The Bangchak Petroleum PLCinvestor.bangchak.co.th/misc/presentation/20160519-bcp-am-1q2016.pdf · BCP Subsidiaries Geothermal Wind Biomass & Biogas Existing Portfolio 118 MW Fully

The Bangchak Petroleum PLCAnalyst Meeting – 1Q2016

May 18, 2016

AGENDA

2

Performance Summary1

Oil Market Outlook2

Financial Performance Update3

Going Forward in 20164

AGENDA

3

Performance Summary1

Oil Market Outlook2

Financial Performance Update3

Going Forward in 20164

1,829

1,193

2,517

1,324

Target

Accounting

Operating

EBITDA Inventory Loss

Group Performance - Quarterly Result Summary

4

Unit: THB Million

Q1/16 EBITDA Performance

Note: Operating EBITDA is defined as EBITDA excluding Inventory G/L, LCM, and Insurance Claim

Successful TAM as planned

Full supply chain management to optimize

overall benefits

Better than expected performancefrom Marketing Contribution, despite weaker Market GRM

Business Unit EBITDA Performance (Unit: THB Million)

Marketing sales volume continued to grow and

Marketing margin was very satisfied

Weak Market GRM resulted in YoY decline

“Continued Growth Momentum in Marketing Sales Volume”

Accounting Operating Target

Refinery Marketing Solar Power Biofuel E&P

1,1932,517

1,829

+38%over target

BCP Portfolios

5

Refinery Marketing Green Power Plant Biofuel E&P

Refinery Performance – Smooth Operation after Turnaround Maintenance

6

109 114

64

Q1/15 Q4/15 Q1/16

Unit: KBD

Refinery Crude Run

TAM

Note: TAM = Annual Turnaround Maintenance

TAM Period: 45 Days

(February 8 – March 23)

Crude run after TAM = 110 KBD

Product Yield

16% 15% 18%1% 1%

50% 53% 49%

11% 9% 10%20% 19% 19%3% 2% 2%

Q1/15 Q4/15 Q1/16

LPGGasoline

Jet

Diesel

Fuel Oil

UCO

TAM

52 43 33

56 71

31

Q1/15 Q4/15 Q1/16

Domestic

109

Unit: KBD

Crude sourcing

Import

114

64

TAM

Plan level110 KBD

10.19 7.98 5.35-0.42 -0.90

0.82

-5.51 -4.30 -6.41

Q1/15 Q4/15 Q1/16

Market GRM Hedging Inventory Gain Loss

Refinery Performance – Softer Market GRM, Negative Impact from Inventory Loss

Market GRM soften as main products spreads were weak

TAM Completed

Crude cost spread Dated Brent and Dubai (DTD/DB) widening both YoY and QoQ together with main crack spreads;

Gas Oil/Dubai (GO/DB) and Fuel Oil/Dubai (FO/DB) were weak

Soften premium on FOVS due to lower demand

An inventory loss of THB 1,342 Million (included a reversal of LCM of THB 99 Million)

Unit: $/BBL

GRM Performance

0

2

4

0

50

100

Q1/15 Q2 Q3 Q4 Q1/16

Crude Price and Spread ($/BBL)

5

15

25

Q1/15 Q2 Q3 Q4 Q1/16

GO/DB

UNL95/DB

-10

-5

0

FO/DB

Crack Spreads ($/BBL)

DB DTD/DB

AccountingGRM

4.262.78

-0.24

378

698

Target

Accounting

Operating

EBITDA

Inventory Loss

Unit: THB Million

Q1/16 Refinery EBITDA Performance

-645

1,342

0.75 0.90 0.93

Marketing Performance – Marketing Sales Volume Continued to Grow

705

1,041

1,051

10

Target

Accounting

Operating

EBITDA Inventory Loss

Unit: THB Million

Q1/16 Marketing EBITDA Performance

0.95 1.17 1.09

0.480.48 0.68

Q1/15 Q4/15 Q1/16

Unit: THB/Litre

Net MKM Margin

Retail Margin dropped slightly from rising oil price during quarter

Industrial Margin increased as supply tighten from emergency shutdown of other refineries

TotalMKM

Industrial MarketRetail Market

+9% YoY

+13% YoY

+3% YoY

Unit: Million Litre

Marketing Sales Volume

1,4651,3901,344

Industrial MarketRetail Market

Sales Volume Growth Despite TAMLow Oil Prices Driven Demand

Demand improved from retail price drop

The stock of oil products were accumulated before TAM period to maintain overall Marketing sales volume

Full supply chain management to optimize overall benefits

782 851 887

562 538 578

Q1/15 Q4/15 Q1/16

Marketing Performance – Retail Sales Volume Continued its Growth Momentum

9

180

200

220

240

260

280

300

320

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

FY2012

FY2013

FY2014

FY2015

Unit: Million Litre/ Month

Retail Sales Volume

0

100

200

300

400

500

600

Major oil excluding BCP

BCP Standard Type

BCP Co-Op Type

Unit: K.litre/Station/Month

Thruput per station

FY2016

+13% Average YoY Growth

Retail Sales

Volume Growth

+13% YoY+4% QoQ

Refined

Petroleum Products

Export

OIL

Wholesales

Marketing Business

Industrial Customer

Retail Customer

6%

12%

% Portion of Total Sales volume of Q1/2016 = 1,774 Million Litre

32%

50%

Note: Retail Sales portion continued to increase Q1/15 = 44%, Q4/15 = 47%

Unit: Percentage

Market Share (Retail Channel)

37.6%

14.8%12.7%

12.9%

7.5%

5.6%

5.3%1.8% 1.6%

0.2%

2nd

Rank

Jan- Mar 2016

March 2016 = 15%

Marketing Network and Non-Oil Increase Thruput per S/S by Network Expansion and Non-Oil Business Extension

10

Unit: THB Million

Q1/16 Non-Oil Revenue Performance

Non Oil Business

expansion is aimed for widening BCP customer segments for growth

Coffee Store

21 Stores

Fresh Cooking Food

3 Stores

Oil Businessexpansion of service station

+10NEWService Stations

1,074 Service Stations

As of Mar 2016

Growth in both Oil & Non-Oil

New service station in strategic location (High volume area)

Consistently improves quality and appearance of existing

service stations and closes down some stations with less

than target sales volume

Introducing “New Non-Oil” businesses to enhance

Marketing Business growth

Convenience store

365 Stores

164 Stores

43 52 52

Q1/15 Q4/15 Q1/16

+20% YoY-1% QoQ

R&M EarningsMarketing Business Captures a Demand Surge During Low Oil Price Environment

11

Substantial return from Marketing Business contribution helps overall R&M earnings

Refinery Business earning was volatile due to market conditions and Turnaround maintenance (TAM) while Marketing Business triumphant during lower oil prices environment

Marketing sales volume increased 9% YoY and 5% QoQ

Refinery-645

Marketing1,041

Renewable774

E&P22

EBITDA

1,193THB Million

Q1/2016(Actual)

Accounting 798130

-645

740

549 1,041

Q1/2015 Q4/2015 Q1/2016

Unit: THB Million

Refinery and Marketing EBITDA

BCP Portfolios

12

Refinery Marketing Green Power Plant Biofuel E&P

Solar Power Plant – Better than Expected Performance

13

ActualTargetQ1/15 Q4/15 Q1/16

72

6467

65 6668

Total Electricity Sales (Unit: Million kWh)

15

20

25

30

Target Actual

Thailand Portfolio (118 MWac)

Electricity Sales by Country (Unit: Million kWh)

0.0

0.5

1.0

1.5

Jan-16 Feb Mar

Target Actual

Japan Portfolio (11 MWac)

635

628

Target

Accounting

Unit: THB Million

Q1/16 Solar Power EBITDA Performance

Steady steam of cash flow

Higher than expected performance from Thailand Portfolio due to

higher solar irradiation hours.

Regarding operating sites in Japan, its contribution was affected by

costs incurred from construction and development sites. This was a

temporary factor reducing total EBITDA.

648-20Contribution From JP

Contribution From TH

BCPG Progress Update

14

30th June 2015: Establishment of BCPG

Establishment

Completed in December 2015

Restructuring

First filing : 29th March 2016Expected to IPO in 2H2016

IPO

Progress

BCPGGreen Power Plant Investment Stories

Data as of April 2016

BCPG

BCP Subsidiaries

Geothermal

Wind

Biomass & Biogas

Existing Portfolio

118 MWFully Operated

BCPG Japan Portfolio

164 MWFully Operated 11 MW

Solar Power Plant

Strategic Position of BCPG

Develop, Own & Operate

Green Power Plant

Looking for favorable return together

with social & environmental friendly

Broaden opportunities scope outside

Thailand

500 MWIn FY2020

Biofuel – Demand Increased as Diesel Price was Cheap

15

Unit: THB Million

Q1/16 Biofuel EBITDA Performance

89

146

118

Target

Accounting

Operating

EBITDA Inventory Gain

Q1/15 Q4/15 Q1/16

355 367 385405

620705

Daily Production Sales Volume

Building volume for new plant (BBF Plant#2)

Strong demand for B100

Improvement in Biodiesel plant’s efficiency enabled it to raise its average daily production rate

Current BBF sales volume was ≈90% of its expected new capacity

(Existing 360 K. Litre/day + Plant#2 450 K. Litre/day = 810 K. litre/day)

Daily Production and Sales Volume (Unit: K. Litre per day)

Note: EBITDA including a share of profit from Ubon Bio Ethanol (UBE) of Baht 12 million

Biodiesel Plant (BBF)

E&P Performance

16

Unit: THB Million

Q1/16 E&P EBITDA Performance

81

22

Target

Accounting

Production (Unit: KBD)

6.51 5.71 5.57

2.503.19 3.11

Q1/15 Q4/15 Q1/16 Gross Production Net to NIDO

Q1/15 Q4/15 Q1/16

Volumes lifted and

Sold* (bbls)277,165 411,008 202,128

Cargo 2 Cargoes 2 Cargoes 1 Cargo

All prices are on FOB

realized basis

Cargo 4360.16 $/BBL

Cargo 4847.04 $/BBL

Cargo 5031.27 $/BBL

Cargo 4454.44 $/BBL

Cargo 4937.59 $/BBL

Note: The numbers were subjected to change based on the latest lifting/production volume adjustment from the operator

Implement cost cutting plan

Galoc oil filed uptime was 99.93%

Successfully implement cost saving as planned

Use derivatives to hedge against crude oil price volatility

Graph Comparing Nido Selling Price to Dubai benchmark price

2030405060

Q1/15 Q4/15 Q1/16

Dubai Price

Nido AverageSelling Price

$/BBL

2015 ActualQ1/2016

Target2016

Nido Update – Self Revision, Survival Plan Cutting Down Costs

17

NIDO Cash Cost Diagram

Achieved as planned

Through a revise of General And Administrative Expense and Galoc field related cost components (FPSO discount) 41 $/BBL

Oil FieldRelated Cost

33 $/BBL

G&A

32 $/BBL

26 $/BBL 28

$/BBL

30 $/BBLG&A

G&A

AGENDA

18

Performance Summary1

Oil Market Outlook2

Financial Performance Update3

Going Forward in 20164

19

Supply Rebalancing is Well Under Way

681.2

554.4

436.3

2014A 2015E 2016E

Up

stre

am C

apex

($

Bill

ion

)

Others Middle East

United States Global Capex

-126.8(-18.6% y/y)

-118.1(-21.3% y/y)

Upstream CAPEXOPEC11+Russia: in talk on freeze production.

[MBD] 2015 2016 2017 2018

OPEC 11 + Russia freeze 39.8 40.0 40.0 40.0

Iran 2.9 3.3 3.6 3.8

Libya 0.4 0.4 0.5 0.6

US Shale Oil 4.2 3.8 3.8 4.2

Other Non-OPEC &OPEC NGLs

49.1 48.1 47.9 47.9

Total Supply 96.4 95.6 95.8 95.8

Total Demand 94.7 95.9 96.9 97.9

Over / (Under) Supply 1.7 (0.3) (1.1) (2.1)

back on line

Declining as economic driven

Declining as lack of CAPEX

Supply/Demand balance early

next year

Source: IEA, Energy Aspects, FGE, PIRA and BCP analysis

U.S. Tight Oil Production Scenarios Crude production growth by grade

Crude Oil Prices Movement

20

30

40

50

60

70

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

WTI

Brent

Dubai

Dubai Outlook

Crude Oil Prices Outlook

20

Q2: Eyed on OPEC meeting on 2nd June2H: Balances are Tightening and Prices to Move Higher

OPEC Meeting

Iran nuclear deal reach

China’s stock rout

Upstream investment cut /

rig count drop

No production ceiling from OPEC

Inventories decline

Refineries maintenance

OutlookIran sanction

lifted

U.S. election

Dubai AVG: Q1/16 = 30.6 Q2/16 (F) = 41.0 FY2015 = 50.8 $/BBL FY2016 (F) = 40.2 $/BBL

$/BBL

Possible of OPEC and Non-OPEC coordination

During Q2/16

Factors to watch

Higher summer oil demand

Refinery return from turnarounds in late

of the quarter

Supply disruption in Venezuela, Canada,

Nigeria, Kuwait and Iraq

OPEC/Non-OPEC co-operation

Increasing Iranian oil output

Decline of non-OPEC supplies and

Inventories drawdown

China buying crude for SPR

Uncertainty in MENA

U.S. election

Weak economic growth in China

Throughout FY2016

Product Cracks Spread Outlook

Gasoline: Healthy but not likely to repeat last year’s stellar performanceGas oil: Gradually improve from the recent dip but will remain weaker than last year’s levelFuel oil: Japan power plant and China teapot refiners move away from fuel oil

15.4

19.8 19.418.7 18.8

14.814.2

12.0

14.3

18.3

15.0

8

13

18

1Q'15 2Q 3Q 4Q 1Q'16 2Q 3Q 4Q 2014 2015 2016

Gasoline 95 - DB ($/BBL)

16.3

13.7

10.8

13.7

9.7 10.0 10.512.0

16.0

13.6

10.5

5

10

15

20

1Q'15 2Q 3Q 4Q 1Q'16 2Q 3Q 4Q 2014 2015 2016

Gas oil 0.05%S - DB ($/BBL)

-1.9

-3.5

-8.1

-6.6

-5.2

-8.5 -8.3 -8.0 -8.3

-5.0

-7.5-10

-8

-6

-4

-2

0

1Q'15 2Q 3Q 4Q 1Q'16 2Q 3Q 4Q 2014 2015 2016

Fuel oil 3.5%S - DB ($/BBL)

Outlook

Ample supply due to higher production / slower

Indonesia’s import demand

Key Highlights:

Excess Chinese refining capacity /

Higher export quota

Summer driving demand

Widespread drought / Power

irrigation demand

High Indian diesel demand growth

High refinery run and export from China

Growing export volumes from Iran

Less Chinese teapot refinery demand for

fuel oil

Lower Japan’s fuel oil for power generation

AGENDA

22

Performance Summary1

Oil Market Outlook2

Financial Performance Update3

Going Forward in 20164

Q1/16 Remarks

Quarterly Remark – From Financial Aspects

23

• Acquired Solar Power Business in Japan

BCPG Purchase the entire solar power plant business of SunEdison in Japan within the budget of JPY 9,626 million (equivalent

to THB 2,915 million) with total capacity of 198 Megawatts portfolio

Payment was divided into 2 parts:

1. Upfront Payment of no more than JPY 4,256 million (equivalent to THB 1,275 million) determined from the valuation of the

projects with aggregate capacity of 63 Megawatts; the O&M, and development Platforms

2. Deferred Payment based on the Condition Precedents for each project

• BCPG increased registered share capital from THB 3,700 Million to THB 10,000 million

BCP paid up additional THB 3,300 million, the rest THB 3,000 million will be sold through IPO

• Invested in Huang Ming Japan

Subsidiary of BCPG acquire 100% of total outstanding shares of Huang Ming in order to expand its investment in solar power

plant project in Japan

• Established Bangchak Retail

BCP own 100% with initial registered capital of THB 300 million for the purposes of operating food centre and distribution of

consumer products

• Divested an investment in ASEAN Potash Chaiyaphum Plc. (APMC)

• Finished Nido Debt Restructure

The restructuring of credit facility of USD 120 million between BCP and Nido was done during the quarter

Statement of Income

Key Financial Performance - Consolidated

24

Unit: THB Million Q1/15 Q4/15 Q1/16

Revenue 39,445 35,136 30,276

Cost of goods sold (37,082) (33,097) (29,327)

Gross Profit 2,363 2,039 949

Investment income and other income 104 99 126

Selling and administrative expenses (1,057) (1,672) (1,212)

Gain (loss) from oil hedging contract (136) (312) 163

Gain (loss) from FX forward contracts (5) 24 56

Gain on foreign exchange 266 92 84

Reversal of Allowance for loss from impairment of assets 11 (70) 2

Share of profit of associate 12 4 13

EBIT 1,558 203 180

Finance costs (411) (412) (373)

Income tax (expense) credit (91) 17 167

Profit for the period 1,056 (191) (25)

Owners of the Company 1,037 (112) 47

Non-controlling interests 19 (79) (72)

Earnings per share (Baht per Share) 0.75 (0.09) 0.03

REMARK

Revenue

• Fallen oil price lead to revenue decrease

• Lower Refinery crude run from TAM

• Slightly lower total sales volume +1% YoY -3% QoQ

• Marketing sales volume grew +9% YoY +5% QoQ

Gross Margin

• Soften Market GRM

• Consolidated Inventory loss ≈ THB 1,324 Million

Income tax creditDeferred tax expense recorded, resulted from the taxable loss

Selling and administrative expense

Due to the increased expense in BCPG Japan

BCP Group Performance - Consolidated

25

1Q2016 BCP BGN BBF BCPG BCR BCPE BCPI NIDO Total

% of Share holding 100% 70% 100% 100% 100% 100% 81.41%

Revenue 28,520 6,657 1,867 783 - - - 233

Net Profit (357) 22 116 390 (15) (0) 15 (174) (3)

UBE - Share of profit of investments in associates 13

NIDO - Adjust loss from impairment of assets (401)

Eliminations 366

Net Profit for the period (25)

Profit (loss) attributable to:

Owner of the company 47

Non-controlling interests (72)

EBITDA Structure of the Company and its subsidiaries

Key Financial Performance - Consolidated

26

Q1/15 Q4/15 Q1/16 YoY QoQ

Total Revenue 39,445 35,136 30,276 -23% -14%

Total EBITDA 2,333 1,401 1,193 -49% -15%

EBITDA Refinery 798 130 (645) -181% -596%

EBITDA Marketing 1/ 740 549 1,041 41% 90%

EBITDA Solar Power 2/ 713 865 628 -12% -27%

EBITDA Biofuel 3/ 81 113 146 82% 29%

EBITDA Exploration and Production 4/ 28 (26) 22 -22% 183%

EBITDA Others 5/ (27) (56) 0.29 101% 101%

Profit attributable to owners of the Company

1,037 (112) 47 -96% 141%

Earnings per share (Baht) 0.75 (0.08) 0.03 -96% 141%

1/ EBITDA from Marketing Business, Bangchak Greenet Co.,Ltd, and Bangchak Retail Co.,Ltd2/ EBITDA from Solar Power Plant Business, BCPG Co.,Ltd. and its subsidiaries3/ EBITDA from Bangchak Biofuel Co., Ltd. and share of profit/ (loss) from Ubon Bio Ethanol Co, Ltd4/ EBITDA from Nido Petroleum Limited 5/ EBITDA from BCP Energy International Pte, Ltd. and others

Key Financial Position - Consolidated

27

Assets:

• Cash & Equivalents increased by THB 5,501 million mainly from a reclassification of THB 4,500 Million current investment to cash, due to its maturity

• Inventory decreased by THB 3,629 million mainly from

• Lower unit price of crude oil and finished products

• Volume of inventory decreased from 6.4 to 5.5 million barrels

• PP&E increased by THB 2,223 million from refinery machinery and equipment, biodiesel plant, and acquisition of solar power business in Japan

• Other Non Current assets increased mainly from goodwill of solar power business in Japan

Liabilities & Equity:

• Current Liabilities increased mainly from

• Account Payable increased THB 738 million from higher product prices while crude oil purchase decreased as the refinery was in turnaround maintenance

• Long-term debt decreased by THB 638 million

• Company’s long-term loans pre-payment

• Subsidiary‘s long-term loans increased from BBF and BCPG (the acquisition of solar power business in Japan)

40,044 42,26735,983 35,985

8,0999,553

13,945 10,316

2,838 3,333

11,983 6,446

33,658 33,021

7,872 13,373 9,462 9,616Cash and Equivalents

Current Assets

Inventory

PP&E

Non Current Assets

81,942 81,956 81,942 81,956

Assets Liabilities & EquityUnit: THB Million

31 Dec 15 31 Mar 16 31 Dec 15 31 Mar 16

Current Liabilities

Long Term Debt

Total Equity

Non Current Liabilities

(Including current portion of L/T debt)

6,037 2,812

585

3,102

4,499

364

Cash From Operation(CFO)

Funding

Others

11,486

Sources of Cash Used of Cash

Debt Service

5,915

Asset PurchaseAcquisition

Cash Received from maturity of short-term investment

Cash Flow - Consolidated

28

PP&E Refinery & Biodiesel plant Intangible assets and Others

THB 1,377 million THB 171 million

Acquisition of solar power business (SunEdison Japan)

• Solar Power plant: THB 963 million

• Construction works (BCPG): THB 397 million

Asset Purchase / Acquisition

Q1/2016 Sources and Uses of CashUnit: THB Million

Beginning Cash 7,872

Change in Cash 5,571

FX adjustment (70)

Ending Cash 13,373

CFO was sufficed for debtsStill have cash on hands for investment

Cash flow from operation (CFO) was enough to service debt, and enough for acquisition

0.55 0.50 0.54 0.59 0.55

Q1/15 Q2 Q3 Q4 Q1/16

Net IBD/E Ratio (Times)

8,33825%

7,03621%1,662

5%

15,98549%

Baht LoanBaht Bond

USD Loan

33,021 THB Million

(as of March 31, 2016)

Long-Term Debt Portion

JPY Loan

AGENDA

29

Performance Summary1

Oil Market Outlook2

Financial Performance Update3

Going Forward in 20164

Project 3E Update

30

New Co-Gen Power Plant Progress: Detailed Design & Construction

Picture: Piling working

Benefits

Improving product value

Saving cost and energy

Reducing emission

Yield Flexibility (Gasoline vs. Distillate)

Refining capacity upgrading

Cost saving on energy consumption

Debottlenecking for higher crude run

Enhancing product yield

3E Project

3E Timeline

FY2016 FY2018

• Completion of

Co-Gen (12 MW)

• CCR Project:EPC Award

Completion of

Continuous Catalyst Regeneration Unit (CCR)

FY2019FY2017

• Co-Gen Power Plant: Start Construction

• Debottlenecking project: Pre-feasibility study

• CCR project: Basic Design for Enlarge Capacity

“ Enhance Efficiency, Improve Energy Consumption, Better Environment ”

DebottleneckingProject for light end, i.e. NPU and ISOU: EPC Award

Completion of Debottlenecking

for the higher level of crude run and more flexible capture revenue

FY2020

Marketing Business Strategies

31

TURN PRO Program

“ NationwideCoverage ”

“ ProfessionalCo-Op”

“ Excellence Service & Management System ”

Improve Efficiency

Open new service stations in main road, high visible area, and fully equipped with Non-Oil business

CO-OP competency improvement to enhance competitiveness and equip Non-oil to those CO-OP with potentials

Enhance service system, site management system, and franchising

Bangchak Service Station : Customer Destination

32

Actual Q1/2016

+10NEWService Stations Most

Admired Service Station

+60NEWStations Targetin FY2016

Actual Q1/2016: Number of service station = 1,074 stationsNew service station = +10

New Subsidiary - Bangchak Retail Company Limited (BCR)

33

Bangchak Retail Company Limited (BCR)

To engage in businesses related to food, beverages, consumer

products, wholesale and retail sale, transportation, education,

and warehouse.

Initial registered capital: 300,000,000 Baht

BCP holds 100% stake

Fresh Cooking Food

Premium Coffee

Convenience Store Growing

Non-Oil Portfolio

Kumamoto Site

BCPG – An Update on Recent Kumamoto Earthquake Incident

34

Kumamoto Site (Detail as appeared on BCPG filing)

Operating : 1 megawatts (40 JPY/kWh FiT 20 Years)

COD:February 2015

“ Kumamoto site still in operation ”

BCPG Japan Portfolio Update - Advance Development

35

Nikaho Project 13 MW installed / 9 MW PPA

Nagi Project 14 MW installed / 10.5 MW PPA

Project Progress : Engineering & Procurement processSchedule COD : Q1/17

Project Progress : 73%Schedule COD : Q3/16

BCPG – Project Update

36

Thailand Portfolio Update

Total : 12 MW (3 sites)

Brief scope of workGround installation for government and cooperative’s agriculture by collaborate with 3 cooperative’s agricultures

Solar CO-OP

Huang Ming Japan Company Limited has completed the transferred of electricity generation license of 20MW and 10 MW on April 1, 2016

Chiba Project (Huang Ming) 30 MW PPA

Yabuki Project 23 MW installed – 20 MW PPA

Project Progress : Prepare Concept designSchedule COD : Q1/17

Japan Portfolio Update

Japan

Biodiesel Plant#2 – Project Update

37

NEW Capacity

Plant#2 additional 450,000 litre/day

New Total Capacity 810,000 Litre/day

COD: 3Q2016

Investment Cost: ≈1,800 THB Million

Mainly supplied to BCP

BBF Sales Volume

BBF sales volume ≈ 700,000 Litre/day

BCP captive use ≈ 545,000 Litre/day

Note: Jan-Mar 2016

Project Progress 95% as of Apr 16

“ An investment for greater certainty of Biodiesel supply

and supporting demand growth ”

• Western Lithium USA Corporation changed its name to “Lithium Americas Corp. (LAC)”

• New Subsidiary / Joint venture

– BCP Trading Pte. Ltd. (BCPT) in Singapore with initial registered capital of 1,000,000 USD to trade

commodities which include crude oil, petroleum products, petrochemicals and other related chemicals and to

conduct other businesses that would benefit the company including but not limited to hedging, chartering,

storage and distribution. BCP holds 100% stake

– Bangchak Bioethanol (Chachoengsao) Company Limited a joint venture investment with Sima Inter

Product Company Limited (SIMA) with initial registered capital of 1,000,000 Baht. The registered capital will be

increased to 500,000,000 Baht for the transfer of assets, rights and permits. BCP holds 85% stake

Other Remarks

38

APPENDIXProfit and Loss (Consolidated)

Profit and Loss (Company)

Financial Performance:

• Refinery BU (Company)

• Marketing BU (Company)

• Solar Business

• Biodiesel Business (BBF)

Financial Ratio (Consolidated)

Profit and Loss (Consolidated)

40

Unit: THB Million Q1/15 Q4/15 Q1/16 YoY QoQ

Sales Revenue 39,445 35,136 30,276 -23% -14%

Cost of Goods Sold (37,082) (33,097) (29,327) -21% -11%

EBITDA 2,333 1,401 1,193 -49% -15%

Depreciation and Amortization (1,052) (1,219) (1,099) 4% -10%

Gain (loss) on foreign exchange 266 92 84 -68% -8%

Net reversal of allowance for loss from impairment of assets

11 (70) 2 -85% -102%

Financial Cost (411) (412) (373) -9% -9%

Pre-tax Profit 1,147 (208) (193) -117% -7%

Income Tax Expense (91) 17 167 -285% 871%

Profit for the year 1,056 (191) (25) -102% -87%

Owners of the Company 1,037 (112) 47 -96% -141%

Non-controlling interests 19 (79) (72) -477% -8%

EPS (Baht/Share) 0.75 (0.09) 0.03

Profit and Loss (Company)

41

Unit: THB Million Q1/15 Q4/15 Q1/16 YoY QoQ

Sales Revenue 37,889 33,286 28,520 -25% -14%

Cost of Goods Sold (36,254) (31,895) (28,429) -22% -11%

EBITDA 2,128 1,388 498 -77% -64%

Depreciation and Amortization (825) (875) (733) -11% -16%

Gain (loss) on foreign exchange 105 95 81 -23% -15%

Net reversal of allowance for loss from impairment of assets

0.1 135 2 N/A -99%

Financial Cost (356) (362) (342) -4% -6%

Pre-tax Profit 1,053 380 (495) -147% -230%

Income Tax Expense (113) (19) 137 -222% -814%

Net Profit 940 360 (357) -138% -199%

EPS (Baht/Share) 0.68 0.26 (0.26)

Financial Performance: Refinery BU (Company)

42

Q1/15 Q4/15 Q1/16

THB Million $/BBL THB Million $/BBL THB Million $/BBL

Market GRM 3,267 10.19 3,023 7.98 1,120 5.35

Oil Hedging (136) (0.42) (339) (0.90) 172 0.82

Inventory Gain/Loss (1,766) (5.51) (1,631) (4.30) (1,342) (6.41)

Total GRM 1,365 4.26 1,053 2.78 (51) (0.24)

Other Income 36 0.11 42 0.11 38 0.18

FX Forward Contract 5 0.02 25 0.06 56 0.27

Operating Expenses (606) (1.89) (989) (2.61) (688) (3.29)

EBITDA 798 2.49 130 0.34 (645) (3.08)

Key factor:

Crude Run (KBD) 108.63 114.37 64.18

Exchange Rate (THB/USD) 32.80 36.00 35.83

Avg. Dubai Price (USD/BBL) 51.76 40.68 30.59

Financial Performance: Marketing BU (Company)

43

Q1/15 Q4/15 Q1/16

THB Million Baht/L THB Million Baht/L THB Million Baht/L

Net Retail Margin 739 0.95 998 1.17 965 1.09

Net Industrial Margin 272 0.48 257 0.48 395 0.68

Net Marketing Margin 1,011 0.75 1,255 0.90 1,360 0.93

Other Income 269 0.20 254 0.18 264 0.18

Operating Expenses (547) (0.41) (927) (0.67) (598) (0.41)

EBITDA 734 0.55 581 0.42 1,026 0.70

Sales Volume KBD ML/Mo KBD ML/Mo KBD ML/Mo

- Retail 54.63 261 58.20 284 61.29 296

- Industrial 39.28 187 36.82 179 39.96 193

Total Sales Volume 93.90 448 95.02 463 101.25 488

Financial Performance: Solar Power Business

44

Unit: THB Million Q1/15 Q4/15 Q1/16 YoY% QoQ%

Revenue 752 752 783 4% 4%

Gross Profit 593 563 600 1% 7%

Other Income/(Other Expense) 6 187 3 -37% -98%

Operating Expense (5) (23) (113) 2289% 402%

EBITDA 713 865 628 -12% -27%

Electricity Sales (MM kWh) 65.17 66.40 68.48 5% 3%

Financial Performance: Biodiesel Business (BBF)

45

Unit: THB Million Q1/15 Q4/15 Q1/16 YoY% QoQ%

Revenue 1,235 1,423 1,867 51% 31%

Gross Profit 73 109 132 82% 21%

Other Income/(Other Expense) 1 1 0.2 -76% -76%

Operating Expense (9) (15) (13) 40% -12%

EBITDA 69 109 134 95% 22%

Average Production Rate (K. Litre/Day)

355 367 385 8% 5%

Financial Ratio (Consolidated)

46

Q1/15 Q4/15 Q1/16

Profitability Ratios (%)

EBITDA Margin 5.91% 3.99% 3.94%

Profit Margin 2.68% -0.54% -0.08%

Return on Assets (ROA) 0.53% 12.07% 9.07%

Return on Equity (ROE) 1/ 1.39% 8.04% 6.11%

31 Mar 15 31 Dec 15 31 Mar 16

Liquidity Ratios (times)

Current Ratio 2.88 3.22 2.84

Quick Ratio 1.86 1.89 1.87

Financial Policy Ratios (times)

Interest bearing debt to Equity 0.97 0.94 0.92

Net Interest bearing debt to Equity 0.55 0.59 0.55

Q1/15 Q4/15 Q1/16

DSCR 1.59 3.73 2.03

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

Note: ROE, ROA are annualized figures.

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