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Annual Report 2017 PTT Public Company Limited

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Annual Report 2017 PTT Public Company Limited Annual Report 2017 PTT Public Company Limited SUSTAINABLE GROWTH F R ALL Contents 003 Financial Highlights 006 PTT Information 008 Message from the Board of Directors 012 Report of the Audit Committee 016 Report of the Nominating Committee 018 Report of the Remuneration Committee 019 Report of the Corporate Governance Committee 024 Report of the Enterprise Risk Management Committee 026 Economic, Petroleum and Petrochemical Review 034 Nature of Business & Performance Summary 070 Collaboration for Shared Sustainability 080 Innovation for a Sustainable Future 084 Financial Status and Performance 101 PTT and Its Affi liates 102 Revenue Structure of PTT and Subsidiaries by Product Line 104 Connected Transactions 110 Review of Business Assets 111 Risk Factors 117 Capital Structure 122 Management Structure 150 Corporate Governance 202 Internal Control and Risk Management 204 PTT Board of Directors 218 PTT Executives 236 Awards of Thai Pride Annual Report 2017 002 PTT Public Company Limited To the country Ensuring long-term energy security by providing suffi cient high-quality energy supply at fair prices to support economic growth Thai Premier PTT GROUP To community and society MISSION Maintaining a good standing Multinational corporate status in Thai society by exercising environmental stewardship of internationally To conduct integrated accepted standards Energy Company and helping to improve the quality of life for energy and petrochemical community and society business as the nation’s To shareholders energy company Operating profi table business that leads to sustainable whose mission to growth while generating optimum returns equally respond to all stakeholders through PTT GROUP the following aspects Country Community VISION and Society Employees HPO Shareholders High Performance Organization Business Partners Customers Power for Sustainable PTT STRATEGIC Future FRAMEWORK CG CSR Corporate Corporate Social To customers Governance Responsibility Ensuring customer satisfaction and loyalty by delivering world-class quality products and services at fair prices PTT GROUP VALUES To business partners Conducting fair business practice with all partners while promoting trust, relationship, and cooperation to expand business capability and increase effi ciency in long-term business partnership To employees Promoting capability building professionally and ensuring employees’ Synergy Performance Innovation Responsibility Integrity Trust well-being is on Excellence for Society & Ethics & Respect the level with other leading companies Annual Report 2017 PTT Public Company Limited Financial Highlights 003 01 Financial Highlights 20152015 20162016 20172017 Statement of Income (THB million) Sales and Service Income 2,025,552 1,718,846 1,995,722 Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) 286,214 312,526 345,395 Net Income (Loss) 19,936 94,609 135,180 Statement of Financial Position (THB million) Total Assets 2,173,996 2,232,331 2,232,314 Total Liabilities 1,086,309 1,060,734 983,759 Non-controlling Interests 390,540 408,649 429,884 Total Equity Attributable to Owners of the Parent 697,147 762,948 818,672 Shares or Information about Common Shares Shares and Fully Paid-up Share Capital (Million Shares) 2,856 2,856 2,856 Book Value per Share (THB) 244.07 267.14 286.65 Earnings per Share (THB) 6.73 32.68 46.74 Dividend per Share (THB) 10.00 16.00 20.00 Dividend Payout Ratio to Net Income (%) 148.6 49.0 42.8 Share Price at the End of Financial Period (THB) 244 372 440 Financial Ratios Net Profit to Total Sales Revenue (%) 1.52 7.54 9.25 Return on Equity (%) 2.89 12.96 17.09 Return on Total Assets (%) 1.39 5.88 8.27 Debt to Equity (Times) 0.61 0.52 0.42 Net Debt to Equity (Times) 0.29 0.19 0.11 Net Debt to EBITDA (Times) 1.09 0.71 0.39 Interest Coverage (Times) 9.50 9.23 11.01 Annual Report 2017 004 Financial Highlights PTT Public Company Limited Sales and Service Income Unit: THB million -15% +16% 3,000,000 Financial Highlights 2,025,552 1,995,722 1% 1,718,846 1% 1% 28%28% 30%30% 31%31% 31%31% 01 2828%% 30%30% 16%16% 118%8% 1818%% Sales 18%18% and Service Income 1717%% 15%15% in 2017 0 6%6% 66%% 55%% 2015 2016 2017 1,995,722 Others Oil Business THB million Petrochemical and Refining Business Gas Business International PTTEP Trading Business Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) Financial Ratios 345,395 Return on Equity Return on Total Assets THB million (%) (%) 17.099 8.27 Net Income 12.96 5.88 135,180 2.89 1.39 THB million 2015 2016 2017 2015 2016 2017 Annual Report 2017 PTT Public Company Limited Financial Highlights 005 Net Income Statement of Financial Position Unit: THB million Unit: THB million -0.0% +>100% +43% +2.7% 140,000 135,180 2,400,000 2,232,331 2,232,314 2,173,996 229%9% 5 5 47 72,40 447,411 447,411 4 472,405 3, 4 5 0 2 4 94,609 453,475 17 , 41,58 82 7 741,584 7 782,170 679,70 110%0% 679,702 31%31% 3 3 11,35 5 511,353 83,32 834 , 5 583,323 9% 7 632 632,834 8 044 19,936 , 4 23 , 75,61 375,617 3 38 384,044 73 3 555%5% 373,238 119%119% 55%55% 14142%2% 97 7 3 7 5 , 6% 06 ,67 0 68 9 , , 5% 8 1,248,556 1,248,556 171 , 76 1 1,171,597 087 , ,0 1,118,677 1,11 1,106,70 1,106,703 1 1,087,687 1,076,906 --57%57% 1 -1-103%03% -40,000 0 2015 2016 2017 2015 2016 2017 Petrochemical and Refining Affiliates PTTEP Current Assets Other Liabilities PTT Other Affiliates Other Assets Long-Term Loans and Current Portion (Include the Loans within One-Year Maturity) Net Property, Plant, and Equipment Total Equity Debt to Equity Net Debt to Equity Net Debt to EBITDA Interest Coverage (Times) (Times) (Times) (Times) 0.29 1.09 11.01 0.61 9.50 9.23 0.52 0.19 0.42 0.71 0.11 0.39 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 Annual Report 2017 006 PTT Information PTT Public Company Limited 02 PTT Information NameName PTT Public CompanyCompany Limited InitialInitial PTT RegisteredRegistered NNumberumber 01075440001080107544000108 TypeType ofof BusinesBusinesss TheThe companycompany operatesoperates petroleumpetroleum bbusinessusiness tthroughhrough investmentsinvestments iinn subsidiaries,subsidiaries, jointjoint ventures, and associates (PTT(PTT Group),Group), which are engagedengaged in upstreamupstream and downstream petroleum,petroleum, coal, power,power, and infrastructureinfrastructure businesses.businesses. RegisteredRegistered CCapitalapital THB 28,572,457,250,28,572,457,250, includingincluding 2,857,245,7252,857,245,725 common shares at THB 10 perper share (as(as ofof December 31,31, 2017)2017) IssuedIssued and FullyFully THB 28,562,996,250,28,562,996,250, consistingconsisting ofof 2,856,299,6252,856,299,625 common shares Paid-upPaid-up CCapitalapital at THB 10 perper share (as of December 31, 2017) HeadHead OOfficeffice 555 Vibhavadi RangsitRangsit Road, Chatuchak, BangkokBangkok 10900, ThailandThailand Telephone:Telephone: 66 (0) 2537-20002537-2000 Fax: 66 (0) 2537-3498-92537-3498-9 Website:Website: www.pttplc.comwww.pttplc.com CorporateCorporate CCommunicationommunication Telephone:Telephone: 66 (0) 2537-2150-12537-2150-1 and BrandingBranding DepartmentDepartment Fax: 66 (0) 2537-2572,2537-2572, 66 (0) 22537-2171537-2171 E-mail: [email protected]@pttplc.com InvestorInvestor RelationsRelations Telephone:Telephone: 66 (0) 2537-3518-9 DepartmentDepartment Fax: 66 (0) 2537-39482537-3948 E-mail: [email protected]@pttplc.com OfficeOffice of the PresidentPresident Telephone:Telephone: 66 (0) 2537-3885-6,2537-3885-6, 66 (0) 22537-3855537-3855 and CorporateCorporate SSecretaryecretary Fax: 66 (0) 2537-3883,2537-3883, 66 (0) 22537-3887537-3887 E-mail: [email protected]@pttplc.com Annual Report 2017 PTT Public Company Limited PTT Information 007 ReferencesReferences • SecuritiesSecurities RegistrarRegistrar ThailandThailand SecuritiesSecurities DepositoryDepository CompanyCompany LimitedLimited 1stst Floor, The Stock ExchangeExchange of Thailand Building,Building, 93 RatchadapisekRatchadapisek Road, Dindaeng,Dindaeng, BangkokBangkok 10400,10400, ThailandThailand Telephone:Telephone: 66 (0) 2009-99992009-9999 Fax: 66 (0) 2009-99912009-9991 • AuditorAuditor OfficeOffice ofof the AuditorAuditor GeneralGeneral Rama VI Road, Phayathai,Phayathai, BangkokBangkok 10400, ThailandThailand Telephone:Telephone: 66 (0) 2271-80002271-8000 Fax: 66 (0) 2618-57692618-5769 • RegistrarRegistrar SiamSiam Commercial Bank Public CompanyCompany Limited RegistrarRegistrar 1,1, Markets OperationsOperations Division,Division, CorporateCorporate Trust Sale, 1515th Floor,Floor, NorthNorth WiWing,ng, CorporateCorporate Trust,Trust, G Tower GrandGrand Rama 9, 9 RatchadaRatchadapisekpisek Road, Chatuchak,Chatuchak, BangkokBangkok 10900 Huai Khwang,Khwang, BangkokBangkok 10310,10310, Thailand Telephone:Telephone: 66 (0) 2544-3937, Telephone:Telephone: 66 (0) 2128-2394-92128-2394-9 66 (0) 2544-29232544-2923 Fax: 66 (0)(0) 2128-46252128-4625 Fax: 66 (0)(0) 2544-74752544-7475 Annual Report 2017 008 Message from the Board of Directors PTT Public Company Limited 03 Message from the Board of Directors Annual Report 2017 PTT Public Company Limited Message from the Board of Directors 009 Dear Shareholders, The success of Productivity Improvement is a part of the ‘Do Now’ strategy to enhance competitiveness 2017 was the year that the global oil prices continually of PTT Group, which needs to continue seriously to rose since the global oil prices crisis in late 2014, resulting create the highest added value, which will enable PTT from the increase of global crude oil supply by 1.5 million Group’s Return on Investment (ROI) to catch up with barrels per day since the recovery of the world’s economy. the leading competitors. In order to gain confidence in In addition, OPEC and non-OPEC producers, namely future business growth, the ‘Decide Now’ strategy aims Russia, reached agreement to maintain production to ensure investment effectiveness of PTT Group.
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