The Bangchak Petroleum Public Company Limitedbcp.listedcompany.com/misc/mdna/20150513-bcp-mdna-1q2015... · 2015-05-13 · e increased ntained its p service statio arket sales was

The Bangchak Petroleum Public Company Limited

Management Discussion and Analysis of Business Operation

For the three-month period ended 31 March 2015

Exec

renderinprofit att

the ownein crude $/BBL, Qan inven

14% (Qothe amothat of 1allowancQ4/2014showed companiexport. T

period laduring th

EBITDA

Refin

Mark

Solar

Biofu

E&P

Othe

Unit: Mill

cutive In Q1/2015, g of servicetributable to o

In Q1/2015, ers of the coprice which

Q4/2014: 74.3ntory loss of B

Compared tooQ) while ne

ount of invent1Q/2015, whce for loss o4) as a result

a decline inies, and the Therefore, t

On the otherast year as he quarter, as

A Structure

nery Business

keting Busines

r Power Busin

uel Business

Business

ers

lion Baht

Summthe consolid

es of Baht 39owners of th

revenue fromompany were

started in th37 $/BBL, QBaht 1,790 m

o Q4/2014, et profit attribtory loss recoich was recoon decline int of crude prn number ofunrest situathe Company

r hand, Thailthere was as well as, the

ss

ness

Manag

mary dated financ9,445 millione Company

m sale of gooe decreased he second ha1/2015: 51.76

million in Q1/2

revenue frombutable to theorded in Q4/orded at an n value of iice situationf oil rig in otion in the My recorded a

and economn easing in e total sales

The Bangement Discussio

cial statemenn and net prof Baht 1,03

ods and rendby 21% (YoYalf of year 206 $/BBL) as 2015.

m sale of goe owners of /2014, aroundinventory losnventories (Lthat slightly

operation, a Middle East a

net profit of B

my in Q1/2015political situavolume whic

Q1/2014

56%

24%17%4%

2,589

-1%

ngchak Petroleon and Analysis of

nt recorded rrofit of Baht 37 million, or

dering of serY), and 34%014 (Averagea result of th

oods and renthe companyd Baht 4,417ss of Baht 1LCM) of Bahrecovered frodecline of in

and African cBaht 1,037 m

5 had recoveations. Refin

ch increased

Q

-1

-

um Public Comf Business Opera

revenue from1,056 millionearning per

rvices and ne% (YoY) respee Dubai Pricehe decline, th

ndering of sey increased 7 million, whi,790 million ht 975 millioom U.S. oil rnvestment ofcountries whicmillion.

ered when coery average 7% (YoY) an

4/2014

189%

27%59%8%

1,256

-6%

1%

mpany Limited ation for Q1/2015

m sale of gon which wasshare of 0.7

et profit attribectively from e in Q1/2014he Company

ervices decreby 142% (Qich was diffe(included re

on which ocrig count repf major oil pch affected t

ompared to tcrude run i

nd 1% (QoQ

-10% YoY286% Qo

Q1/2015

34%

32%

31% 3%

-1%

2,333 1%

1

oods and s the net 75 Baht

butable to the drop

4: 104.45 recorded

eased by oQ) from rent from

eversal of curred in ort which producing the crude

the same ncreased ). And as

Y Q

there waimpairmeNet losscompanyBaht 2,3The deta

was a reJanuary,the year inventory

1% QoQduring thresult, thposition service more cuTherefor

recorded

recordedsales vomixing wrevenue volume.

had comthe Galo22.88% USD 87.

as a slightly ent. As a ress of Baht 2,y decreased 333 million, aails of each b

Refinery busecord high of, but the crudr 2014 which y loss of Bah

Marketing buQ from the highe quarter ohe Company from last yeastations, opeustomers. Fre, total mark

Solar Power d at Baht 752

Biodiesel Bud revenue ofolumes decreawith diesel fro

which was

Exploration ampleted its acoc oil field into 55.88% a.4 million (or

recovery in sult, Net prof489 million by Baht 525

an increase obusiness per

siness had af 10.19 $/BBLde cost for Qwas still high

ht 1,766 millio

usiness had gher average

of the year, eretail marke

ar. The Compening new aFurthermore, keting margin

business wa2 million and

usiness had f Baht 1,235 ased as a reom 7% to 3mainly from

and Producticquisition of Gn Philippines.and entitled iBaht 2,876 m

Manag

crude pricefit attributablein the previ

5 million (-34of 286% fromrformance we

n average crL. Although t

Q1/2015 intakher than the on.

a total sales e crude run oespecially toet sales volumpany still maiand quality s

Industrial m in Q1/2015

as fully operaelectricity sa

an averageMillion. The

esult of gover.5% due to t the drop in

ion businessGaloc Produ. As of now,itself as an omillion).

The Bangement Discussio

e during the e to owners ious quarter 4%) when com previous qere as follow

rude run of there was a ke, partly, stilcurrent crud

s volume of 1of the refinerurism sectorme increasedintained its p

service statiomarket saleswas 0.75 ba

ated for all 3 ales was 64.9

e daily produB100 sales

rnment’s policthe shortagen its selling

s recorded rection Compa, Nido’s interoperator of G

ngchak Petroleon and Analysis of

quarter, the of the compbut Net pro

mpared to Qquarter but aw;

108.63 thousrecovery in cl reflected the price, as a

1,344 million ry, as well asr which incred and mainta

priorities of sens, refurbish

s volume alht per litre.

phases (PPA96 million kW

uction rate ovolume was cy of tempora of crude paprice per un

evenue of Baany WLL (GPrest in the GGaloc oil field

um Public Comf Business Opera

Company reany increaseofit attributab

Q1/2014. EBITdecrease of

sand barrel pcrude price fre price of cru result, the C

litre, an incrs, a recovery eased oil proained its 2nd elling the finishing its serviso increase

A of 118 MWh.

of 355 Thou36 million lit

ary decreasinalm oil and anit and a slig

aht 501 millioPC) for its 33Galoc oil fieldd. The GPC

mpany Limited ation for Q1/2015

eported no aed by 142% ble to owneTDA was recf 10% from Q

per day. Marrom its lowesude from lattCompany rec

rease of 8% in Thailand

oducts demarank in mark

shed productsice stations ed, especiall

W). Total reve

sand litre petre. Both revng the portioa decrease ightly decreas

on. In Q1/203% working id was increaC acquisition

2

additional from the rs of the corded at Q1/2014.

rket GRM st point in ter half of corded an

YoY and economy nd. As a ket share s through to attract y diesel.

enue was

er day, a venue and n of B100 n glycerin sed sales

015, Nido nterest in

ased from cost was

The Com

Revenue fro

Total EBITD

Refinery andEBITDA Ref

EBITDA Mar

Renewable b

EBITDA Sola

EBITDA Biof

EBITDA Exp

EBITDA Oth

Profit attribu

Basic earnin1/ EBITDA2/ EBITDA3/ EBITDA4/ EBITDA5/ EBITDA

Total Sa

Retail

Industria

Petroleum

Export

Note: Total ssales volume

mpany and i

om sale of goo

DA

d Marketing Bfinery

rketing 1/

business

ar Power 2/

fuel 3/

ploration and P

hers 5/

table to owne

ngs (loss) peA from MarketingA from Solar PowA from BangchaA from Nido PetA from BCP Ene

les Volume i

Market

l

Wholes

m traders in a

Total Ssales volume fige of crude

its subsidiar

ods and rende

usiness (R&M

Production 4/

ers of the Com

er share (Bahg Business andwer Plant Busink Biofuel Co., Lroleum Limited ergy Internationa

n each marke

ting Business

Total

sale Busines

accordance w

Total

Sales Volumegures excluding

Managem

ries’ operati

ering of servic

M)

mpany

ht) Bangchak Gree

ness, Bangchak Ltd. and share o al Pte, Ltd. and

et category o

s

ss

with section 7

e the swap amou

The Bangment Discussion a

ng results w

Q1

2014

ces 49,6

2,5

1,46

41

(2

1,5

1.enet Co.,Ltd Solar Energy C

of profit/ (loss) fr

its subsidiary

of the Compa

Q1/201

71

52

1,24

19

21

40

1,64unt between pet

gchak Petroleumand Analysis of B

were summa

Q4

4 2014

657 45,74

589 (1,25

450 (2,36612 33

441 74110 9

- 1

24) (7

562 (2,48

.13 (1.8

Co.,Ltd. and its srom Ubon Bio E

any

4 Q4/2014

13 777

27 558

40 1,335

92 142

14 275

06 417

46 1,752troleum traders

m Public CompBusiness Operatio

arized as bel

Q1

2015

49 39,44

6) 2,33

9) 7934 74

40 7199 813 2

3) (27

9) 1,03

1) 0.7

subsidiaries Ethanol Co, Ltd

Q1/2015

7 782

8 562

5 1,344

2 173

5 245

7 417

2 1,761 in accordance w

pany Limited on for Q1/2015

low; U

YoY

(%)

45 -21%

33 -10%

98 -45%40 21%

3 62%

81 -27%28 N/A

7) 15%

37 -34%

75

YoY (%)

10%

7%

8%

-10%

14%

3%

7% with section 7 a

3

Unit: Million Bah

QoQ

(%)

% -14%

% 286%

% 134%% 121%

% -4%% -19%A 120%

% -62%

% 142%

Unit: Million Li

QoQ (%)

1%

1%

1%

22%

-11%

0.1%

1%and the

t

itre

Analysis

Revenue Cost of saGross ProInvestmenSelling anGain from

hedgingGain (loss

forwardGain (lossReversal

from imShare of pProfit befoFinance cProfit/(lossIncome taProfit for Owner Non-coEarnings

s of the Con

from sale of gale of goods aofit nt income andnd administratm crude and pg contract s) from foreignd contracts s) on foreign eof allowance

mpairment of aprofit (loss) ofore finance cocosts s) before incoax (expense) c

the period rs of the Comontrolling interper share (B

nsolidated S

goods and reand rendering

d other incomtive expensesroduct oil pric

n currency

exchange for loss/ (lossassets f associate osts and incom

ome tax expencredit

pany rests

Baht per Shar

Managem

tatement of

ndering of seg of services

e s ce

s)

me tax expen

nse

re)


f Income

Q1/2

rvices 4(47

nse


2014 Q4/2

9,657 45,7,035) (47,02,621 (1,2

89(954) (1,6

90

55

247

1 (8

102,160 (3,0(264) (41,896 (3,4(310)1,586 (2,51,562 (2,4

241.13 (1


014 Q1/201

749 39,44003) (37,082255) 2,36379 10665) (1,057

150 (136

(2) (5

192 26

826) 1

10 1018) 1,55403) (41420) 1,14914 (9

506) 1,05489) 1,03(17) 1.81) 0.7


Un

15 YoY

(%)

45 -21% 2) -21% 63 -10% 04 17% 7) 11%

6) -251%

5) -109%

66 8%

11 891%

12 12% 58 -28% 1) 56% 47 -40% 1) -71% 56 -33% 37 19 75

4

nit: Million Baht

QoQ

(%)

-14%-21%288%-73%-37%

-191%

122%

39%

101%

12%152%

2%134%-110%142%

Summa

Refinery

DB Dated BrDTD/DB

becausenot to cQ1/2014between

becausein the Uproductiothe fallinhigher chas beewould se

40

60

80

100

120

ry of the Co

y and Marke

Crude Oil P

Q

rent

Average Du

e of the crudcut its oil pro4, oil prices n Russia and

In Q1/2015, e of the over.S., continueon ceiling ofng in oil priccrude oil proen under preet the stage

104

108

0

0

0

0

0

Q1/

ompany and

eting Busine

rice Situatio

Q1/2014 AVG

104.45 108.21 3.76

ubai crude oe oil oversup

oduction. Oil have been d

d Ukraine.

an averagersupply in thee their oil prof 30 million bce. U.S. crudoduction, refiessure from

e for a landm

4.45

8.21

/14

Managem

its subsidia

ess Performa

on

Q4/2014 AVG

74.37 76.58 2.21

oil price in Qpply, especiaprice fell to

driven by the

Dubai crudee market, aftoduction at a barrels a dayde oil stock neries turnathe expecta

mark nuclear

106.13

109.67

Q2/14

D


aries’ perform

ance

QMAX

59.50 61.99 4.78

Q1/2015 wasally from the o the lowest e unrest in t

e oil price wfter Non-OPE high level. Oy without anhas risen o

around and sations that pr agreement.

101.4

101.

Q3/1

DB D


mance by B

Q1/2014 MIN A

42.00 545.22 5-0.56

s decreasedshale boomlevel in six the Middle E

was decreaseEC producersOn the other

ny indication ver the first strike of refinpolitical fram Western sa

45

93

4

Dated Brent


usiness unit

YAVG

51.76 -5053.75 -501.99 -47

d by 52.69 $in the U.S. years in Jan

East and con

ed by 22.61 s, particularlyr hand, OPECthat it will cquarter to a

nery workersmework on Iranctions wou

74.37

76.58

Q4/14


t

UYoY %

0.44% -0.33% -7.19% -

$/BBL from while OPECnuary 2015. ncerns of the

$/BBL from y shale oil pC also maint

cut productiona record higs. Moreoverran nuclear uld be lifted,

51.76

53.75

Q1/15

5

Unit: $/bbl QoQ

%

30.40% 29.81% 10.14%

Q1/2014 C decided

While in e conflict

Q4/2014 producers tained its n to stop h due to r, market program allowing

6

5

5

Iran to rdollar cospeculatto its lowtrillion eu

major ocontinueyear. Thoil expowere alsattacks ifrom the

comparearound tcrude oi

stayed awas still imports has som

resume its oompare to otion that the west level in uros to stimu

However, thil producers

ed to declinehe oil price wrts delay froso uncertainin Northern I

e Middle East

An average ed to Q1/201the same lel price and th

In Q1/2015, around the sa remain. Shafrom Africa,

me supports f

oil exports inother major cFederal Res11 years af

ulate Eurozon

he oil price sannounced

, suggesting was also supm southern because ofIraqi and thet.

Dated Bren14, due to thvel as in Q1he oversupp

an averageame level froale oil produwhich has thfrom the high

Managem

n the future. currencies, eserve will stafter the Europne growth an

still had somlower investhat the incr

pported by thIraq terminaf the attack

e combat in Y

nt/Dubai (DThe unrest in 1/2014, but tly of the ligh

e DTD/DB waom the previouctions in thehe similar quher crude oil


Oil price alespecially Euart to raise itspean Centrand to battle w

me supportingstments for rease in crudhe unrest in al due to bad

from the reYemen has c

TD/DB) in QLibya. Altho

the spread it crude oil.

as decreaseous quarter ae U.S. continuality to U.S s

demand in w


so dropped uro and Yens interest ratal Bank (ECBwith low infla

g factors andthe year 20de oil producthe Middle Ed weather. Lebel groups. created worr

Q1/2015 wasough the effen Q1/2015 w

ed by 0.04 $as the pressnued to expashale oil, to twinter.


after the ap. US Dollar e by this yea

B) announcedtion.

d started to 15, while U

ction would bEast and AfriLibya’s oil pro

Lastly, Islamies about the

s reduced bect of the unwas also pre

$/BBL from Qure from the

and, resultingthe U.S. Non


ppreciation owas booste

ar, while the d the injectio

slightly reco.S. oil rig co

be at slower rica (MENA),oduction andmic insurgene transportat

by 1.59 $/BBnrest on expessured by t

Q4/2014. The crude oil ovg in lower lignetheless, th

6

f the US ed by the

Euro fell on of one

over after ount has pace this also the d exports nt groups tion of oil

BL when ports was the lower

e spread versupply ght crude e spread

UNL95/D

IK/DB

GO/DB

FO/DB

• An 0.87pric

In Qby addCatMobSinandas of N

• An $/B

Crack Sprea

Q1/20

AVG

DB 14.5

17.0

17.7

-8.4

average Ga7$/BBL fromces. Gasoline

Q1/2015, UNChina's low

dition, The Wtalytic Crackbil refinery gapore. Mord Taiwan aredemand of NNaphtha ship

average of BBL from Q1

-15

-10

-5

0

5

10

15

20

Q

ads Analysis

014 Q4/20

G AVG

56 13.4

00 17.6

79 15.9

45 -5.6

soline 95 Ocm Q1/2014 we demand ro

NL95/DB waswer gasoline Western U.Sing unit (FCCin Torrance

reover in Mae all in the aNaphtha, a cpment from E

Jet (Kerose/2014 due t

14.56

17.00 17.79

-8.45

Q1/57

Managem

s

014

G MA

43 20.6

67 19.0

96 18.0

60 0.6

ctane/Dubai (which was drse to the new

s increased bexports as

S. gasoline C) with prode, California,arch, refineriennual maintecomponent oEurope to As

ne)/Dubai (Ito the extrao

16.06

14.29 16.02

-10.60

Q2/57

UNL95/DB


Q1/2

AX M

60 10

03 14

06 13

64 -4

(UNL95/DB) riven by a hw high recor

by 2.0 $/BBL demand insupply was

duction capa, resulted ines in Europeenance perioof gasoline, insia.

K/DB) in Q1ordinary cold

13

1414.

-8.

Q3/

IK/DB


2015

MIN A

0.00 1

4.52 1

3.56 1

.94 -

in Q1/2015higher demanrd especially

L from Q4/20ncreased du

tightened acity of 100,0n gasoline e and Asia, od, lowering tncreased in

1/2015 was d weather in

.24

.50 .42

39

/57

GO/DB


AVG

5.43 5

7.02 0

6.32 -8

1.90 7

was 15.43 $nd in the regin India and

014. The sprring the Ch

after a fire i000 barrels pimports fromespecially inthe supply. Tthe first quar

17.02 $/bbl, n the US, an

13.43

17.67 15.96

-5.60

Q4/57

FO/DB


Un

YoY

(%)

5.97%

0.12%

8.26%

77.52%

$/BBL, an incgion due to China.

read had beehinese New incident at tper day at thm South Kon South KorThe spread arter, due to t

an increasend the volum

15.43

17.0216.32

-1.90Q1/58

7

nit: $/bbl

QoQ

(%)

14.88%

-3.68%

2.22%

66.04%

crease of lower oil

en driven Year. In the Fluid he Exxon orea and rea, India also rose the delay

e of 0.02 me of air

3

2

8

travpop

In Qby NewJapU.SEur

• An fromMidandneasucweaChi

In QdrivrefinproU.SVieimpas incr

• An Q1/fuel

In Qthe seaincrarbhighthat

velling passepulation in th

Q1/2015, IK/higher Jet dw Year. Alspan. FurtherS. heating oilrope instead

average of m Q1/2014. ddle East, incd the extensar future, Midch, gasoil willak, especiallyna.

Q1/2015, GOven by the sneries on thduction capa

S. had to imtnam's oil im

port duties froit turned to

rease in expo

average Fue/2014 due tol oil demand

Q1/2015, FOincrease in

ason. In addirease in gooitrage flows her, as VLCt oil prices m

engers in Ase region.

DB was decrdemands in tso Kerosenermore, as mal stock fell toof the expor

Gasoil/DubaThe spread cluding Yanbion Ruwais ddle East gal no longer ny the mining

O/DB was insevere cold he east coasacity accounport the Mid

mport from Aom ASEAN so produce morts to Africa

el Oil/Dubai o the crude ofor vessels

O/DB was inc demand fotion, fuel oil ods transporfrom westerC vessel wa

may raise in t

Managem

sia which ha

reased by 0.transportation demands fany refinerieso the lowest rting it.

ai (GO/DB) inhas been u

bu refinery wrefinery with

asoil demandneed to be im

sector in Ind

ncreased by weather in

st, and the pnted more thddle DistillateASEAN counstarted on Ja

more jet fuela was also a

(FO/DB) wasoil price had in Asia had d

creased by 3r electricity gdemand for

rtation duringn countries tas booked athe future.


as increased

.65 $/BBL fron sector durfor heating s in the U.S.level in 5 ye

n Q1/2015 wnder pressu

with capacityh capacity ofd/supply is exmported fromdonesia, as w

0.35 $/BBL the U.S. wh

protest of thhan 20% of es products tries had inc

anuary 1. In a to meet thfactor boost

s -1.90 $/bbl dropped bydecreased d

.69 $/BBL frgeneration ivessels in C

g Chinese Lto Asia had

as floating st


d due to the

om Q4/2014.ring travellingwere increa were unableears. The U.

was 16.32 $re from the

y of 400,000 f 417,000 baxpected to b Asia. In addwell as trans

from Q4/20hich has obe workers inthe total coufrom Europe

creased as aaddition, Chihe increasingting the sprea

l in Q1/2015y more than ue to the slo

om Q4/2014n South Kor

China and Sinunar New Yslowed downorage for cru


e expansion

The spreadg season ansed during e to run durinS. had to im

/BBL, a decstart of two barrels per

arrels per dabe balanced dition, oil demportation and

14. The highstructed the n some U.Suntry’s capace. For the da respond tona had reducg domestic ad.

, an increase50% from thowing down e

. The spreadrea and Japngapore wasYear. On then because thude oil after


of the midd

d had been sd the Chinewinter, espeng the sever

mport heating

crease of 1.4new refineriday in Saud

ay in the UAwithin the re

mand in Asiad industrial s

her spread hproduction

. refineries, city. As a re

demand sideo a cut in oiced its gasodemand. La

e of 6.55 $/Bhe mid of 20economy.

d had been dpan during ths also higher e other handhe shipping r oil traders

8

dle class

supported se Lunar ecially in re winter, g oil from

47 $/BBL es in the di Arabia, E. In the egion. As a was still sectors in

had been of some of which

esult, the e in Asia, l product il exports astly, the

BBL from 14, while

driven by he winter from the

d, fuel oil cost was expected

1)

Average

Utilizatio

Average

Market G

GRM He

Inventor

Total GR

EBITDANote: 1/ In

rev

Refinery Bu

The table of

e Crude Run (

on Rate (%)

e FX (THB/US

GRM

edging

ry Gain/ (Loss

RM

A nventory Gain/ (

versed in Q1/20

Mark

usiness

f Refinery bu

(KBD)

SD)

s) 1/

Loss) in Q4/201

015.

6.41

0.31 0.16

ket GRM

1Q/14

6.88

Managem

siness perfoQ1/2

Q1/2

14 was included

G


rmance 2557 Q4/

97.82

82%

32.80

2557 Q4/

1,851

90

45 (

1,986 (

1,450 (d LCM of Baht 9

8.45

0.48

(14.21)

RM Hedging

4Q/14

-5.28


/2557 Q1

102.48

85%

32.85

/2557 Q1

2,617

150

(4,400)

(1,634)

(2,369)992 million, whic


1/2558 Yo

108.63

91%

32.80

1/2558 Yo

3,267

(136)

(1,655)

1,476

798ch the whole am

10.19

(0.42)(5.51)

Inventory

1Q/15

4.26


oY (%) Q

11%

Unit:

oY (%) Q

77%

-251%

N/A

-26%

-45% mount of LCM w

Unit: USD

Gain/ (Loss)

9

QoQ (%)

6%

Million Baht

QoQ (%)

25%

-191%

62%

190%

134%was

D/BBL

Compar

of 11% fwhich dConsequdomesticseason)

last yeafrom thethe dropdecreaseaverage shale oiwhich qu

Afor Q1/2still high1,766 m992 millimillion (-

Compar

productswhich en

Fuel Oil/their eleincreasewest of cost for an averawas dueAs such

rison of Q1/2

In Q1/2015, from Q1/2014depressed cuently, high c oil demandand an easin

Market GRMr as a result

e heavy dropp of crude pre in crude c of 1.99 $/BBl production uality is simil

Although the2015 intake, per than the

million (includeion that incu-31% YoY), a

rison of Q1/2

Compared ts continued ncouraged re

As the majo/Dubai crackectricity gened from the pthe U.S. wathe quarter wage of 1.99$e to the light, market GR

2015 and Q1

refinery had 4 due to high

crude price, market GRMd increased ng in domest

M was recordt of an increp in crude price by whichost from theBL in the quin U.S. cont

lar to shale o

ere was a recpartly, still recurrent crudeed reversal orred in Q4/20and an EBITD

2015 and Q4

to Q4/2014, to stay highefinery to inc

orities of the k spread (FOneration durprevious quaas tightened was slightly $/BBL (Q4/20t crude oil ov

RM for Q1/20

Managem

1/2014 opera

an average h market GR

while prodM situation en

from both itic political sit

ded at Baht ase in Fuel rice. Gasolineh regional ga narrower sparter (Q1/20tinued to expoil. As a resu

covery in crudeflected the pe price, as aof allowance 015). All in aDA of Baht 7

4/2014 opera

average cru from the e

crease their c

crack sprea/DB) which i

ring winter arter as dem

after a fire lower since t015: 2.21$/Bversupply fro15 was Baht


ating results

crude run ofRM during theuct spreadsncouraged rendustrial andtuation which

3,267 millionOil/Dubai cre/Dubai crac

asoline retail pread betwe14: 3.76 $/Bpand which ult, market G

de price fromprice of crudea result, the for loss on

all, Refinery b798 million (-4

ating results

ude run of rnd of year 2crude run.

ads continuemproved by and Gasolin

mand from Chincidence inthe spread bBBL). The deom the contit 651 million


s

f 108.63 thoue quarter; as s continued efinery to incd retail sectoh distressed e

n, an increasrack spread ck spread (Uprice drop cen Dated Br

BBL) due to treduced its RM was high

m its lowest poe from latter Company redecline in vabusiness rec45% YoY)

s

refinery incre2014 and al

ed to be strothe demandne/Dubai crhina increasen a refinery between Dateecreased spinuously incrhigher than


usand barrel a result of oto be stro

crease their ors due to seconomy last

se of 77% fr(FO/DB) whi

UNL95/DB) wreated more rent and Dubthe oversupplight crude ih during the

oint in Januahalf of the y

ecorded an inalue of invencorded a tota

eased by 6%so a high m

ong during th from South

rack spread e, while gasoin Californiaed Brent/Dubread betweereasing U.S. the previous


per day, an oversupply of ong since lacrude run. Mseasonal fact year.

rom the samich gained it

was also ben demand. Anbai which waply of the crumport from Aquarter.

ary, but the cyear 2014 wnventory lossntories (LCMal GRM of Ba

% as the primarket GRM

he quarter, eKorea and J(UNL95/DB

oline supply a. Furthermorbai narroweden Dated Bre

shale oil prs quarter (+2

10

increase crude oil

ast year. Moreover, ctor (high

me period ts benefit nefited by nd also a as on the ude oil as Africa, of

rude cost which was s of Baht ) of Baht aht 1,365

ice of oil situation

especially Japan for B) which from the

re, crude d down to ent/Dubai oduction. 5%).

part of thof the 20of allowaQ4/2015EBTDA

Despite the he company’014, resultingance for loss5, resulted inof Baht 3,16

recovery of t’s crude oil cg in the coms on declinen an increas67 million (+1

Managem

the crude oil cost for 1Q/2mpany’s Inven

in value of se in total G34%) from th


price during015 was stillntory Loss foinventories

GRM of Bahthe previous


g the quarter l reflecting thor the quarte(LCM) of Bat 2,998 millioquarter.


from the lowhe higher cruer. However, aht 992 millioon (+184%),


west point in ude cost fromthere was aon which inc, and an inc

11

January, m the end a reversal curred in crease in

2)

Retail (S

Industria

Total

LPG

Gasoline

Gasohol

Gasoh

Gasoh

Gasoh

Gasoh

Jet Fuel

Diesel

Fuel Oil

Lubrican

Others

Total

The

Retail Ma

Industria

Total Ma

Note: Mar

Marketing BSales volum

Service Station

al

Sales volum

e

ol 91 ol 95 ol E20 ol E85

nt

table below s

argin (Service

l Margin

arketing Marg

rketing Margin f

Business andme in each ma

ns)

me in each pr

shows details

e Stations)

gin

figure was the a

Managem

d Bangchakarket catego

oduct catego

of Marketing

attributable to th


k Green Net ory of Market

Q1/2014

713

527

1,240

ory of Market

Q1/2014

16

12

324

127

83

80

34

181

650

43

14

1

1,240

Margin

Q1/2014

0.95

0.30

0.67

he Company onl


Co., Ltd. ing Business

Q4/2014

777

558

1,335

ting Business

Q4/2014

13

13

371

148

93

79

50

148

747

34

9

0.33

1,335

Q4/2014

0.93

0.32

0.67

ly.


s

Q1/2015

782

562

1,344

s

Q1/2015

10

15

364

149

97

77

40

160

741

43

11

0.42

1,344

Q1/2015

0.95

0.48

0.75


Unit:

YoY (%)

10%

7%

8%

Unit:

YoY (%)

-36%

28%

12%

17%

17%

-4%

20%

-12%

14%

-1%

-21%

-32%

8%

Unit: Ba

YoY (%)

0%

63%

12%

12

Million Litre

QoQ (%)

1%

1%

1%

Million Litre

QoQ (%)

-22%

20%

-2%

1%

4%

-2%

-20%

8%

-1%

25%

26%

27%

1%

aht per Litre

QoQ (%)

2%

53%

12%

Compar

104 millieconomiChinesedemand announcincrease

market ffactor foproductswhich thswitched1,065 stthruput togetherservice stations.208 serv

product recoveryrefinery harvest

Q1/2014sales vorelative w740 milli

rison of Q1/2

In Q1/2015, ion litre (+8%ics in the fi

e and Malays of oil producement of thed by 14% an

The sales vfor the Compor oil demans sales voluheir price wad to use mortations in Q1per service r with improstation grow. In Q1/2015vice stations

Sales volumas there wer

y of Thai ecoin Thailand, season from

In Q1/2015,4. Industrial molume, and thwith the samion, an incre

2015 and Q1

marketing b%) from Q1/2rst quarter osian tourists ucts while Thhe state of end gasohol p

volume throupany. In addind. In Q1/20me was incs reduced tore of these p/2014 to 1,0stations andving quality

wth. Additiona, there were selling Gaso

me through inre more demonomics in Q

resulting to m end of year

, Total Markmargin was 0he easing of me period lasase of Baht

Managem

1/2014 Opera

business had2014 from anof 2015 hashas continu

hai economicemergency bproducts sale

ugh retail mtion, a declin15, diesel preased by 1o be similar wproducts. Alth050 stations d continuousl

and appeaally, the Com697 service

ohol E85 (Q1

ndustrial marmand of oil prQ1/2015. On

a less finishr 2014 helped

keting marg0.48 Baht pecompetition

st year. All in128 million (


ating Result

d a total salen increasing s started to uously come c in Q1/2014by Thai’s goes volume wa

arket was inne of oil priceproduct sales11%, especiawith other gahough, the nin Q1/2015 ly opened arance of exmpany still c stations sel1/2014: 107 s

rket was incroduct from ithe other hahed oil produd increased

in was 0.75er liter, an incin industrial

n all, marketin(+21%).


ts

es volume of in crude run recover espto visit Tha

4 was effecteovernment. das increased

ncreased bye since the es volume waally in gasoasohol produnumber of seas the Comp new one w

xisting serviccontinuously ling Gasoholstations).

reased by 7ndustrial andand, there wauction. Additdiesel sales

5 Baht per crease of 63market. Retang business


1,344 millioof the refine

pecially in toiland, resultied from politdiesel produd by 12% from

y 10% as it end of year 2as increasedhol 91 and ucts, thereforervice stationpany had clo

which appealece stations t

expanded El E20 (Q1/20

%, which wad transportatias a temporaionally, the cvolume.

litre, an inc3% from an inail margin wahad recorde


on litre, an inery, together ourism sectoing in the intical situationct sales volm Q1/2015.

was the fir2014 was a sd by 8% and

gasohol 95 re, oil consun was decreaosed inefficieed more to to create thE20 and E8014: 680 stat

as mainly froion sectors dary shutdowncontinued su

crease of 1ncreasing in as 0.95 Bah

ed an EBITD

13

crease of with Thai

or as the crease in n and the ume was

st priority supported d gasohol

products mers has ased from ent or low customer ruput per 5 service tions) and

om diesel due to the n of other ugar cane

2% from industrial t per litre, A of Baht

Compar

an increholiday) gasohol fuel as acustome by 0.17 refinerielitre (+2%operatinlower EB

rison of Q1/2

When compease in refinwhich contin91 and gas

a result of aner of jet fuel. Total MarkeBaht per l

s, resulted in%) Thereforeg and adminBITDA during

2015 and Q4

ared to Q4/2nery averagenued from thsohol 95 prodn increase in ting Margin itre (+53%) n a decrease, EBITDA inistrative expg such quarte

Managem

4/2014 Opera

2014, total sae crude run he previous qducts. Industn number of

increased byas there w

e of supply ncreased bypense duringer.)


ating Result

ales volume and the eff

quarter. Retatrial sales voflights from

y 0.08 Baht was a tempo

in the markey Baht 406 g the fourth q


ts

of marketingfect of long ail sales voluolume was aQ4/2014 of

per litre (+1orary shutdoet. Retail mamillion (+121quarter was


g business inholidays (h

me slightly ialso marginaThai Airways

2%). Industrwns of somargin increas1%) from Q4higher than


ncreased byhigh season,ncreased fro

ally increaseds which was

rial margin ime units in sed by 0.02 4/2014. (Norothers, resu

14

y 1% from Chinese

om diesel, d from jet the main

ncreased domestic Baht per rmally an ulted in a

Renewa

3)

Phase 1

Phase 2

Phase 3

Tota

Revenue

ComparIn

Baht 29680 MW)Q1/2015Total elewhich wSolar Po(+62%)

ComparIn

sales of and rainEBITDA

able Busines

Solar Power

Electricity(Million

(PPA of 38 M

(PPA of 32 M

(PPA of 48 M

l

e (Million Bah

rison of Q1/2Q1/2015, S

6 million (+6) in Q1/20145 (Solar Powectricity sale

were mainly fower Busine

rison of Q1/2Q1/2015, to

f 2.35 millionnstorms in ev

of 1Q/2015

ss Performa

r Business

y Sales kWh)

MW)

MW)

MW)

t)

2015 and Q1Solar Power 65%) as there4, while therewer Plant phas were recofrom an increess was reco

2015 and Q1otal revenuen kWh (-4%)very area dewas decreas

Managem

nce

Q1/

1/2014 OperaBusiness rece were a fulle were a fuse 3, PPA orded at 64.9ease in Solaorded EBITD

1/2014 Operae was decrea. Total elect

espite the higsed by Baht


/2014 Q4

18.14

20.32

0.67

39.13

456

ating Resultcorded total ly operation lly operation

of 48 MW, ha96 million kWar Power PlaDA of Baht 7

ating Resultased by Bahtricity sales wgher irradiati27 million (-


4/2014 Q1

17.25

19.79

30.27

67.30

780

ts revenue of of Solar Pow

n of a wholead commerciaWh, an increaant phase 3 713 million,

ts ht 28 millionwere decreaion of all 3 p4%)


1/2015 Y

16.93

18.99

29.04

64.96

752

Baht 752 mwer Plant phe 3 phases (alized its opease of 25.83of 28.37 mian increase

n from a decsed due to phases in Q


YoY (%) Q

-7%

-7%

N/A

66%

65%

million, an incase 1 and 2(PPA of 118eration in Ap3 million kWhllion kWh. T

e of Baht 27

creasing in ea seasonal 1/2015, ther

15

QoQ (%)

-2%

-4%

-4%

-4%

-4%

crease of 2 (PPA of 8 MW) in pril 2014). h (+66%)

Therefore, 72 million

electricity sun path efore, an

4) In Q

EBITDA Co, Ltd o

Tabl

Revenue (MUtilization RAverage Da(Thousand B100 SalesEBITDA (M

B100

Crude Palm

*Source

CoIn

188 millthe govethe shorQ1/2014was 68 day to bslightly dprice in

margin ploss of Bof Baht of Baht 6

Biofuel Bus

Q1/2015, Biofrom Bangc

of Baht 12 m

le of biodiese

Million Baht) Rate (%) aily Productiolitre per day

s Volume (MMillion Baht)

Average S

Oil (CPO)

: Departmen

omparison oQ1/2015, B

ion (-13%) fernment’s portage of crud4 the governmdays. As a

be 355 thousdecreased, aQ1/2014: 11However, thper unit of BBaht 13 milli23 million. (Q69 million, a

siness

ofuel busineschak Biofuel million.

el performan

on Rate y) illion litre)

Sales Price

t of Energy B

of Q1/2015 aBiodiesel busrom Q1/2014

olicy of decree palm oil prment’s policyresult, averaand litre per as well as th.20 Baht per

he gross ma100 decreason included Q1/2014: Invdecrease of

Managem

ss recorded Co, Ltd. of B

nce by Bangc

Business, Mi

and Q1/2014 siness record4. Total B10easing the poroduction why of mixing Bage daily proday (-2%) in

he Glycerin r Kilogram, Qrgin in Q1/2se as well asreversal of a

ventory gain f Baht 31 mil


an EBITDABaht 69 millio

chak Biofuel.

Q1/2014

1,422 100%

361

39 100

Q1/2014

37.33

33.03

inistry of Ene

4 Operating Rded a revenu00 sales voluortion of B10ich was insuB100 at 3.5%oduction raten Q1/2015, asales volum

Q1/2015: 6.9 2015 was des margin perallowance forof Baht 2 mllion (-31%) w


A of Baht 81on and share

Co., Ltd

Q4/2014

1,535 102%

366

53 89

Q4/2014

31.53

28.22

ergy.

Results ue of Baht 1ume was dec00 mixing witufficient for th% was effectie was decreaadditionally, a

me and price Baht per Kil

ecreased wher unit of Glycr loss on dec

million). Biodwhen compa


million, whe of profit fro

Q1/2015

1,235 99%

355

36 69

Q1/2015

37.00

33.36

,235 million,creased 3 mth diesel fromhe domestic dive for 42 daased from 36an average Bdropped. (A

logram) en compared

cerin, also thecline in valueiesel Businered to the sa


hich compriseom Ubon Bio

YoY (%)

-13% -2%

-2%

-7% -31%

YoY (%)

-1%

1%

, a decreasemillion litre (-7m 7% to 3.5%demand. Hoays, while in 61 thousandB100 sales pAverage Glyc

d to Q1/201ere was an

e of inventorieess recordedame period l

16

ed of an o Ethanol

QoQ (%)

-20% -3%

-3%

-32% -22%

QoQ (%)

17%

18%

e of Baht 7%) from % due to wever, in Q1/2015

d litre per price was cerin sell

4 as the inventory es (LCM) EBITDA ast year.

Co

Baht 30diesel frpalm oil with diesmillion libuyer. AGlycerin

of crudeB100 prstarted tincluded (Q4/2014EBITDA

omparison o

When compa0 million (-2rom 7% to 3production w

sel in Q4/20itre (-32%) f

As a result, a sales volum

From the tige palm oil (CPice in Q1/20to decline in reversal of 4: Inventory of Baht 20 m

of Q1/2015 a

ared Q1/2010%) from th.5% in Q1/2which was in14 was 7% from the lessaverage dailyme dropped.

hten supply PO) increase15 compared the late of allowance floss of Bah

million (-22%

Managem

and Q4/2014

5 to Q4/2014e governme015 due to nsufficient fofor the whols order for By production

of crude paled which widd to Q4/2014Q1/2015, asfor loss on dht 23 million

%) from previo


4 Operating R

4, Biodiesel nt’s policy othe drought

or the domesle period. ToB100 from trate was de

m oil situatiodened the sp4. However, s a result, thdecline in van) Therefore,ous quarter.


Results

business reof decreasingin year 2014

stic demand, otal B100 sahe Bangchaecreased by

on during theread betweeaverage sell

here was an alue of inven, biodiesel b


corded a deg the portion4 effected towhile the po

les volume wk Petroleum3% from Q4

e quarter, an n crude palming price of cinventory los

ntories (LCMbusiness reco


ecrease in ren of B100 mo a shortageortion of B10was decreas

m, who was t4/2014, as w

average selm oil (CPO) pcrude palm oss of Baht 1

M) of Baht 2orded a dec

17

evenue of ixing with

e of crude 00 mixing sed by 17 the major

well as the

ling price price and oil (CPO) 13 million 3 million. crease in

5)

its 33% Februaryand entiBaht 2,8

Nido), wbarrels n

cargoes EBITDA

Exploration

In Q1/2015, working inte

y 2015, as stled itself as

876 million).

In the first qwhich was anet to Nido)

Exploration aof crude oilwas recorde

and Produc

Nido had coerest in the such, Nido’s an operator

quarter, Galn average d

and Producti, in total of 6ed of Baht 28

Managem

ction Busine

ompleted its Galoc oil fieinterest in thof Galoc oil

oc oil field daily product

ion Business682,515 barr8 million, an


ess

acquisition oeld in Philipphe Galoc oil field. The G

production wtion of 6,510

s recorded rerels (268,804increase of


of Galoc Propines. The tr

field was inGPC acquisiti

was 585,9000 barrels (av

evenue of Ba4 barrels netBaht 15 milli


duction Comransaction wncreased fromon cost was

0 barrels (22verage daily

aht 501 millioto Nido). Th

ion from the


mpany WLL (was completem 22.88% to USD 87.4 m

24,826 barre production

on from the sherefore, in Qprevious qua

18

GPC) for ed on 17 o 55.88% million (or

els net to of 2,498

sales of 2 Q1/2015, arter.

Analysis

Assets

Amillion, awere ma

s of Financial

As of March an increase ainly from: Cash and cof the Cash

Trade AccMarch 201reduction. Other Accoreceivable oInventory wdecreasedDecember of Market (Oil fuel funcash from receivable acompany ha

l Position of

31, 2015, Tof Baht 4,85

cash equivalh Flow Stateounts Recei15, compare

ounts Receivof Baht 236 mwas decreas. The crude 2014 to 5.09LCM) of Bahd subsidies roil fuel fund

about 4 monthas oil fuel fun

Managem

the Company

Total Assets 51 million wh

ents was incement) vable was d

ed to Decem

vable was demillion in 201sed by Baht

oil and fini9 million barht 992 million receivable wasubsidies. A

hs (during Dend subsidies re


y and its sub

of the Comhen compare

creased by 5

decreased bymber 2014 d

ecreased by 14, which rec1,681 millionshed oil prorrels in March in Decembeas decreasedAs at 31 Maecember 2014eceivable abo


bsidiaries (Co

mpany and itsd to the end

5,876 million

y Baht 326due to the t

208 million ceived in 201n as crude ooducts increah 2015. In ader 2014. d by Baht 62arch 2015 co4 – March 20out 6 months


onsolidated)

s subsidiarie of 2014. Th

(Details are

million from total sales v

from the ins5.

oil and finishased from 4ddition, there

5 million as tompany has 15), whereas (during July –


Unit: M

es were Bahhe changes i

stated under

lower salesvolume and

surance com

hed oil produ4.98 million be was a Lowe

the Companyoil fuel fund at 31 Decem

– December 2

19

Million Baht

ht 81,816 in assets

r Analysis

s value in oil price

mpensation

ucts’ price barrels in er of Cost

y received subsidies

mber 2014, 2014).

Liabilitie

million, awas mai

Equities

million, acomponemillion. C

Property, pProduction petroleum biodiesel plaIntangible aof Baht 1,Company Wexchange r

es

As of Marchan increase inly from:

Trade AccoDecember next monthwere similaLong-term term loansand repaymOther curreprovision facquired th229 million

s

As of Marchan increase ent of equityConsolidated

plant and equCompany W

assets of Baant machineryassets was in041 million WLL (GPC),rates of Baht

h 31, 2015, Tof Baht 4,07

ounts Payab2014 had be

h as normal. ar to Decembloans from f) was increament of Longent liabilitiesfor the decohe shares in .

h 31, 2015, Tof Baht 807 y (foreign cud book value

Managem

uipment was WLL (GPC) aht 188 millioy and equipmcreased by Bas Nido Pet additional i58 million.

Total Liabilitie1 million whe

ble was increeen paid withiHowever, theer 2014. financial instsed by 2,416

g-term loans of Baht 2,4ommissioningGaloc Produ

Total Equity million from

urrency transwas Baht 24


increased bof Baht 1,9

on, refinery mment of Baht 1Baht 1,003 mtroleum Liminvestment o

es of the Coen compared

eased by Bain the month,e value of cru

titutions and 6 million fromportion of Ba

469 million, ag cost of Buction Comp

attributable Net Profit fo

slation differe4.78 per sha


by Baht 1,462906 million, machinery an192 million anillion from expted acquired

of Baht 20 m

ompany and d to the end

aht 1,841 mi, but the amoude oil and fi

Debenture (m a Debentuaht 514 millioan increase Baht 318 mipany WLL., a

to owners oor the first quences for foare.


2 million, froman explorationd equipmend depreciationploration and d the sharesmillion and e

its subsidiarof 2014. Th

llion, as somount in Marchnished oil pro

(including cure Issuance on. of Baht 585illion as Nidand deferred

f the Compauarter of Bahreign operat


m an assetson and prodnt of Baht 11n of Baht 1,0evaluation ex

s in Galoc Peffect of mov

ries was Bahe change in

me part of ah 2015 was droducts in Ma

urrent portionof Baht 3,00

5 million, mado Petroleum

tax liabilities

any was Bahht 1,037 milliotions) was B

20

s in Galoc duction of 13 million, 03 million. xpenditure Production vement in

ht 47,071 liabilities

amount in due in the arch 2015

n of long-00 million

ainly from m Limited s of Baht

ht 34,114 on. Other Baht -230

Analysis

activitiescash reccash anwas Bahforeign cas of Ma

Details o

Cash rec

s of the Cas

In Q1/2015,s of Baht 6,5ceived in finad cash equivht 7,954 milcurrencies ofarch 31, 201

of cash recei

Net cash rec

Net cash rec

Net cash rec

Net increase

Cash and ca

Effect of exc Held in fore

Cash and ca

ceived and u

1) The Com6,578 million

Net ProfFina

CashInveRece

CashTrad721

Inco

sh Flows Sta

, the Compa578 million, nancing activitvalents of Blion and thef Baht 28 mi5 was Baht

ived and use

Cas

ceived (used) f

ceived (used) i

ceived (used) i

e (decrease) in

ash equivalents

change rate cheign currencies

ash equivalen

used details a

mpany and itn, mainly from

cash receivefit of Baht 1ance Costs a

h used in thntory of Baeivable of Ba

h used in ode Accounts million and a

me Tax Paid

Managem

atement of th

any and its net cash useties of Baht aht 5,903 mre was an ellion, when a13,830 millio

ed are as foll

sh Flows

from operating

n investing act

n financing act

n cash and ca

s at 1 January

anges on balas

ts at 31 March

are as follow

ts subsidiariem

ed from oper,056 million nd Income T

he operating aht 2,870 maht 689 millio

operating liabPayable of Ba decrease in

d of Baht 16


he Company

subsidiariesed in investi2,290 million

million. Cash effect of excaccounted foon.

ows:

activities

tivities

tivities

ash equivalent

ances

h

ws:

es had net c

rating activitiadded bac

Tax paid of B

assets of Bmillion, a decon and other

bilities of BaBaht 1,498 mn Other liabi

million.


y and its sub

s had net cng activities n. As a resuand cash eq

change rate or all activitie

31 Marc

ts

cash received

ies of Baht 1ck Non-CashBaht 502 mill

aht 4,742 mcrease in Tr Assets of B

aht 423 millmillion, a declities of Baht


bsidiaries (C

cash receiveof Baht 2,96lt, there wasquivalents onchanges on

es. Cash and

ch 2014 31

(6,355)

(1,576)

5,901

(2,030)

6,527

-

4,497

d from operat

1,378 million Expenses ion.

million, mainlyrade Accounaht 1,183 m

ion, mainly crease in Otht 304 million.


Consolidated

ed from ope65 million ans a net increan 1 January,n balances hd cash equiv

Unit: Million Ba

March 2015

6,578

(2,965)

2,290

5,903

7,954

(28)

13,830

ating activities

which was of Baht 180

y from a decnt Receivabillion.

from an incher Payables

21

d)

erating nd net ase in 2015

held in valents

ht

s of Baht

from Net 0 million,

crease in ble, other

crease in s of Baht

2) Net Cas

Inter

Inveinvemac

Curr

Net Limit

Leas

Purc

3) Net cash

Deb

Shormillio

Rep

Paym

Fina

sh used in inv

rest received

stment in prstment in bio

chinery and e

rent investme

cash outflowted acquired

sehold right o

chase of inta

h received fro

enture Issua

rt-term loan on.

ayment of lo

ment of Non-

ancial costs o

Managem

vesting activi

d of Baht 19

roperty, plantodiesel plantequipment of

ent of Baht 6

w on acquisitithe shares in

of Baht 59 m

ngible assets

om financing

nce of Baht

from financ

ng-term loan

-control Intere

of Baht 272 m


ities of Baht

million.

t and equipmt machinery f Baht 113 m

67 million.

ion of subsidn Galoc Prod

million.

s of Baht 25

activities of

2,996 million

cial institutio

ns of Baht 51

est of Baht 3

million.


2,965 million

ment of Bahtand equipm

million and oth

diary of Bahtduction Comp

million.

Baht 2,290 m

n.

nal of comp

14 million.

0 million.


, mainly from

t 421 million ment of Baht her of Baht 1

2,411 milliopany WLL.

million, mainly

pany’s subsi


m

which were 192 million,

116 million.

on as Nido P

y from

idiaries of B

22

from an , refinery

Petroleum

Baht 110

Financia

Profitabi

EBITDA M

Profit Mar

Return on

Return on

Liquidit

Current

Quick R

Financi

DSCR

Interest

Net Inte

1/ Pro

al Ratios (Co

ility Ratios (%

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rgin

n Equity (ROE)

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ty Ratios (tim

Ratio

Ratio

ial Policy Rat

bearing Debt

erest bearing

fit and Total eq

onsolidated

%)

) 1/

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mes)

tios (times)

t to Equity

Debt to Equit

uity attributable

Managem

)

ty

to owners of th


Q

5

3

1

7

3

he Company


Q1/2014

5.21%

3.19%

11.38%

7.63%

31-Mar-14

1.91

0.88

4.10

0.77

0.64


Q4/2014

-2.74%

-5.48%

2.09%

2.29%

31-Dec-14

2.86

1.61

1.93

0.92

0.67


Q1/20

5.91%

2.68%

0.53%

1.39%

4 31-Ma

2.8

1.8

1.5

0.9

0.5

23

15

%

%

%

%

ar-15

88

86

59

97

55

No1/ A

- -

2/ A- -

3/ T4/ T5/ Iliab

Finan

EB

Pr

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R

C

Q

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Int

Ne

te: Average Total EYearly = (TotaQuarterly = (ToCompany the

Average Total AYearly = (TotaQuarterly = (To

The numerator The numerator Interest Bearingbilities (including

ncial Ratios

BITDA Margi

rofit Margin (%

eturn on Equ

eturn on Ass

urrent Ratio

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terest bearin

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n (%)

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uity (%)

sets (%)

(times)

imes)

g Debt to E

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ble to owners of able to owners butable to ownear)/ 2

year before + The Company of ed as the Profited as EBIT andas Short-term lon of finance leas

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n

quity (times)

o Equity

the Company of the Company

ers of the Comp

Total Assets of tthe quarter of t

t attributable to d have to be anoans + Long-terse liabilities)


=

=

=

=

=

=

=

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=

y of the year bepany of the quar

the Company ofthe year beforeowners of the Cnualized. rm loans (includ


EBITDA / Reand renderinProfit attribu/ Revenue frrendering ofProfit attribu/ Total Equitthe CompanEBIT (Yearly

Current Ass

(Current Ass

EBITDA (Ye

(Paid for lon

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– Current in

efore + Total Eqrter of the year b

f this year)/ 2 + Total Assets

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ding Current por


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et / Current

set – Invento

early) /

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ring Debt / T

aring Debt –

vestments) /

uity attributablebefore + Total E

of the Companyave to be annua

rtion of long-term


m sale of gooes ners of the Cgoods and

ners of the Ce to owners

set (Average

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ory) /Current

+ Finance c

Total equity

Cash and ca

/ Total equity

e to owners of thEquity attributab

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24

ds

ompany

ompany (Yeof

e)

Liabilities

cost)

ash equivale

y

he Company of ble to owners of

is year)/ 2

bentures + Finan

arly)

ents

this year)/ 2 f the

nce lease

Environ

the e

helps

envir

Acco

Material Co: Consist ofand utilities

Material Co: Consist of

Waste and: Consist ofand deprec

Prevention: Consist ofsystem exp

Benefit fro: The reven

was maiOutputs increaseby-produdecrease

nment ManagHaving th

environmenta

s the Comp

ronmental m

ounting report

osts of Produf crude oil, eths in production

osts of Non-Pf slop and slud

d Emission Cof maintenance ciation and oth

n and Other Ef monitoring anpenses

om by-productnue realization

In Q1/2015, inly from a ddue to a red

ed by Baht 5uct and wasted.

gement Acche environme

al manageme

pany to kee

management

t covers refin

ct Outputs hanol, bio-diese

Product Outpudge oil, waste w

ontrol Costs cost of enviroer fees

nvironmental nd measureme

Total

t and waste re from liquid su

total Expendecrease in Mduction of cru50 million duete recycling

Managem

ounting (EMental concern

ent accountin

ep track wit

effectivenes

nery busines

el, chemical, e

uts water, chemica

onmental contro

Management ent cost, enviro

Expenses

ecycling lfur, glycerin, w

nses related Material Cosude oil price.e to an increwas decreas


MA) ns and socia

ng report sin

th the infor

ss, and res

ss unit, Bang

nergy

al surplus

ol equipment

t Costsonmental mana

waste paper

to environmsts of Produc. Waste and ease in deprsed by Baht


al responsibi

nce 2005. Th

rmation whic

source utiliz

chak and Ba

agement

ment decreasct Outputs anEmission Co

reciation of et 0.82 million


lities, the Co

he environme

ch is useful

zation. The

ang Pa-in Oil

2014

36,549

28.31

46.37

2.64

36,626

6.27

ed by Baht nd Material Control Costs equipment, hn as a reven


ompany has

ental cost ac

l for enhan

Environmen

l distribution

Uni

Q1

2015

22,803

9.91

96.75

1.32

22,911

5.45

13,715 millioCosts of Nonand Prevent

however, Bennue from scr

25

prepared

ccounting

ncing the

ntal Cost

Centre.

it: Million Baht

∆

-13,745

-18.4

+50

-1.32

-13,715

-0.82

on which n-Product tion were nefit from rap metal

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The Bangchak Petroleum Public Company Limitedbcp.listedcompany.com/misc/mdna/20150513-bcp-mdna-1q2015... · 2015-05-13 · e increased ntained its p service statio arket sales was