14 Feb 2017 19:11:00
Submission of the Financial Statements for the year 2016 and MD&A
(Translation) Ref. No. 16-017/2017 February 14, 2017 Subject: Submission of the Financial Statements for the year ended December 31, 2016 and the Management's Discussion and Analysis (MD&A) of PTT Global Chemical Public Company Limited and its Subsidiaries To: President, The Stock Exchange of Thailand Attachment: 1. A copy of the Financial Statements of PTT Global Chemical Public Company Limited (the "Company") and its Subsidiaries for the year ended December 31, 2016 and audited report of certified public accountant, with a copy of English translation 2. Company's and its Subsidiaries performance report (Form F45-3) 3. Management's Discussion and Analysis (MD&A) of the Company for the year ended December 31, 2016 We are pleased to submit the Financial Statements for the year ended December 31, 2016 of the Company and its Subsidiaries, which were audited by our external auditor, KPMG Phoomchai Audit Ltd., were reviewed by the Company's Audit Committee, and were considered by Company's Board of Directors (details as per Attachment 1 and 2). The Company has also provided the Management's Discussion and Analysis (MD&A) on the operating results of the Company for the year ended December 31, 2016, comparing with the year 2015. In addition, the comparison of financial status as of December 31, 2016 with December 31, 2015 is also attached herewith (details as per Attachment 3). In Q4/2016, PTT Global Chemicals Public Company Limited ("the Company") reported net profit of Baht 9,744 million (Baht 2.18 earnings per share), increased 108% from Baht 4,690 million (Baht 1.04 earnings per share) in Q4/2015 and increased by 57% from previous quarter which recorded net profit of Baht 6,226 million (Baht 1.40 earnings per share) In Q4/2016, the Company's performance improved from Q4/2015 and Q3/2016, it was derived from more efficiency in production process that affected to better utilization rate, supporting with higher margin in Olefins and Aromatics businesses. The Company also realized stock gain in this quarter, followed crude oil price trend. In Q4/2016, the Company has implemented Project Max which helps to improve efficiency in all operational sectors; it provided benefit by Baht 246 million that realized in this quarter. In contrary, the Company realized loss on Commodity Hedging by Baht 1,248 million and impairment loss of Myriant Corporation by Baht 656 million as a result of crude oil price that maintained at low level. Refer to above reasons, Adjusted EBITDA was at Baht 14,553 million, 3% declined from Q4/2015 but increased by 25% from previous quarter. In comparison between 2015 and 2016, the Company reported net profit at Baht 25,602 million, rose by 25% from 2015 due to higher crude oil price and stock gain realization, while 2015, the Company had stock loss. In addition, the company also booked Baht 1,155 million of insurance claim from unplanned shutdown of olefins unit 3. For Adjusted EBITDA, it decreased to Baht 43,910 million or 14% dropped from previous year, resulted from maintenance shutdown of Olefins and turnaround of Refinery units in H1/16. However, Adjusted EBITDA margin remained stable at 13%. Please be informed accordingly. Sincerely yours, (Miss Duangkamol Settanung) Executive Vice President - Finance and Accounting ______________________________________________________________________ This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.