2Q21 & 1H21 Operating Results
Transcript of 2Q21 & 1H21 Operating Results
19 August 2021
2Q21 & 1H21 Operating Results
2
Financial Performance
IRPC Strategy
Performance by Business
2Q21 & 1H21 Key Highlight
1H21 Key Highlight
3
14.73 $/bbl
MKT GIM
Improved MKT GIM by 7.09 $/bbl from 1H20 driven by favorable products spread- both Petroleum and Petrochemical
Net Stock Gain
Increased by 14.15 $/bbl vs 6.16 $/bbl Net Stock Loss in 1H20 as sharp increase in crude oil price
Refinery utilization rate
88%
Unchanged YoY as a schedule shutdown of ADU1 unit in 1Q21
Long term financial cost
Dropped by 8% from last year after new debenture issuance to repay maturity debenture
7.99 $/bbl ~2.9%
4
Projects UpdateUltra Clean Fuel (UCF) Project
2019 2020 2021 2022 2023COD, Jan 2024
2024
• Basic Design & FEED • EIA/BOI• Awarded EPC
Engineering & Construction
Implement Euro 5 in Thailand
FID,Q3
Timeline
INNOPOLYMED
Structure : 60% : 40%
Objective : Non-Woven Fabric
Location : IRPC Industrial Estate
Capacity : 2.1 KTA
CAPEX : 260 MB
COD : Dec 2021
Status : Ongoing Construction
Application
Surgical Gown
Mask e.g. Surgical, N95, N99
Othere.g. Filter/ Battery
Separator / Oil Absorbent
Establish “Innopolymed”
AprMar
Approve byBOD
Timeline
Jan Dec
EPCIRPC and PTT signed MOU COD, Dec 2021
*EPCC: Engineering, Procurement, Construction and Commissioning
Coverall e.g. hair net, shoe cover Drape
PPE ,Isolation Gown
Objective : Upgrading HSGO to LSGO
to meet Euro5 specification
Capacity : 75 KBD (of DHT Unit)
CAPEX : 13,300 MB (~ 420 M$)
Progress : 11% of Target (as of Jul 21)
COD : Jan 2024
Status : Awarded contractors for EPCC* work
Diesel hydro-treating Unit (DHT Unit)
Because We Care by IRPCWe fight against Covid -19 with Thai people.
Fuel Oil for Cremation Plastic Bed
Durable
Cleanable
Lightweight
Movable
Easy to set up
Lifetime of 2 years
5
Because We Care by IRPCWe fight against Covid -19 with Thai people.
Equipped Community Isolation
Plastic beds Fans Personal storage boxes Chests of drawers
6
Because We Care by IRPCWe fight against Covid -19 with Thai people.
IRPC เปลีย่นเพือ่ปนั
7
Awards and other social contributions
Collaboration with Kasetsart
University
to upgrade disabled farmers’
quality of life
Alpha Southeast Asia Awards 2021
Best Strategic Corporate Social Responsibility
Best Senior Management Investor Relations Support
Most Consistent Dividend Policy
IRPCSmart Farming
OtherSocial Contributions
IRPC & PTT Group jointly sent
technicians to control the fire
and provided foam concentrates to
control the fire accident at Ming Dih
Chemical Company.
8
Awards and other social contributions
9
Financial Performance
IRPC Strategy
Performance by Business
2Q21 & 1H21 Key Highlight
10
IRPC Strategic Transformation Roadmap
IRPC Strategic Transformation Roadmap
2020 - 2023
2022 - 2025
2020 - 2030 onwards
STRENGTHENING THE CORE
STRIVINGTHE GROWTH
SUSTAININGTHE FUTURE
Best-Ever
Aspiration
20,000
30,000
AS IS
3S + 3C
EBITDA
Target, MB
▪ Increase performance efficiency
▪ Cost effectiveness
▪ Maximize profitability from all assets
▪ Expanded value chain opportunities
respond to customer needs▪ Business Innovation
▪ Circular economy
Employee Commitment Customer / Partner Collaboration All Stakeholders ConnectivityKey Focus:
Description:
Employee
Commitment
Recap BOD STS 2020
11
Tomorrow’s World
Shifting Economic
Power
Game changer
Environmental Pressures
Demographic Change
Rapid Technological DevelopmentNow or Never
To be
Global change is driven by “Megatrends”
Net Zero Emission
Circular Economy
Bipolar power (U.S./ China)
Tech war and trade
Emerging Countries
Economic Inequality
Urbanization
Health Challenges Demographic Shifts
Tech for Mobility
Hyper connectivity
Technological Innovation
Resource Scarcity
12
IRPC’s New Vision
To Shape
Material and Energy
in Harmony with Life
s New Vision
Material Energy
STRATEGIC POSITIONING
IRPC New Vision Scope Align with PTT Vision
13
Powering Life with
Future Energy and Beyond
To Shape Material and Energy
Solutions in Harmony with LifeAlign
Health & Life Science Advanced Material Circular Business
Olefins
Future Energy Energy Storage
Refinery Lube Base
ExistingExistingPetrochemical
Aromatics Styrenic
Conventional Energy
14
Frontier of Material and EnergyMaterial and Energy Solution: Definition and our passion
Bio -materialNano -material
Chemical & Additive
Reinforcement eg. Carbon Fiber
Compound
Composite &Alloys
5 Major Types of Renewable: Solar, Wind, Water, Biomass, Geothermal and New development of H2
Crude Oil to Chemical (COTC)
Pharmaceutical & Food Ingredients
Rare Earth eg. Lithium“Material”
A physical substance that things
can be made from:
“Energy”
The power and ability to be physically
and mentally active:
15
IRPC Strategic FrameworkTo drive our passion, strategic imperatives need to be addressed
To Deliver with Innovations the Better Attributes and Solutions of Sustainable Material and Energy for the Future
Vision
Mission
StrategicWays
StrategicEnabler
STRENGTHENING THE CORE STRIVING THE GROWTH SUSTAINING THE FUTURE
Sustainability
To Shape Material and Energy in Harmony with Life
Core Uplift Adjacent Business Step Out Business
Business Diversification
Portfolio Plays
P&R Investment JV/ M&A/ New S-curve/ Start Up
Material Solution Energy Solution
Advanced Materials Health & Life Science Circular Business Future Energy Energy Storage
Climate Management Circular Economy Creating Social Value
People and Culture Finance: Funding Process and Digitalization A B C D Expert/ Consultants
16
Financial Performance
IRPC Strategy
Performance by Business
2Q21 & 1H21 Key Highlight
1.29 2.61 2.75
0.23
2.69 1.28
2.59 4.41
1.48
3.54 2.57
5.20
7.16
1.71
6.23
2Q20 1Q21 2Q21 1H20 1H21
Refinery Lube Base
3.43 3.76 3.90 3.43 3.83
1.23
3.29 3.45
1.22
3.38 4.66
7.05 7.35
4.65
7.21
2Q20 1Q21 2Q21 1H20 1H21
Olefins Aromatics & Styrenics
QoQ 4%
30
31
32
33
17
Key Drivers
15
25
35
45
55
65
75
Brent Dubai
Crude Oil Price (average)
Gross Refining Margin (GRM)
Foreign Exchange (average)
Product to Feed Margin (PTF)
Unit: $/bbl Unit : THB/USD
Unit: $/bbl Unit: $/bbl
YoY 179%
QoQ 38%
YoY 58%
Dubai QoQ 12%
Dubai YoY 119%QoQ depreciated 4%
YoY appreciated 2%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Brent 50.26 29.20 43.00 44.23 60.90 68.83
Dubai 50.74 30.55 42.92 44.62 60.01 66.93 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
31.45 32.12 31.49 30.78 30.43
4Q20 (End 30.21)
1Q21 (End 31.51)
2Q21 (End 32.22)
31.53
YoY 264% YoY 55%
52% 39%
9%
18
Financial Highlight: 2Q21 & 1H21 performance
30,370 48,388 56,858 73,987 105,246
QoQ 18%
YoY 87%Net Sales(net excise tax)
Dubai (Avg.)
Unit: $/bbl
Unit: MB
EBITDA
Unit: MB
1,505
8,783 8,895
(4,932)
17,678
QoQ 1%
Net Sales(net excise tax)
Market GIM ($/bbl)
30.55
60.01 66.93
40.64
63.47
Crude run KBD
Acct. GIM ($/bbl)
Net Stock G/(L)($/bbl)
189 186 194 188 190
8.46 13.68 15.68 7.64 14.73
0.17 9.83 6.30 (6.16) 7.99
8.63 23.51 21.98 1.48 22.72
YoY 491%
2Q21
Petroleum Petrochemical Utilities and Others
EBITDA
Net IncomeUnit: MB
(1,096)
1,131 2,593
(2,912)
3,724
(411)
5,581 4,574
(9,316)
10,155
2Q20 1Q21 2Q21 1H20 1H21
Favorable performance driven by both market conditions & inventory gain
Overview of Business Performance by Business
YoY 42%
YoY 458%
67%
31%
2%
56,858MB
8,895MB
YoY 1,213%
QoQ 18%
YoY 209%YoY 337%
QoQ 129% YoY 228%
Net Income
Operating NI
53% 38%
9%
1H21
66%
32%
2%
105,246MB
17,618MB
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2Q21 & 1H21 Financial Performance
2Q20 1Q21 2Q21 1H20 1H21 2Q20 1Q21 2Q21 1H20 1H21
Net Sales 30,370 48,388 56,858 73,987 105,246 55.04 95.05 102.17 67.89 98.79
Market GIM 4,669 6,965 8,727 8,334 15,692 8.46 13.68 15.68 7.64 14.73
Stock Gain (Loss) (3,390) 4,982 3,347 (7,851) 8,329 (6.14) 9.79 6.01 (7.20) 7.82
LCM 2,835 - - 162 - 5.14 - - 0.15 -
Oil Hedging Gain (Loss) 644 20 160 967 180 1.17 0.04 0.29 0.89 0.17
Net Stock Gain (Loss) 89 5,002 3,507 (6,722) 8,509 0.17 9.83 6.30 (6.16) 7.99
Accounting GIM 4,758 11,967 12,234 1,612 24,201 8.63 23.51 21.98 1.48 22.72
OPEX + Selling Exp. (3,835) (3,620) (3,999) (7,565) (7,619) (6.94) (7.11) (7.19) (6.95) (7.14)
Other Incomes 583 436 660 1,022 1,096 1.06 0.86 1.19 0.94 1.03
EBITDA 1,505 8,783 8,895 (4,932) 17,678 2.75 17.26 15.98 (4.53) 16.61
Depreciation (2,224) (2,180) (2,209) (4,451) (4,389) (4.03) (4.28) (3.97) (4.08) (4.12)
Cost of Finance (457) (441) (428) (921) (869) (0.83) (0.87) (0.77) (0.85) (0.82)
Financial Derivatives Gain (Loss) (26) (110) (74) (584) (184) (0.05) (0.22) (0.13) (0.54) (0.17)
FX Gain (Loss) 353 (182) (100) (147) (282) 0.64 (0.36) (0.18) (0.13) (0.26)
Unrealized Oil Hedging Gain (Loss) 359 548 (1,076) (634) (528) 0.65 1.08 (1.93) (0.58) (0.50)
Impairment Gain (Loss) (35) (10) (9) (39) (19) (0.06) (0.02) (0.02) (0.04) (0.02)
Investment Gain (Loss) 68 156 186 117 342 0.12 0.31 0.33 0.11 0.32
Other Expenses 11 (1) (1) 1 (2) 0.02 (0.00) (0.00) - (0.00)
Income Tax 39 (972) (600) 2,285 (1,572) 0.07 (1.91) (1.08) 2.10 (1.48)
Net Profit (411) 5,581 4,574 (9,316) 10,155 (0.73) 10.97 8.21 (8.55) 9.54
Unit: MB Unit: $/bbl
15
25
35
45
55
65
75
Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21
20
Production & Performance by BusinessImproving MKT GIM owing to improving product spreads versus higher crude premium
Crude Intake/Utilization Rate
MKT GIM Net Stock Gain/(Loss)
Production Volume & Sales Volume
2Q21 VS 1Q21: 3.53 $/bbl
Unit: $/bbl
2Q20 1Q21 2Q21 1H20 1H21
Refinery (Unit: KBD,%)
189 186 194 188 190
88% 86% 90% 88% 88%
Lube
87% 82% 90% 83% 86%
2Q20 1Q21 2Q21 1H20 1H21
Olefins
91% 90% 95% 93% 92%
Aromatics & Styrenics
95% 102% 93% 95% 97%
Petroleum Petrochemical
2Q20 1Q21 2Q21 1H20 1H21
Production (M.bbl)
13.40 12.94 13.65 26.95 26.62
Sales Volume (M.bbl)
14.45 14.54 15.01 29.61 29.55
Petroleum
2Q20 1Q21 2Q21 1H20 1H21
Production (KMT)
437 447 435 886 882
Sales Volume (KMT)
450 450 430 879 880
Petrochemical
Dubai Price
1H21 vs 1H20: 14.15 $/bbl
MKT GIM1Q21
MKT GIM 2Q21
Crude Premium
Premium on sales
Fuel loss & Internal Use
ProjectsMargin
2Q21 VS 1Q21
MKT GIM1H20
MKT GIM 1H21
Crude Premium
Premium on sales
Fuel loss & Internal Use
ProjectsMargin
1H21 VS 1H20
Unit: $/bbl
2Q21 Net stock gain = 6.30 $/bbl Stock Gain & LCM = 6.01 $/bbl Realized Oil Hedging = 0.29 $/bbl
1Q21 Avg. price 60.01 $/bbl
2Q20 Avg. price 30.55 $/bbl
2Q21 Avg. price 66.93 $/bbl
1H21 Net stock gain = 7.99 $/bbl Stock Gain & LCM = 7.82 $/bbl Realized Oil Hedging = 0.17 $/bbl
21
Financial StatementUnit: MB
21
1H21 VS 1H20: Improving Operating Profit supported by margin & projects
Net Profit 1Q21
MarginNet Stock
Gain
OPEX & Selling
Exp.
Tax Net Profit 2Q21
2Q21 VS 1Q21: Better margin led to increasing Operating Profit
Non Operating
Item
Crude Premium
Operating Profit 1Q21
Net Stock Gain
Non Operating
Item
OthersProjects Operating Profit 2Q21
Net Loss 1H20
MarginNet Stock
Loss
OPEX & Selling
Exp.Tax
Net Profit 1H21
Non Operating
Item
Crude Premium
Operating Loss 1H20
Net Stock Gain
Non Operating
ItemOthersProjects
Operating Profit 1H21
Operating Income 228%
Net Income 209%
Operating Income 129%
Net Income 18%
(4,243)
0.87 0.75 0.61
2Q20 1Q21 2Q21
22
Financial Position
115,671 112,222
14,449 13,084
34,520 49,738
8,851
11,745
75,665 84,663
5,169 4,983
61,932 63,572
30,724
33,571
Debt ProfileStatements of Financial Position
Unit: MB
PP&E(incl.
investment properties and ROU)
Other Non-CA
Cash
Other CurrentLiabilities
LT Borrowing incl. current port.
Shareholders’Equity
Jun. 2021Dec. 2020
Other CA
Other Non-CurrentLiabilities
Financial Ratios
173,491 186,7898%
< 1.0x
Net IBD/Equity CA/CL
Cash Flow
Unit: MB
Beginning Cash1 Jan 2021
Ending Cash30 Jun 2021
Cash Flow from
Operation
Cash Flow from
Investment
Cash Flow from
Financing
2,698 6,946 7,372 7,502
10,593 1,284 1,284 1,284
642 1,998 1,998 1,997
17,975
2,698
10,228 10,654 10,782
29,210
2021 2022 2023 2024 >2024
THB Bond
USD Loan
THB Loan
Remark: Long-term debt as at 30 Jun 2021
Net Debt = 51,958 MB
Ex. Rate = 32.22 THB/USD
Interest Rate Currency
Float 55% THB 87%
Fixed 45% USD 13%
LT Loan (USD)7%
LT Loan (THB)55%
Bond (THB)38%
Leasing0.2%
Maturity of LT Debt
0.66
1.11
1.50
2Q20 1Q21 2Q21
Unit: MB
Better Financial performance on the back of improving profit
23
Financial Performance
IRPC Strategy
Performance by Business
2Q21 & 1H21 Key Highlight
27 42 64 20 23 7
34 15
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
536 524 432 567
1,011
1,485
529
1,247
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
24
Petroleum Spread
Lube Base SpreadRefinery Spread
ULG 95 - Dubai
6.72.6 4.4 4.1 7.1 9.9
4.68.5
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
$/bblQoQ 39%
11.05.7 4.2 3.7 4.7 5.3
8.45.0
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
$/bbl
Gas Oil - Dubai
QoQ 13%
(7.4)(1.6) (2.5) (0.6) (3.5) (5.8) (4.5) (4.6)
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
$/bbl
HSFO - Dubai
QoQ 66%
500SN – FO 180 3.5%S Spread
370 372 340 473 777
1,037
371
907
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
QoQ 33%
$/TON
150 BS – FO 180 3.5%S Spread
QoQ 47% $/TON
Asphalt – FO 180 3.5%S Spread
QoQ 70% $/TON
YoY 85%
YoY 40%
YoY 2%
YoY 144%
YoY 136%
YoY 56%
2Q20 1Q21 2Q21 1H20 1H21
18,782 31,850 38,385 49,026 70,235
16,066 27,228 31,584 42,450 58,812
2,716 4,622 6,801 6,576 11,423
0.350.710.23 0.62 0.67
0.571.30
7.49 7.05 7.71
15.42 14.771.96 2.56 2.24
4.32 4.80
1.11 0.39 0.59
1.63 0.98
0.46 0.61 0.56
0.881.19
1.80 1.71 1.88
3.42 3.59
13.40 12.94 13.65
26.95 26.62
2Q20 1Q21 2Q21 . 1H20 1H21
Lube
LPG & Other
Naphtha &ReformateGasoline
Diesel & Jet Oil
LSFO 0.5%
HSFO
72% 65% 65% 71% 65%
18%12% 13%
17%13%
4%4% 4%
5%4%
5%19% 18% 7% 18%
Others
Domestic
Far East
Middle East
Petroleum
Refinery
Lube Base
88% 86% 90% 88% 88% % U-Rate
189 186 194 188 190
25
Petroleum Group2Q21: Crude oil price surge supported revenue improvement1H21: Rising petroleum spreads entailed increasing Mkt GRM
12.72 12.85 13.17 26.13 26.02 1.73 1.69 1.84 3.48 3.53 14.45 14.54 15.01
29.61 29.55
2Q20 1Q21 2Q21 1H20 1H21
Lube Base
Refinery
(0.81) 1.61 2.65 2.09 2.33
1.29 2.61 2.75
0.23
2.69 1.28
2.59
4.41
1.48
3.54
2.57
5.20
7.16
1.71
6.23
2Q20 1Q21 2Q21 1H20 1H21
Lube Base
Refinery
Crude Intake
GRMSales Volume & Revenue
Production
72% 65% 66% 72% 65%
28% 35% 34% 28% 35%
2Q20 1Q21 2Q21 1H20 1H21
Sweet Crude
Sour Crude
Premium over Dubai ($/bbl)
Crude Run (KBD)
YoY 4%
QoQ 3%
YoY 104%
QoQ 21% Revenue
Crude intake (Mbbl)
Unit : $/bbl
Unit : Mbbl
Unit : Mbbl
17.18 16.73 17.6534.29 34.39
Sales Volume
Unit : MB
YoY 3%
QoQ 4%
YoY 2%
QoQ 5%
88% 86% 90%
87% 82% 90%
79% 113% 119%
88% 88%
83% 86%
86% 116%
% Utilization
Lube Base
RDCC
YoY 1% YoY 1%
YoY 0.2%
YoY 43%
YoY 179%
QoQ 38% YoY 264%
347 370 386 479 430 403 359 417
180 215 191 260 363 305
197 334
527 585 577 739 793 708
556 751
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
Propylene-NP PP-Propylene
26
Petrochemical Spread
892 919 1,117 1,615 1,780 1,929
905
1,855
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
123 76
7 26 76
128 100 102
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
240 283 351 460 401 384 261 393 315 346 282 227 303 350
331 327
555 629 633 687 704 734 592
720
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
Ethylene-NP HDPE-Ethylene
HDPE-Ethylene –Naphtha Spread
Toluene – Naphtha Spread
ABS –Naphtha Spread
YoY 22%
YoY 2%
YoY 105%
$/TON
$/TON
$/TON
PP-Propylene –Naphtha Spread
YoY 35% $/TON
148 124
43 49 110
162 136 137
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
MX – Naphtha Spread
YoY 1% $/TON
678 649 618 966 1,021 1,092
663
1,057
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21
PS –Naphtha Spread
YoY 59% $/TON
Aromatics
Styrenics
Olefins
QoQ 4% QoQ 11%
QoQ 68% QoQ 47%
QoQ 8% QoQ 7%
1.233.29 3.45
1.223.38
3.43
3.76 3.90
3.43
3.834.66
7.05 7.35
4.65
7.21
2Q20 1Q21 2Q21 1H20 1H21
Olefins
Aromatics &Styrenics
100 106 103 192 209 1 - -
9 -83 87 64
164 151 59 42 54
119 96 193 213 214
402 427
437 447 435
886 882
2Q20 1Q21 2Q21 1H20 1H21
Polyolefin
Olefin
Polystyrenic
Styrenic
Aromatic
Petrochem
Olefins
27
Petrochemical Group2Q21 & 1H21: Improving revenue & Mkt PTF thanks to higher product spreads
Production
PTF
Sales Volume and Revenue
188 181 170 344 350
262 269 260
535 530 450 450 430
879 880
2Q20 1Q21 2Q21 1H20 1H21
Olefins &Polyolefins
Aromatics &Styrenics
QoQ 4%
QoQ 12% Revenue
YoY 4%
YoY 63%
Unit : KMT
2Q21 : Petrochemical revenue was Bt 18 bn QoQ : 12% increase from 16% price increase VS 4% vol. decrease YoY : 63% increase from 67% price increase VS 4% vol. decrease
2Q21 Market PTF was $7.35/bbl
QoQ : $0.30/bbl increase
YoY : $2.69/bbl increase
Unit : $/bbl
Unit : KMT Sales Volume
Unit : MB
YoY 1%
QoQ 3%
% Utilization
Polyolefins
Olefins
% Utilization
Polystyrenics
Styrenics
AromaticsAromaitcs & Styrenics
Crude intake (Mbbl)
QoQ 4%
YoY 58%
17.18 16.73 17.6534.29 34.39
91% 90% 95%
85% 93% 94%
98% 86% 96%
95% 102% 93%
85% 94% 89%
102% 108% 78%
100% 105% 105%
2Q20 1Q21 2Q21
10,733 15,716 17,538
6,597 9,724 10,616
4,136 5,992 6,922
as higher product spreads
93% 92%
88% 94%
99% 91%
95% 97%
87% 91%
104% 93%
96% 105%
YoY 1%YoY -
1H20 1H21
23,230 33,254
14,687 20,339
8,543 12,915
YoY 43%
YoY 55%
1H21 : Petrochemical revenue was Bt 33 bn
YoY : 43% increase from 43% price increase
1H21 Market PTF was $7.21/bbl:
YoY : $2.56/bbl increase as higher product spreads thanks to improving COVID-19 in the U.S., China and Europe
505 509 536
1,010 1,045 295 251 256
603 507
55 61144
118 205
855 821936
1,731 1,757
2Q20 1Q21 2Q21 1H20 1H21
Other Utilities
Steam
Electricity
28
Power and Utility
Utilization Rate
GIM
Revenue
QoQ 14%
YoY 9%
2Q21 U-Rate of Steam was 64%; 3% QoQ, 1% YoY
QoQ & YoY : increased owing to rising demand from industrial area customers
2Q21 U-Rate of Electricity was 76%; 3% QoQ, 6% YoY
2Q21 : Power & Utility revenue was 936 MB; 14% QoQ, 9% YoY
QoQ : higher sales volume of electricity
1.23 1.43
1.17 1.28 1.29
2Q20 1Q21 2Q21 1H20 1H21
Power & Utility
Unit : $/bbl
Unit : MB
70% 73% 76% 70% 75%
2Q20 1Q21 2Q21 1H20 1H21
Electricity
63% 61% 64% 65% 62%
2Q20 1Q21 2Q21 1H20 1H21
Steam
YoY 5%
QoQ 18%
YoY 5%
YoY 1%
QoQ 3%YoY 3%
YoY 6%
QoQ 3%
YoY 2%
YoY 1%
1H21 U-Rate of Steam was 62%; 3%
YoY : decrease owing to a shutdown of steam unit in 1Q21
1H21 U-Rate of Electricity was 75%; 5%
YoY : increase owing to rising demand from industrial area customers
1H21 : Power & Utility revenue was 1,757 MB
YoY : 2% increase from higher electricity sales vol.
1.29 2.61 2.75 0.23
2.69 1.28
2.59 4.41
1.48
3.54 2.57
5.20 7.16
1.71
6.23
2Q20 1Q21 2Q21 1H20 1H21
Refinery Lube Base
1.23 3.29 3.45 1.22
3.38 3.43
3.76 3.90 3.43
3.83 4.66
7.05 7.35 4.65
7.21
Aromatics&Styrenics Olefins
29
Market & Accounting Gross Integrated Margin2Q21: Increasing Mkt GIM owing to higher spreads1H21: Improved A/C GIM thanks to the net stock gain
8.46 13.68 15.687.64
14.73
(1.00)
9.79 6.01
(7.05)
7.82 1.17
0.04 0.29
0.89
0.17 8.63
23.51 21.98
1.48
22.72
Market GIM Stk G/(L) & LCM Hedging
2.57 5.20 7.16 1.71
6.23 4.66 7.05 7.35
4.65 7.21 1.23
1.43 1.17
1.28
1.29 8.46 13.68 15.68
7.64
14.73
Petroleum Petrochem Power and Utility
1,415 2,649 3,987 1,864 6,635 2,577
3,590 4,090 5,080
7,680
677 726 650 1,390
1,377
4,669 6,965
8,727 8,334
15,692
2Q20 1Q21 2Q21 1H20 1H21
4,669 6,965 8,727 8,334 15,692
(555)
4,982 3,347
(7,689)
8,329
644 20 160
967
180
4,758
11,967 12,234 1,612
24,201
2Q20 1Q21 2Q21 1H20 1H21
Market GIM
Unit: $/bbl
Accounting GIM
Unit: $/bbl
Unit: MB
Market GIM by business
Unit: MB
YoY 85%
QoQ 15%
YoY 155%
QoQ 7%
YoY 87%
QoQ 25%
YoY 157%
QoQ 2%
Unit: $/bblPetrochemical
Petroleum
Accounting GIM
2Q21 Acct GIM was $21.98/bbl,
QoQ: $1.53/bbl due to $3.53/bbl lower net stock gain VS $2.00/bbl higher Market
GIM
YoY: $13.35/bbl due to $6.13/bbl higher net stock gain and $7.22/bbl higher Market
GIM
1H21 Acct GIM was $22.72/bbl,
YoY: $21.24/bbl due to $7.99/bbl net stock gain compared to net stock loss of
$6.16/bbl in 1H20 and $7.09/bbl higher Market GIM
Market GIM
2Q21 Market GIM was $15.68/bbl,
QoQ: $2.00/bbl from higher spread VS higher crude premium
YoY: $7.22/bbl from higher spread VS higher crude premium
1H21 Market GIM was $14.73/bbl,
YoY: $7.09/bbl from higher spread VS higher crude premium
YoY 93%
YoY 88%
YoY 1,435%
YoY 1,401%
30
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Tel. +662-765-7380, Fax. +662-765-7379
Presentation is available at
www.irpc.co.th
This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use by prospective
investors / analysts in the proposed event. IRPC makes no representations or warranties as to the accuracy or completeness of such
information. By accepting this material each recipient agrees that IRPC shall not have any liability for any representations (express or
implied) contained in, or for any omissions from this presentation.
The information contained herein does not purport to be all-inclusive or to contain all of the Information that may be material to the recipient’s
decision. Each recipient of the information and data contained herein should perform its own independent investigation and analysis of the transaction and the creditworthiness of IRPC . Reference in this Disclaimer to this shall include references to the Appendices (if any) hereto.
Disclaimers
31
Appendix
Maintenance Shutdown Plan 2021 (updated August 21)
Plant
2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Pe
tro
leu
m
ADU1 17 17
ADU2 -
Hyvahl 45 46
RDCC -
LUBE 9 9
Pe
tro
ch
em
ica
l
EBSM 35 45
HDPE 6 6 12
PP 13 13
ABS/SAN 8 8
PS 13 13
32