BRAND PERSONALITY of eligible brands, as voted by 15,000 consumers, marketing/branding/PR experts, and independent assessors of Superbrands.

Bangchak named a “Superbrand”

Inthanin coffee shop is developing a new business model “Inthanin Grocery” to serve middle-sized service stations

Marketing Business – 35th year Bangchak promotions

26

To celebrate 35th years anniversaryBangchak offer various marketing promotional campaigns via loyalty card and service stations sales

Bio-Based Products Business – Capacity increment project continues as planned


KGI-NP II Ethanol

66 ML/Yr

200,000 L/DExpected COD Q3/20

BBF Biodiesel

330 ML/Yr

1,000,000 L/DCOD July 2019

Additional plant

Kanchanaburi

Khonkaen

Ayudhaya

Chachoengsao

Bangkok

KGI-NP I Ethanol

49.5 ML/Yr

150,000 L/DBBGI holds 100%BBF Biodiesel

307 ML/Yr

930,000 L/DBBGI holds 70%

KGI-BP Ethanol

99 ML/Yr


Ubonratchathani

UBE Ethanol

120 ML/Yr400,000 L/D(Associated company)

BBE Ethanol

45 ML/Yr


+Capacity increment in existing plant

Additional plant

Refined Glycerin

27,000 Ton/Yr

Expected COD Q3/20

IPO plan to be in 2020currently waiting for clarification in high

value bio-based investment projects

Completed

Bio-Based Products Business – opportunities in refined glycerin plant & B10 mandate policy


0

5

10

15

20

25

30

35

40 Market Glycerin Price Unit: THB/Kg.

Refined Glycerin

Crude Glycerin

(Current B100 by-product)

Refined Glycerin plant is expected to allow BBF to gain extra margin

Source: ICIS

Additional plant

Refined Glycerin

27,000 Ton/Yr

Expected COD Q3/20

Crude Glycerin

≈33,000 Ton/Yr

Current By-Product

Affected by the softened crude glycerin price

Sales volumeProduction volume

0.560.72 0.76

0.92 0.98 1.03 1.060.19

0.10 0.10

0.14 0.14 0.14 0.14

0.76 0.82 0.86

1.06 1.12 1.17 1.20

2018 2019 2020 2021 2022 2023 2024

Mandate Policy B7 B7 (Option B10/B20) B7/ B10 Mandate

Capacity 0.90 ML/day*

* Plant capacity based on 330 operating days

Plant Capacity

BBGI B100 sales volumeUnit: ML/Day

Sales to BCP

Sales to others

B1

0R

efi

ne

d G

lyce

rin

Capacity 0.84 ML/day*

OKEA – Project update

29Bangchak Corporation Plc.

Planning activities are ongoing for drilling of:

one infill pilot well in the Draugen field

one exploration well in the “Skumnisse” prospect north-east of Draugen.

Both wells will be drilled in Q4 2019.

Draugen

Development is on track towards first oil in H1 2020

The Wellhead Module is planned to be transported to the Yme Field in Q3 2019,

and the Jack-up unit is planned to be departing the yard for transport to the

Yme Field in Q4 2019

Yme

THANK [email protected] Tel. +662 335 4370, 4390, 8518

www.bangchak.co.th

click Investor Relations

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or purchase any securities, or to engage in any transactions, contracts or commitments whatsoever.

This presentation may contain forward-looking statements that are not historical or current facts. These statements include projections, valuations and statistical analyses based on the intent, belief or current

expectations on the date hereof of the Bangchak Corporation Public Company Limited (the “Company”) or its officers with respect to the consolidated results of operations and financial condition, and future events

and plans of the Company. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "estimates," "projects," “intends,” “would,” “may” or other similar expression in this

presentation. Such forward-looking statements are not guarantees of future performance and necessarily involve known and unknown risks and uncertainties, and may be based on subjective assessments and

assumptions and may utilize one among alternative methodologies that produce differing results. In all cases, the recipient should make an independent investigation, evaluation and judgment with respect to the

matters set forth in this presentation.

The information contained herein has been obtained from sources considered to be reliable; however, the Company or any of their respective members, directors, officers, employees, or affiliates makes no

representation or warranties whatsoever, whether express, implied or statutory, and hereby disclaims all responsibility or liability for, including without limitation, any special, direct, indirect, incidental, punitive, or

consequential losses and damages arising out of or in connection with the accuracy, completeness or use of this presentation or its contents or otherwise arising in connection therewith. To extent permitted by

applicable laws and regulations, the Company may, at any time, revise the information contained herein without notice and makes no commitment to update the information, and the estimates and assumptions

associated therewith as of any future date.

14th August 2019 - listed companybcp.listedcompany.com/misc/presentation/20190814... · Total...

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