Esso Thailand Public : Financial Statement for Second Quarter

ESSO (THAILAND) PUBLIC COMPANY LIMITED

INTERIM CONSOLIDATED AND SEPARATE FINANCIAL INFORMATION (UNAUDITED)

30 JUNE 2020

AUDITOR'S REPORT ON THE REVIEW OF THE INTERIM FINANCIAL INFORMATION

To the Shareholders and the Board of Directors of Esso (Thailand) Public Company Limited

I have reviewed the interim consolidated financial information of Esso (Thailand) Public Company Limited and its subsidiaries, and the interim separate financial information of Esso (Thailand) Public Company Limited. These comprise the consolidated and separate statements of financial position as at 30 June 2020, the consolidated and separate statements of comprehensive income for the three-month and six-month periods then ended, the related consolidated and separate statements of changes in equity and cash flows for the six-month period then ended, and the condensed notes to the interim financial information. Management is responsible for the preparation and presentation of this interim consolidated and separate financial information in accordance with Thai Accounting Standard 34, "Interim Financial Reporting". My responsibility is to express a conclusion on this interim consolidated and separate financial information based on my review.

Scope of review

I conducted my review in accordance with the Thai Standard on Review Engagements 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim consolidated and separate financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34, "Interim Financial Reporting".

PricewaterhouseCoopers ABAS Ltd.

Pongthavee Ratanakoses

Certified Public Accountant (Thailand) No. 7795

Bangkok

6 August 2020

Esso (Thailand) Public Company Limited

Statement of Financial Position

As at 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

			Consolidated	Separate
			financial information	financial information
			Unaudited		Audited	Unaudited		Audited
			30 June		31 December	30 June		31 December
	Notes	2020	2019		2020	2019
Assets
Current assets
Cash and cash equivalents			353,987	276,683		353,987	276,683
Trade receivables, net	8		4,030,829	6,464,042		4,030,829	6,464,042
Amounts due from related parties	14 f	-	-		46,226	50,526
Inventories, net			12,659,725	19,085,170		12,659,725	19,085,170
Other receivables, net			1,669,596	1,377,578		1,669,596	1,377,578
Other current assets	4		2,195,903	4,774,725		2,366,177	4,957,208
Total current assets			20,910,040		31,978,198		21,126,540		32,211,207
Non-current assets
Financial assets measured at fair value
through other comprehensive income	4, 7		1,048,500	-		1,048,500	-
Available-for-sale investments	4, 7		-	1,350,000		-	1,350,000
Investments in an associate			2,001,223	2,206,905		1,729,360	1,729,360
Investments in subsidiaries			-	-		114,589	114,589
Long-term loans to related parties	14 g	-	-		3,352,385	3,251,419
Property, plant and equipment, net	10		25,155,009	25,599,800		20,950,119	21,394,910
Right-of-use assets, net	4, 10		4,287,401	-		4,355,246	-
Intangible assets, net	10		186,685	181,174		186,685	181,174
Deferred income tax assets, net			3,822,923	1,500,999		3,712,253	1,388,763
Prepaid rental and deferred charges	4		310,496	1,725,830		587,447	2,118,327
Other non-current assets			1,966,407	1,699,723		1,966,407	1,699,723
Total non-current assets			38,778,644		34,264,431		38,002,991		33,228,265
Total assets			59,688,684		66,242,629		59,129,531		65,439,472

Director …………………………………………………

The accompanying notes on pages 10 to 23 form part of this interim financial information.

2

Esso (Thailand) Public Company Limited

Statement of Financial Position

As at 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

			Consolidated	Separate
			financial information	financial information
			Unaudited		Audited	Unaudited		Audited
			30 June		31 December	30 June		31 December
	Notes	2020	2019		2020	2019
Liabilities and equity
Current liabilities
Bank overdrafts and short-term borrowings
from financial institutions	11		4,091,974	6,488,377		4,091,974	6,488,377
Trade and other payables			5,850,761	5,020,169		5,850,757	5,019,720
Amounts due to related parties	14 f	6,180,472	8,091,234		6,180,333	8,101,318
Current portion of long-term borrowings
from financial institutions	11		1,866,667	1,466,667		1,866,667	1,466,667
Current portion of long-term borrowings
from related parties	14 h	2,933,333	1,633,333		2,933,333	1,633,333
Short-term loans from related parties	14 h	9,884,753	13,188,379		9,885,626	13,189,278
Current income tax payables			1,278	632		-	-
Current portion of lease liabilities	4		332,641	-		358,061	-
Short-term provisions for employee benefits			867,779	787,070		867,779	787,070
Total current liabilities			32,009,658	36,675,861		32,034,530	36,685,763
Non-current liabilities
Long-term borrowings
from financial institutions	11		2,683,333	1,816,667		2,683,333	1,816,667
Long-term loans from related parties	14 h	6,233,333	2,350,000		6,235,175	2,350,756
Lease liabilities	4		2,420,042	-		2,449,840	-
Long-term provisions
for employee benefits			3,276,629	3,280,326		3,276,629	3,280,326
Other non-current liabilities			5	1,845		5	1,845
Total non-current liabilities			14,613,342		7,448,838		14,644,982		7,449,594
Total liabilities			46,623,000		44,124,699		46,679,512		44,135,357

The accompanying notes on pages 10 to 23 form part of this interim financial information.

3

Esso (Thailand) Public Company Limited

Statement of Financial Position

As at 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

	Consolidated	Separate
	financial information	financial information
	Unaudited		Audited	Unaudited		Audited
	30 June		31 December	30 June		31 December
	2020	2019		2020	2019
Liabilities and equity (continued)
Equity
Share capital
Authorised share capital
3,467,916,666 ordinary shares
with par value of Baht 4.9338 each	17,110,007	17,110,007		17,110,007	17,110,007
Issued and paid-up share capital
3,460,858,000 ordinary shares
with paid-up value of Baht 4.9338 each	17,075,181	17,075,181		17,075,181	17,075,181
Share premium	4,031,711	4,031,711		4,031,711	4,031,711
Retained earnings (deficits)
Appropriated
Legal reserve	1,000,901	1,000,901		1,000,901	1,000,901
Unappropriated	(8,980,962)	(169,916)		(9,596,438)	(983,542)
Other components of equity	(68,581)	172,619		(61,336)	179,864
Equity attributable to owners of the parent	13,058,250		22,110,496		12,450,019		21,304,115
Non-controlling interests	7,434	7,434		-	-
Total equity	13,065,684		22,117,930		12,450,019		21,304,115
Total liabilities and equity	59,688,684		66,242,629		59,129,531		65,439,472

The accompanying notes on pages 10 to 23 form part of this interim financial information.

4

Esso (Thailand) Public Company Limited

Statement of Comprehensive Income

For the three-month period ended 30 June 2020 (All amounts in Baht thousand unless otherwise stated)

	Consolidated	Separate
	financial information	financial information
	Unaudited		Unaudited	Unaudited		Unaudited
	30 June		30 June	30 June		30 June
	2020	2019		2020	2019
Revenue from sales and services	23,798,000	45,581,325		23,798,000	45,581,325
Subsidy from Oil Fuel Fund	615,458	166,580		615,458	166,580
Cost of sales and services	(26,357,193)	(45,463,292)		(26,360,791)	(45,466,723)
Gross (loss) profit	(1,943,735)		284,613		(1,947,333)		281,182
Selling expenses	(1,179,762)	(1,477,152)		(1,230,146)	(1,519,382)
Administrative expenses	(59,788)	(80,124)		(59,667)	(80,124)
Loss from sales	(3,183,285)		(1,272,663)		(3,237,146)		(1,318,324)
Other income	50,848	54,221		408,163	420,194
Interest income	827	3,307		47,053	52,374
Finance costs	(78,903)	(81,907)		(79,224)	(81,927)
Share of profit from an associate	50,410	94,296		-	-
Loss before income tax	(3,160,103)		(1,202,746)		(2,861,154)		(927,683)
Income tax credit	656,669	276,132		658,177	275,828
Loss for the period	(2,503,434)		(926,614)		(2,202,977)		(651,855)
Other comprehensive loss for the period, net of tax:
Items that will not be reclassified to profit or loss
Changes in fair value of equity investments
at fair value through other comprehensive income	158,400	-		158,400	-
Item that will be reclassified subsequently
to profit or loss
Changes in fair value of available-for-sale investments	-	18,000		-	18,000
Total comprehensive loss
for the period	(2,345,034)	(908,614)		(2,044,577)	(633,855)
Loss attributable to:
Owners of the parent	(2,504,193)	(927,376)		(2,202,977)	(651,855)
Non-controlling interests	759	762		-	-
	(2,503,434)		(926,614)		(2,202,977)		(651,855)
Total comprehensive loss attributable to:
Owners of the parent	(2,345,793)	(909,376)		(2,044,577)	(633,855)
Non-controlling interests	759	762		-	-
	(2,345,034)		(908,614)		(2,044,577)		(633,855)
Loss per share for loss attributable
to the equity holders of the parent
(expressed in Baht per share)
Basic loss per share	(0.72)	(0.27)		(0.64)	(0.19)

The accompanying notes on pages 10 to 23 form part of this interim financial information.

5

Esso (Thailand) Public Company Limited

Statement of Comprehensive Income

For the six-month period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

			Consolidated		Separate
			financial information		financial information
			Unaudited		Unaudited		Unaudited	Unaudited
			30 June		30 June		30 June	30 June
	Notes	2020	2019	2020		2019
Revenue from sales and services	6		62,508,856	91,540,330	62,508,856		91,540,330
Subsidy from Oil Fuel Fund	6		1,290,555	242,169	1,290,555		242,169
Cost of sales and services			(72,187,541)	(88,838,363)	(72,194,696)		(88,845,186)
Gross (loss) profit			(8,388,130)	2,944,136	(8,395,285)		2,937,313
Selling expenses			(2,588,446)	(2,848,468)	(2,688,982)		(2,937,872)
Administrative expenses			(128,705)	(164,277)	(128,464)		(164,277)
Loss from sales	6		(11,105,281)	(68,609)	(11,212,731)		(164,836)
Other income			56,398	57,262	413,713		423,235
Interest income			1,558	4,110	96,426		100,123
Finance costs			(172,846)	(150,271)	(173,494)		(150,316)
Share of profit from an associate			149,133	207,722	-		-
(Loss) profit before income tax			(11,071,038)	50,214	(10,876,086)		208,206
Income tax credit	9		2,260,751	50,310	2,263,190		50,640
(Loss) profit for the period			(8,810,287)	100,524	(8,612,896)		258,846
Other comprehensive (loss) income
for the period, net of tax:
Items that will not be reclassified to profit or loss
Changes in fair value of equity investments
at fair value through other comprehensive income			(241,200)	-	(241,200)		-
Item that will be reclassified subsequently
to profit or loss
Changes in fair value of available-for-sale investments	-		99,000		-		99,000
Total comprehensive (loss) income for the period			(9,051,487)		199,524		(8,854,096)		357,846
(Loss) profit attributable to:
Owners of the parent			(8,811,046)	99,762	(8,612,896)		258,846
Non-controlling interests			759	762	-		-
			(8,810,287)	100,524	(8,612,896)		258,846
Total comprehensive (loss) income attributable to:
Owners of the parent			(9,052,246)	198,762	(8,854,096)		357,846
Non-controlling interests			759	762	-		-
			(9,051,487)	199,524	(8,854,096)		357,846

(Loss) earnings per share for (loss) profit attributable to the equity holders of the parent

(expressed in Baht per share)

Basic (loss) earnings per share	(2.55)	0.03	(2.49)		0.07

The accompanying notes on pages 10 to 23 form part of this interim financial information.

6

Esso (Thailand) Public Company Limited

Statement of Changes in Equity

For the six-month period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

											Consolidated financial information (Unaudited)
											Attributable to owners of the parent
													Other components of equity
							Retained earnings (deficits)				Other comprehensive income
																Measurement of
																equity investments					Total
									Unappropriated							at fair value	Share of other		Total		attributable
			Issued and						- retained							through other	comprehensive		other		to owners		Non-
			paid-up		Share		Appropriated		earnings		Available-for-		Provisions for	comprehensive	loss of		components		of the		controlling		Total
	Note	share capital		premium		- legal reserve		(deficits)		sale investments	employee benefits	income	an associate		of equity		parent		interests		equity
Opening balance at 1 January 2019
		17,075,181	4,031,711	1,000,901	3,241,873	1,150,200	(673,022)			-		(2,180)	474,998	25,824,664	7,434	25,832,098
Changes in equity for the period
Total comprehensive income			-	-	-	99,762	99,000	-			-		-	99,000	198,762	762	199,524
Dividend paid			-	-	-	(346,086)	-	-			-		-	-	(346,086)	(762)	(346,848)
Closing balance at 30 June 2019
		17,075,181	4,031,711	1,000,901	2,995,549	1,249,200	(673,022)			-		(2,180)	573,998	25,677,340	7,434	25,684,774
Opening balance at 1 January 2020
- as reported			17,075,181		4,031,711		1,000,901		(169,916)		1,051,200		(871,336)			-		(7,245)		172,619		22,110,496		7,434		22,117,930
Retrospective adjustments from changes
in accounting policy	4		-		-		-		-		(1,051,200)		-			1,051,200		-		-		-		-		-
Opening balance at 1 January 2020
- restated			17,075,181		4,031,711		1,000,901		(169,916)		-		(871,336)			1,051,200		(7,245)		172,619		22,110,496		7,434		22,117,930
Changes in equity for the period
Total comprehensive (loss) income			-		-		-		(8,811,046)		-		-			(241,200)		-		(241,200)		(9,052,246)		759		(9,051,487)
Dividend paid			-		-		-		-		-		-			-		-		-		-		(759)		(759)
Closing balance at 30 June 2020			17,075,181		4,031,711		1,000,901		(8,980,962)		-		(871,336)			810,000		(7,245)		(68,581)		13,058,250		7,434		13,065,684

The accompanying notes on pages 10 to 23 form part of this interim financial information.

7

Esso (Thailand) Public Company Limited

Statement of Changes in Equity

For the six-month period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

									Separate financial information (Unaudited)
													Other components of equity
							Retained earnings (deficits)		Other comprehensive income
															Measurement of
															equity investments
									Unappropriated						at fair value		Total
			Issued and						- retained						through other		other
			paid-up		Share		Appropriated		earnings		Available-for-		Provisions for		comprehensive		components		Total
	Note	share capital		premium		- legal reserve		(deficits)		sale investments		employee benefits		income		of equity		equity
Opening balance at 1 January 2019			17,075,181	4,031,711	1,000,901	2,452,481	1,150,200	(673,022)	-	477,178	25,037,452
Changes in equity for the period
Total comprehensive income			-	-	-	258,846	99,000	-	-	99,000	357,846
Dividend paid			-	-	-	(346,086)	-	-	-	-	(346,086)
Closing balance at 30 June 2019			17,075,181	4,031,711	1,000,901	2,365,241	1,249,200	(673,022)	-	576,178	25,049,212
Opening balance at 1 January 2020
- as reported			17,075,181		4,031,711		1,000,901		(983,542)		1,051,200		(871,336)		-		179,864		21,304,115
Retrospective adjustments from changes
in accounting policy	4		-		-		-		-		(1,051,200)		-		1,051,200		-		-
Opening balance at 1 January 2020
- restated			17,075,181		4,031,711		1,000,901		(983,542)		-		(871,336)		1,051,200		179,864		21,304,115
Changes in equity for the period
Total comprehensive loss			-		-		-		(8,612,896)		-		-		(241,200)		(241,200)		(8,854,096)
Closing balance at 30 June 2020			17,075,181		4,031,711		1,000,901		(9,596,438)		-		(871,336)		810,000		(61,336)		12,450,019

The accompanying notes on pages 10 to 23 form part of this interim financial information.

8

Esso (Thailand) Public Company Limited

Statement of Cash Flows

For the six-month period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

			Consolidated	Separate
			financial information	financial information
			Unaudited		Unaudited	Unaudited		Unaudited
			30 June		30 June	30 June		30 June
	Notes	2020	2019		2020	2019
Cash flows from operating activities
Cash generated from (used in) operations	12		118,730	(449,619)		142,057	(433,414)
Interest paid			(105,234)	(119,156)		(105,256)	(119,190)
Income tax received			4,681	31,421		4,908	32,426
Net cash generated from (used in) operating activities			18,177		(537,354)		41,709		(520,178)
Cash flows from investing activities
Loan payments received from related parties	14 g	-	-		-	50
Loans made to related parties	14 g	-	-		(100,966)	(116,088)
Purchase of property, plant and equipment			(746,031)	(737,550)		(746,031)	(737,550)
Purchase of intangible assets	10		(14,399)	(8,031)		(14,399)	(8,031)
Payments for right-of-use assets			(121,474)	-		(121,474)	-
Proceeds from disposal of property, plant and equipment			3,236	8,634		3,236	8,634
Interest received			1,558	4,110		100,726	98,858
Dividend received from a subsidiary			-	-		2,500	3,700
Dividend received from an associate			354,815	362,271		354,815	362,271
Dividend received from financial assets measured at
fair value through other comprehensive income			45,900	51,300		45,900	51,300
Net cash used in investing activities			(476,395)		(319,266)		(475,693)		(336,856)
Cash flows from financing activities
Net payments on short-term borrowings			(2,396,403)	(1,946,641)		(2,396,403)	(1,946,641)
Payments on long-term borrowings			(733,334)	(700,000)		(733,334)	(700,000)
Proceeds from long-term borrowings			2,000,000	1,300,000		2,000,000	1,300,000
Net (payments on) proceeds from short-term loans
from related parties			(3,353,997)	3,154,610		(3,354,023)	3,154,584
Payments on long-term loans from related parties			(816,667)	(1,150,000)		(819,784)	(1,154,601)
Proceeds from long-term loans from related parties			6,000,000	700,000		6,004,203	704,279
Dividends paid to group shareholders			-	(346,086)		-	(346,086)
Dividends paid to non-controlling interests			(759)	(762)		-	-
Payments on lease liabilities			(163,318)	-		(189,371)	-
Net cash generated from financing activities			535,522		1,011,121		511,288		1,011,535
Net increase in cash and cash equivalents			77,304		154,501		77,304		154,501
Cash and cash equivalents at the beginning of the period			276,683	482,648		276,683	482,648
Cash and cash equivalents at the end of the period			353,987		637,149		353,987		637,149

The accompanying notes on pages 10 to 23 form part of this interim financial information.

9

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

1 General information

Esso (Thailand) Public Company Limited ("the Company") is a public limited company incorporated and domiciled in Thailand. The address of its registered office is 3195/17-29 Rama IV Road, Klongton, Klongtoey, Bangkok, 10110.

The Company listed on the Stock Exchange of Thailand ("SET") on 6 May 2008.

The Company and its subsidiaries (together "the Group") are involved in the refining and marketing of petroleum products, which includes a network of retail service stations. The Group operates a refinery and chemical manufacturing plant in Sriracha, Thailand. The Group also operates distribution facilities and oil terminals throughout Thailand. The Group's products are sold through a network of retail service stations, directly to industrial customers, and through export. Additionally, the Group is involved in the sale of chemical products to both domestic and overseas customers.

The Company is a subsidiary of ExxonMobil Group which holds 65.99% of the Company's shares.

This interim consolidated and separate financial information was authorised for issue by the Board of Directors on 6 August 2020.

2 Basis of preparation

The interim consolidated and separate financial information has been prepared in accordance with Thai Accounting Standard (TAS) no. 34, Interim Financial Reporting and other financial reporting requirements issued under the Securities and Exchange Act.

The interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2019.

For the period ended 30 June 2020, loss for the period of the Group was Baht 8,810 million and, as at the same period ended date, the current liabilities of the Group exceeded the current assets by Baht 11,100 million. The Group currently has adequate financing sources to generate operational cash flow and to enable the payment of liabilities when they become due as follows: (1) uncommitted borrowing facilities from related companies and financial institutions in the amount of Baht 78,879 million, and (2) the ability to offer Baht 12,000 million of bills of exchange in a revolving program as approved by the Securities and Exchange Commission. Even though the aforementioned situation exists, the Group continuously operates and considers operational and financial plans in order to ensure an ability to continue its operations as a going concern in accordance with the demand and supply of relevant industries of the Group. In addition, the Group places importance on and closely monitors the situations. Accordingly, the consolidated and separate financial statements have been prepared on a going concern basis and do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or to amounts or classification of liabilities that may be necessary if the going concern basis of preparing the consolidated and separate financial statements is not appropriate.

An English version of the interim consolidated and separate financial information has been prepared from the interim financial information that is in the Thai language. In the event of a conflict or a difference in interpretation between the two languages, the Thai language interim financial information shall prevail.

3 Accounting policies

The accounting policies used in the preparation of the interim financial information are consistent with those used in the annual financial statements for the year ended 31 December 2019, except as described in note 4.

10

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

4 Adoption of new financial reporting standards and changes in accounting policies

The Group has adopted financial reporting standards relating to financial instruments (TAS 32, TFRS 7 and TFRS 9) and leases standard (TFRS 16) retrospectively from 1 January 2020, but has not restated comparatives for the 2019 reporting period, as permitted in the standards. The reclassifications and adjustments arising from the new requirements are therefore recognised in the opening Statement of Financial Position on 1 January 2020.

The other new and amended Thai Financial Reporting Standards effective for the accounting periods beginning on or after 1 January 2020 do not have material impact on the Group.

The following tables show the adjustments made to the amount recognised in each line item in the statement of financial position upon adoption of the financial reporting standards relate to financial instruments (TAS 32 and TFRS 9) and leases standard (TFRS 16):

			Consolidated financial information
		As at	TAS 32 and TFRS 9	TFRS 16	As at
		31 December 2019	Reclassifications	Reclassifications	1 January 2020
		Previously reported	and adjustments	and adjustments	Restated
Assets
Current assets
Other current assets	4,774,725	-	(141,336)	4,633,389
Total current assets	4,774,725	-	(141,336)	4,633,389
Non-current assets
Financial assets measured at
fair value through other
comprehensive income	-	1,350,000	-	1,350,000
Available-for-sale
investments	1,350,000	(1,350,000)	-	-
Right-of-use assets, net	-	-	3,582,743	3,582,743
Prepaid rental and
deferred charges	1,725,830	-	(1,367,374)	358,456
Total non-current assets	3,075,830	-	2,215,369	5,291,199
Total assets	7,850,555	-	2,074,033	9,924,588
Liabilities
Current liabilities
Current portion of lease
liabilities	-	-	207,579	207,579
Total current liabilities	-	-	207,579	207,579
Non-current liabilities
Lease liabilities	-	-	1,866,454	1,866,454
Total non-current liabilities	-	-	1,866,454	1,866,454
Total liabilities		-	-	2,074,033	2,074,033

11

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

			Separate financial information
		As at	TAS 32 and TFRS 9	TFRS 16	As at
		31 December 2019	Reclassifications	Reclassifications	1 January 2020
		Previously reported	and adjustments	and adjustments	Restated
Assets
Current assets
Other current assets	4,957,208	-	(141,336)	4,815,872
Total current assets	4,957,208	-	(141,336)	4,815,872
Non-current assets
Financial assets measured at
fair value through other
comprehensive income	-	1,350,000	-	1,350,000
Available-for-sale
investments	1,350,000	(1,350,000)	-	-
Right-of-use assets, net	-	-	3,663,306	3,663,306
Prepaid rental and
deferred charges	2,118,327	-	(1,367,292)	751,035
Total non-current assets	3,468,327	-	2,296,014	5,764,341
Total assets	8,425,535	-	2,154,678	10,580,213
Liabilities
Current liabilities
Current portion of lease
liabilities	-	-	233,632	233,632
Total current liabilities	-	-	233,632	233,632
Non-current liabilities
Lease liabilities	-	-	1,921,046	1,921,046
Total non-current liabilities	-	-	1,921,046	1,921,046
Total liabilities		-	-	2,154,678	2,154,678

The adjustments and reclassifications above are summarized below;

Financial instruments

The adoption of the new financial reporting standards on financial instruments mainly affects the Group's accounting treatment as follows;

Classification and measurement of investments in equity instruments

The Group has elected to reclassify all its equity investments not held for trading to financial assets measured at fair value through other comprehensive income which previously classified as available-for-sale investments. As a result, assets with a fair value of Baht 1,350 million were reclassified from available-for-sale investment to financial assets measured at fair value through other comprehensive income on 1 January 2020.

12

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

Leases

On adoption of TFRS 16, the Group recognised lease liabilities in relation to leases which had previously been classified as operating leases under the principles of TAS 17 Leases. As at 1 January 2020, these liabilities were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate. The Group's incremental borrowing rates applied to the lease liabilities on 1 January 2020 for 1-5 years lease term and over than 5 years lease term were 1.53% and 1.84%, respectively.

	Consolidated	Separate
	financial	financial
	information	information
Operating lease commitments disclosed as at 31 December 2019	2,497,817	7,400,590
Less: Discounted using the lessee's incremental borrowing rate	(245,801)	(247,848)
Less: Non-qualified leases	(177,983)	(177,983)
Less: Variable lease payments	-	(4,820,081)
Lease liability recognised as at 1 January 2020	2,074,033	2,154,678
Current lease liabilities	207,579	233,632
Non-current lease liabilities	1,866,454	1,921,046
	2,074,033	2,154,678

Variable leases are from the leases of land from the Company's subsidiaries under lease agreements effective in 2018. Rental was a variable lease payments as a cost plus basis over 30 years lease term. Therefore, it will not be included in the measurement of lease liabilities.

The Group measured right-of use assets at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the statement of financial position as at 31 December 2019. There were no onerous lease contracts that would have required an adjustment to the right-of-use assets at the date of initial application.

The recognised right-of-use assets relate to the following types of assets:

		Consolidated	Separate
		financial information	financial information
		30 June	1 January	30 June	1 January
		2020	2020	2020		2020
Properties	3,710,155	3,582,743	3,778,000		3,663,306
Motor vehicles	577,246	-	577,246		-
Total right-of-use assets		4,287,401	3,582,743	4,355,246		3,663,306

Practical expedients applied

In applying TFRS 16 for the first time for the lease contract available before 1 January 2020, the Group has used the following practical expedients permitted by the standard:

• the use of a single discount rate to a portfolio of leases with reasonably similar characteristics
• the operating leases with less than 12 months remaining lease term as at 1 January 2020 be defined as short-term leases
• the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application, and
• the election not to reassess whether a contract is, or contains a lease as defined under TFRS 16 at the date of initial application but relied on its assessment made applying TAS 17 and TFRIC 4 Determining whether an Arrangement contains a Lease.

13

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

Changes in accounting policies from adoption of the financial reporting standards related to financial instruments and leases

Investments and other financial assets

Classification and measurements

From 1 January 2020, the Group classifies its financial assets as follows:

• those to be measured subsequently at fair value either through profit or loss (FVPL) or through other comprehensive income (FVOCI)
• those to be measured at amortised cost

The Group initially recognises a financial asset on trade date at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.

Equity instruments

All equity instruments held must be irrevocably classified to two measurement categories; i) at fair value through profit or loss, or ii) at fair value through other comprehensive income without subsequent recycling to profit or loss. The classification of equity instruments is considered on investment-by-investment basis. Dividends from such investment continue to be recognised in profit or loss as other income.

Impairment

From 1 January 2020, the Group assesses expected credit loss on a forward looking basis for its financial assets carried at FVOCI and at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk, except trade receivables which the Group applies the simplified approach in determining its expected credit loss.

Leases

The group leases office building, equipment, motor vehicle and various plots of land on which retail service stations are operated under lease agreement. The lease terms generally range between 3 to 30 years, and may have the renewal option at the end of the lease period.

Before 2020 financial year, leases were classified as operating leases. Payments made under operating leases were charged to profit or loss on a straight-line basis over the period of the lease.

From 1 January 2020, leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the lease payments.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group's incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability and any lease payments made at or before the commencement date. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

14

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

5 Estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, not necessarily equal the related actual results.

In preparing this interim financial information, the significant judgements made by management in applying the group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements and the separate financial statements for the year ended 31 December 2019.

6 Segment and revenue information

As at 30 June 2020, the Group is organised into two main business segments, namely:

• Downstream, which includes the refining and marketing of petroleum products; and
• Petrochemicals, which includes the manufacturing and marketing of chemical products

Consolidated financial information

For the six-month period ended 30 June 2020

Downstream	Petrochemicals		Total

Total segment revenue

Inter-segment revenue

Total revenue

Segment loss from sales

Revenue from contracts with customers Timing of revenue recognition

• At a point in time
• Over time

Total

Other revenue not from contracts with customers

Total revenue

66,080,673	6,775,980			72,856,653
(5,648,979)	(3,408,263)			(9,057,242)
60,431,694	3,367,717			63,799,411
(10,400,264)	(705,017)			(11,105,281)
59,050,529	3,367,661			62,418,190
25,830	56		25,886
59,076,359	3,367,717			62,444,076
1,355,335		-		1,355,335
60,431,694	3,367,717			63,799,411

Consolidated financial information

For the six-month period ended 30 June 2019

Downstream

Petrochemicals

Total

Total segment revenue

Inter-segment revenue

Total revenue

Segment profit (loss) from sales

Revenue from contracts with customers Timing of revenue recognition

• At a point in time
• Over time

Total

Other revenue not from contracts with customers

Total revenue

93,564,709	14,810,273	108,374,982
(10,275,349)	(6,317,134)	(16,592,483)
83,289,360	8,493,139	91,782,499
412,568	(481,177)	(68,609)
82,913,079	8,478,874	91,391,953
23,076	14,265	37,341
82,936,155	8,493,139	91,429,294
353,205	-	353,205
83,289,360	8,493,139	91,782,499

15

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

7 Fair value

Fair value estimation

The table below demonstrates financial instruments carried at fair value, by the valuation method. The different levels have been defined as follows:

• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
• Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The following table presents the Group's financial assets that are measured and recognised at fair value Level 1 at 30 June 2020 and 31 December 2019.

		Consolidated and Separate
		financial information
		30 June	31 December
		2020	2019
Financial assets measured at fair value through
other comprehensive income
Equity securities	1,048,500		-
Available-for-sale investments
Equity securities		-	1,350,000
Total		1,048,500		1,350,000

The Group and the Company have no financial assets that are measured at fair value Level 2 or 3. There were no changes in valuation techniques during the periods.

8 Trade receivables, net

Outstanding trade receivables, as at 30 June 2020 and 31 December 2019, are analysed as follows:

		Consolidated and Separate
		financial information
		30 June	31 December
		2020	2019
Current	3,911,665	6,354,026
Overdue:
- Less than 3 months	108,959	103,953
- 3 to 6 months	5,006	3,835
- 6 to 12 months	3,883	1,928
- Over 12 months	34,268	33,005
		4,063,781	6,496,747
Less: Allowance for doubtful account (Note 12)	(32,952)	(32,705)
Total		4,030,829	6,464,042

16

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

9 Income tax expense

Income tax expense for six-month period ended 30 June 2020 and 30 June 2019 are as follows:

		Consolidated		Separate
		financial information	financial information
		30 June	30 June	30 June	30 June
		2020		2019	2020		2019
Current income tax	873		(4,517)		-		(4,847)
Deferred income tax	(2,261,624)		(45,793)	(2,263,190)			(45,793)
Income tax credit		(2,260,751)		(50,310)	(2,263,190)			(50,640)

The interim income tax credit and expense are accrued based on management's estimate using the tax rate that would be applicable to expected total annual earnings. The estimated average annual tax rate used is 20%.

10 Property, plant and equipment, net, right-of-use assets, net and intangible assets, net

Movements of property, plant and equipment, right-of-use assets and intangible assets for six-month period ended

30 June 2020 are as follows:

		Consolidated financial information
		Property, plant	Right-of-use	Intangible
		and equipment	assets	assets
Opening net book value	25,599,800			-	181,174
Adjustment from adoption of TFRS 16
on 1 January 2020 (Note 4)		-	3,582,743			-
Additions	585,211		940,642		14,399
Disposals	(11,095)			-		-
Depreciation and amortization	(1,018,907)		(235,984)		(8,888)
Closing net book value		25,155,009		4,287,401		186,685

		Separate financial information
		Property, plant	Right-of-use	Intangible
		and equipment	assets	assets
Opening net book value	21,394,910			-	181,174
Adjustment from adoption of TFRS 16
on 1 January 2020 (Note 4)		-	3,663,306			-
Additions	585,211		940,642		14,399
Disposals	(11,095)			-		-
Depreciation and amortization	(1,018,907)		(248,702)		(8,888)
Closing net book value		20,950,119		4,355,246		186,685

Right-of-use assets as at 30 June 2020 comprise of leasehold land, leasehold building and motor vehicle.

17

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

11 Borrowings from financial institutions

Movements of borrowings for six-month period ended 30 June 2020 and 30 June 2019 are as follows:

For the six-month period ended

Beginning balance

Net movement of borrowings

Ending balance

Consolidated and Separate

financial information

30 June 30 June

20202019

9,771,711 7,896,189

(1,129,737) (1,346,641)

8,641,974 6,549,548

From January to June 2020, the decrease in borrowings of Baht 1,130 million consists of the following:

• Net decrease in revolving short-term loans of Baht 1,896 million.
• Net decrease in Bills of Exchange of Baht 500 million.
• Repayment of 5-year loan by installments of Baht 100 million.
• Repayment of 3-year loan by installments of Baht 250 million.
• Repayment of 3-year loan by installments of Baht 217 million.
• Repayment of 3-year loan by installments of Baht 167 million.
• Increase in 3-year loan of Baht 2,000 million which was obtained in June 2020 and is repayable in 12 quarterly installments commencing from October 2020 to June 2023. The loan bears interest at 1-month (BIBOR) rate plus a margin.

From January to June 2019, the decrease in borrowings of Baht 1,347 million consists of the following:

• Net decrease in revolving short-term loans of Baht 1,747 million.
• Net decrease in Bills of Exchange of Baht 200 million.
• Repayment of 5-year loan by installments of Baht 100 million.
• Repayment of 5-year loan by installments of Baht 100 million.
• Repayment of 3-year loan by installments of Baht 250 million.
• Repayment of 3-year loan by installments of Baht 250 million.
• Increase in 3-year loan of Baht 1,300 million which was obtained in June 2019 and is repayable in 12 quarterly installments commencing from September 2019 to June 2022. The loan bears interest at 3-months (BIBOR) rate plus a margin.

18

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

12 Cash generated from operations
		Consolidated	Separate
		financial information	financial information
For the six-month period ended	30 June	30 June	30 June	30 June
		2020	2019	2020		2019
(Loss) Profit before income tax expense	(11,071,038)		50,214	(10,876,086)			208,206
Adjustments for:
Depreciation (Note 10)	1,254,891		996,940	1,267,609			996,940
Amortisation (Note 10)	8,888		15,850	8,888			15,850
Allowance for doubtful account (Note 8)	247		13,645	247			13,645
Write-down of inventory to net realisable value	116,278		161,501	116,278			161,501
Loss on disposal of property, plant and
equipment	7,859		4,836	7,859			4,836
Share of profit from an associate	(149,133)		(207,722)		-		-
Interest income	(1,558)		(4,110)	(96,426)			(100,123)
Finance costs	172,846		150,271	173,494			150,316
Dividend income	(45,900)		(51,300)	(403,215)			(417,271)
Net unrealised foreign exchange (gain) / loss	(2,349)		10,434	(2,349)			10,434
Changes in working capital
Trade receivables	2,425,311		(117,177)	2,425,311			(117,177)
Amount due from related parties		-	50		-		-
Inventories	6,309,167		(536,367)	6,309,167			(536,367)
Other receivables	(292,021)		1,289,249	(292,021)			1,289,249
Other current assets	2,432,576		186,780	2,444,787			164,364
Prepaid rental and deferred charges	47,960		(334,029)	163,588			(197,665)
Other non-current assets	(266,684)		(550,970)	(266,684)			(550,293)
Trade and other payables	988,328		97,632	988,773			110,439
Amount due to related parties	(1,892,110)		(1,732,162)	(1,902,335)			(1,747,114)
Provisions for employee benefits	77,012		106,905	77,012			106,905
Other non-current liabilities	(1,840)		(89)	(1,840)			(89)
Cash generated from / (used in)
operations	118,730		(449,619)	142,057			(433,414)
					Consolidated and Separate
					financial information
Non-cash transactions				30 June	30 June
					2020		2019
Acquisition of property, plant and equipment				132,216			155,302
Acquisition of right-of-use assets				819,168			-

13 Commitments and contingencies

1. Capital commitments
   As at 30 June 2020 and 31 December 2019, the Group had capital commitments amounting to Baht 546 million and Baht 640 million, respectively.
2. Contingent liabilities
   As at 30 June 2020, the Group had contingent liabilities in respect to bank guarantees arising in the ordinary course of business, amounting to Baht 67 million (31 December 2019: Baht 70 million) to third parties. It is not anticipated that any material liabilities will arise from these bank guarantees.

19

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

14 Related-party transactions

ExxonMobil Asia Holding Private Limited acquired 65.43% of the shares from ExxonMobil International Holdings Incorporated and 0.56% of the shares from other companies within the ExxonMobil Group on 28 November 2014.

Therefore, the Group is controlled by ExxonMobil Asia Holding Private Limited incorporated in Singapore, which owns 65.99% of the Company's shares as at 30 June 2020. The ultimate holding company is Exxon Mobil Corporation incorporated in the United States of America.

(a) Sales of goods and services
		Consolidated and Separate
		financial information
For the six-month period ended	30 June	30 June
		2020	2019
Sales of goods and services
- Other related parties	3,085,912	5,634,172
Total		3,085,912	5,634,172

Sales of goods and services between related parties are based on market prices and primarily relate to the sale of petroleum and petrochemical products.

1. Purchases of goods and services

		Consolidated and Separate
		financial information
For the six-month period ended	30 June	30 June
		2020	2019
Purchase of goods
- Other related parties	36,433,939	58,592,803
Purchase of services
- An associate	323,453	393,832
Total		36,757,392	58,986,635

Purchases of goods from related parties primarily relate to the purchase of crude oil, petroleum and petrochemical products. Purchases of services from an associate relate to the provision of pipeline transportation services for the Group's products. Purchases of goods and services are based on market prices.

(c)	Expenses
			Consolidated		Separate
			financial information	financial information
	For the six-month period ended	30 June	30 June	30 June	30 June
			2020		2019	2020		2019
	Expenses paid to:
	- Subsidiaries		-		-	109,490		105,768
	- Other related parties	1,702,503			1,697,212	1,701,378		1,694,899
	Total		1,702,503			1,697,212	1,810,868		1,800,667

Expenses primarily relate to the provision of support services and are charged on either a cost or cost plus basis.

20

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

(d)	Finance costs, net
			Consolidated		Separate
			financial information	financial information
	For the six-month period ended	30 June	30 June	30 June	30 June
			2020		2019	2020		2019
	Interest income received from:
	- Subsidiaries		-		-	94,868		96,020
	Total		-		-	94,868		96,020
	Interest expenses paid to:
	- Subsidiaries		-		-	647		45
	- Other related parties	88,468			86,593	88,468		86,593
	Total		88,468			86,593	89,115		86,638

Interest charges and interest income are based on market rates at the time the agreements were entered.

(e)	Key management compensation
			Consolidated and Separate
			financial information
	For the six-month period ended	30 June	30 June
			2020	2019
	Salaries and other short-term employee benefits	38,392	35,629
	Post-employment benefits	10,616	9,268
	Total		49,008	44,897

The above information is prepared in accordance with the Securities and Exchange Commission's regulations. This includes the managing director, the first four managers reporting to the managing director as well as all managers at the same level.

1. Outstanding balances arising from sales/purchases of goods/services and expenses

		Consolidated	Separate
		financial information	financial information
		30 June	31 December	30 June	31 December
		2020	2019	2020	2019
Amount due from:
- Subsidiaries		-	-	46,226		50,526
- Other related parties		-	-		-	-
Total		-	-	46,226		50,526
Amount due to:
- Subsidiaries		-	-	7	10,269
- Other related parties	6,180,472		8,091,234	6,180,326		8,091,049
Total		6,180,472		8,091,234	6,180,333		8,101,318

Amounts due from related parties relate primarily to interest receivables on long-term loans (Note 14g).

The amounts due to related parties reflect a net payable which arises mainly from the purchase and sales of crude oil, petroleum and petrochemical products under standard industry terms.

21

Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

1. Loans to related parties

		Consolidated	Separate
		financial information	financial information
		30 June	31 December	30 June	31 December
		2020	2019	2020	2019
Long-term loans to:
- Subsidiaries	-	-	3,352,385	3,251,419
Total		-	-	3,352,385	3,251,419

Movements in long-term loans to related parties are analysed as follows:

For the six-month period ended

Beginning balance

Loans advanced during the period Loan repayments received

Ending balance

Separate

financial information

30 June 30 June

20202019

3,251,419 3,035,705

100,966 116,088 -(50)

3,352,385 3,151,743

Long-term loans to related parties are unsecured. They bear interest based on the minimum lending rate of Bangkok Bank Public Company Limited.

(h)	Loans from related parties
			Consolidated	Separate
			financial information	financial information
			30 June	31 December	30 June	31 December
			2020	2019	2020	2019
	Current:
	Short-term loans from:
	- Subsidiaries		-	-	873	899
	- Other related parties	9,884,753		13,188,379	9,884,753	13,188,379
	Total	9,884,753		13,188,379	9,885,626	13,189,278
	Current portion of long-term loans from:
	- Other related parties	2,933,333		1,633,333	2,933,333	1,633,333
	Total	12,818,086		14,821,712	12,818,959	14,822,611
	Non-current:
	Long-term loans from:
	- Subsidiaries		-	-	1,842	756
	- Other related parties	6,233,333		2,350,000	6,233,333	2,350,000
	Total		6,233,333		2,350,000	6,235,175	2,350,756

Movements in loans from related parties are analysed as follows:

		Consolidated	Separate
		financial information	financial information
For the six-month period ended	30 June	30 June	30 June	30 June
		2020	2019	2020		2019
Beginning balance	17,171,712	7,449,161	17,173,367		7,451,279
Additional borrowings	7,848,422	4,663,775	7,852,631		4,668,062
Loans repaid during the period	(5,968,715)	(1,930,467)	(5,971,864)		(1,935,102)
Ending balance		19,051,419	10,182,469	19,054,134		10,184,239

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Esso (Thailand) Public Company Limited

Condensed Notes to the Interim Financial Information (Unaudited)

For the interim period ended 30 June 2020

(All amounts in Baht thousand unless otherwise stated)

Short-term loans from other related parties include:

• Revolving loan from a related party totaling Baht 7,364 million out of facility size Baht 12,000 million at the end of June 2020.
• Short-termloan from a related party under Loan and Current Account Agreement totaling Baht 2,521 million at the end of June 2020.

Short-term loans from related parties are unsecured. They have no fixed term of repayment and bear interest based on the adjusted minimum lending rate of Bangkok Bank Public Company Limited or Bangkok Interbank Offered Rate (BIBOR).

Long-term loans from other related parties include:

• A 5-year loan of Baht 6,000 million which was obtained in September 2015 and is repayable in 20 quarterly installments commencing from January 2016 to October 2020. The loan bears interest at 1-month (BIBOR) rate plus a margin. As at 30 June 2020, the outstanding loan balance was Baht 200 million, which is payable in 2020.
• A 3-year loan of Baht 700 million which was obtained in June 2019 and is repayable in 12 quarterly installments commencing from September 2019 to June 2022. The loan bears interest at 3-months (BIBOR) rate plus a margin. As at 30 June 2020, the outstanding loan balance was Baht 467 million, of which Baht 233 million is payable within 1 year.
• A 3-year loan of Baht 3,000 million which was obtained in November 2019 and is repayable in 12 quarterly installments commencing from February 2020 to November 2022. The loan bears interest at 1-month (BIBOR) rate plus a margin. As at 30 June 2020, the outstanding loan balance was Baht 2,500 million, of which Baht 1,000 million is payable within 1 year.
• A 3-year loan of Baht 6,000 million which was obtained in June 2020 and is repayable in 12 quarterly installments commencing from October 2020 to June 2023. The loan bears interest at 1-month (BIBOR) rate plus a margin. As at 30 June 2020, the outstanding loan balance was Baht 6,000 million, of which Baht 1,500 million is payable within 1 year.

Long-term loans from related parties bear interest based on the adjusted minimum lending rate of Bangkok Bank Public Company Limited or Bangkok Interbank Offered Rate (BIBOR).

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