powerpoint presentationirpc.listedcompany.com/misc/presn/20200821-irpc-oppday-2q2020.… · qoq -...

21 August 2020

2

AGENDA

IRPC Strategies

Financial Performance

Performance by Business

Achievement

Objectives:

To support the company strategy towards Specialty Product by business segment through Cross-Functional Team from

Marketing, Operation, RD, etc.

Enhancing “ANT” Team to other potential sectors

• Flexibility

• Speed to respond to the needs of current and future market direction

• Effective and achieve the specified objectives

4

Expanding into downstream application:3D Graphene Face Mask

“Dual Layer Graphene Fabric Mask”

Outer layer:

Graphene coated on polyester fabric

Inner layer:

Water repellent cotton 100%

Advanced Materials by

PERFORMANCE

Anti-bacteria

Graphene can reduce bacteria that causes smell

on mask surface.

Anti-static/Anti-dust

Graphene has anti-static property that repels dust

on mask to be clean and safe all day.

Washable

Graphene mask is washable and reusable up to 10 times

certified by the Thailand Textile Institute.

Heat dissipation

Graphene helps dissipate heat evenly across the face

to feel comfortable during mask wearing

Flat screen-printing conductive ink

formulation on fabric roll

Performance testing to

comply the smart fabric regulation

Unique properties including: light-weight, stronger than steel, anti-bacteria, high surface area, high electrical & thermal conductivity

Product Launch in Sep 2020

5

IRPC Joint Venture with Japan Polypropylene Corp. (JPP) Invest in Mytex Polymers (Thailand) Co., Ltd.

50% 50%

To penetrate the Polypropylene (PP) Compound for automotive market in Thailand and Southeast Asia

Mytex Polymers (Thailand)

PP Compound for Automotive

Source: Nexant

Increasing specialty portfolio through JV: MYTEXto penetrate automotive market

66

CSR “The Fight Against COVID-19”

“One Stop Service Clinic”

Designed by IRPC’s Engineer And Signed the MOU with Rayong Hospitals

Modular Diagnosis Room / ARI Clinic Room

77

CSR “The Fight Against COVID-19”

IRPC & Navamindradhiraj University(NMU) Collaboration to establish the testing services center

Signed MOU between IRPC and NMU on May7, 2020

Collaboration Model

• Technical experience

• Knowledge in polymer

• Business and marketing experience

• Knowledge on medical requirement

• Partial utilization through student usage

Testing Services Center

• Testing Services Center

• Clean room

• To Test & Certify PPE medical products

Objectives:

• Establish a central laboratory providing

• Inspection and certification of medical equipment

• Co-operation of further development for other medical equipment

8

Projects UpdatedFloating Solar Project with Electricity 12.5 MW ABS Expansion: Increasing ABS specialty by 6,000 MTA

Construction ProgressABS Expansion

Project Objective : Increase 6,000 MTA of Specialty

ABS Powder. Recovery Vapor Butadiene

278 MTA from Flare.

CAPEX : ~ 430 MB

IRR : ~ 17%

Project Objective : To produce electricity 12.5 MW Floating Support material by

own HDPE BOI Privilege

Area: Reservoir in Industrial Park

Usage: Internal use at PP Plant

CAPEX : ~ 550 MB

IRR : ~ 17%

Floating Solar Construction Progress

April 2020

COD 5 June 2020

COD

MC

MC

Installing equipment

and Piping work

under progression

3Q20

4Q20Project ProgressAs of July 2020 : 89% of Target

9

AGENDA

IRPC Strategies



Achievement

QoQ - Unchanged

5.19 4.66 4.66

5.43 4.65

2Q19 1Q20 2Q20 1H19 1H20

30

31

32

33

10

Key DriversCrude oil prices rebounded after OPEC+ production cuts

15

25

35

45

55

65

75

Brent Dubai

Crude Oil Price (avg)

Gross Refining Margin (GRM)

Foreign Exchange (avg)

Product to Feed Margin (PTF)

Unit: $/bbl Unit : THB/USD

2.70

0.84

2.57 2.31

1.71

2Q19 1Q20 2Q20 1H19 1H20

Unit: $/bbl Unit: $/bbl

YoY 5%

QoQ 206%

YoY 10%

2Q20 (End 31.07)

31.78

Dubai QoQ 40%

Dubai YoY 55%

QoQ depreciated 2%

YoY depreciated 1%

31.76

YoY 26% YoY 14%

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Brent 63.20 68.85 61.94 63.21 50.26 29.20

Dubai 63.53 67.36 61.16 62.05 50.74 30.551Q19 2Q19 3Q19 4Q19 1Q20 2Q20

30.88 30.45 31.45 32.12

1Q20 (End 32.83)

4Q19 (End 30.33)

11

Financial Highlight: 2Q20 & 1H20 performance2Q20 Improving MKT GIM was driven by low crude premium

57,702 43,617 30,370

111,976 73,987

QoQ 30%

YoY 47%

Overview of Business

Net Sales(net excise tax)

Dubai (Avg.)

Unit: $/bbl

Net IncomeUnit: MB

Unit: MB

EBITDA

Unit: MB

2,304

(6,436)

1,505 4,659

(4,932)

QoQ 123%


Market GIM ($/bbl)

67.3650.74

30.55

65.45

40.64

Crude run KBD

Acct. GIM ($/bbl)

Net Stock G/(L)($/bbl)

YoY 206%

YoY 34%

206 188 189 203 188

9.11 6.82 8.46 8.90 7.64

0.83 (12.66) 0.17 1.04 (6.16)

9.94 (5.84) 8.63 9.94 1.48

YoY 35%

2Q20 1H20

(109%)

(18%)

27%

66%

32%

2%

73,987MB

(4,932)MB

41%

11%

48%

62%

35%

3%

30,370MB

1,505MB

Petroleum Petrochemical Utilities and Others

YoY 81%

QoQ 95%

Net Income

Operating NI (129)(1,821)

(1,127)(775) (2,949)

507

(8,905)

(411)

660

(9,316)2Q19 1Q20 2Q20 1H19 1H20

YoY – n.a.

YoY 26%QoQ , YoY – n.a.

EBITDA

2Q19 1Q20 2Q20 QoQ YoY QoQ YoY

Net Sales 57,702 43,617 30,370 (13,247) (27,332) (30)% (47)%

Market GIM 5,429 3,665 4,669 1,004 (760) 27% (14)%

Stock Gain (Loss) 176 (4,461) (3,390) 1,071 (3,566) 24% n.a.

LCM (148) (2,673) 2,835 5,508 2,983 206% n.a.

Oil Hedging Gain (Loss) 463 323 644 321 181 99% 39%

Net Stock Gain (Loss) 491 (6,811) 89 6,900 (402) 101% (82)%

Accounting GIM 5,920 (3,146) 4,758 7,904 (1,162) 251% (20)%

OPEX + Selling Exp. (4,340) (3,730) (3,835) (105) 505 (3)% 12%

Other Incomes 723 439 583 144 (140) 33% (19)%

EBITDA 2,304 (6,436) 1,505 7,941 (799) 123% (35)%

Depreciation (2,135) (2,227) (2,224) 3 (89) 0% (4)%

Cost of Finance (467) (464) (457) 7 10 2% 2%

Financial Derivatives Gain (Loss) 490 (558) (26) 532 (516) 95% (105)%

FX Gain (Loss) 213 (500) 353 853 140 171% 66%

Unrealized Oil Hedging Gain (Loss) - (993) 359 1,352 359 136% -

Impairment Gain (Loss) (2) (4) (35) (31) (33) n.a. n.a.

Investment Gain (Loss) 112 49 68 19 (44) 39% (39)%

Other Expenses 5 (10) 11 21 6 210% 120%

Income Tax (5) 2,246 39 (2,207) 44 (98)% n.a.

Net Profit 507 (8,905) (411) 8,494 (918) 95% (181)%

Unit: MB % ChangeChange

12

Financial Highlight: 2Q20 performance


2Q20

41%

11%

48%

62%

35%

3%

30,370MB

1,505MB


EBITDA

1H19 1H20

Net Sales 111,976 73,987 (37,989) (34)%

Market GIM 10,387 8,334 (2,053) (20)%

Stock Gain (Loss) 54 (7,851) (7,905) n.a.

LCM 693 162 (531) (77)%

Oil Hedging Gain (Loss) 464 967 503 108%

Net Stock Gain (Loss) 1,211 (6,722) (7,933) n.a.

Accounting GIM 11,598 1,612 (9,986) (86)%

OPEX + Selling Exp. (8,084) (7,565) 519 6%

Other Incomes 1,145 1,022 (123) (11)%

EBITDA 4,659 (4,932) (9,591) (206)%

Depreciation (4,151) (4,451) (300) (7)%

Cost of Finance (940) (921) 19 2%

Financial Derivatives Gain (Loss) 576 (584) (1,160) (201)%

FX Gain (Loss) 340 (147) (487) (143)%

Unrealized Oil Hedging Gain (Loss) - (634) (634) -

Impairment Gain (Loss) (10) (39) (29) (294)%

Investment Gain (Loss) 195 117 (78) (40)%

Other Expenses (0) 1 1 338%

Income Tax 4 2,285 2,281 n.a.

Net Profit 660 (9,316) (9,976) n.a.

Change % Change

13

Financial Highlight: 1H20 performance



EBITDA

1H20

(109%)

(18%)

27%

66%

32%

2%

73,987MB

(4,932)MB

ST Loan18%

LT Loan (USD)

8%LT Loan (THB)

64%

Bond (THB)10%

Leasing0.4%

14

Improving performance amid crude discount condition while petroleum market remains under pressure


3,747 6,444 6,943 7,369

18,087 926 - 1,235 1,235

1,852

-

6,889 - -

-

4,673

13,333 8,178

8,604

19,940

2020 2021 2022 2023 >2023

THB BondUSD Loan

Remark: Long-term debt as at 30 June 2020

Debt Maturity

0.630.74

0.88

2Q19 1Q20 2Q20

< 1.0x

Net IBD/Equity54.60

53.59 63.51

2Q19 1Q20 2Q20

86.11 72.85 72.45

2Q19 1Q20 2Q20

Net IBD (bn)

Equity (bn)

2Q20 Net IBD/Equity : 0.88 times

Balance Sheet

2Q19 1Q20 2Q20 1H19 1H20

57,702 43,617 30,370 111,976 73,987

2,304 (6,436) 1,505 4,659 (4,932)

507 (8,905) (411) 660 (9,316)

Net Sales

EBITDA

Net Profit

1,004

Net Loss 1Q20

Margin

Net Stock gain

OPEX & Selling Exp.

UnrealizedOil Hedging

Financial Derivatives

FX

Tax & Others

Net Loss 2Q20

Operating Income 38%

Net Income 95%

(8,905) (411)

(1,821) (1,127)

Unit: MB

Unit: MB

Net Profit: 2Q20 VS 1Q20

Net Debt = 63,506 MB

Ex. Rate = 31.07 Baht/$

Interest Rate Currency

Float 82% THB 92%

Fixed 18% USD 8%

15

AGENDA

IRPC Strategies



Achievement

16

Petroleum Spread

12.8 12.415.4 14.3

11.05.7

12.68.4

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

3.77.5

11.7 12.96.7

2.6 5.6 4.6

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

0.6

(2.3)

0.9

(18.7)

(7.4)(1.6) (0.9)

(4.5)

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

500SN – FO 180 3.5%S Spread

150 BS – FO 180 3.5%S Spread

Asphalt – FO 180 3.5%S Spread

$/bbl

$/bbl

$/bbl

Lube Base SpreadRefinery Spread

Gas Oil - Dubai

ULG 95 - Dubai

HSFO - Dubai

(40)(4) (2)

98

27 42

(22)

34

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

482 473 451 553 536 524 478 529

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

330 287 283 384 370 372 308 371

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

QoQ 61% YoY 20%

YoY – n.a.

YoY 11% YoY 33%

YoY 255%

YoY 18%

QoQ 48%

QoQ 78%

QoQ 1%

QoQ 2%

QoQ 56% $/TON

$/TON

$/TON

0.49 0.35 0.35 0.93 0.710.34 0.23

0.578.65 7.93 7.49

17.03 15.422.66

2.36 1.96

4.624.32

1.06 0.52 1.11

2.11 1.63

0.610.42 0.46

1.100.88

1.66 1.63 1.80

3.44 3.42

15.13 13.55 13.40

29.23 26.95

2Q19 1Q20 2Q20 . 1H19 1H20

Lube

LPG &OtherNaphtha &ReformateGasoline

Diesel &Jet OilLSFO 0.5%

HSFO

69% 71% 72% 67% 71%

11% 16% 18%16% 17%6%

5% 4%6% 5%

14%8% 5% 11% 7% Others

Domestic

Far East

Middle East

2Q19 1Q20 2Q20 1H19 1H20

41,467 30,244 18,782 79,240 49,026 Petroleum

37,005 26,384 16,066 70,341 42,450 Refinery

4,462 3,860 2,716 8,899 6,576 Lube Base

96% 87% 88% 94% 88% % U-Rate

206 188 189 203 188

17

Petroleum Group2Q20: Sharply declined in crude premium supported a rise in GRM1H20 : Weaker products spread during COVID-19 pandemic led to lower Mkt GRM

14.92 13.42 12.72

29.08 26.13 1.71 1.74 1.73

3.52 3.48 16.63 15.16 14.45

32.60 29.61

2Q19 1Q20 2Q20 1H19 1H20

Lube Base

Refinery

2.79 5.31 (0.81) 2.45 2.09

1.47

(0.85)

1.29 1.15 0.23

1.23

1.69

1.28 1.16

1.48

2.70

0.84

2.57 2.31

1.71

2Q19 1Q20 2Q20 1H19 1H20

Lube Base

Refinery

Crude Intake

GRMSales Volume & Revenue

Production

71% 72% 72% 69% 72%

29% 28% 28% 31% 28%

2Q19 1Q20 2Q20 1H19 1H20

Sweet Crude

Sour Crude

Premium over Dubai ($/bbl)

Crude Run (KBD)

YoY 13%

QoQ 5%

YoY 55%

QoQ 38% Revenue

YoY 9%

YoY 38%

Crude intake (Mbbl)

Unit : $/bbl

Unit : Mbbl

Unit : Mbbl

18.78 17.11 17.18

36.75 34.29Sales Volume

Unit : MB

YoY 9%

QoQ 0.4% YoY 7%

YoY 11%

QoQ 1% YoY 8%

96% 87% 88%

82% 79% 87%

114% 93% 79%

94% 88% % Utilization

83% 83% Lube Base

92% 86% RDCC

YoY 5%

QoQ 206% YoY 26%

18

Petrochemical Spread

788 763 721 622 678 649 775 663

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

1,000 955 932 848 892 919 977 905

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

93 108 163

120 123 76 101 100

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

409 283 307 203 240 283 346 261

262 395 282 254 315 346 329 331

671 678 589 457 555 629 675 592

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

Ethylene-NP HDPE-Ethylene

154 164 209

149 148 124 159 136

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

320 255 368 321 347 370 287 359

291 337 218 178 180 215 314 197

611 592 586 499 527 585 601 556

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20

Propylene-NP PP-Propylene

HDPE-Ethylene –Naphtha Spread

PP-Propylene –Naphtha Spread

MX – Naphtha SpreadToluene – Naphtha Spread

PS –Naphtha SpreadABS –Naphtha Spread

Ole

fin

sS

tyre

nic

sA

rom

ati

cs

QoQ 13% QoQ 11%

QoQ 38%

QoQ 4% QoQ 3%

QoQ 16%

YoY 12%

YoY 1%

YoY 7%

YoY 7%

YoY 14%

YoY 14% $/TON

$/TON

$/TON$/TON

$/TON

$/TON

100 92 100 208 192 3 8 1

3 9 84 81 83

134 164 64 60 59

132 119 219 209 193

405 402

471 450 437

882 886

2Q19 1Q20 2Q20 1H19 1H20

Polyolefin

Olefin

Polystyrenic

Styrenic

Aromatic

2Q19 1Q20 2Q20 1H19 1H20

15,349 12,497 10,733 30,979 23,230 Petrochem

9,536 8,090 6,597 19,523 14,687 Olefins

5,813 4,407 4,136 11,456 8,543

19

Petrochemical Group2Q20: Sales vol. increased QoQ especially Aromatics & Styrenics1H20 : Mkt PTF dropped as low products spread according to the COVID-19 outbreak

1H20 : Petrochemical revenue was Bt 23 bn

YoY : 25% decrease from 21% price decrease & 4% volume decrease

1H20 Market PTF was $4.65/bbl:

YoY : $0.78/bbl decrease as lower products spread through the COVID-19 outbreak

1.68 1.22 1.23 1.56 1.22

3.513.44 3.43

3.873.43

5.194.66 4.66

5.434.65

2Q19 1Q20 2Q20 1H19 1H20

Olefins

Aromatics &Styrenics

Production

PTF

Sales Volume and Revenue

178 155 188 359 344

270 274 262

553 535 449 429 450

912 879

2Q19 1Q20 2Q20 1H19 1H20

Olefins &Polyolefins

Aromatics &Styrenics

QoQ 5%

QoQ 14% Revenue

YoY - n.a.

YoY 30%

YoY 4%

YoY 25%

Unit : KMT

2Q20 : Petrochemical revenue was Bt 11 bn QoQ : 14% decrease from 19% price decrease VS 5% vol. increase YoY : 30% decrease from 30% price decrease

2Q20 Market PTF was $4.66/bbl:

QoQ : Unchanged due to higher Olefins products spread VS lower Aromatics products spread

YoY : $0.53/bbl decrease as lower products spread

Crude intake (Mbbl)

Unit : $/bbl

Unit : KMTSales Volume

Unit : MB

YoY 7%

QoQ 3% YoY 1%

99% 95% 91%

97% 92% 85%

101% 99% 98%

99% 94% 95%

88% 88% 85%

107% 105% 102%

105% 93% 100%


90% 88% Polyolefins

99% 99% Olefins


79% 87% Polystyrenics

82% 104% Styrenics

106% 96% Aromatics

QoQ - Unchanged

YoY 10%

YoY 14%

18.78 17.11 17.18

36.75 34.29

Aromaitcs &Styrenics

511 505 505

1,045 1,010 311 308 295

587 603

64 63 55

126 118

886 876 855

1,758 1,731

2Q19 1Q20 2Q20 1H19 1H20

Other

Steam

Electricity

20

Power & Utility

1H20 U-Rate of Steam was 65%; 4%

YoY : increase after industrial area customers return to normal operations

1H20 U-Rate of Electricity was 70%; 1%

1H20 : Power & Utility revenue was 1,731 MB

YoY : 2% decrease from lower electricity sales vol. to EGAT

Utilization Rate

GIM

Revenue

QoQ 2%

YoY 3%

2Q20 U-Rate of Steam was 63%; 3% QoQ, Unchanged YoY

QoQ : decrease due to planned maintenance shutdown of the industrial area customers

2Q20 U-Rate of Electricity was 70%; 1% QoQ, 4% YoY

YoY : decrease owing to lower u-Rate of refinery

2Q20 : Power & Utility revenue was 855 MB; 2% QoQ, 3% YoY

QoQ & YoY : decrease owing to lower selling price of steam and electricity following lower fuel price

1.22 1.32 1.23 1.16

1.28

2Q19 1Q20 2Q20 1H19 1H20

Power &Utility

Unit : $/bbl

Unit : MB

74% 71% 70%71% 70%

2Q19 1Q20 2Q20 1H19 1H20

Electricity

63% 66% 63% 61% 65%

2Q19 1Q20 2Q20 1H19 1H20

Steam

YoY 1%

QoQ 7%

YoY 10%

YoY 4%

QoQ 1%

YoY 1%

YoY - Unchanged

QoQ 3%

YoY 4% YoY 2%

1.47 (0.85)

1.29 1.15 0.23

1.23 1.69

1.28 1.16 1.48

2.70 0.84

2.57 2.31 1.71

2Q19 1Q20 2Q20 1H19 1H20

Refinery Lube Base

1.68 1.22 1.23 1.56 1.22

3.51 3.44 3.43 3.87 3.43

5.19 4.66 4.66 5.43 4.65

Aromatics&Styrenics Olefins

21

Market & Accounting Gross Integrated Margin2Q20: Improving A/C GIM resulted from net stock gain 1H20 : Lower Mkt GIM & net stock loss led to a decrease in A/C GIM

9.11 6.82 8.46 8.90 7.64 0.05

(13.26)(1.00)

0.64

(7.05)

0.78 0.60 1.17 0.40 0.89

9.94

(5.84)

8.63 9.94 1.48

Market GIM Stk G/(L) & LCM Hedging

2.70 0.84

2.57 2.31 1.71

5.19 4.66

4.66 5.43 4.65

1.22

1.32 1.23 1.16

1.28

9.11

6.82 8.46 8.90

7.64

Petroleum Petrochem Power & Utility

1,610 449 1,415 2,695 1,864 3,090

2,503 2,577

6,336 5,080 729

713 677

1,356 1,390 5,429

3,665 4,669

10,387 8,334

2Q19 1Q20 2Q20 1H19 1H20

5,429 3,665 4,669 10,387 8,334 28

(7,134) (555)

747

(7,689)

463 323 644

464 967 5,920

(3,146)

4,758

11,598 1,612

2Q19 1Q20 2Q20 1H19 1H20

Market GIM

Unit: $/bbl

Accounting GIM

Unit: $/bbl

Unit: MB

Market GIM by business

Unit: MB

YoY 7%

QoQ 24% YoY 14%

YoY 13%

YoY 85% QoQ 248%

YoY 14%

QoQ 27% YoY 20%

YoY 20% YoY 86% QoQ 251%

Unit: $/bblPetrochemical

Petroleum

Accounting GIM

2Q20 Acct GIM was $8.63/bbl,

QoQ: $14.47/bbl due to $0.17/bbl net stock gain compared to net stock

loss of $12.66/bbl in 1Q20 and $1.64/bbl higher of market GIM

YoY: $1.31/bbl due to $0.66/bbl lower net stock gain and $0.65/bbl

lower market GIM

1H20 Acct GIM was $1.48/bbl,

YoY: $8.46/bbl due to $6.16/bbl net stock loss compared to net stock

gain of $1.04/bbl in 1H19 and $1.26/bbl lower market GIM

Market GIM

2Q20 Market GIM was $8.46/bbl,

QoQ: $1.64/bbl due to lower crude premium vs lower products spread

YoY: $0.65/bbl due to lower products spread vs lower crude premium

1H20 Market GIM was $7.64/bbl,

YoY: $1.26/bbl due to lower products spread

22

AGENDA

IRPC Strategies



Achievement

23

IRPC Way Forward

1

2

Costs Competitive

Cash is a King

Shape and Focus

Value Creation

Short-term

Long-term

Survive

Strong Market Position

Opportunistic Investment

Direct Integration

Potential Portfolio

Short-term

Long-term

Resilience

4

3

24

Portfolio shift to high value added product and Seeking opportunity for growth

Seeking opportunity for growth

Commodity Plus42%

Specialty13%

Commodity45%

Commodity Plus42%

Specialty30%

Commodity28%

Target 2024As IS

Automotive

Medical/ Hygiene

Electronic Appliance

Expedite Specialty Product in focusing area

“ANT” Program - cross-function pilot teams

Medical/ Hygiene▪ Increase sales volume and benefit▪ Develop sales plan▪ Study business model (add more scope on

Healthcare & hygiene)

▪ Increase sales volume and benefit▪ Develop sales plan▪ Maintain existing customer▪ Find new customer▪ Study business model

▪ Increase sales volume and benefit▪ Develop sales plan▪ Target market, customer, volume▪ Study business model

Medical

Expand existing PP random grade to

new market & new application

Hygiene

Development of new PP Meltblow resin

- N95 mask

- Protective suit

- Hair/shoe cover

~ 1,000 - 2,000 MB/yr

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