ข่าวแจ้งตลาดหลักทรัพย์

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