News Detail

Date/Time
14 Feb 2017 19:11:00
Headline
Submission of the Financial Statements for the year 2016 and MD&A
Symbol
PTTGC
Source
PTTGC
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                (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
______________________________________________________________________
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