BANGCHAK CORPORATIONPUBLIC COMPANY LIMITED

Opportunity Day Y2019

February 27, 2020

Table of Content

FY2019

Financial

Performance

02 03Appendix

04FY2019

Performance

Update

01Business

Updates

BCP PERFORMANCE

3,9282,871

Refinery

Marketing

Power Plant*

Bio-based products

Natural Resources

EBITDA by Business Group (MB)

FY2018 FY2019

3,5692,964

2,177 2,279

692 1,000

117

-36

+44% YoY

-27% YoY

2,4631,732

FY2018 FY2019

Net Profit

Profit attributable to the owners of the parent

EPS(THB/Share)

1.79 1.18

10,201

8,709

FY2018 FY2019

AccountingEBITDA

2019 Recap

- Refinery business was affected fromcollapsed oil price and crack spreads

- Portfolio diversification helped balanceoverall performance

*BCPG 2018 EBITDA included 793 MB profit from selling of 2 power plant projects in Japan to infrastructure fund

Consolidated Performance (MB)

3

BCP Group Portfolios – FY2019 Key Takeaways

4

Refinery & Trading

Marketing

Power Plant

Bio-basedProducts Natural Resources

• Crude run at ~ 113 KBD despite unexpected HCU maintenance

• Total GRM declined to 4.55 $/BBL from dropping crack spreads, rising crude cost and inventory loss

• BCPT trading volume increased 71% YoY

• Sales volume +5% YoY mainly from retails sales growth +7% YoY

• Maximize throughput to gain retails market share at 16%

• Non-oil business has been progressing pleasantly

• B100 performance markedly turnaroundimprovements

• Ethanol sales volume grew YoY from capacity added of KGI

• BCPG acquired Hydro power plant Namsan3A in Laos (69 MW)

• Total electricity sales + 24% from additional capacity

• OKEA has successfully listed in Oslo stock exchange

• OKEA production at ~ 19 kboe/d

• Realize share of profit from OKEA at 26 MB

• OKEA was main contributor to group performance

-361,000

2,964

2,279

2,871

EBITDA 8,709 MB

Refinery& Trading

Marketing

Power Plant

Bio-Based Products

Natural Resources

Net Profit 1,732 MB

1/ attributable to owners of the parent

1/

Refinery Business – Satisfactory operations was challenged by external factors

Production Profile

Actual Crude RunUnit: KBD

GRM Performance Unit: $/BBL

3.43 4.95

7.68 5.61

7.10 5.41

0.09

(0.09)

0.02

0.43

(0.27)

0.11

(0.03)(0.33)

(3.70)

0.08

(1.23)(0.98)

3.49 4.53

4.00 6.12 5.61

4.55

Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

Operating GRM Hedging Inventory Gain/Loss

FY2019 Refinery Group Acc. EBITDA 2,871 MB (-27% YoY) Operating EBITDA 4,229 MB

o High production level at 112.6 KBD with the highest record of 123.5 KBD in Sep, despite the minor tripping during the year

o Operating GRM was weakened as the crack spread declining across the board, resulting from the global economic slowdown caused both excess supply and lower market demand

o Inventory loss of 1,253MB (incl. LCM) as oil price fluctuated through the year from global political issues

o BCPT succeeded in expanding market and trading volume

-20

-15

-10

-5

0

5

10

15

20

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

GO/DB

UNL95/DB

IK/DB

FO/DB50

55

60

65

70

75

80

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

DB

DTD

Crude price & Crack spread movement ($/BBL)

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

110.1 112.7 110.8116.9

102.4112.6

92% 94% 92% 97%85%

94%

-50%

-30%

-10%

10%

30%

50%

70%

90%

0102030405060708090

100110120130140

Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

Crude Run Utilization

TAM

5

10% 11%

3% 4%

53% 51%

12% 13%

19% 18%

3% 2%

2018 2019

Product Yield

LPG

UNL

Jet

GO

FOUCO

LSFO/DB

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

283 284

307 307317

334 336 342

364 365

185 179 176190 184 184

149167

150

179

56 51

79 86

59 5848 50 50 49

7393

74 8296

112

47

111

68

105

0

50

100

150

200

250

300

350

Unit: ML/Mo

Total Sales Volume

Retail

Industrial

Wholesales

Exports (FO & UCO)

FY 2019 Marketing Group Acc. EBITDA 2,279 MB (+5% YoY)

o Retail sales volume increased mainly from customer base expansion, including B20 and B10 diesel sales promoting

o Industrial sales volume slightly soften due to the intense competition within the industrial market, and stock management during the Hydrocracking unit maintenance period

o Net Marketing Margin declined since the oil price surged while retail price adjustment was slower in Q1 and Q4, and the cost of B100 products also rose during the end of the year

Non-oil business

o The branch expansion, better store management, and various sales promotion campaigns has led BCR revenue to increase 34% YoY and EBITDA rose 30% YoY

Net Marketing Margin Unit: Baht/Litre

0.70

0.83

0.77

0.70

0.780.75

Q3/18 Q2/19 Q3/19 Q4/19 2018 2019

Retail

54%

Industrial

24%

Total Sales Volume(% Portion of total sales volume in 2019)

Service Stations

Factories, Jobbers, Aviations

Export

Very low sulfur Fuel Oil

7%Other oil companies

14%Wholesale

6

Marketing Network – Increasing market share & Thruput per station

15

.6%

12

.5%

12

.5%

9.1

%

4.3

% 1.7

%

1.7

%

1.7

%

16

.0%

12

.2%

11

.8%

10

.0%

4.1

% 1.9

%

1.8

%

1.7

%

2018 2019

Retail sales volume market share (%)4

0.9

%4

0.5

%

+48 New service stations in 2019

service stations as of Dec 20191,201

Standard Type 589 sites

(≈80% of Retail Sales Volume)

COOP Type 612 sites

(≈20% of Retail Sales Volume)

600 branches

Dec’19

+111 New stores in 2019

46 stores

Dec’19

Supporting non-oil businesses

Service stations outlets

436

479510 496 498

128 131 125 118 117

495

464 452 446 431

2015 2016 2017 2018 2019

Thruput per station Unit: K.Litre/Mo BCP

Standard

BCP Co-op

AVG Major oil*(excl. BCP)

Source: DOEB & BCP

BCP market share reach all time high

at 16.5% in SEP 2019

7

+3 New stores in 2019

Power Plant Business

Bio-based Products Business Natural Resources

Business

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

BCP Group Portfolio Subsidiaries

8

Power Plant Business – Another step into the new technology and territory

139 148 148 150 139 15015 15 15 15 15 15

158 158 158 158 158 158

14 14 14 14 14 1469 69 69326 335

404 406

326

406

Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

Operating Capacity (MW PPA)

72 76 70 79

270 297

4 5 5 4

42 18

8 64

72

76 8183

147

312

387

Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

Laos JP TH Total

Electricity Sales

Unit: Million kWh

Operating capacity rose 25% from the successful acquisition of Hydro power plant Namsan 3A in Laos (69 MW)

Electricity sales performance +24% YoY

o TH projects recorded higher sales primarily from the clearer weather, and 2019 was the 1st full year performance recognition of 2 solar projects totaling 9MW, including COD of a private solar plant with 2MW in Nov

o JP sales 60% reduced, mainly owing to divestment of 19.3 MW to IFF in Sep 2018

o Laos sales initially recognized this year from Sep

Share of profit from associated companies:

o Geothermal power plant 328 MB: doubled from 2018 which refinance cost was fully recorded

o PH Wind power plant 27 MB: decreased 32% YOY due to drops in wind speed and increase in interest expense followed a higher of the Philippines’s policy rate

FY 2019 Power Plant Group Acc. EBITDA 2,964 MB (-17% YoY)

9

SolarWind

Solar

Geothermal

Wind

Hydro

Bio-Based Product Business – Performance significantly improved

FY 2019 Bio-based Products Group Acc. EBITDA 1,000 MB (+44% YoY)

48

46 51

45

14

9 18

9

54

44 53

44

15

0 19

4

Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

Sales Production

Ethanol Production & Sales Volume

Unit: Million litres

71

82

87

88

28

1 32

8

67

74

80

78

26

4 29

9

Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

Sales Production

Biodiesel Production & Sales Volume

Unit: Million litres

15

20

25

30

35

40

B100 average price Unit: Baht/Litre

Source: EPPO

Jan20 @ 40.13Dec19 @ 30.64

Biodiesel – Government’s advocacy escalated B100 demand

o The national policy to advocate the B20 and B10 diesel adoption led to the consumption of B100. Production and sales volume rose, as well as B100 price picked up and surged in Dec

o Even the average B100 price declined from the previous year, the better stock management brought the inventory gain including higher gross profit

Ethanol – Capacity expansion matched up with domestic demand growth

o Capacity added of 100 KL/day and process improvement allowed the group to take benefit of the demand growth in ethanol blended retail products

o Increasing sale volume promoted the higher revenue, despite the decline in ethanol price. Successful cost management and lower raw material price also contributed to higher gross profit

20

22

24

26

Ethanol average price

10

Source: EPPO

Unit: Baht/Litre

34.14

23.07

Jan20 @ 22.61Dec19 @ 22.04

Natural Resource Business – Share from OKEA performance has not yet covered the group expenses

11

0.4 0.3 0.3 0.3 0.3

8.6 9.2 9.7 8.8 9.1

10.49 10.508.14

7.849.23

19.5 20.018.1

17.018.7

Q1/19 Q2/19 Q3/19 Q4/19 FY2019

56.260.7

56.461.2

56.6

6.5

4.13.0 3.5 4.3 Gas Price

($/MMBTU)

Liquid Price ($/boe)

Realized Prices

Production Volume - Net to OKEA (unit: kboe/d)

Source: OKEA

Ivar Assen

Gjoa

Draugen

Share of gain 26 MB from OKEA

Year production and sales nearly achieved the target

o Lower production in Q4 due to maintenance, well shut-in and SEGAL capacity

Generated a solid cash flow of NOK 2,111 million from operations

But performance was softened by

o Drill through exploration well

o Impairments of Technical Goodwill on Gjøa from lower gas price

o Higher interest expense and FX loss from the USD appreciation against NOK

IPO listing resulted in Gain from changes in investment interest 82 MB

FY 2019 Natural Resource Business Group Acc. EBITDA -36 MB (-131% YoY)

Group performance was mainly contributed by OKEA result sharing

- Nido’s operating asset was divested and the group recorded profit 78 MB in 2018

Gain on foreign exchange forward contract 118 MB (75 MB in 2018)

Table of Content

FY2019 Financial

Performance

02BusinessUpdates

03Appendix

04FY2019

PerformanceUpdate

01

12

FY2019 Highlights

13

Acquisition of NamSan 3A Power Sole Co., Ltd (69 MW Hydro power plant) in Laos 5,352 MBOperation

Dividend paid 1,279 MB (0.16 ฿/share every quarter), paid to BCP 897 MBFinancial

Activities

COD of wind power plant project, Lomligor 9 MW

Change in TFRS 15: Revenue from Contract with Customers

Effecting in the sales of steam according to the Minimum take or pay contract of an associated company’s group in Indonesia (Decreased in investment in asso., R/E and NCI)

Accounting Standard

Refinery Operation

Hydrocracking Unit shutdown for maintenance (19 July - 19 Aug 19)

Financial Activities

Perpetual debentures: 10,000 MB with callable option at YE 5th

Treasury stock: ≤ 2,100 MB or 70 M.shares (≈ 5% of total shares) from 6 Dec 19 – 5 Jun 20As of 30 Dec 19 16.5 M.shares (1.2% of total shares), accounting for 432MB were executed

Dividend paid 1,377 MB (0.50 ฿/share for 2 times)

Regulation Labor Protection Act: Severance payment of 400 days for employees with ≥ 20Yr experience with company, added 140 MB cost to consolidated result

BCPT’s sales expanded from expanding market and trading volume

BBGI’s performance significantly improved from overall operation

Market GRM decreased & Inventory loss 1,253 MB (incl. reversion of LCM 689 MB)

Other subsidiaries

Operation

REVENUE

• BCP revenue decreased slightly from petroleum-related business group

o Even the total sale volume rose, but lower selling price

o BCPT revenue increased mainly from expanding market and trading volume

Statement of Income - Consolidated

14

Statement of Income (Unit: MB) FY2018 FY2019

Revenue 192,025 190,489

Cost of goods sold (180,594) (180,257)

Gross Profit 11,431 10,232

Interest income and dividend income 55 158

Other income 1,260 337

Selling and administrative expenses (7,421) (7,615)

Gain (loss) from oil hedging contract (442) 147

Gain (loss) from FX forward contracts 162 13

Gain (loss) on foreign exchange 415 614

Loss from impairment of assets (441) (34)

Share of profit of associate and JV 254 404

EBIT 5,273 4,257

Finance costs (1,545) (1,701)

Income tax expense (493) (68)

Profit for the period 3,235 2,488

Owners of the Company 2,463 1,732

Non-controlling interests 772 757

Earnings per share (Baht per Share) 1.79 1.18

FY2018 FY2019

Average selling price (THB/L) 22.2 20.4

Sales Volume (ML) 7,593 7,892

GROSS PROFIT

• Operating GRM was weakened as crack spreads declining across the board

• The fluctuations in cost, oil prices and higher B100 price, were the main

reason for the reduction in marketing business gross profit

(Unit: $/BBL) FY2018 FY2019

Operating GRM 7.10 5.41

Inv. G/L (1.23) (0.98)

Hedging (0.27) 0.11

Accounting GRM 5.61 4.55

Statement of Income - Consolidated

Bangchak Corporation Plc. 15

Statement of Income (Unit: MB) FY2018 FY2019

Revenue 192,025 190,489

Cost of goods sold (180,594) (180,257)

Gross Profit 11,431 10,232

Interest income and dividend income 55 158

Other income 1,260 337

Selling and administrative expenses (7,421) (7,615)

Gain (loss) from oil hedging contract (442) 147

Gain (loss) from FX forward contracts 162 13

Gain (loss) on foreign exchange 415 614

Loss from impairment of assets (441) (34)

Share of profit of associate and JV 254 404

EBIT 5,273 4,257

Finance costs (1,545) (1,701)

Income tax expense (493) (68)

Profit for the period 3,235 2,488

Owners of the Company 2,463 1,732

Non-controlling interests 772 757

Earnings per share (Baht per Share) 1.79 1.18

OTHER INCOME

• Less special item than 2018 (gain from selling 2 power plant projects to IFF

793 MB was recorded)

SELLING AND ADMINISTRATIVE EXPENSES

• Increased in employee expense and depreciation & amortization

SHARE OF PROFIT OF ASSOCIATE AND JV

Star Energy Group Holdings Pte. Ltd 328 MB

Petrowind Energy Inc. 27 MB

Bongkot Marine Services 32 MB

Ubon Bioethanol Plc. (9) MB

OKEA ASA 26 MB

404 MB

10

,20

1

8,7

09

2018 2019

EBITDA

Statement of Income - Consolidated

16

Statement of Income (Unit: MB) FY2018 FY2019

Revenue 192,025 190,489

Cost of goods sold (180,594) (180,257)

Gross Profit 11,431 10,232

Interest income and dividend income 55 158

Other income 1,260 337

Selling and administrative expenses (7,421) (7,615)

Gain (loss) from oil hedging contract (442) 147

Gain (loss) from FX forward contracts 162 13

Gain (loss) on foreign exchange 415 614

Loss from impairment of assets (441) (34)

Share of profit of associate and JV 254 404

EBIT 5,273 4,257

Finance costs (1,545) (1,701)

Income tax expense (493) (68)

Profit for the period 3,235 2,488

Owners of the Company 2,463 1,732

Non-controlling interests 772 757

Earnings per share (Baht per Share) 1.79 1.18

Unit: MBYoY -15%

YoY – Adj. -10%

Inv. Loss* 1,594 MB

Other incomes** 793 MB:

Adjusted EBITDA11,002 MB

Inv. Loss* 1,161 MB

Adjusted EBITDA9,870 MB

* Inventory Loss included LCM** Profit from selling BCPG’s assets to an infrastructure fund in Japan

Statements of Financial Position - Consolidated

17

Current Assets (+0.1%)

• Cash and Cash Equivalents

• Accounts receivable

o BCPT had higher product price and trading volume

• PP&E

o Mainly from investing in BCP 3E project 4,074 MB, BCPG power plants

1,478 MB and BBGI ethanol expansion 1,101 MB

o Depreciation 4,478 MB

• Inventorieso Volume rose and reversion of LCM 689 MB, even the unit price declined

Inventory 2018 2019

Crude (Volume MBBL) 3.2 3.3

Crude ($/BBL) 70.5 70.1

Product (Volume BBL) 1.8 2.2

Product ($/BBL) 76.7 72.7

Non Current Assets (+13%)

• Other Non Current Assets

o Loan to LAC 837 MB and investing in startups 254 MB

o Goodwill & Intangible Asset increased 5,154 MB from

acquisition of Hydro power plant (BCPG)

9%

30,896 37,583

48,877

52,584

3,680

5,184 15,135

15,835 6,969

9,038 11,813

7,564

31 Dec 18 31 Dec 19

Cash & Cash Equivalents

Other Current Asset

PP&E

Other Non Current Assets

127,788

Accounts Receivable

Inventories

117,369

49,538 58,815

7,300

9,133

50,464

48,041

3,387

1,242 6,680

10,556

31 Dec 18 31 Dec 19

117,369

127,788Account Payable

Interest Bearing Debt

Equity

Excise Tax & Oil Fund

Other Liabilities

Unit: MB

Statements of Financial Position - Consolidated

18

9%

30,896 37,583

48,877

52,584

3,680

5,184 15,135

15,835 6,969

9,038 11,813

7,564

31 Dec 18 31 Dec 19

Cash & Cash Equivalents

Other Current Asset

PP&E

Other Non Current Assets

127,788

Accounts Receivable

Inventories

117,369

49,538 58,815

7,300

9,133

50,464

48,041

3,387

1,242 6,680

10,556

31 Dec 18 31 Dec 19

117,369

127,788Account Payable

Interest Bearing Debt

Equity

Excise Tax & Oil Fund

Other Liabilities

Unit: MB

Liabilities (+13%)

• Accounts payable o Crude purchase in Dec 2018 was less than the usual level

• Excise tax and oil fuel fund payable

o The Excise department has shortened the payment term

Interest Bearing Debt (-5%)

• BCP bond repayment 4,000 MB

• Loans from financial institutions increased by 1,525 MB

o mainly from BCPG’s Hydro power plant acquisition

Equity (+19%)

• Perpetual bond issuance 9,941 MB• Treasury shares 432 MB• Other components of equity decreased 751 MB

o Differences in net fair value change in available-for-sale investment

(LAC) increased 5 MB

o Loss in translating financial statements 753 MB

o Share of other comprehensive loss of associates 3 MB

19

Beginning Cash11,551 MB

Ending Cash7,276 MB

FX adjustment(182) MB

Cash movement(4,093) MB

2019: Cash movement Unit: MB

Cash Flow - Consolidated

(7,835)

(5,506)

(5,897)

(10,953) 10,000

8,899

6,857

342

Debt Service

PP&E

Inv. in Sub & Asso.

Dividend & Tax paid and Others

Others

Cash from Operation

Perp bond

Funding

Uses of Cash

Sources of Cash(30,191)

26,098

Table of Content

FY2019

Financial

Performance

02Business

Updates

03Appendix

04FY2019

Performance

Update

01

21

2020 Performance Target

8,709

2019 2020(F)

EBITDA +20%

Accounting EBITDA (unit : THB million)

Marketing

• Retail sales to outpace market & Maintain 2nd rank market share

• To manage Marketing Margin at 70-80 st./litre

• Expedite sales of profitable products

Refinery & Trading

• Target crude run at 106 KBD due to TAM 40 days

• GRM to be closely managed and actively engaged

• 3E completion and maximizing benefit from rocket project

• BCPT to increase 50% trading volume

Power Plant

• Full year recognition from Lomligor and hydro power plant (Namsan 3A&3B)

• New acquisitions in CLMV and other regions focusing on operating assets

Bio-Based Product

• Capture B100 demand benefits

• To prepare for E20 mandate as base product

• Plan to submit IPO filing

Natural Resources

• Seek out growth both organically and inorganically

• Develop downstream for lithium

111

102

113 106

120

2017 2018 TAM 2019 2020 TAM 2021

REFINERY BUSINESS

22

PRODUCTION PROFILE

93%

85%

94%

88%Utilization Rate

Crude Run(Unit: KBD)

2021TAM for 40 Days

115KBDduring the

non-TAM period

2020 Highlights:

Target crude run at 106 KBD due to

TAM 40 days

3E completion

Rocket project realized benefit

IMO positive impact on LSFO

Increase Competitiveness

“Fill up with significant projects

to enhance the refinery

performance and flexibility”

3E project will be completed in 2020

Maximize Value from current assets

“Maximize value via flexibility units

with beyond standard of safety,

environment and community”

Targeting benefit

~900 MB/Year

Expand Trading ActivitiesExpand Trading Activities

Target to

+50% Trading Volume

“Synergize with potential partners to contribute

growth”

2020 Highlights:

Increase service station’s Market Share

Improve profitability

Promote more environmental friendly products

Enhance brand royalty program

Target MK Sales Volume

≈550 ML/MO

Retail sales outpace market

Expand service station network

Promote “Same Store Sales Growth”

+60 stations

Push sales of high margin products

Non-oil partnership enhancement

& New business model

+160 stores

Support

government policy

Promote more

environmental friendly products

369 sites across the country

As of 16 Feb

23

Aim for > 30% EBITDA improvement

Retail Sales CAGR

7% in the last five years

MARKETING BUSINESS

THANK YOU

ir@bangchak.co.th Tel. +662 335 4370, 8663

www.bangchak.co.th

click Investor Relations

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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

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