Good afternoon, analysts, fund managers, and PTT executives and employees. Welcome to the first quarter analyst meeting of PTT. My name is [Pleum Tarini] from Investor Relations. I'm your emcee today. We are still meeting virtually. In order to facilitate your attendance, we live stream through Facebook Live, PTT-IR and PTT-IR Foreign for English. We have simultaneous interpretation in line with stakeholders' engagement policy of PTT Group, as well as MS team. We will start with result of Q1 2023 by the CEO and CFO, followed by Q&A. For MS team, you can use the Raise Hand function if you wish to ask questions by yourself. We will give you the queue, and once we queue you, kindly open your camera, or otherwise you can submit your questions using chat box of both Microsoft Teams and Facebook Live. We will collect and moderate your questions during Q&A session. May I introduce our top executives who will present highlights of Q1 2023 to you today, starting with Kun Auttapol Rerkpiboon, CEO. Kun Pannalin Mahawongtikul, CFO. Three other top executives who join us during Q&A, starting with Kun Wuttikorn Stithit, Operations Upstream Petroleum and Natural Gas, Kun Noppadol Pinsupa, COO for Downstream Petroleum, and Kun Buranin Rattanasombat for New Business and Infrastructure. I will give the floor to the CEO and CFO. Good afternoon, dear fund managers, analysts, and PTT staff. We meet quarterly. We are consulting whether we can blend, for example, Q1, Q2 virtually. Perhaps first half Q4 we can do on-site so that we can meet and greet in person. Let me start now. I would like to start with key drivers. Oil price for Q1 ranged $80.3. Q-on-Q, that's down 5%. Year-on-year, 16% down because last year it was $98, now $80 because of easing concerns over tight supply and Russia has started to supply its crude to various parts of the world, particularly China and India, and also economic contraction and interest rates rise. Resulting from demand not so high, whereas non-OPEC supply increased. OPEC and OPEC+ may join hands tight, but non-OPEC, as soon as OPEC side decrease supply, non-OPEC would boost its supply, especially the US. Pool Gas cost of PTT ranged at $11.3 million BTU. Q-on-Q, that's up 6%, primarily due to increase of LNG spot import. When we compare Q4 last year, two shipments. Q1 this year, already 20. Year-on-year, up by about 4% due to supply from Myanmar Gulf of Thailand and higher fuel oil prices as well as increased import of LNG spot. Petrochem price. Olefins and aromatics Q-on-Q up by 5% and 6% respectively. HDPE price increased due to higher demand, especially from China, as it accelerated infrastructure development projects. PX price increased on the back of PTA's demand in line with recovery of profits and new PTA factories in China, and tight supply as many PX factories in Asia went into maintenance shutdown. Year-on-year, HDPE and PX price decreased by 18% and 5% respectively on the back of decreasing crude and naphtha prices, as well as contractions in many countries. Net profits for Q1. In PTT Group, we have net profit of THB 27.8 billion, up 49% compared to the previous quarter or Q-on-Q basis, primarily due to higher operating profits and less derivatives loss. By business unit on PTT's part, international trade increased due to higher pricing and volumes of our Out-Out Trading. Gas down due to S&M as average price for industrial customer decreased and higher fuel gas costs. E&P up because this quarter we book no special items such as impairment of Mozambique Area One that has already been booked, as well as liabilities for Montara. Even though actual operating profits are down, P&R up due to product spreads of both olefins and aromatics on the back of higher demands. Refinery, higher sales volume according to higher production capacity and cheaper crude premium, as well as lower stock loss. Oil business, higher overall average gross margin per liter and lower non-oil operating expense. For new business, better margins thanks to GPSC, whose gross profits benefited from higher FT as well as lower cost of natural gas and coal. PTTGM also enjoyed higher revenues from delivery of lenalidomide generic in Q1 compared to the previous quarter without such delivery. This is actually subsidiary of Innobic, our pharmaceutical business. These are key drivers. Next, I would like to discuss activities highlights in the first quarter. Key activities for core business. In the core business group, PTTIH is a vehicle holding coal mines. We divested PTTML, which hold coal for Astrindo in Indonesia. The transaction has been completed for $486 million. That's done and dusted on 15th of February this year, which means PTT Group has fully exited the coal business. Additionally, PTT extended the timeframe for NGV pricing cap. For taxi, 13.6 baht per kilo, and for general vehicles user at 17.59 baht per kilo. PTTEP won the bidding for two plots, that's under PSC, i.e., G1/65 and G3/65. PTTEP holds 100% share in both blocks. PTT Trading signed an MOU with Krungthai Bank in order to secure carbon credits to support Thailand's first carbon hedging contract in the area of future energy and beyond, between April and May. GPSC, which is our energy arm, and Avaada Energy, which is a joint venture with GPSC holding 42.9% via GRSC, won the solar farm bid in India. For the capacity of 1,700 MW. In Thailand, GPSC acquired 16 MW. All together 1,704 MW. According to Avaada's portion, it will result in megawatt of PTT Group is up by 725MW, in line with PTT Group's roadmap of 12,000MW by 2030. Inclusive of this one, we are at the milestone of 2,000+. We have consistently implemented our strategy, and we shall review and revisit to determine our capacity to invest more in renewable energy beyond Thailand. We will revisit our renewable strategy. In Q1 Energy Complex, which is a subsidiary between PTT and PTTEP, we have entered into a joint venture with One Origin to trade shares 50% from OneEnergy. The value is THB 46 billion to jointly develop hotel under Origin Smart City Rayong in Rayong in order to accommodate expansion in Eastern Economic Corridor. Global Multimodal Logistics or GML. We set up this subsidiary to conduct logistics business. It has signed 2 MOUs. The first one with Fair & Fast, which is part of Mitr Phol Group. The activity is to transport sugar from Khon Kaen to Laem Chabang via rail, 10,000 containers. Rail cargo capacity in Thailand has plenty of potentials as new business as well as cutting costs, cutting logistics costs. Another MOU separately, we join hand with Pan-Asia Silk Road or PAS. It has pioneered rail cargo of durian to Guangzhou in China. It will study further the feasibility of rail cargo transport from Thailand to Lao PDR and to China for agricultural goods cargo. This is going to be a new chapter for Thailand's logistics industry. On the 14th of March, Mekha V, which is the flagship of PTT Group in AI, robotics and digitalization, has entered into a joint venture with WHAUP and Sertis. Sertis has expertise in energy innovations management. Together the partners set up RENEX Technology, a new vehicle to invest and offer digital platform for energy trading business, which is peer-to-peer energy trading platform within industry as asset. Innobic Asia and Aztiq signed an MOU in order both for feasibility study to set up a biosimilar plant in Thailand using international expertise of Aztiq. It is going to be part of this research technology transfer to supply precursor as well as doing marketing and distribution of the products. The goal is to set up this biosimilar pharmaceutical factory in Thailand within this year. These are key drivers as well as activities highlights. Now I'll give the floor to Kun Pannalin. Thank you very much, the CEO. To our performance of PTT in Q1 of this year. Starting from the Q-on-Q, you would see that if you look at the net income Q-on-Q is down by 5% or around THB 40 billion, mainly from PTTEP, which is lower from the average selling price and the total sales volume. For oil business is down from the lower crude oil price. New business is down mainly from GPSC, which has a lower revenue from the IPP due to the turnaround. Also, the demand from EGAT is around. Gas is down mainly from the GSP, which is lower in sales volume due to declining demand of petrochemical clients. S&M, sales and marketing, is down as a lower average selling price to client industrial that's in line with the reference price. For the PNR, it's up 'cause in Q4 of last year, they have the major turnaround of refineries. For trading, revenue is up from higher sales volume even though they have a lower price because they have imported crude oil and also more LNG import. That's Q-on-Q is down. EBITDA Q-on-Q increased by 38% to around THB 28 billion, mainly from PNR business with higher sales volume and lower crude premium. Also they have a lower derivative loss because in Q4, we have the stock loss about THB 16 billion, but Q1 it's better by THB 10 billion. For trading business, EBITDA is higher. As the Out-Out Trading, we have higher gross margin. For the oil business, gross margin per liter is increasing and also we have higher sales volume. New business is better, mainly from GPSC. Gross margin is higher from higher FT from the SPP. The cost of natural gas and coal is lower. For E&P, it's down because of the lower sales volume and average selling price. Gas is down due to S&M as the industrial client. Average selling price is lower. Feed gas cost is higher. For GSP, it's up because the Gulf Gas, which is the Pool Gas cost, is down. GSP has higher EBITDA despite lower sales volume. Now to the net income, Q-on-Q is increased by 49% or about 9.1 billion THB as EBITDA is higher. We have lower DD&A by 3.5 billion THB due to PTT's E&P's increased reserve of G1/61. We have lower derivative loss by THB 22.6 billion as GC and PTTEP has lower derivative loss, while Thaio il has derivative gain from petroleum price hedging. Lower FX gain by THB 22.5 billion. The appreciation of the baht is at the slower rate than Q4. In Q4, baht appreciated THB 3.34, but in Q1 of this year, it appreciates only 47 stang. For the net tax non-recurring items in Q1 of this year, we have the net tax non-recurring items about THB 100 million, mainly from PTTEP's loss on asset disposal, Bongkot block, that's minus THB 500 million. For the positive side, we have the discount benefit from gas shortfall, that's THB 50 million. In Q4 of last year, we have the non-recurring items which is quite high, like the impairment of goodwill of Mozambique, the compensation that we pay for the class action lawsuit, that's THB 3 billion under PTTEP. Also, PTT funded the Oil Fund, that's THB 2 billion. Q4, we have quite high number of non-recurring items, in Q1, it's getting better. Year-on-year revenue is down a little bit by THB 1.7 billion, mainly from PNR with a lower sales volume and lower average selling price. Trading is down due to the lower selling price in line with crude oil price. Gas is down mainly from TM with the revised rates of ERC since last August. We have less revenue from transmission fee. GSP is down with a lower average selling price and also lower sales volume. For S&M, we have higher revenue with the higher average selling price in line with Pool Gas cost. For the oil and E&P, revenue is up with higher sales volume, despite lower average selling price. For the new business, mainly we have more revenue from pharmaceutical products, 'cause we consolidated Lotus Pharmaceutical last April, and GPSC also have more revenue from SPPs increase FT. For EBITDA year-on-year, it's down about 37 billion THB or about 26% down from almost all of the businesses, except E&P and new business. For PNR, EBITDA is down, as in Q1 of this year, we have stock loss that's $3.5 per barrel compared to Q1 of last year. It's a stock gain of $10.3 despite increased market GRM. Petrochemical business is down from the olefin with lower sales volume because of the major turnaround. GC, Q1 of this year, they also have turnaround. Average selling price of the products also is down. It's down from both the price and the sales volume. For gas business, GSP, EBITDA is down due to lower average selling price and lower sales volume. For TM, EBITDA is down because of the revised tariff of the ERC. S&M, EBITDA is up. The client customers, they have average selling price which is higher than the increased cost. E&P, EBITDA is up with a total average selling price. New business is up due to GPSC with higher gross margin from SPP's higher FT. Net income year-on-year is increased by 12% or about THB 3 billion. Even though EBITDA is down, but they have other items. For example, lower derivative loss, which is quite significantly. It's down by THB 47 billion. When we have the war of Ukraine and Russia, PTT Group have quite high derivative loss. Q1 of this year, this amount drops quite significantly by THB 47 billion. For FX, we have FX gain THB 4.4 billion because of the baht appreciation compared to Q1 of last year, which appreciates by THB 0.14. Q1 of this year, Thai baht appreciates by THB 0.47. For non-recurring items, Q1 of this year, we have a small amount, and that's about THB 100 million. Q1 of last year, we recognize a net tax non-recurring items about THB 900 million. According to PTT's equity, mainly from the shortfall, that's about THB 700 million. The gain from divestment of Ichinoseki of GPSC, and that's 305... THB 350 million. Looking at the pie chart to the revenue. New business, it doesn't contribute much on revenue because for the oil and gas and petrochemical, it generated more significantly. New business doesn't contribute in the higher portion. Looking at the net income, we could see that we should see the contribution from new business. Mainly, it's from GPSC, which is under new business. Also we see more contribution from pharmaceutical products. For the proportion of the net income, it would change as we change our strategies more to the new businesses. For the waterfall, you can see that Q-on-Q, net income increased by THB 9 billion, comprising of the margin which is higher by THB 7.5 billion from almost all of the business groups, except PTTEP and Gas. Margin contribution gives positive factor by THB 7.5 billion. Stock loss is down by THB 11 billion. In Q4, we have the stock loss, which is getting better. OpEx, it's positive factor. OpEx is down by THB 9.7 billion, mainly from the expenditures of personnel, advertisement, and PR expenses, which is down. DD&A is down by THB 3.5 billion, mainly from PTTEP, which increased the reserve of G1/61. Other income increased by THB 3.7 billion, mainly from the adjustment of the accounting items, the end of concession of Bongkot block in Q1 of this year, and that's THB 1 billion. Last year, Q4, we have non-recurring items. We have to pay compensation to the class action lawsuit, and also we have to give the fund to the Oil Fund. There is none this year. Other income, we have positive a-factor. Impairment is down by THB 8 billion because last year we had the impairment from Mozambique. FX and derivatives. Derivatives gain is negative factor, our net income is down by THB 20 billion. Mainly it comprises of a lower FX gain, and that's about THB 22 billion. For derivative loss is down by THB 36 billion, mainly from GC and PTTEP. The last column, interest and corporate income tax and NCI, we have negative factor of THB 15 billion, mainly from NCI, which is increased by THB 7.9 billion due to increased operating performance. Tax expenditures is also increasing. These are details on volume and pricing. You can study the slides later, which we'll make available. In terms of gas EBITDA, overview of gas Q-on-Q down by 7%, primarily due to S&M. From lower averaging prices to industrial customer by about 11%, whereas volume of sales has increased. Gas separation business EBITDA up due to lower Gulf Gas cost and higher selling price. Gas pipeline business improved Q-on-Q due to lower expenses and GV less loss due to higher selling price. Other businesses done through subsidiaries increased slightly from PTT LNG with less SG&A expenses. EBITDA year-on-year dropped mainly from higher Pool Gas costs together with lower Gulf Gas output. GSP decreased due to higher feed costs and lower average selling prices and hence the margin squeezed. TN decreased from revised pipeline tariff rates. Q1 last year, this tariff has not yet been revised downward. NGV is impacted by higher gas costs. S&M increased from higher average selling prices to industrial customer. Other businesses decreased due to higher average Pool Gas costs, but less selling price in line with fuel oil pricing trend. Trading business quarter-over-quarter, EBITDA significantly improved by more than 100% due to higher sales volume. That is 84% up due to imports of crude to refineries and LNG to run power plants, and hence spike in sales volume margin up more than 100% too due to Out-Out Trading primarily and mark-to-market adjustment from the previous quarter, hence higher margins. EBITDA up from loss of THB 366 in Q4 to profit of THB 4.8 according to higher gross margin and sales volume year-over-year. Better for trading, more than 100% better. Consisting of both margins and improved sales volume, which is up by 13% due to more crude and LNG imports and out-out trading increase. Margin more than 100% higher due to higher unit cost of selling price and reversal of mark-to-market loss resulting in year-on-year EBITDA up by about THB 1.2 billion on the back of margin and sales volume increase. Financial position, if we look at total assets, in fact a slight increase about THB 1.2 billion. Looking at key items, cash and short-term investment increased by THB 60 billion due to PTT's operations. Liabilities and other recurring assets due to receipt of Oil Fund subsidy THB 2.8 billion and assets to sell less than before due to divestment of coal and shaving of THB 40 billion. Non-current assets down due to decreased goodwill of PTTEP due to expiration of Bongkot. Land equipment up due to construction work of PTT Group, be it Thaio il, PTTEP, and PTT's own. To the right. Liabilities overall decrease due to other liabilities and less derivatives loss. Equity up by about THB 32 billion due to Q1 performance, which has net profits of THB 27 billion and non-controlling interests increased by about THB 68 billion due to higher profits of subsidiaries financial ratios. Net debt to EBITDA stabilized at 1.71x due to interest-bearing debts decrease. You see that IBD decreased slightly along with decrease of EBITDA. The ratio remains stable. Net debt to equity less from 0.55 to 0.50. Financial ratios look stronger. Cash flows. PTT consolidated cash flows as of 31st of March 2020. Beginning cash THB 340 billion. Free cash flow of Q1 increased by about THB 65 billion due to receipts from operations in the tune of THB 103 billion, whereas investment expenses about THB 38 billion, mostly various construction projects of PTT. Financing out by about THB 8.6 billion due to financing costs and due interest rates at GC, PTT, Thaio il. We have more loans and hence higher interests, resulting in cash increase of THB 57 billion to stand at THB 397 billion at end of first quarter. We have cash in hand THB 415 billion. Thank you. I would like to share our outlook and guidance for 2023, starting with economic trends. We all know that global economy is expected to slow down, i.e., less growth than last year, projected at 2.8% versus last year's 3.4%. Negative factors are still soaring inflation and central banks' tight monetary policy, i.e., maintaining high interest rates for the time being. That will absorb liquidity, the issuance of QE, and et cetera, in order to rein in inflation. That would pressure purchasing power and production capacity. Banking sector crisis we know of, making lending more rigid, resulting in credit crunch for business sectors. Russian-Ukraine war continues to protract, and geopolitical concerns remain. That would also bring about trade discrimination. On the other hand, however, China's recovery and opening up shall stimulate China's domestic consumption, global economic and trade activity shall benefit from it. Chinese tourists continue to flood the world, and their spending will spur global economic growth. Also, labor market in developed countries remain robust. Consumer goods prices, especially energy prices, are in a downward trend, and therefore cutting operating expenses for operators and stimulating consumption and spending. Thai economic outlook this year is projected to grow at 3.4% higher than last year, which is 2.6% due to factors such as Q1 GDP, which has grown beyond projection, thanks to strong tourist arrival, particularly Chinese tourists. The rebound is expected to be on par with pre-COVID by next year. Private sector consumption continues to recover. Inflation is reined in within Bank of Thailand's range. Previously, high inflation of Thailand was spurred by energy prices. Negative factors, I think we have to look at slowing exports as well as we have to monitor Bank of Thailand's interest rate policy plus household debts that are very high and that shall depress consumption. Surely, Thai politics. We have to closely monitor the formation of the new government when it will come into being, whether and when. Looking at products, gas price, LNG, Henry Hub 2023 is projected to decrease 54% year-over-year in the range of $2-$3 per BTU. Last year it was at $6.5 per million BTU due to less U.S. demand. Asian spot LNG is projected to decrease by about 47% to average in the range of $15-$20 per million BTU versus $34 last year due to reserve in Europe and Asia that is still high and less demand in Europe due to European Commission's measure to end subsidy in March next year. It's extended by 1 year. Europe's industry is contracting continuously and therefore pressuring gas demand. In any case, demand from China shall recover following the country opening up and heatwave and high temperatures in Asia may result in higher LNG import. Those are LNG trends. Looking at Dubai this year is projected to decrease by 16% and hovering in the range of $79-$84 due to U.S. supply, more U.S. supply in the world market. US production capacity this year is projected at 12.5 million barrel, which is higher than last year's 11.9 million barrel per day. The first half of this year, market confidence is pressured by economic contraction concern. However, looking at other factors, what could spur up the price is OPEC+ alliance that remains tight. They will further cut production by 1.6 million effective May to December this year. These are Dubai crude. Fuel oil is projected to be down by 16% on the back of crude price. Singapore GRM this year should be 54% less in the range of 4.4-5.4 versus 10.7 last year due to gasoline and gas oil that have been pressured by more supply after reopening of refineries. For petrochemical, both olefins and aromatics are projected to decrease due to weak demands. However, demand and economy are expected to pick up in the latter half of this year. That's outlook. Price outlook. Business outlook, per PTT Group's business stream, PTT EP projects decreased sales volume this year due to Oman 61 and average price is projected to decrease as well because of new PSC G1, G2, whose prices are quite low and blended throughout the year as well as projected crude price is down as well. In any case, PTT EP is expected to keep its unit costs at the competitive level. PTT EP prioritizes its unit costing at all time. GasNG demand is projected to increase, particularly from energy sector on the back of more robust economic activities. Gulf Gas production is projected to increase after full access to production sites. Gas separation plant capacity is expected to recover at 80%-85% rate due to less shutdown maintenance and higher Gulf Gas supply. Spot LNG trend is on the downward trend, it will drag down Pool Gas price as well. The Pool Gas costs will decrease and hence wider margins. OR we expect recovery of sales volume on the back of active activities. P&R refinery, I already mentioned GRM 4.4-5.4 per barrel. In any case, less GRM. Crude premium last year due to various factors, GRM figures are high, but actual crude price plus more premium turned out to be very high this year. It should stabilize at normal range. Utilization rate should improve. Last year, we have seen a lot of shutdown maintenance. Power business. Demand is expected to recover. Likewise, margins due to lower fuel costs. Future energy business. ARUN PLUS aims to expand its EV chargers to 3,000 units. OR will continue its expansion drive. At station 800. Beyond. Stepping up activity, more recognition of Lotus Pharmaceutical the whole year, plus various other projects that are to be COD this year. For example, the nonwoven fabrics, the plant-based protein, which we brief you every once in a while. Let me tell you about upcoming projects, starting with the Fifth Pipeline phase I, phase III, construction completed. phase II between Chachoengsao to Nonthaburi is under construction, due to be completed this year. That shall strengthen energy security and increasing transport capacity from the east to the west pipeline network. GSP-7 to replace GSP-1, which has been in use for more than 30 years. Production capacity is on par at 460 million MMSCFD, and GSP-7 is designed to use advanced technology to manage CO2 emission and more energy efficient than existing GSP. Significantly, COD is expected in Q1 next year, and that will help to reduce unit cost as well as cutting CO2 emissions towards our net zero goal. Olefins 2 Modification Project. COD is expected in Q2 this year, and it will add value and increase feed flexibility and increase long-term competitiveness of GC. For new business. For Beyond, I talked about nonwoven fabric products. The plant-based manufacturing. COD expected in Q2 this year. EV value chain. Module battery production plant that we JV with Gotion. For lithium-ion battery for energy storage and EV. Starting capacity of 1,000MW -hour. COD expected in the fourth quarter of this year. EV Horizon Plus that we joined with Foxconn. Capacity of 50,000 units per year. COD expected next year. Renewable energy. For renewable energy, we have the project through GPSC. That is the Avaada Solar Power Platform in India. At the beginning of the year, we got more, and for the whole year, we have the plan to enter into the bid for the next round. India is quite a big market. They targeted that in 2030. They target 500GW.