MIRA
INFORM REPORT
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Report Date : |
11.01.2014 |
IDENTIFICATION DETAILS
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Name : |
PTT PUBLIC COMPANY LIMITED |
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Registered Office : |
555 Wiphawadirangsit Road, Chatuchak, Bangkok,
10900 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.10.2001 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
·
engaged
in the gas and petroleum businesses. Subject mainly operates in supply, procurements,
transport and distribution of natural gas vehicle (NGV), petroleum products
and lubricating oil via service stations throughout the country and also
export to overseas markets. Subject also operates in retail sales at service
stations |
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No. of Employees : |
24,779 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand achieved
steady growth due largely to industrial and agriculture exports - mostly
electronics, agricultural commodities, automobiles and parts, and processed
foods. Thailand is trying to maintain growth by encouraging domestic
consumption and public investment to offset weak exports in 2012. Unemployment,
at less than 1% of the labor force, stands as one of the lowest levels in the
world, which puts upward pressure on wages in some industries. Thailand also
attracts nearly 2.5 million migrant workers from neighboring countries. The
Thai government is implementing a nation-wide 300 baht ($10) per day minimum
wage policy and deploying new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic severely cut Thailand's
exports, with most sectors experiencing double-digit drops. In 2009, the
economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%,
its fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. Industry
recovered from the second quarter of 2012 onward with GDP growth at 5.5% in
2012. The government has approved flood mitigation projects worth $11.7
billion, which were started in 2012, to prevent similar economic damage, and an
additional $75 billion for infrastructure over the next seven years with a plan
to start in 2013.
Source : CIA
Company name & address
PTT Public Company Limited
555 Wiphawadirangsit Road, Chatuchak
Bangkok, 10900
Thailand
Tel:
66-25-372000
Fax:
66-25-373498
Web: www.pttplc.com
Synthesis
Employees:
24,779
Company Type:
Public Subsidiary
Corporate Family: 43
Companies
Ultimate Parent:
The Kingdom Of Thailand
Traded: Stock
Exchange of Thailand (Bangkok): PTT
Incorporation Date: 01-Oct-2001
Auditor: Office of the Auditor
General
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency:
Thai Baht
Annual Sales:
89,889.4 1
Net Income:
3,367.5
Total Assets:
53,328.5 2
Market Value:
24,871.5 (27-Dec-2013)
Business
Description
PTT Public Company Limited is a Thailand-based
company engaged in the gas and petroleum businesses. The Company mainly
operates in supply, procurements, transport and distribution of natural gas
vehicle (NGV), petroleum products and lubricating oil via service stations
throughout the country and also export to overseas markets. The Company also
operates in retail sales at service stations. Through its subsidiaries and
affiliated companies, the Company operates in exploration, production,
refinery, marketing, transmission and distribution of petroleum, petrochemical
products and aromatics. In addition, the Company operates international trade
businesses, including import and export of crude oil, condensate, petroleum
products, petrochemicals, and sourcing of international transport vessels and
carriers. On September 4, 2013, it established a subsidiary, namely PTT Oil
Myanmar Company Limited. On September 27, 2013, it established a new
subsidiary, namely PTT Regional Treasury Center. For the nine months ended 30
September 2013, PTT Public Company Limited revenues increased 2% to BAH2.093T.
Net income decreased 3% to BAH79.26B. Revenues reflect International Trading
segment increase of 3% to BAH761.22B, Natural Gas segment increase of 3% to
BAH251.35B. Net income was offset by Other income decrease of 54% to BAH2.77B
(income), share of income from investment decrease of 20% to BAH10.49B (income).
Industry
Industry Petroleum
Wholesale
ANZSIC 2006:
3321 - Petroleum Product Wholesaling
ISIC Rev 4:
4661 - Wholesale of solid, liquid and gaseous fuels and related products
NACE Rev 2:
4671 - Wholesale of solid, liquid and gaseous fuels and related products
NAICS 2012:
42471 - Petroleum Bulk Stations and Terminals
UK SIC 2007:
46711 - Wholesale of petroleum and petroleum products
US SIC 1987:
5171 - Petroleum Bulk stations and Terminals
Key
Executives
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Name |
Title |
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Phailin Chuchotthaworn |
Chief Executive Officer, President, Director, Secretary for the Board
of Directors |
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Atikom Terbsiri |
President, IRPC Public Company Limited |
|
Surong Bulakul |
Chief Financial Officer |
|
Wanthani Charuek |
Company Secretary |
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Nathachart Charuchinda |
Chief Operations Officer - Downstream Petroleum Business Group |
Financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = THB 31.0808
2 - Balance Sheet
Item Exchange Rate: USD 1 = THB 30.59
Corporate
Overview
Location
555
Wiphawadirangsit Road, Chatuchak
Bangkok, 10900
Thailand
Tel: 66-25-372000
Fax: 66-25-373498
Web: www.pttplc.com
Quote Symbol -
Exchange
PTT - Stock Exchange of Thailand (Bangkok)
Sales THB(mil): 2,793,833.0
Assets THB(mil): 1,631,320.0
Employees: 24,779
Fiscal Year End: 31-Dec-2012
Industry: Oil and Gas Operations
Incorporation Date: 01-Oct-2001
Company Type: Public
Subsidiary
Quoted Status: Quoted
Chief Executive Officer, President, Director,
Secretary for the Board of Directors:
Phailin Chuchotthaworn
Industry Codes
ANZSIC 2006
Codes:
3321 - Petroleum
Product Wholesaling
2700 - Gas
Supply
0700 - Oil
and Gas Extraction
1701 - Petroleum
Refining and Petroleum Fuel Manufacturing
ISIC Rev 4 Codes:
4661 - Wholesale
of solid, liquid and gaseous fuels and related products
0620 - Extraction
of natural gas
1920 - Manufacture
of refined petroleum products
3520 - Manufacture
of gas; distribution of gaseous fuels through mains
06 - Extraction
of crude petroleum and natural gas
NACE Rev 2 Codes:
4671 - Wholesale
of solid, liquid and gaseous fuels and related products
0620 - Extraction
of natural gas
1920 - Manufacture
of refined petroleum products
3522 - Distribution
of gaseous fuels through mains
06 - Extraction
of crude petroleum and natural gas
NAICS 2012 Codes:
42471 - Petroleum
Bulk Stations and Terminals
324110 - Petroleum
Refineries
211111 - Crude
Petroleum and Natural Gas Extraction
486210 - Pipeline
Transportation of Natural Gas
324191 - Petroleum
Lubricating Oil and Grease Manufacturing
211112 - Natural
Gas Liquid Extraction
221210 - Natural
Gas Distribution
324199 - All
Other Petroleum and Coal Products Manufacturing
US SIC 1987:
5171 - Petroleum
Bulk stations and Terminals
1321 - Natural
Gas Liquids
2999 - Products
of Petroleum and Coal, Not Elsewhere Classified
4922 - Natural
Gas Transmission
2911 - Petroleum
Refining
1311 - Crude
Petroleum and Natural Gas
2992 - Lubricating
Oils and Greases
4924 - Natural
Gas Distribution
UK SIC 2007:
46711 - Wholesale
of petroleum and petroleum products
19209 - Other
treatment of petroleum products (excluding mineral oil refining/petrochemicals
manufacture)
0620 - Extraction of natural gas
1920 - Manufacture of refined petroleum
products
3522 - Distribution of gaseous fuels through
mains
06 - Extraction of crude petroleum and
natural gas
Business Description
PTT Public Company Limited is a Thailand-based
company engaged in the gas and petroleum businesses. The Company mainly
operates in supply, procurements, transport and distribution of natural gas
vehicle (NGV), petroleum products and lubricating oil via service stations
throughout the country and also export to overseas markets. The Company also
operates in retail sales at service stations. Through its subsidiaries and
affiliated companies, the Company operates in exploration, production,
refinery, marketing, transmission and distribution of petroleum, petrochemical
products and aromatics. In addition, the Company operates international trade
businesses, including import and export of crude oil, condensate, petroleum
products, petrochemicals, and sourcing of international transport vessels and
carriers. On September 4, 2013, it established a subsidiary, namely PTT Oil
Myanmar Company Limited. On September 27, 2013, it established a new
subsidiary, namely PTT Regional Treasury Center. For the nine months ended 30
September 2013, PTT Public Company Limited revenues increased 2% to BAH2.093T.
Net income decreased 3% to BAH79.26B. Revenues reflect International Trading
segment increase of 3% to BAH761.22B, Natural Gas segment increase of 3% to
BAH251.35B. Net income was offset by Other income decrease of 54% to BAH2.77B
(income), share of income from investment decrease of 20% to BAH10.49B
(income).
More Business Descriptions
Exploration for and production of oil and gas; oil
refining and storage; production and sale of petrol, oil and lubricants
Oil, Natural Gas & Petrochemical Industry
Support Services
PTT Public Company Limited (PTT) is an integrated
petroleum and petrochemical company. The company, through its subsidiaries and
associates carries out exploration, development and production of natural gas,
condensate and crude oil besides managing petrochemical; refining; and retail
sale and trading of petroleum products business. PTT, through PTT Exploration
and Production Company Limited (PTTEP) invests in exploration and production
projects across Thailand, Myanmar, Vietnam, Cambodia, Indonesia, Oman, Algeria
and Iran. The company procures gas from various suppliers and processes it at
six gas separation plants with a capacity of 2,660 million cubic feet per day
(Mmcf/d). The processed gas is transmitted and distributed in Thailand through
a pipeline network of 3,635 kilometers. Its refining business manages
refineries with total refining capacity of 1,040,000 barrels per day. The
company also manages 21 petroleum, oil and gas terminals for storing, receiving
and distributing petroleum products. PTT invests in petrochemical business
manufactures olefin and aromatic chain products. The company markets and
distributes its products across Thailand through a network of over 1,180
service stations nationwide (excluding PTT service stations run by PTT Retail
Management Co., Ltd). PTT is headquartered in Bangkok, Thailand. The company
focuses to meet the growing demand of oil and natural gas in Thailand.
Recently, PTT signed an agreement with Qatar Liquified Gas Company Limited to
purchase two million tons of liquified natural gas/year. The contract is for a
period of 20 years, with the first LNG delivery expected in January 2015.The
company reported revenues of (Baht) THB 2,793,833.06 million during the fiscal
year ended December 2012, an increase of 15.06% over 2011. The operating profit
of the company was THB 191,895.06 million during the fiscal year 2012, an
increase of 2.38% over 2011. The net profit of the company was THB 104,665.81
million during the fiscal year 2012, a decrease of 1.50% from 2011.
PTT Public
Company Limited (PTT) is an integrated petroleum and petrochemical company. It
carries out upstream and downstream operations which include exploration,
development and production of natural gas; transmission, processing, marketing
and distribution of natural gas and gas products; and marketing of refined
products through various distribution channels in domestic and international
markets.PTT carries out its operations through three reportable business
segments namely, Upstream Petroleum and Natural Gas Business Group, Downstream
Petroleum Business Group and Coal Business Group. The Upstream Petroleum and
Natural Gas Business Group is subdivided into two divisions namely, Petroleum
exploration and production business and Natural gas business. The Downstream
Petroleum Business Group is divided into four divisions namely, Oil business,
International trading business, Petrochemical business and Refining business.
The company does not uses secondary geographic classification, as its major
operational base is concentrated in Thailand and no other geography contributes
more than 10% to the company’s revenue. In September 2013, the company
announced that its board of directors approved the establishment of PTT
Regional Treasury Center in Singapore. The company also announced that its
board of directors approved the sale of its 23% stake in B.Grimm BIP Power Co.,
Ltd. to B.Grimm Power Co., Ltd., a shareholder with 51% stake in B.Grimm BIP
Power. The board of directors also approved the establishment of PTT Oil
Myanmar Co.,Ltd. in Myanmar.
Petroleum
Refineries
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Strategic
Initiatives
Planning
In 2010, one of
the company's contractor that provided natural gas pipeline construction
contracting services filed a case in the Thai Arbitration Institute and sought for
damages from it for breach of a contract. Besides, in August 2010, Indonesian
government sent a notice to PTT’s subsidiary PTTEP Australasia Pty Ltd (PTTEP
AA) that sought compensation for an oil and gas leak incident in the Montara
area. Any adverse outcome would have a significant effect on the company's
financial performance and results of operations.strategic initiatives and
ContractsThe strategic initiatives taken by the company in the recent past will
help it to expand its operational base and create additional revenue streams.
In 2013, the company announced that its board of directors approved the
formation of PTT Regional Treasury Center in Singapore. This establishment
aligns the company’s strategy for the centralization of its treasury operation.
Any adverse
outcome would have a significant effect on the company's financial performance
and results of operations.Strategic Initiatives and ContractsThe strategic
initiatives taken by the company in the recent past will help it to expand its
operational base and create additional revenue streams. In 2013, the company
announced that its board of directors approved the formation of PTT Regional
Treasury Center in Singapore. This establishment aligns the company’s
strategy for the centralization of its treasury operation. The board of
directors also approved the establishment of PTT Oil Myanmar Co.,Ltd.
Sales and Distribution
In China, lack of
proper gas distribution system coupled with diverse fiscal and price regimes
are hindering foreign investments in the LNG industry. The Asia Pacific region
is undergoing a transformation in the LNG export trade. Traditional LNG
exporters from the region are planning to reduce export volumes to other
importing markets like Japan. India, which has been considering natural gas as
an energy source for power generation, is finding it difficult given the high
prices of LNG in the recent times. The natural gas sector in India is regulated
by the government, which is planning to deregulate it.
As a result of
these, the year saw PTT and its subsidiaries gross sales revenue of 2,793.833
billion baht, a 15.1% rise from last year; EBITDA, meanwhile, climbed 7.8% to
16.469 billion baht; and a forex gain was registered at 7.615 billion baht with
the baht appreciation late in the year. Still, the realization of a reversal in
the asset values of Montara (in Australia) and EMG lowered the net profit for
PTT and its subsidiaries last year to 104.666 billion baht, a 1.5% loss - or
36.64 baht per share. Apart from its mission of nurturing national energy
security, PTT Group has defined a key strategy of being an energy conglomerate
in relentless pursuit of knowledge, innovation, and technological
breakthroughs, with management and outcomes designed to ease environmental
impacts - the so-called Technologically Advanced and Green National Oil Company
(TAGNOC) - in several ways: pursuit of new energy resources, development of
innovative energy forms, application of advanced process technologies, and
encouragement of information sharing so that all may create better innovations
to be in turn shared with communities under PTT’s care. Projects through
which these measures were taken included the Forest Conservation and Human
Development in 84 Tambon under the Sufficiency Economy Initiative Project,
which promoted knowledge of community energy and joint natural resources and
environmental conservation alike.
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Helpful |
Harmful |
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Internal Origin |
Strengths ·
Steady
Growth in Top-Line Performance |
Weaknesses |
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External Origin |
Opportunities ·
Growing
Demand for Natural Gas in Asia Pacific ·
Strategically
Planned Investments and Expansions ·
Thailand
Power Development Plan |
Threats |
Overview
PTT Public
Company Limited (PTT) is an integrated energy company active in the business of
exploration, procurement, marketing and trading of natural gas, petroleum and
derived products. PTT’s significant market share in the domestic market and
its integrated nature of operations provides competitive and operational
advantages. The company could further enhance its market position through
planned investments in both domestic and international markets. However,
volatile commodity prices and regulatory environment could affect the
company’s operations and revenue performance.
Strengths
Steady Growth in Top-Line Performance
PTT’s focused
business activities helped it to record consistent growth in its revenue.
During 2008-2012, the company's compound average growth rate (CAGR) for revenue
was 8.70% and net income growth was 19.2%. During the fiscal year ended
December 2012, total revenue of the company increased by 15.12%%, from THB
2428126.09m in 2011 to THB 2793833.06m in 2012. The financial performance was
supported by the operating segments. Revenue of the upstream petroleum and
natural Gas business group increased by 27% to THB 533,483.28m, as compared to
THB 420,003.78m in 2011; while revenue of downstream petroleum business group
improved by 12.8% to THB 2,229,076.54m, as compared to THB 1,975,708.80m in
2011. The operating profit of PTT increased by 2.4% from THB 187440.05m in 2011
to THB 191895.05m in 2012. Such steady growth in revenue performance has helped
the company to enhance and expand its business operations.
Product and Service Profile
PTT offers a wide
range of products and services. The company offers aviation fuel, marine fuel
and industrial fuel. Its industrial fuel offerings include high speed diesel
and biodiesel, bunker type 1 and 2 fuel, liquefied petroleum gas for industry,
propane gas, automobile lubricants, industrial lubricants, special lubricants
and other related products. For household customers it offers LPG for cooking
purpose, LPG stove and parts, and markets and provides service through more
than 1,000 dealers across the nation. PTT markets high density polyethylene
(HDPE), low density polyethylene (LDPE), linear low density polyethylene
(LLDPE), polyvinyl chloride, polypropylene, acrylonitril-butadiene-styrene,
polystyrene and expanded polystyrene. It also offers natural gas for vehicle
(NGV) and maintains more than 466 substations throughout the nation. PTT also
offers a wide range of services through its service stations and retail
operations; fleet cards; marketing of its products in international markets
such as Laos, Cambodia, Malaysia, Vietnam, Myanmar and Philippines; and storage
services through its Eastern Petroleum Terminal that is used to export and
import petroleum products; among others. PTT also produces and exports coal
from its operations in Thailand to India, Japan, Hong Kong, South Korea and Taiwan.
Such wide offerings enable the company to serve a broader customer base that
enhances its revenue generation capacity.
Research and Development Focus
PTT carries out a
number of research and development (R&D) activities to accelerate its
growth. The company’s R&D arm focuses on activities that could help in
cost reduction and process improvement, quality assurance, process control, and
system development. The company carries its R&D activities at PTT Research
and Technology Institute (PTT RTI), which formulates research planning and
management. PTT’s R&D focus areas include development of new
technologies, product development, and environmental research. PTT RTI's
R&D areas include petroleum products and alternative fuels research, process
technology research, energy application technique and engine lab, research to
preserve environment, geo-science and petroleum engineering research and
business research. The company's focus on several aspects of its business
operations are supported by its R&D facilities, including Fuels and Lubes
Lab, Process and Petrochemical Lab, Environmental Lab, Analytical Lab, and
Engine Test Lab. A strong focus on R&D activities will provide the company
an edge over its competitors in improving its operational performances. New
product and technology adoption strengthen the company’s innovative
capabilities and provide a source of future revenues for the company.
Integrated Business Operations
PTT enjoys
sustainable competitive advantage over its competitor which is supported by its
integrated oil and gas business operations, reducing its third party dependence
and business risk. The company’s business operation comprises upstream,
midstream and downstream activities. PTT’s upstream operation includes
exploration, development and production of natural gas and oil and condensate
through its subsidiaries, affiliates and associates. The company invests in
petroleum exploration and production companies in the Gulf of Thailand, Asia
Pacific and Middle East regions. It expanded its presence in other countries
with investment in exploration and production projects, which includes: Canada
Oil Sands KKD project in Canada; Rovuma Offshore area one in Mozambique,
Africa; Oman 44 project in Arab Peninsula; and floating LNG projects in
Australia. Midstream and downstream business range from processing,
transmission and marketing of natural gas; to refining and trading of petroleum
product, petrochemical products; sourcing of international transport vessel and
retailing. To support its operations, PTT operates a diversified operational
network. Its operational infrastructure include liquefied natural gas (LNG)
procurement vessels, natural gas transmission lines, LNG receiving terminals,
gas separation plants, refineries, olefins and aromatic plants, fermentation
plants, biodiesel plants, ethanol plans, refineries, and stock and
transportation infrastructure, distribution pipelines, petrochemical
intermediate plants, chemical process units, and other related assets. As of
December 2012, PTT operated 1,352 service stations; nine jet fuel stations; 13
oil terminals; two LPG terminals; six petroleum terminals; four LPG bottling
plants; 1,006 Seven-Eleven convenience stores; 777 cafe Amazon outlets; 1,309
CO branded outlets; and 161 auto service centers. With substantial operational
base, PTT maintains strong market position in Thailand. In 2012, it held 38%
share in the domestic fuel retail market; 40.7% share in E10 gasohol; 52.8%
share in E20 gasohol; 27.7% share in E85 gasohol; and 34.% market share in high
speed diesel. Presence across the value chain provides PTT with more
flexibility and control over its operations.
Weaknesses
Operations Issues
Operational
issues related to operations such as leakage in transmission and distribution lines
and oil spills if left unchecked could affect the company’s operations. In
June 2011, PTT reported a leakage in its gas transmission pipeline in the Gulf
of Thailand. After around two months of inspections and repairs the company
resumed the pipeline operations in August 2011. This affected around 3,000
megawatt (MW) of electricity generation in the region during the period.
Besides, to meet the domestic demand during the period, PTT had to source bunk
oil supply from other domestic and international sources. As a result, during
2011, the company's total hazardous waste disposal increased to 31,779 tons,
compared to 24,579 tons reported during previous fiscal year. Besides, during
2011, the company reported 17 oil spill incidents. PTT could look forward to
improve its control over its operations to safeguard itself from such
incidents.
Pending Litigations
Involvement in
litigation adds to costs, which could have an adverse impact on the operations
and financial position of the company. The company has been subjected to
several lawsuits and legal proceedings in the process of its normal business
operations. In 2010, one of the company's contractor that provided natural gas
pipeline construction contracting services filed a case in the Thai Arbitration
Institute and sought for damages from it for breach of a contract. Besides, in
August 2010, Indonesian government sent a notice to PTT’s subsidiary PTTEP
Australasia Pty Ltd (PTTEP AA) that sought compensation for an oil and gas leak
incident in the Montara area. Any adverse outcome would have a significant
effect on the company's financial performance and results of operations.
Opportunities
Growing Demand for Natural Gas in Asia Pacific
The increasing
demand of natural gas by power, industrial and domestic sectors have spurred
the growth of natural gas demand in China and India that offers significant
growth opportunities for the company. A significant part of the natural gas
demand is being met through LNG imports in China and India. As a result a number
of regasification terminals have been developed in recent years and more are
planned to be completed by 2015. In 2009, the regasification capacity in China
and India collectively stood at 1,317.1 billion cubic feet (Bcf), which will go
up to 4261.2 Bcf by 2015 growing at an annual average growth rate (AAGR) of
19.6% during the period 2009-2015. The regasification capacity increase in
India and China will be brought about by 14 new terminals expected to become
operational by 2015. Japan, Republic of Korea and Taiwan are currently the
major markets for LNG in Asia Pacific. Natural gas forms a vital source of
energy for these countries. Further, these countries lack the option of
pipeline natural gas. Despite the fluctuations in prices, these countries continue
to import large volumes of LNG.
Strategically Planned Investments and Expansions
PTT focuses on the development of its operations and has formed a strategic plan for 2013-2017, which aims at investments across its business verticals. The company under its strategic plan aims to invest around THB 366,474m towards capital expenditure across its business verticals. Of the total capital expenditure planned, PTT aims to invest 30% (THB 111,216m) to develop its gas business, followed by 14% (THB 51,384m) on oil and trading; 53% (THB 191,947m) on Joint Venture and wholly owned investment; and 3% (THB 11,927m) on head office and others. PTT’s investment is provided mostly in joint ventures and its wholly owned investment in order to enhance international energy business and import capability to meet the gas demand growth through an investment in PTT LNG Co., Ltd., (LNG Receiving Terminal Phase 2). Investment in gas business unit, major projects of which comprise: onshore natural gas transmission pipeline (Rayong - Kaeng Khoi); construction of gas transmission pipeline in Nakornsawan and Nakornratchasima as well as the investment for LPG facility enhancement of oil business. PTT through its subsidiaries is pursuing aggressive development plan in both international and national market. The company's subsidiary PTT Exploration and Production Public Co., Ltd (PTTEP) has around 41 projects under development in both Thailand and overseas markets such as the Association of Southeast Asian Nations (ASEAN) countries, North Africa, Australia, Middle East, and Canada. The company's development projects include floating liquefaction natural gas production (FLNG) in Australia, Canada Oil Sands KKD Project, and oil production project in Algeria. In May 2012, the company launched its initiative to introduce its lubricant products in the Indian market. Earlier in March 2012, the company signed a memorandum of understanding (MoU) with Dynamax Petrochemical Ltd., to develop PTT’s lubricant market in Taiwan. In January 2012, PTT signed an agreement with TOPSHIP Chemical Co., Ltd., to market its lubricants products. Besides, the company has several other projects that are either in planning or development stage, which are expected to provide potential growth opportunities in the future.
Thailand Power Development Plan
PTT supplies a
major portion of its natural gas delivery to power generation plants in
Thailand. The government in order to increase the generation capacity
formulated its 2010-2030 plan. Under the plan, during 2010-2020, the
government’s investment projects include installation of Electricity
Generating Authority of Thailand (EGAT) owned plants with installed capacity of
4,821 MW; Independent Power Project (IPP) with installed capacity of 4,400 MW;
Small Power Producer (SPP) with installed capacity of 3,539 MW; Very Small
Power Producer (VSPP) with installed capacity of 2,355 MW; New combine cycle
power plant supporting LPG production at Khanom GSP with capacity 800 MW and
power purchase from neighboring countries which would contribute for 5,669 MW.
During 2021-2030, the development projects include new EGAT power plants
(Renewable) with installed generation capacity of 97 MW; followed by 13 new
EGAT power plants (Natural Gas), each with installed capacity of 800 MW; eight
new EGAT power plant (Clean Coal), each would have an installed capacity of 800
MW; and four new EGAT nuclear power plants with installed generation capacity
of 1,000 MW each. Besides, during 2021-2030, power purchase from SPP’s would
account for 3,800 MW, followed by power purchase from VSPP’s would be 1,745
MW and power purchase from neighboring countries would be 6,000 MW. Such
initiatives clearly indicate the government’s strong focus to increase the
overall domestic power market, which could help the company to increase the
sale of natural gas and coal.
Strategic Initiatives and Contracts
The strategic
initiatives taken by the company in the recent past will help it to expand its
operational base and create additional revenue streams. In 2013, the company
announced that its board of directors approved the formation of PTT Regional
Treasury Center in Singapore. This establishment aligns the company’s
strategy for the centralization of its treasury operation. The board of
directors also approved the establishment of PTT Oil Myanmar Co.,Ltd. in
Myanmar., through which the company focuses on the expansion of its business
operations in Myanmar. It also announced the approval to establish PTT PMMA
Company Limited, through which it plan to make investments in Poly Methyl
Methacrylate (PMMA) plant with the production capacity over 40,000 ton per
annum. The company entered into a memorandum of understanding with the local
government of Binh Dinh, pursuant to which the local government will request the
Government of Vietnam to approve the development of the petrochemical refinery
project. In January 2013, PTT Utility Company Limited (PTTUT) and Independent
Power (Thailand) Company Limited merged to form Global Power Synergy Company
Limited, with initial registered capital of THB 8,630m. PTT holds 30.10% shares
in the merged company. During the same month, PTT International Company Limited
(a wholly-owned subsidiary of PTT) through its wholly-owned subsidiary PTT
International Holding Company Limited announced to jointly invest in Nam Lik 1
Power Company Limited (NL1PC) with Hydro Engineering Company Limited and POSCO
Engineering and Construction Company Limited, to develop Nam Lik 1 Power
project in Lao People's Democratic Republic. The project, to be operational by
2016, has total installed capacity of 64.7 MW, with a power purchase agreement
to sell all generated electricity to Electricite du Laos. In December 2012, the
company announced to invest in a solar power project with Thai Solar Renewable
(TSR). PTT will hold 40% of the joint company with investment of around THB
1,450 million while Thai Solar Energy (TSE), as project developer, will hold
remaining interest. In December 2012, PTT signed an agreement with Qatar
Liquified Gas Company Limited to purchase two million tons of liquified natural
gas/year. The contract is for a period of 20 years, with the first LNG delivery
expected in January 2015. In August 2012, the company signed an agreement with
Foster Wheeler (Thailand) Co., Ltd., to carry out the expansion of LPG
facilities in Khao Bo Ya LPG terminal in Chon Buri. During the same month, PTT
Mining Limited, announced to acquire the shares of Singapore-based Company,
Sakari Resources Ltd.
Increasing Focus towards Clean Development
PTT invests in green energy through its subsidiary,
PTT Green Energy Co., Ltd. (PTTGE). The company invests in oil palm planting
and development project. In the present scenario of increasing alternative
energy demand and preference, the company’s investment in green energy
business could help it to tap new opportunities and increase earnings. The
company produces biodiesel from Palm oil. The company also invests in other
renewable energy sectors that comprise development of solar energy, development
of bioplastics through agriculture raw materials; R&D to develop
technologies to produce energy from plants such as algae and development of
greenhouse gas emission reduction plans. PTT also aims to expand its biofuel
supply, and aims to procure approximately eight tons of biofuels for jet fuels
that includes Bio Jet and Jet A. The fuel will be supplied for a special flight
by Thai Airways International Public Company Limited that operates as the first
commercial flight in the Country and Asia that use bio-jet fuels in place of
conventional jet fuel. PTT has also set an ambitious target to reduce its
greenhouse gas (GHG) emission by around 200,000 tons of carbon dioxide
equivalent between 2011 and 2015. Besides, it plans to involve in clean
development mechanism (CDM) projects. Such initiatives will enable the company
to improve its environment footprint.
Threats
Regulatory Obligations in Thailand
PTT’s businesses are regulated by various
national and local environmental laws and regulations. These laws and
regulations monitor the operations, products and other activities of the
company in the various jurisdictions in which it operates. The role of various
renewable sources of energy is increasing due to the growing importance on
climatic changes, as also due to the emphasis on carbon emission reduction.
Expansion of petrochemical complex in Map Ta Phut is being objected by some of
the NGO’s, local communities and politicians and several measures are taken
to restrict environmental permits, as a reason no new approvals would be
provided unless the existing plants reduce their NOX, SO2 and suspended
particulate (TSP) emissions by 125%. Any non-compliance with the regulatory
limits could lead to penalties and fines. The political conditions of the
country may also affect the company’s business. Any further change in
government policies and regulations could have a material negative effect on
the company’s growth and expansion strategies.
Volatility in Oil Prices
Volatile market environment coupled with concerns
from geopolitical environment and demand for oil in emerging economies
including China, India and other non-OECD countries have resulted in tighter
oil supplies. Moreover, events in Egypt, Libya, Venezuela, Iran and Iraq have
resulted in uncertainty of crude oil supply in recent times. Lack of balance
between OPEC and non- OPEC production discipline has resulted in the
volatility. Crude oil prices peaked in early March and reached $125/bbl amid
concerns about a deepening crisis between Iran and the West. Later due to a
variety of factors, including escalating fears about Euro zone economies,
pushed crude oil prices below $100/bbl and prices further declined to $90/bbl
in late June. The price ranged between $105-115/bbl for the rest of the year.
Brent crude averaged $112/bbl in 2012. The price differential between heavier
and lighter crude was volatile and averaged -$1.3/bbl in 2012, slightly
narrower than in 2011. According to the US EIA, the price of WTI is expected to
fluctuate between lower limit of $80/bbl in February 2013 and a higher limit of
$110/bbl to lower limit of $40/bbl and higher limit of $180/bbl in 2014. Prices
of crude oil and natural gas are dependent on a number of factors including,
supply and demand for crude oil; weather conditions; political and economical
stability; costs of exploring, developing, producing, and transporting crude
oil; domestic and foreign government regulations; and taxes. Major changes in
the environmental aspects would impact the company’s operations as any change
in external environment impacts the sales volume.
Development Issues in Asia Pacific LNG Market
Emerging LNG markets like China and India are
witnessing increasing construction costs and forecasted high prices of LNG. This
has led to a slowdown in the development of LNG terminals in these markets. In
China, lack of proper gas distribution system coupled with diverse fiscal and
price regimes are hindering foreign investments in the LNG industry. The Asia
Pacific region is undergoing a transformation in the LNG export trade.
Traditional LNG exporters from the region are planning to reduce export volumes
to other importing markets like Japan. India, which has been considering
natural gas as an energy source for power generation, is finding it difficult
given the high prices of LNG in the recent times. The natural gas sector in
India is regulated by the government, which is planning to deregulate it. Once
deregulation sets in, due to price competition, retail prices of natural gas
will make it more affordable to be used in transportation and other sectors.
Australia, another major exporter, is also facing difficulties in realization
of its planned projects. Development of planned LNG terminals like Darwin LNG
has been slowed down by high construction costs and low estimated returns from
long-term LNG contracts due to the strengthening Australian dollar.
|
Corporate Family |
Corporate
Structure News: |
|
|
PTT
Public Company Limited |
|
PTT Public Company Limited |
|
|
Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
The Kingdom Of Thailand |
Parent |
|
|
|
|
|
|
Subsidiary |
Phra Nakhon, Bangkok |
Thailand |
Executive and Legislature |
|
|
|
|
Subsidiary |
Bangkok, - - |
Thailand |
Administrative Services |
|
8,000 |
|
|
Royal Thai Government |
Parent |
|
|
|
|
|
|
Subsidiary |
Chatuchak, Bangkok |
Thailand |
Administration of Public Programs |
|
2,500 |
|
|
Subsidiary |
Phra Nakhon, Bangkok |
Thailand |
Administration of Public Programs |
|
|
|
|
Subsidiary |
Muak Lek, Saraburi |
Thailand |
Administration of Public Programs |
|
1,100 |
|
|
Subsidiary |
Ratchathewi, Bangkok |
Thailand |
Space Research and Technology |
|
|
|
|
Subsidiary |
Klongluang, Pathum Thani |
Thailand |
Space Research and Technology |
145.2 |
2,700 |
|
|
Subsidiary |
Klongluang, Pathum Thani |
Thailand |
Research and Development Services |
|
550 |
|
|
Subsidiary |
Bangkok |
Thailand |
Electricity Generation and Distribution |
|
|
|
|
Subsidiary |
Ratchathewi, Bangkok |
Thailand |
Administration of Public Programs |
|
|
|
|
Subsidiary |
Ratchathewi, Bangkok |
Thailand |
Administration of Public Programs |
|
630 |
|
|
Subsidiary |
Phaya Thai, Bangkok |
Thailand |
Administration of Public Programs |
|
|
|
|
Subsidiary |
Bangna, Bangkok |
Thailand |
Wood Product Manufacturing |
|
470 |
|
|
Ministry Of Finance |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Petroleum Wholesale |
89,889.4 |
24,779 |
|
|
Subsidiary |
Bangkok |
Thailand |
Petroleum and Natural Gas Extraction |
6,838.2 |
3,157 |
|
|
Subsidiary |
West Perth, WA |
Australia |
Petroleum and Natural Gas Extraction |
104.6 |
80 |
|
|
Pttep Australasia (Petroleum) Pty Ltd |
Subsidiary |
|
|
|
|
|
|
Pttep Australasia (Operations) Pty Ltd |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
London |
United Kingdom |
Petroleum and Natural Gas Extraction |
0.0 |
6 |
|
|
Subsidiary |
Bangkok |
Thailand |
Petroleum and Natural Gas Extraction |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Petroleum and Natural Gas Extraction |
|
|
|
|
Subsidiary |
West Perth, WA |
Australia |
Coal Mining |
|
1,707 |
|
|
Subsidiary |
Singapore, |
Singapore |
Coal Mining |
1,011.6 |
1,000 |
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous Wholesale |
746.5 |
11 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Coal Mining |
|
|
|
|
Subsidiary |
Singapore |
Singapore |
Metals and Minerals Wholesale |
|
|
|
|
Subsidiary |
Hermidale, NSW |
Australia |
Metals Mining |
36.2 |
350 |
|
|
Subsidiary |
Bangkok |
Thailand |
Computer Programming |
|
400 |
|
|
Subsidiary |
Bangkok |
Thailand |
Chemical Wholesale |
755.8 |
180 |
|
|
Subsidiary |
Chatuchak, Bangkok |
Thailand |
Petroleum Wholesale |
|
100 |
|
|
Joint Venture |
Bangkok |
Thailand |
Natural Gas Distribution |
|
80 |
|
|
Subsidiary |
Singapore |
Singapore |
Petroleum Wholesale |
4,919.8 |
30 |
|
|
Subsidiary |
Bangkok, 10900 |
Thailand |
Investment Services |
|
|
|
|
Subsidiary |
Phnom Penh |
Cambodia |
Petroleum Wholesale |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Consulting Services |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Petroleum and Natural Gas Extraction |
|
|
|
|
Ptt Green Energy Pte. Ltd. |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
Phaya Thai, Bangkok |
Thailand |
Banking |
|
10,200 |
|
|
Subsidiary |
Bangkok |
Thailand |
Wireless Telecommunications Carriers |
1,383.7 |
5,800 |
|
|
Subsidiary |
Bangkok |
Thailand |
Air Transportation Services |
977.9 |
4,940 |
|
|
Subsidiary |
Huai Kwang, Bangkok |
Thailand |
Banking |
1,088.1 |
2,498 |
|
|
Subsidiary |
Bangkok |
Thailand |
Banking |
|
604 |
|
|
Subsidiary |
Sathon, Bangkok |
Thailand |
Ship and Boat Building |
|
85 |
|
|
Subsidiary |
Phaya Thai, Bangkok |
Thailand |
Social and Rehabilitation Services |
|
76 |
|
|
Subsidiary |
Bangkok |
Thailand |
Banking |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Exxon Mobil Corporation |
Irving, Texas, United States |
76,900 |
Public |
|
Hess Corp. |
New York, New York, United States |
14,775 |
Public |
|
Repsol SA |
Madrid, Spain |
30,656 |
Public |
|
Rosneft' NK OAO |
Moscow, Russian Federation |
50,500 |
Public |
|
Royal Dutch Shell Plc |
's-Gravenhage, Netherlands |
87,000 |
Public |
|
Total SA |
Courbevoie, France |
97,126 |
Public |
|
Tpt Petrochemicals Public Company Limited |
Muang, Thailand |
|
Private |
Executive report
|
Board
of Directors |
|
|
|
|
|||||||||
|
Chairman |
Chairman |
|
|||||||||
|
Chairman |
Chairman |
|
|||||||||
|
Chairman of the Board, Independent
Director |
Chairman |
|
|||||||||
|
Chairman, Board Member |
Chairman |
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Chief Executive Officer, President,
Director, Secretary for the Board of Directors |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
Chief Executive Officer, President,
Director, Secretary for the Board of Directors |
Chief Executive Officer |
|
|||||||||
|
||||||||||||
|
Chief Executive Officer, Thaioil Public Company
Limited |
Chief Executive Officer |
|
|
||||||||
|
||||||||||||
|
Chief Executive Officer - PTT Global
Chemical Public Company Limited |
Chief Executive Officer |
|
|
||||||||
|
||||||||||||
|
President and Chief Executive Officer, PTT
Exploration and Production Public Company Limited |
Chief Executive Officer |
|
|
||||||||
|
||||||||||||
|
President, IRPC Public Company Limited |
President |
|
|
||||||||
|
||||||||||||
|
President, PTT Global Chemical Public
Company Limited |
President |
|
|
||||||||
|
||||||||||||
|
Chief Operating Officer Downstream
Petroleum Business Group |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Chief Operations Officer - Downstream
Petroleum Business Group |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Chief Operating Officer - Upstream
Petroleum and Gas Business Group |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Company Secretary |
Company Secretary |
|
|
||||||||
|
Chief Financial Officer |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Executive VP-Corporate Finance |
Finance Executive |
|
|
||||||||
|
Executive VP-Corporate Accounting |
Accounting Executive |
|
|
||||||||
|
Senior Executive Vice President -
International Trading Business Unit |
Investment Executive |
|
|
||||||||
|
||||||||||||
|
Senior Executive Vice President Human
Resources & Organization Excellence |
Human Resources Executive |
|
|
||||||||
|
Senior Executive Vice President - Human
Resources & Organization Excellence |
Human Resources Executive |
|
|
||||||||
|
||||||||||||
|
Senior Executive Vice President -
Corporate Strategy |
Planning Executive |
|
|
||||||||
|
||||||||||||
|
Senior Executive Vice President, Gas
Business Unit |
Other |
|
|
||||||||
|
||||||||||||
|
Senior Executive Vice President - Oil
Business Unit |
Other |
|
|
||||||||
|
||||||||||||
|
Senior Executive Vice President -
Petrochemicals & Refining Business Unit |
Other |
|
|
||||||||
|
||||||||||||
|
Senior Executive VP-Petrochemicals &
Refining Business unit |
Other |
|
|
||||||||
Significant
Developments
PTT PCL not bidding
for Shell's Australian petrol stations Jan 09, 2014
PTT PCL:Says it
denied a media report on Thursday that the company was bidding for Royal Dutch
Shell's Australian service stations
PTT PCL announces
restructuring of subsidiary Dec 23, 2013
PTT PCL:Says its
wholly owned subsidiary, PTT International Company Limited (PTTI), will
transfer the assets and liabilities of PTT Asia Pacific Mining Pty Ltd (PTTAPM)
, Red Island Minerals Ltd (RIM) and International Coal Holding Pty Ltd (ICH),
to PTTI's wholly owned subsidiary, PTT Mining Limited.Says deregistration of
PTTAPM, RIM and ICH after the completion of assets and liabilities transferred
to PTT Mining Limited.Says the purposes of the transactions are shareholder
restructuring and operating cost reduction.Says PTTAPM and RIM deregistration
is expected to be completed in Mar. 2014 and liquidation and deregistration of
ICH is expected to be completed in Mar. 2015.
PTT PCL announces
issuance of debentures Nov 27, 2013
PTT PCL:Says
completed fund raising by issuing unsecured debentures in amount of 22 billion
baht on Nov. 27.Says tenor of six years 11 months and 19 days, and maturity
date of Nov. 15, 2020 for the debentures.Says interest rate of 4.75 pct per
annum.
PTT PCL says to
buy land from IRPC PCL and IRPC Oil Co Ltd Nov 22, 2013
PTT PCL:Announced
PTT will buy land from IRPC PCL and IRPC Oil Co Ltd.To focus on educational
development and enhance potential of human resources.Says deal valued at about
600 million baht.Total area is about 3,327 rai.
PTT PCL to
Transfer Power Business Assets of PTT and PTT's Subsidiaries Nov 11, 2013
PTT PCL announced
that it has decided to restructure PTT Group power business through Global
Power Synergy Company Limited ("GPSC"), an affiliate of PTT Public
Company Limited ("PTT", the Company), with shareholdings of PTT at
30.10%, together with shareholdings of PTT Global Chemical Public Company
Limited at 30.31%, Thaioil Public Company Limited at 27.71% and Thaioil Power
Company Limited at 11.88%. The Company and its wholly owned subsidiary, PTT
International Company Limited ("PTTI"), and PTTI's wholly owned
subsidiary, PTT International Holding Limited ("PTTIH"), have hence
decided on the sales of their 15% to 100% shareholdings in 7 companies PTT and
subsidiaries have invested in, to GPSC, with approximately 694 megawatt in
equity capacity. The sales and purchase agreement has been signed on 8 November
2013, in the amount of THB 7,296 million. The transfer of assets and the
payment will be conducted in accordance to the conditions agreed on the sales
and purchase agreement and the consent from related parties.
PTT PCL Announces
Production Resumption of Gas Separation Plant Unit 5 Oct 21, 2013
PTT PCL announced
that it has fixed the equipment of Gas Separation Plant Unit 5 (GSP#5), which
had been damaged and shutdown due to thunder storm and lightning strike on the
Waste Heat Recovery Unit or WHRU, and GSP#5 officially resumes it operation at
50% of its capacity (maximum capacity is 570 millions of standard cubic feet
per day). The Company previously announced that it would take around three to
five months to resume the production of GSP#5 on August 15, 2013.
PTT PCL Announces
Establishment of PTT Regional Treasury Center Sep 27, 2013
PTT PCL announced
the establishment of a new wholly owned PTT Regional Treasury Center, located
in Singapore, with the registered capital of USD 1,000,000.
PTT PCL Issues
PTT Public Company Limited's Debentures Sep 13, 2013
PTT PCL announced
that it has completed fund raising by issuing the unsubordinated and unsecured
debentures No. 1/2013 to institutional investors and/or High Net Worth
Investors in the total amount of THB 10,000 million on September 13, 2013. The
tenor of the debentures is 10 years and the maturity date is September 13,
2023. The interest rate of the debentures is 5.12%.
PTT PCL Announces Stake Divestiture in B.Grimm BIP
Power Co Ltd Sep 06, 2013
PTT PCL announced that it has approved to divest
all 23% stake or 656,650 shares in B.Grimm BIP Power Co Ltd, a 51% owned
subsidiary of B.Grimm Power Co., Ltd (BGP), to BGP. The value of this
transaction is approximately THB 180 million.
PTT PCL Announces H1 2013 Interim Dividend Payment
Sep 06, 2013
PTT PCL announced an interim dividend of THB 5.00 per
share for the first half of fiscal year 2013 (Interim H1 2012: THB 5.00 per
share). The book closing date is September 23, 2013 and the payment date is
October 4, 2013.
PTT PCL Announces Establishment of New Subsidiary
Sep 04, 2013
PTT PCL announced that it has approved to establish
a new wholly owned subsidiary namely PTT Oil Myanmar Co Ltd, with the
registered capital of USD 300,000.
PTT PCL Announces the Shutdown of Gas Separation
Plant Unit 5 Aug 15, 2013
PTT PCL announced that on August 14, 2013, it has
stopped the operation because there was an accident incurring from the thunder
storm and lightning strike on the Waste Heat Recovery Unit or WHRU of Gas
Separation Plant Unit 5 (GSP#5). It will take around three to five months to
resume the production of GSP#5.
PTT PCL Announces Appointment of Chairman Jul 05,
2013
PTT PCL announced that it has appointed Mr. Parnpri
Phahitthanukorn as Chairman of the Board and Independent Director, replacing
Mr. Vichet Kasemthongsri, effective from July 5, 2013.
PTT PCL Announces Resignation of Chairman of the
Board Jun 26, 2013
PTT PCL announced
that Mr. Wichet Kasemthongsri has resigned as Chairman of the Board and
Independent Director, effective from June 26, 2013 onwards.
PTT PCL
Establishes New Subsidiary Jun 03, 2013
PTT PCL announced
that it has established a new wholly owned subsidiary namely PTT PMMA Co Ltd,
with the registered capital of THB 660 million, to invest in Poly Methyl
Methacrylate (PMMA) plant.
PTT PCL Announces
Stake Divestiture in PTT Phenol Co Ltd to PTT Global Chemical PCL Apr 26, 2013
PTT PCL announced
that it is to divest its 37,008,000 shares or 40% stake in PTT Phenol Co Ltd, a
60% owned subsidiary of PTT Global Chemical PCL (PTTGC), to PTTGC. The value of
this transaction is approximately THB 4,976 million.
PTT PCL Announces
H2 2012 Dividend Feb 22, 2013
PTT PCL announced
that it will pay a cash dividend of THB 8.00 per share for the second half of fiscal
2012 (H2 2011: THB 7.00 per share). The record date is March 8, 2013 and the
payment date is April 30, 2013.
PTT PCL Announces
Change Of Chairman Feb 22, 2013
PTT PCL announced
the appointment of Mr. Vichet Kasemthongsri as the Chairman of the Board in
replacement of Mr. Norkun Sitthiphong, the resigning Chairman. The appointment
shall be effective on February 22, 2013.
PTT PCL In JV To
Build Refinery In Timor-DJ Feb 06, 2013
Dow Jones
reported that PTT PCL has clinched a joint venture (JV) agreement with
state-owned Timor Gap to construct a 40,000 barrel-a-day condensate splitter in
Timor. PTT International will own around 70% of the venture and petroleum firm
Timor Gap will own the rest. A portion of output from the plant will be
supplied to PTT's petrochemical producers. PTT International and Timor Gap also
agreed to jointly engage in condensate trading activities, he said, adding that
the two deals require a combined investment of 5 billion baht ($168 million).
PTT PCL Announces
Resignation of Chairman of the Board Feb 01, 2013
PTT PCL announced
that Dr. Norkun Sitthiphong has resigned as Chairman of the Board and Director
due to his additional business engagement, effective from February 1, 2013
onwards.
PTT PCL's
Sub-subsidiary Announces the Joint Investment in Nam Lik 1 Power Co Ltd Jan 31,
2013
PTT PCL announced
that the Company has approved PTT International Holding Co Ltd, a wholly owned
subsidiary of the Company's subsidiary namely PTT International Co Ltd, to
jointly invest 40% stake or 8,000 shares in Nam Lik 1 Power Co Ltd (NL1), with
its joint venture partner Hydro Engineering Co Ltd and POSCO Engineering and
Construction Co Ltd, for the development of Nam Lik 1 Power project in Lao
People's Democratic Republic, worth approximately USD 124 million. The initial
registered capital of NL1 is USD 200,000 comprising of 20,000 shares at USD 10
per share.
PTT PCL Holds
Stakes in Merged Company Jan 11, 2013
PTT PCL announced
the amalgamation of PTT Utility Co Ltd and Independent Power (Thailand) Co Ltd
was completed on January 10, 2013. The name of the merged company is Global
Power Synergy Co Ltd with the initial registered capital of THB 8,630,000,000.
The Company holds 30.10% stake in the merged company.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
89,889.4 |
79,650.6 |
59,848.9 |
46,201.4 |
59,962.3 |
|
Revenue |
89,889.4 |
79,650.6 |
59,848.9 |
46,201.4 |
59,962.3 |
|
Total Revenue |
89,889.4 |
79,650.6 |
59,848.9 |
46,201.4 |
59,962.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
82,408.4 |
72,441.7 |
54,367.2 |
41,898.9 |
54,837.7 |
|
Excise Taxes Payments |
849.2 |
722.5 |
584.4 |
450.3 |
519.3 |
|
Cost of Revenue, Total |
83,257.5 |
73,164.2 |
54,951.7 |
42,349.2 |
55,357.0 |
|
Gross Profit |
6,631.8 |
6,486.4 |
4,897.2 |
3,852.2 |
4,605.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,554.4 |
1,456.2 |
1,132.8 |
1,018.3 |
1,033.7 |
|
Labor & Related Expense |
23.7 |
21.5 |
22.4 |
14.8 |
11.7 |
|
Total Selling/General/Administrative Expenses |
1,578.1 |
1,477.7 |
1,155.2 |
1,033.1 |
1,045.4 |
|
Research & Development |
213.3 |
217.0 |
85.8 |
214.9 |
247.9 |
|
Interest Income -
Operating |
-92.9 |
-114.1 |
- |
- |
- |
|
Investment Income -
Operating |
-1,128.7 |
-1,022.2 |
-793.6 |
-684.6 |
244.7 |
|
Interest/Investment Income - Operating |
-1,221.6 |
-1,136.3 |
-793.6 |
-684.6 |
244.7 |
|
Interest Expense (Income) - Net Operating |
-8.4 |
-8.8 |
- |
-15.9 |
-15.1 |
|
Interest Expense (Income) - Net Operating Total |
-1,230.0 |
-1,145.1 |
-793.6 |
-700.5 |
229.6 |
|
Other Operating Expense |
335.7 |
189.3 |
60.8 |
264.6 |
0.0 |
|
Other, Net |
-439.3 |
-401.1 |
-410.6 |
-289.3 |
-462.3 |
|
Other Operating Expenses, Total |
-103.6 |
-211.8 |
-349.8 |
-24.7 |
-462.3 |
|
Total Operating Expense |
83,715.3 |
73,502.0 |
55,049.2 |
42,872.0 |
56,417.7 |
|
|
|
|
|
|
|
|
Operating Income |
6,174.1 |
6,148.7 |
4,799.7 |
3,329.4 |
3,544.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-635.8 |
-591.6 |
-529.7 |
-414.2 |
-343.9 |
|
Interest Expense, Net Non-Operating |
-635.8 |
-591.6 |
-529.7 |
-414.2 |
-343.9 |
|
Interest Income -
Non-Operating |
- |
- |
- |
55.9 |
92.4 |
|
Interest/Investment Income - Non-Operating |
- |
- |
- |
55.9 |
92.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-635.8 |
-591.6 |
-529.7 |
-358.2 |
-251.5 |
|
Income Before Tax |
5,538.2 |
5,557.0 |
4,270.0 |
2,971.1 |
3,293.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
1,496.6 |
1,417.9 |
1,070.5 |
970.4 |
1,299.1 |
|
Income After Tax |
4,041.6 |
4,139.1 |
3,199.5 |
2,000.8 |
1,994.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-674.1 |
-653.4 |
-552.0 |
-266.3 |
-444.5 |
|
Net Income Before Extraord Items |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
Net Income |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
2,856.3 |
2,853.0 |
2,839.2 |
2,826.9 |
2,820.3 |
|
Basic EPS Excl Extraord Items |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Basic/Primary EPS Incl Extraord Items |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Dilution Adjustment |
-0.6 |
0.0 |
-4.2 |
-8.5 |
-1.3 |
|
Diluted Net Income |
3,367.0 |
3,485.7 |
2,643.4 |
1,726.0 |
1,548.2 |
|
Diluted Weighted Average Shares |
2,856.3 |
2,854.0 |
2,842.2 |
2,828.9 |
2,829.0 |
|
Diluted EPS Excl Extraord Items |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Diluted EPS Incl Extraord Items |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Dividends per Share - Common Stock Primary Issue |
0.39 |
0.38 |
0.29 |
0.17 |
0.37 |
|
Gross Dividends - Common Stock |
1,102.3 |
1,075.7 |
827.5 |
634.4 |
1,222.0 |
|
Interest Expense, Supplemental |
635.8 |
591.6 |
529.7 |
414.2 |
343.9 |
|
Interest Capitalized, Supplemental |
-27.0 |
-37.3 |
-64.4 |
-65.2 |
- |
|
Depreciation, Supplemental |
2,099.0 |
1,814.5 |
1,472.2 |
1,256.8 |
964.1 |
|
Normalized Income Before Tax |
5,538.2 |
5,557.0 |
4,270.0 |
2,971.1 |
3,293.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1,496.6 |
1,417.9 |
1,070.5 |
970.4 |
1,299.1 |
|
Normalized Income After Tax |
4,041.6 |
4,139.1 |
3,199.5 |
2,000.8 |
1,994.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Diluted Normalized EPS |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Amort of Intangibles, Supplemental |
- |
- |
- |
- |
5.7 |
|
Research & Development Exp, Supplemental |
213.3 |
217.0 |
85.8 |
214.9 |
247.9 |
|
Normalized EBIT |
4,944.0 |
5,003.5 |
4,006.0 |
2,628.9 |
3,774.2 |
|
Normalized EBITDA |
7,043.0 |
6,818.0 |
5,478.2 |
3,885.7 |
4,744.0 |
|
Current Tax - Domestic |
- |
- |
- |
949.1 |
1,026.5 |
|
Current Tax - Foreign |
- |
- |
- |
131.7 |
119.8 |
|
Current Tax - Local |
- |
- |
- |
-3.9 |
0.0 |
|
Current Tax - Total |
1,426.3 |
1,391.8 |
1,371.5 |
- |
- |
|
Current Tax - Total |
1,426.3 |
1,391.8 |
1,371.5 |
1,076.8 |
1,146.2 |
|
Deferred Tax - Domestic |
- |
- |
- |
6.0 |
154.0 |
|
Deferred Tax - Foreign |
- |
- |
- |
-112.4 |
-1.1 |
|
Deferred Tax - Total |
70.3 |
26.1 |
-301.1 |
- |
- |
|
Deferred Tax - Total |
70.3 |
26.1 |
-301.1 |
-106.4 |
152.9 |
|
Other Tax |
- |
- |
- |
0.0 |
- |
|
Income Tax - Total |
1,496.6 |
1,417.9 |
1,070.5 |
970.4 |
1,299.1 |
|
Interest Cost - Domestic |
7.0 |
6.5 |
5.8 |
- |
- |
|
Service Cost - Domestic |
13.5 |
14.3 |
14.1 |
- |
- |
|
Actuarial Gains and Losses - Domestic |
-0.2 |
0.0 |
3.0 |
- |
- |
|
Domestic Pension Plan Expense |
20.2 |
20.8 |
22.9 |
- |
- |
|
Total Pension Expense |
20.2 |
20.8 |
22.9 |
- |
- |
|
Discount Rate - Domestic |
3.60% |
- |
- |
- |
- |
|
Total Plan Interest Cost |
7.0 |
6.5 |
5.8 |
- |
- |
|
Total Plan Service Cost |
13.5 |
14.3 |
14.1 |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
30.59 |
31.55 |
30.145 |
33.34 |
34.78 |
|
Auditor |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the Auditor
General |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
3,244.9 |
2,794.3 |
- |
1,736.5 |
1,451.1 |
|
Cash & Equivalents |
- |
- |
4,504.9 |
- |
- |
|
Short Term Investments |
1,440.4 |
1,234.0 |
722.6 |
1,648.6 |
1,195.2 |
|
Cash and Short Term Investments |
4,685.3 |
4,028.3 |
5,227.6 |
3,385.1 |
2,646.3 |
|
Accounts Receivable -
Trade, Gross |
8,002.0 |
5,468.1 |
- |
3,865.1 |
2,857.6 |
|
Provision for Doubtful
Accounts |
-68.8 |
-69.6 |
- |
-66.6 |
-77.7 |
|
Trade Accounts Receivable - Net |
7,933.2 |
5,398.5 |
4,655.8 |
3,798.5 |
2,779.9 |
|
Notes Receivable - Short Term |
23.6 |
191.6 |
9.5 |
103.0 |
47.4 |
|
Other Receivables |
938.0 |
787.3 |
623.8 |
603.1 |
632.2 |
|
Total Receivables, Net |
8,894.8 |
6,377.4 |
5,289.1 |
4,504.6 |
3,459.6 |
|
Inventories - Finished Goods |
881.3 |
796.2 |
- |
338.5 |
372.3 |
|
Inventories - Raw Materials |
450.1 |
417.1 |
367.4 |
342.1 |
258.9 |
|
Inventories - Other |
49.9 |
27.9 |
1,036.0 |
55.0 |
50.0 |
|
Total Inventory |
1,381.3 |
1,241.2 |
1,403.4 |
735.5 |
681.2 |
|
Prepaid Expenses |
143.4 |
195.4 |
- |
82.9 |
139.2 |
|
Other Current Assets |
329.9 |
237.7 |
151.6 |
114.6 |
72.4 |
|
Other Current Assets, Total |
329.9 |
237.7 |
151.6 |
114.6 |
72.4 |
|
Total Current Assets |
15,434.6 |
12,080.0 |
12,071.6 |
8,822.8 |
6,998.7 |
|
|
|
|
|
|
|
|
Buildings |
1,500.0 |
1,385.9 |
- |
868.2 |
640.9 |
|
Land/Improvements |
221.3 |
184.6 |
- |
307.4 |
251.8 |
|
Machinery/Equipment |
11,439.8 |
10,734.7 |
- |
7,042.3 |
5,891.1 |
|
Construction in
Progress |
1,478.1 |
1,095.1 |
- |
2,588.0 |
1,524.8 |
|
Natural Resources |
23,004.7 |
17,708.2 |
- |
11,671.3 |
8,154.6 |
|
Other
Property/Plant/Equipment |
583.2 |
467.9 |
- |
331.3 |
271.5 |
|
Property/Plant/Equipment - Gross |
38,227.1 |
31,576.5 |
- |
22,808.5 |
16,734.7 |
|
Accumulated Depreciation |
-12,539.0 |
-10,352.6 |
- |
-7,553.8 |
-5,963.7 |
|
Property/Plant/Equipment - Net |
25,688.1 |
21,223.9 |
17,478.8 |
15,254.8 |
10,771.0 |
|
Goodwill, Net |
1,520.1 |
901.2 |
587.3 |
521.4 |
348.1 |
|
Intangibles - Gross |
948.5 |
820.2 |
- |
799.9 |
635.3 |
|
Accumulated Intangible Amortization |
-312.9 |
-265.0 |
- |
-211.0 |
-173.6 |
|
Intangibles, Net |
635.6 |
555.2 |
720.6 |
588.9 |
461.7 |
|
LT Investment - Affiliate Companies |
7,683.4 |
7,222.0 |
6,754.7 |
5,821.0 |
5,154.9 |
|
LT Investments - Other |
758.0 |
694.8 |
1,007.8 |
529.2 |
410.7 |
|
Long Term Investments |
8,441.4 |
7,916.8 |
7,762.5 |
6,350.2 |
5,565.6 |
|
Deferred Income Tax - Long Term Asset |
474.0 |
612.3 |
545.5 |
301.8 |
44.6 |
|
Other Long Term Assets |
1,134.7 |
1,143.1 |
1,515.1 |
1,229.9 |
1,261.6 |
|
Other Long Term Assets, Total |
1,608.7 |
1,755.4 |
2,060.6 |
1,531.7 |
1,306.2 |
|
Total Assets |
53,328.5 |
44,432.5 |
40,681.4 |
33,069.7 |
25,451.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
8,326.4 |
6,207.4 |
5,158.3 |
3,058.8 |
2,522.0 |
|
Accrued Expenses |
165.2 |
95.2 |
- |
1,205.8 |
911.8 |
|
Notes Payable/Short Term Debt |
583.2 |
491.9 |
548.6 |
208.7 |
288.1 |
|
Current Portion - Long Term Debt/Capital Leases |
1,302.2 |
1,742.6 |
947.5 |
1,017.8 |
309.8 |
|
Customer Advances |
- |
- |
- |
3.5 |
2.8 |
|
Income Taxes Payable |
959.5 |
835.4 |
896.9 |
793.0 |
761.3 |
|
Other Payables |
1,062.6 |
1,138.3 |
1,106.0 |
314.8 |
345.2 |
|
Other Current Liabilities |
52.7 |
123.9 |
287.1 |
62.7 |
35.6 |
|
Other Current liabilities, Total |
2,074.8 |
2,097.5 |
2,290.0 |
1,174.0 |
1,145.0 |
|
Total Current Liabilities |
12,451.7 |
10,634.6 |
8,944.5 |
6,665.2 |
5,176.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
12,996.0 |
10,691.7 |
11,357.4 |
9,626.7 |
6,565.6 |
|
Total Long Term Debt |
12,996.0 |
10,691.7 |
11,357.4 |
9,626.7 |
6,565.6 |
|
Total Debt |
14,881.4 |
12,926.3 |
12,853.6 |
10,853.3 |
7,163.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1,962.1 |
1,360.9 |
643.7 |
860.5 |
572.9 |
|
Deferred Income Tax |
1,962.1 |
1,360.9 |
643.7 |
860.5 |
572.9 |
|
Minority Interest |
4,115.1 |
2,787.6 |
2,529.7 |
2,066.9 |
1,350.1 |
|
Reserves |
1,261.3 |
717.2 |
734.8 |
686.7 |
469.3 |
|
Pension Benefits - Underfunded |
190.3 |
174.3 |
170.8 |
0.2 |
0.2 |
|
Other Long Term Liabilities |
548.7 |
450.7 |
411.8 |
290.7 |
287.7 |
|
Other Liabilities, Total |
2,000.3 |
1,342.3 |
1,317.4 |
977.6 |
757.2 |
|
Total Liabilities |
33,525.2 |
26,817.2 |
24,792.8 |
20,196.9 |
14,422.5 |
|
|
|
|
|
|
|
|
Common Stock |
933.7 |
905.3 |
945.1 |
850.0 |
812.0 |
|
Common Stock |
933.7 |
905.3 |
945.1 |
850.0 |
812.0 |
|
Additional Paid-In Capital |
954.9 |
925.9 |
915.1 |
736.4 |
655.6 |
|
Retained Earnings (Accumulated Deficit) |
18,813.8 |
16,009.8 |
14,318.8 |
11,171.8 |
9,485.0 |
|
Unrealized Gain (Loss) |
- |
- |
- |
154.9 |
99.6 |
|
Translation Adjustment |
- |
- |
- |
-40.2 |
-23.5 |
|
Other Equity |
-899.1 |
-225.7 |
-290.5 |
- |
- |
|
Other Equity, Total |
-899.1 |
-225.7 |
-290.5 |
-40.2 |
-23.5 |
|
Total Equity |
19,803.3 |
17,615.3 |
15,888.6 |
12,872.8 |
11,028.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
53,328.5 |
44,432.5 |
40,681.4 |
33,069.7 |
25,451.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
2,856.3 |
2,856.3 |
2,849.0 |
2,833.8 |
2,824.1 |
|
Total Common Shares Outstanding |
2,856.3 |
2,856.3 |
2,849.0 |
2,833.8 |
2,824.1 |
|
Employees |
24,779 |
22,010 |
12,541 |
11,357 |
11,354 |
|
Accumulated Intangible Amort, Suppl. |
312.9 |
265.0 |
- |
211.0 |
173.6 |
|
Deferred Revenue - Current |
- |
- |
- |
3.5 |
2.8 |
|
Deferred Revenue - Long Term |
10.1 |
11.1 |
- |
11.1 |
11.6 |
|
Total Long Term Debt, Supplemental |
14,298.2 |
12,434.3 |
- |
10,644.5 |
6,875.4 |
|
Long Term Debt Maturing within 1 Year |
1,302.2 |
1,742.6 |
- |
1,017.8 |
309.8 |
|
Long Term Debt Maturing in Year 2 |
1,443.9 |
1,587.9 |
- |
939.2 |
741.1 |
|
Long Term Debt Maturing in Year 3 |
1,682.9 |
1,619.6 |
- |
1,338.3 |
818.6 |
|
Long Term Debt Maturing in Year 4 |
1,682.9 |
1,619.6 |
- |
1,338.3 |
818.6 |
|
Long Term Debt Maturing in Year 5 |
1,682.9 |
1,619.6 |
- |
1,338.3 |
818.6 |
|
Long Term Debt Maturing in 2-3 Years |
3,126.8 |
3,207.5 |
- |
2,277.5 |
1,559.7 |
|
Long Term Debt Maturing in 4-5 Years |
3,365.8 |
3,239.2 |
- |
2,676.7 |
1,637.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
6,503.4 |
4,245.0 |
- |
4,672.5 |
3,368.5 |
|
Total Capital Leases, Supplemental |
22.0 |
22.4 |
- |
352.4 |
15.0 |
|
Capital Lease Payments Due in Year 1 |
7.5 |
6.2 |
- |
31.6 |
5.6 |
|
Capital Lease Payments Due in Year 2 |
3.6 |
4.0 |
- |
80.2 |
2.4 |
|
Capital Lease Payments Due in Year 3 |
3.6 |
4.0 |
- |
80.2 |
2.4 |
|
Capital Lease Payments Due in Year 4 |
3.6 |
4.0 |
- |
80.2 |
2.4 |
|
Capital Lease Payments Due in Year 5 |
3.6 |
4.0 |
- |
80.2 |
2.4 |
|
Capital Lease Payments Due in 2-3 Years |
7.3 |
8.1 |
- |
160.4 |
4.7 |
|
Capital Lease Payments Due in 4-5 Years |
7.3 |
8.1 |
- |
160.4 |
4.7 |
|
Total Operating Leases, Supplemental |
362.4 |
388.8 |
- |
470.8 |
396.4 |
|
Operating Lease Payments Due in Year 1 |
108.2 |
75.3 |
- |
144.2 |
92.6 |
|
Operating Lease Payments Due in Year 2 |
26.1 |
38.3 |
- |
42.8 |
66.6 |
|
Operating Lease Payments Due in Year 3 |
26.1 |
38.3 |
- |
42.8 |
66.6 |
|
Operating Lease Payments Due in Year 4 |
26.1 |
38.3 |
- |
42.8 |
66.6 |
|
Operating Lease Payments Due in Year 5 |
26.1 |
38.3 |
- |
42.8 |
66.6 |
|
Operating Lease Pymts. Due in 2-3 Years |
52.2 |
76.5 |
- |
85.6 |
133.3 |
|
Operating Lease Pymts. Due in 4-5 Years |
52.2 |
76.5 |
- |
85.6 |
133.3 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
149.8 |
160.5 |
- |
155.5 |
37.3 |
|
Discount Rate - Domestic |
3.60% |
- |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-190.3 |
-174.3 |
-170.8 |
-0.2 |
-0.2 |
|
Net Assets Recognized on Balance Sheet |
-190.3 |
-174.3 |
-170.8 |
-0.2 |
-0.2 |
|
|
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
Depreciation |
2,099.0 |
1,814.5 |
1,472.2 |
1,256.8 |
964.1 |
|
Depreciation/Depletion |
2,099.0 |
1,814.5 |
1,472.2 |
1,256.8 |
964.1 |
|
Deferred Taxes |
- |
- |
0.8 |
-99.5 |
0.0 |
|
Unusual Items |
343.6 |
174.3 |
-15.6 |
131.8 |
-3.6 |
|
Equity in Net Earnings (Loss) |
-871.6 |
-966.5 |
-593.1 |
-546.6 |
187.3 |
|
Other Non-Cash Items |
2,809.8 |
2,662.2 |
2,127.6 |
1,678.1 |
2,314.9 |
|
Non-Cash Items |
2,281.8 |
1,870.0 |
1,518.8 |
1,263.3 |
2,498.7 |
|
Accounts Receivable |
-2,316.0 |
-1,292.2 |
-246.2 |
-774.3 |
2,771.2 |
|
Inventories |
-137.8 |
102.6 |
-605.3 |
-28.2 |
-133.6 |
|
Prepaid Expenses |
53.3 |
255.4 |
348.9 |
-264.4 |
-65.3 |
|
Other Assets |
-39.1 |
-197.4 |
-62.6 |
-14.5 |
-116.0 |
|
Accounts Payable |
1,642.3 |
1,066.1 |
1,129.8 |
878.1 |
-2,396.5 |
|
Accrued Expenses |
- |
- |
14.7 |
23.6 |
-1.8 |
|
Other Liabilities |
-11.3 |
50.3 |
70.1 |
9.1 |
-142.7 |
|
Other Operating Cash Flow |
-1,309.0 |
-1,098.6 |
-1,385.1 |
-1,189.7 |
-1,173.2 |
|
Changes in Working Capital |
-2,117.6 |
-1,113.9 |
-735.6 |
-1,360.1 |
-1,257.9 |
|
Cash from Operating Activities |
5,630.6 |
6,056.3 |
4,903.7 |
2,795.0 |
3,754.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-3,696.0 |
-3,543.7 |
-3,311.0 |
-3,712.9 |
-2,541.6 |
|
Purchase/Acquisition of Intangibles |
-63.1 |
-136.5 |
-64.4 |
-132.6 |
-9.5 |
|
Capital Expenditures |
-3,759.1 |
-3,680.2 |
-3,375.4 |
-3,845.5 |
-2,551.1 |
|
Sale of Fixed Assets |
7.8 |
2.1 |
47.8 |
0.5 |
18.9 |
|
Sale/Maturity of Investment |
150.0 |
419.0 |
0.0 |
- |
- |
|
Purchase of Investments |
-2,793.1 |
-2,533.2 |
-532.1 |
-522.3 |
-246.0 |
|
Other Investing Cash Flow |
584.5 |
534.5 |
-21.4 |
140.6 |
555.5 |
|
Other Investing Cash Flow Items, Total |
-2,050.8 |
-1,577.6 |
-505.7 |
-381.2 |
328.4 |
|
Cash from Investing Activities |
-5,809.9 |
-5,257.8 |
-3,881.1 |
-4,226.7 |
-2,222.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-651.5 |
-554.9 |
-368.3 |
-349.5 |
-370.2 |
|
Financing Cash Flow Items |
-651.5 |
-554.9 |
-368.3 |
-349.5 |
-370.2 |
|
Cash Dividends Paid - Common |
-1,361.2 |
-1,348.3 |
-1,000.9 |
-677.1 |
-1,221.4 |
|
Total Cash Dividends Paid |
-1,361.2 |
-1,348.3 |
-1,000.9 |
-677.1 |
-1,221.4 |
|
Sale/Issuance of
Common |
1,051.9 |
8.6 |
18.7 |
39.0 |
19.2 |
|
Common Stock, Net |
1,051.9 |
8.6 |
18.7 |
39.0 |
19.2 |
|
Issuance (Retirement) of Stock, Net |
1,051.9 |
8.6 |
18.7 |
39.0 |
19.2 |
|
Short Term Debt Issued |
2,122.3 |
224.7 |
848.9 |
53.1 |
117.5 |
|
Short Term Debt
Reduction |
-2,079.6 |
-245.8 |
-586.8 |
-175.7 |
- |
|
Short Term Debt, Net |
34.1 |
-31.9 |
354.8 |
-102.9 |
173.0 |
|
Long Term Debt Issued |
3,677.9 |
1,377.4 |
2,185.3 |
3,337.3 |
663.2 |
|
Long Term Debt
Reduction |
-1,859.6 |
-944.5 |
-1,035.0 |
-423.8 |
-326.4 |
|
Long Term Debt, Net |
1,818.3 |
432.9 |
1,150.3 |
2,913.5 |
336.7 |
|
Issuance (Retirement) of Debt, Net |
1,852.4 |
401.0 |
1,505.1 |
2,810.6 |
509.7 |
|
Cash from Financing Activities |
891.6 |
-1,493.5 |
154.5 |
1,823.0 |
-1,062.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-43.6 |
49.8 |
-175.8 |
-5.8 |
6.3 |
|
Net Change in Cash |
668.8 |
-645.2 |
1,001.4 |
385.6 |
475.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
3,736.5 |
4,454.7 |
3,279.2 |
2,645.3 |
2,246.4 |
|
Net Cash - Ending Balance |
4,405.2 |
3,809.5 |
4,280.6 |
3,030.9 |
2,721.7 |
|
Cash Interest Paid |
651.7 |
614.4 |
478.0 |
424.9 |
416.8 |
|
Cash Taxes Paid |
1,312.1 |
1,380.2 |
1,377.7 |
1,189.5 |
1,193.8 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
Office of the Auditor
General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales and service income |
89,889.4 |
79,650.6 |
59,848.9 |
46,201.4 |
59,962.3 |
|
Total Revenue |
89,889.4 |
79,650.6 |
59,848.9 |
46,201.4 |
59,962.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
82,408.4 |
72,441.7 |
54,367.2 |
41,898.9 |
54,837.7 |
|
Transportation Income |
-125.1 |
-114.4 |
- |
-153.7 |
-264.4 |
|
Dividend Income |
-12.1 |
-19.7 |
- |
-1.6 |
-2.0 |
|
Interest income |
-92.9 |
-114.1 |
- |
- |
- |
|
Compensation for Loan Interest |
-8.4 |
-8.8 |
- |
-15.9 |
-15.1 |
|
Other Income |
-314.3 |
-286.8 |
-410.6 |
-135.6 |
-197.9 |
|
Rounding to other income |
0.0 |
0.0 |
- |
- |
- |
|
Selling Expenses |
316.5 |
342.4 |
355.2 |
368.1 |
488.6 |
|
Administrative Expenses |
1,237.9 |
1,113.8 |
777.6 |
650.2 |
545.2 |
|
Executive remunerations |
23.7 |
21.5 |
22.4 |
14.8 |
11.7 |
|
Petroleum exploration expenses |
213.3 |
217.0 |
85.8 |
214.9 |
247.9 |
|
Petroleum Royalty and Remuneration |
849.2 |
722.5 |
584.4 |
450.3 |
519.3 |
|
Other Expenses |
335.7 |
189.3 |
60.8 |
264.6 |
0.0 |
|
(Gain) Loss on foreign exchange rates |
-245.0 |
-36.1 |
-200.5 |
-136.4 |
59.4 |
|
Share of Inc-Invest |
-871.6 |
-966.5 |
-593.1 |
-546.6 |
187.3 |
|
Total Operating Expense |
83,715.3 |
73,502.0 |
55,049.2 |
42,872.0 |
56,417.7 |
|
|
|
|
|
|
|
|
Finance costs |
-635.8 |
-591.6 |
-529.7 |
-414.2 |
-343.9 |
|
Interest Income |
- |
- |
- |
55.9 |
92.4 |
|
Net Income Before Taxes |
5,538.2 |
5,557.0 |
4,270.0 |
2,971.1 |
3,293.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1,496.6 |
1,417.9 |
1,070.5 |
970.4 |
1,299.1 |
|
Net Income After Taxes |
4,041.6 |
4,139.1 |
3,199.5 |
2,000.8 |
1,994.0 |
|
|
|
|
|
|
|
|
Non-controlling interests |
-674.1 |
-653.4 |
-552.0 |
-266.3 |
-444.5 |
|
Net Income Before Extra. Items |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
Net Income |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
2,856.3 |
2,853.0 |
2,839.2 |
2,826.9 |
2,820.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Basic EPS Including ExtraOrdinary Items |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Dilution Adjustment |
-0.6 |
0.0 |
-4.2 |
-8.5 |
-1.3 |
|
Diluted Net Income |
3,367.0 |
3,485.7 |
2,643.4 |
1,726.0 |
1,548.2 |
|
Diluted Weighted Average Shares |
2,856.3 |
2,854.0 |
2,842.2 |
2,828.9 |
2,829.0 |
|
Diluted EPS Excluding ExtraOrd Items |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Diluted EPS Including ExtraOrd Items |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
DPS-Ordinary Shares |
0.39 |
0.38 |
0.29 |
0.17 |
0.37 |
|
Gross Dividends - Common Stock |
1,102.3 |
1,075.7 |
827.5 |
634.4 |
1,222.0 |
|
Normalized Income Before Taxes |
5,538.2 |
5,557.0 |
4,270.0 |
2,971.1 |
3,293.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1,496.6 |
1,417.9 |
1,070.5 |
970.4 |
1,299.1 |
|
Normalized Income After Taxes |
4,041.6 |
4,139.1 |
3,199.5 |
2,000.8 |
1,994.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Diluted Normalized EPS |
1.18 |
1.22 |
0.93 |
0.61 |
0.55 |
|
Research & Development Exp |
213.3 |
217.0 |
85.8 |
214.9 |
247.9 |
|
Interest Expense |
635.8 |
591.6 |
529.7 |
414.2 |
343.9 |
|
Interest Capitalized, Supplemental |
-27.0 |
-37.3 |
-64.4 |
-65.2 |
- |
|
Depreciation, depletion and amortization |
2,099.0 |
1,814.5 |
1,472.2 |
1,256.8 |
- |
|
Depreciation |
- |
- |
- |
- |
964.1 |
|
Amort of Intangibles |
- |
- |
- |
- |
5.7 |
|
Petroleum Income Tax-Current |
- |
- |
- |
586.9 |
822.1 |
|
Inc. Tax under Rev. Code-Current |
- |
- |
- |
362.2 |
204.3 |
|
Corp Inc. Tax in Foreign Countries-Cur |
- |
- |
- |
131.7 |
119.8 |
|
Petroleum Rent Tax in Australia-Current |
- |
- |
- |
-3.9 |
0.0 |
|
Current Tax |
1,426.3 |
1,391.8 |
1,371.5 |
- |
- |
|
Current Tax - Total |
1,426.3 |
1,391.8 |
1,371.5 |
1,076.8 |
1,146.2 |
|
Petroleum Income Tax-Deferred |
- |
- |
- |
-3.0 |
33.2 |
|
Inc. Tax under Rev. Code-Deferred |
- |
- |
- |
9.0 |
120.8 |
|
Corp Inc. Tax in Foreign Countries-Def. |
- |
- |
- |
33.4 |
-1.1 |
|
Petroleum Rent Tax in Australia-Deferred |
- |
- |
- |
-145.8 |
0.0 |
|
Deferred Tax |
70.3 |
26.1 |
-301.1 |
- |
- |
|
Deferred Tax - Total |
70.3 |
26.1 |
-301.1 |
-106.4 |
152.9 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Income Tax - Total |
1,496.6 |
1,417.9 |
1,070.5 |
970.4 |
1,299.1 |
|
Service Cost - Domestic |
13.5 |
14.3 |
14.1 |
- |
- |
|
Interest Cost - Domestic |
7.0 |
6.5 |
5.8 |
- |
- |
|
Actuarial Gains and Losses - Domestic |
-0.2 |
0.0 |
3.0 |
- |
- |
|
Domestic Pension Plan Expense |
20.2 |
20.8 |
22.9 |
- |
- |
|
Total Pension Expense |
20.2 |
20.8 |
22.9 |
- |
- |
|
Discount Rate - Domestic |
3.60% |
- |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
30.59 |
31.55 |
30.145 |
33.34 |
34.78 |
|
Auditor |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
- |
- |
4,504.9 |
- |
- |
|
Cash |
127.4 |
14.4 |
- |
9.3 |
11.2 |
|
Deposits held at call with banks |
2,915.1 |
2,157.1 |
- |
1,097.0 |
944.4 |
|
Fixed Deposit |
202.4 |
622.8 |
- |
630.2 |
495.6 |
|
Treasury Bills |
872.2 |
414.2 |
- |
669.9 |
669.6 |
|
Promissory Notes |
34.7 |
182.9 |
- |
226.6 |
174.0 |
|
Bank of Thailand Bond |
324.1 |
289.5 |
- |
488.1 |
316.5 |
|
ST Investments |
209.4 |
347.4 |
722.6 |
264.0 |
35.0 |
|
Trade accounts receivable |
- |
- |
4,655.8 |
- |
- |
|
Accounts Rcvbl. |
5,308.0 |
3,419.2 |
- |
2,570.7 |
1,952.7 |
|
Note Receivable |
20.4 |
32.9 |
- |
65.2 |
40.4 |
|
Doubtful Account |
-58.2 |
-58.6 |
- |
-59.4 |
-70.2 |
|
Trade Rcvbl-Rel.-Associates |
2,694.0 |
2,048.9 |
- |
1,208.4 |
847.4 |
|
Trade Rcvbl.Rel.-Others |
- |
- |
- |
86.1 |
57.5 |
|
Allowance for Doubtful Account |
-10.6 |
-10.9 |
- |
-7.2 |
-7.5 |
|
Short-term loans |
3.2 |
158.7 |
9.5 |
37.8 |
7.1 |
|
Inventories |
- |
- |
1,036.0 |
- |
- |
|
Oil products |
669.1 |
631.3 |
- |
288.0 |
333.7 |
|
Gas Products |
153.9 |
103.4 |
- |
27.7 |
24.6 |
|
Petrochemical |
58.3 |
61.5 |
- |
22.8 |
13.9 |
|
Other Inventory |
66.2 |
37.7 |
- |
55.6 |
50.0 |
|
Allowance for inventory |
-16.3 |
-9.8 |
- |
-0.6 |
- |
|
Materials and supplies |
450.1 |
417.1 |
367.4 |
342.1 |
258.9 |
|
Other Receivable |
393.1 |
390.4 |
623.8 |
248.0 |
305.4 |
|
Allowance for Doubtful Account |
-9.4 |
-10.8 |
- |
-15.6 |
-16.2 |
|
Refund Receivable from Oil Stabilization |
390.8 |
369.5 |
- |
300.9 |
281.1 |
|
Prepaid Expenses |
143.4 |
195.4 |
- |
82.9 |
139.2 |
|
Accrued Interest Income |
79.8 |
51.5 |
- |
27.3 |
12.2 |
|
Other Rcvbl.-Related |
163.6 |
38.2 |
- |
30.1 |
23.0 |
|
Deferred Input Tax |
- |
- |
- |
39.7 |
38.9 |
|
Other current assets |
250.1 |
186.3 |
151.6 |
87.2 |
60.2 |
|
Adjustments |
0.0 |
0.0 |
- |
- |
0.0 |
|
Total Current Assets |
15,434.6 |
12,080.0 |
12,071.6 |
8,822.8 |
6,998.7 |
|
|
|
|
|
|
|
|
Available-for-sale investments |
424.1 |
370.2 |
450.8 |
- |
- |
|
Investments in jointly controlled entiti |
- |
- |
- |
0.0 |
- |
|
Investments in subsidiaries |
- |
- |
- |
0.0 |
- |
|
Investments in associates |
7,683.4 |
7,222.0 |
6,754.7 |
5,821.0 |
5,154.9 |
|
Other long-term investments |
65.9 |
55.5 |
72.3 |
315.1 |
223.8 |
|
Property, plant and equipment |
- |
- |
16,440.3 |
- |
- |
|
Investment properties |
264.5 |
264.5 |
289.7 |
- |
- |
|
Long-term loans |
3.5 |
4.6 |
195.0 |
214.1 |
186.9 |
|
Land |
221.3 |
184.6 |
- |
307.4 |
251.8 |
|
Building |
1,500.0 |
1,385.9 |
- |
868.2 |
640.9 |
|
Machinery/Equip. |
11,439.8 |
10,734.7 |
- |
7,042.3 |
5,891.1 |
|
Oil/Gas Prop. |
18,271.1 |
15,265.5 |
- |
10,564.9 |
8,154.6 |
|
Other Assets |
583.2 |
467.9 |
- |
331.3 |
271.5 |
|
Constr in Progr |
1,478.1 |
1,095.1 |
- |
2,588.0 |
1,524.8 |
|
Depreciation |
-11,921.4 |
-10,042.9 |
- |
-7,441.2 |
-5,931.7 |
|
Impairment Loss |
-220.8 |
-31.1 |
- |
-26.2 |
-32.0 |
|
Intangible assets |
- |
- |
720.6 |
- |
- |
|
Computer Software |
208.1 |
118.6 |
- |
181.1 |
64.6 |
|
Lshld. Rights |
613.4 |
591.1 |
- |
585.6 |
553.6 |
|
Exploration&Evaluation Assets |
3,184.9 |
1,112.4 |
- |
- |
- |
|
Others |
127.0 |
110.5 |
- |
- |
- |
|
Operating Rights |
- |
- |
- |
33.2 |
17.0 |
|
Amortization |
-307.0 |
-259.6 |
- |
-211.0 |
-173.6 |
|
Impairment Loss |
-5.9 |
-5.4 |
- |
- |
- |
|
Goodwill |
1,520.1 |
901.2 |
587.3 |
521.4 |
348.1 |
|
Mining properties |
- |
- |
1,038.5 |
- |
- |
|
Mining Properties |
1,548.7 |
1,330.3 |
- |
1,106.4 |
0.0 |
|
Accum Amort-Mining Properties |
-394.3 |
-278.6 |
- |
-86.4 |
0.0 |
|
Allowance for Impairment of Assets |
-2.6 |
0.0 |
- |
0.0 |
- |
|
Advance payments for gas purchases |
186.0 |
232.8 |
275.5 |
502.0 |
691.7 |
|
Dfrd. Income Tax |
474.0 |
612.3 |
545.5 |
301.8 |
44.6 |
|
Retention and Refundable Deposits |
23.1 |
22.7 |
- |
7.2 |
15.3 |
|
Advances |
272.8 |
300.8 |
- |
251.1 |
275.3 |
|
Inventories-Reserve |
586.3 |
529.3 |
- |
397.2 |
227.3 |
|
Deferred Revenue |
23.6 |
25.5 |
- |
29.4 |
29.9 |
|
Other non-current assets |
42.9 |
32.1 |
1,239.6 |
43.2 |
22.2 |
|
Rounding/ Error Adjustment |
0.0 |
0.0 |
- |
0.0 |
- |
|
Total Assets |
53,328.5 |
44,432.5 |
40,681.4 |
33,069.7 |
25,451.2 |
|
|
|
|
|
|
|
|
Bank Overdraft |
583.2 |
491.9 |
285.1 |
124.3 |
178.3 |
|
Trade accounts payable |
8,326.4 |
6,207.4 |
5,158.3 |
2,083.4 |
2,079.3 |
|
Due to Related |
- |
- |
- |
975.5 |
442.7 |
|
Other Pay-Relate |
- |
- |
- |
19.6 |
12.0 |
|
Other accounts payable |
1,062.6 |
1,138.3 |
1,106.0 |
295.2 |
333.2 |
|
Cur LT Loans |
1,302.2 |
1,742.6 |
947.5 |
1,017.8 |
309.8 |
|
Short-term loans |
0.0 |
0.0 |
263.6 |
84.4 |
109.8 |
|
Income Tax Pay |
959.5 |
835.4 |
896.9 |
793.0 |
761.3 |
|
Accrd Expenses |
- |
- |
- |
1,133.4 |
849.3 |
|
Cur portion of LT Provision for Decomm. |
20.8 |
73.3 |
124.5 |
19.8 |
0.0 |
|
Advance Received |
- |
- |
- |
3.5 |
2.8 |
|
Undue output VAT |
165.2 |
95.2 |
- |
72.4 |
62.6 |
|
Retention |
0.2 |
2.5 |
- |
9.5 |
12.7 |
|
Other current liabilities |
31.7 |
48.0 |
162.6 |
33.4 |
23.0 |
|
Adjustment |
0.0 |
0.0 |
- |
- |
0.0 |
|
Total Current Liabilities |
12,451.7 |
10,634.6 |
8,944.5 |
6,665.2 |
5,176.7 |
|
|
|
|
|
|
|
|
Long-term loans |
12,996.0 |
10,691.7 |
11,357.4 |
9,626.7 |
6,565.6 |
|
Total Long Term Debt |
12,996.0 |
10,691.7 |
11,357.4 |
9,626.7 |
6,565.6 |
|
|
|
|
|
|
|
|
Other Payables |
20.9 |
21.3 |
23.4 |
22.2 |
22.2 |
|
Employee benefit obligations |
190.3 |
174.3 |
170.8 |
- |
- |
|
Dfrd. Income Tax |
1,962.1 |
1,360.9 |
643.7 |
860.5 |
572.9 |
|
Prov. Decommission Costs |
1,082.9 |
717.2 |
734.8 |
686.7 |
468.9 |
|
Deposit-LPG |
237.7 |
208.2 |
200.3 |
164.4 |
145.0 |
|
Provision for remuneration for the renew |
178.4 |
0.0 |
- |
- |
- |
|
Retention |
48.2 |
36.8 |
- |
31.7 |
21.9 |
|
Deferred Revenues |
10.1 |
11.1 |
- |
11.1 |
11.6 |
|
Other Advance received |
6.4 |
6.5 |
- |
7.4 |
7.4 |
|
Pension Fund |
- |
- |
- |
0.2 |
0.2 |
|
LT Debt-Make Up |
184.9 |
116.4 |
- |
38.5 |
71.2 |
|
Other Liabs. |
40.5 |
50.5 |
188.1 |
15.4 |
8.4 |
|
Minority Int. |
4,115.1 |
2,787.6 |
2,529.7 |
2,066.9 |
1,350.1 |
|
Rounding Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Reserve for Claim Case |
- |
- |
- |
- |
0.4 |
|
Total Liabilities |
33,525.2 |
26,817.2 |
24,792.8 |
20,196.9 |
14,422.5 |
|
|
|
|
|
|
|
|
Share Capital |
933.7 |
905.3 |
945.1 |
850.0 |
812.0 |
|
Share Premium |
954.9 |
925.9 |
915.1 |
736.4 |
655.6 |
|
Other components of equity |
-899.1 |
-225.7 |
-290.5 |
- |
- |
|
Surplus on Dilution of Invest. in Subs. |
- |
- |
- |
116.2 |
111.0 |
|
Unreal. Loss-AFS |
- |
- |
- |
38.7 |
-11.4 |
|
Translation |
- |
- |
- |
-40.2 |
-23.5 |
|
Legal Reserve |
93.4 |
90.6 |
94.8 |
85.7 |
82.2 |
|
Self-Insurance |
35.2 |
32.8 |
33.3 |
29.7 |
27.7 |
|
Retained Earning |
18,685.2 |
15,886.4 |
14,190.7 |
11,056.4 |
9,375.2 |
|
Total Equity |
19,803.3 |
17,615.3 |
15,888.6 |
12,872.8 |
11,028.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
53,328.5 |
44,432.5 |
40,681.4 |
33,069.7 |
25,451.2 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
2,856.3 |
2,856.3 |
2,849.0 |
2,833.8 |
2,824.1 |
|
Total Common Shares Outstanding |
2,856.3 |
2,856.3 |
2,849.0 |
2,833.8 |
2,824.1 |
|
Advance Received |
- |
- |
- |
3.5 |
2.8 |
|
Deferred Revenue |
10.1 |
11.1 |
- |
11.1 |
11.6 |
|
Accumulated Intangible Amortization |
312.9 |
265.0 |
- |
211.0 |
173.6 |
|
Full-Time Employees |
24,779 |
22,010 |
12,541 |
11,357 |
11,354 |
|
LT Loans, Due in 1 Year |
1,302.2 |
1,742.6 |
- |
1,017.8 |
309.8 |
|
LT Loans, Due in 1-2 Years |
1,443.9 |
1,587.9 |
- |
939.2 |
741.1 |
|
LT Loans, Due in 2-5 Years |
5,048.7 |
4,858.9 |
- |
4,015.0 |
2,455.9 |
|
LT Loans, Due Later than 5 Years |
6,503.4 |
4,245.0 |
- |
4,672.5 |
3,368.5 |
|
Total Long Term Debt, Supplemental |
14,298.2 |
12,434.3 |
- |
10,644.5 |
6,875.4 |
|
Finance Lease, Due in 1 Year |
7.5 |
6.2 |
- |
31.6 |
5.6 |
|
Finance Lease, Due in 5 Years |
14.5 |
16.1 |
- |
320.8 |
9.5 |
|
Total Capital Leases, Supplemental |
22.0 |
22.4 |
- |
352.4 |
15.0 |
|
Operating Lease, Due within 1 Year |
108.2 |
75.3 |
- |
144.2 |
92.6 |
|
Operating Lease, Due in 1-5 Year |
104.4 |
153.1 |
- |
171.2 |
266.5 |
|
Operating Lease, Due after 5 Year |
149.8 |
160.5 |
- |
155.5 |
37.3 |
|
Total Operating Leases, Supplemental |
362.4 |
388.8 |
- |
470.8 |
396.4 |
|
Discount Rate - Domestic |
3.60% |
- |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-190.3 |
-174.3 |
-170.8 |
-0.2 |
-0.2 |
|
Net Assets Recognized on Balance Sheet |
-190.3 |
-174.3 |
-170.8 |
-0.2 |
-0.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate (Period
Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
3,367.5 |
3,485.7 |
2,647.5 |
1,734.5 |
1,549.5 |
|
Depreciation |
2,099.0 |
1,814.5 |
1,472.2 |
1,256.8 |
964.1 |
|
Reversal of Impairment Loss |
334.2 |
189.3 |
-2.4 |
-11.9 |
2.1 |
|
Disposal of Assets |
4.8 |
2.4 |
-15.6 |
132.6 |
1.0 |
|
Loss on disposal of investment |
0.0 |
-32.6 |
2.5 |
0.0 |
0.0 |
|
Write Off Assets |
4.7 |
15.1 |
-0.2 |
11.2 |
-6.7 |
|
Share of net income from invest. in asso |
-871.6 |
-966.5 |
-593.1 |
-546.6 |
187.3 |
|
Income attributable to non-controlling i |
674.1 |
653.4 |
552.0 |
266.3 |
444.5 |
|
Provision for employee benefit obligatio |
20.2 |
20.8 |
22.9 |
- |
- |
|
Unrealized (Gain) Loss on foreign exchan |
11.2 |
-16.3 |
27.8 |
-131.1 |
140.3 |
|
Bad Debt Expenses |
15.0 |
-11.7 |
1.9 |
0.2 |
-1.4 |
|
Amortization of prepaid expenses |
3.2 |
0.9 |
- |
- |
- |
|
Amort Exploration |
94.8 |
150.8 |
45.0 |
165.2 |
189.0 |
|
Amort Bond Discounts |
1.0 |
0.9 |
0.9 |
0.8 |
0.8 |
|
Amort Dfrd Int-Lease |
0.8 |
0.9 |
0.7 |
0.6 |
1.0 |
|
Prov. for Net Realizable Value |
6.6 |
10.8 |
0.9 |
-22.9 |
26.7 |
|
Amort Bond/Share Iss |
- |
- |
- |
- |
0.1 |
|
Prov. Obsolete Materials and Supplies |
0.1 |
-1.6 |
0.0 |
- |
- |
|
Allowance for Loss on Lawsuits |
- |
- |
- |
- |
0.0 |
|
Dividend Income |
-12.1 |
-19.7 |
-16.2 |
-1.6 |
-2.0 |
|
Income taxes |
1,496.6 |
1,417.9 |
1,070.5 |
970.4 |
1,299.1 |
|
Interest income |
-92.9 |
-114.1 |
-84.4 |
-54.0 |
-135.7 |
|
Interest expenses |
595.7 |
569.8 |
506.0 |
393.9 |
365.9 |
|
Crude Oil & Natural Gas Leak Incident |
- |
- |
- |
90.5 |
0.0 |
|
Others |
-4.6 |
-0.8 |
-0.1 |
-0.2 |
-13.4 |
|
Trade Acct-Others |
- |
- |
- |
-514.5 |
1,488.1 |
|
Trade accounts receivable |
-2,333.2 |
-986.2 |
-403.1 |
-331.2 |
1,366.7 |
|
Am Due fr Adv/Loans |
- |
- |
- |
-2.4 |
62.6 |
|
Other accounts receivable and short-term |
17.1 |
-305.9 |
156.8 |
74.2 |
-148.0 |
|
Inventories |
-88.9 |
162.4 |
-583.5 |
46.9 |
-61.9 |
|
Materials/Supplies |
-48.9 |
-59.8 |
-21.8 |
-75.1 |
-71.7 |
|
Other Current Assets |
-17.9 |
-91.9 |
-21.2 |
87.2 |
-125.0 |
|
Deferred Income Tax(1) |
- |
- |
0.0 |
- |
- |
|
Advance Pay-Gas |
53.3 |
255.4 |
348.9 |
-264.4 |
-65.3 |
|
Advanced Payment to Related |
- |
- |
- |
-0.5 |
1.9 |
|
Other Assets |
-21.2 |
-105.5 |
-41.4 |
-101.7 |
9.0 |
|
Trade accounts payable |
1,801.9 |
623.8 |
1,071.6 |
377.5 |
-1,601.6 |
|
Trade Pay-Related |
- |
- |
- |
497.8 |
-877.9 |
|
Other Acct Pay-Rel. |
- |
- |
- |
-6.0 |
-33.9 |
|
Other accounts payable |
-161.2 |
443.3 |
59.5 |
9.9 |
121.7 |
|
Accrd Expenses |
- |
- |
14.7 |
23.6 |
-1.8 |
|
Other Cur. Liabs. |
-85.0 |
5.0 |
-10.7 |
52.3 |
-104.6 |
|
Deposit-LPG Cylinder |
22.6 |
17.4 |
17.6 |
12.8 |
11.8 |
|
Other Accounts Pay |
1.6 |
-1.1 |
-1.2 |
-1.1 |
-4.6 |
|
Deferred Income Tax |
- |
- |
0.8 |
-99.5 |
0.0 |
|
Other non-current liabilities |
51.1 |
27.9 |
63.3 |
-55.9 |
-49.9 |
|
Loss from Foreign Currency Translation |
-77.1 |
240.8 |
-10.5 |
8.2 |
-6.0 |
|
Interest received |
80.5 |
47.0 |
17.2 |
18.7 |
37.8 |
|
Interest paid |
-0.2 |
-6.2 |
-14.1 |
-27.1 |
-11.3 |
|
Income tax paid |
-1,312.1 |
-1,380.2 |
-1,377.7 |
-1,189.5 |
-1,193.8 |
|
Cash from Operating Activities |
5,630.6 |
6,056.3 |
4,903.7 |
2,795.0 |
3,754.4 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-3,692.4 |
-3,541.7 |
-3,233.8 |
-3,649.9 |
-2,541.6 |
|
Constructin in Progress |
- |
- |
0.0 |
-3.4 |
-23.6 |
|
Pay-Intangible Asset |
-63.1 |
-136.5 |
-64.4 |
-132.6 |
-9.5 |
|
Pay-Mining Devt Properties |
-3.6 |
-2.0 |
-77.3 |
-63.0 |
0.0 |
|
Payment of long-term rental contracts on |
-1.8 |
-10.5 |
-11.0 |
-21.7 |
-38.8 |
|
Deposit on business acquisitions |
- |
- |
-342.0 |
0.0 |
- |
|
Long-term loans |
- |
- |
-10.7 |
-12.4 |
-12.9 |
|
LT Loans to Related |
- |
- |
- |
-12.6 |
0.0 |
|
ST Loans to Related |
- |
- |
- |
-2.7 |
0.0 |
|
Invest in Subs |
-2,766.8 |
-496.1 |
0.0 |
-282.8 |
0.0 |
|
Invest in Joint Vent |
0.0 |
-1,890.0 |
0.0 |
0.0 |
0.0 |
|
Invest in Associates |
-16.0 |
-139.5 |
-84.2 |
-18.2 |
-210.7 |
|
Payment of investments in others |
-8.6 |
0.0 |
- |
- |
- |
|
Payment of short-term loans |
0.0 |
-7.6 |
-1.3 |
-2.5 |
-5.4 |
|
Payment of LT Investment |
-1.8 |
0.0 |
-41.4 |
-6.2 |
-182.3 |
|
Disp. Property/Plant |
7.8 |
2.1 |
47.8 |
0.5 |
18.9 |
|
Sale of LT Investments |
0.0 |
64.7 |
0.0 |
- |
- |
|
Proceeds from short-term loans |
155.2 |
0.3 |
0.0 |
0.0 |
22.7 |
|
Proceeds from long-term loans to others |
3.7 |
31.1 |
6.9 |
9.3 |
- |
|
Proceeds from long-term loans to related |
- |
- |
- |
0.0 |
0.0 |
|
Cancellation of Leasehold in Gas Station |
0.8 |
0.6 |
0.6 |
0.2 |
0.7 |
|
Cash Rcvd-ST Invest |
- |
- |
-405.2 |
-212.7 |
- |
|
Cash Rcvd-ST Invest |
150.0 |
354.3 |
- |
- |
- |
|
Pay-LT Investments |
- |
- |
- |
- |
1.8 |
|
Pay-ST Investments |
- |
- |
- |
- |
150.6 |
|
Interest received |
75.4 |
132.3 |
24.1 |
12.3 |
86.2 |
|
Dividend Received |
351.1 |
380.8 |
310.8 |
171.5 |
521.2 |
|
Cash from Investing Activities |
-5,809.9 |
-5,257.8 |
-3,881.1 |
-4,226.7 |
-2,222.6 |
|
|
|
|
|
|
|
|
Issuing Ordinary Shr |
1,051.9 |
8.6 |
18.7 |
39.0 |
19.2 |
|
Share Premium |
0.0 |
53.3 |
95.6 |
51.0 |
35.3 |
|
Issue. subordinated capital debenture |
151.8 |
0.0 |
- |
- |
- |
|
Proceeds from long-term loans |
525.8 |
679.2 |
750.3 |
717.3 |
123.7 |
|
Repayment of promissory notes |
0.0 |
-148.3 |
0.0 |
- |
- |
|
Proceeds from promissory notes |
159.6 |
148.3 |
0.0 |
- |
- |
|
Proceeds from issuing debentures |
3,000.2 |
698.2 |
1,435.0 |
2,620.0 |
539.4 |
|
Cash Received of Notes Payable |
- |
- |
- |
- |
22.5 |
|
Proceeds from short-term loans |
1,962.7 |
76.4 |
848.9 |
53.1 |
95.0 |
|
Repay-ST Loans |
-2,079.6 |
-97.5 |
-586.8 |
-175.7 |
- |
|
Repay-LT Loans |
-218.9 |
-190.8 |
-355.3 |
-143.9 |
-13.2 |
|
Redemption of Debentures |
-1,535.4 |
-483.8 |
-389.4 |
0.0 |
0.0 |
|
Repay. of Bonds |
-96.5 |
-262.4 |
-283.7 |
-273.8 |
-239.8 |
|
Repayment of finance lease installments |
-8.8 |
-7.4 |
-6.7 |
-6.0 |
-6.0 |
|
Bank Overdraft |
-8.6 |
-10.8 |
92.6 |
19.7 |
55.5 |
|
Repay-Notes Payable |
- |
- |
- |
- |
-67.4 |
|
Pay-Loan Acquirement Fees |
- |
- |
- |
-2.8 |
0.0 |
|
Interest paid |
-651.5 |
-608.2 |
0.0 |
0.1 |
0.1 |
|
Dividends paid |
-1,361.2 |
-1,348.3 |
-1,000.9 |
-677.1 |
-1,221.4 |
|
Interest paid |
- |
- |
-464.0 |
-397.8 |
-405.6 |
|
Cash from Financing Activities |
891.6 |
-1,493.5 |
154.5 |
1,823.0 |
-1,062.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-43.6 |
49.8 |
-175.8 |
-5.8 |
6.3 |
|
Net Change in Cash |
668.8 |
-645.2 |
1,001.4 |
385.6 |
475.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
3,736.5 |
4,454.7 |
3,279.2 |
2,645.3 |
2,246.4 |
|
Net Cash - Ending Balance |
4,405.2 |
3,809.5 |
4,280.6 |
3,030.9 |
2,721.7 |
|
Cash Interest Paid |
651.7 |
614.4 |
478.0 |
424.9 |
416.8 |
|
Cash Taxes Paid |
1,312.1 |
1,380.2 |
1,377.7 |
1,189.5 |
1,193.8 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
UK Pound |
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational
base are regarded healthy. General unfavourable factors will not cause fatal
effect. Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.