The Bangchak Petroleum Public Company...
Transcript of The Bangchak Petroleum Public Company...
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)
The Bangment Discussion a
f Income
Q1/2
rvices 4(47
nse
gchak Petroleumand Analysis of B
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
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
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
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
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.
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
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
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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.
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
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
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
/2557 Q1
102.48
85%
32.85
/2557 Q1
2,617
150
(4,400)
(1,634)
(2,369)992 million, whic
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
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
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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
The Bangment Discussion a
price during015 was stillntory Loss foinventories
GRM of Bahthe previous
gchak Petroleumand Analysis of B
g the quarter l reflecting thor the quarte(LCM) of Bat 2,998 millioquarter.
m Public CompBusiness Operatio
from the lowhe higher cruer. However, aht 992 millioon (+184%),
pany Limited on for Q1/2015
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
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
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.
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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 (
The Bangment Discussion a
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%).
gchak Petroleumand Analysis of B
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
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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.)
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
ts
of marketingfect of long ail sales voluolume was aQ4/2014 of
per litre (+1orary shutdoet. Retail mamillion (+121quarter was
m Public CompBusiness Operatio
g business inholidays (h
me slightly ialso marginaThai Airways
2%). Industrwns of somargin increas1%) from Q4higher than
pany Limited on for Q1/2015
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
The Bangment Discussion a
/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 (-
gchak Petroleumand Analysis of B
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%)
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
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
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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
The Bangment Discussion a
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.
gchak Petroleumand Analysis of B
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
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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
The Bangment Discussion a
ess
acquisition oeld in Philipphe Galoc oil field. The G
production wtion of 6,510
s recorded rerels (268,804increase of
gchak Petroleumand Analysis of B
of Galoc Propines. The tr
field was inGPC acquisiti
was 585,9000 barrels (av
evenue of Ba4 barrels netBaht 15 milli
m Public CompBusiness Operatio
duction Comransaction wncreased fromon cost was
0 barrels (22verage daily
aht 501 millioto Nido). Th
ion from the
pany Limited on for Q1/2015
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
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
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
m Public CompBusiness Operatio
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 –
pany Limited on for Q1/2015
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
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
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.
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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
The Bangment Discussion a
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.
gchak Petroleumand Analysis of B
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
m Public CompBusiness Operatio
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.
pany Limited on for Q1/2015
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
The Bangment Discussion a
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.
gchak Petroleumand Analysis of B
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.
m Public CompBusiness Operatio
, mainly from
t 421 million ment of Baht her of Baht 1
2,411 milliopany WLL.
million, mainly
pany’s subsi
pany Limited on for Q1/2015
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 (%
Margin
rgin
n Equity (ROE)
n Assets (ROA
ty Ratios (tim
Ratio
Ratio
ial Policy Rat
bearing Debt
erest bearing
fit and Total eq
onsolidated
%)
) 1/
A)
mes)
tios (times)
t to Equity
Debt to Equit
uity attributable
Managem
)
ty
to owners of th
The Bangment Discussion a
Q
5
3
1
7
3
he Company
gchak Petroleumand Analysis of B
Q1/2014
5.21%
3.19%
11.38%
7.63%
31-Mar-14
1.91
0.88
4.10
0.77
0.64
m Public CompBusiness Operatio
Q4/2014
-2.74%
-5.48%
2.09%
2.29%
31-Dec-14
2.86
1.61
1.93
0.92
0.67
pany Limited on for Q1/2015
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
R
R
C
Q
D
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
Quick Ratio (t
SCR
terest bearin
et Interest be
Equity attributabal Equity attributotal Equity attribquarter this yea
Assets al Assets of the otal Assets of thof ROE is definof ROA is defin
g Debt defined ag current portion
Calculation
n (%)
%)
uity (%)
sets (%)
(times)
imes)
g Debt to E
earing Debt t
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
Managem
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)
The Bangment Discussion a
=
=
=
=
=
=
=
) =
=
y of the year bepany of the quar
the Company ofthe year beforeowners of the Cnualized. rm loans (includ
gchak Petroleumand Analysis of B
EBITDA / Reand renderinProfit attribu/ Revenue frrendering ofProfit attribu/ Total Equitthe CompanEBIT (Yearly
Current Ass
(Current Ass
EBITDA (Ye
(Paid for lon
Interest bea
(Interest bea
– Current in
efore + Total Eqrter of the year b
f this year)/ 2 + Total Assets
Company and h
ding Current por
m Public CompBusiness Operatio
evenue fromng of servicetable to ownrom sale of gf services table to ownty attributableny (Average) y) / Total Ass
et / Current
set – Invento
early) /
ng-term debt
ring Debt / T
aring Debt –
vestments) /
uity attributablebefore + Total E
of the Companyave to be annua
rtion of long-term
pany Limited on for Q1/2015
m sale of gooes ners of the Cgoods and
ners of the Ce to owners
set (Average
Liabilities
ory) /Current
+ Finance c
Total equity
Cash and ca
/ Total equity
e to owners of thEquity attributab
y the quarter thalized.
m loans) + Deb
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
The Bangment Discussion a
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
gchak Petroleumand Analysis of B
al responsibi
nce 2005. Th
rmation whic
source utiliz
chak and Ba
agement
ment decreasct Outputs anEmission Co
reciation of et 0.82 million
m Public CompBusiness Operatio
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
pany Limited on for Q1/2015
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