cost following the widened average DTD/DB spread. Further, crude oil price significantly drop during the year end, led to the refinery business to record Inventory Loss of THB 1,489 million Management
rendering of services was THB 53,461 million, an increment of 37% and 17% QoQ, primarily from revenue related to oil petroleum businesses following higher sales volume, as well as the increased selling price
still affected by the oil price volatility in the global market. Despite the crude oil price recovery, the average crack spread between finished product and referenced crude oil price continues to decline
recorded an increased revenue coinciding with global crude oil price, leading to increased gross profit, but saw production and sales volume decrease according to the Natural Decline Curve. There was also
swaps between major oil companies (petroleum traders in accordance with section 7) and sales of crude oil products Performance for Q4/2019, the refinery business recorded EBITDA THB 1,073 million, an
effect of the widened Crude premium over Dubai, as well as the lowered oil product spread over crude oil price. There was an Inventory Loss of THB 70 million, and GRM hedging loss. Marketing Business Group
remains high, and gross refinery margin improved from the increase of crack spread for all products, along with a record of inventory gain from rising average crude oil price during the quarter. Marketing
business; due to finished product price increase that coincide with the rise of global crude oil price, and total sales volume increased by 5%. Also, the company received higher revenue from the power plant
included (Reversal of) losses on inventories devaluation (NRV) 2/ Sales volume does not include oil swaps between major oil companies (petroleum traders in accordance with section 7) and sales of crude oil
spread between finished product and crude oil in every product category, and from the higher average crude oil price; resulting in an Inventory Gain of THB 834 million, exceeding 2016’s. Moreover, there