Star Petroleum Refining : Financial Statement Quarter 2/2023

STAR PETROLEUM REFINING PUBLIC COMPANY LIMITED

INTERIM FINANCIAL INFORMATION (UNAUDITED)

30 JUNE 2023

AUDITOR'S REPORT ON THE REVIEW OF THE INTERIM FINANCIAL INFORMATION

To the Shareholders and the Board of Directors of Star Petroleum Refining Public Company Limited

I have reviewed the interim financial information of Star Petroleum Refining Public Company Limited, which comprises the statement of financial position as at 30 June 2023, the statements of comprehensive income for the three-month and six-month periods then ended, the related statements of changes in equity and cash flows for the six-month period then ended, and the condensed notes to the interim financial information. Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34, "Interim Financial Reporting". My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34, "Interim Financial Reporting".

PricewaterhouseCoopers ABAS Ltd.

Kan Tanthawirat

Certified Public Accountant (Thailand) No. 10456

Bangkok

8 August 2023

Star Petroleum Refining Public Company Limited

Statement of Financial Position

As at 30 June 2023

		Unit: US Dollar	Unit: Baht
		Unaudited	Audited	Unaudited	Audited
		30 June	31 December	30 June	31 December
	Note	2023	2022	2023	2022
Assets
Current assets
Cash and cash equivalents		2,866,130	2,174,415	102,460,998	75,525,026
Trade and other receivables		329,044,518	412,667,091	11,760,558,526	14,328,109,177
Inventories		615,718,724	684,129,483	22,011,267,077	23,762,211,405
Other current assets		8,815,638	2,647,082	313,465,984	91,871,328
Total current assets		956,445,010	1,101,618,071	34,187,752,585	38,257,716,936
Non-current assets
Prepaid income tax		39,426,110	38,728,797	1,536,551,736	1,512,647,663
Property, plant and equipment	5	620,220,199	654,565,279	22,172,189,878	22,735,343,131
Intangible assets		2,908,301	3,252,073	103,968,545	112,955,867
Deferred tax assets		22,451,314	16,281,785	802,609,792	565,523,374
Other non-current assets		10,192,787	2,992,167	364,380,940	103,928,390
Total non-current assets		695,198,711	715,820,101	24,979,700,891	25,030,398,425
Total assets		1,651,643,721	1,817,438,172	59,167,453,476	63,288,115,361

Director _____________________________________	Director _____________________________________
(Mr. Brant Thomas Fish)	(Mr. Robert Joseph Dobrik)

The accompanying condensed notes to the interim financial information are an integral part of this interim financial information.

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Star Petroleum Refining Public Company Limited

Statement of Financial Position

As at 30 June 2023

		Unit: US Dollar	Unit: Baht
		Unaudited	Audited	Unaudited	Audited
		30 June	31 December	30 June	31 December
	Notes	2023	2022	2023	2022
Liabilities and equity
Current liabilities
Short-term borrowings from
financial institutions	6.1	161,468,884	188,937,899	5,772,335,000	6,562,474,500
Current portion of long-term borrowings
from financial institutions	6.2	-	91,210,766	-	3,168,075,711
Trade and other payables		382,367,587	367,952,153	13,669,220,635	12,780,266,104
Derivative liabilities		-	14,194,063	-	493,002,892
Excise tax payable		17,221,035	18,846,971	615,633,057	654,621,252
Short-term provision		5,798,900	6,965,741	207,304,312	241,944,550
Other current liabilities		94,347	101,648	3,372,809	3,530,588
Total current liabilities		566,950,753	688,209,241	20,267,865,813	23,903,915,597
Non-current liabilities
Employee benefit obligations		19,575,261	19,495,711	699,794,034	677,154,290
Total non-current liabilities		19,575,261	19,495,711	699,794,034	677,154,290
Total liabilities		586,526,014	707,704,952	20,967,659,847	24,581,069,887
Equity
Share capital
Authorized share capital
Ordinary shares
4,335,902,125 shares at
par value of Baht 6.92 each		864,713,808	864,713,808	30,004,442,705	30,004,442,705
Issued and paid-up share capital
Ordinary shares
4,335,902,125 shares paid-up
at Baht 6.92 each		864,713,808	864,713,808	30,004,442,705	30,004,442,705
Premium on share capital		31,917,416	31,917,416	977,711,111	977,711,111
Retained earnings
Appropriated - legal reserve		87,865,911	87,865,911	3,000,444,271	3,000,444,271
Unappropriated		80,620,572	125,236,085	5,796,919,467	7,332,902,822
Other components of equity		-	-	(1,579,723,925)	(2,608,455,435)
Total equity		1,065,117,707	1,109,733,220	38,199,793,629	38,707,045,474
Total liabilities and equity		1,651,643,721	1,817,438,172	59,167,453,476	63,288,115,361

The accompanying condensed notes to the interim financial information are an integral part of this interim financial information.

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Star Petroleum Refining Public Company Limited

Statement of Comprehensive Income

For the three-month period ended 30 June 2023

	Unit: US Dollar	Unit: Baht
	Unaudited	Unaudited	Unaudited	Unaudited
	2023	2022	2023	2022
Sales	1,554,884,748	2,204,280,518	53,819,195,931	76,276,295,572
Liquefied Petroleum Gas and fuel subsidies	1,852,813	50,161,392	63,840,726	1,732,009,835
Total revenue	1,556,737,561	2,254,441,910	53,883,036,657	78,008,305,407
Cost of sales	(1,618,354,619)	(1,967,772,253)	(55,988,693,222)	(68,069,385,325)
Gross (loss) profit	(61,617,058)	286,669,657	(2,105,656,565)	9,938,920,082
Other income	427,550	403,030	14,850,189	13,947,471
Loss on exchange rate	(17,994,679)	(8,599,036)	(633,023,255)	(302,313,045)
Fair value gain (loss) on derivative	14,169,213	(9,799,253)	499,364,714	(336,903,865)
(Loss) profit before expenses	(65,014,974)	268,674,398	(2,224,464,917)	9,313,650,643
Administrative expenses	(8,660,654)	(9,170,286)	(300,325,511)	(318,242,231)
Other expenses	(802)	-	(28,110)	-
Finance costs	(3,060,680)	(1,669,650)	(106,036,917)	(57,705,662)
(Loss) profit before income tax	(76,737,110)	257,834,462	(2,630,855,455)	8,937,702,750
Income tax	15,352,338	(51,395,598)	526,340,238	(1,781,617,760)
(Loss) profit for the period	(61,384,772)	206,438,864	(2,104,515,217)	7,156,084,990
Other comprehensive income:
Items that will not be reclassified
subsequently to profit or loss
Currency translation differences	-	-	1,482,287,790	2,559,491,486
Other comprehensive income
for the period	-	-	1,482,287,790	2,559,491,486
Total comprehensive (expense) income
for the period	(61,384,772)	206,438,864	(622,227,427)	9,715,576,476
(Loss) earnings per share
Basic (loss) earnings per share	(0.01)	0.05	(0.49)	1.65

The accompanying condensed notes to the interim financial information are an integral part of this interim financial information.

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