SET Announcements

- TRANSLATION - 1000/080/2010 May 07, 2010 Subject : Submission Reviewed Financial Statements and Performance Explanation for the three-month period ended March 31, 2010 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 subsidiaries for the three-month period ended March 31, 2010 with an English translation copy 2. 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, 2010 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 is summarized as follows; 1) Profit and Loss Consolidated Financial Statement 1st Quarter Changing (Unit : Million Baht) 2010 2009 Increase(+)/ % Decrease(-) Revenue from sale of goods 33,980 21,522 +12,458 57.9 Cost of sale of goods (32,410) (20,268) +12,142 59.9 Gross Profit 1,570 1,254 +316 +25.2 Selling & administrative expenses (698) (644) +54 +8.4 Other operating income 56 54 +2 +3.7 Gain from operating before financial costs 928 664 +264 +39.8 Finance costs (209) (141) +68 +48.2 Gain from operating after financial costs 719 523 +196 +37.5 Plus (Minus) Other income/expenses LCM reversal - 930 -930 N/A Gain from oil hedging 25 1,307 -1,282 -98.1 Gain (loss) on foreign exchange 219 (503) +722 +143.5 Assets impairment reversal 114 - +114 N/A Profit before income tax 1,077 2,257 -1,180 -52.3 Income tax expense (283) (666) -383 -57.5 Net profit 794 1,591 -797 -50.1 - Minority interests 11 (0.62) +11 N/A - Attributable to the Company 783 1,591 -808 -50.8 - Regarding the business operations for the first quarter of 2010, the Profit attributable to equity holders of the Company was Baht 783 million (EPS 0.67 Baht), decreased from Baht 1,591 million of the same period of last year mainly came from oil hedging transaction. Last year, unfavorable futures market conditions limited the window to enter the market therefore the results of hedging transaction in the year 2010 will not receive as much gain as last year performance. However, when considering normal operating performance, the consolidated recorded gain from operations after financial costs increased by 37.5% The Company reported gain from foreign exchange rate of Baht 219 million from Thai Baht appreciation. It was caused by the Mark-to-Market of loaning item worth around USD 200 million which was a Cross Currency Swap to mitigate the impact of foreign exchange rate's volatility. While the same period of last year there was loss of Baht 503 million due to the Baht depreciation. This period there was assets impairment reversal of Baht 114 million since the Company has reviewed the value of land at Bang Pa-in (Ayutthaya) and Srinakarin Road and estimated the recoverable amount follow the lower of indication of impairment. Financial costs increased by Baht 68 million after the realization of interest expense for the Product Quality Improvement Project in the income statement of income since the contractor transferred the project to the Company on December 7, 2009 2) Balance sheets Consolidated Company Mar 31, Dec 31, Mar 31, Dec 31, 2010 2009 2010 2009 Total Assets, Million Baht 55,392 53,891 54,256 52,901 Total Liabilities, Million Baht 28,738 27,938 27,765 27,069 Total Equity, Million Baht 26,654 25,953 26,491 25,832 Current Ratio , Times 1.82 1.78 1.84 1.80 Debt to Equity, Times 0.57 0.61 0.55 0.59 Book Value, Baht/Share 22.79 22.11 22.65 22.08 - As of March 31, 2010, the Company and its subsidiaries total assets were Baht 55,392 million increased from December 31, 2009 by Baht 1,501 million. The major change of assets was from an increase in cash and cash equivalents by changing in operating assets and liabilities. More details are showing in Cash Flow statement. - Total liabilities were Baht 28,738 million, an Baht 800 million increase when compared to the end of 2009. Mainly caused by increased trade payable due to higher world oil prices, as well as crude and oil products that the company purchased in March 2010 increased follow the utilization rate. - Shareholders' equity was Baht 26,654 million, a Baht 701 million increase when compared to the end of 2009 due to changes the net profit and equity during this period. 3) Cash Flows For the first quarter of 2010, the Company and its subsidiaries had initial cash and cash equivalents totalling Baht 2,136 million. During the period, net cash increased from utilization in various activities by Baht 2,489 million, of which Baht 3,385 million was received from operation, Baht 147 million was used in investment activities and Baht 749 million was used in financing activities. Hence, cash and cash equivalent at the end of the first quarter of 2010 was Baht 4,625 million, consisting of Baht 4,111 million from the Company, Baht 375 million from the Bangchak Green Net Company Limited and Baht 139 million from the Bangchak Biofuel Company Limited. Please be informed accordingly. Yours sincerely, - Signed - (Mr. Anusorn Sangnimnuan) President Investor Relation Section Tel : 0-2335-4583 Fax : 0-2140-8901