- TRANSLATION -

10000/030/2021

May 12, 2021

Subject

: Submission of Reviewed Financial Statements and Performance Explanation for the three-month

period ended March 31, 2021

Attention

: President of The Stock Exchange of Thailand

Attachment

: 1. A copy of reviewed financial statements of Bangchak Corporation Public Company Limited and

its subsidiaries Explanation for the three-month period ended March 31, 2021 with a copy of

English translation

  1. Management Discussion and Analysis (MD&A) for the three-month period ended March 31, 2021
  2. Company's and its Subsidiaries performance report (Form F45)

Bangchak Corporation Public Company Limited ("the Company") is pleased to submit financial statements and consolidated financial statements for the three-month period ended March 31, 2021 which has been reviewed by the Company's Auditor and the Audit Committee, details of which are as per attachment. The Company's performance is summarized as follows;

  1. Performance in Q1/2021, the Company and its subsidiaries ("the Company Group") received support from the price of crude oil and finished product in the global market increasing significantly due to the rush to distribute the COVID-19 vaccine to the population of various countries, and the US stimulus package, serving to induce an economic recovery and increase the oil consumption. Furthermore, the OPEC and their allies jointly agreed to maintain their production reduction measure. Average price of Dubai crude in Q1/2021 was 60.21 $/BBL, an increase of 15.57 $/BBL when compared to the previous quarter. Resulting in this quarter, the Company Group recorded an Inventory Gain of THB 2,473 million due to the price of crude oil increasing significantly. Also, the company had preemptively stock Diesel since June 2020, which was a period where oil cost was low, to be sold during the turnaround maintenance. The gains from the Diesel stock was recorded THB 600 million. The aforementioned supporting factors helped to mitigate the effects of low Operating GRM, resulting from the Bangchak refinery having to undergo a major turnaround maintenance.
    Although the total sales volume of the Marketing Business adjusted downward, which was affected by the new emerging phase of COVID-19 outbreak in Thailand since December 2020. However, after the outbreak started to subside, the population started traveling again and vehicle usage increased. This led to sales through the retail market in March 2021 to reach an all-time high at 390 million liters per month. Moreover, Marketing Business was able to constantly push its lubricant sales to achieve a record-high sales volume at 8.9 million liters in March 2021, consequently increasing the Company's lubricant market shares to 11.0% from 9.0% in the previous year. Furthermore, the sales volume of the Inthanin coffee shops also recorded a

New High in March, as the Inthanin brand is continuously becoming more popular from the serving of coffees made from 100% Arabica coffee beans. At the same time, there was a trend towards the Inthanin Cocoa Fever, legendary for its intensity; considered as Inthanin's Hero Product that saw increases in sales by 50% QoQ. Despite being affected by the outbreak during January.

In Q1/2021, the Company Group recorded revenue from selling of goods and rendering of service in the amount of THB 41,230 million (24% QoQ, -4% YoY), EBITDA of THB 4,737 million (72% QoQ, 286% YoY) and recorded reversal from impairment of asset under the Exploration and Production Business in the amount of THB 400 million. Resulting in this quarter recording the net profit attributable to owners of the parent at THB 2,284 million (808% QoQ, 149% YoY) or earning per share of THB 1.59.

  1. As of March 31, 2021, total Assets of the Company Group was at THB 148,716 million, increased by THB 393 million compared to the end of 2020. Total Liabilities of the Company Group was THB 86,539 million, decreased by THB 3,467 million. Total equity was recorded at THB 62,177 million, increased by THB 3,860 million. Total equity attributable to owners of the parent was THB 49,617 million. The Consolidated financial statement reported a book value of THB 29.22 per share (excluding perpetual subordinated debentures).

The Company, a listed company in the Stock Exchange of Thailand, has concentrated on transparent business operation harmonious with the good corporate governance practice. So as to enable investors to better understand the Company's financial status and business operations-apart from the sole financial data in financial statements, as well as to adequately access information for decision in a security investment so the Company herewith conducts Management's Discussion and Analysis of Business Operations for the three-month period ended March 31, 2021.

Please be informed accordingly.

Yours sincerely, - Signed -

(Mr. Chaiwat Kovavisarach) President and Chief Executive Officer

Investor Relations Division

Tel. 0-2335-8663

Attachments

  • Original document
  • Permalink

Disclaimer

Bangchak Corporation pcl published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 10:55:00 UTC.