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Strong Demand Growth for Petrochemicals in Indonesia

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Strong Demand Growth for Petrochemicals in Indonesia Table of Contents 1. Introduction to Chandra Asri Petrochemical 2. Petrochemicals Industry Outlook 3. Key Investment Highlights 4. Attractive Growth Profile 5. Financial Highlights 1 1. Introduction to Chandra Asri Petrochemical 2 Chandra Asri – Indonesia’s Leading and Preferred Petrochemical Company Largest Integrated Petrochemical Producer in Indonesia Largest integrated petrochemical producer in Indonesia and operates the country’s only naphtha cracker, styrene monomer and butadiene plants Market leadership in highly attractive Indonesia and SE Asia petrochemical market ̶ Market share of approximately 52%, 24%, and 29% of the domestic market (including imports) in olefin, polyethylene, and polypropylene, respectively Support from Barito Pacific Group and Siam Cement Group Transformed in 2016 following the 4Q2015 Naphtha Cracker expansion, resulting in Adjusted EBITDA increase, reinforced balance sheet, and a more diversified product mix ̶ 2015 – 2016 Adjusted EBITDA growth of +229%; LTM EBITDA (as of 30 Jun 2017) peaked at US$ 580 million (1) ̶ Reduced debt and Debt / Adjusted EBITDA dropped to 0.8x as of FY2016 and further to 0.6x as of 30 Jun 2017 (1) Vital National Object status CAP’s main integrated manufacturing complex Stable and Robust Financials Supported by Strong Credit Strengths Integration from upstream cracker to downstream polyolefin products ̶ Strategically located near key customers 2016 Revenue 1H 2017 Revenue Low production cost base and operating efficiencies ̶ Benefit from scale of feedstock sourcing and stable supplier relationships Styrene Styrene ̶ Naphtha cracker utilisation rate of 98% in 1H2017 Monomer, Monomer, 15% Olefin, 18% Olefin, Long-standing relationships with diverse customer base Butadiene 32% 31% ̶ No single customer accounts for more than 7.4% of consolidated revenue , 7% ̶ In 2016, 74% of products by revenue were sold to domestic market US$ Butadiene US$ 1,930m , 12% 1,195m Captive distribution network provides significant cost efficiencies ̶ Key customers integrated with CAP production facilities via CAP’s pipelines ̶ Provides significant cost efficiencies to key customers Polyolefin, Polyolefin, 46% New projects fueling strategic growth 38% ̶ Projects include partnership with Michelin to expand downstream products, new polyethylene plants, debottlenecking, and other efficiency improvements ̶ Evaluation of a second petrochemical complex underway 3 (1) LTM figures are derived as follows: 1H2017 figure + 2016 figure – 1H2016 figure 25 Year Track Record of Successful Growth CAP 510m 2011 2015 155m Merger of CA and TPI Completed cracker effective from 1 Jan 2011 expansion project and (US$) 135m 2.1bn Completed de- TAM Adjusted bottlenecking to raise 2017 1.9bn polypropylene capacity to EBITDA 1.9bn 480 KT/A Total SCG Chemicals acquired 23.0% of Company from 2017 assets Appleton Investments Upgrade of 2014 2015 2016 Limited, a wholly-owned 2016 long-term subsidiary of Temasek corporate credit 2007 2010 Holdings (Private) Limited, rating from "B1" and 7.0% from Barito Added a furnace at its Issued to "Ba3" by Pacific naphtha cracker to increase inaugural 2015 Moody's in ethylene production to 600 5-year 2016 August 2017 2004 1995 KT/A, propylene production to US$230m Public offering of Completed Product 320 KT/A, pygas production Bond 2013 Commercial CAP I Bonds 2016 rights issue of expansion to 280 KT/A and mixed C4 production approximately through production to 220 KT/A Received upgraded CA begins at CAP 2011 corporate rating US$377 million selling of Acquisition of 100% shares of with initial from Moody’s from in September Mixed C4 SMI cracker 2010 2013 B2 to B1 and 2017 capacity of 520 2009 Strategic partnership in the synthetic revised rating Upgrade KT/A 2007 rubber business with Michelin to outlook from S&P corporate rating 2004 establish PT Synthetic Rubber from Stable to from “idA+” to 1993 1995 2009 Indonesia Positive B+. “idAA-“ by 1992 Received idA+ Pefindo in Increased Commenced operations of our capacity of rating from Pefindo October 2017 1995 butadiene plant with a nameplate 1992 1993 polypropylene capacity of 100 KT/A Obtained Increased plant to 480 Increased corporate rating Started capacity of KT/A Secured funding for cracker capacity of of ‘BB-‘ by Fitch commercial polypropylene expansion: production of polypropylene in October 2017 TPI plant to 360 − Limited public offering of shares plant to 240 polypropylene KT/A with pre-emptive rights of comprising KT/A approximately US$127.9 million annual capacity on the Indonesia Stock Exchange of 160 KT/A − US$265m Term-Loan facility Track record of achieving operational and structured growth 4 Vision to be Indonesia’s Leading and Preferred Petrochemical Company 1 Increase capacity and build on leading market position Expand product offerings and further optimize integration along the 2 petrochemical value chain 3 Develop feedstock advantage to improve cost competitiveness 4 Develop and nurture human capital Continue to leverage the Company’s unique infrastructure and customer service 5 to maintain premium value to customers Maintain and further improve best-in-class operating standards, cost efficiency, 6 and safety, health and environment 5 Integrated Production of Diverse Products Use of Goods (examples) Capacity (KT/A) Capacity (KT/A) Polyethylene (336) Naphtha Ethylene (860) Styrene Naphtha Monomer (340) consumption of 2,450 KT/A at full Merchant capacity market (430) Propylene (470) Polypropylene (480) Pyrolysis Gasoline (400) Mixed C4 (315) Butadiene (100) Support Co-generation Utilities & Water Jetty facilities plants facilities facilities facilities ( CAP’s products encompass a wide range across the consumer products value-chain, and its leading position and strategic location enhances its competitiveness 6 2. Petrochemicals Industry Outlook 7 Ethylene World Supply Growth and Capacity Ethylene World Supply Growth (million tons) (Operating rates) 250 Actual Forecast 100% 200 90% 150 100 80% 50 0 70% 2009 2011 2013 2015 2017 2019 2021 2023 Ethylene Consumption Total Capacity (with Unsactioned Capacity) Total Capacity (with No Unsactioned Capacity) Operating Rates (with Unsactioned Capacity) Operating Rates (with No Unsactioned Capacity) Ethylene Production Capacity: 218MT in 2023 New Capacity by Region: 25MT (2017 – 2023) - Global ethylene demand CTO/MTO and forecasted to grow at c.3.2% Asia Pacific (exc. Others SEA and China) Shale Gas CAGR between 2017 – 2023 SEA 5% 1% 6% - As many as 20-26 new ethylene 9% plants expected to be build - 7 – 8 years required from Americas planning to startup Middle East/Africa 34% 17% Naphtha Naphtha/Liquids NGLs Cracking Cracking 44% 45% Europe 19% China 20% 8 The Petrochemical Industry is in a Long Term Cyclical Phase Ethylene Spreads Over Naphtha Gap over naphtha (US$/t) % Utilisation 700 100% 600 Average 2013-2016: US$567 Average 2017-2019: US$568 90% 500 Average 2020-2023: US$424 400 80% Average 2009-2012: US$306 300 200 70% 100 0 60% 2009 2010 2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 2021F 2022F 2023F Ethylene Delta Over Net Raw Material Cost Global Operating Rates with Unsanctioned Capacity Global Operating Rates with no Unsanctioned Capacity Petrochemical industry profitability to continue on path of sustainable recovery post 2012 as a result of improving demand and lower capacity addition Note: Forecast price is based on Brent Crude at US$55 (2017), US$65 (2018), US$70 (2019 – 2025) per barrel (constant 2016 dollars) Source: Nexant 9 Strong Demand Growth for Petrochemicals in Indonesia Ethylene (CAGR ’17 – ’23) Propylene (CAGR ’17 – ’23) Butadiene (CAGR ’17 – ’23) 3.2% 3.1% 5.4% 17.7% 2.4% 3.4% 1.7% 5.5% 2.4% Global SEA Indonesia Global SEA Indonesia Global SEA Indonesia Polyethylene (CAGR ’17 – ’23) Polypropylene (CAGR ’17 – ’23) Styrene Monomer (CAGR ’17 – ’23) 4.7% 4.4% 4.2% 10.5% 3.9% 3.4% 3.6% 2.3% 1.6% Global SEA Indonesia Global SEA Indonesia Global SEA Indonesia Petrochemical demand in Indonesia expected to outpace other regions Source: Nexant 10 3. Key Investment Highlights 11 2. Key Investment Highlights 1 Attractive industry outlook Well-positioned to benefit from attractive Indonesian growth 2 fundamentals Indonesia’s leading petrochemical producer with a diverse 3 product portfolio 4 High degree of operational integration Diversified customer base and strategically located to supply 5 key customers 6 Diverse and secured sources of feedstock and raw materials 7 Strong shareholder support Highly experienced management team with proven track record of 8 managing and expanding operations 12 1 Attractive Industry Fundamentals Providing Tailwinds for Petrochemicals Demand Growth in SEA Polyolefins Demand in SEA Expected to Outpace Global Market Growth… Polyolefin Spreads Expected to Remain Resilient (US$/t) Polyethylene consumption growth (2017 – 2023E CAGR) 850 4.4% 800 3.4% 3.9% 750 700 Global SEA Indonesia 650 600 Polypropylene consumption growth (2017 – 2023E CAGR) 550 4.7% 500 3.6% 4.2% 450 400 Global SEA Indonesia 350 2009 2011 2013 2015 2017F 2019F 2021F 2023F …while Asian Naphtha Prices Remain Below Historical LDPE - Naphtha LLDPE - Naphtha HDPE - Naphtha PP - Naphtha Average (US$/t, real prices) (US$/t) Last 5 Years Average Next 5 Years Average 1200 LDPE – Naphtha 662 754 900 Past 5-year average price: US$713/t LLDPE – Naphtha 631 705 600 HDPE – Naphtha 630 689 300 2009 2011 2013 2015 2017F 2019F 2021F 2023F PP – Naphtha 582 583 Average spreads of key products will be continue to be resilient Source: Nexant 13 2 Well-Positioned
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