Esso (Thailand) Public Company Limited Announces 2008 Results

2 March 2009

Esso (Thailand) Public Company Limited reported a 2008 net loss of Baht 6,864 million, compared to a net profit of Baht 7,054 million in 2007. The net loss was due to decreased downstream and petrochemical earnings.

The downstream incurred losses of Baht 7,169 million in 2008 compared with profit from sales of Baht 8,970 million last year. The losses reflected weaker refining margins, which were negatively impacted by high inventory losses associated with the sharp fall in crude prices in the second half of the year, and lower crude runs. Petrochemical segment incurred losses of Baht 1,864 million compared with the profit from sales of Baht 1,653 million in 2007 reflecting lower paraxylene industry margins and lower volumes. However, interest expense was reduced significantly to Baht 1,244 million, which is Baht 2,204 million lower than last year, mainly as a result of the company’s capital restructuring and debt refinancing undertaken in 2007.

During the year, the Company paid out dividends totaling Baht 5,191 million to shareholders, equivalent to Baht 1.5 per share.

As of 31 December 2008, Esso (Thailand) Public Company Limited had total assets of Baht 55,070 million, total liabilities of Baht 34,650 million, and shareholder’s equity of Baht 20,420 million.

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