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Bangchak Corporation Plc.

Opportunity Day FY2017

March 15, 2018

FY2017 Performance Summary

BCP Group Portfolios – FY2017 Key Takeaways

Bangchak Corporation Plc. 3

Refinery & Trading

• Crude Run Throughout 2017 meet the target (111 KBD)

• Higher Market GRM

• 834 MB Inventory gain

• Completion of COGEN power plant

Bio-Based ProductGreen Power Plant

• Completed Amalgamation with KSL Green Innovation in Oct’17

• EBITDA +62% YoY despite high inventory loss

Capacity & Regional Expansion

• Additional 17.5 MWCOD of Solar Power Plant

• Invested in Wind power plant (14.4 MW) & Geothermal power plant (158 MW) net to BCPG

Marketing

• Gained Market Share to be at 15.4% for 2017

• Thruput per station significantly surpass AVG major oil

• Higher NPS, paving way to be the most admire brand

EBITDA Performance - BCP Group


Unit: THB Million

EBITDA FY Comparison

5,7567,596

2,527

2,3012,559

3,088326

529

323

286

20172016

Refinery

Marketing

Green Power Plant

Bio-Based Product

Natural Resource

Refinery

Marketing

Green Power Plant

Bio-Based Product

Natural Resource11,363 MB

13,663 MB

4,7735,778

01002003004005006007008009001,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,2002,3002,4002,5002,6002,7002,8002,9003,0003,1003,2003,3003,4003,5003,6003,7003,8003,9004,0004,1004,2004,3004,4004,5004,6004,7004,8004,9005,0005,1005,2005,3005,4005,5005,6005,7005,8005,9006,0006,100

FY/16 FY/17

Unit: THB Million

Net Profitattributable to owners of the Company

3.47 4.20

Unit: THB/Share

EPS

*Operating EBITDA = EBITDA exclude inventory gain/loss

BCP Group Portfolios


Bio - Based Product Natural ResourceGreen Power Plant

Refinery Marketing

Refinery Business – Going beyond limit


37%29% 22% 26%

40%29%

63%71% 78% 74%

60%71%

Q1/17 Q2/17 Q3/17 Q4/17 . 2016 2017

10% 15% 10% 15% 14% 13%

2%2%

3%2% 1% 2%

51%50% 52%

51% 52% 51%

13% 12% 13% 9% 11% 12%

20% 17% 20% 19% 19% 19%

3% 2% 3% 3% 3% 3%

Q1/17 Q2/17 Q3/17 Q4/17 . 2016 2017

Production Profile

Actual Crude Run Unit: KBD

TAM

Product Yield

LPG

Gasoline

Jet

Diesel

Fuel Oil

UCO

Maximize high value product

Crude Sourcing

Diversify Crude Sourcing: Satisfactory GRM regardless of the changing crude sources

Domestic

Import

Maintaining High Crude Run Throughout the year

(TAM)

101.39

111.37

2016 2017

2017 Target111 KBD

Avg Mar’ 17 121.6 KBD

Record High Crude Run

Refinery Production slightly beat the target

And hit daily record high of 126 KBD in Mar’ 17

Q4/17 = 111.68 KBD

TAM

-10

-5

0

5

10

15

20

Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17

Refinery Business – Going strong


Refinery EBITDA

Unit: THB MillionUnit: THB Million

GRM Performance

Unit: $/BBL

Higher product crack spreads result in higher Market GRM

Unplanned Shut Down effect GRM

Completion of COGEN power plant benefits in electricity costs reduction and plant reliability

Oil Hedging gain 348 MB & Inventory gain 834 MB

BCP Trading Pte. Ltd. contribute EBITDA 37 MB

Bongkot Marine Services Co., Ltd. Contribute EBITDA 4 MB

FY17: Performance going strong

Crude Price & Crack Spreads ($/BBL)

5,756

7,596

2016 2017

DB

DTD/DB

GO/DB

UNL95/DB

FO/DB

-1

0

1

2

3

4

0

20

40

60

80

Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17

7.07 6.38 6.665.40 5.99 6.38

0.03 0.63 0.20.13 0.08

0.25

0.86

-2.82

1.32 3.220.45 0.60

7.96 4.18 8.18 8.75 6.53 7.23

Q1/17 Q2/17 Q3/17 Q4/17 2016 2017

Inventory Gain / Loss

Oil Hedging

Market GRM

Distribution channel – Retail market is our main priority


Total Sales Volume

235251

259

284

307

334

163

181 186 179190 184

4564 47 51

86

585569

92 93

82

112

0

50

100

150

200

250

300

350 Unit: Million Litre / Month (monthly AVG in the quarter)

Total Sales Volume Retail Market

Industrial Market

Wholesales

Exports

Unit: % Portion of total sales volume in FY2017

9%

28%

49%

14%

RetailMarket

IndustrialMarket

Wholesales

Export

Marketing Business

3,820 ML

2,196 ML

707 ML

1,121 ML3,609

2,180

807 934

3,820

2,196

7071,121

0

1,000

2,000

3,000

4,000

Retail Industrial Wholesales Export

2016

2017

Unit: Million Litre

(+6%)

2,527 2,301

2016 2017

Marketing Performance – Retail market is our main priority


Marketing EBITDA

Unit: THB Million

Retail sales volume grew 6%, higher than industrial growth (3.7%), proving successful marketing strategies, and synergy with non-oil businesses

Marketing Margin slightly declined from the intensifying competition and higher lubricant production costs

Market share continue to increase to 15.4%, with significant leap in NPS score

Bangchak Retail still in starting up period, hence temporarily contribute negative EBITDA, but to gain economies of scale in the future

FY17: Retail Market continue to grow

Net Marketing MarginUnit: Baht/Litre

1.00 1.060.94 0.88

0.99 0.97

0.580.43

0.33 0.370.46 0.43

Q1/17 Q2/17 Q3/17 Q4/17 2016 2017

0.84 0.830.73 0.70

0.79 0.77

Net Retail Margin

Net Industrial Margin

Marketing Network – Increasing Market Share & Thruput per station

10

Market Share (Retail Channel)

Jan-Dec’16 Jan-Dec’17 ∆

37.0% 36.4%

15.1% 15.4%

12.9% 12.4%

12.8% 13.0%

8.2% 9.5%

1.5% 1.6%

5.6% 5.1%

4.9% 4.6%

1.8% 1.8%

Bangchak Corporation Plc.

15.2%

15.6%

14.9%

15.5% 15.6%

15.4%

15.4%

16.2%

15.8%15.7%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2017 2016

Monthly Market Share (Retail Channel)

15.4%

Bangchak Service Station - Greenovative Experience


Standard Type 499 sites

COOP Type 615 sites

+62 New Service Stations

FY2017

service stations as of December 20171,114

+53 sites

+9 sites

Bangchak Non-Oil Business – Progression


446

FY2017

+62 branches

branches

branches

FY2017

+27 branches

33 stores

stores

BCP Group Portfolios


Bio - Based Products Natural ResourceGreen Power Plant

Refinery Marketing

Green Power Plant – Growing Capacity


125 130

20 30

158

14

2016 2017

Operating Capacity (MWac)

Solar

Solar

Geothermal

Wind

145

332

40% PetroWind Energy, Philippines

Investment: 26.49 MMUSD (918 MB)

Capacity net to BCPG: 20 MWac (14.4 MW operating)

33.33% Star Energy Group Holding, Indonesia

Investment: 355.69 MMUSD (11,956 MB)

Capacity net to BCPG: 182 MWac (158 MW operating)

2017 Highlight

Additional COD of Solar Power Plant both in Thailand & Japan (capacity +17.5 MWac)

2,559

3,088

2016 2017

Green Power Plant EBITDAUnit: THB Million

Bio-Based Product Business – to become a new growth engine


Bio-Based Products EBITDA

FY17: Turnaround and ready to grow

Biodiesel Business

810 kl/day, Palm

Operates under BBF BBGI holds 70%

Ethanol Business

200 kl/day, Sugar cane

Operates underKGI-BP

BBGI holds 100%

Kanchanaburi

Khonkaen

Ubonratchatani

Ayudhaya

ChachoengsaoBangkok

Operates under BBE BBGI holds 85%

Ethanol Business

150 kl/day, Casava

Ethanol Business

400 kl/day, Casava

Operates under UBE BBGI holds 21%

Operates under KGI-NP BBGI holds 100%

Ethanol Business

150 kl/day, Sugar cane

Accounting EBITDA +62% YoY despite inventory loss

Amalgamation between BBH & KSL GI completed on 31 Oct’17 and result from KSL Green Innovation start to contribute from Nov - Dec’17 at 21 MB

Together as a group, ethanol production capacity now the 2nd largest in Thailand

Profit Sharing from UBE 62 MB

Leading bio-based product player in Thailand after amalgamation

326

529

2016 2017

Unit: THB MillionUnit: THB Million

Bio-Based Product Business – Biodiesel business back on good track


Better performance from higher sales volume and

higher production volume

Utilization Rate 83% of 810,000 Lt./day capacity

B100 business continue to book inventory loss of

224 MB but operating EBITDA was growing +19%

Bangchak Biofuel

51 61

63 69

14

9

24

5

53 61

63 72

21

5

24

9

Q1/17 Q2/17 Q3/17 Q4/17 2016 2017

Production

Sales Volume

Biodiesel Plant: Production and Sales Volume

B5-B7

B3-B7

262 260

2016 2017

BBF EBITDAUnit: THB Million

Unit: Million Litre

15

20

25

30

35

40

45

CPO B100

CPO vs B100 Price

THB/Kg. THB/Lt.

Bio-Based Products – Ethanol business performance growth as planned

17

11.4

8.3 1

1.9

12.1

11

.5

43

.6

10.7

8.6 11.1

12.3

11

.1

42

.7

Q1/17 Q2/17 Q3/17 Q4/17 2016 2017

Production

Sales Volume

Production and Sales Volume

Unit: Million Litre

Bangchak Bioethanol

BBE full year performance contribution

Utilization 80% of capacity 150,000 Lt./Day

Ethanol from Cassava still benefit from the lower

raw material cost

42

228

2016 2017

BBE EBITDA

Unit: THB Million+443%

KSI Green Innovation

39 44

3742

KGI-Nampong KGI-Boploy

Production

Sales Vol

Unit: Million Litre

Production and Sales Volume

KGI Nampong & KGI Boploy are both molasses based ethanol plant

KGI Nampong - Utilization 71% of capacity 150,000 Lt./Day

KGI Boploy - Utilization 60% of capacity 200,000 Lt./Day

53.0349.68 50.43

59.31

41.43

53.14

Natural Resource Business - Nido Petroleum


Selling price higher from DB price recovery

Nido Sales Volume was lower corresponding to the Natural-Decline Production Curve

Cost reduction program still implemented

Impairment loss totaling of 1,528 MB mainly from impairment of Gurita area and impairment from cease development of Mid-Galoc area

FY17: Managing existing assets

Nido Petroleum EBITDA

Unit: THB Million

203

207

204

207

996

821

229

214

208

196

1,0

79

847

Q1/17 Q2/17 Q3/17 Q4/17 2016 2017

sales volume

production

Dubai Price ($/BBL)

*Production of Galoc & Nido / Matinloc

Production* (Unit: K.BBL – Net to Nido)

323 295

2016 2017

FY2017 Financial Performance

BCP Financial Highlight


Unit: THB Million 2016 2017

Assets 101,783 114,110 +12%

Liabilities 57,874 61,979 +7%

Shareholder’s Equity 43,909 52,132 +15%

Net Profit* 4,773 5,778 +21%

EPS (THB/Share) 3.47 4.20

2016 2017

78,349 77,922 -1%

41,137 37,439 -9%

37,212 40,483 9%

4,502 6,152 +37%

3.27 4.47

Consolidated Company Only

* Attributable to owners of the company

Important Events in 2017


1. Bio-based Product business group restructuring & Amalgamation

Paid up capital 2,532 MB

BBH KSLGI

BCP KSL

60% 40%

BBGI

Amalgamation between BBH & KSLGI

Impact to Balance Sheet:

Consolidated:

• Asset: Goodwill 1,602 MB

• Equity: Surplus from amalgamation 1,170 MB

Company Only:

• Established subsidiaries, BBH with paid-up capital of 1,700 MB

• BCP divested the investments in subsidiaries to BBH, recognized gain 248 MB



2. E&P Business Impairment Loss

• Future oil prices is still continuing to fluctuate

• Group concluded to cease the development plan in Mid-Galoc because the development is not commercially viable

Consolidated:

• Nido Assets Impairment 1,528 MB

Company Only:

• BCPE Investment Impairment 1,239 MB

3. Increase shareholding in Lithium America Corp. (LAC)

• Additional share purchase value 42.50 M CAD

No. of shares increased to currently 14.03 M shares, 16.1%

• FY2017 LAC share price increased result in Unrealized Gain (OCI) 2,722 MB



4. BCPG Investment in Associated Companies (Wind & Geothermal Power Plant)

5. Corporate Income Tax Return

6. Loan Restructuring

• 40% PetroWind Energy, Philippines Investment: 918 MB

• 33.33% Star Energy Group Holding, Indonesia Investment: 11,956 MB

• Tax returns 897 MB from the corporate income tax in 2007, 2009 and 2010

• Interest income from the tax return 401 MB (booked as Other Income)

• Mainly reduced from BCP loan restructuring

• Debenture Repayment of 2,000 MB

• USD loan Repayment of 100 MUSD

• Mainly increased from BCPG loan drawdown of 150 MUSD

Statement of Income - Consolidated


Gross Profit +14% Mainly increased from

• Refinery, with +0.70$/BBL better GRM, included 834 MB Inventory Gain

• Biodiesel recorded Inventory Loss 224 MB

Remark:

Other Income +216% Mainly increased from

• Interest income from the corporate tax return 401 MB.

• Income from construction delay compensation of 175 MB

• BCPG recorded a gain from bargain purchase of 137 MB from the settlement of deferred payments with SunEdison

SG&A +17% Increased from:

• higher depreciation

• HR-related expenses

• Office expenses

Statement of Income FY2016 FY2017

Revenue 144,705 172,138

Cost of goods sold (132,809) (158,596)

Gross Profit 11,896 13,543

Investment income and dividend income 191 156

Other income 343 1,085

Selling and administrative expenses (6,135) (7,164)

Exploration and evaluation expense (60) (48)

Gain (loss) from oil hedging contract 107 366

Gain (loss) from FX forward contracts 39 (225)

Gain on foreign exchange 237 889

Loss from impairment of assets 37 (1,518)

Share of profit of associate and joint venture 21 815

Gain (loss) from purchase price negotiation 227 -

EBIT 6,902 7,898

Finance costs (1,484) (1,452)

Income tax expense (689) (41)

Profit for the period 4,729 6,405

Owners of the Company 4,773 5,778

Non-controlling interests (44) 627

Earnings per share (Baht per Share) 3.47 4.20

Unit: THB Million

• higher logistic costs from higher sales volume

• lease payment for oil depot and land for service station expansion

Statement of Income - Consolidated


Remark:

Loss on FX forward contracts Mainly increased from

BCPG forward contracts loss of 304 MB from THB appreciation

Gain on Foreign Exchange Mainly increased from

• BCP Net FX gain from operations (oil buying-selling) 416 MB

• BCP Net FX gain from foreign currency liabilities 392 MB

• BCPG FX gain from foreign currency liabilities 72 MB

Statement of Income FY2016 FY2017

Revenue 144,705 172,138

Cost of goods sold (132,809) (158,596)

Gross Profit 11,896 13,543

Investment income and dividend income 191 156

Other income 343 1,085

Selling and administrative expenses (6,135) (7,164)

Exploration and evaluation expense (60) (48)

Gain (loss) from oil hedging contract 107 366

Gain (loss) from FX forward contracts 39 (225)

Gain on foreign exchange 237 889

Loss from impairment of assets 37 (1,518)

Share of profit of associate and joint venture 21 815

Gain (loss) from purchase price negotiation 227 -

EBIT 6,902 7,898

Finance costs (1,484) (1,452)

Income tax expense (689) (41)

Profit for the period 4,729 6,405

Owners of the Company 4,773 5,778

Non-controlling interests (44) 627

Earnings per share (Baht per Share) 3.47 4.20

Unit: THB Million

Share of profit from Associate & JV Mainly increased from

• BCPG investment acquisition in Wind & Geothermal Power Plant (profit sharing totaling of 749 MB in 2017)

Financial Position - Consolidated

26Bangchak Corporation Plc

Unit: THB Million

Current Liabilities

Long Term Debt

Total Equity

Other Non Current Liabilities

(Including current portion of L/T debt)

43,90952,132

3,353

3,470

32,143

36,857

6,168

7,5898,766

10,016

7,444

4,046

31 DEC 16 31 DEC 17

Liabilities & Equity

31 Dec 16 31 Dec 17

11,170

29,770

46,462

48,0492,562

2,734

14,560

15,720

6,022

7,511

21,006

10,325

31 DEC 16 31 DEC 17

Cash and Equivalents & Short term Investment

Other Current Assets

Inventory

PP&E

Other Non Current Assets

101,783

Assets

31 Dec 16 31 Dec 17

Account Receivable

114,110

101,783

114,110

Account Payable

Short term loan



Cash and Equivalents & ST Investment

- 10,681 MB

mainly from cash paid for asset / acquisitions,

debt repayment and dividend payment

Unit: THB Million

2,562 2,734

14,560 15,720

6,0227,511

21,00610,325

31 DEC 16 31 DEC 17

Cash and Equivalents & Short term Investment

Other Current Assets

Inventory

44,150

Current Assets

31 Dec 16 31 Dec 17

Inventory

+1,160 MB

mainly due to petroleum products inventories,

of which its average cost rose

Trade Account Receivable

+ 1,489 MB

from higher finished product sales volume &

price, BCPT’s higher transation volume, and

from amalgamation with KSLAccount Receivable

36,291



Unit: THB Million

PP&E

+1,587 MB mainly from

Refinery machinery, marketing, office equipment increased by 4,309 MB

Work in progress of BCPG Plc. of 654 MB

PPE increase from amalgamation (BBGI) of 1,491 MB

Depreciation for FY2017 of 4,780 MB

11,170

29,770

46,462

48,049

31 DEC 16 31 DEC 17

PP&E

Other NonCurrent Assets

57,632

Non-Current Assets

31 Dec 16 31 Dec 17

77,820

Other Non Current Assets


Investment in Associates and JV increased 13,698 MB (BCPG acquisition in Wind and Geothermal Power Plant)

Additional share acquisition in LAC of 1,089 MB, and net fair value increase in LAC investment of 2,722 MB

Intangible Assets decreased 1,281 MB mainly from Gurita and Mid-Galoc oil field impairment



Short term loan -3,398 MB mainly from repayment of foreign currency loan

Account Payable

+1,250 MB mainly from BCPT’s higher transaction volume

Other Current Liabilities


Excise tax and Oil Fund expense payable which increased

1,968 MB as payment term changed from daily to monthly6,1687,589

8,766

10,016

7,4444,046

31 DEC 16 31 DEC 17

Current Liabilities

31 Dec 16 31 Dec 17

Unit: THB Million

22,37821,651

Current Liabilities

Account Payable

Short term loan



3,353 3,470

32,14336,857

31 DEC 16 31 DEC 17

Non- Current Liabilities

31 Dec 16 31 Dec 17

Unit: THB Million

35,496

40,327

Long Term Debt

Other Non CurrentLiabilities

(Including current portion of L/T debt)

Long-term debt

+4,714 MB

Loan & Debt repayment 4,161 MB

Loan drawdown 8,868 MB (mainly from BCPG)

Increased from amalgamation (BBGI) 400 MB

Decreased from effect of THB appreciation 393 MB



Equities increased mainly from

Retained Earnings +5,778 MB from FY2017 Net Profit

Dividend Payment 2,822 MB (BCP only)

Capital Surplus increased from the effect of amalgamation (BBGI) of 1,170 MB

Other component of equity increased by 2,290 MB from change of FX translation differences for foreign operations and fair value increase in available-for-sale investment

4,366 6,482

25,08527,985

14,337

15,254121

2,411

31 DEC 16 31 DEC 17

Equity

31 Dec 16 31 Dec 17

Unit: THB Million

43,909

52,132

Other Components

Non-controlling Interests

Retained Earnings

Paid up capital, Share premium

and capital surplus

Cash Flow - Consolidated


Beginning Cash19,287 MB

Change in Cash(8,870 MB)

Ending Cash10,106 MB

FX adjustment(310) MB

FY17 Sources and Uses of Cash

Unit: THB Million

14,150 13,388

8,896 5,522

1,999

2,380

296 9,312

3,311 299

Cash From Operation

(CFO)

Selling of ST investment & PPE

Funding

25,341

Sources of Cash Uses of Cash

34,211

Investment in intangible & other assets

Investment in subsidiaries, associates and JV

Dividend, Interest Received, and others

Debt Service & Repayment

Investment in PPE

Dividend Paid

Income Tax Paid

2018 Going Forward

34

Projected Performance 2018

2017

2018 (F)

Power PlantAdditional Solar power plants to commence operation:• TH – 8.94 MW (JV with War Veteran Organization)• JP – 4 MW (Gotemba Project)

Marketing• MK Sales volume planed to grow 5-7% • Expected MKM 0.75 – 0.80 Baht/Litre• Increase +80 new service stations• Grow Non-oil business, Expansion of SPAR & Inthanin Stores

Refinery• Planned 45 days TAM with 2018 crude run ≈100-102 KBD• Expected GRM of 6 – 7 $/BBL• 3E Project will commence the construction of the CCR and

Debottlenecking project• Continue to carry out efficiency improvement programs

Y2018 Substantial Estimation:

Bio-Based Product • Biodiesel plant utilization rate expected at 95%, with

B100 mixing portion at 7% all year • Ethanol (BBE & KSL Green Innovation) – expect to run

production at full capacity• Further investment in value-added business

Projected CAPEX 2018


Investment CAPEX 2018

14,000THB million

*CAPEX not included BCPG

Refinery – 2018 Turnaround Maintenance Plan

Bangchak Refinery TAM 2018 Plan Period: 45 days in Q2/2018

Project Tie-in:

• Continuous Catalyst Regeneration Unit (CCR)• Hydrocracker Unit (HCU)• Crude Distillation Unit (CDU) 3

Refinery - On-going value enhancement projects


YES-RProject

3E Project

Y2016 Y2018 Y2019 Y2020

EPC Award

(Q1/18)Completion

EPC Award

(Q1/18)Completion

EPC Award

Completion

Co Generation Power Plant #3 (≈12 MW)

Continuous Catalyst Regeneration Unit (CCR)

(CCR: Higher Capacity & maintenance cycle extension)

Prepare for Bid Evaluation

Debottlenecking

#1: Hydrocracker Unit (HCU) Revamping

(Higher Optimal Crude Run: Distillate)

Prepare for Bid Evaluation

#2: Debottlenecking CDU & NPU & ISOU & KTU

(Higher Optimal Crude Run: Light & Middle Distillate)

Front end engineering design & invitation to bid

YES-R Project:

Continuous Improvements that focused on reliability, enhanced efficiency, safety, and yield improvement

Automation & Digitalization

Project Timeline

Completed in 2017

BCP service station & non-oil roll out plan


+340 +30

+200 Stores

Service StationsIn 2018+80

In 2018

StoresIn 2018

Network ExpansionFocus on center of demand

Current Network Optimization• Loyalty program improvement

• High quality & Environmental friendly products

• Standardized & Fast serviceCompetency improvement By the help of non-oil businesses

BCPG – Current Projects on hand


Implementation of blockchaintechnology to trade electricity

• Smart Green Community project together with SanSiri Plc. to launch pilot project in Mid-2018

• Peer to peer energy trading within Smart Green Community to launch in late 2018

Existing projects to be COD in 2018

8.94 MW

Solar4 MW

Solar

BBGI – IPO on process


IPO expected around Q4/2018

Current Business

Biodiesel business

Capacity 810,000 L/D

PCM commercial plant

Refined Glycerin

Ethanol business

Capacity 500,000 L/D

BBE Productivity improvement(operating day 313->330)

KGI-BP (200->300 kL/D)

KGI-NP (150->350 kL/D)

New Business

New Potential ProjectsBiodiesel Plant of BBF

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

www.bangchak.co.th

click Investor Relations

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 document does not constitute an offer to sell or purchase any security or engage in any transaction. The information

contained herein has been obtained from sources that Bangchak Corporation Public Company Limited (“BCP”) considers to be reliable;

however, BCP makes no representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information

contained herein. Any projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the

evaluation of the matters described herein; such projections, valuations and analyses may be based on subjective assessments and

assumptions and may utilize one among alternative methodologies that produce differing results; accordingly, such projections, valuations

and statistical analyses are not to be viewed as facts and should not be relied upon as an accurate representation of future events. The

recipient should make an independent evaluation and judgment with respect to the matters contained herein.

Appendix

Financial Figures

Profit and Loss (Consolidated)

43

Unit: THB Million Q4/16 Q3/17 Q4/17 YoY QoQ

Sales revenue 40,481 39,009 46,306 14% 19%

Cost of goods sold (36,704) (35,450) (42,711) 16% 20%

Gross profit 3,776 3,559 3,594 -5% 1%

Investment income and other income 177 283 479 170% 69%

Selling and administrative expenses (2,064) (1,770) (2,332) 13% 32%

Exploration and evaluation expenses (12) (12) (11) -10% -6%

Gain (loss) from selling asset 6 (4) (21) -442% -405%

Gain (loss) from crude and product oil price hedging contract

(66) 86 46 169% -47%

Gain (loss) from foreign currencies forward contract (32) (259) 17 152% 106%

Share of profit of associate and joint ventures 16 420 324 N/A -23%

Gain on bargain purchase 0 0 0 N/A N/A

EBIT 1,800 2,303 2,095 16% -9%

Add back: Depreciation and amortization 1,261 1,277 1,398 11% 10%

EBITDA 3,061 3,580 3,494 14% -2%

Gain on foreign exchange (253) 299 227 190% -24%

Reversal of allowance for gain/(loss) from impairment of assets

31 (1,358) (78) -349% 94%

Finance costs (415) (379) (380) -9% 0.1%

Income tax expense (167) 630 (298) 78% -53%

Non-controlling interests 77 179 181 134% 1%

Profit attribute to owners of the Company 918 1,316 1,386 51% 5%

EPS (Baht/Share) 0.67 0.96 1.01

Profit and Loss (Consolidated)

44

Unit: THB Million 2015 2016 2017 YoY

Sales revenue 151,140 144,705 172,138 19%

Cost of goods sold (139,686) (132,809) (158,596) 19%

Gross profit 11,454 11,896 13,543 14%

Investment income and other income 543 527 1,205 129%

Selling and administrative expenses (5,100) (6,135) (7,164) 17%

Exploration and evaluation expenses 0 (60) (48) -20%

Gain (loss) from selling asset 25 7 35 429%

Gain (loss) from crude and product oil price hedging contract

(407) 107 366 240%

Gain (loss) from foreign currencies forward contract (155) 39 (225) -672%

Share of profit of associate and joint ventures 12 21 815 N/A

Gain on bargain purchase 0 227 0 N/A

EBIT 6,373 6,629 8,527 29%

Add back: Depreciation and amortization 4,708 4,734 5,135 8%

EBITDA 11,081 11,363 13,663 20%

Gain on foreign exchange 178 237 889 276%

Reversal of allowance for gain/(loss) from impairment of assets

(65) 37 (1,518) N/A

Finance costs (1,615) (1,484) (1,452) -2%

Income tax expense (673) (689) (41) -94%

Non-controlling interests (53) (44) 627 N/A

Profit attribute to owners of the Company 4,151 4,773 5,778 21%

EPS (Baht/Share) 3.01 3.47 4.20

EBITDA Structure - Consolidated

45

1/ EBITDA from Refinery Business of the Company, BCP Trading Pte. Ltd. and Bongkot Marine Services Co., Ltd.2/ EBITDA from Marketing Business of the Company, Bangchak Greenet Co.,Ltd., Bangchak Retail Co., Ltd., and share of profit from Oam Suk

Social Enterprise Co., Ltd.3/ EBITDA from Power Plant Business of BCPG Plc. and its subsidiaries 4/ EBITDA from BBGI Co., Ltd. (Bangchak Biofuel Co., Ltd., Bangchak Bioethanol (Chachoengsao) Co., Ltd., KSL Green Innovation Plc.) and share of

profit from Ubon Bioethanol Co., Ltd.5/ EBITDA from Natural Resources business of Nido Petroleum Limited, BCP Energy International Pte. Ltd. and BCP Innovation Pte. Ltd.

EBITDA Structure of the Company and its subsidiaries Q4/2016 Q3/2017 Q4/2017 YoY QoQ

Total Revenue 40,481 39,009 46,306 14% 19%

Accounting EBITDA 3,061 3,580 3,494 14% -2%

Refinery Business 1/ 2,367 2,198 2,256 -5% 3%

Marketing Business 2/ (3) 474 302 N/A -36%

Power Plant Business3/ 568 781 812 43% 4%

Bio-Based Product Business4/ 131 159 132 1% -17%

Resource Business5/ 71 44 16 -77% -62%

EBITDA Others 6/ (0) (35) (30) N/A 13%

Elimination (73) (41) 6 108% 115%

Profit attributable to owners of the Company 918 1,316 1,386 51% 5%

Basic earnings per share (Baht) 0.67 0.96 1.01

EBITDA Structure - Consolidated

46

1/ EBITDA from Refinery Business of the Company, BCP Trading Pte. Ltd. and Bongkot Marine Services Co., Ltd.2/ EBITDA from Marketing Business of the Company, Bangchak Greenet Co.,Ltd., Bangchak Retail Co., Ltd., and share of profit from Oam Suk

Social Enterprise Co., Ltd.3/ EBITDA from Power Plant Business of BCPG Plc. and its subsidiaries 4/ EBITDA from BBGI Co., Ltd. (Bangchak Biofuel Co., Ltd., Bangchak Bioethanol (Chachoengsao) Co., Ltd., KSL Green Innovation Plc.) and share of

profit from Ubon Bioethanol Co., Ltd.5/ EBITDA from Natural Resources business of Nido Petroleum Limited, BCP Energy International Pte. Ltd. and BCP Innovation Pte. Ltd.

EBITDA Structure of the Company and its subsidiaries 2015 2016 2017 YoY

Total Revenue 151,140 144,705 172,138 19%

Accounting EBITDA 11,081 11,363 13,663 20%

Refinery Business 1/ 5,097 5,756 7,596 32%

Marketing Business 2/ 2,497 2,527 2,301 -9%

Power Plant Business3/ 3,005 2,559 3,088 21%

Bio-Based Product Business4/ 355 326 529 62%

Resource Business5/ 472 323 286 -11%

EBITDA Others 6/ (171) 99 (3) -103%

Elimination (173) (228) (134) 41%

Profit attributable to owners of the Company 4,151 4,773 5,778 21%

Basic earnings per share (Baht) 3.01 3.47 4.20

Financial Ratio (Consolidated)

47

1/ Profit and Total equity attributable to owners of the Company

Note: ROE, ROA are annualized figures.

Q4/16 Q3/17 Q4/17 2016 2017

Profitability Ratios (%)

Gross Margin 9.30% 9.12% 7.76% 8.22% 7.87%

EBITDA Margin 7.56% 9.18% 7.84% 7.85% 7.94%

Net Profit Margin 2.44% 3.83% 3.38% 3.27% 3.72%

Return on Equity (ROE) 1/ 12.70% 13.09% 13.57%

Return on Assets (ROA) 7.50% 7.09% 7.31%

Dec 31,2016

Sep 30,2017

Dec 31,2017

Liquidity Ratios (times)

Current Ratio 1.69 1.61 1.52

Quick Ratio 1.10 0.85 0.80

Financial Policy Ratios (times)

Interest bearing debt to Equity (IBD to Equity) 0.86 0.94 0.78

Net Interest bearing debt to Equity (Net IBD to Equity) 0.38 0.70 0.59

Dec 31,2016

Sep 30,2017

Dec 31,2017

DSCR 1.80 2.43 2.50

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