SET Announcements

1600 / 008 / 2002 February 28 , 2002 The Stock Exchange of Thailand 62, Ratchadapisek Road, Klongtoey Bangkok 10110 Attention : President of The Stock Exchange of Thailand Subject : Filing of the Auditors' Report and the Financial Statements for the period ending December 31, 2001, together with Reasons for the Variation in Business Operations in accordance with the Profit and Loss Account more than 20 percent from That of the Same Period of 2000 : Attachment : The Audited Auditors' Report and the Financial Statements for the period ending December 31, 2001 According to " the Stock Exchange of Thailand's regulations related to Preparation and Filing of Financial Statements and Reports concerning Financial Status and Results of Business Operations of Listed Companies ", the listed company is required to file an audited Financial Statements within 60 days following the end of each accounting period. And the listed company shall give reasons for the variation to SET, where the results of business operations in accordance with the profit and loss account varies more than 20 percent from that of the same period of the preceding year. In compliance with this regulation, The Bangchak Petroleum Public Company Limited (BCP) would like to file herewith its audited Financial Statements and the Auditors' Report for the period ending December 31, 2001 For the performance in 2001, the Company's total revenue was BHT. 48,596 million as well as the Company's earnings before interest, depreciation and amortization (EBIDA) were BHT. 991 million (including loss from foreign exchange fluctuations BHT. 37 million). Concerning the Company's net loss, the oil price slump - over 8 US$ / BBL from US attack - resulted in the Company's loss from devaluation of inventory BHT. 1,565 million which, in turn, showed in the Company's net loss. The 2001 Company's net loss was BHT. 2,987 million while the Company's net loss was BHT. 1,582 million in the preceding year. Nevertheless, an increase in oil prices also leads to the other side of outcome that is the Company's net profit will increase accordingly from the inventory gain. The Company has encountered the severe business environments in many perspectives as followed. The world oil prices both highly fluctuated and on the average declined from the previous year. Gross Refinery Margin (GRM) still stayed continuously in the low level as the regional capacity is over the demand. Furthermore, the competition among domestic oil businesses appeared to be more intensive. Certainly, these factors have affected a profitability of oil businesses as a whole. The BCP has developed itself in all aspects aiming at effective operation as followed : MARKETING AND SERVICES The Company has modernized the image and improved services together with the convenience stores in the service stations (Bai Chak) as to satisfy customers. Hence, the Company's retail and industrial markets grew 1.9% (increasing market share from the preceding year), while the domestic demand decreased 1.5%. In automotive oil market, the Company also introduced new products, for example automotive oil for diesel engine - CH-4/SJ standard - 3 categories, D3 TURBO synthetic formula, D3 PICKUP and D3 EXTRA. REFINING The Company has cooperated with PTT Plc. and Thaioil Co., Ltd. to reduce cost and enhance more revenue since late 2001. COMMUNITY The Company has continuously fostered additional income generating among communities by encouraging community products as giveaways for Bangchak customers such as preserved banana candy, mangosteen herbal soap form Keerewong, etc. These enable communities to generate income and be more self-reliance according to one-tambol-one-product government's policy. Please be informed accordingly. Yours sincerely (Mr. Chokchai Atsawarangsalit) Corporate Planning Manager (Acting) Corporate Planning Office Tel: 0-2335-4583