SET Announcements

- TRANSLATION - 1000/103/2007 May 11, 2007 Subject : Submission Reviewed Financial Statements and MD&A for the three-month period ended March 31, 2007 Attention : President of The Stock Exchange of Thailand Attachment : 1. A copy of reviewed financial statements of The Bangchak Petroleum Public Co., Ltd. and its subsidiary for the three-month period ended March 31, 2007 with a copy of English translation 2. Management's Discussion and Analysis (MD&A) of Business Operation for the three-month period ended March 31, 2007 of The Bangchak Petroleum Public Co., Ltd. and its subsidiary 3. Form illustrating summary results of Business Operations of Listed Companies (F45-3) The Bangchak Petroleum Public Co., Ltd. (the Company) is pleased to submit financial statements and consolidated financial statements for the three-month period ended March 31, 2007 which has been reviewed by the Company's Auditor and the Audit Committee, details of which are as per attachment 1. The Company's performance for the three-month period ended March 31, 2007, is summarized as follows 1) Starting from this 1st quarter report, the Company changed its accounting policy regarding investment in a subsidiary so that separate financial statement, which formerly reported investment using the equity method, now reports using the cost method. This is to comply with TAS 44. As a result, the company will realize value from investment in subsidiary only when the company receives dividend form its subsidiary. For this quarter the consolidated financial statements recorded net loss of Baht 42 million, which being the Company's net loss of Baht 54 million and the subsidiary's (Bangchak Green Net Company Limited- BGN) net profit of Baht 11 million and adjustment by connected transactions of Baht 1 million. 2) The Company's EBITDA was Baht 277 million, decreased from Baht 1,124 million of the same period last year by Baht 847 million which different mostly came from inventory effects. Please be further noted that without having effects from inventories, the adjusted EBITDA of the Company in this quarter was Baht 574 million, lower than those of last year by Baht 283 million as illustrated in the table below. Table: Details of breakdown EBITDA 1st Quarter,07 1st Quarter,06 Changing +/ - (Million Baht) (A) (B) (A) - (B) (reviewed) (Revised) * EBITDA 277 1,124 -847 - Refinery 86 946 -860 - Marketing 191 178 +13 * (Less) Inventory Gain - (267) +267 Plus Inventory Loss & 297 - +297 Write Down * Adjusted EBITDA 574 857 -283 - Refinery 383 679 -296 - Marketing 191 178 +13 3) As of March 31, 2007, the Company and its subsidiary total assets were Baht 38,959 million increased from December 31, 2006 by Baht 972 million. Total liabilities were Baht 20,407 million and Shareholders' equity was Baht 18,552 million. The Company, a listed company in the Stock Exchange of Thailand, has concentrated on transparent business operation harmonious with the good corporate governance practice. So as to enable investors to better understand the Company's financial status and business operations-apart from the sole financial data in financial statements, as well as to adequately access information for decision in a security investment so the Company conducts Management's Discussion and Analysis of Business Operations for the three month period ended March 31, 2007 as per attachment 2. Please be informed accordingly. Yours sincerely, - Signed - (Patiparn Sukorndhaman) Senior Executive Vice President Finance and Accounting Corporate Planning and Investor Relation Office Tel : 0-2335-4583