3. events and activities3. events and...
TRANSCRIPT
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3. Events and Activities3. Events and Activities
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Dr.Anusorn Sengnimnuan, the president, was seeing receiving the Best
Corporate Social Responsibility Awards (CSR) and certificate of the
Best Corporate Governance Report from Dr. Thanong Bidaya, Finance
Minister, a chairman of SET AWARDS 2006 arranged by the Stock
Exchange of Thailand and Money and Banking Magazine at the SET
Building.
SET AWARDS 2006
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Excellent CG (Top 9)
The Siam Commercial Bank9.
Ratchaburi Electric.8.
PTTEP7.
PTT6.
Krung Thai Bank5.
Kasikorn Bank4.
Bangkok Bank3.
Banpu2.
Bangchak Bangchak PclPcl..1.1.
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CG Promotion
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Community Relation
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B�OVE�u �S)*4EB8(�C4��6)SN64J) B�O4��QQ4DNS)�)E:�����9�74QB6)SNZDJ4EB[�)[�*[N�QB8�C45EYN 7 [�*[N
Community Relation
F\0U780^_H^7_
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Big Cleaning Toilet Day
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Donation
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Donation
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1818 KK..JJ.. 4949 NOPNOP.. II..QRISTUVITNQRISTUVITN WTLXTMYNWMZWTLXTMYNWMZ [TL\K][TL\K] O^_`abO^_`abcde\Ib_NVSfghcde\Ib_NVSfgh cWiTWjkle^YmnfOoZ`N]pNqLW_eTW_T]IjKfrWcWiTWjkle^YmnfOoZ`N]pNqLW_eTW_T]IjKfrW dWRs]cWdWRs]cW`N]pNqLWMeW\__cW`JN]ITNdWRs]^tTpo^dWRs]`N]pNqLWcWuvW`N]pNqLWMeW\__cW`JN]ITNdWRs]^tTpo^dWRs]`N]pNqLWcWuvW Xfw`wLKtTWfI]TWJxjINNOITNITNQRISTyfrWz{rWiTWXfw`wLKtTWfI]TWJxjINNOITNITNQRISTyfrWz{rWiTW
Education Support
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ERM
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� �E�@-0>C�5%��5�� ( 2549
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4. Product Quality Improvement (PQI)4. Product Quality Improvement (PQI)
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To be Improved with PQI
USD/bbl
10
8
6
4
2
0
Fuel Oil
31%
Diesel
37%
ULG
15%
Jet Fuel14%
LPG 3%
Fuel Oil
31%
Diesel
37%
ULG
15%
Jet Fuel14%
LPG 3%
ULG
25%
Diesel
52%
Fuel Oil9%
Jet Fuel9%
LPG 5%
ULG
25%
Diesel
52%
Fuel Oil9%
Jet Fuel9%
LPG 5%
What is PQI ?What is PQI ? Result from PQIResult from PQI
CounterpartiesCounterparties
• PQI is the Investment in “Hydrocracking Unit” and other
supporting units
• These units enable BCP to turn current fuel oil output to
be gas oil without increasing the capacity
• Feasibility Study UOP LLC & Foster Wheeler Corporation
• Technology License UOP LLC• EPC Contractor CTCI Corporation• Project Mgnt Consultant Foster Wheeler Corporation
• Investment Cost USD 378 million• Construction Period May’06 – Sep’08 (28 months)
Investment & ConstructionInvestment & Construction
MEME FEFEMEME FEFE
CurrentSimple Refinery
AfterPQI Completion
EnhanceEnhance
Crude MixCrude Mix
FlexibilityFlexibility
Less FOLess FO
OutputOutput
PortionPortion
SurgeSurge
GRMGRM
CurrentSpread
CurrentSpread
FeasibilitySpread
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EBITDA after PQI
-
2,000
4,000
6,000
8,000
10,000
12,000
2003
2004
2005
1H06
2006
F
2007
F
2008
F
2009
F
2010
F
2011
F
THB mil
-
2
4
6
8
10
12
USD/bbl
EBITDA
EBITDA (feasibility study)
GRM
GRM (feasibility study)
“Return from investment competitive in long-term, hence BCP decided to pursue PQI”
Note: (1) EBITDA 2007F-2011F based on GO/DB USD16.73/bbl and DB/FO USD12.31/bbl
(2) EBITDA (feasibility study) 2007F-2011F based on GO/DB USD10.5/bbl and DB/FO USD3/bbl
Both cases based on gradually growing crude run from 65 KBSD before COD after that run 100 KBSD
(1)
(2)
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Equity from PTT + FI 6,579
Loan 8,400
Operating Cash 390
Total 15,369
SourcesSources
EPC Contract Price 11,163
Owner supplies and other costs 1,505
Financing Cost (Net) 863(1)
Contingency 1,231(2)
Total 14,762(3)
UsesUses
Excess cash Bt 607 million or USD ~16 millionExcess cash Bt 607 million or USD ~16 million
Note: (1) Using fixed deposit rate of 5% (Interest receive from equity proceed)
(2) Using FX of Bt 41.03 per USD for conservative purpose.
(3) BCP has hedged all of FX exposure and interest rate risks, excluding contingency.
Baht Million Baht Million
The Successful Fund Raising vs. Uses of FundThe Successful Fund Raising vs. Uses of Fund
Use for Additional PQI EnhancementUse for Additional PQI Enhancement
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•• Products to be swap is based on Products to be swap is based on mutual agreementmutual agreement
•• Benefit sharing as per commercial Benefit sharing as per commercial basis based on mutual agreementbasis based on mutual agreement
Product SwapProduct Swap
•• Create synergy between BCP and PTTCreate synergy between BCP and PTT
•• Ranging from refinery management to Ranging from refinery management to product marketing collaborationproduct marketing collaboration
Marketing & Refinery CollaborationMarketing & Refinery Collaboration
Strategic Partner Participation
Business synergy from PTT Plc., a strategic partner, help enhance BCP’s return from PQI
•• Up to 30%Up to 30%
•• Secure market for additional output Secure market for additional output after PQIafter PQI
•• Optimize capacity utilizationOptimize capacity utilization
Product OffProduct Off--take Agreementtake Agreement
•• Up to 100% Up to 100%
•• Ensure Ensure BCPBCP’’ss crude supplycrude supply
•• Better bargaining powerBetter bargaining power
•• Better economy of scale of freightBetter economy of scale of freight
Crude Supply AgreementCrude Supply Agreement
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PQI Progress
Overall Progress Curve (E/P/C)
0
10
20
30
40
50
60
70
80
90
100
110
Project Month & Accumulate %
Progress %
Plan 0.2 0.9 2.3 4.4 6.4 8.1 9.5 10.4 11.4 13.1 15.8 19.5 24.6 33.6 42.8 52.2 61.0 69.9 78.9 87.9 91.6 94.5 97.1 98.5 99.2 99.7 99.8 100.0 100.0 100.0
Act ual 1.0 2.5 3.0 5.6 8.0 8.7
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
All LLIs
delivery to site
Ready for piling
and civil work
Piping and Inst rument
Diagram for
Start of Distributed Control
System factory acceptance test
Substat ion Power
no.5 energized
Mechanical
Complet ion
Provisional
Acceptance
Q22006
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32007 2008
Month
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6��"��#���#-� #G�' H�!
>>
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Construction Work
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Hydro Cracking Unit Model
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5. Other Projects5. Other Projects
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CogenerationCogeneration PPowerower PPlantlant
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daf]`JN]ITN PQI \aePpKN�X
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CogenerationCogeneration PPowerower PPlantlant
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� JPTOOfsWJ]y^]Nj__|}}~TgqsXbTLcde`N]IafsWOqpKnqLNoTzOTIyRrW
� ,AOY*9�7�O��O@�A4��Z[JA5ECC�NRQC�7BB�����WM94��ZDJ*�4R\XN
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� 9�7D�E:c:J.�44��Z[J Natural Gas ZN4�� feed 6�N Fuel Oil
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��6�/#����6�/#�� :: 9������� ��:���������9������� ��:�������������;��!�������;��!��� 154154 �/*��/*� ��%���%� 320320 �/*��/*�
'���'��� 25502550
������������������ 11 ������������ 25492549BIO Diesel Pilot Plant
��������� : 20,000 � � *) �� � :!��� : �>��#��0?@'@2�2 /�?)��-#���������!� : 15 2�����
“B5 D1��� �"�@'(�$�'�$�'7 0.50 � �”
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BIO Diesel Pilot Plant
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Future Challenge
FutureChallengeFuture
ChallengeCapture OpportunityCapture Opportunity
� PQI Completion
� Margin (GRM, MKM)� Oil Distribution Center in BKK and Vicinity� Acceptance from Community
� Organization Development
� New Business
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BCP’s Instruments & Features
CSDR
CD to PTT
CS
Warrant
CDDR
ESOP Warrant
Listed
Listed
Listed
Non -Listed
Non
Non --Listed
Listed
• Capital protected by MoF @ THB13 / per units• Underlying Securities = CS
• No capital protection• Par value of THB 1.00
• Right offering in 2Q06• Exercise price THB18 per CS, Quarterly• Maturity in May 2011 (5 years)
• Capital protected by MoF @ THB10,000 per unit• Underlying Securities = CD
• THB14.00 per CS, Quarterly• Coupon 3% p.a., Semi-annual
• Solely issued to PTT for PQI funding• Conversion price THB14.00 per CS, Quarterly• Coupon 3% p.a., Semi-annual
BCP-DR1
BCP
BCP-W1
BCP141A
TickerTickerNameName
• Issued to BCP’s directors and employees
Note: CSDR, CS, Warrant are tradable in Stock Exchange of Thailand (SET)CDDR is tradable in TBDCMaturity of CSDR, CDDR, CD are in 2014Warrant (BCP-W1 and ESOP) exercise ratio is 1 Warrant per 1 CS
Significant Terms & ConditionsSignificant Terms & ConditionsTypeType
Common Share Depository Receipt
Convertible Debenture
Common Share
Warrant
Convertible Debenture Depository Receipt
Warrant