Current assets - Cash and cash equivalents 1,323 1.8 5,886 7.9 886 1.2 - Short-term investments 150 0.2 150 0.2 171 0.2 - Trade receivables 6,325 8.6 4,428 5.9 9,770 13.7 Trade receivables from related - parties 883 1.2 939 1.3 1,216 1.7 - Amount due from related parties 1,524 2.1 2,703 3.6 34 0.0 Short-term loans to a related - party 1,287 1.8 785 1.1 417 0.6 - Inventories 17,549 24.0 15,945 21.4 20,661 29.1 - Tax claim receivables 2,630 3.6 3,589 4.8 3,001 4.2 - Other current assets 1,188 1.6 827 1.1 1,171 1.6 Total current assets 32,859 44.9 35,252 47.3 37,327 52.5 Non-current assets - Investment in subsidiaries 99 0.1 99 0.1 114 0.2 Available-for-sale financial - assets 31 0.0 318 0.4 406 0.6 Long-term loans to related - parties 987 1.3 1,177 1.6 1,394 2.0 - Deferred income tax assets 4,317 5.9 4,795 6.4 3,688 5.2 - Intangible assets 666 0.9 595 0.8 595 0.8 - Property, plant and equipment 29,133 39.8 27,709 37.2 23,321 32.8 Prepaid expenses and deferred - charges 5,057 6.9 4,607 6.2 4,181 5.9 - Other non-current assets 44 0.1 33 0.0 34 0.0 Total non-current assets 40,334 55.1 39,333 52.7 33,733 47.5 Total assets 73,193 100.0 74,585 100.0 71,060 100.0 Current liabilities - Borrowings 7,473 10.2 7,577 10.2 23,710 33.4 - Trade and other payables 3,519 4.8 3,001 4.0 3,262 4.6 Short-term loans from related - parties 529 0.7 588 0.8 595 0.8 - Amount due to related parties 7,533 10.3 7,727 10.4 7,312 10.3 - Finance lease liabilities 2,307 3.2 2,378 3.2 0 0.0 Current portion of deferred gain on sale and leaseback - transaction 646 0.9 646 0.9 0 0.0 Total current liabilities 22,007 30.1 21,917 29.4 34,879 49.1 Non-current liabilities - Net liabilities in an associate 0 0.0 0 0.0 0 0.0 Long-term loans from related parties 36,709 50.2 37,962 50.9 6 0.0 - Borrowings 0 0.0 0 0.0 11,000 15.5 - Finance lease liabilities 15,212 20.8 14,280 19.1 0 0.0 Deferred gain on sale and - leaseback transaction 3,826 5.2 3,180 4.3 0 0.0 Provision for pensions and - employee benefits, net 547 0.7 607 0.8 681 1.0 - Other non-current liabilities 278 0.4 274 0.4 277 0.4 Total non-current liabilities 56,572 77.3 56,303 75.5 11,964 16.8 Total liabilities 78,579 107.4 78,220 104.9 46,843 65.9 Shareholders' Equity - Share capital - Authorized share capital 6,375 6,375 17,110 Ordinary shares 637,500,000 shares, Par Baht 10 in 2005 and 2006 Ordinary shares 3,467,916,666 shares, Par Baht 4.9338 in 2007 Issued and paid-up share - capital 5,100 7.0 5,100 6.8 12,877 18.1 Ordinary shares 510,000,000 shares, Par Baht 10 in 2005 and 2006 Ordinary shares 2,610,000,000 shares, Par Baht 4.9338 in 2007 - Share premium 3,686 5.0 3,686 4.9 0 0.0 - Retained earnings/(deficit) - Appropriated legal reserve 11 0.0 11 0.0 344 0.5 - Unappropriated (14,183) (19.4) (12,717) (17.1) 10,739 15.1 - Fair value reserve 0 0.0 285 0.4 257 0.4 Total shareholders' equity (5,386) (7.4) (3,635) (4.9) 24,217 34.1 Total liabilities and shareholders' equity 73,193 100.0 74,585 100.0 71,060 100.0 Statement of Income (Unit:Million Baht) For the period ended December 31, 2005 % of 2006 2007 (restated) sales (restated) % of sales % of sales Sales 172,588 100.0 194,217 100.0 198,728 100.0 Cost of sales (156,251) (90.5) (184,849) (95.2) (184,090) (92.6) Gross profit 16,337 9.5 9,368 4.8 14,638 7.4 Selling and administrative expense (3,814) (2.2) (3,762) (1.9) (3,956) (2.0) Profit from sales 12,523 7.3 5,606 2.9 10,682 5.4 Other income 451 0.3 76 0.0 79 0.0 Operating profit 12,974 7.5 5,682 2.9 10,761 5.4 Impairment of assets (884) (0.5) 0 0 0 0 Other non-operating income 646 0.4 646 0.3 431 0.2 Profit before interest and income tax 12,736 7.4 6,328 3.3 11,192 5.6 Interest income 182 0.1 213 0.1 234 0.1 Interest expense (5,755) (3.3) (5,553) (2.9) (3,549) (1.8) Profit before income tax 7,163 4.2 988 0.5 7,877 4.0 Income tax (charge)/credit (1,320) (0.8) 478 0.2 (997) (0.5) Profit for the year 5,843 3.4 1,466 0.8 6,880 3.5 Statement of Cash Flows (Unit:Million Baht) For the period ended December 31, 2005 2006 2007 (restated) (restated) Cash flows from operating activities 14,481 9,722 7,552 - Interest paid (4,864) (2,951) (18,994) - Income tax paid (201) (23) 0 Net cash (used in) generated from operating activities 9,416 6,748 (11,442) Cash flow from investing activities (2,367) (210) (407) Cash flow from financing activities (7,278) (1,989) 6,866 Net (decrease)/increase in cash and cash equivalents (229) 4,549 (4,983) Cash and cash equivalents at the beginning of the year 1,549 1,320 5,869 Cash and cash equivalents at the end of the year 1,320 5,869 886 Esso (Thailand) Public Company Limited and Subsidiaries (Consolidated) For Accounting Period 1 January - 31 December (Restatement of 2005 and 2006 financial statements is done for consistency with certain changes adopted in our audited 2007 financial statements) Balance Sheet (Unit: Million Baht) As at December 31, 2005 % of total 2006 % of total 2007 % of total Assets (restated) assets (restated) assets assets Current assets - Cash and cash equivalents 1,523 2.1 6,143 8.2 1,239 1.7 - Short-term investments 150 0.2 150 0.2 171 0.2 - Trade receivables 6,325 8.6 4,428 5.9 9,770 13.8 Trade receivables from related - parties 0 0.0 0 0.0 0 0.0 - Amount due from related parties 1,508 2.1 2,682 3.6 10 <0.1 Short-term loans to a related - party 1,287 1.8 784 1.1 417 0.6 - Inventories 17,710 24.2 16,118 21.6 20,869 29.5 - Tax claim receivables 2,630 3.6 3,589 4.8 3,012 4.3 - Other current assets 990 1.4 659 0.9 994 1.4 Total current assets 32,123 43.9 34,553 46.3 36,482 51.5 Non-current assets - Investment in subsidiaries 0 0.0 0 0.0 0 0.0 Available-for-sale financial - assets 31 <0.1 318 0.4 406 0.6 Long-term loans to related - parties 0 0.0 0 0.0 0 0.0 - Deferred income tax assets 4,503 6.1 4,980 6.7 3,881 5.5 - Intangible assets 666 0.9 595 0.8 595 0.8 - Property, plant and equipment 33,938 46.3 32,431 43.4 27,940 39.5 Prepaid expenses and deferred - charges 1,896 2.6 1,725 2.3 1,446 2.0 - Other non-current assets 74 0.1 63 0.1 64 0.1 Total non-current assets 41,108 56.1 40,112 53.7 34,332 48.5 Total assets 73,231 100.0 74,665 100.0 70,814 100.0 Current liabilities - Borrowings 7,473 10.2 7,577 10.1 23,710 33.5 - Trade and other payables 3,668 5.0 3,148 4.2 3,410 4.8 Short-term loans from related - parties 0 0.0 128 0.2 0 0.0 - Amount due to related parties 7,518 10.3 7,688 10.3 7,288 10.3 - Finance lease liabilities 2,307 3.2 2,378 3.2 0 0.0 Current portion of deferred gain - on sale and leaseback transaction 646 0.9 646 0.9 0 0.0 Total current liabilities 21,612 29.5 21,565 28.9 34,408 48.6 Non-current liabilities - Net liabilities in an associate 315 0.4 209 0.3 25 0.0 Long-term loans from related - parties 36,702 50.1 37,953 50.8 0 0.0 - Borrowings 0 0.0 0 0.0 11,000 15.5 - Finance lease liabilities 15,212 20.8 14,280 19.1 0 0.0 Deferred gain on sale and - leaseback transaction 3,826 5.2 3,180 4.3 0 0.0 Provision for pensions and - employee benefits, net 547 0.7 607 0.8 681 1.0 - Other non-current liabilities 405 0.6 400 0.5 306 0.4 Total non-current liabilities 57,007 77.8 56,629 75.8 12,012 17.0 Total liabilities 78,619 107.4 78,194 104.7 46,420 65.6 Shareholders' equity - Share capital - Authorized share capital 6,375 6,375 17,110 Ordinary shares 637,500,000 shares, Par Baht 10 in 2005 and 2006 Ordinary shares 3,467,916,666 shares, Par Baht 4.9338 in 2007 - Issued and paid-up share capital 5,100 7.0 5,100 6.8 12,877 18.2 Ordinary shares 510,000,000 shares, Par Baht 10 in 2005 and 2006 Ordinary shares 2,610,000,000 shares, Par Baht 4.9338 in 2007 - Share premium 3,686 5.0 3,686 4.9 0 0.0 - Retained earnings/(deficit) - Appropriated legal reserve 11 0.0 11 0.0 344 0.5 - Unappropriated (14,293) (19.5) (12,720) (17.0) 10,909 15.4 - Fair value reserve 0 0.0 285 0.4 257 0.4 Total shareholders' equity before minority interest (5,496) (7.5) (3,638) (4.9) 24,387 34.4 Minority interest in equity 108 0.1 109 0.1 7 0.0 Total shareholders' equity (5,388) (7.4) (3,529) (4.7) 24,394 34.4 Total liabilities and shareholders' equity 73,231 100.0 74,665 100.0 70,814 100.0 Statement of Income (Unit: Million Baht) For the period ended December 31, 2005 2006 2007 (restated) % of sales (restated) % of sales % of sales Sales 173,658 100.0 195,305 100.0 199,904 100.0 Cost of sales (156,952) (90.4) (185,551) (95.0) (184,856) (92.5) Gross profit 16,706 9.6 9,754 5.0 15,048 7.5 Selling and administrative expense (4,145) (2.4) (4,161) (2.1) (4,426) (2.2) Profit from sales 12,561 7.2 5,593 2.9 10,622 5.3 Other income 465 0.3 96 <0.1 111 0.1 Operating profit 13,026 7.5 5,689 2.9 10,733 5.4 Other non-operating income 646 0.4 646 0.3 431 0.2 Share of profit from an associate 12 <0.1 106 0.1 184 0.1 Profit before interest and income tax 13,684 7.9 6,441 3.3 11,348 5.7 Interest income 128 0.1 136 0.1 146 0.1 Interest expense (5,679) (3.3) (5,476) (2.8) (3,448) (1.7) Profit before tax 8,133 4.7 1,101 0.6 8,046 4.0 Income tax (charge)/credit (1,337) (0.8) 473 0.2 (992) (0.5) Profit before minorities 6,796 3.9 1,574 0.8 7,054 3.5 Profit attributable to minorities, net (15) (<0.1) (1) (<0.1) (1) (<0.1) Profit for the year 6,781 3.9 1,573 0.8 7,053 3.5 Statement of Cash Flows (Unit: Million Baht) For the period ended December 31, 2005 2006 2007 (restated) (restated) Cash flows from operating activities 13,983 9,404 7,492 - Interest paid (4,790) (2,863) (18,891) - Income tax paid (216) (48) (25) Net cash (used in) generated from operating activities 8,977 6,493 (11,424) Cash flow from investing activities (2,161) 35 (196) Cash flow from financing activities (6,981) (1,922) 6,733 Net (decrease)/increase in cash and cash equivalents (165) 4,606 (4,887) Cash and cash equivalents at the beginning of the year 1,685 1,520 6,126 Cash and cash equivalents at the end of the year 1,520 6,126 1,239 Prepared by Phatra Securities Public Company Limited