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Bangchak Corporation Plc.

Roadshow Material

March, 2018

Disclaimer

2

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.


AGENDA

3

1 BCP Overview

2 Appendix


Bangchak Vision, Mission, Core Value

4Bangchak Corporation Plc.

BCP Business Strategies for sustainable business operation


Enhancing energy securityDeveloping business for growth and diversifying risks for secure revenue

Developing the business pattern that benefits society

and the environment

Expanding investment and seeking new source of energy to supply sufficient energy for the business sector and public demand.

Sustainably creating value for the business by increasing the proportion of new-business income with steady returns and low external risks.

Keeping business development in balance among business, social and environmental value.

A ccountability

R esponsibility

T ransparency

E quitable Treatment

V ision to Create Long Term Value

E thics

Bangchak has CG Scoring at Excellent levelBy Thai Institute of Directors

We maintain corporate governance compliance

in 5 aspects

Our milestone of business growth


Established “Bangchak”

1984

SETIPO Listing

1994

2002

StartedBiodiesel Business

2009

Converted to Complex Refinery

Meet Euro IV Standard

2011

2012

Started Solar Power Plant Business

2017

Established Bangchak Retail& launch of SPAR Thailand

2016

BCPG expansion to Wind & Geothermal power plant business

Company name change to Bangchak Corporation Plc.

Established Oil Trading Business

Launched Biofuel Products

Company’s Main Businesses Growth

Green Energy Businesses Expansion

2014

Invested in E&P Business

Acquired Solar Power Plant Business in Japan

7

Management Teams

Mr. Chaiwat Kovavisarach

President & CEO

Mr. Surachai Kositsareewong

SEVPAccounting and Finance

Mr. Yodphot Wongrukmit

SEVPCorporate Management and Organization Development

Group

Mr. Kiatchai Maitriwong

SEVPCorporate Strategic Planning and

Sustainability Development Group

Mr. Bundit Sapianchai

SEVP

President of BCPG Plc.

Mr. Chalermchai Udomranu

SEVPRefinery Business Group

Mr. Somchai Tejavanija

CMO & SEVP Marketing Business Group

Mr. Pongchai Chaichirawiwat

SEVPPresident of BBGI Co., Ltd.


Awards & Recognitions

8

• Platinum Award (2014-2017)in recognition of overall outstanding performance (financial, management, ESG, IR)• Best CEO Award (2017)

• Asia’s Best CEO (2013-2014,2017) • Asia’s Best CFO (2015-2016)• Best IR (2012 - 2017).• Best Environmental

Responsibility (2015-2017)• Asia’s Icon on Corporate

Governance (2015)

Asian Excellence Awards

The Asset Corporate Awards

Asia Pacific Entrepreneurship Award

Outstanding Category, for corporate leaders’ determination and ability to foster constant business growth with corporate governance and socio-environmental responsibility

The Global Good Governance Awards

• Best CEO Platinum Award• Best CSR Excellence

Award (Thailand)• Best Community

Programme Gold Award

Asia Responsible Entrepreneurship

Health Promotion, for Bangchak’s project designed to better the quality of life and health of its refinery’s neighboring families

For 100 Thai corporates which is outstanding in Environment, Social and Governance

• Best Sustainability Awards (2017)

• Thailand Sustainability Investment (2015-2017)

ESG 100 Certificate 2015 - 2016

SET Sustainability Award 2015 - 2017

Thailand ICTExcellence Awards 2017

For companies which successfully use ICT to develop efficiency of internal management systems.

Thailand Quality Class Award (TQC)

honors entities with integrated organized management systems under the National Quality Award guidelines as well as world-standard Quality

CG Awards & TCC Best Awards

CG Award 2015-2016for Bangchak’s business conduct under corporate governance principles

2017

Regional Awards

Local Awards


9

Shareholding Structure

Label NameSubsidiaryAssociated CompanyOther Company


Paid – up Capital 1,376,923,157 Baht

9.98% 61.59%13.59%14.84%

100% - BCP Trading

30% - Bongkot Marine Service

4.95% - Fuel Pipeline Transportation

70.27% - BCPG 100% - BCP Energy International

100% - Nido Petroleum

100% - BCP Innovation

15.9% - Lithium Americas

Data as of Mar 2017

49% - Bangchak Green Net

100% - Bangchak Retail

40% - Oam Suk Social Enterprise85% - Bangchak Bioethanol (Chachoengsao)

70% - Bangchak Biofuel

21.28% - Ubon Bio Ethanol

60% - BBGI Co., Ltd

100% - KSL Green Innovation Plc.

Refinery and Trading Business

Marketing Business

Green Power Plant Business

Bio-based Products Business

Natural Resources Business

Ministry of Finance Vayupak Fund Social Security

Office Public


100% - BCPG Japan Corp.

40% - PetroWind Energy Inc.

33.33% - Star Energy Group Holdings Pte. Ltd,

100% - Bangchak Solar Energy

Diversified Portfolio: A balanced earnings engines

10

Core Engines – to realize full potential

Marketing Green Power Plant

Second Largest Market Share in Thailand

Extensive retail network, with non-oil business a key competitive advantage

Integration with refinery provides benefits

Complex Refinery with Integration

On-going value enhancement projects resulted in improvement

in normalized utilization rate with minimal unplanned

shutdown time

Secure a sustainable and environmentally-friendly

business platform

Balanced mix of green power generation assets across solar,

wind and geothermal

Bio-Based Products

Optimizing oil products value chain

And to develop the largest bio-based product producers in

Thailand

Green Energy Engines

Refinery

BCP Market Cap : 1.7 bn. USD

Market Cap : 1.3 bn. USD

70% holding 60% holding (currently)

To be listed in SET : Q4/18


Current Core Earning Engines

1111

MarketingSecond Largest Market

Share in Thailand

RefineryComplex Refinery with

Integration


Refinery Business – Going beyond limit

12

BCP Refinery Characteristic

◊ Complex Refinery

◊ Nameplate Capacity: 120 KBD

(10.3% of total refining capacity in Thailand)

◊ Preferred crude : Sweet Crude

◊ Crude Source : Domestic & Regional

Optimize more than 20 different crude sourcesDomestic

13%2%

51%

12%

29%

19%

71%

3%LPG

Gasoline

Jet

Diesel

Fuel Oil

UCO

Import

Domestic

Crude Sourcing Product YieldProduct Yield

2017 2017

TAM = Turnaround Maintenance Period

Production Profile


ActualCrude Run

61%

83%

72%

94%

84%

93%

Y2012 2013 2014 2015 2016 2017

99KBD

(TAM) (TAM) (TAM)

74KBD

86KBD

113KBD

101KBD

111.28 KBD

Utilization Rate

Refinery Business – Going beyond limit


8.345.88 6.96

9.055.99 6.38

0.81

0.710.48

-0.33

0.08 0.25

-0.84

1.06

-5.30-3.07

0.45 0.60

2012 2013 2014 2015 2016 2017

Inventory Gain Loss

Oil Hedging

Market GRM

Accounting GRM

GRM Performance

Unit: $/BBL 8.31 7.66

2.15

5.65 6.357.23

*GRM performance include Export & Wholesale Margins

Dubai Crude oil price

Unit: $/BBL

107.51 106.78

74.37

40.6848.25

59.31

Very low sulfur content in BCP Fuel Oil allows us to get premium over market price and take advantage over future demand to comply to International Maritime Organization’s new emission control

Production Profile after 3E project

FY16 FY17 E FY18 E FY19 E FY20 E FY21 E

Previous Optimal

105-110 KBD

130+New Optimal

Unit: KBD

101

TAM

111

TAM

Refinery - On-going value enhancement projects

14

3E Project: Efficiency, Energy and Environment

Debottlenecking for higher crude run

Cost saving & self reliance on energy consumption

Flexible Product Yield to capture demand

Extended (36 mths) interval between TAM

And shorten TAM period

YES-RProject

3E Project

Y2016 Y2018 Y2019 Y2020

EPC Award(Q1/18)

Completion

EPC Award(Q1/18)

Completion

EPC AwardCompletion

Co Generation Power Plant #3 (≈12 MW) Benefit ≈0.20 $/bbl

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

Higher Gas oil / Gasoline

Lower Fuel oilTAM

Completed in 2017

300

400

500

600

700

800

900

1000

Distribution Channel – Retail Market as main priority


Push forward higher sales volume through the highest margin channelUnit: Million Litre / Quarter

Total Sales Volume

Retail Market(Service Stations)

IndustrialMarket

Total Sales Volume

Unit: % Portion of total sales volume in 2017

28%

49%

RetailMarket

IndustrialMarket

Marketing Business

3,820 ML

2,196 ML

0.87 0.730.98 0.99

0.990.97

0.340.23

0.31 0.41 0.46 0.43

2012 2013 2014 2015 2016 2017

Net Industrial Margin

Net Retail Margin

Marketing Margin

Unit: THB/Litre 0.65

0.52

0.74 0.76 0.79 0.77

Total Marketing Margin

Bangchak Service Station - Retail Market is the priority


service stations as of December 20171,114

Standard Type 499 sites

COOP Type 615 sites

Market Share (Retail Channel)

Sales volume market share steadily grew despite intense competition

302348

392435

479510

414 416 416450 464 452

2012 2013 2014 2015 2016 2017

BCP Standard AVG Major OilThruput per station

(K.Litre/Station/Month)

Several initiatives to boost BCP’s thruput:

optimize current network partnership with SPAR new premium products

*AVG Major Oil : PTT, ESSO, SHELL, CALTEX

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%

BCP service station & non-oil roll out plan

300

1,000 Storesby 2022

Service Stationsby 2022 1,400 Stores

by 2022

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

Bangchak Corporation Plc. 17

446 stores

As of 2017

33 stores

As of 2017

Green Energy Engines

1818

Bio - Based ProductsOptimizing Oil Products

Value Chain


Balanced mix of green

power generation assets

Green Power Plant

Green Power Plant – Diversified Green Power Plant Capacity

Thailand

Operating : 130 MWac

Developing : 9 MWac

Japan

Operating : 30 MWac

Developing: 121 MWac

Philippines

Operating: 14 MWac

Developing: 6 MWac

Indonesia

Operating: 158 MWac

Developing: 24 MWac

geothermal

solar

wind

“Stable & Reliable cash flow stream”

Currently has total capacity of 332 MWac

and target to achieve capacity of 492 MWac by 2022


Electricity GenerationUnit: Million kWh

33

127

232263 254 265

1941

2012 2013 2014 2015 2016 2017

Thailand Japan

* Wind & Geothermal contributes to BCPG income as profit sharing from associated companies

Green Power Plant – Diversified Green Power Plant Capacity


Country Thailand Japan Philippines Indonesia

Power Source Solar Solar Solar Solar Solar Solar Wind Geothermal

Scheme Adder Co-op 1 Co-op 2 FIT 40 JPY FIT 36 JPY FIT 32 JPY FIT 7.4 PHP FIT

Yield(kWh/kWp)

1,450 – 1,650 1,100 – 1,280 3,000 – 3,500 8,000 – 8,700

Operating hours 4 – 4.5 3 – 3.5 8.4 – 9.6 22 - 24

Tariff (THB/kWh)

11.5 5.66 4.12 13.6 12.2 10.9 5.4 3.2

Investment (THB/MW)

90 50 42 100 - 120 129 155

Revenue (MB/MW)

17 8 6 15 13 12 19 26

Investment IRR >20% >20% 12 –15% >20% 15 –20% 10 –15% 12 –15% 12 –15%

Bio-Based Products: A New Value Creation Engine

21

Leading bio-based product player in Thailand to be IPO


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

60% 40%

Key Strategies

Strong partnership with KSL, one of

the largest sugar producer in Thailand

To be the largest capacities with

different types of raw materials to

capture cyclical products

Registered Capital 2,532 THB Million

Current Shareholding Structure

BBGI – Expansion Plan and Potential Project


Current Business

Ethanol business

Capacity 150,000 Lt./dEfficiency Improvement

Ethanol business

Capacity 350,000 Lt./d

KSLGI-BoPloy Capacity Expansion (200->300 kL/D)

KSLGI-Nampong Capacity Expansion (150->350 kL/D)

New Business

Value-added Products

Ne

w P

rod

ucts

Ca

pa

cit

y E

xp

an

sio

n

22

Resources Business – E&P Business

Focusing on Rationalization& Cost cutting program

23

“ Bangchak holds 100% shares ”


1,2

86

99

6

82

1

1,1

94

1,0

79

84

7

2015 2016 2017

sales volume

production

Production & Sales VolumeUnit: K.BBL – Net to Nido

Net oil reserve for producing oil field (Galoc) 1P = 1.29 MMstb2P = 1.68 MMstb

Business Structure & Growth

24

EBITDA PerformanceUnit: THB Million

Marketing

Power Plant

Refinery

Bio-based

5,5646,336

285

5,0975,756

7,596

1,7831,366

2,263

2,497

2,527

2,301

422

1,388

2,572

3,0052,559

3,088

379

303

355 326

529

2012 2013 2014 2015 2016 2017

Profitability Performance

4.70% 5.07%

2.82%

7.33%7.85% 7.94%

EBITDA Margin

Diversifying business to promote stability and growthWhile improving efficiency of current earning engines

5,162

11,08111,363

13,663

7,770

9,463


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

26

*CAPEX not included BCPG

14,000THB million

27

Financial Position (Consolidated)

Credit Rating

Assets(THB Million)

Liabilities & Equity (THB Million)

Current Ratio (Times)

Net IBD/E Ratio (Times)

0.42

0.670.59

0.38

0.59

2013 2014 2015 2016 2017

2.222.86

3.22

1.69 1.52

2013 2014 2015 2016 2017

Long-Term Debt Portion (THB Million)

Long-Term Loan 22,867

Debentures 13,990

TOTAL 36,857

Debentures15%

L/T Loan85%

Debentures48% L/T Loan

52%

Debentures38%L/T Loan

62%

Unit: THB Million


44% 39% 40% 40%

192%

66% 52% 47%

0.50 0.650.35

0.60 0.601.00 0.80

1.050.55

1.00

0.900.75

0.40

1.001.00

1.10

2.40

4.24

3.10

3.38

0.51

3.01

3.47

4.20

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

Historical Dividend

28

Dividend Policy: ≥ 30 percent of net profit after deduction of allocation of legal reserve

Dividend Payment : Unit THB per Share

1.05

1st Half 2nd Half Dividend Payout

1.65

1.251.35

1.00

2.00

7.13% 8.53% 5.23% 3.94% 3.21% 5.87% 5.74% 5.99%Div Yield

14.74 19.34 23.89 34.29 31.13 34.08 31.38 35.88Share Price*(Baht/Share)

EPS

Y2010 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 Y2017

*average share price of the year

1.80


2.15

THANK [email protected] Tel. +66 2335 4390 / 8518 / 8663

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

Other

31

Thailand Petroleum Price Structure

• By the use of Excise Tax, Municipal Tax, Oil Fund, and Energy Conservation Fund, the government sets the retail price.

• When there is a change in global oil price, the result will be reflected in the change of Ex-Ref. price, while the retail price

will be monitored and adjusted by government via taxes, and funds.

UNIT : BAHT/LITRE EX-REFIN. E. TAX M. TAX OIL CONSV. WHOLESALE VAT MARKETING VAT RETAIL

(AVG) B./LITREB./LITRE FUND (1) FUND PRICE (WS) MARGIN PRICE

ULG 16.2879 6.5000 0.6500 6.3100 0.2500 29.9979 2.0999 2.5815 0.1807 34.86GASOHOL95 E10 17.2012 5.8500 0.5850 0.3500 0.2500 24.2362 1.6965 1.6983 0.1189 27.75GASOHOL91 16.9821 5.8500 0.5850 0.3500 0.2500 24.0171 1.6812 1.6651 0.1166 27.48GASOHOL95 E20 18.1086 5.2000 0.5200 -3.0000 0.2500 21.0786 1.4755 2.5101 0.1757 25.24GASOHOL95 E85 22.4020 0.9750 0.0975 -9.3500 0.2500 14.3745 1.0062 4.6349 0.3244 20.34H-DIESEL 16.8044 5.8500 0.5850 0.0100 0.2500 23.4994 1.6450 1.7249 0.1207 26.99

The prices are as of Mar 22, 2018

Source: The Energy Policy and Planning Office (EPPO)

Tools of Government to control retail price

Appendix

Financial Figures

Profit and Loss (Consolidated)

33

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)

34

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

35

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

36

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)

37

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

bangchak corporation plc.app.pmgasia.com/investasean2018/pdf/bangchak corporation_23032018.pdf ·...

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