Slides
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Analyst Meeting FY 2024 28 February 2025
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This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation contains a number of forward-looking statements including, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. PTTGC has based these forward-looking statements on its views with respect to future events and financial performance. Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and PTTGC 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. Disclaimer 2
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The only company in chemicals sector ranked 2019-2024: No.1 for 6 consecutive years and Top 1% S&P Global ESG Scores The 1st and only Thai-own conglomerate to achieve 2022-2024: A LIST Water Security for 5 consecutive years The 1st company in Thailand recognized in LEAD LEVEL The global recognized sustainable company (ESG Rating BBB) (Top 5) Top 4th percentile In Chemical Industry (Low Risk) The top 5 % of companies assessed by EcoVadis awarded 2024: Gold Sustainability Medal SET Sustainability Awards of Honor 7 consecutive years SET ESG Ratings AAA Thailand Sustainability Investment 10 consecutive years
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Agenda 4 1 2 Strategic execution Financial highlights
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Agenda 5 1 2 Strategic execution Financial highlights
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6 GC continues to monitor the pressure on the petrochemical industry in 2025 2025 Outlook: Petrochemical industry remains under pressure According to Bloomberg consensus, the Fed will implement two rate cuts in 2025 due to low unemployment while remaining cautious in evaluating inflation. China responded to Trump by increasing tariffs on the US. (10% for Oil and 15% for LNG, Coal) • Imposing higher tariffs • Geopolitical policies • Boosting U.S. oil and gas production Industries face an economic downturn and rising new capacity, especially in China. Crude and petrochemical market Financial Market Outlook China Economy Trump’s policies may cause further economic uncertainty by Ongoing economic slow down to impact growth Source: IMF 4.6 4.5 3.3 3.3 1.0 1.4 2.7 2.1 2025 2026 Global GDP (%) China Global Euro US
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Short-term Long-term 7 GC’s priorities is assuring short-term targets, while keeping pace on the long-terms goals Portfolio transformation • Progress on Vencorex and PTTAC • To realize tangible benefits in 2025 (THB 4.6 bn NI uplift) Enhancing HVB and Low carbon • Concluded ethane price adjustment with PTT, maintained Olefins chain EBITDA margins at 7% in 2024 • Ethane flow expected to increase 20% in 2025 Efficiency and Cost optimization • Allnex: Drive performance by strategic growth and optimization programs • SAF: 1st bio-refinery in Thailand • Natureworks Plant 2: Expected COD in Q4/2025 Competitiveness • 2025 Aggregate performance enhancements: THB 4.5 bn • 2025 Capex savings target: THB 4 bn • Secure liquidity with revolving bank facility • Ensure long-term competitiveness of portfolio and evaluate non- performing assets • Ethane import marginal load to increase Ethane volume intake • Ensure ethane feedstock security in long term • Holistic optimization target set and developing initiatives: Target of 300 MUSD by 2030 • Asset-light strategy • Deleveraging plan • MTP Specialty hub 1. Leverage MTP’s infrastructure to attract partnerships for specialty cluster 2. Expand allnex SEA business and utilize allnex as part of MTP Specialty hub • Unleash Allnex full potential Short-term Long-term Short-term Long-term Short-term Long-term
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8 RefineryPetrochemical • Complex refinery (upgrading units and quality improvement units for max. production value) • Feedstock provider for petrochemical through integration with petrochemical • 1st bio-refinery in Thailand with SAF production started in Jan’25 Aromatics • Highly integrated structure with refinery and within the petrochemical complex • Downstream integrated outlet with Phenol and PTA/PET chain Gas-based feedstock position GC above other crackers in the region Cost competitiveness driven by ethane feedstock and market-focused products Integrated outlet for Olefins chain providing optimization flexibility AVT’s expansion to COD in 2025, expanding market share in CLMVT driven by infrastructure growth PE MEG PVC PP HMC’s leading position as specialty PP producer Olefins Cost curve GC’s resiliency through downcycle driven by our competitive advantage GC’s operating rate above industry across the value chain (2024) Olefins chain Aromatics chain Refinery Global industry operating rate GC’s operating rate
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9 1 2 3 4 Portfolio Transformation Competitiveness Reinforcement Enhance position in High Value & Low Carbon Business Accelerate allnex to Finish Line and Grow Further Healthy Portfolio Holistic Optimization MTP Specialty Hub Sustainable Portfolio • Classification • Carving & Enhancement • Strategic Partnership Encompass • Global Feedstock Optimization & Group Collaboration Enhancement • Market-focused Business Transformation • Operational Excellence, Advanced & Digital Technology 5 Balance Business with Sustainability High Value Business • allnex Full Potential 6 Enablers for Transformation • Seeding Bio & Circularity Business for Future • Decarbonization Scenarios Innovation & CVC Organization Transformation Value-based Financial Management • Transform MTP into Southeast Asia Specialty Hub GC Evolution Journey
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Portfolio transformation Vencorex PTT Asahi • Business contract termination and target completion by Q1/2025 • Isolation and deconstruction Process • Completion of Business Withdrawal Process: Target by 2028 2025-20282024-2025 • 2024 key progresses on Vencorex and PTT Asahi restructuring, all provisions have been booked in 2024 • Tangible benefits expected in 2025 through uplift to EBITDA of THB 2.1 bn and NI of THB 4.6 bn from discontinuing loss contribution from both companies (YoY uplift from 2024 loss net of 2025 impact) • In light of market conditions, portfolio transformation will continue be part of GC’s strategy going forward H1/20252024 • 10 Sep: Reorganization accepted by French court • Reorganization process expected to be completed by Q1/2025 to provide time for plant cleaning to ensure safety of unsold assets • Business continues to operate until completion of reorganization with external HDI monomer sourcing • US and TH assets sales currently in final stage of bidders selection and expected closing by H1/2025 10 1 2024: Impairment: THB 7.9 bn Provisions: THB 2.1 bn 2024: Impairment: THB 8.9 bn Provisions: THB 2.8 bn
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Holistic Optimization to Reinforce Competitiveness Combining existing business improvement programs with holistic optimization, we aim to improve EBITDA by 300 MUSD in 2030 300 MUSD 2025 2030 42 MUSD Existing programs Holistic optimization EBITDA Uplift benefit “Holistic optimization” in actions Enhanced global feedstock Optimization • Crude sourcing with PTT group • Olefins feedstock security (US Ethane import): COD in 2029 Enhanced Supply Chain & Operation Optimization • Adopt technology to optimize plant condition across MTP (Plant-Wide Optimization) • Optimize logistics management cost Add Values & Solution for Domestic & Strategic Market Customers • Accelerate new application product development (NAPD) • Level up technical service Enhance Efficiency & Performance and Roll out for allnex’s full potential • Roll out OpEx and best practices • Enhance GC HVB from allnex knowledge and practice Defend domestic and strategic market 2 11 Existing programs
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12 Global feedstock sourcing opportunities • US is a major ethane exporter to destinations in China, India, and Europe (total existing and potential export volume of 15 MTA) • US has a sophisticated natural gas infrastructure with plans for expanding exporting facilities • GC established a base in US since 2018, and started exploring feedstock sourcing from US OLE 1 OLE 2/1 OLE 2/2 OLE 3 OLE 4 • Feedstock flexibility between ethane and liquid • Olefins total capacity 3,729 KT • Readily capable for additional ethane intake with no modification Ethane-based Gas-based with ethane, propane, and LPG flexibility Liquid-based with naphtha, propane and LPG flexibility 2024 2025 Ethane LPG/Propane Naphtha US Ethane Landscape GC’s advantage as ethane-based producer Max ethane intake at ~2.5 MT per year GC’s Feedstock intake 2 -10% 0% 10% 20% 30% 40% -200 0 200 400 600 800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 HDPE-MOPJ Ethane-based Naphtha-based Dubai range: $40-70 Dubai range: $70-100 PE EBITDA margin Ethane is more competitive than Naphtha throughout all scenarios • Additional reliable ethane availability will provide GC’s added feedstock flexibility and competitiveness
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13 Olefins feedstock sourcing from US • Long-term 15-year supply agreement signed with Enterprise Products Partners • Ethane import volume: 400 KTA • Ethane price linked to Mont Belvieu Ethane price Ethane supply Transportation Terminal & Facilities • 15-year VLECs Agreement with PTT, who will provide expertise and global networking for ship chartering • Chartered vessel from MISC Berhad dedicated to import of ethane to GC • Partnership via long-term 15- year lease agreement with Thai Tank Terminal (GC’s JV company) for tank and terminal facilities to support import of ethane ▪ Ethane import to GC as marginal feedstock on top to our existing feedstock options, without modification requirements to our crackers ▪ Collaboration with partners minimizes investment • Capex: 133 MUSD (included Initial working capital of 52 MUSD mainly from cost of the initial ethane shipments) • Expected benefits: ~40 MUSD/year • COD in 2029 • ROU: THB 34 - 39 bn related to lease agreements to be recognized after COD Seamless collaboration between GC and key partners utilizing unique expertise of each party 2
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allnex SEA HUB in Rayong Planned capacity expansion of existing manufacturing facility • SEA Hub phase 1 under study, expected to FID in 2025 - Q1’26 • Focusing on waterborne among other technologies including special coating resins 14 Map Ta Phut Specialty Hub As a magnet to attract various partners Specialty expansion Polyurethane Bio-based Polyester Others MOU Signing in 2024 with Toray Upscaling Bio-muconic Acid & its Derivatives Fully integrated infrastructure in Map Tha Phut with various partners Build MTP to become a Specialty Hub focusing on HVB and Low carbon business 3
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2024 highlights +4% Sales volume growth YoY 29 €M Improvement actions 272 €M Adj. EBITDA (10% YoY) 2025 Developments 15 Mid-single digit Sales volume growth (YoY %) >30 €M Incremental improvement actions Accelerate allnex business plan and grow further Engine 1 Profitable growth through capacity expansion Engine 2 Operational Excellence Engine 3 Innovation & Sustainability Engine 4 Adjacencies and M&A Long term target 600 MEUR 2024 Adj. EBITDA Engine 1 Engine 2 Engine 3 Engine 4 2030 Adj. EBITDA Support from GC operation excellence team GC innovation collaboration GC M&A networks to connect more M&A targets GC’s support to enable the 4 engines China Hub (Dushan Port), Zhejiang, China ▪ 2024 China sales volume increase 15% YoY outpacing China growth ▪ Aims to complete phase 2 and get to full scale by 2030 Mahad, India • Commenced construction of Mahad expansion phase 1, COD in Q4/2025 • Sales volume has been increasing 8% YoY Long-term EBITDA uplift from 4 Engines 4 Engines 4
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• 1st Phase: COD on 15 Jan 2025 (6 MMl/y SAF) • Plan for potential expansion to 24 MMl/y 16 ESG Recognition in 2024 From both international & national raters Sustainable Aviation Fuel (SAF) No.1 in DJSI chemicals sector for 6 consecutive years Gold medal from EcoVadis Sustainability AAA from SET ESG Rating Thailand sustainability investment for 10 consecutive years Sustainability Award of Honor from SET Awards for 7 consecutive years 1st Thailand’s Biorefinery SF KPI Performance: verified 2023 results • GHG Reduction: 9% • DJSI Rating: No.1 * MMl/y: million liters per year Balance Business with Sustainability 5 Sustainable Finance (SF) Loan interest rate discount as sustainability KPI achievement Crude oil UCO Refinery Olefins Aromatics Bio-PE Bio-PP Bio-PX, Bio-BZ, Bio-MEG, Bio- Phenol, etc. MOU with OR and Thai Airways to drive SAF utilization in aviation industry Key objectives in early stage of SAF • Driving adoption of SAF and Bio products by customers • Develop the value chain (raw materials sourcing, products certification, customers adoption) Bio- Naphtha Bio-Polymers Bio-Chemicals
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Agenda 17 1 2 Strategic execution Financial highlights
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11,335 8,387 2,663 38,117 31,766 Q4/2023 Q3/2024 Q4/2024 FY2023 FY2024 Unit: MB Adjusted EBITDA contribution 18 Adjusted EBITDA*Revenue Operating Profit and NI Unit: MB 162,264 149,431 132,372 616,635 604,045 Q4/2023 Q3/2024 Q4/2024 FY2023 FY2024 Unit: MB -39% QoQ Note: * Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss),NRV, Gain/(loss) from commodity hedging, and Extra item -11% QoQ <-200% QoQ 5,081 -19,312 -11,738 999 -29,811 -1,949 -1,097 -7,373 -3,587 -9,431 -35,000 -30,000 -25,000 -20,000 -15,000 -10,000 -5,000 0 5,0 00 10, 000 Q4/2023 Q3/2024 Q4/2024 FY2023 FY2024 NI Operating Profit GC’s Q4/24 EBITDA significantly declined due to drop in petrochemicals spread and allnex’s seasonality, and fully recorded provisions regarding PTTAC and VCR -18% YoY <-200% YoY <-200% YoY -74% YoY -17% YoY Upstream Intermediates Polymers and Chemicals Bio & Circularity Performance Chemicals Service and Others FY2023 FY2024 FY’23 main extra items; • Stock Gain(Loss) &NRV (2,656) • Commodity Hedging (627) • FX Gain/(Loss) 790 • Gain from bond buy back 1,890 • Gain regarding GCL’s stake 4,017 -2% YoY <-200% YoY -163% YoY -69% QoQ 38,117 Q3’24 main extra items; • Stock Gain(Loss) &NRV (3,912) • Commodity Hedging 280. • FX Gain/(Loss) 2,941 • VCR Impairment (8,574)) • PTTAC impairment (8,937) 31,766 Q4’24 main extra items; • Stock Gain(Loss) &NRV 941 • Commodity Hedging 253 • FX Gain/(Loss) (1,033) • VCR provisions (1,455) • PTTAC provisions (2,836) FY’24 extra items; • STGL&NRV (2,457) • Com. Hedging 1,467 • FX Gain/(Loss) 383 • Bond buy-back 2,824 • PTTDS divest 41 • VCR&PTTAC Impair. (21,802) 63% 5% 10% 1% 22% -2% 64% -1% 16% 2% 18% 1%
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19 Contribution by market chains FY23 FY24 GRM ($/bbl) 9.4 4.7 PX Spread 359 304 BZ Spread 218 324 HDPE 1,044 1,014 HDPE-Naphtha 394 339 Phenol Spread 252 233 PTA Spread 83 76 Market Prices/Spread ($/ton) Refinery Aromatics Chain Olefin Chain Green Performance Chemicals Others MEG Spread 18 29 Adjusted EBITDA contribution by market chains Unit: MB FY2023 FY2024 Refinery Aromatics Chain Olefin Chain 49% 20% 10% 2% 18% 1% 38,117 27% 26% 26% 1% 22% -2% 31,766
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(10,250) 616 4,448 (320) (61) (784) 38,117 31,766 Adjusted EBITDA FY'23 REF ARO Chain OLE Chain Bio and Circularity Performance Chemicals Services & Others Adjusted EBITDA FY'24 Adjusted EBITDA YE/24 vs YE/23 1 2 3 4 5 20 GRM significant dropped from 9.4 $/BBL in 2023 to 4.7$/BBL in 2024, as the unusual spread in 2023 was due to the Russia/Ukraine conflict 1. Aromatics : BTX P2F decreased from 259$/ton to 239$/ton, partly offset with the increase in sales volume 2. Phenol and PTA: Improved by sale volume, partly offset with the lower spread amid the supply addition in Asia 1. VC decrease due to the optimization production and utility price per unit 2. PE over Naphtha spread decreased from 394 $/ton to 339 $/ton , party offset by the increase in BD price Extra items : one time 3% Ethane cost retroactive charge in 2024 and Off-spec sold in 2023 from IDCSW warehouse incident FA spread declined from 434$/ton in 2023 to 341$/ton in 2024 as the feedstock price of CPKO increased allnex : strong allnex sales volume growth of 4% with stable margin, mainly driven by APAC (I.e. China and India) and volume recovery in Europe Vencorex : continued weak sales volume as global demand subdued Refinery Aromatics chain Olefins chain Bio & Circularity Performance Chemicals 1 2 3 4 5 Unit: MB
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Adjusted EBITDA Q4/24 vs Q3/24 21 8,387 (152) (1,611) (2,786) (81) (1,192) 99 2,663 Adjusted EBITDA Q3'24 REF ARO Chain OLE Chain Bio and Circularity Performance Chemicals Services & Others Adjusted EBITDA Q4'24 1 2 3 4 5 GRM slightly increased from 3.5 $/BBL in Q3/24 to 3.7$/BBL in Q4/24. The utilization rate dropped by 9% as a preventive shutdowns in upgrading unit in Q4/24. 1. Aromatics : BTX P2F decreased from 241$/ton to 186$/ton, mainly due to the lower PX and Benzene spread 2. Phenol : Lower Phenol spread mainly attributed by the new supply additions 1. PE price decreased due to the weak demand during the Chinese National holiday and lower PE price premium compared to the previous quarter from lagging effect of downtrend price 2. Olefins had extra items of 3% Ethane cost retroactive charge in Q4/2024 (based on the volume of 2024),partly offset with t he higher ethane volume QoQ Slowdown in demand for Methyl Ester (ME) ,partly offset with the increase in Fatty Alcohol P2F allnex : Sale volumes were dropped by 6%, largely driven by the business seasonality Vencorex : continued weak sales volume as global demand subdued Refinery Aromatics chain Olefins chain Bio & Circularity Performance Chemicals 1 2 3 4 5 Unit: MB
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246 296 222 269 286 290 268 258 141 133 123 119 46 33 Strong Financial Position Total Long Term Debt THB 229 Bn As of 31 Dec 24 56%44% Interest Breakdown Fixed Float 65% 35% Currency Breakdown THB USD & Others Cash & Cash equivalents + Current investments in financial Assets CA PPE Liab. IBD Share Holder’s EquityNon CA Avg. Loan Life 5.96 yrs Avg. Cost of Debts 3.89 % Avg. Cost of Debts (after CCS) 3.82% Baa3 (Negative) BBB (Stable) BBB (Stable) Net IBD to Equity Net IBD to Adj.EBITDA* 0.82 0.92 0.84 Q4/23 Q3/24 Q4/24 6.4 6.33 7.08 Q4/23 Q3/24 Q4/24 Dec 31, 2023 THB 719 Bn Dec 31, 2024 THB 646 Bn 22 Statements of Financial Position Key financial Ratios Long Term Debt Portfolio Commit to maintain “Investment-grade Credit Rating” Note: *Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss), NRV , gain/(loss) from commodity hedging and Extra item i.e. gain from bond buyback AA (TH) (Stable) International Ratings National Ratings
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23 Aggregate performance enhancement targets for improving performance Opex savings: At least THB 1 bn Competitiveness reinforcement: Up to THB 3.5 bn VCR & PTTAC Impairment VCR & PTTAC loss from operation 2025 Uplift Asset light strategy Monetization of non-core assets (29.8) (21.8) (4.6) (3.4) Net loss Non-recurring Normalized loss • Holistic optimization and improvement programs • Optimization through opex and overhead savings • Revenue enhancements • Portfolio transformation from further restructuring of non- competitive assets 2024 Unit: THB bn (Net 2025 impact) Aggregate performance enhancement: THB 4.5bn
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24 33.1 20.6 Operating cash flows Capex Other Investing FCF -15.9 3.4 Opex savings through 2024 • THB 2.4bn opex savings Capex • Capex reduction by 23% YoY Non-core assets monetization • PTT Digital shares sales in Jun’24 Deleveraging • 750 MUSD Bonds buy back by tender offer • THB 17 bn perpetual bonds issued in Dec’24 • Largest ever Thai Baht perpetual bonds issued by Thai corporates • 50% Equity credit from rating agencies 2025 target for opex savings • At least THB 1 bn target Extended trade credit (ETC) • PTT agreed to increase ETC facility from THB 30 bn to THB 40 bn from Jan’25 onwards 2025 scheduled repayment of THB ~21 bn with funding in already in place 1) THB 10 bn existing term loan facility 2) THB 13 bn revolving committed facility Deleveraging through assets monetization and other initiatives Continue to ensure liquidity • Enhanced by facility from financial institutions 2024 2025 targets 2025 target for capex savings • THB 4 bn target Initiatives support GC’s free cash flows for deleveraging and liquidity Unit: THB bn Strong FCF conversion through operation efficiency and capex discipline From dividends, interests received, & assets monetization
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25 Q&A
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Thank You PTT Global Chemical Public Company Limited 555/1 Energy Complex, Building A, 18th Floor, Vibhavadi Rangsit Road, Chatuchak, Chatuchak, Bangkok 10900 Thailand Tel: +66(0) 2265-8400 Fax: +66(0) 2265-8500 www.pttgcgroup.com Pornsook Limsatit VP - Corporate Finance & IR Pornsook.l@pttgcgroup.com T. 662-265-8670 Paween Chiasakul Division Manager – IR Paween.c@pttgcgroup.com T. 662-265-8665 Tanuntorn Karunyatorn IR Analyst Tanuntorn.k@pttgcgroup.com T. 662-265-8533 Sanjira Chotipintu IR Analyst Sanjira.c@pttgcgroup.com T. 662-265-8534 Supanan Sethakorn IR Analyst Supanan.S@pttgcgroup.com
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27 Appendix
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28 Maintenance Shutdown Schedule 2025
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Upstream - Refinery Gross Refinery Margin $/BBL Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 FY23 FY24 Market GRM 10.3 5.7 12.6 9.0 8.3 3.2 3.5 3.7 9.4 4.7 Stock Gain (Loss) net NRV (2.6) (2.8) 3.6 (3.3) (0.07) 0.4 (4.6) 1.1 (1.2) (0.8) Hedging Gain (Loss) 1.3 0.9 (4.2) 1.2 0.2 1.3 .0.5 0.2 (0.2) 0.6 Accounting GRM 9.0 3.8 12.1 6.9 8.5 5.0 (0.7) 5.0 8.0 4.5 29 Utilization rate Refinery Intake (KBD) Refinery Sales Volume (KBD) 9% 11% 8% 6% 8% 7% 6% 4% 9% 6% 12% 11% 14% 11% 14% 11% 11% 20% 12% 14% 70% 67% 62% 64% 65% 63% 63% 64% 66% 64% 3% 3% 3% 7% 3% 4% 7% 7% 4% 5% 6% 8% 13% 12% 10% 15% 13% 5% 10% 11% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 2023 2024 Others Fuel Oil Diesel Jet Naphtha+Ref. Utilization rate 103% 103% 105% 106% 104% 105% 104% 95% 104% 102% 166 171 176 197 162 186 181 169 177 175 149.2 149.8 152.3 153.7 151.4 152.0 151.0 138.0 151.3 148.1 28.0 30.0 27.1 29.7 33.9 37.9 33.8 36.1 28.7 35.4 177.2 179.9 179.4 183.3 185.4 189.9 184.7 174.1 180.0 183.5 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 2023 2024 Crude Condenstate Residue
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Aromatics BTX P2F Upstream - Aromatics $/ton Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 2023 2024 BTX P2F 321 243 217 253 311 220 241 186 259 234 Stock Gain (Loss) net NRV (19) (32) 96 (30) 16 3 (38) (16) 1 (9) Hedging Gain (Loss) 14 (9) (18) 7 (2) (1) - 8 (1) 1 Accounting P2F 316 202 295 230 325 222 202 178 259 226 30 Aromatics Intake (KTons) Aromatics Sales Volume (KTons) Utilization rate Other Feedstocks are Reformate, Pygas, and Heavy Naphtha 89% 90% 69% 83% 83% 89% 90% 91% 83% 88% 536 528 385 460 410 497 517 484 1,909 1,907 0% 0% 1% 0% 0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0% 0% 0% 0% 0%10% 12% 5% 4% 9% 12% 5% 9% 8% 61% 63% 72% 68% 73% 66% 64% 72% 66% 68% 29% 24% 22% 25% 25% 25% 24% 23% 25% 24% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 2023 2024 Other By-Products Condensate Residue Naphtha Group PX Group BZ Group 1,006 1,194 995 1,126 1,149 1,385 1,276 1,286 4,321 5,096 412 378 251 367 260 224 288 295 1,408 1,068 1,417 1,573 1,246 1,494 1,409 1,609 1,565 1,581 5,729 6,164 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 2023 2024 Condensate Other Feed
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Upstream - Olefins Olefins Intake (KTons) Olefins Sales Volume (KTons) 31 Utilization rate 1,027 1,152 1,309 1,158 1,191 1,224 1,198 1,226 4,646 4,839 72% 81% 89% 78% 83% 84% 79% 82% 80% 82% 36% 35% 33% 36% 36% 31% 31% 33% 35% 32% 31% 38% 41% 33% 34% 45% 40% 33% 36% 37% 32% 26% 25% 29% 30% 24% 29% 33% 28% 29% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 2023 2024 Ethane Other Gas Naphtha 661 726 836 736 759 777 748 775 2,958 3,059 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 2023 2024
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Intermediates Polymers & Chemicals 32 Intermediates Sales Volume (KTons) Polymers & Chemicals Sales Volume (KTons) 12% 12% 15% 17% 15% 15% 15% 16% 14% 15% 15% 13% 14% 12% 15% 13% 14% 13% 13% 14% 11% 11% 9% 9% 10% 10% 9% 11% 10% 10%6% 6% 6% 5% 6% 4% 6% 5% 6% 5%2% 3% 8% 5% 4% 6% 6% 4% 5% 5% 55% 54% 48% 52% 50% 52% 50% 51% 52% 51% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 2023 2024 EO-Based PHN Acetone BPA PO PTA 535 574 632 590 612 586 567 620 2,331 2,385612 615 699 676 695 744 757 757 2,602 2,952 41% 42% 40% 37% 41% 40% 41% 37% 40% 40% 29% 30% 30% 34% 29% 29% 28% 33% 31% 30% 15% 15% 14% 12% 14% 15% 13% 13% 14% 14% 3% 2% 2% 2% 3% 2% 3% 2% 2% 2% 12% 11% 14% 15% 13% 13% 15% 15% 13% 14% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 2023 2024 HDPE LLDPE LDPE PS Others
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33 Utilization rate Utilization rate Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 2023 2024 Upstream - Refinery 103% 103% 105% 106% 104% 105% 104% 95% 104% 102% - Aromatics 89% 90% 69% 83% 83% 89% 90% 91% 83% 88% - Olefins 72% 81% 89% 78% 83% 84% 79% 82% 80% 82% Intermediates - MEG 13% 4% 90% 78% 46% 78% 92% 92% 47% 78% - Phenol 104% 98% 102% 91% 108% 107% 111% 112% 99% 110% - BPA 98% 103% 103% 95% 118% 79% 120% 95% 100% 103% - PO 26% 46% 106% 61% 50% 90% 76% 58% 60% 69% Polymers & Chemicals HDPE 106% 110% 110% 97% 115% 111% 98% 101% 106% 106% LLDPE 93% 93% 105% 98% 103% 85% 89% 109% 97% 96% LDPE 96% 119% 115% 93% 111% 117% 114% 102% 106% 111% Total PE 99% 104% 109% 97% 109% 101% 97% 104% 102% 103%
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Product Unit Y. 2022 [Actual] Y. 2023 [Actual] Y. 2024 [Actual] Y. 2025 [Forecast] Change Y. 25 - 24 Crude : Dubai $/bbl 96.3 82.1 79.6 73 - 78 Petroleum Product : ▪ Diesel 10 PPM - Dubai $/bbl 39 24.3 16.6 14 - 17 ▪ VLSFO - Dubai $/bbl 22.5 11.5 12.5 9 - 12 Aromatics Chain : ▪ PX – Naphtha $/Ton 319 389 288 240 – 260 ▪ PTA Margin $/Ton 106 85 77 80 – 90 ▪ PET Margin $/Ton 175 89 74 70 – 80 ▪ BZ – Naphtha $/Ton 244 248 309 270 – 290 ▪ Phenol Margin $/Ton 357 252 234 230 - 250 Olefins Chain : ▪ HDPE $/Ton 1203 1044 1014 980 -1010 ▪ HDPE – Naphtha $/Ton 418 394 339 340 - 370 Market Prices 34 Source: Platts, ICIS, GC’s Price Forecast as of 20 Jan 2025 Highlight Y. 25 ▪ Uncertainty from U.S. sanction [+] ▪ Risk in geometry of global trade [-] ▪ Risk in geometry of global trade [-] ▪ New Refinery capacity [-] ▪ Low freight cost to West [+] ▪ Control supply [+] ▪ China Stimulus [+] ▪ New Capacity [-] ▪ Risk in geometry of global trade [-]
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Operating Performance analysis - Upstream Diesel, LSFO, PX, BZ, Ethylene, Propylene 6,547 4,204 2,147 24,364 20,154 7% 5% 3% 7% 6% -9% 1% 11% 0 5,000 10,000 15,000 20,000 25,000 30,000 Q4'23 Q3'24 Q4'24 FY'23 FY'24 Adj.EBITDA Adj EBITDA margin 35 ▪ The key refined products spread is primarily supported by reduced tax rebate in China, which reduced supply, coupled with increased winter demand. However, LSFO spread declined as higher export from the Middle East. Also, the Refinery u-rate dropped due to preventive shutdowns in some units. ▪ The PX spread decreased due to economics concern and sluggish in downstream market. Also, the BZ spread decreased as the slow demand recovery and the completion of turnarounds by BZ producers in Korea. ▪ Slightly drop in Ethylene spread following the weak demand during the Chinese National holiday in the fourth quarter ▪ GC was retroactively charged by increasing 3% of Ethane cost since the beginning of 2024. 18.1 16.7 15.6 64.8 64.0 0.0 20.0 40.0 60.0 80.0 Q4'23 Q3'24 Q4'24 FY'23 FY'24 Refinery (Mbbl) Aromatics & Olefins (Kton) Adjusted EBITDA Unit : MB Upstream Market highlights QoQ: Sales volume Unit : Mbbl & Kton 1,327 Key products/spread Q4/23 Q3/24 Q4/24 Dubai ($/bbl) Diesel - Dubai ($/bbl) (500 ppm in 2023 and 10 ppm in 2024) LSFO-Dubai ($/bbl) Crude premium ($/bbl) Market GRM ($/bbl) 83.6 24.4 14.1 7 9.0 78.3 13.6* 13.6 7 3.5 73.6 15.1 12.9 6 3.7 PX spread ($/ton) BZ spread ($/ton) BTX P2F ($/ton)** 330 201 253 294 336 241 228 283 186 Naphtha ($/ton) Ethylene price ($/ton) Propylene price ($/ton) 659 937 807 672 962 875 652 936 839 Hedging gain/(loss) (mb) Stock gain/(loss) net NRV (mb) 831 (2,592) 280 (3,635) 253 268 1,264 1,360 *Referred to Diesel 10 ppm since 2024,EURO5 has been stipulated in Thailand **There was a reclassification of natural gas expenses, which are fuel costs in the refinery business segment and the aromatics business segment, from feedstock costs to variable costs. This led to a retrospective adjustment of BTX P2F for comparative analysis purposes, but it did not affect the Market GRM and Adjusted EBITDA as reported by the company.5,3025,094 FY2023 FY2024 82.1 24.3 11.5 7 9.4 79.6 16.7 12.5 7 4.7 359 218 259 304 324 239 649 889 858 674 963 864 (626) (2,584) 1,467 (2,624)
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EO, EG, Phenol, BPA, Acetone, PTA, PO, AN, MMA ▪ Lower Phenol spread mainly attributed by the new supply addition in Q4/24 amid subdued demand , partly offset with BPA spread followed by the more decrease in feedstock price of Phenol ▪ Higher MEG spread resulting from the shortage of MEG due to the low inventory level in China during Q4/24 Operating Performance analysis - Intermediates 36 676 757 757 2,602 2,952 Q4'23 Q3'24 Q4'24 FY'23 FY'24 192 236 -15 -359 1,523 (272) (235) - (1,014) (512) 1% 1% 0% -1% 2% -8% -6% -4% -2% 0% 2% 4% 6% 8% Q4'23 Q3'24 Q4/24 FY'23 FY'24 Adj.EBITDA Profit sharings from JVs Adj EBITDA margin Market highlights QoQ: Adjusted EBITDA & equity incomes Unit : MB Sales volume Unit : Kton Intermediates Note: excludes sales volume of JV’s companies Phenol spread = Phenol-0.878 BZ-0.474 Propylene+0.616 Acetone BPA spread = BPA-0.853 Phenol-0.273 Acetone MEG spread = MEG ASP – 0.5285Ethylene PTA spread = PTA-0.67PX PO spread = PO-Propylene AN spread = AN-Propylene MMA spread = MMA- Naphtha Key products/spread Q4/23 Q3/24 Q4/24 PHN spread ($/ton) BPA spread ($/ton) MEG ASP spread ($/ton) PTA spread ($/ton) PO spread ($/ton) 293 243 -18 72 139 285 200 35 79 140 186 257 55 71 132 2023 2024 252 230 18 83 195 233 216 29 76 137 Note : JV companies represented profit sharing from PTTAC which was fully impaired in Q3/2024
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PE, PP, PS, PET, PVC, Compound, Polyols Operating Performance analysis – Polymers & Chemicals 1,181 2,037 -201 6,178 3,300 -202 -41 -318 -553 -273 5% 8% -1% 6% 3% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q4'23 Q3'24 Q4'24 FY'23 FY'24 Adj.EBITDA Profit sharings from JVs Adj EBITDA margin 590 567 620 2,331 2,385 Q4'23 Q3'24 Q4'24 FY'23 FY'24 Adjusted EBITDA & equity incomes Unit : MB Sales volume Unit : Kton ▪ PE price decreased due to the weak demand during the Chinese National holiday, despite the announcement of a stimulus package ▪ Higher ethylene price in the previous quarter led to the higher inventory cost ▪ Lower PE price premium compared with the previous quarter, attributed to a lagging effect of order-received time ▪ New supply of PE in Vietnam, Interest rate hike, and economic recession concerns still put the pressure on Polymers demand and price. Market highlights QoQ: 37 Polymers & Chemicals Note: excludes sales volume of JV’s companies Key products/spread Q4/23 Q3/24 Q4/24 PE price ($/ton) HDPE-Ethylene ($/ton) PP price ($/ton) PET price ($/ton) Polyols price ($/ton) 1,001 86 968 880 1,257 1,084 33 1.017 873 1,277 1,056 32 1,015 817 1,235 Note: JV companies include HMC, AVT, RGL, and DynaChisso FY2023 FY2024 1,033 155 1,008 925 1,366 1,074 51 1,033 877 1,276
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Oleochemicals, Bioplastics, Recycle Resins ▪ The slowdown in demand for Methyl Ester (ME) is driven by weaker demand due to the reduction in the biodiesel mandatory from B7 to B5 since 21 November 2024. However, the government has extended the Oil Fuel Fund Act B.E. 2562 (2019) to support biofuel prices and maintain the high-speed diesel price at 33 Baht per liter in Q4/2024. ▪ The Fatty Alcohol (FA) P2F increased in Q4/2024 driven by growing demand for long-chain fatty alcohols from cosmetic and skincare manufacturers during the winter season. Additionally, the demand for short-chain fatty alcohols rose as buyers restocked in response to a tight supply caused by production shutdowns among major producers in Indonesia, China, and Thailand. Operating Performance analysis – Bio & Circularity 38 102 93 94 417 392 Q4'23 Q3'24 Q4'24 FY'23 FY'24 185 150 69 673 352 -71 -222 -510 -204 -1,368 5% 4% 1% 4% 2% -100% -80% -60% -40% -20% 0% 20% Q4'23 Q3'24 Q4'24 FY'23 FY'24 -1520 -1480 -1440 -1400 -1360 -1320 -1280 -1240 -1200 -1160 -1120 -1080 -1040 -1000 -960 -920 -880 -840 -800 -760 -720 -680 -640 -600 -560 -520 -480 -440 -400 -360 -320 -280 -240 -200 -160 -120 -80 -40 0 40 80 120 160 200 240 280 320 360 400 440 480 520 560 600 640 680 720 760 800 840 880 920 960 1000 Adjusted EBITDA & equity incomes Unit : MB Sales volume Unit : Kton Market highlights: Bio & Circularity Note: excludes sales volume of JV’s companies ME spread = ME -1.02(CPO) FA spread = FA - 1.2(CPKO ) Key products/spread Q4/23 Q3/24 Q4/24 ME spread (THB/kg) FA spread ($/ton) 4.3 394 4.3 365 4.3 379 Note: JV companies include EOUK, NatureWorks, PTTMCC, TEX, GKBI 2023 2024 4.3 434 4.3 341
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Coating resins & Additives Engineering Plastic Market highlights: EBITDA contributed from Performance Chemicals decreased QoQ • Vencorex : Continue operating loss from low HDI derivatives sales volume impacted by weak global demand. • Allnex : Sales Volumes were dropped by 6%, largely driven by the business seasonality (i.e. EMEA, AMER, and Australia), as well as the normal destocking effects seen at year-end. Operating Performance analysis – Performance Chemicals 39 188 202 187 788 808 2 502 1002 Q4'23 Q3'24 Q4'24 FY'23 FY'24 Performance Chemicals Adjusted EBITDA & equity incomes Unit : MB Sales volume (allnex & Vencorex) Unit : Kton Note: JV companies include KGC, Entis, Synthese 1,889 2,515 1,733 8,374 9,852 -106 -658 -1,069 -1,368 -2,906 -75 -12 -28 -205 -107 1,783 1,856 664 7,006 6,945 8% 8% 3% 7% 8% -200% -150% -100% -50% 0% -4,000 -2,000 - 2,000 4,000 6,000 8,000 10,000 12,000 Q4'23 Q3'24 Q4'24 FY'23 FY'24 ▪ Profit sharing from JV&Other ▪ VCR ▪ Allnex performance Q4/23 Q3/24 Q4/24 Adj.EBITDA (MEUR) 56 69 45 Adj.EBITDA margin 11% 12% 9% Sales Vol. (Kton) 179 195 183 Note Adj.EBITDA reported by allnex (adjusted for non-recurring items) 2023 2024 247 272 11% 12% 754 780
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performance Q4/23 Q3/24 Q4/24 Adj.EBITDA (MEUR) 56 69 45 Adj.EBITDA margin 11% 12% 9% Sales Vol. (Kton) 179 195 183 End-segment Q4/23 Q3/24 Q4/24 Industrial Metal 16% 17% 17% Infrastructure & Construction 32% 31% 30% Mobility & Transportation 28% 28% 28% Packaging & Consumer Goods 24% 24% 25% Q4/24 allnex Performance analysis 40 Revenue Development Revenue breakdown by segment -3.3% -6.2% 1.4% Unit : MEUR Industrial Coatings Note Adj.EBITDA reported by allnex (adjusted for non-recurring items) -2.6% 2.0% 0.2% QoQ YoY Performance summary 516.3 514.5 Sales Q4'23 Price/mix Volume FX Sales Q4'24 559.9 514.5 Sales Q3'24 Price/mix Volume FX Sales Q4'24
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41 Consolidated Statement of Income – Q4/24 Q4/2023 1 Q3/2024 Q4/2024 YoY % + /(-) QoQ % + /(-) 20231 2024 YoY % + /(-) 1 Sales Revenue 162,264 149,431 132,372 -18% -11% 616,635 604,045 -2% 2 Feedstock cost (126,544) (114,590) (104,096) 18% 9% (470,770) (467,275) 1% 3 Product to Feed Margin 35,720 34,841 28,276 -21% -19% 145,865 136,770 -6% 4 Variable Cost (12,506) (12,816) (12,015) 4% 6% (55,475) (49,994) 10% 5 Fixed OH (9,654) (7,927) (8,043) 17% -1% (33,666) (32,591) 3% 6 Stock Gain/(Loss) and NRV (2,413) (3,912) 941 139% 124% (2,756) (2,457) 11% 7 Gain/(Loss) on Commodity Hedging 831 280 253 -70% -10% (627) 1,467 >200% 8 Other Revenue 7,841 1,492 1,574 -80% 5% 13,931 9,286 -33% 9 SG&A Expenses (7,234) (7,203) (7,200) 0% 0% (26,823) (28,726) -7% 10 EBITDA 12,585 4,755 3,786 -70% -20% 40,449 33,755 -17% 11 Depreciation & Amortization (6,533) (7,598) (7,971) -22% -5% (27,504) (30,995) -13% 12 Extra items 547 - - -100% - (86) - 100% 13 EBIT 6,599 (2,843) (4,185) -163% -47% 12,859 2,760 -79% 14 Net financial expense (2,683) (2,814) (2,680) 0% 5% (10,707) (10,863) -1% 15 FX Gain(Loss) 2,288 2,941 (1,033) -145% -135% 790 383 -52% 16 Share of gain/(loss) from investment 11 (279) (725) <-200% -160% (725) (1,462) -102% 17 Corporate Income Tax (1,199) 1,000 1,163 197% 16% (1,352) 969 172% 18 Net Profit/(Loss) after Tax (exclude impairment/restructuring cost) 5,016 (1,995) (7,460) <-200% <-200% 865 (8,213) <-200% Net Profit/(loss) attributable to: 19 Non-controlling interests (65) (194) (12) 81% 94% -134 -204 -52% 20 Net Profit/(Loss) after Tax (exclude impairment/restructuring cost) 5,081 (1,801) (7,448) <-200% <-200% 999 (8,009) <-200% 21 Loss from impairment of assets (Vencorex) - (7,960) 62 100% 101% - (7,898) -100% 22 Provision for business restructuring (Vencorex) - (614) (1,516) -100% -147% - (2,130) -100% 23 Share of loss from JV from impairment of assets (PTTAC) - (8,937) - - 100% - (8,937) -100% 24 Provision for business restructuring (PTTAC) - - (2,836) -100% -100% - (2,836) -100% 25 Net Profit/(Loss) after Tax to Owners of the Company (include impairment/resturcuring cost) 5,081 (19,312) (11,738) <-200% 39% 999 (29,811) <-200% 26 Adjusted EBITDA 2 9,912 8,387 2,663 -73% -68% 38,117 31,766 -17% Unit : MB
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42 Notes: 1. Group annual maintenance ~ 400 M.USD (including allnex) and are excluded from the table 2. PTTGC group projects such as IT & digital, new office facility, upgrade/modify production unit etc 3. allnex expansion & growth Capex based on capex plan, including committed and uncommitted projects. Source of fund will be from allnex. 4. FX assumption for USD/EURO is 1.12 for allnex CAPEX plan Capex to support GC’s sustainable growth GC Group (Consolidated entities) CAPEX of PTTGC group Total Estimated Annual CAPEX (M.USD) 2025-2029 2025 2026 2027 2028 2029 1) PTTGC group excluding allnex 183 163 20 - - - 2) allnex expansion & growth Capex 657 126 141 160 138 92 total 840 288 161 160 138 92