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    ESSO   TH0975010008

ESSO (THAILAND) PUBLIC COMPANY LIMITED

(ESSO)
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Management Discussion and Analysis Quarter 3/2021

11/11/2021 | 03:27am EST

Esso (Thailand) Public Company Limited

Management Discussion

and Analysis

Third Quarter 2021

Esso (Thailand) Public Company Limited

Management Discussion and Analysis- Third Quarter 2021

Management's Discussion and Analysis (MD&A)

for the Third Quarter of 2021 and the Nine-Month Period Ended September 30, 2021

1. Financial and Operating Highlights

3Q 2021

3Q 2020

9M 2021

9M 2020

Crude intake (Kbpd)

113

108

122

114

Paraxylene production (Ktons)

0

47

53

139

Average forex rate (Baht/US$)

32.9

31.3

31.5

31.5

Gross refining margin (US$/Bbl)

4.0

6.0

7.6

(6.7)

Revenue from sales (million Baht)

40,239

30,392

120,567

94,191

Gross profit (million Baht)

1,349

1,808

8,356

(6,580)

EBITDA (million Baht)

779

1,370

6,717

(8,472)

Profit (loss) for the period (million Baht)

46

467

3,694

(8,343)

Earnings (loss) per share (Baht) (1)

0.01

0.13

1.07

(2.41)

  1. Based on current number of shares: 3,461 million shares

1

Esso (Thailand) Public Company Limited

Management Discussion and Analysis- Third Quarter 2021

2. Benchmark Prices for Crude Oil and Refined Petroleum Products

Average Platts Singapore quoted prices for crude oil and refined products

Unit: US$/Bbl

3Q 2021

3Q 2020

2Q 2021

9M 2021

9M 2020

Dubai

71.7

42.9

66.9

66.2

41.4

Gasoline (95 Ron)

83.4

47.4

76.8

75.8

46.0

Jet fuel / kerosene

77.0

42.2

71.4

70.6

44.0

Diesel (50 ppmS)

79.4

47.8

73.6

72.9

49.3

Fuel oil (180 cs)

66.7

39.5

59.7

60.5

36.7

LPG

57.0

31.0

45.4

51.1

34.7

Source: Mean of Platts Singapore and PCI

Dubai prices in the third quarter of 2021 averaged $71.7/Bbl, an increase of $28.8/Bbl from the same period last year, and $4.8/Bbl compared to the second quarter of 2021. Crude prices continued to rise as a result of demand recovery from COVID-19 vaccine rollout in many countries, together with tight supply. The average monthly price for Dubai in September 2021 was $72.6/Bbl, which was higher than the June 2021 average price of $71.6/Bbl and higher than the December 2020 average price of $49.8/Bbl.

In tandem with crude oil prices, all product prices improved in the third quarter of 2021 when compared with the same period last year and the previous quarter as a result of demand recovery.

2

Esso (Thailand) Public Company Limited

Management Discussion and Analysis- Third Quarter 2021

3. Production and Gross Margin

3Q 2021

3Q 2020

+ / -

9M 2021

9M 2020

+ / -

Refining capacity (Kbpd)

174

174

0

174

174

0

Crude intake (Kbpd)

113

108

+5

122

114

+8

Paraxylene production (Ktons)

0

47

-47

53

139

-86

Gross Refining Margin (US$/Bbl)

4.0

6.0

-2

7.6

(6.7)

+14.3

Total Fuel Product Sales (KBbl)

10,938

10,958

-20

34,763

33,697

+1,066

-

LPG

645

552

+93

2,020

1,663

+357

-

Gasoline

3,182

2,779

+403

9,374

8,337

+1,037

-

Naphtha

270

425

-155

1,087

1,130

-43

-

Jet Fuel/Kerosene

438

283

+155

1,317

1,794

-477

-

Diesel

4,995

5,482

-487

16,515

16,699

-184

-

Fuel Oil

955

1,012

-57

2,992

3,091

-99

-

Asphalt

453

425

+28

1,458

983

+475

Refinery crude intake for this period was 113 KBD, higher than the same period last year reflecting the absence of scheduled maintenance shutdown. However, crude intake for this quarter was still lower than previous quarter reflecting country's low fuels demand from partial lockdown measures. Paraxylene production has been suspended since April 2021.

Comparing to the same period last year, Gross Refining Margin (GRM) in the third quarter of 2021 decreased from $6.0/Bbl to $4.0/Bbl, mainly from less favorable inventory effects.

Refinery Production (%)

35.2%

28.1%

32.3%

28.5%

46.7%

43.0%

45.0%

43.5%

11.3%

11.8%

10.6%

12.5%

17.6%

17.4%

10.8%

5.6%

3Q2021

3Q2020

9M2021

9M2020

Feedstock

Heavy

Middle

Light

Refinery production yields in the third quarter of 2021 reflected continued production adjustment in response to demand during COVID-19 pandemic. Comparing to the same period last year, lower feedstock yields reflected paraxylene production suspension from April 2021 onwards resulting in higher gasoline yield. Middle distillate production increased mainly from jet fuel in response to increasing demand.

Total product sales volume in the third quarter of 2021 was 20 KBbl lower than the same period of last year. Retail channel was impacted mainly by country's partial lockdown while Commercial channel continued capturing further growth opportunity in cross-border sales to neighboring countries and increasing jet fuel sales as a result of travel restriction lift.

For the nine-month period of 2021, Asphalt sales continued to maintain its record high in a decade.

Sales Channel (%)

53%

48%

54%

51%

Commercial

Retail

40%

47%

40%

43%

Export

7%

5%

6%

6%

3Q2021

3Q2020

9M2021

9M2020

3

Esso (Thailand) Public Company LimitedManagement Discussion and Analysis- Third Quarter 2021

4. Financial Performance

Unit: million Baht

3Q 2021

3Q 2020

+ / -

9M 2021

9M 2020

+ / -

Revenue from sales

40,239

30,392

+9,847

120,567

94,191

+26,376

Cost of sales

(38,890)

(28,584)

-10,306

(112,211)

(100,771)

-11,440

Gross profit

1,349

1,808

-459

8,356

(6,580)

+14,936

Selling expenses

(1,225)

(1,142)

-83

(3,573)

(3,731)

+158

Administrative expenses

(57)

(80)

+23

(174)

(208)

+34

Profit (loss) from sales

67

586

-519

4,609

(10,519)

+15,128

Other income

9

6

+3

21

63

-42

Finance costs, net

(76)

(95)

+19

(233)

(267)

+34

Share of profit (loss) from an

43

67

-24

168

216

-48

associate

Profit (loss) before income tax

43

564

-521

4,565

(10,507)

+15,072

Income tax (expense) credit

3

(97)

+100

(871)

2,164

-3,035

Profit (loss) for the period

46

467

-421

3,694

(8,343)

+12,037

Other comprehensive income

54

(101)

+155

189

(342)

+531

Total comprehensive income

100

366

-266

3,883

(8,685)

+12,568

(loss) for the period

Revenue from sales for the third quarter of 2021 and for the nine-month of 2021 were higher than

the same periods last year, largely due to higher product prices.

In the third quarter of 2021, profit from sales was Baht 67 million, compared to Baht 586 million in the same period of last year. The Downstream segment made a profit of 97 million, primarily driven by favorable inventory effects. The Petrochemical segment had a lower loss than the same period last year reflecting paraxylene production suspension.

Compared to the same period last year, net finance costs decreased by Baht 19 million in the third quarter of 2021, and decreased by Baht 34 million from the nine-month of 2020 primarily driven by lower interest rates.

Profit (loss) from sales by segment

(Million THB)

4,966

97

1,069

(30)

(483)

(357)

(9,331)

Downstream Petrochemicals

(1,188)

3Q2021

3Q2020

9M2021

9M2020

4

Disclaimer

Esso Thailand pcl published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 08:26:09 UTC.


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Sales 2021 159 B 4 791 M 4 791 M
Net income 2021 4 255 M 129 M 129 M
Net Debt 2021 35 500 M 1 072 M 1 072 M
P/E ratio 2021 6,17x
Yield 2021 0,65%
Capitalization 26 476 M 801 M 800 M
EV / Sales 2021 0,39x
EV / Sales 2022 0,36x
Nbr of Employees -
Free-Float 33,2%
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Number of Analysts 4
Last Close Price 7,65 THB
Average target price 7,53 THB
Spread / Average Target -1,63%
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Managers and Directors
Adisak Jangkamolkulchai Chairman & Managing Director
Ratrimani Pasiphol CFO, Executive Director & Tax Manager
Chatchawarn Hongcharoenthai Manager-Thailand Fuels Operations
Wattana Chantarasorn Independent Non-Executive Director
Prachit Hawat Independent Non-Executive Director
Sector and Competitors
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