gc set digital roadshow · 9,955 389 72 1,716 1,292 291 12,793 q3-17 q3-18 •overall operating...
TRANSCRIPT
GC SET Digital Roadshow
29 November 2018 1
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
Vision and Mission
3
PTTGC Sustainable Development
4
FOR 6th CONSECUTIVE YEAR
Agenda
5
02
01 Strategic Direction
Business Overview
PTTGC by the numbers
10.2 Million ton of petrochemical capacity
280 KBD of Petroleum Refining Capacity
3 Rank in DJSI World Member in Petrochemical
8 Business units with Fully integrated petrochemical and refinery operations
1 The largest ethane cracker in Thailand
8 Business Units
AROMATICS OLEFINS POLYMERS
GREEN PC PHENOL
REFINERY
EO BASED
Business Overview
16%
16%
56%
3%
3% 5%
BUs Contribution
48%
20%
21%
5%
5% 1%
Revenue Adj EBITDA
6
Highly competitive cost structure from having Gas Profit Sharing concept is based on the integrated margin from gas to HDPE. Margin split based on equitable return on investment of PTT and PTTGC
PTTGC’s Gas Price Formula
Derives to
Business Unit Adj. EBTIDA Margin
Competitive Cost Structure Strategic location and integrated through value chain in Map Ta Phut area
Located in 5 industrial estate in nearby area, 27 sites
Dividend
Business Overview
7
1.68 0.95 1.62 1.00 1.50 1.05 1.75 1.75
1.30 2.45 1.78 1.37 1.30 1.80
2.50
45% 45% 46%
70% 61%
50% 49%
34%
2011 2012 2013 2014 2015 2016 2017 2018
1st Half 2nd Half Payout Ratio
Note: * Restatement to include Assets injection of 6 companies, retrospect to 1 January 2016** Adjusted EBITDA refers EBITDA excluding impact of oil stock value*** Reported only portion attributable to the Company and actual realization after the Asset injection
Overview of business unit performance
102%
94%
97%
98%
103%
82%
113%
96%
0% 50% 100% 150%
Refinery
Aromatics
Polymer
Olefins
Operating Rate Q3'17 Q3'18
Q3/18 net profit increased 2,838 MB or 29% YoY mainly from; 1. Adj EBITDA increased by 1,798 MB mainly from Aromatics and Phenol 2. Share of gain from JV&Associates: increased 1,092 MB especially from PTTAC as better AN and MMA price , also supported by healthier performance from NatureWorks. 3. Stock gain/(loss) decreased 158 MB (Q3/18 gain of 804MB vs. Q3/17 gain of 962MB)
6.44
8.08
Market GRM
Q3'17 Q3'18
247
185
BTX Margin
Q3'17 Q3'18
26%
28%
OLE & Derivative EBITDA (%)
Q3'17 Q3'18
$/bbl $/T
8
(Unit: Million Baht)Q3/2017 (Restate)*
Q2/2018 Q3/2018YoY
% +/(-)QoQ
% +/(-)9M/2017
(Restate)*9M/2018
YoY% +/(-)
Sales Revenue 104,583 128,923 136,712 31% 6% 318,002 386,574 22%EBITDA 15,994 18,574 17,634 10% -5% 46,886 52,517 12%EBITDA Margin (%) 15% 14% 13% -2% -2% 15% 14% -1%
Share of profit of investments in JV and Associates 875 1,515 1,967 125% 30% 3,870 5,506 42%
(Profits attributable to Owners of the Parent)*** 875 1,515 1,967 125% 30% 1,656 5,506 233%
Net Profit 9,955 10,828 12,793 29% 18% 29,740 36,008 21%EPS (Baht/Share) 2.23 2.40 2.84 27% 18% 6.66 7.99 20%Adjusted EBITDA** 15,032 15,902 16,830 12% 6% 46,517 49,051 5%Adjusted EBITDA Margin (%) 14% 12% 12% -2% 0% 15% 13% -2%
9,955
389 72 1,716
1,292 291 12,793
Q3-17 Q3-18
• Overall operating profit from main BUs in Q3/18 was higher than Q3/17, mainly from
o OLE & Derivatives has improved from increasing in price of all major product i.e. polyethylene, MEG and ethylene price. In
addition, the selling volume of polyethylene is increased by having additional LLDPE capacity since March 2018..
o ARO performance recovered as a result of higher P2F on BTX by 62 $/T from an increasing of PX spread as well as higher sales
volume due to higher utilization rate at 94% in Q3/18.
o Refinery performance slightly decreased from lower Gasoline and Fuel oil spread along with higher crude premium.
o Sharing from JV & Associate was increased from performance of asset injection company, especially PTTAC from better AN
and MMA price , also supported by healthier performance from NatureWorks.
Performance comparison YoY
9
Stock Gain/(Loss) & NRV&Commodity Hedge
Q3’18 = 578 Q3’17 = 967
FX Gain/(Loss) Q3’18 = 167 Q3’17 = 239
Unit : MB
Operating Profit from main BUs
Others Sharing from Subsidiaries,
JV & Associate Q3’18 = 2,102 Q3’17 = 810
Strong Financial Position
Cash Flow
THB Bn
Statements of Financial Position
Cash +ST Investment
CA
PPE
Liab.
IBD
Share Holder’s Equity
Sep 30,2018
456 Bn
Dec 31,2017
435 Bn
• Cash & ST Investment (49 billionTHB) and private fund
and inhouse management of 7.9 billion THB at the end
of Q3/18.
• In Q3/18, the interest bearing debt is 63% on fixed rate
and 37% is float rate. THB debt is a major portion of
55% of our debt profile, while 45% is in USD, mainly
from US Bond.
• Q3/18, the major capex has been based on announced
investment mainly from ongoing projects which are
ORP, PO&Polyols project and land acquisition.
• The repayment profile is around 12 billion THB per
year on average but 2021 will increase from retirement
of THB bond (4-yr, 3.05%), as well as 2022 will increase
from maturity of USD bond.
• The average loan life is ~3.54 years with average cost of
long term debt ~3.77%. Note : Private Fund and In house management around 7,900MB
10
55 49
45 22
29
Beginning Cash +S/T Investment
Operating CashFlow
CAPEX Financing Ending Cash + S/TInvestment
83 75
231 220
93 86
49 55
297 280
91 98
68 57
Non CA
Agenda
11
02
01 Strategic Direction
Business Overview
Sustain Core
Accelerate Growth levers
Balance Business & Social
Value
To be a Leading chemical company for Better living
International hub
Performance chemicals
Green business
Sustainable development
Effective CSR programs
Stakeholder management
Business Competitiveness
Project MTP retrofit Olefins Reconfiguration
Project MAX Improve productivity
Project Asset Injection Enhance business clarity & Maximize integration
Strategic Direction
12
2019 Key Development
CIRCULAR ECONOMY
SINGLE USE PLASTIC
DOWNSTREAM INTEGRATION
DIGITAL CLMV MARKET STRATEGY
13
DIGITAL CLMV MARKET STRATEGY
CIRCULAR ECONOMY
SINGLE USE PLASTIC
Downstream Integration Acquired share in RGL for rotomolding compound business
Acquired share in SMPC and TPRC to capture downstream opportunity in aromatic chain
Establishment of Joint Venture Company “Kuraray GC Advance Material Co.,Ltd”.
GC continue to have more present in downstream business through extending the value chain
Extending propylene value chain by investing in PO and JV in polyols project to penetrate into PU chain in Asian region 14
2018 2020 2019
PO/Polyols (330 KTA) : 26% (plan 21%) & 25% (plan 22%) progress
Olefins Reconfiguration (750 KTA) : 30% (Plan 28%) progress
ME Plant 2 (200 KTA) (COD Q4/18)
EO-Based Derivatives
i.e. HOA in Softanol
Performance Chemical in C4
Chain i.e. JV in PA9T,
HSBC
Expansion Olefins & derivatives
i.e. Signed HOA on US
petrochemical project
Performance Materials in
Olefins chain
Biocomplex i.e. HOA of GGC
Potential investment and project under study
Committed investment project
LLDPE II (434 KTA) (COD 1st Mar)
Strategic Direction : Consistent volume growth
15
SMPC: PTA (970 KTA) TPRC: PET (147 KTA)
RGL: Rotomolding compound (61KTA)
Digitalization
Modification LLDPE II to swing plant for HDPE production
Digitalization enhancing productivity on top of MAX
Robot for procurement
KM platform Technology foundation
Enhance infrastructure Data governance and management
Cybersecurity
New capability building Organization engagement (culture & mindset)
Use case change management
Completed pilot In progress pilot Future/scale up pilot
-
2,000
4,000
6,000
8,000
10,000
12,000
Q4
'16
Q1
'17
Q2
'17
Q3
'17
Q4
'17
Q1
'18
Q2
'18
Q3
'18
Q4
'18
(F)
Q1
'19
(F)
Q2
'19
(F)
Q3
'19
(F)
Q4
'19
(F)
Series 1
Series 1
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 (F) Q1'19 (F) Q2'19 (F) Q3'19 (F) Q4'19 (F)
Advance analytic for commercial
Robot for finance
CRM
Advance analytic for operation
Asset Performance Management
Furnace management
Turnaround management
Material movement
Digital use cases
2019 Onwards
Supply Chain Optimization
Optimize Product Portfolio
Operating Cost Saving
Packaging Cost Reduction
Improve work efficiency
Digitalization
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 (F)
Q1'19 (F)
Q2'19 (F)
Q3'19 (F)
Q4'19 (F)
Target 10,500 MB
2016 2018 2019
Onward
Digitalization roadmap
Knowledge management
EBIT 150 M$/yr by 2022
MAX initiatives
16
People foundation
Organization Health Index (OHI)
CLMV Market Strategy
Official opening JV of SP PetPack at Thilawa Special Estate Zone, Myanmar
Register company in September 2018
Opening in June 2018
GC host Business Matching Cambodia 2018 at Phnom Penh, Cambodia
JV in TPBI & Myanmar Star Company limited, Myanmar
GC participate in Propak Myanmar 2018
CLMV Target > 350KTA in 2021 17
ENHANCE ENVIRONMENTAL FOOTPRINTS
20 17 O N W A R D S
JOURNEY OF CIRCULAR ECONOMY IN GC
CREATE STRATEGIC
PARTNERSHIPS
20 11
• 3Rs
• CARBON FOOTPRINT
• ZERO WASTE TO LANDFILL
• LIFE CYCLE ASSESSMENT
• PRODUCT STEWARDSHIP
20 05 START
BIO-CHEMICAL PRODUCTION • TOL (2005)
• EMERY (2008)
• UPCYCLING THE OCEANS, THAILAND
• UPCYCLING PLASTIC WASTE
• CIRCULAR ECONOMY
• 5Rs
• ECO-DESIGN
• BIO-COMPLEX
20 12 START
BIO-PLASTIC PRODUCTION • NatureWorks
18
Reduce Shift from film to durable
Target : Reduce Single use shopping bag from 150 KTA to 0 within 2023
Pipe Large Blow
Wire &
Cable
PBS PLA
Home compostable No toxic
Collaborate with brand owner or wholesaler
19
Plan for Single use plastic by applying 3Rs (1/2)
Replace with BioPlastics
1
Reuse PROPOSE SOLUTION DESIGNED REUSABLE BAG
Shopping bag
(Single use) WITH CREATIVE DESIGN
REUSABLE SHOPPING BAG
Thicker Durable Design
MULTI-FUNCTION
REUSABLE BAG
Recycle Build Recycling plant
&Create Awareness
rHDPE and rPET Recycling plant
Create Awareness Market
Plan for Single use plastic by applying 3Rs (2/2)
2
3
20
Thank You
21
1 Thitipong Jurapornsiridee VP-Corporate Finance & IR [email protected] +662-265-8574
2 Jittasak Soonthornpan IR Manager [email protected] +662-265-8172
3 Nattchanon Chawinsittangkul IR Analyst [email protected] +662-265-8364
4 Pantaree Nantanakom IR Analyst [email protected] +662-140-8714
5 Jinthip Prakobwit IR Analyst [email protected] +662-265-8361
6 Preeyapa Asarangchai IR Analyst [email protected] +662-265-8213
Agenda
22
Appendix
Maintenance Shutdown Schedule 2019
23
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Cracker
HDPE
LDPE
LLDPE I
LLDPE II
PS
TOCGC
Phenol I
Phenol II
BPA
RE
F
Refinery
Aromatics I
Aromatics II
AR
OPlant 2019
PH
NO
LE
PO
LE
OB
54
53
1512
15 HDPE1HDPE2
43
22
HIPS 10
15 GPPS
20
12
Consolidated Income Statement
24
Q3/2017 (Restate)*
Q2/2018 Q3/2018YoY
% + /(-)QoQ
% + /(-)9M/2017
(Restate)*9M/2018
YoY% + /(-)
Sales Revenue 104,583 128,923 136,712 31% 6% 318,002 386,574 22%
Feedstock cost (77,396) (100,245) (106,082) 37% 6% (236,590) (298,446) 26%
Product to Feed Margin 27,187 28,678 30,630 13% 7% 81,412 88,128 8%
1 Variable Cost (6,323) (6,980) (7,153) 13% 2% (18,544) (20,908) 13%
2 Fixed OH (4,051) (3,980) (4,385) 8% 10% (11,378) (12,088) 6%
3 Stock Gain/(Loss) and NRV 962 2,672 804 -16% -70% 369 3,466 837%
4 Gain/(Loss) on Hedging Commodity 5 236 (226) 4420% -196% 30 (46) -253%
5 Other Revenue 1,237 1,035 1,423 15% 37% 3,443 3,451 0%
6 SG&A Expenses (3,023) (3,087) (3,459) 14% 12% (8,446) (9,486) 12%
EBITDA 15,994 18,574 17,634 10% -5% 46,886 52,517 12%
7 Depreciation & Amortization (5,048) (4,729) (4,800) -5% 2% (15,242) (14,232) -7%
8 Loss from impairment of assets 0 0 0 0% 0% 0 0 0%
9 Inventory Loss (GGC)**** 0 (2,004) 0 0% -100% 0 (2,004) 0%
EBIT 10,946 11,841 12,834 17% 8% 31,644 36,281 15%
10 Net financial expense (749) (901) (531) -29% -41% (2,313) (1,933) -16%
11 FX Gain(Loss) 239 (682) 167 -30% 124% 2,010 154 -92%
12 Share of gain/(loss) from investment 875 1,515 1,967 125% 30% 3,870 5,506 42%Share of gain/(loss) from investment (Owners of the parent)***
875 1,515 1,967 125% 30% 1,655 5,506 233%
13 Corporate Income Tax (1,233) (1,340) (1,471) 19% 10% (2,843) (4,048) 42%
14 Net Profit after Tax 10,078 10,433 12,966 29% 24% 32,368 35,960 11%
Profit/(loss) attributable to:
15 Owners of the Company 9,955 10,828 12,793 29% 18% 29,740 36,008 53%
16 Non-controlling interests 123 (395) 173 41% 144% 2,628 (48) -102%
17 Adjusted EBITDA** 15,032 15,902 16,830 12% 6% 46,517 49,051 5%
Note: * Restated due to investment in Asset Injection for comparison purpose.** Adjusted EBITDA = EBITDA excluded Stock Gain/Loss and NRV.*** Shares of gain/(loss) from investment (Owners of the parent)****Net effect from Inventory Loss by holding portion 72.29% around 1,388MB
Unit : MB
147.9 149.5 149.7 148.1 147.7 146.8 147.7 149.0 147.4
30.5 28.9 32.3 34.3 34.4 35.9 33.0 30.6 34.4
178.4 178.4 182.0 182.4 182.1 182.7 180.7 179.6 181.8
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
Crude Condenstate Residue
10% 8% 8% 7% 9% 10% 9% 9% 10%
13% 13% 14% 15% 15% 15% 14% 13% 15%
51% 52% 57% 57% 52% 53% 55% 54% 53%
13% 12% 11% 12% 15% 13% 14% 12% 14%
13% 15% 10% 8% 10% 8% 9% 13% 9%
173 180 170 175 176 171 176 174 174
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
Others Fuel Oil Diesel Jet Naphtha+Ref.
(3.1) (1.8) (1.4)
(3.1) (5.0) (4.5)
(2.6) (2.1) (4.0)
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
11.8 11.4 13.9 13.0 14.8 14.6 14.4 12.4 14.6
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
14.8 14.2 16.1 14.4 13.7 12.1 11.6 15.0 12.5
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
Refinery Performance
25
Petroleum Products - Dubai Spread (USD/BBL) Refinery Sales Volume (KBD)
Gross Refinery Margin (USD/BBL) Refinery Intake (KBD)
ULG
95
- D
B
Die
sel -
DB
FO -
DB
-28% YoY -5% QoQ
-88% YoY +42% QoQ
+3% YoY +3% QoQ
103% 102% 102% 103% 103% 102% 102% 101% 102%
CDU U-Rate
-1% YoY -1% QoQ
-17% YoY
+4% YoY -1% QoQ +18% YoY
-89% YoY
+0% YoY
+1% YoY
6.02 6.11 8.08
6.76 6.15
6.20
6.44 6.73 6.27
0.72
(1.59)
0.86 3.38
(0.01)
3.26 0.95 0.00 1.41
0.02 0.03
(0.04) (2.84)
(0.10)
0.08
0.13 -
0.04 6.76
4.55
8.90
7.30 6.04
9.54
7.51
6.73
7.72
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/18 9M/19
Market GRM Stock Gain/(Loss) Net NRV Hedging Gain/(Loss) Accounting GRM
420 383 360 356 381 354 501 388 412
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/186% 6% 6% 9% 11% 11% 11% 6% 11%
31% 34% 24%
29% 29% 30% 30% 30%
30%
39% 35% 42%
39% 36% 38% 35% 39% 36%
24% 25% 28% 23% 24% 21% 24% 25% 23%
758 728 730 967 939 1,014 1,015 2,216 2,967
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
Other By-Products Naphtha Group PX Group BZ Group
Aromatics Performance
Aromatics Products Prices and Spread (USD/Ton)
BTX U-Rate (%)
Aromatics Sales Volume (KTons)
PX
FEC
P -
Co
nd
BZ
Spo
t -
Co
nd
Products to Feed Margin (USD/Ton BTX)
-33% YoY +1% QoQ
+39% YoY +42% QoQ
+39% YoY +0% QoQ
26
-33% YoY
+6% YoY
+34% YoY
78%
66%
82%
93% 91% 94% 94%
75%
93%
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
321
212 185 194
166 130
247 239 182
6.50
(15.93)
31.18
0.13 48.55
15.05 7.29
21.69
0.00
0.00 1.54 3.33
0.21 10.30
(15.25)
0.54
(1.75)
327
196 215 228
167 188
247 247
202
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
Market P2F Stock Gain/(Loss) Net NRV Hedging Gain/(Loss) Accounting P2F
458 338 320 311 318 212 214
372 248
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
370 296 271 283 334 353 309 312 332
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
2,545
1,094 1,165 1,076 1,310
1,524 1,597 1,601 1,477
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
Olefins and Derivatives Performance
27
Olefins Prices and Spread (USD/Ton)
Olefins U-Rate (%) Olefins Adjusted EBITDA Margin
MEG
– 0
.65
Eth
y
Pro
du
ct P
rice
Bu
tad
ien
e P
rice
+14% YoY -12% QoQ
+37% YoY +5% QoQ -8% YoY
+6% YoY
1,176 1,133 1,138 1,225
1,379 1,384 1,350
1,149
1,371
1,176 1,133
1,090 1,195
1,243 1,222 1,217 1,057 1,227
1,215 1,158
791 828
987 1,003 1,028
822
1,006
1,078 940 980
1,060 1,142 1,147 1,100
999
1,129
499 446 468 570 581
641 667
471
629
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
HDPE (FILM) SEA LLDPE CFR SEA LDPE CFR SE Asia
MEG ACP Naphtha MOPJ
32%
26% 28% 29%
32% 29%
26% 29% 29%
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/60 9M/61
Olefins 95% 89% 96% 103% 101% 104% 98% 93% 101%
HDPE 120% 114% 110% 119% 107% 119% 113% 114% 113%
LLDPE 106% 83% 117% 115% 99% 92% 76% 102% 89%
LDPE 118% 125% 118% 106% 108% 112% 107% 120% 109%
Total PE 116% 108% 113% 115% 105% 107% 97% 112% 103%
MEG 67% 90% 111% 110% 111% 91% 95% 89% 99%
88 101
117 119 110 108 110
307 328
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/60 9M/61
56% 57% 53% 54% 52% 48% 47% 55% 49%
23% 23% 25% 26% 29% 35% 36% 24% 33%
20% 20% 22% 20% 19% 17% 18% 21% 18%
401 405 435 421 433 470 486 1,241 1,389
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/60 9M/61
HDPE LLDPE LDPE
149 131 130 152
122 123 106
409
352
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/60 9M/61
61% 67% 53% 57% 57% 56% 58% 60% 57%
28% 24%
28% 32% 33% 32% 29% 27% 31%
12% 9% 19% 11% 11% 11% 13% 13% 12%
981 900 1,026 1,098 1,048 1,098 1,036 2,906 3,182
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/60 9M/61
Ethane Other Gas Naphtha
Olefins and Derivatives Performance
28
Olefins Intake (Ktons)
PE Sales Volume (Ktons)
Olefins Sales Volume (Ktons)
MEG Sales Volume (Ktons)
+1% YoY -6% QoQ
+12% YoY +4% QoQ
-18% YoY -14% QoQ
-7% YoY +1% QoQ
95% 89% 96% 103% 101% 104% 98% 93% 101%
Olefins U-Rate
MEG U-Rate PE U-Rate
116% 108% 113% 115% 105% 107% 97% 112% 103%
+9% YoY
-14% YoY
+12% YoY
+7% YoY
67% 90% 111% 110% 111% 91% 95% 89% 99%
39% 36% 27% 29% 30% 33% 29% 33% 31%
61% 64% 73% 71% 70% 67% 71% 67% 69%
109 121 141 138 145 138 144 371 426
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
BPA Phenol
301 322 307 261 392
475 437 310
434
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
95 91 120
288 370
462 484
102
439
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18
Phenol Performance
29
Phenol/ BPA Prices and Spread (USD/Ton)
Phenol U-Rate
Phenol Sales Volume (KTons)
Phenol Adjusted EBITDA Margin
BP
A-P
hen
ol
Ph
eno
l-B
Z
+2% YoY +5% QoQ
+303% YoY +5% QoQ
+42% YoY -8% QoQ
+331% YoY
+40% YoY
+15% YoY
U-Rate Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18
Phenol 84% 101% 114% 115% 118% 112% 118% 100% 116%
BPA 118% 116% 99% 108% 114% 120% 119% 111% 117%
11%
7% 9%
17% 18%
23%
19%
9%
20%
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 9M/17 9M/18