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September 2019
1
Overview: PTT’s Business
Key Drivers
PTT’s Growth Factors
Outlook
Sustainability
Agenda
53%21%
10%
6%3% 5%
PTT Group.: Bt 2,338 bn (76 MMUSD)
14%
86%
SET market Cap.:Bt 17,110 bn (555 MMUSD)
2001 2018
Revenue
Net Income Affiliate
PTT49%
19%
3,685
51%
81%19%
Ministry of Finance holds majority stake in PTT
PTT ratings at Thai sovereign level
Thai Ministry of Finance51%
Vayupak Fund 12%
Public 37%
FC Baa1 BBB+ BBB+
PTT – FC Baa1 BBB+ BBB+
PTT – LC Baa1 A- BBB+
• Foreign 13%• Thai 24%
PTT’s Strategic Importance to Thailand
Note: As of Mar 2019
Market Cap : SET & PTT Group
Robust revenue and Net Income growth since IPO (MMUSD) 1
1 2018 Annual Avg. BOT selling rate USD/THB of 32.48 (Avg. rate)2 As of 31 Dec 20183 For the year 2018
12,553
71,926
2001 2018
International E&P business: 677 mmboe proved reserves in 2018 Sole operator & owner of gas transmission pipelines and Gas
Separation Plants (GSPs) in Thailand Largest refinery group in Thailand : 3 of 6 refineries Largest petrochemical producer group in Thailand : 6 of 8 major
petrochemical plants Leading oil marketing business in Thailand : 2,027 retail stations2 and
40%2 of market share by sales volume International oil trading business having traded 80.5 bn liters3 in 2018 A Power Plant Flagship listed in SET: To capture opportunity in ASEAN
Fully integrated & highly diversified over entire O&G value chain
Thai Premier Multinational Energy Company
Note: As of Aug. 2019
Others
PTT Group
PTT
PTTEP
PTTGC
TOP
IRPC GPSC
702
Thailand best borrower award Best CEO Best CFO Best Managed Company Best Corporate GovernanceBest Investor RelationsBest Corporate Social Responsibility Best Commitment to Strong Dividend Policy
SET Awards
Top Corporate
Governance Report
Award 2010 & 2011
Best Corporate Social
Responsibility Awards
2011 & 2012
Platts Top 250 Global Energy Company
10th in 201812th in 201763th in 201631th in 201524th in 2014
Dow Jones Sustainability Index (DJSI)
DJSI Member 2011-2018(7th consecutive years/ 2nd
time as Leader in 2018)
2
130th Fortune Global 500 in 2019163th in 2018192th in 2017146th in 201693th in 2015
165th in 2019156th in 2018190th in 2017337th in 2016225th in 2015
International and local recognition
Natural Gas Oil & Retail
- Oil & Non-oil Retail- Lubricants- International Oil & Retail
Trading
Upward Integration(PTT Operate through our subsidiaries)
Downward Integration(PTT Operate through our subsidiaries)
E & P
- Oil, Gas, Condensate
- 46 Projects in 12 Countries
CoalPower
- Electricity - Steam & Chill Water- Energy Storage
Petrochemicals
- Integrated Refineries & Petrochemical
LNG
• LNG Value Chain• LNG Receiving
Facilities
Refineries
- Integrated Refinery& Petrochemical
Coal Mine inIndonesia
Technology & Engineering
• Engineering & Project Mgt.• Asset management• Innovation & Digital
PTT Own Businesses(PTT’s own operation)
• Diversified International portfolio for ensuring long-term energy security
• Infrastructure Business – Create networking of energy that leads to sustainable growth and PTT’s S-curve
• Ensuring customer satisfaction and loyalty by products and services
• Create value added thru downstream businesses
PTT Group Businesses and Activities
3
• 4 gas pipelines• 6 Gas Separation Plants• Procurement &
Marketing• NGV
• Crude Procurement• Import/Export• Commodity Hedging• Int’l Office: China/
Singapore/ Dubai/ London/ Thailand
Market Share > 50%
Market Share ~ 40%
Market Share > 50%
Committed 4,748 MW in 2019
CEO
COOU
E&P
Gas
Coal
CTO COOD
Trading
Oil&Retail
P&R
CFO
Innovation & Digitalization
Engineering & Project Management
4
PTT Organization Structure
Power
Supervision of affiliates through Board of Directors, CEO & CFO
BOD
Total 6 people
CFOCEO
BOD
Total 6 people
CFOCEO
BOD
Total 5 people
CFOCEO
BOD
Total 4 people
CFOCEO
BOD
Total 6 people
CFOCEO
5
GAS
Sales and Marketing
(S&M)
Transmission Pipeline
(TM)
Gas Separation Plant
(GSP)
NGV
Others
EP
Upstream
Business
6
COAL
Gas Business
7
Natural Gas Balance: Jan – Jun 2019
Gulf of Thailand (66%)
Power (59%)
Industry (16%)
NGV (5%)
Petrochemical Feedstock
(14%)
IndustryHousehold
Transportation(6%)
Ethane/ Propane/LPG/NGL
LPG/NGL
Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ft3
Main driver of the Thai economy
Supply Production Sales
992 MMSCFD (20%)
Methane 1,628 MMSCFD
103 MMSCFD
1,546 MMSCFD
3,230 MMSCFD
Bypass Gas610
MMSCFDOnshore (2%)
6 GSPsTotal Capacity
2,870 MMSCFD @ Actual Heat
PTTEP,
36%Others,
64%
Myanmar, 51%
LNG,
49%
Import (32%)
8
GAS business Unit
10
S&M
PTTLNG
“A fully integrated natural gas business”
Supply & Marketing
GSP
Gas Separation Plant
NGV
Natural Gas forVehicles
Others
Others
PTTNGD
PTTGL
TM
Transmission Pipeline
9
GSM
NGR
Industry
Co-Gen
68% Indigenous
sources
16% LNG
16% Myanmar
4,879 MMSCFD as of Jun’19
Increasing domestic demand Import LNG
Gulf 66%Onshore 2%
Yadana, Yetagun, Zawtika
Natural Gas Supply
10
LNG Import
Weighted Average NG price from 3 sources
Gulf/Onshore of Thailand & Myanmar gas
FO PriceExchange Rate
Price Index
i.e. Producer Price Index/ Consumer Price Index/ Oil, Gas, Machinery Price Index
Pool Gas Price
Gas Price Formula
(Medium FO 180 CST 2%)Lagging 6-12 months
Average price of long term contracts• Qatar 2 MTA• Shell 1 MTA• BP 1 MTA• Petronas 1.2 MTA
GSP (21%)
Power (59%)
Industry (15%)
NGV (5%)
11
Natural Gas Price Structure by Customer
CustomerCost Sales Price
: EGAT 16%
: IPP 17%
: SPP 26%
Gas Pool Price
1.75%*
1.75%*
9.33%*
21.9
Bt/MMBtu
* EGAT IPP and SPP Supply Margins not more than 2.1525 and 11.4759 bt/mmbtu respectively
+ +
Gulf Gas
Reference to Saudi Aramco’s contract price
Profit-sharing mechanism based on market Petchem Price (HDPE, PP)
Reference to Naphtha market price
At GSPs cost (adjusted every 3 months)
Petrochemicals Feedstocks
Ethane, Propane, LPG
NGL
Local Cooking Gas
Export Cooking Gas
Linked to fuel oil price lagged~ 3 months
Private car = Avg gas cost + Operating cost (3.892 bt/kg)
Public car = capped at 12.62 bt/kg (Sep 2019)
Supply Margins Pipeline Tariffs+ +
Pool Gas Supply Margins Pipeline Tariffs+ +
Gas Pool Price Supply Margins Pipeline Tariffs+ +
5.5
6.0 5.8
5.9 6.1 6.5 6.6
7.2 7.3 7.2
325 311 319
365 383
439 466
447 416 423
100
200
300
400
500
600
5
7
9
11
13
15
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
NG Customer Breakdown
Gas Sale & Marketing (GSM) Natural Gas Distribution (NGR)
NG Price VS FO
$/MMBTU
EGAT & IPP
SPP
Industry charged at 1.75% of NG pooled price but not more than 2.1525 bt/mmbtu
charged at 9.33% of NG pooled price but not more than 11.4759 bt/mmbtu
Industrial customer : 55%
Cogeneration : 45%
Linked to 2% FO prices lagged ~ 3 months
Cost Plus margin
Supply & Marketing (S&M)
12
S&M
757 737 719 782
934 739 770 846
1,043 1,222 1,209 1,278
996 1,015 1,035 987
727 760 760 761259 237 242 230
2017 2018 1H18 1H19
4,735
EGAT (17%)
IPP (15%)
SPP (27%)
GSP (20%)
Industry (16%)
NGV (5%)
MMSCFD
4,710
3% HoH
4,8844,716
$/TON
Fuel Oil*
* MOPS HSFO 180 CST
Avg. Pooled gas price
FO 2%Pooled Price
HOH2%14%
Y18 vs Y1731%31%
Transmission Pipeline (TM) • Regulated business: Sole owner and operator of entire gas transmission pipelines in Thailand (~ 4,000 km)
• Currently, 4 pipelines in operation and 5th onshore pipeline under construction
Loop linked pipelines to flow gas from East to West with
400 KM to be COD in 2021
• 5th pipeline from LNG Receiving Terminal to Central region
• Ratchaburi Pipeline (RA6) to Western region
Total Vol. = Committed vol. (EGAT & IPP) +Actual Vol. (SPP)
Stable Returns : Fix tariff at 21.9 Baht/MMBTU
*Tariff revision every 5-year or new investment coming
Future expansion
• Agreed return with regulators, not less than WACC
• IRROE ranges between 12.5% - 18% for existing pipeline
investment
Tariff
Revenue Grow by Vol.
13
TM
Natural Gas Pipelines Natural Gas Pipelines
Pipeline #1,2,3(Offshore)
Pipeline #5
Pipeline #4
Gas Separation plant (GSP)
GSP Sales VolumeGSP Feed Cost vs Petrochem. price
• 6 gas separation plants to separate hydrocarbons from NG maximizes value of gulf gas
feed to petrochemicals
Gas Separation Plant CapacityGSP # 1 : 420 mmscfdGSP # 2, 3 : 820 mmscfdGSP # 4 : 170 mmscfdGSP # 5 : 580 mmscfdGSP # 6 : 880 mmscfd
• Total sales vol. ~ 7 MTA
• Feed cost = Gulf gas cost + GSP’s processing cost
• Gulf gas linked with the 6-12 month lag of fuel oil price
• Selling Price linked to petrochemical market prices (HDPE,
PP) with profit sharing basis
14
GSP
2,919 3,203
1,465 1,748
688 645
330328
2,333 2,389
1,196 1,150
827907
493 412
4448
23 23
2017 2018 1H18 1H19
LPG (46%)
Unit : kTon
3,507
Propane (14%)
NGL (8%)
Ethane (31%)
Pentane (1%)
3,661
6%
4% HoH
6,8117,192
1,176 1,133
1,138
1,226
1,379 1,385 1,350
1,207
1,093 1,080
1,159 1,114
1,149 1,196
1,270 1,301 1,288
1,215 1,127 1,143
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Unit: USD/Ton
Feed Cost*
LPG cost of GSP
* Revised feed cost calculation from per sale volume to per GSP production volume
HDPE
PP
HDPEPP
LPG cost GSPFeed cost
HoH21%12%10%10%
375 386 395 401 407 420 414 427
456 457
253 262 259 269 282 286 277316 309 314
Y18 vs Y1714%10%7%
11%
About LPG
What is LPG??
Liquefied Petroleum Gas (LPG) referred to as simply propane or butane, are flammablemixtures of hydrocarbon gases used as fuel in heating appliances, cooking equipment, and vehicles.
LPG Supply in Thailand
Refinery 32%
Gas Separation Plants (GSPs)
55%
Import13%
History of LPG Liberalization
Capped at 333$/ton2009
(EBITDA loss around Bath 10 Bn)
2015
LPG Pooled price(Refinery, GSPs & Import)
LPG Liberalization: Selling at market price except GSP with condition to capped
margin +/- 20 $/ton2017
2018
GSP selling price as fuel was capped margin +/-1 $/ton
(Low income subsidy
capped < 500 MB)
Low income subsidy
capped < 250 MB1H2019
Household32%
Industry10%
Transportion16%
Petrochemical41%
Self-used1%
LPG Demand
Source : EPPO as of Jun 2019
Source : EPPO as of March 2019
15
6.7 6.1 6.3 5.6
2017 2018 1H18 1H19
17
Natural Gas for Vehicle (NGV)
Adjusting NGV retail price to reflect NGV cost
Private Cars 67%
Public Cars 33%
Performance
2018 EBITDA loss 4,872 MB (2017: loss 4,188) from higher
gas cost effecting to higher loss in public car
*Weighted 3 sources of gas (Gulf, Myanmar & LNG) + margin + pipeline tariff **Operating cost set by gov. based on 3rd party assessment,
• Including Operating cost, transporation cost and gas quality adjustment cost• Excluding gas loss expense (PTT absorb)
Private Cars15.5 Baht/Kg
Public Cars12.62 Baht/Kg
Private car:
Sep 2017: Gov. adjusted the gas quality improvement cost +0.46 Baht/Kg
allowed operating cost to be at 3.892 Baht/Kg (3.43 + 0.46)
Public car:
May 16, 2018 : Gov. adjusted capped price +0.62 baht/kg (10.0 10.62 baht/kg.)
May 16, 2019 : Gov. adjusted capped price +1.0 baht/kg (10.62 11.62 baht/kg.)
Sept 16, 2019 : Gov. adjusted capped price +1.0 baht/kg (11.62 12.62 baht/kg.)
Jan 16, 2020 : Gov. adjusted capped price +1.0 baht/kg (10.62 13.62 baht/kg.)
NGV Price
K.Ton/Day
Sales Volume
Actual Cost Selling Price(Private)
Selling Price(Public)
3.892 Bt./Kg.
Baht/Kg.
PooledGas Cost
VAT
Operating cost > 4 Bt/Kg.
VAT
>
PooledGas Cost
Public Price
12.62
: Price Structure
Price Reform
NGV Price = Pooled Gas cost* + Operating cost** + VAT 7%
Current NGV Price
16
As of 16 Sep 2019
NGV
11% HoH9%
12.213.4 12.6
14.4
2017 2018 1H18 1H19
THB/KG14% HoH
10%
LNG Business
17
19
Others : PTTLNG (100% hold by PTT)
World Class LNG Facilities: Map Ta Phut LNG Terminal, a strategic gateway of natural gas network in Thailand, seeking for potential LNG supply
Future Projects
Terminal 1 (capacity extension)
Terminal 2 (Nong Fab)
Jetty - 2
Vessel Size (m3) - 125,000- 264,000
LNG Tank (m3) - 180,000 x 2
Capacity (MTPA) 1.5 MTA
(210 MMSCFD)
7.5 MTA(1,050 MMSCFD)
Commercial Operation 4Q2019Construction 100% completed
2022
Current Projects
Terminal 1 (PHASE 1)
Terminal 1 (PHASE 2)
Jetty 1 1
Vessel Size (m3) 125,000- 264,000 125,000- 264,000
LNG Tank (m3) 160,000 x 2 160,000 x 2
Capacity (MTPA) 5 MTA
(700 MMSCFD)
5 MTA
(700 MMSCFD)
Commercial Operation 6 Sep 2011 2017
Revenue Tariff: 18.3506 Baht/MMBTU (from 24.932 Baht/MMBTU)2018 : committed vol. at 8.4 MTA (Actual vol. at 4.4 MTA)2019 : committed vol. at 10 MTA (After COD the extension 11.5 MTA)
18
Others
20
Others : PTTNGD (58% hold by PTT)
Others : PTTGL (JV with PTTEP)
Specialized in distributing and supplying Natural Gas to industrial customers
LNG Value Chain Investment
Current Project : MLNG Train 9• 10% investment to continue looking for
more LNG opportunities globally• Capacity 3.6 MTPA• COD on Jan 2017
Supplier : PTT with 10-year GSA
Customers: 12 Industrial Areas with 5-7 year GSA
NG Cost: Pooled gas cost + S&M margin + Tariff
Selling Price linked with 1-month lagged of fuel oil
2017 2018
Sales Vol. (MMSCFD) 57.22 57.34
Customers 249 253
19
Others
Others
Coal Business
20
Coal Business Direction
SAR: SebukuMine
Location : South Kalimantan
Production vol. : 0.3 MTPA in 2018
PTTGM (PTT Global Management) hold 95.82% in Sakari Resources (SAR), a Singapore-listed company, operates coal mines in Indonesia
SAR: Jembayan Mine
Location : East Kalimantan
Production vol. : 8 MTPA in 2018
Coal Direction
“Keep all options Opened”
• Optimize value from existing assets
• Strengthen coal business platform
including cost saving
• Under study in variety options
70
78 78
65
5056 54
53
88
107104
88
2017 2018 1H18 1H19
Avg. Selling Price1/ & Cash cost1/
Unit: USD/Ton
Avg. Selling Price
Total Cash Costs
New Castle
17%
15%
2%
11%
22%
12%
1/Average Calorific value ~ 5,450 kcal/kg
93 97
45
19(4) (7) (15)
30
Net income
2/Non-recurring items include the payback on tax lawsuit case & impairment
Unit: MMUSD
63%
4930
1%
9089
21
Aug 2019: Acquired 2 new greenfield mines in Indonesia• to replenish coal reserves• to enhance company’s quality adjustment capability with
existing coal production to meet its customers’ requirement
Trading
Crude & Condensate
Refined Product
Petrochemical Product
Others
Oil & Retail
Oil
Non-Oil
International
P&R
Petrochemical
Refinery
Downstream
Business
22
Indigenous (18%)227 KBD
Imported Refined Petroleum Products 84 KBD
1,004 KBD (**)
Source: PTIT
Remark : (*)Refined product from refineries = 1,009 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 104 KBD
(**) Not included Inventory
KBD = Thousand Barrels per day
Import (82%)
Crude/ Condensate933 KBD
RefinedProducts1,113 KBD*
Domestic
Crude/ Condensate 204 KBD
Supply Production Demand
Export
201 KBD
Oil Balance Thailand: Jan. – Jun. 2019 Adequate refining capacity maintains the stability of country supply
Total Refining Capacity in Thailand: 1,232 KBD
PTT’s Associated Refineries : 770 KBD
(TOP, PTTGC, IRPC)
Other Refineries : 462 KBD(SPRC, ESSO, BCP)
RefinedProducts178 KBD
23
Crude Export 23 KBD
1,017 KBD
25
Oil Business
24
Summary of Oil BusinessThree Key Operating Segments
Oil Business
Retail
Commercial
(B2B)
Supply Sales
Non-oil Business
7-eleven & Jiffy
Café Amazon
Master
Franchise Brand
Rental
Business
International Business
Non-Oil
Oil
Lubricant
(Domestics &
International)
• #1 market share in Thailand
• Sale through dealer,
end user and industrial market
in both domestic and International
21
3
Service
station • FIT auto & Procheck
Laos Cambodia Myanmar Philippines
• #1 market share in Thailand
• PTT nationwide gas station
network of > 1,800 stations
• Aviation and marine, industrial
use, and LPG
• Sale to dealers under M.7 & 10
• >1,600 7-eleven in PTT gas stations
nationwide
• Jiffy stores nationwide
• > 2,600 Café Amazon nationwide
• Space rental by high quality tenants
• Gas station network of
>250 stations in 4 ASEAN countries
• Café Amazon
• Jiffy stores
Singapore China
25
• Texas Chicken
• Daddy Dough
• Hua Seng Hong
55
70
85
100
1Q18 2Q18 3Q18 4Q18 1Q19 Apr-19 May-19 Jun-19
1H18 1H19 HoH Y18 vs Y17
Kerosene 83.7 78.0 7% 30%
Gasoline 80.9 71.1 12% 17%
Diesel 82.7 78.0 6% 28%
Dubai 68.0 65.4 4% 30%
3,615 3,884 2,221 2,331
15,983
11,387
8,040 7,603
2017 2018 1H18 1H19
0.91 0.99 1.00 1.17
26,006 26,351
13,508 13,043
2017 2018 1H18 1H19
Y18 vs Y17 HoH
Oil 29% 5%
Non-oil3 7% 5%
Total 22% 3%
Oil BU & PTTOR
1H19 vs 1H18 : Lower EBITDA from stock loss despite higher margin2018 vs 2017: Higher Volume & Margin despite lower EBITDA from stock loss
GM (unit: THB/Liter)
26
Gross margin1/Sales volume2
Sales Volume (unit: MM Liter)
1/Excluded Non-oil, stock gain/loss, non-recurring item 2/PTTOR only
Petroleum Prices
USD/BBL
(Average Prices)
Key Highlights
1H19 vs 1H18 (HoH)
Vol: 3% decreased mostly from LPG and aviation vs gasoline volume increased from station expansion
Margin: 17% increased mainly from diesel due to high competition in 1H18
EBITDA: Lower oil EBITDA due to stock loss though non-oil EBITDA rose mainly from Café Amazon expansion
Oil – EBITDA
Unit: MMTHB
3/ PTTOR Group
9,93410,261
3%
17%
15,271
19,598
2018 vs 2017
Margin: 9% increase due to +17% rise of diesel spread
Vol: 1% increase from station expansion and aviation after ICAO lifted Thailand red flag
EBITDA: Lower EBITDA due to ~Bt 4.8 bn stock loss, non-oil EBITDA increase 7% from expansion
1%
9%
Trading Business
27
Trading Business
Our Global Connectivity
28
Gross Margin1 Sales Volume2
67%
33%
41%
Fully Integrated Trading Solutions
50++ Countries
By Products
2018PORTFOLIO
58% 42%
By Activities
Trading Business
*As of 2018
75,638 80,481
38,478 40,156
2017 2018 1H18 1H19
0.10 0.11 0.13
0.06
2017 2018 1H18 1H19
MM LiterGross Margin (THB/Liter)
2 PTT Trading BU + trading subsidiaries1 PTT Trading BU + trading subsidiaries: FX Adjusted + derivatives
4%54%10%
6%
29
30
Overview: PTT’s Business
Key Drivers
PTT’s Growth Factors
Outlook
Sustainability
Agenda
40
60
80
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19
NG Prices ($/MMBTU)
Key Business Drivers:
AVG. Dubai vs FO ($/bbl)
Petrochemical Spread ($/ton) AVG. FX (THB/USD)
Dubai
FO 3.5%
51.4
49.0
54.9
52.7
63.5
67.4
59.0
68.867.7
71.763.9
64.1
72.174.3
AVG.DubaiFO 3.5%
2018 vs 201731%31%
1H17 2H17 1Q18 2Q18 3Q18 4Q18 1Q19 Jul’19
HoH4%2%
67.465.1
67.8
63.3
2Q192
4
6
8
10
12
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19
* JLC = Japan LNG Cocktail : Landed LNG price in Japan
9.1
7.0
5.6 5.96.1
8.0
6.8
8.17.8
6.5
10.5
9.78.5
6.6
10.210.0
7.2
11.011.0 11.0
7.3
JLC*
JKM
Avg. Pooled Price
5.4
9.6
7.2
1H17 2H17 1Q18 2Q18 3Q18 4Q18 1Q19 Jul’192Q19
JLCJKM
Avg. Pool
HoH11%21%14%
31
32
33
34
35
36
37
Jan-17
Feb-17
Mar-17
Q1'17
Apr-17
May-17
Jun-17
Q2'17
1H/201
7Jul-17
Aug-17
Sep-17
Q3'17
9M/2017
Oct-17
Nov-17
Dec-17
Q4'17
2017
Jan-18
Feb-18
Mar-18
Q1'18
Apr-18
May-18
Jun-18
Q2'18
1H/201
8Jul-18
Aug-18
Sep-18
Q3'18
9M/2018
Oct-18
Nov-18
Dec-18
Q4'18
2018
Jan-19
Feb-19
Mar-19
Q1'19
Apr-19
May-19
Jun-19
Q2'19
1H/201
9Jul-19
32
34.9
33.3
2018 vs 2017: Appreciated 1.62 THB/USD (4.8%)
31.7
32.1
33.1 33.0
31.8
2018 vs 2017: Appreciated 0.23 THB/USD (0.7%)
AVG. FX
Ending FX
31.8 31.0
1H2562(Avg. 31.77)
End: Baht Appre1.69 bt. or 5.2%
1H2561(Avg. 31.90)Ending: Baht Depre0.48 bt. or 1.5%
1H17 2H17 1Q18 2Q18 3Q18 4Q18 1Q19 Jul’192Q19
4.5
Note: Figures are average & Naphtha (MOP)
0
200
400
600
800
1000
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19
HDPE-Naphtha
PX-Naphtha
PP-Naphtha
BZ-Naphtha
HDPE-NAPPP-NAPPX-NAPBZ-NAP
HoH-28%-10%+28%-69%
381335
382
343
513
573
561
369
278
309
201 188
12571
371
337
84
157
1H17 2H17 1Q18 2Q18 3Q18 4Q18 1Q19 Jul’192Q19
678665 671
796
744683
632
574539
487
645
687660
622
642
608
602581
2018 vs 2017: Upsurge in oil, gas, and most petrochemical prices1H19 vs 1H18: Pooled gas price surged following lagged of FO while trade war impact on Petchem prices
2018 vs 201724%43%16%
2018 vs 2017+6%-1%
+26%-36%
31
31%
35%
22%
12%
53.2
69.4 68.0 65.4
1,995,722 2,336,155
1,111,759 1,121,196
2017 2018 1H18 1H19
135,180119,684
69,81755,250
2017 2018 1H18 1H19
345,395351,396
190,815154,327
2017 2018 1H18 1H19
32
PTT Consolidated Performance: 2018 & 1H2019
Avg. Dubai (USD/BBL)
1H19
1H19 vs 1H18: 21% NI; Lower P&R spreads and gas margin, higher stock loss 2018 vs 2017 : Strong EBITDA from PTT & upstream; despite refineries’ stock loss
1%
Revenue
EBITDA
Net Income
19%
21%
+ Gas : higher sales vol.+ Power : Glow acquisition+ EP : higher prices & Bongkot +22.2%- P&R : soften product prices & more T/A
1% HoH
21% HoH
- Higher DD&A from E&P and power business+ Lower tax: lower performances+ Higher gain on FX
Y2018
5%13%
33%18%
31%
36%
27%1%
8%
28%
20%
45%
11%
24%
- P&R : lower Olefins & Aromatics spreads and lower stock gain
- GAS : lower GSP from weaken product prices & higher feed cost
19% HoH
4%
Unit : MB 5%15%
32%19%
29%
43%
24%1%
13%
19%
PTT
P&R PTTEP
Net Income
EBITDA
P&R
PTT-Gas
PTTEP
Revenue
PTT-
Trading
PTT-GasPTTEP
P&R
PTT-
Trading
Oil & Retail/Power & Others
Oil & Retail/Power & Others
+ From all businesses (higher product prices following crude price)
17% Y18 vs Y17
2% Y18 vs Y17
+ GSP : higher margin + Coal : Vol. & Price- P&R : Stock loss
11% Y18 vs Y17
- Higher Tax(PTTOR’s transfer & full BOI) - Higher DD&A- Lower FX gain
17%
2%
11%
30%
Unit : MB
Unit : MB
Revenue
EBITDA
Net Income
Oil & Retail/Power & Others
Business Unit
1Q18 2Q18 1Q19 2Q19 QoQ YOY 1H18 1H19 HoH 2017 2018 YoY
Gas-EBITDA
23,244 24,635 17,948 19,850 11% 19% 47,879 37,798 21% 83,792 94,084 12%
• S&M 4,274 4,133 3,503 4,438 27% 7% 8,407 7,941 6% 16,267 18,917 16%
• TM 9,294 9,271 8,633 8,520 1% 8% 18,565 17,153 8% 34,134 35,157 3%
• GSP 8,208 9,763 4,252 5,059 19% 48% 17,971 9,311 48% 29,424 34,060 16%
• NGV (810) (1,314) (1,148) (1,015) 12% 23% (2,124) (2,163) 2% (4,188) (4,872) 16%
• Others 2,278 2,782 2,708 2,848 5% 2% 5,060 5,556 10% 8,155 10,822 33%
Oil-EBITDA
6,318 3,943 5,729 4,205 27% 7% 10,261 9,934 3% 19,598 15,271 22%
Trading*-EBITDA
1,250 2,267 613 363 41% 84% 3,517 976 72% 5,387 5,929 10%
Total** 30,812 30,845 24,290 24,418 1% 21% 61,657 48,708 21% 108,777 115,284 6%
HoH: Declined mainly from GSP due to pressured Petchem spreads and higher feed gas cost
(Unit: MMTHB)
1/ Others include PTTLNG, PTTNGD, and PTTGL (restructured by excluding GPSC, PTTES, PTTDigital and ENCO)2/ MIS3/ Included subsidiaries from all BUs
PTT EBITDA Breakdown by Business
33
2018 vs 2017: Stronger results from avg. selling price & Volume
0.11 0.08
0.21
0.39 0.31
0.85
2017 2018 1H2019
MMTHB
Statement of Financial Position
AP & Other Liabilities
PPE
Others Non-
currentAssets
AR & OtherCurrent
Assets
Interest Bearing Debt (IBD)
TotalEquity
Cash & ST Invest
31 Dec. 17
1,805,041
1,076,906 1,114,1751,212,418
373,238381,515
425,279
386,330422,358
391,017
395,840
434,605352,461
1,248,5561,318,004 1,299,110
529,480543,635 621,484
454,278
491,014460,581
1 2 3 4 5 6 7 8
2,232,3142,381,175
2,352,653
31 Dec. 18 30 Jun. 19
Net Debt/EBITDA
≤ 2.0
Net Debt/Equity
≤ 1.0
1%
PTT Ratings at Sovereign Level
− FC : Moody’s (Baa1), S&P* (BBB+),
FITCH (BBB+)
− LC : Moody’s (Baa1), S&P* (A-),
FITCH (BBB+)
Assets/Liabilities slightly increased : mainly from
+ Increased in PPE from
• GPSC’s acquisition of Glow
- Decreased in cash from loans repayment & bond redemption
*S&P final rating uplift 1 notch at LC only but maintain for FC
34
Free Cash flow
233,653 56,635
Ending Cash & Cash Equivalents
292,184 282,062
Ending cash incl. S/T investment
434,605 352,461
Beginning Cash and Cash Equivalents
166,189 292,184
Cash In/(Out)
125,995 (10,122)
Adjustment
3,810 (6,135)
Statements of Consolidated Cash Flows : 1H2019
Operating2018 1H2019
267,801 119,703
Net Income 119,684 55,250
Changes in assets & liabilities (44,043) 9,995
Income Tax (45,371) (51,235)
Non-Cash Adjustment 237,531 105,693
Investing2018 1H2019
(34,148) (63,068)
CAPEX (PP&E, Intangible asset) (106,958) (69,270)
Investment (Sub. & Affiliates & others) (38,035) (75,620)
Current investment 93,821 72,659
Dividend/Interest Received 13,173 7,225
Others 3,851 1,938
Financing (111,468) (60,622)
Repayment Loans (132,802) (65,159)
Interest paid (28,148) (14,188)
Dividend paid (85,035) (48,429)
Received from share issue 93 117
Received from loans/Bonds 143,627 101,760
Others (9,203) (34,723)
35
7.718.75
13.43
22.40
30.57
34.1434.82
18.33
21.06
29.58
37.24 36.58
32.52
20.34
6.73
32.68
46.74
4.152.50 2.85 4.00
6.75
9.2510.50
11.50
8.00 8.5010.25
13.00 13.00 13.0011.00 10.00
16.00
20.00
2.00
32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0% 43.6% 40.4% 34.7% 34.9% 35.5% 40.0% 54.1%
148.6%
49.0% 42.8% 48.2%
-900.00%
-600.00%
-300.00%
0.00%
0.00
10.00
20.00
30.00
40.00
50.00
60.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
25% PTT’s min. payout ratio Policy
Baht / share
Dividend payout
36
Dividend Policy & Historical Payments
Dividend payout Policy: Not less than 25% of net income
Split par*
* Spilt par value from 10 to 1 Baht/share since 24 April 2018
10-Year Avg. 53%
Avg. since IPO43%
EPS
DPS
4.15
2.0
3,733
9,2366,099
17,670
27,118
15,230
10,000
24,354
4,000
0
40,000
80,000
120,000
160,000
-
10,000
20,000
30,000
40,000THB (LHS)
USD (LHS)
PTT Debt Outstanding (RHS)
38
Debt Profile : Control Cost & Manage Risk
Debt Portfolio
Managed debt according to financial risk and policy
ConsolidatedPTT OnlyUnit : MM THB : Cost of debts ~ 5.39%: % fixed-rate ~ 68.32%: Avg. debt life ~ 10.82 years
: Cost of debts ~ 4.41%: % fixed-rate ~ 66.18%: Avg. debt life ~ 8.63 years
129,279 110,715 84,715
311,317 325,424 309,10345,088
34,80033,153
194,284 187,207 187,602
174,367 145,515117,868
505,601 512,631 496,705
31 Dec 17 31 Dec 18 30 Jun 19 31 Dec 17 31 Dec 18 30 Jun 19
(26%)
(74%)
(28%)
(72%)
(38%)
(62%)
(38%)
(62%)(24%)
(76%)
(37%)
(63%)
37
FX: 30.9679As of 31 July 2019
*PTTC10DA (Century Bonds) is due on 2 Dec 2110
Unit : MM THB
Debt Outstanding and Repayment Profile
Note : 1. Data as of 30 Jun 19 (THB/USD = 30.9152 THB/JPY = 0.2892) Excluding liabilities from finance leases; Cost of debts includes withholding tax.
3. Cost of debts, % fixed rate, and avg. debt life took into account the derivative transactions.
2. Debt Outstanding represents amount and portion before derivative swaps, and reconciled with accounting
38
Overview: PTT’s Business
Key Drivers
PTT’s Growth Factors
Outlook
Sustainability
Agenda
Natural Gas growth upon Government fuel diversification policy
for power generation
Natural Gas be the most important source of energywith highest portion among other fuels
PDP 2015* NEW– PDP**
Stronger demand of NG for power plants
Unit: GWh
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Newly Thailand Power Development Plan
37%
Lignite
Import Coal
Natural Gas
Import Hydro
Domestic Hydro
Renewable
Energy Efficiency
53%
6%
18%
2%
9%
7%
5%
63%
8%
3%
10%
2%
15%
62%
11%
2%
9%
8%
8%
8%
58%
11%
10%
2%
11%
60%
13%
9%
7%
3%8%
*Source: Ministry of Energy ** Source : EPPO 39
Unit: GWh
NG Growth upon Government fuel diversification policy for power generationAt the end of PDP, NG demand increase by 12%
Old* NEW**
Thailand Gas demand forecast (CAGR during 2018-2032): Total ~ 0.1%: Power ~ 2%: GSP ~ -7%: Industry ~ 1%: NGV ~ -6%
Thailand Gas demand forecast (CAGR during 2018-2033): Total ~ 1%: Power ~ 1%: GSP ~ -1%: Industry ~ 3%: NGV ~ -8%
Thailand Gas DemandReplace :Coal กระบี่ (800 MW), EE 30%
Thailand Gas Demand :+ Surat PP (2x700 MW)
*Source: Ministry of Energy ** Source : PTT Business plan 2019 approved by BOD on 21 Dec 2018
40
Gas Business Roadmap
Under new PDP, Gas Demand growth be maintained
41
Thailand Gas Demand Outlook
LNG new project
2
LNG1 Extension LNG Terminal 2
19.0
New SupplyAdditional capacity (mmscfd)
Bongkot
210
Major Project : CODCompressor
Wangnoi
NakhonRatchsima
4,182
5th pipeline
RA#6 Pipeline
4,702Cum. Pipeline Length (Km)
th onshore Midline
GSP project: CODGSP#5
Debottleneck
2,870Cum. GSP Production (mmscfd)
Cum. Capacity (MTA) 11.5
Bongkot Erawan
700 800
Mozambique
2024
Profit
Time
OPTIMIZATION capture more value from
optimizing value chain
PRODUCTIVITY reduce cost /expense and
improve productivity through digitization
BUSINESS INTEGRITY build trust and
transparency via GRC* process
DECIDE NOW Focus on discipline investment
ENERGY SECURITY invest in NG infrastructures,
GoT’s resources, LNG hub and LNG Value Chain (Gas-to-power)
NEW ENERGY/ NEW BUSINESS increase new
energy portfolio and invest in smart city, logistics & property development
EXPAND CORE move to high value products
NATIONAL/SOCIAL INVESTMENT invest for
social, community and country
DESIGN NOW Explore new business
*Governance - Risk Management - Compliance
DO NOW Strengthen from inside
EXPLORE & SEED FOR NEW S-CURVE
Seeking opportunity to invest in new businesses
e.g. Life science, IOT/AI/ robotics business
Execute growth strategy to build sustainable growth for PTT and drive Thailand Economy
42
2017 2018 2019 2020 2021 2022 2023
Capital Restructure
Other JV & wholly owned subs
PTTLNG
Other Infrastructure
Transmission
Natural Gas
Committed CAPEX: PTT and wholly owned Subsidiaries
43
Other Infrastructure
PTTLNG
Transmission
Gas
Other JV & wholly owned subsidiaries
46,18117,184
9,451
70,701
23,798
Unit: MMTHB
70,460 MB
9,939 MB
26,990 MB
59,226 MB
35% 30%
17%
33,696 MB
5%
Note: 2019 budget revision approved by BOD on 20 Jun. 19* Revised 2019 only
PTT 5-Years Committed CAPEX Plan totaling Baht 200,311 million
Note: 2019-2023 committed CAPEX excluding project under study (provisional CAPEX)
Total committed CAPEX during 2019-2023* : ~Bt 200 bn or USD 6 bn
13%
Unit: MMTHB
2019(revised)
103,69793,999
221,294
13%
41%
33%
13%
45
Committed CAPEX: PTT Group
Power Business
Upstream Business
Unit: MMTHB
Key Projects• Onshore and Offshore Exploration
and Production in Thailand• M&A Murphy Oil
Key Projects• Central Utility Project• M&A Glow• Xayaburi Power• Nam Lik Power
* Some companies have a revised investment plan during the year.
Key Projects• TOP: Clean Fuel Project (CFP)• GC: Olefin reconfiguration Plant,
Propylene Oxide/Polyols, • IRPC: MARS• PTTOR: Oil & Retail Expansion
in domestic & international
Total committed CAPEX during 2019-2023* : ~Bt 1,100 bn or USD 35 bn
PTT Business
Downstream Business
Key Projects• 5th onshore pipeline• 2nd LNG Regasification Terminal
44
• Erawan & Bongkot• FID Mozambique Area 1
• Acq. Murphy in Malaysia• Add stake in Sinphuhom(4Q)• Acq. PARTEX in ME (4Q)
2019
2020 2021
2022 2023
2024
Completed
Construction in progress
Wait for FID
Under Study
PTT Group : Upcoming Projects
45
PO/Polyols PO 200 KTA, Polyols 130 KTA
MTP Retrofit (Olefins Reconfiguration)Ethylene 500 KTA, Propylene 250 KTA
Southwest Vietnam490 MMSCFD or ~80 KBOED
5th onshore pipelineLength 400 KM.
Ubon(Contract 4)25-30 KBD
LNG Terminal 27.5 MTPA
MARS - Maximize AromaticsPX 1-1.3 MTPA, BZ 300-500 KTA
Clean Fuel Project275 400 KBD
Mozambique Area 112 MTPA or ~300 KBOED
Algeria HBR (Phase I)10-13 KBD
LNG Terminal 1 Extension 1.5 MTPA
ERU ProjectPower 250 MW
Acquired Glow 95% Xayaburi COD in 4Q19
Catalyst Cooler (UHV)
Map-Ta-PhutIndustrial Port
Phase III
LocationMap Ta Phut Industrial Area
Rayong Province
StakeholdersPTT : 30% & GULF 70%
Project DevelopmentPhase I Land DevelopmentPhase II Infra. Construction
ProgressSubject to cabinet’s approval
by 4Q2019
NGV Retail price lifting
1st: +1 bt/kg. from 16 May 2019 2nd: +1 bt/kg. from 16 Sept. 2019 3rd: +1 bt/kg. from 16 Jan. 2020
Laem Chabang Phase III
LocationDeep Sea Port
Chon Buri Province
StakeholdersPTT : 30%, Gulf 40% & China Harbour 30%
Project DevelopmentA deep-sea port for the
transportation of international cargo (terminals and berths)
ProgressExpect to be concluded within
4Q2019
Projects on the pipeline & recent Event
NGV Price Lifting Map-Ta-Phut III Laem Chabang III
totaling 3 bt/kg.: 13.62 bt/kg.
10.110.5
10.8
13.112.813.1
14.4
16.316.116.015.915.915.8
8.5 8.5 8.5
10.010.010.010.010.610.6
11.611.611.611.6
12.6
13.6
6.0
8.0
10.0
12.0
14.0
16.0
18.0Private
Public
46
47
Overview: PTT’s Business
Key Drivers
PTT’s Growth Factors
Outlook
Sustainability
Agenda
Petroleum
GRM:
• Asian refining margins to range between $4.0 – 5.0/bbl in 2019 mainly from the impact of IMO 2020
• Lower gasoline & FO crack margins in 4Q19 before IMO 2020
2019 Petroleum and Gas Outlook
Gas/LNG
48
0
2
4
6
8
10
12
14
Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19
Asian Spot LNG Henry Hub
Price 2Q2019 1H2018 1H2019 2018 2019E
Asian Spot LNG 6.9 9.1 5.8 9.9 5.8 – 6.8
Henry Hub (HH) 2.7 2.8 2.7 3.1 2.5 – 2.9
2019
$/MMBTU
Source: PTT, PRISM
Gas/LNG
• Asian Spot LNG:
• New LNG trains will boost output in 2H’19 e.g. Corpus Christi T2, Elba Island, Cameron T1 and Freeport T1
• Uncertain industrial growth in China, re-gas capacity constraints and slower pace of coal-to-gas switching.
• Henry Hub: Less severe summer weather in the US led to lower-than-expected natural gas-fired electricity generation and high reserves, which will continue to keep prices low
Gasoil
• Diesel inventory buildup ahead of IMO 2020
• Higher Indian exports due to normal monsoon season
• Softened demand due to poor industrial/manufacturing output, resulting from trade war and global economic slowdown
Mogas
• Ample supply due to higher refinery intakes of lighter crude, after the US shale oil export surges
• Softened demand from falling car sales in China, the big market
• Lower supply from refinery’s yield shifting to maximize middle distillate ahead of IMO implementation in 2020
Dubai
• OPEC+ extended supply cut at 1.2 MMBD to balance market until 1Q’20
• Geopolitical Risks in the ME with heightened tensions between the US/Britain and Iran.
• Surging Non-OPEC output; especially in the US – increasing crude exports after pipeline expansion completed in 4Q’19
• Lower demand due to expectation on global economic slowdown
Petrochemical Rolling as of Aug 19
1
3
5
7
9
40
60
80
100
120
Jan-18 May-18 Aug-18 Nov-18
Dubai Mogas Gasoil FO Cracking (RHS)
$/bbl
2019
Price 2Q2019 1H2018 1H2019 2018 2019E
Dubai 67.4 67.9 65.4 69.4 58-68
Mogas 74.9 80.9 71.1 79.9 65-75
Gasoil 79.7 82.7 78.0 84.1 72-82
FO 65.1 63.3 64.6 66.8 55-65
Cracking 3.5 6.5 3.3 5.8 4.0-5.0
BenzeneOlefins
• More U.S. PE cargoes to divert to SEA particularly in Vietnam market
• Import cargoes will be more competitive due to the appreciation of local currency against US dollar
• US-China trade war to impact market sentiment
• Off-seasonal demand for PE an PP during 3Q’19
• RAPID Project in Malaysia will start-up HDPE, PP in 4Q’19, pressuring market
Aromatics
Polystyrene (PS)
• PS price in 3Q’19 will be pressured by the uncertainty of global economy
• Limited growth in long term: PS packaging demand continues facing competition from alternative materials and will face risks of bans and negative consumer perception
Polystyrene
Petrochemical Rolling as of Aug 19
Source: PTT, PRISM
2019 Petrochemical Outlook
Aromatics
• Concerns on long PX supply due to plan start-up of Zhejiang Petrochemical and Hengli Group in 2H19
• More BZ supply from new units and high inventory in China
• US driving season leading to higher gasoline demand thus lower Benzene production
• Resumption of BZ downstream unit will boost up demand
49
9001,0001,1001,2001,3001,4001,5001,600
Jan-18 Apr-18 Jul-18 Oct-18
PE CFR SEA PP CFR SEA
2019
$/Ton
300
500
700
900
1,100
1,300
1,500
Jan-18 Apr-18 Jul-18 Oct-18
BZ FOB Korea PX CFR Taiwan
2019
$/Ton
Price 2Q2019 1H2018 1H2019 2018 2019E
BZ 625 866 607 821 630-640
PX 909 974 995 1,067 920-930
Price 2Q2019 1H2018 1H2019 2018 2019E
HDPE 1,080 1,382 1,086 1,330 1,040-1,050
PP (Film) 1,143 1,286 1,135 1,269 1,110-1,120
Olefins
400
800
1,200
1,600
2,000
2,400
Jan-18 Apr-18 Jul-18 Oct-18
PS CFR SEA
2019
$/Ton
Price 2Q2019 1H2018 1H2019 2018 2019E
Polystyrene 1,260 1,555 1,275 1,503 1,245-1,255
50
Overview: PTT’s Business
Key Drivers
PTT’s Growth Factors
Outlook
Sustainability
Agenda
52
51* PTT SDGs Focus | PTT SDGs Involvement
PTT SDGs Focus
PTT SDGs Involvement
Balancing Sustainability : PEOPLE PLANET & PROSPERITY
53
52
Strategic Direction
Set up GHG Reduction Target from Operation (Target: 20% vs BAU by 2030)
Reduce Operational Carbon Footprint
2019 2020 2025 2030
20 % vs BAU
18 % vs BAU
16 % vs BAU
15 % vs BAU
Reduce GHG from operation
Target Measurement
Increase PTT Group’s revenue from low carbon products in 2023
Implement carbon pricing for new investment in 2020
GHG Emission from operation (scope 1 & 2)*
Verified by 3rd party
GREEN LIFE STYLE
Green House Gas (GHG) Reduction Target
Climate Change and Energy Management
*Scope 1 = Direct Emission e.g. Fuel Combustion, Company Owned Vehicle*Scope 2 = Indirect Emission e.g. Purchase electricity for own used
Thailand’s GreenhouseGas Reduction Target
Short-term:2020 Target Long-term: 2030 Target
Nationally AppropriateMitigation Actions (NAMAs):
Reduce greenhouse gas emissionsby 7-20% from business as usual level
Nationally Determined Contributions (NDCs):Reduce greenhouse gas emissions by 20 - 25%
from business as usual level
PTT Group established a climate change strategy called “ PTT Group Clean & Green Strategy”
Reduce greenhouse gas emission from operations Enhance the circular economy into operations
Increase proportion of renewable energy and natural gas Develop environmentally friendly product and services Enhance carbon pricing for new investment
Clean & Green Strategy for investment Enhance the circular economy concept into PTT Group’s value chain
Water Management
Corporate Governance (CG)
Water Recycling Efforts
• Manage water according to the 2Rs Principle (Reserve and Re-visualize)
• Implement 3Rs Principle (Reduce, Reuse, Recycle) project in Rayong
Province and Sriracha (Chonburi Province) to reduce dependency on
public water resources; Desalinating seawater
Reduction Target on Water Intensity by 2030
Production sector 12.6%
Office buildings 10%
3 Channels to Report on Whistle blower
1. 2. 3.
Water Management and Corporate Governance
Water Storage Capacity for PTT’s operational Areas
in Rayong Province
Unit: million cubic meters
Recycled and Reused Water and Water Storage Capacity
Unit: million cubic meters
CG & Anti-Corruption Strategic Plan
• Revise and announce Anti-Fraud and Corruption
Policies of PTT and PTT Group
• Third-party Anti-Corruption Due Diligence Manual
• Communicate and educate about Anti-Fraud and
Corruption
• Enhance Information Disclosure to be
ensured PTT’s Transparency to all
stakeholders and other assessors /
regulators
• Enhance PTT Whistleblowing Management Process
with Fair-based Treatment to Whistleblower and
Complainant
• Communicate whistleblowing channels to all
stakeholders
Percentage of volume of water recycled and reused from the total
volume of water consumption
1. Establish Anti-Fraud Mechanism 2. Information Disclosure 3. Redesign Whistleblowing Process
53
Thank youPTT Public Company Limited – Investor Relations Department
Disclaimer
The information contained in our presentation is intended solely for your personal reference only. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events, financial performance and result of PTT’s activities. These views are based on assumptions subject to various risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions are correct. Actual results may differ materially from those projected.
The information contained in this presentation is subject to change without notice and PTT does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.
55
54
Tel. +66 2 537-3518, Fax. +66 2 537-3948
Website: http://www.pttplc.com
E-mail: [email protected]