ข่าวแจ้งตลาดหลักทรัพย์

- TRANSLATION - 1000 /133 / 2006 May 15, 2006 Subject : Filing Reviewed Financial Statements and Business Operations' Explanation for Quarter 1, 2006 Attention : President of The Stock Exchange of Thailand Attachment : 1. Reviewed Financial Statements for 1st Quarter, 2006 (Thai 1 Copy) 2. Reviewed Financial Statements for 1st Quarter, 2006 (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 reviewed by the Auditor within 45 days since the last day of each quarter. The Bangchak Petroleum Public Company Limited (BCP) would like to file reviewed financial statements by the Auditor for 1st Quarter ending March 31, 2006, and also would like to explain reasons for the variation in business operations as follow: Regarding to the business operations in 1st Quarter, 2006, the Company's total revenues were Baht 26,510 million, EBITDA was Baht 1,319 million, net interest expense was Baht 149 million, Depreciation and Amortization were Baht 208 million, and the net profit before tax was Baht 898 million deducting the corporate income tax of Baht 241 million; therefore, the Company posted Baht 657 million of net profit (net profit of 1st Quarter,2005 was Baht 438 million) and the earning per share of Baht 0.96. Such profit resulted from the following factors: 1. Gross Refining Margin (not including inventory gain/ loss) was 3.31 $/BBL, higher than that of the same period of last year which was at 1.89 $/BBL. This result was based on the optimization program of the refinery operation. The Company also recognized gain from hedging in order to protect the risk from oil price volatility which resulted from incident occurred to major oil producing country e.g. the political problem in Nigeria and the conflict between Iran and Western countries. In addition, the Company also recorded inventory gains of Baht 462 million which was lower than that of the same period of last year at Baht 678 million due to the oil prices in 1st Quarter, 2005, increasing at higher rate than that of this year; however, the oil prices trend in this year still be on an upward trend. In summary, the total Gross Refinery Margin was 5.12 $/BBL, and the crude run was 66 KBD nearly to that of the same period of last year at the level 69 KBD. 2. Marketing Margin (not included lube margin) was 44.4 satang per liter higher than that of the same period of last year which was at the level 22.7 satang per liter since, 1st Quarter, 2005, the retail oil prices were adjusted slower than its cost which was increased sharply and continuously following the oil prices in the world market. However, in 1st Quarter, 2006, oil prices in Singapore market were less fluctuated so that retail prices could be adjusted in consistent with the costs resulting to the higher marketing margin. 3. Selling and administrative expenses was Baht 372 million, decreased by Baht 2 million since the doubtful debt was decreased comparing to that of the same period of last year. 4. Net interest expense was Baht 158 million, decreased from that of the same period of last year by Baht 2 million since average loan outstanding amount was decreased; even though, the interest rate is increased. 5. Financial position and ratios; Mar 31, 2006 Dec 31, 2006 (Million Baht) (Reviewed) (Audited) * Total Assets 33,303 34,164 * Total Liabilities 19,831 21,294 * Shareholders' Equity 13,472 12,870 * Debt to Equity Ratio (time)1/ 0.96 1.05 * Book Value per Share (Baht) 19.60 18.72 Remark 1/ Calculation from Interest Bearing Debt Please be informed accordingly. Yours sincerely, - Signed - (Anusorn Sangnimnuan) President Corporate Planning and Investor Relation Office Tel: 0-2335-4583