► Thai Petrochemical ◄ - 500 Beiträge pro Seite

[kosto1929]

Thai Petrochemical ist Thailands größter Hersteller und Verarbeiter von Erdöl (Raffinerien), Schmiermitteln, Petrochemie, Polymeren und besitzt darüber hinaus einen Industriepark sowie einen Hafenservice. Zu den Produkten zählt Benzin, Diesel, anorganische Chemikalien, landwirtschaftliche Zusatzsstoffe, Zement, Beton, Mörtel und Stahl.

Seit der Überschuldung im Jahr 2000 sind die Kredite auf ein nicht bedienbares Niveau angewachsen und werden nun langsam restrukturiert. Da das Unternehmen operativ Gewinne schreibt sollte diese Restrukturierung gelingen und Thai Petrochem als gesundes Unternehmen hervorgehen.

Homepage: http://www.tpigroup.co.th/

[Alechandro]

Servus Kosto,

sieht mir aber eher nach nem Zock aus.

Woher kommen die heutigen krassen Kursverluste??

ciao alechandro

[Reimund11]

Hallo Kosto
Wo hast du den die gefunden?
Ich stelle mal die Daten aud TH rein.
TPI-THAI PETROCHEMICAL INDUST Last Change %Change Par Ceiling Floor
7.15 -2.70 -27.41 10.00 12.80 6.90


Prior Open High Low
9.85 8.00 10.10 7.00


Average Price* Volume (Shares) Value (`000 Baht)
8.18 87,322,300 715,061

* Only Auto-Matching on Mainboard

Bid Offer
Volume (Shares) Price Price Volume (Shares)
172,900 7.15 7.20 94,300
448,200 7.10 7.25 16,200
239,500 7.05 7.30 86,200
Sie verlor in TH knapp 28%.
News dazu sind keine.
Versuche nun mal einen historischen Trades reinzustellen
TPI : THAI PETROCHEMICAL INDUSTRY PUBLIC COMPANY LIMITED

Date Last Change %Change Volume
(Shares) Value
(`000 Baht) SET
Index Change Value
(`000 Baht)
29/01/2004 9.85 -0.45 -4.37 28,618,700.00 286,388.44 714.04 -8.10 25,568,921.21
28/01/2004 10.30 -1.60 -13.45 27,045,700.00 300,515.23 722.14 -17.33 23,175,044.41
27/01/2004 11.90 +0.30 +2.59 23,874,800.00 281,765.60 739.47 +13.91 30,733,237.32
26/01/2004 11.60 -0.30 -2.52 36,765,100.00 450,325.04 725.56 -28.88 30,187,248.75
23/01/2004 11.90 -1.60 -11.85 53,464,300.00 639,915.95 754.44 -5.73 34,284,277.09
22/01/2004 13.50 -1.30 -8.78 36,205,700.00 504,595.19 760.17 -6.55 21,220,500.94
21/01/2004 14.80 -1.00 -6.33 42,499,400.00 651,915.38 766.72 -5.16 32,585,125.90
20/01/2004 15.80 -0.40 -2.47 20,134,400.00 322,510.51 771.88 -2.79 28,018,031.00
19/01/2004 16.20 +0.30 +1.89 59,774,000.00 982,121.98 774.67 -3.77 31,409,361.89
16/01/2004 15.90 -0.10 -0.62 30,897,200.00 496,522.21 778.44 +11.05 37,645,807.79
15/01/2004 16.00 +0.10 +0.63 66,033,400.00 1,070,883.02 767.39 -23.45 56,786,567.51
14/01/2004 15.90 -0.20 -1.24 34,890,500.00 563,388.99 790.84 -1.39 48,871,310.41
13/01/2004 16.10 +0.20 +1.26 60,213,400.00 978,969.32 792.23 -1.78 61,919,052.29
12/01/2004 15.90 -0.50 -3.05 40,484,100.00 648,592.52 794.01 +10.57 57,630,078.51
09/01/2004 16.40 +1.50 +10.07 107,232,100.00 1,702,000.44 783.44 +9.89 63,011,995.99
08/01/2004 14.90 +0.10 +0.68 36,683,700.00 551,599.84 773.55 +22.58 56,951,961.30
07/01/2004 14.80 +0.70 +4.96 83,867,600.00 1,252,170.15 750.97 -18.71 48,135,368.50
06/01/2004 14.10 -0.20 -1.40 55,383,800.00 803,946.46 769.68 -21.25 61,926,390.40
05/01/2004 14.30 +0.60 +4.38 52,188,600.00 739,191.84 790.93 +18.78 44,126,164.06
31/12/2003 13.70 -0.10 -0.72 38,345,000.00 528,098.21 772.15 +7.92 41,740,150.95
30/12/2003 13.80 -0.20 -1.43 74,635,400.00 1,059,105.57 764.23 +17.42 52,325,641.27
29/12/2003 14.00 -1.80 -11.39 78,305,900.00 1,194,705.03 746.81 +11.92 46,342,000.63
26/12/2003 15.80 0.00 0.00 152,011,100.00 2,329,005.33 734.89 +13.24 39,810,481.53
25/12/2003 15.80 -3.20 -16.84 119,874,000.00 2,020,146.66 721.65 -1.74 44,540,898.69
24/12/2003 19.00 -2.00 -9.52 111,518,100.00 2,254,111.14 723.39 +4.92 46,715,023.24
23/12/2003 21.00 +0.60 +2.94 121,936,800.00 2,596,927.89 718.47 +0.14 46,433,518.41
22/12/2003 20.40 -0.20 -0.97 54,864,500.00 1,146,804.28 718.33 +9.18 50,033,430.50
19/12/2003 20.60 -1.10 -5.07 124,436,900.00 2,605,037.14 709.15 +8.22 55,940,611.04
18/12/2003 21.70 +0.90 +4.33 171,624,400.00 3,697,173.97 700.93 +13.05 48,915,310.42
17/12/2003 20.80 +1.30 +6.67 155,535,600.00 3,162,689.30 687.88 -4.00 41,377,686.60
16/12/2003 19.50 +1.00 +5.41 69,819,800.00 1,330,430.28 691.88 +2.83 40,730,457.78
15/12/2003 18.50 +0.50 +2.78 30,443,700.00 562,483.56 689.05 +14.60 36,584,766.80
12/12/2003 18.00 0.00 0.00 32,228,700.00 586,272.36 674.45 +0.45 32,050,295.79
11/12/2003 18.00 -1.00 -5.26 36,396,900.00 679,730.83 674.00 +6.92 46,536,315.17
09/12/2003 19.00 +0.20 +1.06 67,393,300.00 1,298,899.17 667.08 +2.72 34,125,427.13
08/12/2003 18.80 +1.40 +8.05 46,868,400.00 851,703.64 664.36 +5.07 28,741,973.89
04/12/2003 17.40 +0.10 +0.58 23,989,700.00 414,151.68 659.29 -0.14 38,913,079.34
03/12/2003 17.30 +1.90 +12.34 28,780,900.00 475,513.55 659.43 +12.79 38,115,395.86
02/12/2003 15.40 -0.30 -1.91 15,859,000.00 243,548.08 646.64 +5.49 29,478,135.70
01/12/2003 15.70 -1.30 -7.65 18,909,200.00 301,200.72 641.15 -4.88 27,580,367.96
Na ja, wollte noch einen Chart reinstellen, aber die Teilandbörse ist ziemlich billig gemacht.
Macht aber nichts, ist ein interessanter wert, wobei ich mit einem einstieg warten würde.
MFG Reimund

[amorosodo]

Ok Raimund, wenn Du dich nicht traust


Sieht aus als würden die einen netten Bohrversuch unternehmen.
Vielleicht finden Sie ja was

[Icebear99]

In dem neuen Financial Statement steht ja drin, dass sie die Schulden in EK umwandeln wollen durch Ausgabe neuer Aktien. Die erste Tranche soll für 20 BHT über den Tisch gehen, soweit ich es verstanden habe.
Bei dem jetzigen Niveau wird die aber sicherlich keiner kaufen wollen. Vielleicht lags auch an dieser Neuigkeit, dass der Kurs so abgeschmiert ist und wie man gesehen hat sind bestimmt einige Stopplosses gefallen unter der Marke von 10 BHT

@amoroso: wir bräuchten einen Chart von Thailand, nicht von Deutschland...das kann ja jeder :-)

[amorosodo]

Bitte sehr Iceberg :


1 Mio Baht Frage : Wie tief geht`s noch ?
Könnte eine interessante Spekulation werden....
Bin nicht drin, aber wenn mal ein Boden erkennbar wäre überlege ich....
Grüsse

[kosto1929]

Haste nochmal einen langfr. Chart

Thanx

[amorosodo]

Sieht nach einem Boden bei 3 Baht etwa aus

[kosto1929]

Das wäre aber noch ein weiter Weg...

[amorosodo]

Ich kenne die fundamentale Lage der Company nicht. Da scheint Iceberg mehr Hintergrund zu haben.
Und solange das Messer fällt sowieso: Finger weg.
Mir gefallen solche gefallene Sterne aber generell gut, da hab ich immer Lust auf den Turnaround zu spekulieren. (Siehe TelecomAsia ) Das ist mit Risiko verbunden, aber auch `ne Menge Kohle zu machen. Werde das Teil mal beobachten...
Im übrigen wird die Hühnergrippe in Thailand wohl nur kurzfristig die Kurse drücken. Da kann man noch mal günstig zu greifen. Für das richtige Timing drücke ich uns mal die Daumen

[Icebear99]

Icebear an Amorosodo, sorry da hab ich wohl ein do unterschlagen.

Friday January 30, 2:24 PM
Thai TPI Revised Debt Plan To Be Finalized In March

BANGKOK (Dow Jones)--An amended debt restructuring plan for Thai Petrochemical Industry PCL (TPI.TH) is expected to be finalized in March, the company`s debt planner said Friday.

This comes amid speculation that a capital write-off plan will be announced later Friday.

Talk that trade in TPI shares will be halted in the afternoon on an announcement of a revised debt plan involving a capital write-down pulled down TPI`s stock to its lowest level since end-June.

At midday, TPI shares fell 1.60 baht ($1=THB39.223), or 16%, to THB8.25.

"No announcement will be made this afternoon. The amended debt plan is still under discussion. It should be finalized in March," an official with TPI`s debt plan administrator told Dow Jones Newswires.

The options to reduce the company`s massive outstanding debt include a capital write-down, debt-to-equity conversion and seeking a strategic partner, the official said. He declined to elaborate.

"If the company goes ahead with the capital write-down plan, retail investors will be protected," said the official.

Local newspapers said recently that TPI`s financial advisers had proposed a capital write-down through a reduction of the stock`s par value to THB0.10 from THB10 currently. The huge capital write-down is aimed to wipe out TPI`s current accumulated losses of THB80 billion.

After the capital increase, the creditors` ownership in the company will increase to 80%-90%, from the current 75%. The company may also sell a 30%-50% stake to new strategic partners.

TPI is Thailand`s biggest debt defaulter since the 1997 financial crisis and remains the country`s biggest debt restructuring case. The company`s outstanding debt stood at $2.8 billion when the previous administrator was removed in April.

[Icebear99]

und noch etwas

Friday January 30, 2:44 PM
Thai Shares Dn Midday On Fears Of TPI Trade Suspension

BANGKOK (Dow Jones)--Thai shares are down at midday Friday after early gains, led by a sharp fall in Thai Petrochemical Industry on market talk the stock will be halted in the afternoon session ahead of an announcement of its revised debt restructuring plan, traders said.

However, a source at TPI`s administrator said the rumor is groundless as the company hasn`t completed the plan yet.

At the midday break, the Stock Exchange of Thailand Index was down 8.29 points, or 1.2%, at 705.75, off its early high of 722.32.

The blue chip SET 50 index was down 0.36 point, or 0.8%, at 46.35.

Decliners lead advancers 213 to 74.

Volume is active at 1.02 billion shares worth 13.51 billion baht ($1=THB39.223), compared with 877.2 million shares worth THB11.35 billion midday Thursday.

TPI is down THB1.60, or 16.2%, at THB8.25, its lowest level since end-June, while its unit TPI Polene has dropped THB1.75, or 4.4%, to THB38.25.

TPI and TPI Polene are among the top-five most active stocks in terms of trading volume.

"TPI`s sharp losses hurt market sentiment, triggering selling in other stocks," said a local dealer at Intal Vision Securities.

Thai Military Bank has fallen THB0.26, or 5.2%, to THB4.74 on concerns it may need to raise capital to facilitate its planned merger with DBS Thai Danu Bank.

Meanwhile, DBS Thai Danu Bank is down THB0.28, or 7.6%, at THB3.42.

Safari World has dropped THB0.50, or 10.9%, to THB4.10 on news its zoo will be temporarily closed because of bird flu concerns.

Analysts said the index is likely to find firm support at 700 points in the afternoon session.

[amorosodo]

Also bei TPI ist der Karren ja richtig fett im Dreck. Da lass ich mal schöne meine Finger raus.
Danke für die infos iceberg

[kosto1929]

Gerade der letzte Satz der ersten Meldung hört sich äußerst übel an...

[kosto1929]

"After the capital increase, the creditors` ownership in the company will increase to 80%-90%, from the current 75%. The company may also sell a 30%-50% stake to new strategic partners."

Die sollten lieber noch Plan B aus der Schublade ziehen...

[Icebear99]

Wenn man sich mal anschaut, dass die neue Aktien ausgeben wollen für nicht unter 20BHT. So wie der Kurs jetzt steht, wirds etwas schwierig.
Wenn sie die verkaufen wollen dann müssen sie schon was machen um den Kurs nach oben zu bringen.
Hätte nix dagegen

[Rhum56]

@Icebear99

Ja, die werden erst mal einen Reverssplit machen, dann ict der kurs entsprechend.

Ich würde TPI nicht mit der Kneifzange anfassen !!!

Es ist der Laden, um den sich seit Jahren ein heißer Zank abspielt, der keine Zinsen bezahlen will und dessen Kopf nicht gehen will. Nur weil er so groß ist, kommen die da nicht richtig voran. Und dieser Kunstgriff, nun durch KE wieder optisch gut darzustehen, bezeugt nicht, das der Laden anschließend wirtschaftlich besser geführt wird.

Siehe auch dazu Lapalmitas Ausführungen in seinem Thread.

Geld verdienen? Da wohl nicht !

[amorosodo]

Wie schaut`s aus icebear??? Haste die Reissleine schon gezogen? Würd` mich interessieren.
Grüsse

[Icebear99]

Hi!

Bis jetzt noch nicht. Da ich damals spekulativ eingestiegen bin, bleib ich natürlich auch noch spekulativ dabei. Es gibt doch nix spannenderes auf eine Entscheidung zu warten, die in den nächsten Wochen kommen soll :-)

[Wulfhound]

hi leute,

thai petro ist doch ein netter wert
ohne risiko kann man keinen schnellen teuro machen.
aber immer schön dran denken und nach unten absichern

die party geht sicher noch ein wenig weiter, schätze mal
so bis 0,25-0,28 €. warum sollte man sich das nicht gönnen

schaun ma mal...

[Icebear99]

Friday March 12, 3:24 PM
Thai TPI Lenders View Debt Plan Change Positively-Sources

BANGKOK (Dow Jones)--Thai Petrochemical Industry PCL`s (TPI.TH) creditor steering committee has a positive view of the planned amendments to its debt restructuring plan, including a debt-to-equity conversion that will leave creditors with a 90% stake in the ailing company, sources close to the deal said Friday.

TPI still shoulders a total debt of $2.9 billion after around four years in rehabilitation under the country`s bankruptcy court.

The amended plan involves a capital write-down, a capital increase, debt-to-equity conversions, and a search for a strategic partner, sources said.

"The creditors` working group and debt plan administrator have the same view on the framework of the plan. However, some figures need to be worked out before drafting the amended plan," said a source close to the creditors.

"There has been good progress in the discussion (between the debt planner and the creditors` steering committee). We expect a mutually-acceptable amended plan to be reached soon," a source at a creditor bank said.

Amendments to the debt plan will need approval by the creditor steering committee before the plan is presented and approved by all creditors, the source said.

The revised plan is likely to be finalized in March. A vote by creditors recorded by the steering committee is expected to take place in April, followed by a formal vote by creditors under the auspices of the bankruptcy court, a banking source said.

The banking source said TPI`s total debt will likely drop to $1.8 billion, and would be paid back in 12 years.

A source close to the matter said the company`s total debt would drop below $1.5 billion, a more manageable debt level for TPI to service.

The source said the proposed conversion price is likely to be around 16-to-17 baht ($1=THB39.408) a share, well above the company`s book value and the price of its shares on the stock market. Book value as of end-2003 stood at THB1.63 a share, according to the court-appointed debt plan administrator.

TPI shares, listed on the Stock Exchange of Thailand, closed the morning session Friday down THB0.20, or 2.1%, at THB9.15.

The banking source, however, said the debt-to-equity conversion price hasn`t been finalized.

The source close to the matter said TPI plans to sell its 250 million shares in TPI Polene PCL (TPIPL.TH), the country`s third largest cement maker, as part of its efforts to reduce debt.

TPI`s major creditors are Bangkok Bank PCL (BBL.TH), International Finance Corp., Kreditanstalt fuer Wiederaufbau (KFW.YY), Citibank (C), the U.S. Export-Import Bank, Bank of Ayudhya PCL (BAY.TH) and Krung Thai Bank PCL`s (KTB.TH) Sukhumvit Assets Management Ltd. unit.

[Icebear99]

jetzt ist es amtlich.
Keine Kapitalreduzierung beim Sanierungsplan

Gruß
Ice

[XTrack]

Warum heute der Absacker?

[Icebear99]

weils jetzt anscheinend doch wieder gemunkelt wird, eine Kap. reduzierung vorzunehmen. Der Gründer wollte zumindest bei diesem Plan vor Gericht gehen und Konkurs anmelden.
1-2 monate wirds wohl noch dauern, bis man mal etwas deutlich mehr weiß

[Reimund11]

Guten Tag
Bin nun auch dabei.
Habe mich sachkundig gemacht.
TPI ist sehr bekannt in Thailand.
Wenn die Aktie so gut ist, wie deren Frauen, dann kann hier nichts mehr schief gehen.
MFG Reimund

[lapamita]

TPI ist sehr bekannt in Thailand.
Wenn die Aktie so gut ist, wie deren Frauen, dann kann hier nichts mehr schief gehen.
.....GUTE AKTIE ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
TPI GIBT 1,2 BILLIONEN NEUE AKTIEN AUS ZUM PREIS VON 2,28 baht.die adhocs von heute verstehe ich nicht so ganz, egal ..
sollten wirklich 2,28 sein waere das sehr sehr negativ..
du kaufst eien ausgesetzte aktie, ?? ich weiss trotz adhocs nicht mal was los ist
.........und ne gute firma naja................
unserem icebear hab ich per boardmial bei 10b bereits mitgeteilt verkaufen jetzt sind wir bei 6
hochkaraetiges zockerpappier

[Icebear99]

Also warum die ausgesetzt ist, ist ja wohl klar, überall steht ja was zu Ihrem neu rausgebrachten restructing plan.

TPI GIBT 1,2 BILLIONEN NEUE AKTIEN AUS ZUM PREIS VON 2,28 baht
wo hast du das denn gefunden??
In jedem Beitrag den ich gesehen hab, stand eine genaue Kap.erhöhung nicht drin

[Reimund11]

Guten Tag
Erst einmal danke für den hinweis.
Habe mich nun damit beschäftigt.
Demnach findet heute eine sitzung statt.
Die Pläne seien akzeptiert.
Mann sei jedoch auerstande gewesen die News Elektronisch zu verbreiten oder der Börse mittzuteilen.
Aus sicherheitsgründen wurde TPI ausgesezt.
Hier die Meldung diereckt aus Thailand.

Symbol: TPI
Headline: H SIGN POSTED AGAINST TPI

H SIGN POSTED AGAINST TPI

The Plan Adminitstrator of Thai Petrochemical industry Public
Company Limited (TPI) submitted the progress and an executive summary
of the amendment of TPI`s Rehabilitation Plan which have been accepted by
TPI`s Plan Administrator to the SET. However, TPI was unable to disseminate
such information to the SET via the Electronic Company Information Disclosure
System (ELCID).
The SET has considered that such disclosed information may affect
the price trading of TPI`s securities. The SET posts an H (Halt) sign on TPI`s
securities effective from the first trading session of 1 April 2004.

HE-tpi.txt
Habe Monitor, der diereckt mit der Börse in Thailand geschaltet ist.
Am lezten Handelstag zum schluss sehr volatiel.
BID lag bei 6,75 B
Sell bei 4,75 B.
Derzeit um die 6 B
MFG Reimund

[Reimund11]

TPI Ausgesezt::
In Thailand ja.
In Deutschland nicht.
Also kannste deine stücke verkaufen.
Kein problem.
Hier die Restlichen News
Symbol: TPI
Headline: Submission of the Rehabilitation Plan Amendment progress




1 April 2004
President
The Stock Exchange of Thailand

Dear Sir,

No. PAO.PK. 044 /2004 Re:Submission of the Company`s
Rehabilitation Plan Amendment progress

With reference to the meeting between Thai Petrochemical Industry Public
Company Limited ("the Company") Plan Administrator representatives, the Company`s
financial advisor and legal advisor with the Stock Exchange of Thailand ("SET") on
31 March 2004 reporting the progress of the amendment of the Company`s rehabilitation
plan and the debt and capital restructuring framework as agreed by the Plan
Administrator on 30 March 2004.

The company would like to submit a progress report of the amendment of TPI
rehabilitation plan as attached for your acknowledgement.


Yours sincerely,



( Suwit Nivartvong )
for
Plan Administrator,
Thai Petrochemical Industry Public Company Limited

Attachment: Letter informing progress of the amendment of TPI rehabilitation plan ("Plan")


Symbol: TPI
Headline: SP SIGN POSTED AGAINST TPI

SP SIGN POSTED AGAINST TPI

Previously, the SET posted the H (Halt) sign on Thai Petrochemical
industry Public Company Limited (TPI)`s securities effective from the
first trading session of 1 April 2004 since the Plan Adminitstrator of
TPI was unable to disseminate the progress and an executive summary
of the amendment of TPI`s Rehabilitation Plan to the SET via Electronic
Company Information Disclosure System (ELCID).
TPI has submitted such information to the SET. In order to
allow investors time to consider that information and make an appropriate
decision, the SET posts an SP (Suspension) sign on TPI`s securities
effective from the second trading session of 1 April 2004 and will permit
resumption of trading on 2 April 2004 onwards.

spe-tpi.txt
Tpi wird heute Nacht wieder gehandelt.
Hoffen wir das wir gut davon kommen.
Sollte jemand diese Meldungen in Deutsch wünschen, kann ich sie digital übersezt reinstellen.

MFG Reimund

[Icebear99]

Thursday April 1, 8:56 PM
UPDATE: Thai TPI Debt Plan Would Cut Debt To $1.8 Bln
BANGKOK (Dow Jones)--Under a revised debt plan unveiled Thursday, Thai Petrochemical Industry PCL (TPI.TH), the country`s biggest debt defaulter, will reduce its total debt to $1.8 billion from $2.95 billion.

The company also will write down its paid-up capital by 90%, cutting the par value of its stock to one baht ($1=39.416) from THB10 in a bid to reduce retained losses, according to the proposal released by the company`s court-appointed administrators.

The revised debt plan is subject to the approval of the company`s creditors and the Bankruptcy Court.

Prachai Leophairatana, the company`s founder and former chief executive officer, vowed Thursday to fight the proposed debt restructuring.

He said in a statement that he will submit a petition to the Bankruptcy Court opposing the capital write-down and will raise the matter with the Supreme Court if necessary.

The revised plan was made in consultation with a committee of the company`s creditors. The creditors are expected to hold a formal vote on the plan in May, Siri Jirapongphan, a member of the administrator`s working team, told Dow Jones Newswires.

Separately, Finance Minister Somkid Jatusripitak said Thursday that most of TPI`s creditors have agreed in principle to the revised debt-restructuring plan.

"I have talked to TPI`s creditors. They agree with the plan," the finance minister told reporters.

One of the company`s foreign creditors told Dow Jones Newswires that the creditors were aware of the details of the revised plan, but he declined to confirm that an agreement in principle had been reached.

$670M In Debt To Be Swapped For Equity

Under the proposed plan, debt amounting to $670 million will be swapped for equity, giving the creditors a 90% shareholding in the company. The company will pay debt totaling $250 million by selling its 49% stake in TPI Polene PCL (TPIPL.TH) or transferring that stake to creditors.

The plan also calls for the write-off of accrued interest of $225 million. The remaining $1.8 billion in debt will be paid in four tranches over several years.

Of the $1.8 billion in debt, $500 million will be paid over a period of five years. The second tranche of $850 million will be paid over 10 years and only after TPI finishes paying the first tranche.

The third tranche of $150 million will be serviced at an interest rate of 1% in the first year, with the interest gradually increasing in subsequent years. The principal sum will be repaid by a bullet payment in the 10th year.

The final tranche of $300 million also will be serviced at a staggered interest rate, and the principal will be paid by a bullet payment in the 12th year.

The capital write-down will reduce the company`s registered capital to THB7.85 billion from THB78.49 billion. Its total number of shares will remain unchanged at 7.84 billion shares.

TPI will raise capital by issuing 11.77 billion new shares, which will be used for the $670 million debt-to-equity swap at a price of THB2.28 a share, Siri said.

The proposed plan eventually will increase the company`s book value to THB2.47 a share from THB1.62 now, he said.

The cut in the par value of TPI`s stock to THB1 from THB10 won`t have any effect on its book value because the capital that will be written down will be used to cancel retained losses on the company`s balance sheet, Siri said.

The company`s current retained losses stand at THB86 billion.

Strategic Investors Welcome

The debt-to-equity swap at the price of THB2.28 a share, which is THB1.28 higher than par value, and the $225 million in accrued interest to be written off will result in boosting TPI`s book value, he said.

Siri added that strategic investors are welcome to take a stake in the company by purchasing shares from its creditors. However, he declined to give details on the size of the stake offered to investors.

Siri expects all key elements of the plan to be implemented within one year after the Bankruptcy Court approves it, including the finding of strategic partners.

Analysts were generally positive in their response to the revised debt plan because the capital write-down is smaller than the market had anticipated.

"TPI`s proposed debt plan looks positive with a smaller-than-expected capital write-down. However, it is possible that the company`s former chief executive would oppose the plan and drag on the process," said an analyst at Kiatnakin Securities.

Still, most analysts said they expect the Bankruptcy Court eventually will give its approval to the revised plan considering the government`s efforts to end the TPI saga.

TPI`s major creditors include Bangkok Bank PCL (BBL.TH), the International Finance Corp., Kreditanstalt fuer Wiederaufbau (KFW.YY), Citibank, the U.S. Export-Import Bank, Bank of Ayudhya PCL (BAY.TH) and Sukhumvit Assets Management Ltd., a unit of Krung Thai Bank PCL`s (KTB.TH).

The Stock Exchange of Thailand, or SET, suspended trading in TPI shares Thursday to give investors time to review the debt plan. Its shares will resume trading Friday morning.

[Icebear99]

@Reimund
TPI Ausgesezt::
In Thailand ja.
In Deutschland nicht.
Also kannste deine stücke verkaufen.
Kein problem.


Also soweit ich das erkennen kann, sind die hier auch ausgesetzt.
Keine Kursfestellung heute und nat. auch keine Umsätze heute.
An welchem Börsenplatz hast du sie denn gekauft?

[Reimund11]

@ Icebear99
Hallo
Das ist absolut nicht böse gemeint,aber das ist wohl ein spiel mit dem Feuer.
Ich kaufe TPI immer in München.
Ist besser als FFM.
Heute ist wohl eine sitzung, und meines erachtens nach hat es eine einigung gegeben.
Geht auch aus deinem Posting hervor.
Ja, was bedeutet das nun für uns?
Sicher nichts gutes.
MFG Reimund
Der noch spass gemacht hat, und sich nichts dabei gedacht hat

[Icebear99]

Hallo Reimund

mich hatte nur interessiert ob du sie heute gekauft hast, da sie ja auch heute in Dt. ausgesetzt ist.

Also naja so viel Ahnung hab ich auch nicht davon, aber so wie es beschrieben ist, machen die eine Kapitalherabsetzung
von 10 BHT Nennwert je Aktie auf 1 BHT.
In dem Bericht wird geschrieben, dass der Markt eine größere Kapitalherabsetzung erwartet und schon antizipiert hatte.
Also vielleicht prositiv für morgen.
Aber als Altaktionär ist das glaub ich nicht besonders gut.
Die Aktienanzahl wird beibehalten. Der Buchwert wird gesenkt.
"TPI will raise capital by issuing 11.77 billion new shares, which will be used for the $670 million debt-to-equity swap at a price of THB2.28 a share, Siri said."
Das wäre nicht ganz so toll.
Ich denke die Kapitalherabsetzung an sich ist ja nur Kosmetiksache, dass aber dadurch der BW gesenkt wird und im Nachhinein eine Kap.erhöhung zu 2.29 BHT pro Share passiert, klingt nicht gut.
Wobei ich dann das wieder nicht verstehe, wenn der Markt das schon antizipiert hat, aber massig Aktien zu einem drittel des Kurses ausgegeben werden ist also noch potential nach unten...also doch negativ, vielleicht hat der Markt den Wert der Kap.erhöhung noch nicht antizipiert...naja wir werden sehen.

Die Firma schreibt ja normalerweise Gewinne, wäre da nicht immer der hohe Verlustvortrag.
Der Plan ist gut für die Firma, schlecht für die Altaktionäre, aber auf längere Sicht als Neuaktionär nach Abschluss der Kapitalmaßnahmen...wäre nicht schlecht

Gruß
Icebear

[Icebear99]

Nachtrag:

Auch wenn der Plan draußen ist, noch ist nix 100%ig sicher, da der Gründer ja Widerstand gegen eine Kap.herabsetzung angekündigt hat.
Ich hatte mal gelesen, dass er angeblich Konkurs beim Gericht anmelden will, wenns soweit ist...hmm

[Reimund11]

@Icebear99
Nein, ich habe heute nicht gekauft, und nicht verkauft.
Währe in München ohne weiteres möglich gewesen.
Ich denke, aufgrund des einspruchs der Auslandsinvestoren werden die eine moderate lösung finden.
Hier dürfte viel eingepreist sein.
Habe mögickeit jeden trade zu sehen in thailand.
Wir sind alle in einem Boot.
Danke auch für deine sehr sachlichen postings.
Bin dadurch erst aufmerksam geworden.
Ist natürlich nun an 1 stelle.
MFG Reimund

[Icebear99]

Guten Morgen!

Also war das ganz doch positiv. die maximale Steigung an einem Tag erreich + 30%

Ich glaub Auslandsinvestoren haben da nicht viel mitzureden.

bis später

[Reimund11]

Guten Morgen
Das Risiko hat sich gelohnt.
Wie es aussieht steigt die Montag weiter.
16.804.200 im BID zu 7,80 bat.
ASK ist nichts drin, 0
Sieht gut aus.
Schönes Wochenende
MFG Reimund

[Icebear99]

Jep!
Und wenn das so bleibt sind das 1/4 der gehandelten Stücke von heute, die bei dem Schlusskurs an den Mann wollen.
Nur sind das mal dnkne ich alles Spekulanten, so wie unser eins, und man sollte dann auch nächste Woche, wenn nicht schon am Montag, an den Verkauf denken.

[bmann025]

In Deutschland keine Umsätze. Nur in München wird eine Miniportion angeboten. Habe mein Tschengeld leider schon angelegt.

[Icebear99]

Bid
Volume (Shares) Price
18,134,100 7.80
789,000 7.75
2,233,000 7.70
Offer
Price Volume (Shares)
0.00 0
0.00 0
0.00 0

das muss übers Wochende halten!


Eine 1. Analyse nach dem Vorgestellten Plan

http://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cn…

[Reimund11]

Orderbuch super
In DE das selbe.
Man beachte BID in Stuttgart.
Wir werden wohl in kürze die 10 Bath sehen.
Warscheinlich sind nur 30% steigung in Thailand möglich.
Ansonsten währen wir noch weiter richtung norden gegangen.
MFG Reimund

[Icebear99]

Jo! das sollten die sich auch nicht anders überlegen übers Wochenende.
Hoffe der neue Fonds nimmt noch ein paar TPIs auf

Ja, nur bis 30% möglich, außer für die Werte die sehr lange ausgesetzt wurden, wie z.B. NPARK, glatte 1000% nach Fortführung des Handels.

[Icebear99]

Stuttgart steht bei Bid 0,155 Euro
Münschen ist bei 0,16/0,175
bei wieviel hast du denn gekauft?

[Icebear99]

Hey!
10 Tsd Stück Umsatz in München zu 0.175

[Reimund11]

Bin da schon länger drin.
0,13 war einstieg.
100k
MFG Reimund

[Reimund11]

Stuttgart mit BID 510k
im ASK 0
Ich glaube das sagt alles.
Wenns weiter so geht haben wir ein Fest
MFG Reimund

[Icebear99]

Wie kannst du das Orderbuch einsehen in Stuttgart? Ich weiß von Berlin, dass da das offene Orderbuch vorliegt, dass man auch die Überhänge sehen kann.
Wo finde ich das offene Orderbuch mit Überhängen von den Börsen (außer Berlin)?

[bmann025]

http://isht.comdirect.de/html/detail/main.html?sSym=TPIF.STU…

[Icebear99]

Danke bmann!!

Mensch da ist man nun Elite Mitglied bei der DAB, aber denkste die bieten einem Überhänge an...

[Reimund11]

Guten Morgen
Derzeit steht unsere offerte noch
ASK Kein stück drin
Hat wohl gehalten.
MFG Reimund

[Reimund11]

Eröffnung bei 9,25 baht.
Kurs 9 Baht derzeit.
Mfg Reimund

[Icebear99]

Wednesday April 7, 6:19 PM
Thai TPI May Pay Div, If Debt Restructure Successful -2-

BANGKOK (Dow Jones)--Thai Petrochemical Industry PCL (TPI.TH) may be able to pay dividend this year, if the company is able to clear its retained losses worth 86 billion baht ($1=THB39.133) and has excess cash, as planned, a member of the TPI court-appointed administrator team said Wednesday.

According to TPI`s debt restructuring plan, the company expects to clear out all of its retained losses and also book a profit of more than THB1 billion that will enable it to pay dividend, said the official Trithip Sivakriskul.

Under a revised debt plan unveiled last Thursday, TPI, the country`s biggest debt defaulter, will reduce its total debt to $1.8 billion from $2.95 billion.

The company also will write down its paid-up capital by 90%, cutting the par value of its stock to THB1 from THB10 in a bid to reduce retained losses to THB20 billion from THB86 billion, Trithip said.

The plan will also include a debt-to-equity swap at the price of over THB2 a share, which is higher than par value. The premium from the share swap will be used to wipe out remaining losses and leave the company with retained profit.

However, the revised debt plan is subject to approval by the company`s creditors and the Bankruptcy Court.

Trithip expressed confidence that the plan will be approved by the creditors, noting that the steering committee of the company`s creditors, which accounts for 60% of total creditors, has agreed in principle with the plan. Under bankruptcy law procedures, at least 50% of the creditors must vote in favor of the plan to secure approval.

"The steering committee has agreed in principle on the plan. We are still discussing only on small details," Trithip said.

However, creditors with the steering committee have said they are aware of the plan`s details but haven`t confirm they support it yet.

The debt plan administrator has said earlier the creditors are expected to hold a formal vote on the plan in May.

The steering committee of creditors are Bangkok Bank PCL (BBL.TH), the International Finance Corp., Kreditanstalt fuer Wiederaufbau (KFW.YY), Citibank, the U.S. Export-Import Bank, Bank of Ayudhya PCL (BAY.TH) and Sukhumvit Assets Management Ltd., a unit of Krung Thai Bank PCL`s (KTB.TH).

[Icebear99]

@reimund

hast du deine Stücke eigentlich noch?


"....Shares in Thai Petrochemical Industry (TPI) , Thailand`s biggest corporate debt defaulter, gained 4.2 percent to 9.9 baht after the firm`s management team said TPI was eyeing PTT and Siam Cement as potential partners. ...."

[Reimund11]

Aber sicher.
Wunderbar, wie ich richtig lag.
Festage vom feinsten.
Habe nun noch diversa zugekauft.
Soll ein etwas längerfristiges invest werden.
In München ist die WKN 934456
Einstig war bei 7,34 Euro.
Gestern.
Schon enorm, was tpi liefert.
So schön wie deren Frauen ist auch die Aktie.
Allerdings, sollte man sich in 2 nicht verlieben.
Hatte ursprünglich ziel bei 21 Bath gesehen.
Aber vorher werden wir so denke ich konsolidieren.
Frohe Festage und weiterhin viel erfolg
MFG Reimund
Der schon den nächsten pik stock sucht

[Icebear99]

Na gut, dass du sie auch noch hast!
Ich habe sie damals, schon etwas länger her für 6 cent bekommen, war kurz davor sie bei 25 baht zu verkaufen,,,naja.
Aber ich denke auch man kann es jetzt langsam als längerfristig von nun an ansehen.
Wenn man das mit der Dividente so hört und die Suche nach einem starken Partner...

[Icebear99]

....TPI, the second most active stock, rose 2.9% to Bt10.50 on rumours that the company may scrap a plan to reduce capital.

[Reimund11]

Guten Tag
TPI heute nach zahlen nicht gehandelt.
Meldung
Symbol: TPI
Headline: Reviewed Quarter-1 and Consolidated F/S (F45-3)
Time: 18 May 2004 08:43:47


TPI reports reviewed quarterly financial statements as follows.
Thai Petrochemical Industry Pcl.

Reviewed
Ending March 31, (In thousands)

Quarter 1

Year 2004 2003

Net profit (loss) 2,446,705 322,527
EPS (baht) 0.31 0.04

Type of report : Unable to reach any conclusion

Comment : 1. Please see details in financial statements, auditor`s report
and remarks from SET Information Management System

"The company hereby certifies that the information above is correct and
complete. In addition, the company has already reported and disseminated
its financial statements in full via the SET Electronic Listed Company
Information Disclosure (ELCID), and has also submitted the original report
to the Securities and Exchange Commission."


Signature..........................
(Mr.Suwit Nivartvong)
for
Plan Administrator
Thai Petrochemical Industry Plc.
Authorized to sign on behalf of the company

MFG Reimund

[kosto1929]

Das hört sich doch gut an, nur dürfte es einen Abschwächung des Geschäfts geben (wg. China)

[Reimund11]

Hi Kosto
Es gibt noch 2 weitere Meldungen.
Mich wundert nur das das hier noch keiner gemerkt hat.
Wenn dem so ist, wie es in den anderen meldungen steht ist TPI ein ganz klarer kauf.
Haben angeblich den umsatz um 600% gesteigert.
Das war immer meine hoffnung, hoher Ölpreis, dann läuft TPI alleine.
Meldungen kamen sehr überaschend, daher kein Handel.
Lassen wir uns überaschen.
MFG Reimund

[Benx]

kaufempfehlung TOC Thai Olefins

Sent: Monday, May 17, 2004 7:25 AM
Subject: Thai Olefins (Buy 1): Q104 ahead of expectation

Thai Olefins (Buy 1)
Q104 ahead of expectation

* Net profit ahead of expectation:
TOC reported Q104 pre-ex net profit of Bt763m, up 12% YoY. The result
was 7% ahead of our expectation for Bt710m and equivalent to about
27%
of our 2004 forecast. The result was also slightly ahead of Reuters
consensus estimates.

* Strong regional cash margins:
The pre-ex net profit was the second best result in company history
and was achieved despite the planned 10-day shutdown of TOC`s plant
during the quarter. The strong performance was underpinned by
widening
cash margins for both ethylene and propylene in the Asia region.

* Thai Olefins is our top pick in Thai chemicals:
We view Thai Olefins as a competitive growth company. Its large new
expansion projects (300,000tpa ethylene and 300,000tpa MEG) will
enjoy
the competitive advantage of cheap domestically sourced ethane
feedstock provided by TOC`s integrated gas company parent, PTT. Thai
Olefins is trading on P/Es of 14.1x (04E), 6.8x (05E) and 4.9x (06E).

* Valuation: Price target Bt90/share:
We value TOC using an asset-based valuation approach that assumes a
long-term return on replacement cost of 22.2% for TOC`s combined
existing and future capacity and a WACC of 11.2%. TOC is our top pick
in the Thai chemical sector.

[Icebear99]

Friday May 21, 3:42 PM
Thai Petchem`s Potential Partners Include PTT,Siam Cement

BANGKOK (Dow Jones)--Thailand`s oil and gas conglomerate PTT PCL (PTT.TH) and industrial conglomerate Siam Cement PCL (SCC.TH) are among potential partners for Thai Petrochemical Industry PCL (TPI.TH), a member of TPI`s court-appointed administrator said Friday.

TPI is the country`s biggest debt defaulter, owing a total of $2.95 billion.

Under the administrator`s proposed revised debt plan, which involves a debt-to-equity swap, creditors will eventually own a 90% stake in the company and are bound to find new partners.

"It is part of the deal that after creditors take control, they will seek experts in the field to run TPI...Since it is indicated in the plan that the new partners must be local operators, it means that PTT and Siam Cement stand a good chance to become TPI`s partners," Siri Jirapongphan, a member of the administrating team, told Dow Jones Newswires.

However, the decision on new partners will depend largely on TPI`s creditors, he said. Creditors are likely to vote on whether to approve the debt restructuring plan in June.

The revised debt plan, which calls for capital write down, debt hair cut, rescheduling and debt-to-equity swap, is still pending the approval from the company`s creditors and the Bankruptcy Court.

The Business Day reported Friday that TPI`s major creditor, Bangkok Bank PCL (BBL.TH), has given the green light for the company to bring in new potential partners such as PTT and Siam Cement PCL.

TPI`s major creditors also include the International Finance Corp., Kreditanstalt fuer Wiederaufbau (KFW.YY), Citibank, the U.S. Export-Import Bank, Bank of Ayudhya PCL (BAY.TH) and Sukhumvit Assets Management Ltd., a unit of Krung Thai Bank PCL`s (KTB.TH).

Hopes for possible strong partners pushed up TPI`s stock Friday, ending the morning session up 0.65 baht ($1=THB40.718), or 7.5%, at THB9.35. The Stock Exchange of Thailand was up 12.06 points, or 2%, at 611.94 points.

[kosto1929]

Thai Petrochemical: hoher Gewinn

Bangkok 18.05.04 (asia-economy.de) Der thailändische Ölkonzern Thai Petrochemical Industry hat am Dienstag sein Ergebnis für das erste Quartal vorgelegt und einen deutlichen Gewinnanstieg verbucht. Gegenüber dem Vorjahr hat der Konzern seinen Nettogewinn von 322,5 Mio. THB auf 2,446 Mrd. THB gesteigert. Der Gewinn je Aktie ist dementsprechend von 0,04 THB auf 0,31 THB gestiegen.

[Icebear99]

THAI PETROCHEMICAL INDUSTRY

Prachai in bid to overturn debt swap

Calls for new deal at 20 baht per TPI share

Post reporters

Prachai Leophairatana, the founder of Thai Petrochemical Industry Plc, has petitioned the Supreme Court to declare invalid any juristic transactions, including debt-to-equity swaps, conducted during the term of the company`s former rehabilitation planner.

If the court rules in favour of his petition, Mr Prachai said, the debt-to-equity swap managed under Effective Planners would be invalid as well. It involved 5.8 billion shares at 5.5 baht each.

``This is unfair because the swap price was much lower than the book value which was at 17 baht,`` he said yesterday.

Mr Prachai said he had also submitted a proposal to the Finance Ministry to conduct a new debt-to-equity swap at 20 baht a share.

``If all of our requests are approved, the outstanding debts of TPI will be dramatically reduced to 20 billion baht from 150 billion baht currently,`` he said. ``With TPI`s current strong financial status with estimated earnings before interest, tax, depreciation and amortisation [EBITDA] of 17-18 billion baht a year, all remaining debts would be repaid within few years.``

Mr Prachai ruled out reports that he had agreed with the new debt restructuring plan proposed by the current plan administrator, appointed by the Finance Ministry, saying that his strong opposition remained unchanged.

TPI shares closed yesterday at 9.40 baht, down 35 satang, in trade worth 2.6 billion baht.

[Reimundst]

Guten Morgen
Werde mir wohl eine position aufbauen.
Öl preiß dürfte entgegen kommen.
MFG Reimund

[Reimundst]

Guten Tag
Habe heute position aufgebaut.
Allen Investierten viel Glück.
MFG Reimund

[Reimundst]

Guten Morgen
Ist noch einer außer Ich hier investiert??.
Ich werde das Gefühl nicht los, das hier bald was geht.
Es war bisher immer so bei TPI.
MFG Reimund

[Reimundst]

Tpi schließt heute auf Tageshoch in Thailan.
Das ende ist noch lange nicht in Sicht.
TPI : THAI PETROCHEMICAL INDUST
Sign :
Last Change %Change Par Ceiling Floor
6.80 +0.25 +3.82 10.00 8.50 4.60


Prior Open High Low
6.55 6.50 6.80 6.45


Average Price* Volume (Shares) Value (`000 Baht)
6.68 13,032,300 87,103

* Only Auto-Matching on Mainboard
Bid
Volume (Shares) Price
211,600 6.75
153,500 6.70
275,000 6.65
Offer
Price Volume (Shares)
6.80 270,100
6.85 388,600
6.90 727,100


MFG Reimund

[Icebear99]

Ich bin natürlich noch dick investiert.
Warum auf einmal Dein plötzlicher Optimismus, dass bald was passieren wird?

Gruß Eisi

[kosto1929]

Z.Zt. wohl auf der Kippe - Öl ist im kurzfr. Rückwärtsgang.

[kosto1929]

Wie seht ihr das Schuldenproblem?

[Reimundst]

Hallo zusammen.
Es hat sich einiges getan bei TPI.
Die Hompage ist nun aktuell.
Das ist nicht der einziege grund.
Ich habe mir über Wochen den Handel von TPI,CPF,ITD angesehen, diereckt in Thailand.
Dann hat TPI Zahlen gebracht, die ich auf der seite der Thaibörse noch nicht gesehen habe, sondern als Pop Up auf der seite von TPI, und die lassen einiges erhoffen.
Haben Ihre Gewinne gesteigert, was im Kurs nicht eingepreist ist.
Der heutige Handel läst ebenfalls auf weiter steigende Kurse hoffen.
5Min vor Handelsschluß ging TPI erst hoch, um dan in der Auktion auf Tageshoch zu schließen.
Das Volumen stieg zum schluß sehr stark an.
Zum Schulden problem.
Ich denke das das vom Tisch ist,nach der damaliegen ausetzung.
Sehe im gesamten Thaimarkt viel potential.
Bin sehr zufrieden mit dem Invest.
Nach meiner berechnung müßsten wir die 9Bhat sehr bald wiedersehen.
TPI müßte meiner meinung nach vom hohen öl preis profitiert haben, zumal Gas auch anzieht.

Wünsche allen eine Glückliche Hand und gute Gewinne.
MFG Reimund

[Icebear99]

Also die Inet seite ist noch genauso wie vor einem Jahr.
Und aktuell naja...

Die Zahlen, die rausgebracht wurden, die sind schon veröffentlicht, deswegen wurde ja auch tpi einen Tag ausgesetzt.

Der Handel in Thailand...wo sind die Umsätze bei TPI?
die waren früher um das 20fache höher.

Und was ist mit den neuen Aktien für weniger als 3 Baht?!

Ich hoffe mal auf gute Partnerschaft mit PTT.

Die Zahlen an sich waren nicht schlecht.

Hoffen wir das beste

Gruß Eisi

[Reimundst]

Hi Eisi
Nach diesen Zahlen, wurde TPI nicht ausgesezt.
Ich stell sie mal rein.
Thai Petrochemical Industry Public Company Limited
Fully Integrated Petrochemical Complex
M9R
Financial Restructuring Plan
August’2004
Pro-Forma Financial Statements-Post Debt Restructuring
Executive Summary
1. Reduction of existing Debt US$ 2,640m to US$ 500 million, the Reduced Debt of US$ 2,140 million
(US$2,640 minus US$500) plus Accrued Interest US$752m (for year 1998-2000) totaling US$ 2,892m are
converted into equity @ THB 20 per share i.e. 5,899 million shares (75% stake) to replace the existing
Creditors’ equity which was obtained unfairly @ THB 5.52 per share, in exchange for Accrued interest
during year 1998 to 2000. Write-off of accrued interest (on Tier 2) of around US$233m.
2. Interest Payment @ 3.50% p.a. i.e. MLR minus 1% (THB loan) and LIBOR plus 1% (FC loan)
3. Repayment schedule 4 years (US$125m per year), as per projections repayment (with cash sweep)
turns out to be 2 years
4. Refinery operation are taken at 184,000 bpd i.e. Potential of more throughput of 31,000 bpd is
available
5. Compulsory to buy-back the new shares (5,899m) by major shareholders and Company in 4 years at
Issue price (THB 20) plus Interest at MLR
-
6. IFC and Other Creditors can have option to Covert debt into Zero Coupon Convertible Bond maturing
in 4 years with 6% interest (p.a.) and option to convert into Equity share @ THB 50 per share
7. Post Debt restructuring the Company becomes Investment grade with average (4years) ICR 52.2 and
DSCR 3.6 and Equity value becomes THB 22 per share by DCF method. 1
Visit www.tpipolene.com OR www.prachai.com
TPI AND 6 SUBSIDIARIES CO.
Income Statement
Unit : `000 Baht
Crude consumption (bbl per day) 128K 184K 184K 184K 184K 184K 184K 184K 184K 184K 184K
Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
1 2 3 4 5 6 7 8 9 10 Average
Total (2003) Total (2004) Total (2005) Total (2006) Total (2007) Total (2008) Total (2009) Total (2010) Total (2011) Total (2012) Total (2013) 2004-13
Exchange Rate (Baht/USD) 41.58 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00
Sales Revenues
Polymers 25,836,052 31,748,715 37,349,748 30,480,081 26,372,848 23,083,971 21,008,286 24,979,737 31,145,246 40,059,287 32,754,083 29,898,200
Lube Products 10,158,060 7,120,491 7,196,341 7,273,094 7,351,992 7,429,987 7,379,314 7,591,565 7,673,360 7,755,359 7,839,328 7,461,083
Aromatics 3,766,001 3,821,152 3,917,923 3,937,145 3,949,424 3,966,190 3,991,929 4,060,505 4,023,430 4,127,900 3,960,710 3,975,631
Solvent 810,026 529,848 545,976 551,054 556,131 561,358 566,585 571,961 577,188 582,713 588,089 563,090
Refined Products 42,825,715 60,933,144 62,202,547 62,708,136 63,224,480 63,738,053 64,268,048 64,790,629 65,324,333 65,870,600 66,407,091 63,946,706
Olefin Products 4,778,765 8,014,985 8,792,149 8,015,099 7,520,156 7,101,999 6,876,008 7,444,475 8,279,189 9,295,455 8,520,503 7,986,002
Polyol Products 699,387 578,811 607,751 638,139 670,046 703,548 738,725 775,662 814,445 855,167 897,925 728,022
Total Sales Revenues 88,874,007 112,747,147 120,612,436 113,602,748 109,645,077 106,585,107 104,828,895 110,214,534 117,837,191 128,546,481 120,967,730 114,558,735
Other Revenues 2,740,674 3,208,942 3,398,211 3,338,946 3,319,338 3,312,229 3,322,803 3,424,850 3,556,483 3,728,496 3,671,002 3,428,130
Transportation 146,767 127,663 136,568 128,631 124,150 120,685 118,697 124,795 133,426 145,552 136,971 129,714
Electricity & steam & demin water 1,604,961 1,457,432 1,466,173 1,475,001 1,483,917 1,492,922 1,502,017 1,511,203 1,520,482 1,529,852 1,539,317 1,497,832
Port & Storage & other sales 618,198 1,234,562 1,386,720 1,306,127 1,260,625 1,225,443 1,205,251 1,267,172 1,354,812 1,477,940 1,390,805 1,310,946
Others Revenue i.e minimart 370,748 389,285 408,750 429,187 450,646 473,179 496,838 521,680 547,764 575,152 603,909 489,639
Total Revenues 91,614,681 115,956,089 124,010,646 116,941,695 112,964,415 109,897,336 108,151,699 113,639,384 121,393,674 132,274,977 124,638,732 117,986,865
Cost of Goods Sold 80,318,392 94,545,383 95,736,566 95,346,890 95,592,257 95,856,814 96,406,761 98,137,621 100,332,821 103,011,224 102,770,006 97,773,634
Raw material - Exclude Polyol Products 63,140,845 74,063,297 75,467,294 74,871,075 74,858,596 74,849,461 75,093,220 76,431,549 78,189,088 80,382,448 79,808,384 76,401,441
Raw material - Polyol Products 414,500 423,602 444,782 467,021 490,372 514,891 540,636 567,667 596,051 625,853 657,146 532,802
Excise Tax 8,251,306 10,143,540 10,143,540 10,143,540 10,143,540 10,143,540 10,143,540 10,143,540 10,143,540 10,143,540 10,143,540 10,143,540
Chemical and other utilities 2,526,057 4,070,793 3,606,923 3,578,427 3,577,831 3,577,394 3,589,045 3,653,009 3,737,010 3,841,841 3,814,404 3,704,668
Repair and maintenance 849,055 1,110,927 1,132,183 1,123,622 1,123,784 1,124,014 1,128,033 1,148,397 1,175,033 1,208,190 1,200,095 1,147,428
Electricity & Steam purchase 1,554,890 1,223,619 1,235,856 1,248,214 1,260,696 1,273,303 1,286,036 1,298,897 1,311,886 1,325,004 1,338,254 1,280,177
Insurance Premium 623,442 607,065 634,142 662,573 692,425 723,770 756,682 791,240 827,525 865,625 905,630 746,668
Salary and Wages 1,977,178 1,999,028 2,138,960 2,288,687 2,448,895 2,620,318 2,803,740 3,000,002 3,210,002 3,434,702 3,675,131 2,761,947
RTT Tank Rental 421,586 316,000 316,000 316,000 316,000 316,000 316,000 316,000 316,000 316,000 316,000 316,000
Other overheads 559,534 587,510 616,886 647,730 680,117 714,122 749,829 787,320 826,686 868,020 911,421 738,964
Gross Profit 11,296,289 21,410,706 28,274,081 21,594,804 17,372,158 14,040,522 11,744,938 15,501,764 21,060,853 29,263,753 21,868,726 20,213,231
Cash Gross Profit Margin (%) 12% 18% 23% 18% 15% 13% 11% 14% 17% 22% 18% 17%
Selling and Administrative Expense
Salary and wages 853,060 877,052 938,446 1,004,137 1,074,426 1,149,636 1,230,111 1,316,219 1,408,354 1,506,939 1,612,424 1,211,774
Selling expense 891,892 1,063,659 1,065,456 1,067,343 1,069,325 1,071,405 1,073,589 1,075,883 1,078,291 1,080,820 1,083,475 1,072,925
Selling expense - Polyol Products 12,508 11,661 12,244 12,856 13,499 14,174 14,883 15,627 16,408 17,229 18,090 14,667
Insurance - H/O 18,689 30,350 30,350 30,350 30,350 30,350 30,350 30,350 30,350 30,350 30,350 30,350
Bank Charge 74,300 87,153 88,805 88,103 88,089 88,078 88,365 89,940 92,008 94,589 93,913 89,904
Other admin. exp. 535,427 556,788 584,628 613,859 644,552 676,780 710,619 746,150 783,457 822,630 863,761 700,322
Total 2,385,876 2,626,664 2,719,929 2,816,649 2,920,241 3,030,423 3,147,916 3,274,168 3,408,868 3,552,556 3,702,014 3,119,943
EBITDA (`000 Baht) 8,910,413 18,784,043 25,554,152 18,778,155 14,451,917 11,010,099 8,597,021 12,227,596 17,651,985 25,711,197 18,166,712 17,093,288
EBITDA Margin (%) 10% 16% 21% 16% 13% 10% 8% 11% 15% 19% 15% 14%
EBITDA (`000 USD) 214,271 469,601 638,854 469,454 361,298 275,252 214,926 305,690 441,300 642,780 454,168 427,332
Act. EBITDA 2001 = 119,120 (`000 USD)
Depreciation & Amortization - Plant 4,199,359 3,170,007 3,261,115 3,350,552 3,438,050 3,523,334 3,606,126 3,686,146 3,763,114 3,836,744 3,906,754 3,554,194
Depreciation & Amortization - H/O 154,706 159,347 164,127 169,051 174,123 179,346 184,727 190,268 195,976 201,856 207,911 182,673
Loss from impairment of assets 35,481 (14,312,227) 0 0 0 0 0 0 0 0 0 (1,431,223)
Doubtful account (48,909) (9,124,476) 419 419 419 419 419 419 419 419 419 (912,070)
Loss from LCM 0 0 0 0 0 0 0 0 0 0 0 0
EBIT (`000 Baht) 4,569,776 38,891,391 22,128,491 15,258,132 10,839,325 7,306,999 4,805,750 8,350,762 13,692,476 21,672,178 14,051,627 15,699,713
Guarantee Fee + Front-end Fee 18,485 19,409 20,380 21,399 22,469 23,592 24,772 26,010 27,311 28,676 30,110 24,413
Restructuring Cost 488,195 126,000 0 0 0 0 0 0 0 0 0 12,600
Penalty Charge of Port License 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income (72,973) (71,070) (71,070) (1,183,160) (1,602,657) (1,897,729) (2,127,500) (2,436,959) (2,872,061) (3,488,439) (3,961,285) (1,971,193)
Interest + Tax - W/C 152,093 126,041 126,041 126,041 126,041 126,041 126,041 126,041 126,041 126,041 126,041 126,041
Interest + Tax - New W/C 0 182,217 185,187 185,187 185,187 185,187 185,187 185,187 185,187 185,187 185,187 184,890
Interest + Tax - Tier 1 3,851,621 243,934 0 0 0 0 0 0 0 0 0 24,393
Interest + Tax - Tier 2 2,497,949 0 0 0 0 0 0 0 0 0 0 0
F/X realized loss / (gain) (699,341) 0 0 0 0 0 0 0 0 0 0 0
F/X unrealized loss / (gain) (4,548,622) 0 0 0 0 0 0 0 0 0 0 0
(Gain) / Loss from sales of Investment / As 0 0 0 0 0 0 0 0 0 0 0 0
Total Financial Exp. 1,687,407 626,532 260,538 (850,533) (1,268,961) (1,562,909) (1,791,500) (2,099,721) (2,533,522) (3,148,535) (3,619,947) (1,598,856)
Equity in (gain) / loss of subsidiaries 24,112
Net Profit before extra item 2,858,257 38,264,860 21,867,953 16,108,666 12,108,286 8,869,908 6,597,250 10,450,483 16,225,998 24,820,713 17,671,574 17,298,569
Income Tax 766 0 0 0 328,529 605,316 160,660 1,191,735 2,969,912 5,725,392 3,588,639 1,457,018
Extra item - reverse int. exp. on default 0
Extra item - (gain) on debt restructuring 311,390 (94,730,132)
Net Profit / (Loss) 2,546,102 132,994,992 21,867,953 16,108,666 11,779,757 8,264,593 6,436,590 9,258,748 13,256,086 19,095,321 14,082,935 25,314,564
2-3
TPI AND 6 SUBSIDIARIES CO.
Balance Sheet
Unit : `000 Baht
Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Period 1 2 3 4 5 6 7 8 9 10
Year 2003 Year 2004 Year 2005 Year 2006 Year 2007 Year 2008 Year 2009 Year 2010 Year 2011 Year 2012 Year 2013
Assets
Current Assets
Cash on hand and in banks 2,357,711 4,608,023 20,150,123 37,128,824 49,409,546 58,059,543 64,806,867 73,878,332 86,614,148 104,638,786 118,475,421
Short term investment 24,966 24,966 24,966 24,966 24,966 24,966 24,966 24,966 24,966 24,966 24,966
Notes Receivable 937,852 937,852 937,852 937,852 937,852 937,852 937,852 937,852 937,852 937,852 937,852
Accounts and Notes Receivable - others 2,451,009 2,926,886 3,359,840 2,938,078 2,693,724 2,501,615 2,388,074 2,698,488 3,143,621 3,759,345 3,312,697
Accounts and Notes Receivable - related co. 554,323 554,323 554,323 554,323 554,323 554,323 554,323 554,323 554,323 554,323 554,323
Allowance for Doubtful A/C (194,816) (194,816) (194,816) (194,816) (194,816) (194,816) (194,816) (194,816) (194,816) (194,816) (194,816)
Loan to related co. 6,765,975 6,765,975 6,765,975 6,765,975 6,765,975 6,765,975 6,765,975 6,765,975 6,765,975 6,765,975 6,765,975
Allowance for Doubtful A/C (9,128,164) (3,688) (4,107) (4,527) (4,946) (5,365) (5,785) (6,204) (6,623) (7,042) (7,462)
Advance to related co. 948,624 948,624 948,624 948,624 948,624 948,624 948,624 948,624 948,624 948,624 948,624
Other Receivable 2,078,010 2,078,010 2,078,010 2,078,010 2,078,010 2,078,010 2,078,010 2,078,010 2,078,010 2,078,010 2,078,010
Inventory 18,868,480 19,855,366 19,970,082 19,921,671 19,921,906 19,921,807 19,942,052 20,051,615 20,194,730 20,373,617 20,327,076
Other Current Assets 755,606 757,306 759,006 760,706 762,406 764,106 765,806 767,506 769,206 770,906 772,606
Accrued Interest Rcvd. 3,334,169 3,388,630 3,443,092 4,609,644 6,195,693 8,076,814 10,187,705 12,608,057 15,463,509 18,935,341 22,880,017
Total Current Assets 29,753,745 42,647,458 58,792,970 76,469,331 90,093,264 100,433,454 109,199,654 121,112,728 137,293,526 159,585,887 176,875,292
Investment and loans 13,872,415 19,059,220 19,059,220 19,059,220 19,059,220 19,059,220 19,059,220 19,059,220 19,059,220 19,059,220 19,059,220
Property , Plant and equipment (net) 68,648,134 75,922,638 74,531,537 72,914,903 71,069,702 68,993,355 66,683,753 64,139,280 61,358,830 58,341,827 55,088,237
Appraisal increment on assets 26,615,791 25,117,791 23,619,791 22,121,791 20,623,791 19,125,791 17,627,791 16,129,791 14,631,791 13,133,791 11,635,791
Other Assets 2,082,090 2,082,090 2,082,090 2,082,090 2,082,090 2,082,090 2,082,090 2,082,090 2,082,090 2,082,090 2,082,090
Total Assets 140,972,175 164,829,197 178,085,608 192,647,335 202,928,067 209,693,910 214,652,508 222,523,109 234,425,458 252,202,815 264,740,630
Liabilities and Shareholders` Equity
Current Liabilities
Bank overdraft 238,622 238,622 238,622 238,622 238,622 238,622 238,622 238,622 238,622 238,622 238,622
Loans from banks 3,264,117 3,437,370 3,437,370 3,437,370 3,437,370 3,437,370 3,437,370 3,437,370 3,437,370 3,437,370 3,437,370
Account and Notes Payable - others 6,481,864 6,500,689 6,632,494 6,583,555 6,582,531 6,581,781 6,601,789 6,711,642 6,855,905 7,035,941 6,988,820
Account and Notes Payable - related co. 298,784 298,784 298,784 298,784 298,784 298,784 298,784 298,784 298,784 298,784 298,784
Other Payable 809,457 678,494 547,530 547,530 547,530 547,530 547,530 547,530 547,530 547,530 547,530
Advance from related co. 110,240 110,240 110,240 110,240 110,240 110,240 110,240 110,240 110,240 110,240 110,240
Accrued Interest Payable - others 9,339,817 0 0 0 0 0 0 0 0 0 0
Accrued Interest Payable - related co. 22,899 22,899 22,899 22,899 22,899 22,899 22,899 22,899 22,899 22,899 22,899
Current portion of L/T debts 85,336 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 1,922,358 1,922,358 1,922,358 1,922,358 1,922,358 1,922,358 1,922,358 1,922,358 1,922,358 1,922,358 1,922,358
Total Current Liabilities 22,573,494 13,209,456 13,210,298 13,161,359 13,160,334 13,159,585 13,179,593 13,289,446 13,433,708 13,613,744 13,566,624
Other non-current liabilities 269,854 269,854 269,854 269,854 269,854 269,854 269,854 269,854 269,854 269,854 269,854
L/T Liabilities 105,390,316 7,114,383 0 0 0 0 0 0 0 0 0
Total Liabilities 128,233,664 20,593,693 13,480,152 13,431,213 13,430,188 13,429,439 13,449,447 13,559,300 13,703,562 13,883,598 13,836,478
Minority Interest 44 44 44 44 44 44 44 44 44 44 44
Shareholders` Equity
Capital 78,489,112 78,489,112 78,489,112 78,489,112 78,489,112 78,489,112 78,489,112 78,489,112 78,489,112 78,489,112 78,489,112
Premium on share capital (32,048,531) (32,048,531) (32,048,531) (32,048,531) (32,048,531) (32,048,531) (32,048,531) (32,048,531) (32,048,531) (32,048,531) (32,048,531)
Premium from sales of share exceeding par value 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839
Premium on change in % of holding in asso. Co. 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000
Unrealized increment on land & bldg. appraisal 6,042,706 5,836,706 5,630,706 5,424,706 5,218,706 5,012,706 4,806,706 4,600,706 4,394,706 4,188,706 3,982,706
Unrealized increment on machinery appraisal 20,572,148 19,280,148 17,988,148 16,696,148 15,404,148 14,112,148 12,820,148 11,528,148 10,236,148 8,944,148 7,652,148
Unrealized increment of assets of asso. Co. 13,073,945 13,073,945 13,073,945 13,073,945 13,073,945 13,073,945 13,073,945 13,073,945 13,073,945 13,073,945 13,073,945
Unrealized gain / (loss) on M/K security 8,935,486 8,935,486 8,935,486 8,935,486 8,935,486 8,935,486 8,935,486 8,935,486 8,935,486 8,935,486 8,935,486
Retained Earnings
Appropriated - Statutory Reserve 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000
Unappropriated (86,359,219) 46,635,774 68,503,727 84,612,392 96,392,149 104,656,741 111,093,331 120,352,079 133,608,165 152,703,487 166,786,422
Own shares held by Subsidiaries (204,020) (204,020) (204,020) (204,020) (204,020) (204,020) (204,020) (204,020) (204,020) (204,020) (204,020)
Total Shareholders` Equity 12,738,511 144,235,504 164,605,457 179,216,122 189,497,879 196,264,471 201,203,061 208,963,809 220,721,895 238,319,217 250,904,152
Total Liabilities & Shareholders` Equity 140,972,176 164,829,197 178,085,608 192,647,335 202,928,067 209,693,910 214,652,508 222,523,109 234,425,458 252,202,815 264,740,630
4
TPI AND 6 SUBSIDIARIES CO.
Cash Flow Statement (Indirect Cash Flow)
Unit : `000 Baht
Crude consumption bbl per day 128K 184K 184K 184K 184K 184K 184K 184K 184K 184K 184K
Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Period 1 2 3 4 5 6 7 8 9 10
Total (2003) Total (2004) Total (2005) Total (2006) Total (2007) Total (2008) Total (2009) Total (2010) Total (2011) Total (2012) Total (2013)
Exchange Rate (Baht/USD) 41.58 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00
EBITDA 8,910,413 18,784,043 25,554,152 18,778,155 14,451,917 11,010,099 8,597,021 12,227,596 17,651,985 25,711,197 18,166,712
Cash flow from operating activities
Accounts and notes receivable 522,144 (475,877) (432,953) 421,762 244,354 192,109 113,541 (310,414) (445,132) (615,724) 446,648
Inventories (4,886,245) (986,886) (114,716) 48,411 (235) 99 (20,245) (109,563) (143,116) (178,886) 46,540
Other Receivable 192,474 0 0 0 0 0 0 0 0 0 0
Other Current Assets 357,748 (1,700) (1,700) (1,700) (1,700) (1,700) (1,700) (1,700) (1,700) (1,700) (1,700)
Accounts and notes payable 1,147,926 18,825 131,805 (48,939) (1,024) (750) 20,008 109,853 144,263 180,036 (47,120)
Other payables 137,831 (130,964) (130,964) 0 0 0 0 0 0 0 0
Other current liablities 231,692 (19,409) (20,380) (21,399) (22,469) (23,592) (24,772) (26,010) (27,311) (28,676) (30,110)
Net cash flow from operating activities 6,613,983 17,188,033 24,985,244 19,176,290 14,670,843 11,176,265 8,683,854 11,889,762 17,178,989 25,066,246 18,580,970
Cash flow from investing activities
Short-Term investments 365,714 0 0 0 0 0 0 0 0 0 0
Loan to related parties (15,734) 0 0 0 0 0 0 0 0 0 0
Advance to related parties (109,629) 0 0 0 0 0 0 0 0 0 0
Property, plant and equipment (154,012) (1,563,772) (2,034,140) (1,902,969) (1,766,972) (1,626,333) (1,481,250) (1,331,942) (1,178,640) (1,021,596) (861,076)
Other assets 26,846 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 14,432 0 0 0 0 0 0 0 0 0 0
Net cash flow from investing activities 127,617 (1,563,772) (2,034,140) (1,902,969) (1,766,972) (1,626,333) (1,481,250) (1,331,942) (1,178,640) (1,021,596) (861,076)
Cash flow from financing activities
Loans from Banks (958,513) 173,253 0 0 0 0 0 0 0 0 0
Gain / (loss) from forward , swap 90,093 0 0 0 0 0 0 0 0 0 0
Interest Receipt 13,914 16,608 16,608 16,608 16,608 16,608 16,608 16,608 16,608 16,608 16,608
Interest Payment - for operation (122,566) (308,258) (311,228) (311,228) (311,228) (311,228) (311,228) (311,228) (311,228) (311,228) (311,228)
Interest Payment - for Tier 1 (2,587,906) (243,934) 0 0 0 0 0 0 0 0 0
Interest Payment - for Tier 1 (W/H) (44,460) 0 0 0 0 0 0 0 0 0 0
Income Tax 0 0 0 0 (328,529) (605,316) (160,660) (1,191,735) (2,969,912) (5,725,392) (3,588,639)
Restructuring Fee & Committee Fee (419,973) (126,000) 0 0 0 0 0 0 0 0 0
Loan from related parties (142,036) 0 0 0 0 0 0 0 0 0 0
Debt Repurchase 0 (428,008) 0 0 0 0 0 0 0 0 0
Long-Term Loans (3,419,742) 0 0 0 0 0 0 0 0 0 0
Share Capital 0 0 0 0 0 0 0 0 0 0 0
Premium on share capital 0 0 0 0 0 0 0 0 0 0 0
Net cash flow from financing activities (7,591,189) (916,339) (294,620) (294,620) (623,149) (899,936) (455,280) (1,486,355) (3,264,532) (6,020,012) (3,883,259)
Increase (decrease) in cash (849,589) 14,707,923 22,656,483 16,978,701 12,280,721 8,649,997 6,747,324 9,071,465 12,735,817 18,024,638 13,836,635
Beginning Cash 3,207,299 2,357,710 4,608,023 20,150,123 37,128,824 49,409,546 58,059,543 64,806,867 73,878,332 86,614,148 104,638,786
Principal Repayment 0 (12,457,609) (7,114,383) 0 0 0 0 0 0 0 0
Ending Cash 2,357,710 4,608,023 20,150,123 37,128,824 49,409,546 58,059,543 64,806,867 73,878,332 86,614,148 104,638,786 118,475,421
5
THAI PETROCHEMICAL INDUSTRY PUBLIC COMPANY LIMITED
Refinery at 184,000 bpd
Financial Ratios
Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
2002 1 2 3 4 5 6 7 8 9 10
EP 2003 2004 2005 2006 # 2007 2008 2009 2010 2011 2012 2013
(mio baht)
Outstanding Debt 118,864 105,390 7,114 0 0 0 0 0 0 0 0 0
Shareholders Equity 964 12,739 144,236 164,605 179,216 189,498 196,264 201,203 208,964 220,722 238,319 250,904
Revenue 70,308 91,615 115,956 124,011 116,942 112,964 109,897 108,152 113,639 121,394 132,275 124,639
EBITDA 7,134 8,910 18,784 25,554 18,778 14,452 11,010 8,597 12,228 17,652 25,711 18,167
Interest 6,874 6,502 552 311 311 311 311 311 311 311 311 311
Net Profit (4,216) 2,546 132,995 21,868 16,109 11,780 8,265 6,437 9,259 13,256 19,095 14,083
EBITDA % 10.1 9.7 16.2 20.6 16.1 12.8 10.0 7.9 10.8 14.5 19.4 14.6
Net Profit % (6.0) 2.8 114.7 17.6 13.8 10.4 7.5 6.0 8.1 10.9 14.4 11.3
Debt / Equity 123.26 8.27 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Coverage Ratio 1.04 1.37 34.02 82.11 60.34 46.44 35.38 27.62 39.29 56.72 82.61 58.37
(EBITDA/Interest payments)
Debt Service Coverage Ratio 3.38 4.81 60.34 46.44 35.38 27.62 39.29 56.72 82.61 58.37
EBITDA/(Repayments+Interest payments)
(4 Years Repayment)
Return on equity (ROE) 22.3% 10.3% 13.3% 9.0% 6.2% 4.2% 3.2% 4.4% 6.0% 8.0% 5.6%
Return on investment (ROI) 2.4% 9.8% 13.3% 9.0% 6.2% 4.2% 3.2% 4.4% 6.0% 8.0% 5.6%
Price Earning Ratio (P/E) 60.47 10.38 7.04 9.56 13.07 18.63 23.92 16.63 11.61 8.06 10.93
Cash Price Earning Ratio (CPER) 63.91 8.44 6.10 8.34 10.89 14.39 18.58 12.92 8.88 6.06 8.62
Cash EPS (baht per share) 0.31 2.32 3.22 2.35 1.80 1.36 1.06 1.52 2.21 3.24 2.27
EPS (baht per share) (0.54) 0.32 1.89 2.79 2.05 1.50 1.05 0.82 1.18 1.69 2.43 1.79
EPS (USD per share) (0.01) 0.01 0.05 0.07 0.05 0.04 0.03 0.02 0.03 0.04 0.06 0.04
Book Value (baht per share) 0.12 1.62 18.38 20.97 22.83 24.14 25.01 25.63 26.62 28.12 30.36 31.97
Book Value (USD per share) 0.00 0.04 0.46 0.52 0.57 0.60 0.63 0.64 0.67 0.70 0.76 0.80
% Increase in Book Value 1220.9% 1032.3% 14.1% 8.9% 5.7% 3.6% 2.5% 3.9% 5.6% 8.0% 5.3%
Equity Value (baht per share) by DCF Method 22.30
Increase in Share Capital
New Equity (Mio USD) 2,893 # The DSCR is going up due to all Long Term Debt is paid off by year 2005
New Equity (Mio Baht) 115,703
Price Per Share (USD) 0.49
Price Per Share (Baht) 19.61
No. of New Shares (mio) 5,899 75%
No. of Existing Shares (mio) 1,950 25%
Total No. of Shares (mio) 7,849 100%
Exchange Rate 1 USD=Bt 40 40.00
6
Debt - Equity Movement
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
million USD
Shareholders Equity Outstanding Debt
Sales -EBITDA Trend
0
100
200
300
400
500
600
700
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
EBITDA - million USD
1,000
1,500
2,000
2,500
3,000
3,500
SALES - million USD
EBITDA Sales Revenue
7
THAI PETROCHEMICAL INDUSTRY PUBLIC COMPANY LIMITED
Refinery at 184,000 bpd
Discounted Cash Flow Analysis
(dollars in millions, except per share data)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
EBITDA 469.6 638.9 469.5 361.3 275.3 214.9 305.7 441.3 642.8 454.2
Less: Depreciation (83.2) (85.6) (88.0) (90.3) (92.6) (94.8) (96.9) (99.0) (101.0) (102.9)
EBITA 386.4 553.2 381.5 271.0 182.7 120.2 208.8 342.3 541.8 351.3
Less: Taxes 0.0 0.0 0.0 (36.4) (40.6) (26.7) (52.2) (95.9) (162.5) (105.4)
Tax-effected EBITA 386.4 553.2 381.5 234.6 142.1 93.5 156.6 246.5 379.3 245.9
Plus: Depreciation 83.2 85.6 88.0 90.3 92.6 94.8 96.9 99.0 101.0 102.9
Less: Capital Expenditures (30.0) (30.0) (30.0) (30.0) (30.0) (30.0) (30.0) (30.0) (30.0) (72.9)
Less: Changes in Working Capital (57.4) (39.9) (14.2) 10.0 5.5 4.2 2.2 (8.4) (11.8) (16.1)
Free Cash Flow 382.2 569.0 425.2 304.8 210.2 162.4 225.7 307.0 438.4 259.8
Perpetuity Method
A + B = C
Discounted (a) PV of Terminal Value (Average FCF 2004 -2013)
Discount Rate Cash Flows Discount Rate at a Perpetual Growth Rate of (c)
(Pre Tax) (2004-2013) (After Tax) 2.0% 3.0% 4.0% 2.0% 3.0% 4.0%
5% 2,594 5% 5,961 9,029 18,233 8,555 11,623 20,827
6% 2,484 6% 4,066 5,475 8,292 6,550 7,959 10,776
7% 2,382 7% 2,961 3,738 5,032 5,343 6,120 7,414
8% 2,286 8% 2,249 2,725 3,439 4,535 5,011 5,725
9% 2,196 9% 1,758 2,071 2,509 3,954 4,267 4,705
10% 2,113 10% 1,404 1,620 1,908 3,516 3,733 4,021
Exit Multiple Method
A + B = C
Discounted (a) PV of Terminal Value as a
Discount Rate Cash Flows Discount Rate Multiple of Average EBITDA (2004 - 2013) (b) Firm Value
(2004-2013) (After Tax) 13 14 15 13 14 15
5% 2,594 5% 3,410 3,673 3,935 6,005 6,267 6,529
6% 2,484 6% 3,102 3,341 3,579 5,586 5,825 6,064
7% 2,382 7% 2,824 3,041 3,259 5,206 5,423 5,640
8% 2,286 8% 2,573 2,771 2,969 4,859 5,057 5,255
9% 2,196 9% 2,347 2,527 2,708 4,543 4,724 4,904
10% 2,113 10% 2,142 2,307 2,471 4,254 4,419 4,584
(a) Present values calculated as of end of December 2003
(b) Discounted 10 years; based on ten-year average EBITDA
(c) Discounted 10 years; based on ten-year average Free Cash Flow
EBITDA Multiple Method (Using 10-year Average EBITDA from 2004 - 2013)
Firm Value
13 14 15
(4) Capital Expenditure projections not reasonable 5,555 5,983 6,410
Projected FYE December 31,
Firm Value
8
Thai Petrochemical Industry Plc.
Refinery at 184,000 bpd
Share Price Valuation
Investment Book Value Book Value
Investments 347 347 10,000 20,000
Loan to Ass.co. 304 304 8,700 7,500
Total 651 651
Avg. EBITDA 427 427
Exchange Rate 40.0
70%
Debt as of 31/12/03 (@70%) (m USD) 1,844
Perpetuity Method Equity Value using Averages
US$ Baht
Theoretical Value per share 0.62 24.82
Theoretical Total Equity Value 4,871
Discount Rate
2.0% 3.0% 4.0% 2.0% 3.0% 4.0% Debt 1,844 4.00% 74
5% 7,362 10,430 19,634 0.94 1.33 2.50 Equity 4,871 8.97% 437
6% 5,357 6,766 9,583 0.68 0.86 1.22 Total 6,715 7.61%
7% 4,150 4,927 6,221 0.53 0.63 0.79 Total Existing Shares 7,849
8% 3,341 3,818 4,532 0.43 0.49 0.58
9% 2,761 3,074 3,512 0.35 0.39 0.45
10% 2,323 2,540 2,828 0.30 0.32 0.36 Value Convergence under Exit Multiple Method
Average 0.54 0.67 0.98 US$ Baht
0.73 Theoretical Value per share 0.52 20.77
Theoretical Total Equity Value 4,076
Exit Multiple Method
Debt 1,844 4.00% 74
Equity 4,076 8.97% 366
Discount Rate Total 5,920 7.42%
13 14 15 13 14 15 Total Existing Shares 7,849
5% 4,812 5,074 5,336 0.61 0.65 0.68
6% 4,393 4,632 4,870 0.56 0.59 0.62
7% 4,013 4,230 4,447 0.51 0.54 0.57
8% 3,666 3,864 4,062 0.47 0.49 0.52 Value Convergence under Perpetuity Method
9% 3,350 3,530 3,711 0.43 0.45 0.47 US$ Baht
10% 3,061 3,226 3,391 0.39 0.41 0.43 Theoretical Value per share 0.56 22.30
Average 0.49 0.52 0.55 Theoretical Total Equity Value 4,376
0.52
Debt 1,844 4.00% 74
EBITDA Multiple Method Equity 4,376 8.97% 393
Total 6,220 7.50%
Total Existing Shares 7,849
13 14 15 13 14 15
4,362 4,790 5,217 0.56 0.61 0.66
Average 0.61
Book Value Book Value
Equity Value with Inv. @
Book Value
Price Per Share (US$)
Equity Value with Inv. @ Equity Value with Investments @
Book Value
Equity Value with Investments @
Book Value
Equity Value with Inv. @
Price Per Share (US$)
Equity Value with Investments @
Book Value
Price Per Share (US$)
9
Thai Petrochemical Industry Plc.
Refinery at 184,000 bpd
Sl. Perpetuity 1 EBITDA2
No. (7% & 2%) Multiple (8) 1.5 2.0 2004 2005
1(a) Equity Value (mio usd) 4,927 4,434 5,409 7,212 7,414 10,934
1(b) Equity Value (mio baht) 197,065 177,353 216,353 288,471 296,563 437,359
2 No.of Equity Shares (mio)
i) - Existing 1,950 1,950 1,950 1,950 1,950 1,950
ii) - New 5,899 5,899 5,899 5,899 5,899 5,899
3 Post Conversion Equity Shares {2(i)+(ii)} 7,849 7,849 7,849 7,849 7,849 7,849
4 Price per share (Bt)
- On fully diluted basis {1(b)/3} 25.1 22.6 27.6 36.8 37.8 55.7
(On post issue equity base)
Price per share (usd)
- On fully diluted basis {1(a)/3} 0.63 0.56 0.69 0.92 0.94 1.39
(On post issue equity base)
1. Valuation on perpetuity (DCF) is based on 7.00% WACC and 3% terminal growth
2. EBITDA multiple is 8 times of Average EBITDA of 2004 & 2005
3. Price to Book Value is 1.5 and 2.0 times of 2004 Book Value
4. P/E multiple (20) is 20 times of EPS
Equity Share price at various Valuation method
P/E Multiple (20)4 Price to Book Value (2004)3
10
11
SHAREHOLDERS EQUITY
(after the company reverses the shares taken by creditors and restate the financial statements)
To know true and fair financial position of the company, the rectified financial statements need to be looked at, along with the
value of firm by Discounted Cash Flow method (DCF).
1. Shareholders equity per Share comes to Baht 22.77 (and Baht 82.99 by DCF method) after restating unfair write-downs
of assets, made by EPL (Plan Administrator appointed by Creditors) to Assets and Cancellations of equity issued to Creditors at
unfair price.
2. Shareholders equity per share was Baht 17.69 at the end of year 1999, which was continuously reduced after EPL
became Plan Administrator to only Baht 0.12 by end of year 2002 {Baht 14.91 end of 2000 (2Q), Baht 10.30 end of 2000 (3Q),
Baht (-) 12.08 end of 2000, Baht 0.62 end of 2001 and Baht 0.12 end of 2002 (2Q)} and then started upwards to Baht 1.62 at the end
of 2003 (increased by 1,221%) after removal of EPL.
3. The EPL wrote-down shareholders equity by writing down value of assets, swapping Accrued interest (from 1998 to 2000)
to equity (5,849 million shares or 75% stake) at hefty discount, charging sky-high restructuring fees and making net
operating losses (caused by their inexperience in running fully integrated petrochemical complex) as below:
�� Write-down of assets by Baht 41,839 million
�� Issue of equity to Creditors at discount by Baht 71,819 million
�� Charging the restructuring fees of Baht 2,192 million
�� Made Net operating losses of Baht 23,576 million
Besides the above, there were opportunity losses estimated at Baht 13,511 million caused by running the refinery at lower
capacity (39%) and other operational mismanagements (not included in this reinstatement).
4. The buy-back of Creditors equity is priced at Baht 1.62 (book value at the end of 2003), below the issue price Baht 5.52, to
charge them with part of the losses made by irresponsible Plan Administrator (EPL) appointed by them.
(`000 Baht)
TPI Restate
Particulars 1999 2000 (2Q) 2000 (3Q) 2000 2001 2002 2003 2003 (R)
Shareholders` Equity
Issued and fully paid shares 19,500,000 19,500,000 19,500,000 19,500,000 78,489,112 78,489,112 78,489,112 19,500,000
Premium (Discount) on share capital 7,208,723 7,208,723 7,208,723 7,208,723 (32,048,531) (32,048,531) (32,048,531) 7,208,723
Premium on shares from the sale of shares of
related company and associated company to
the public exceeding par value 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839 2,250,839
Surplus on change in percentage holding in
related company and associated company 0 328,050 328,050 328,050 26,000 26,000 26,000 26,000
Surplus from sale of land to related company 28,031
Revaluation Surplus 64,397,388 63,171,002 62,554,909 42,917,923 41,983,493 40,835,103 39,688,799 61,168,263
Retained Earnings appropriated to - - -
Legal Reserve 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000 1,960,000
Deficit (60,382,712) (64,126,734) (72,287,247) (96,391,387) (86,312,801) (89,381,969) (86,359,219) (56,441,721)
Unrealized Loss on available for sales
Securities (430,245) (1,220,115) (1,282,214) (1,308,833) (1,425,016) (1,123,060) 8,935,487 8,935,487
Own shares held by the subsidiaries (53,611) (39,315) (43,187) (204,020) (204,020)
Minority Interests 44 44 44 44 44 44 44 44
TOTAL SHAREHOLDERS` EQUITY 34,504,036 29,071,809 20,233,104 (23,560,220) 4,883,825 964,351 12,738,511 44,403,614
No. of Shares 1,950,000 1,950,000 1,950,000 1,950,000 7,848,911 7,848,911 7,848,911 1,950,000
Book Value (Baht/share) 17.69 14.91 10.38 (12.08) 0.62 0.12 1.62 22.77
Long Term Loans plus Accrued Interest 114,722,069 124,295,798
Shareholders Equity
After EPL
(after the company reverses the shares taken by creditors and restate the financial statements)
Book Value Movement
(15)
(10)
(5)
0
5
10
15
20
25
1999
2000 (2Q)
2000 (3Q)
2000
2001
2002
2003
Book Value (Bt/Share)
TPI enter into restructuring
EP granted as planner
EP submit restructuring plan
Restructuring plan approved by court
EP write down of assets
EP convert accrued interest into equity
Court remove EP as planner
Restate
12
Sl Amount Book Value
No. Particulars Period (`000 bt) (Baht/Share)
A Shareholders Equity as of 31/12/03 31/12/2003 3,164,782 1.62
(1,950,000,000 Shares)
Add Back:
Write-off by EPL in year 2000 31/12/2000 41,238,832 21.15
Investment and Loan 772,620
Loans to related Parties 9,128,164
Other Assets (rental deposit for office building) 905,513
Property, Plant and Equipment 30,432,535
Restated Shareholders Equity as of 31/12/03 44,403,614 22.77
B Debt
Long Term Loans as of 31/12/2003 105,390,316
Accrued Interest as of 31/12/2003 9,339,817
Add:
Cancellation of Creditors Equity 9,573,728
(5,898,911,211 shares @ 1.62 -> Book Value as of 31/12/03)
Restated Debt as of 31/12/03 124,303,861
000 USD (Exchange Rate 1USD-> 40 Baht) 3,107,597
Calculation of Shareholders Equity and Debt
(after the company reverses the shares taken by creditors and restate the financial statements)
13
(`000 Baht)
Sl. No. Entry Debit Credit
1 Debit
Investment and Loan 772,620
Loans to related Parties 9,128,164
Other Assets (rental deposit for office building) 905,513
Credit
To Retained Earnings 10,806,297
(Reversal of write-off made by EPL in year 2000)
2 Debit
Property, Plant and Equipment 30,432,535
Credit
To Unrealized Increment of Asset Appraisal 21,479,464
To Retained Earnings 8,953,071
(Reversal of Write down and impairment of Fixed Assets made by EPL in year 2000)
3 Debit
Issued & Paid-up Capital 58,989,112
Credit
To Long Term Loans OR Accrued Interest 9,375,533
To Premium on Share Capital 39,257,254
To Retained Earnings 10,356,325
(Cancellation of the 5,898,911,211 Equity Shares Issued to Creditors at
unfair price and Buy back at Book Value as of 31/12/03)
TOTAL 100,227,944 100,227,944
Accounting Entries to Restate the Financial Statement
14
Thai Petrochemical Industry Plc.
Refinery at 184,000 bpd
Share Price Valuation
Investment Book Value Book Value
Investments 347 347 10,000 20,000
Loan to Ass.co. 304 304 8,700 7,500
Total 651 651
Avg. EBITDA 427 427
Exchange Rate 40.0
70%
Debt as of 31/12/03 (@70%) (m USD) 2,175
Perpetuity Method Equity Value using Averages
US$ Baht
Theoretical Value per share 2.33 93.13
Theoretical Total Equity Value 4,540
Discount Rate
2.0% 3.0% 4.0% 2.0% 3.0% 4.0% Debt 2,175 4.40% 96
5% 7,031 10,099 19,303 3.61 5.18 9.90 Equity 4,540 9.16% 416
6% 5,026 6,435 9,252 2.58 3.30 4.74 Total 6,715 7.62%
7% 3,819 4,596 5,890 1.96 2.36 3.02 Total Existing Shares 1,950
8% 3,010 3,487 4,201 1.54 1.79 2.15
9% 2,430 2,743 3,181 1.25 1.41 1.63
10% 1,992 2,209 2,497 1.02 1.13 1.28 Value Convergence under Exit Multiple Method
Average 1.99 2.53 3.79 US$ Baht
2.77 Theoretical Value per share 1.92 76.88
Theoretical Total Equity Value 3,748
Exit Multiple Method
Debt 2,175 4.40% 96
Equity 3,748 9.16% 343
Discount Rate Total 5,923 7.41%
13 14 15 13 14 15 Total Existing Shares 1,950
5% 4,481 4,743 5,005 2.30 2.43 2.57
6% 4,062 4,301 4,539 2.08 2.21 2.33
7% 3,682 3,899 4,116 1.89 2.00 2.11
8% 3,335 3,533 3,731 1.71 1.81 1.91 Value Convergence under Perpetuity Method
9% 3,019 3,199 3,380 1.55 1.64 1.73 US$ Baht
10% 2,730 2,895 3,060 1.40 1.48 1.57 Theoretical Value per share 2.07 82.99
Average 1.82 1.93 2.04 Theoretical Total Equity Value 4,046
1.93
Debt 2,175 4.40% 96
EBITDA Multiple Method Equity 4,046 9.16% 371
Total 6,221 7.50%
Total Existing Shares 1,950
13 14 15 13 14 15
4,031 4,459 4,886 2.07 2.29 2.51
Average 2.29
Equity Value with Inv. @
Price Per Share (US$)
Equity Value with Investments @
Book Value
Price Per Share (US$)
Book Value Book Value
Equity Value with Inv. @
Book Value
Price Per Share (US$)
Equity Value with Inv. @ Equity Value with Investments @
Book Value
Equity Value with Investments @
Book Value
15
THAI PETROCHEMICAL INDUSTRY PUBLIC COMPANY LIMITED
Refinery at 184,000 bpd
Discounted Cash Flow Analysis
(dollars in millions, except per share data)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
EBITDA 469.6 638.9 469.5 361.3 275.3 214.9 305.7 441.3 642.8 454.2
Less: Depreciation (83.2) (85.6) (88.0) (90.3) (92.6) (94.8) (96.9) (99.0) (101.0) (102.9)
EBITA 386.4 553.2 381.5 271.0 182.7 120.2 208.8 342.3 541.8 351.3
Less: Taxes 0.0 0.0 0.0 (36.4) (40.6) (26.7) (52.2) (95.9) (162.5) (105.4)
Tax-effected EBITA 386.4 553.2 381.5 234.6 142.1 93.5 156.6 246.5 379.3 245.9
Plus: Depreciation 83.2 85.6 88.0 90.3 92.6 94.8 96.9 99.0 101.0 102.9
Less: Capital Expenditures (30.0) (30.0) (30.0) (30.0) (30.0) (30.0) (30.0) (30.0) (30.0) (72.9)
Less: Changes in Working Capital (57.4) (39.9) (14.2) 10.0 5.5 4.2 2.2 (8.4) (11.8) (16.1)
Free Cash Flow 382.2 569.0 425.2 304.8 210.2 162.4 225.7 307.0 438.4 259.8
Perpetuity Method
A + B = C
Discounted (a) PV of Terminal Value (Average FCF 2004 -2013)
Discount Rate Cash Flows Discount Rate at a Perpetual Growth Rate of (c)
(Pre Tax) (2004-2013) (After Tax) 2.0% 3.0% 4.0% 2.0% 3.0% 4.0%
5% 2,594 5% 5,961 9,029 18,233 8,555 11,623 20,827
6% 2,484 6% 4,066 5,475 8,292 6,550 7,959 10,776
7% 2,382 7% 2,961 3,738 5,032 5,343 6,120 7,414
8% 2,286 8% 2,249 2,725 3,439 4,535 5,011 5,725
9% 2,196 9% 1,758 2,071 2,509 3,954 4,267 4,705
10% 2,113 10% 1,404 1,620 1,908 3,516 3,733 4,021
Exit Multiple Method
A + B = C
Discounted (a) PV of Terminal Value as a
Discount Rate Cash Flows Discount Rate Multiple of Average EBITDA (2004 - 2013) (b) Firm Value
(2004-2013) (After Tax) 13 14 15 13 14 15
5% 2,594 5% 3,410 3,673 3,935 6,005 6,267 6,529
6% 2,484 6% 3,102 3,341 3,579 5,586 5,825 6,064
7% 2,382 7% 2,824 3,041 3,259 5,206 5,423 5,640
8% 2,286 8% 2,573 2,771 2,969 4,859 5,057 5,255
9% 2,196 9% 2,347 2,527 2,708 4,543 4,724 4,904
10% 2,113 10% 2,142 2,307 2,471 4,254 4,419 4,584
(a) Present values calculated as of end of December 2003
(b) Discounted 10 years; based on ten-year average EBITDA
(c) Discounted 10 years; based on ten-year average Free Cash Flow
EBITDA Multiple Method (Using 10-year Average EBITDA from 2004 - 2013)
Firm Value
13 14 15
(4) Capital Expenditure projections not reasonable 5,555 5,983 6,410
Projected FYE December 31,
Firm Value
16
(`000 Baht)
% CHANGE FROM
TOTAL MONTHLY YEARLY MONTHLY FORECAST
6
SALES 68,598,296 11,433,049 115,956,089 9,663,007 18%
(`000 Baht)
EBITDA 9,902,585 1,650,431 18,784,043 1,565,337 5%
(`000 Baht)
THAI PETROCHEMICAL INDUSTRY PUBLIC CO.,LTD AND SUBSIDIARIES
EBITDA COMPARISON - ACTUAL JAN-JUNE` 2004 V/s FORECAST 2004
JANUARY TO JUNE`04 (ACTUAL) FORECAST 2004
17

Interesant allerdings die Ausage, mit den Aktien für unter 3 Bhat.
Das habe ich nicht gewust.
Muss ich noch prüfen.
Diese Zahlen müßten vom 20.08.2004 sein.
MFG Reimund

[Icebear99]

Hallo Reimund

Die Aktie wurde am 17.8. ausgesetzt, einen tag bevor die Zahlen raus kamen.
Zu den Aktien unter 3 Baht, also das gehört ja zu den Sanierungsplan, aber inwieweit der jetzt, falls, geändert wurde, kann ich nicht sagen.

Gruß
Eisi

[Icebear99]

ach mensch nach so einer schweren Nacht, dann so ein schönes Erwachen. Da habe ich doch gerne noch ein paar mehr schwere Nächte