SET Announcements
REVIEWED F/S AND BUSINESS OPERATIONS EXPLANATION FOR Q3
1600 / 100 / 2002
November 14 , 2002
The Stock Exchange of Thailand
62, Ratchadapisek Road, Klongtoey
Bangkok 10110
Attention : President of The Stock Exchange of Thailand
Subject : Filing Reviewed Financial Statements and
Business Operations Explanation for Quarter 3,
2002
Attachment : 1. Reviewed Financial Statements for Quarter 3
(Thai 1 Copy)
2. Reviewed Financial Statements for Quarter 3
(English 1 Copy)
According to the SET's Regulation Re: Preparation and
Submission of Financial Statements, Financial Reports and
Operating Results of Listed Companies, 2001, a listed company
shall prepare and submit quarterly financial statements audited by
the Auditor within 45 days following the last day of each quarter
and according to the SET's Guidelines for Filing Unreviewed and
Unaudited Financial Statements, where the results of a listed
company's business operations in accordance with its unreviewed
or unaudited profit and loss account filed with the Exchange
varies by more than 20 percent from the company's reviewed or
audited profit and loss account, the listed company and its auditor
shall provide explanation for the variation to the Exchange at the
time of the filing of the reviewed or audited financial statements ;
The Bangchak Petroleum Public Company Limited (BCP)
would like to file its financial statements which have been
reviewed by the Auditor for the quarter 3 ending September
30, 2002 and also wish to provide explanation for the profit
and loss account results which have exceeded that of the
previous year's same period by over 20 percent. And also, the
difference in the Company's net loss which is higher than 20
percent of the unreviewed numbers earlier reported as follows :
Regarding the operating results for the quarter 3,
2002, the Company posted a total revenue of BHT. 14,002
million with Earnings before Interest, Tax, Depreciation and
Amortization (EBITDA) of BHT. +454 million and the operating
loss (excluding the gain/loss from foreign exchange
fluctuations) of BHT. 20 million. If taken into account the
foreign exchange loss of BHT. 167 million, the Company
incurred a net loss of BHT. 187 million, which is lower than the
previous year's same period by BHT. 658 million. (The 2001 third
quarter net loss was BHT. 845 million). This improvement was
due mainly to the followings :
1. Sales The Company's sales both in retail and industrial
markets for this quarter last year increased 15.1
percent compared with the same quarter last year.
This has been resulted from the upgrading of the
image of the Company's service stations and
convenience stores and improving the services to
achieve optimum customers' satisfaction. Besides this,
the Company has developed and launched its new fuel
oil product "The Fuel Oil: Low Concarbon" which,
compared to the other ordinary fuel oil, is cleaner and
has lower level of emissions which reduces the
maintenance costs for the factories that use it, and
also lessens the problem of air pollution .
2. Production In this quarter, the Company succeeded in
increasing its refining capacity utilization by 5.4
percent compared with the same period last year. The
Company continues its endeavor to expand the
cooperation with the other refineries so as to reduce
cost and increase the income. Continuous effort in
trying to improve the efficiency of the refinery is also
being made.
This quarter's net loss of BHT. 187 million was due
mainly to the foreign exchange loss affected from the Baht
depreciation against US. Dollar of about 1.80 BHT./USD, when
compared to the exchange rate at the beginning of the quarter.
This has led to the increase in the Company's liability of its
foreign currency loans and trade accounts payable.
The above net loss is higher by BHT. 88 million from the
previously reported unreviewed profit and loss account of BHT.
99 million due to the increase in interest expenses covering the
premium paid to International Bank for Reconstruction and
Development (IBRD) for having prepaid its foreign loan before
maturity. This prepayment was approved by the Ministry of
Finance who will undertake to seek a long-term Baht loan as
substitute in order to reduce interest cost and the potential risk on
foreign exchange fluctuations. The Company had initially requested
IBRD to exempt the payment of the said premium via the Ministry of
Finance and was later informed by the Ministry that the request was
rejected. As a result, the Company has to revise its quarter 3
financial statements to account for this premium. In this,
the Ministry of Finance has arranged a short-term loan of USD.
35 million from under the EURO COMMERCIAL PAPER PROGRAMME (ECP)
as bridge financing with the interest rate of 1.78 percent per annum.
This has enabled the Company to reduce its interest expenses of about
BHT. 85 million per annum.
Please be informed accordingly.
Yours sincerely
(Mr. Chokchai Atsawarangsalit)
Corporate Planning Manager
Corporate Planning Office
Tel: 0-2335-4583