ข่าวแจ้งตลาดหลักทรัพย์

1600 / 011 / 2003 January 30 , 2003 The Stock Exchange of Thailand 62, Ratchadapisek Road, Klongtoey Bangkok 10110 Attention : President of The Stock Exchange of Thailand Subject : Filing Unaudited Financial Statements and Business Operations Explanation for the Year ended December 31, 2002 Attachment : 1. Unaudited Financial Statements for the year ended December 31, 2002 (Thai 1 Copy) 2. Unaudited Financial Statements for the year ended December 31, 2002 (English 1 Copy) According to that the Bangchak Petroleum Public Company Limited (BCP) has filed unreviewed and unaudited financial statements following the Stock Exchange of Thailand's guidelines for filing unreviewed and unaudited financial statements; The Company would like to file unaudited financial statements for the year ended December 31, 2002 and also would like to explain 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 2001 as followed : Regarding the operating results for 2002, the Company posted a total revenue of BHT. 51,936 million with a net profit of BHT. 538 million, which is higher than the previous year by BHT. 3,525 million. (The 2001 net loss was BHT. 2,987 million). In 2002, the Company had an extraordinary interest expense amounting BHT. 92 million stemming from the premium paid to International Bank for Reconstruction and Development (IBRD) for having prepaid its foreign loan before maturity aiming to refinance with long- term Baht loans for lessening the interest burden and risk from foreign exchange fluctuations. This improvement in profit was due mainly to the followings : 1. Sales The Company's sales both in retail and industrial markets for this year increased 5.7 percent compared with last year. This has been resulted from the followings - The upgrading of the image of the Company's service stations and convenience stores and improving the services to achieve optimum customers' satisfaction through "Bright Bangchak Project". Furthermore, the Company has expanded its community store called "Bai Chak" reaching 26 stores. - As to enhance the confidence in product and service over the customers, the Company has joined " The Project on fuel qualification control system approvement" belonging to Thai Registration Department, the Ministry of Commerce and the Company could achieve the certificate over 900 stores. - The development and launching new product, for instance; 1) 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) Diesel oil "Power D" which, compared to the other ordinary diesel oil, has extra qualification since sulfur is as low as 0.02 percent- below the standard for the ordinary diesel oil 1.5 times. This shall reduce dust from an exhaust pipe and sulfur dioxide gas. Besides, an additive is added aiming to enhance the efficiency including to lessen emission and soot. 3) 100% synthetic Bangchak's lube "GE Gold" which firstly receives the highest standard "API SL SAE 5W-40" among the country etc. 2. Production The Company has improved refinery efficiency in both an increase in production yield and an energy cost saving in production processes. Additionally, the Company has cooperated with other refineries as to reduce import crude transportation cost to the refinery, to create more value-added products and to decrease production cost based on mutual benefit. 3. Refining Margin Improvement This was caused by the continual increase in World oil price since the beginning of the year arising from Opec implementation on production control and strike in Venezuela together with news over US-Iraqi tension. Also, demand growth both in domestic and World market was another factor. Please be informed accordingly. Yours sincerely (Mr. Chokchai Atsawarangsalit) Corporate Planning Manager Corporate Planning Office Tel: 0-2335-4583