Business Model Oil

[BUSINESS MODEL] /

KTB | Business Risk Research Dept. 1

Business Model / (Oil /Gas Station)

[BUSINESS MODEL] Oil / Gas Station


(Content) 3 / 4

, Sensitivity Key Success Factors & Key Risk Factors

8 -

29

43 SWOT Analysis

/ 48 Key Risk Reduction Industry Direction

Financial Model 49 / 77 Financial Model NGV 81 / NGV 95 97



2556 23,004 . 1,462 1,074 , 516 , 515 () 366 8,129 5,832 2,388 1,972 1,733 1,331 930 689 NGV 490 .

2556 19,101 4.38 622,874 2.66 NGV 3,127 10.5 32,827 13.2 2557 NGV 3.5 7.0 2558 NGV

/- 2556 26.5 17.7, 15.2 13.5 NGV .

() 2 3 15 -20 3- 4 21 -30 31 300,000 500,000

Margin 1) 2) 1) 2)

Key Success Factors 1) NGV 2) 3) 4) CRM (Customer Relationship Management)



1. / 1. 1

2534 4 . 3,475 2534 12,208 2540 2557 23,081

/ 2556 & 14.64 19.99 11.16 17.32 2553 2557 & 14.99 20.12 19,101 2555 4.38 2557 1,634.4 / 2556 1.1

1 2



1 2553 2554 2555 2556 2557*

() 28,484,829 30,194,937 32,476,977 34,624,406 35,111,217 (%) 4.78 6.00 7.56 6.61 5.24

- () 11,162,291 12,020,015 13,307,559 14,637,216 14,986,811 (%) 6.76 7.68 10.71 9.99 8.20 -& () 17,322,538 18,174,922 19,169,418 19,987,190 20,124,406

(%) 3.55 4.92 5.47 4.27 3.14 () 16,495,398 17,339,390 18,300,005 19,100,996 6,537,704

(%) -1.17 5.12 5.54 4.38 1.08 () 19,443 20,252 21,406 23,004 23,081

(%) 2.68 4.16 5.70 7.46 5.91 : : * 2557

2557 NGV 447,984 225,668 2553 2557 NGV 492 262,525 / 2556 4.9 (OEM) ( 3,000 ) 30 20 10.50 1

2

2553 2554 2555 2556 2557* () 225,668 300,581 374,857 438,821 447,984

(%) 39.3 33.2 24.7 17.1 11.6 () 1,836,710 2,342,813 2,830,227 3,126,619 1,050,100

(%) 35.40 27.55 20.80 10.47 4.91 () 428 465 483 490 492

(%) 12.0 8.6 3.9 1.4 1.2 : () : * 2557



3

1.2 ,

(Seasonal)

4 ( AB = 0.52 )

: ., ,



1.3 Key Success Factors & Key Risk Factors

Key Success Factors

1.

-

2. - (Non Oil)

3. -

4. - CRM (Customer Relationship Management) (Diesel Club) (Gasohol Club)

5. - (Green Station)

: .

Key Risk Factors

Factors Risk Factors Risk Reduction

- - -

- - -

- - -

- (Non Oil) -

: .



2.

2.1 2556 23,004 . 5

3

2551 2552 2553 2554 2555 2556 . 1,154 1,149 1,175 1,326 1,404 1,462 1,065 1,053 1,065 1,068 1,067 1,074 ( ) 211 242 315 438 577 743 550 540 529 523 512 516 573 562 548 547 533 515 () 416 430 438 390 371 366 163 152 147 145 138 154 ( ) 111 110 103 100 95 66 13,891 13,736 14,019 14,720 15,508 16,711 768 961 1,104 995 1,201 1,397 18,902 18,935 19,443 20,252 21,406 23,004

: : 1. 7 2. 2555 3.. 2554 .

4.85

0.17

28.63

-1.27 -2.110.00 -1.13

-9.883.77

12.71

4.01

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00 %

: .

5 (CAGR) 5 (2552 -2556)



4

2551 2552 2553 2554 2555 2556 6,397 6,355 6,656 7,130 7,625 8,129 4,376 4,409 4,412 4,588 5,000 5,832 2,128 2,143 2,245 2,363 2,331 2,388 1,772 1,778 1,828 1,859 1,928 1,972 1,541 1,551 1,573 1,572 1,652 1,733 1,173 1,186 1,210 1,233 1,289 1,331 892 881 870 873 892 930 623 632 649 634 686 689 18,902 18,935 19,443 20,252 21,406 23,004

:

4.91

5.91

2.33 2.162.38 2.56

0.84

2.03

4.01

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00 % 6 (CAGR) 5 (2552 -2556)

: .

7 2556 (23,004 )

:

8 2556 (23,004 )



2.2 6

(1) ()

(2) ()

(3) 2

(3.1) 1 10,000 ()

(3.2) 2 10,000 ()

(4) ()

(5) 2

(5.1) 1 10,000 ( )

(5.2) 2 10,000 ( )

(6)

2.3

2.3.1

1.



2.

.

3.

.

4.

-

-

- .

1. 11 . ..2543

1.1 1.2 1.3 1.4 1.5

2. 2.1 () 2.2 () 2.3 6 () 2.4 2.5 () 2.6 ()

2.3.2

1.

2.

()

3.



60.00

500.00

4.

5.

6. . ( ) .

( )

7.

.. 2546

(NGV)

1. .7 ()

.7 ( . . 2537)

. . 2535

2. (NGV) . 8 (

) ( . . 2537)

. . 2535

3. (NGV) .9 ( )

( . . 2537)

. . 2535

.

1.

2.

3. /



4.

5. 100-150 .

6. Utilization 70%

7. .

1. 2. / 3 30 3. 1.5 40 16

2.4

(1) .

1.

1.1 400 .

40

1.2 2

60

1.3

() 16

16

2. 2.1 16

2.2 50 -

- / /

- 1,000 500

- /

- 30

- /



3. 3.1

3.2 .

3.3 3

1 .

2 .

3 4. ( )

4.1 15-20 2

4.2 21-30 3-4

4.3 31 5

5. . 5.1 5.2 5.3 5.4 5.5 . 5.6 .

6. 6.1 6.2 6.3 () 6.4

6.5 6

(2) 1.

1.1 400 .. 40



1.2 2 60

1.3 400 .. 40

1.4 () 16 16

2. 2.1 16 2.2 50 -

- / / - 1,000 500 - /

3. 3.1

3.2

4. ( )

4.1 ( 3-4 )

5. 5.1 5.2 5.3 5.4 5.5

6.

6.1 6.2 6.3 -() 6.4 / 6.5 6



(3)

1.

- 1,600 40

- 6

2. //

-

-

-

3. /

- 5 5

- 10 ( )

4.

- 200,000 /

5.

- 7-12

- 2-3 /

6.

-

- 50%

(4)

1.

20,000

2.

2



60

3.

25

6 2

() 16

16

4.

50,000

5. 30

(L/G) 150,000 ()

6.

6.1

6.2

6.3

6.4

FACIA



6.5

6.6

6.7

7.

7.1 (

Float rate) 7.2

60 70

7.3 ( A)

1

7.4

2.5

1) 2)

- / - - - - / / - - - - - - - - - / - - - / -



3) , ,

1. - - - - 2. - - - - - -

2.6

1. - - 2. - - - - /

2.7

1. ..

2. ..

3.

( ) ..

4.

5.

( )

6 .

( )



..2474 68 ..2474 ( 2) ..2550 18 2550 3 1. 1 2. 2 3. 3 3 1. 60 2. 37.8-60 3. 37.8 5



1. 0.5-1.0 2. 20 3. 227 4. 227 5. 500,000 3 (1) 1 ( ) 40 227 454 (2) 2 ( ) 40 454 227 1,000 454 15,000 (3) 3 ( ) 454 1,000 15,000 500,000 2.8 - 2.8.1 2556 2556

92.27 , 5.39, 0.15 0.35 ( (non oil) 1.26

7 & 2556



2556

Loss ratios (%) Loss ratios (%)

BKK & Metropolitan 9.32 > 300 3.13 North 16.92 100-300 12.15 Northeast 10.61



2.8.2 Financial Ratios 2.8.2.1 Financial Ratios

: ( .. 57)

2556 ()

>300 101-300 < 100 2554 2555 2556 32 107 204 Number of Statements 343 343 343 Liquidity Ratios

1.91 2.45 10.09 Current Ratio (times) 4.39 5.19 4.92 1.72 1.59 4.63 Quick Ratio (times) 2.49 2.91 2.76

Efficiency Ratios 1.96 3.04 5.08 Day's Sales in Inventories (days) 3.99 3.88 3.80 0.58 0.63 0.03 Day's Payable (days) 0.25 0.38 0.23

127.55 120.22 81.77 Fixed Assets Turnover (times) 100.48 82.37 102.88 26.63 14.49 6.47 Total Assets Turnover (times) 10.28 9.71 9.64

Profitability Ratios 0.44 0.20 0.96 Operating Profit Margin (%) 0.60 0.55 0.50 0.26 0.28 0.85 Net Profit Margin (%) 0.60 0.64 0.45 7.35 5.23 5.49 Return on Total Assets (%) 7.73 8.03 5.46 10.70 8.35 8.61 Return on Equity (%) 10.69 10.68 8.76

Financial Policy Ratio 0.66 0.60 0.25 Debt-to-Equity Ratio (%) 0.33 0.39 0.39 0.38 0.39 0.21 Debt-to-Assets Ratio (%) 0.30 0.31 0.31 7.34 6.13 4.57 Time Interest Earned (times) 5.14 6.22 6.16

Growth Ratios 8.87 3.80 3.91 Sales Growth (%) 6.14 5.12 3.94 -7.07 -26.13 -15.37 Net Profit Growth (%) -1.60 0.67 -22.25 10.30 7.59 3.42 Total Assets Growth (%) 6.62 6.24 5.41

: . ( DSS) : Means



2.8.2.2 Financial Ratios

:

2556 ()



Efficiency Ratios 1.75 2.96 1.94 Day's Sales in Inventories (days) 2.35 2.50 2.31 1.47 1.45 6.19 Day's Payable (days) 2.63 3.29 2.38


Profitability Ratios 0.41 -0.11 1.03 Operating Profit Margin (%) 0.37 0.27 0.17 0.17 0.16 0.85 Net Profit Margin (%) 0.39 0.58 0.29 7.51 4.88 9.22 Return on Total Assets (%) 9.27 8.10 6.94 13.22 9.55 15.63 Return on Equity (%) 12.40 13.63 11.29

Financial Policy Ratio 0.90 0.79 0.72 Debt-to-Equity Ratio (%) 0.51 0.57 0.66 0.38 0.41 0.43 Debt-to-Assets Ratio (%) 0.40 0.42 0.41 37.26 6.09 -40.28 Time Interest Earned (times) 14.18 26.70 5.92

Growth Ratios 8.96 6.38 9.36 Sales Growth (%) 3.81 0.98 7.53 -7.58 -20.18 10.08 Net Profit Growth (%) 10.55 -7.00 -4.94 9.24 4.10 6.32 Total Assets Growth (%) 2.80 5.64 4.55

: . ( DSS) : Means



:

2556 ()



Efficiency Ratios 2.03 4.05 6.37 Day's Sales in Inventories (days) 6.14 5.56 4.88 7.51 0.84 0.00 Day's Payable (days) 0.49 0.58 0.36 19.82 537.48 95.18 Fixed Assets Turnover (times) 103.15 101.59 106.02 9.36 16.71 8.74 Total Assets Turnover (times) 11.22 10.49 10.66



Growth Ratios 41.94 6.33 2.54 Sales Growth (%) 8.61 5.95 4.01 676.53 -32.15 -30.26 Net Profit Growth (%) 5.22 -6.18 -26.23 20.08 11.54 3.28 Total Assets Growth (%) 6.72 5.51 4.79

: . ( DSS) : Means



:

2556 ()



Efficiency Ratios 2.61 2.08 7.47 Day's Sales in Inventories (days) 4.23 4.59 5.50

- 0.02 - Day's Payable (days) - 0.02 - 409.33 104.37 260.68 Fixed Assets Turnover (times) 133.80 125.17 110.87 20.04 13.60 6.68 Total Assets Turnover (times) 12.27 11.47 8.75



Growth Ratios 18.26 1.57 -5.98 Sales Growth (%) 3.35 12.66 -0.99 -47.46 -32.80 -40.61 Net Profit Growth (%) -15.67 52.04 -33.22 34.96 12.38 8.62 Total Assets Growth (%) 7.16 10.01 10.96

: . ( DSS) : Means



:

2556 ()



Efficiency Ratios 1.30 3.11 7.74 Day's Sales in Inventories (days) 4.69 5.13 5.15 1.30 0.15 - Day's Payable (days) - - -




Growth Ratios 0.13 -1.98 0.40 Sales Growth (%) 5.22 4.26 -0.27 3.14 -6.72 -14.16 Net Profit Growth (%) -8.27 7.80 -13.92 11.42 19.50 5.18 Total Assets Growth (%) 7.97 5.33 7.04

: . ( DSS) : Means



:

2556 ()



Efficiency Ratios 1.73 3.14 4.33 Day's Sales in Inventories (days) 5.75 4.04 3.82 0.35 0.00 - Day's Payable (days) - 0.00 -




Growth Ratios 10.91 -3.64 26.52 Sales Growth (%) 10.34 12.92 8.48 -17.41 -63.79 30.19 Net Profit Growth (%) 7.05 22.74 -6.67 5.54 6.63 1.87 Total Assets Growth (%) 8.03 10.09 3.13

: . ( DSS) : Means



:

2556 ()



Efficiency Ratios 2.28 2.53 4.39 Day's Sales in Inventories (days) 4.08 3.34 3.28

- 0.26 - Day's Payable (days) - 0.00 - 195.06 42.64 178.22 Fixed Assets Turnover (times) 82.84 50.77 55.25 27.89 9.34 4.42 Total Assets Turnover (times) 8.21 8.11 6.79


Financial Policy Ratio 0.44 0.54 0.12 Debt-to-Equity Ratio (%) 0.20 0.21 0.24 0.31 0.36 0.10 Debt-to-Assets Ratio (%) 0.20 0.18 0.21

#VALUE! 7.41 13.91 Time Interest Earned (times) 4.18 4.45 9.14 Growth Ratios

7.52 1.39 4.40 Sales Growth (%) 8.27 6.18 2.31 -5.55 -22.14 -17.38 Net Profit Growth (%) -2.96 5.18 -19.42 13.86 9.26 5.16 Total Assets Growth (%) 6.70 5.38 4.27

: . ( DSS) : Means



3. 3.1 2556 19,101 2555 4.38 622,874 2.66 () 91 1 ..2556 . Non-Oil / NGV 3,127 2555 10.5 32,827 13.2 45.7

2557-2558 4 2557 NGV 6,537 1,050 1.04 4.91 NGV 2557 3.5 7.0 2558 NGV Non-oil

5 NGV

2553 2554 2555 2556 2557e () 495,082 553,576 606,748 622,874 645,000 - (%) 15.71 11.83 9.60 2.66 3.55 NGV()* 15,612 19,914 29,010 32,829 35,128 - (%) 35.4 27.6 45.7 13.2 7.0

: , . . : * . , Non-oil



3.2 2556 12,331.58 64.56 91 2,835.95 14.85 95 E 10 2,331.01 12.20 95 E 20 947.19 4.96 91 2557 2556 3.5

6 ()

2552 2553 2554 2555 2556 2557* 91 1,850,514 1,814,654 1,948,808 2,051,155 67,574 - - -18.99 -1.94 7.39 5.25 -96.71 - 95 141,550 63,420 33,242 35,093 454,748 97,646 - -48.29 -55.19 -47.58 5.57 1,195.84 -4.78 91 1,371,339 1,488,812 1,774,843 2,052,082 2,835,954 730,177 - 52.85 8.57 19.21 15.62 38.20 2.19 95 E 10 2,493,172 2,375,907 1,910,918 1,771,368 2,331,017 522,726 - 18.25 -4.70 -19.57 -7.30 31.59 -13.55 95 E 20 82,163 135,623 220,215 363,211 947,188 285,996 - 184.36 65.06 62.37 64.93 160.78 51.95 95 E 85 243 2,089 8,980 34,263 132,938 58,070 - 1,057.14 759.67 329.87 281.55 287.99 215.56 6,339,469 6,686,379 11,047,064 11,992,833 12,331,578 3,139,235 - -26.33 5.47 65.22 8.56 2.82 0.68 5 4,412,325 3,928,514 395,320 - - - - 118.20 -10.96 -89.93 16,690,775 16,495,398 17,339,390 18,300,005 19,100,996 4,833,796 - 2.90 -1.17 5.12 5.54 4.38 0.44

: : * 2557 (..- ..) , E 20 E 85 2551 5 ..2554



3.3 NGV 3

1.

2.

3.

50-60% 30-50% 3-5%

300

Platts

3



7 30 2557 (/)

95 91 10

95 10

95 20

95 85

26.3461 26.4481 26.6805 26.9239 27.6074 26.2792

7.0000 6.3000 6.3000 5.6000 1.0500 0.0050

0.7000 0.6300 0.6300 0.5600 0.1050 0.0005

10.0000 1.2000 3.3000 -1.0500 -11.6000 0.2500

0.2500 0.2500 0.2500 0.2500 0.2500 0.2500

44.2961 34.8281 37.1605 32.2839 17.4124 26.7847

3.1007 2.4380 2.6012 2.2599 1.2189 1.8749

47.3968 37.2661 39.7617 34.5438 18.6313 28.6597

1.6385 1.3214 1.2788 1.5292 5.7465 1.2433

0.1147 0.0925 0.0895 0.1070 0.4023 0.0870

49.15 38.68 41.13 36.18 24.78 29.99

:



8 . (/)

2552 2553 2554 2555 2556 2557* 91 31.34 36.10 39.72 41.96 45.19 - 95 37.47 41.26 44.64 46.42 46.66 48.48 91 26.69 30.85 33.96 35.94 36.43 38.16 95 E 10 27.50 32.35 36.52 37.96 38.89 40.61 95 E 20 25.39 29.96 32.94 34.35 33.82 35.48 95 E 85 18.87 19.21 21.75 22.23 22.74 24.42 24.77 28.69 29.45 30.42 29.97 29.99 5 22.71 27.55 29.95 - - - : : 2557 ( ..-..) 91 ..2556

9

(/) 2552 2553 2554 2555 2556 2557*

91 1.62 1.50 1.62 2.03 2.12 - 95 5.55 4.89 5.15 5.08 2.73 2.12 91 1.81 1.75 1.23 1.77 1.63 2.03 95 E 10 1.58 1.52 1.06 1.55 1.41 1.99 95 E 20 2.32 2.62 2.11 2.52 1.84 2.01 95 E 85 4.77 5.06 8.15 10.24 8.32 4.89 1.49 1.51 1.27 1.53 1.46 1.82 5 1.69 1.58 0.05 - - 1.63 1.56 1.40 1.63 1.55 1.61 : : 2557 ( 1-4 ..) 91 ..56



10 NGV DATE Baht/Kg Changes Baht/Kg

2 Nov 2002 7.64 1 Feb 2003 8.03 +0.39 8 Feb 2003 7.87 -0.13 18 Apr 2003 6.86 -1.01 8 Jul 2003 6.70 -0.16 12 July 2003 6.81 +0.11 24 Sept 2003 6.97 +0.16 8 Oct 2003 7.12 +0.15 17 Oct 2003 7.22 +0.10 18 Oct 2003 7.38 +0.16 1 Nov 2003 7.22 -0.16 12 Nov 2003 7.38 +0.16 17 Dec 2003 7.54 +0.16 8 Jan 2004 7.69 +0.15 10 Jan 2004 7.64 -0.05 22 Feb 2005 7.96 +0.32 23 Mar 2005 9.53 +1.57 14 May 2005 8.50 -1.03 16 Jan 2012 9.00 +0.50 16 Feb 2012 9.50 +0.50 16 Mar 2012 10.00 +0.50 16 Apr 2012 10.50 +0.50

: 16 2555

8



3.4 5 ( , , , ) 85 % 2556 . 7,298.01 2,877.62 2,830.83 2,418.95 () 1,047.83

11 ( : )

2552 2553 2554 2555 2556 2557* . 6,077,960 6,096,558 6,764,018 7,042,732 7,298,015 1,806,300 2,775,471 2,877,337 2,700,948 2,925,313 2,877,619 717,658 2,288,088 2,272,993 2,331,414 2,527,173 2,830,827 705,651 2,366,907 2,159,146 2,162,074 2,337,275 2,418,946 623,118 () 1,205,336 1,097,025 1,094,927 1,080,440 1,047,830 255,880 313,742 278,088 279,984 250,538 220,762 46,656 145,367 116,654 110,424 102,363 91,195 25,116 1,517,904 1,597,597 1,895,601 2,034,171 2,315,802 653,417 16,690,775 16,495,398 17,339,390 18,300,005 19,100,996 4,833,796

: : 2557 (..-..)

12 () ( : )

2552 2553 2554 2555 2556 2557* . 36.4 36.9 39.0 38.5 38.2 37.4 14.2 13.1 12.5 12.8 12.7 12.9 16.6 17.4 15.6 16.0 15.1 14.8 13.7 13.8 13.4 13.8 14.8 14.6 () 7.3 6.6 6.3 5.9 5.5 5.3 1.9 1.7 1.6 1.4 1.2 1.0 0.8 0.7 0.6 0.6 0.5 0.5 9.1 9.8 11.0 11.0 12.1 13.5 100.0 100.0 100.0 100.0 100.0 100.0

: : 2557 (..-..)



3.5

/ - 2556 26.5 17.7, 15.2 13.5 - (Herfindahl - Hirschman Index : HHI) HHI 112.77

13 2556

()

(/)

HHI*

. 5,055.16 1,619 260,200 476.11 2,912.25 3,303 73,475 608.82 2,906.50 1,733 139,762 460.91 3,378.51 8,129 34,634 353.04 2,573.33 5,832 36,770 800.23 2,275.25 2,388 79,399 957.69 19,101.00 23,004 69,194 112.77

: , . ( DSS) : HHI index < 1,000 HHI index 1,000 - 1,800 1,800 HHII index > 1,800 HHI index 10,000

NGV . 15 .. 2557 NGV 494 ( Brand PTT NGV 328 , Brand 136 , 11 , 19 )



9

3.6 . ()

(Network) . . 1,462 ( 31 ..2556) () () () ()

Jiffy 7-Eleven Caf Amazon PTT Fit Station McDonalds A&W KFC S&P Chesters Grill ( ATM) . 31 2556



14 .

() 7-Eleven 1,063

Caf Amazon 995

325

348

(, ATM) 887

Car Care 166

Rest Area 4

3,788 : . .

- . . B7 .

- PTT Blue Card . Caf Amazon Jiffy Fit Station . Caf Amazon Jiffy PTT Blue Card www.pttbluesociety.com

- PTT SMART FUEL-UP TECHNOLOGY (Vehicle Identification System - Radio Frequency Identification Technology) . Fleet Card .

- Fit Station Mobile Service .



Intelligent Oil Change PTT Fit Auto Mobile

- OTOP . OTOP by PTT . () . OTOP OTOP by PTT 2557

- (Green Station) (EV Charger) The Crystal PTT 2556

- PTT Life Station 2 . . Platinum PTT Life Station Caf Amazon Free Wi-Fi Jiffy PRO Check Seeding The Future

() ()

516 ( 31 ..2556) --

- --

- / (Franchise fee) 1-5

- 2 4 95 20 10( 91) 10( 95)



- 31 ..2556 -- 89 82 (Variable fee)

()

1,074 ( 31 ..2556) 617 617 91, 95 , E20 , E85

0

100

200

300

400

500

600

153 152 148

371 364 368

524 516 516

--

10 31 ..

: () ()

0

50

100

150

200

95 93 89101

9382

196186

171

--

11 31 ..

0

10

20

30

40

50

60

54 54 53

0 0 1

54 54 54

--

12 31 ..

: () ()



() Green Series Green Auto Service Green Serve Green Wash Green Wash the Premium Green Wash Auto Care Green Tire Inthanin

- E20 E85 2556 E20 97 E85 51

E20 E85 678 102

- 2556 () Exclusive Partner () 500 2556 55 62 Green Series

- CRM (Customer Relationship Management) (Diesel Club) (Gasohol Club)

- 2,575,928

- 4 178 Trusted Brands Gold Awards 3



- 5

16 2556

() () 1.Company Own Company Operate (COCO) : . COCO

171 15.92

2. Company Own Dealer Operate (CODO):

69 6.42

3.Joint Venture (JV):

97 9.03

4.Dealer Own Dealer Operate (DODO): ,

120 11.17

5.Co - Operative (CO-OP):

617 57.45

1,074 100.00 : ()



4. 4.1

4.1.1 5 (2552-2556) 300 . 100- 300 . < 100 . 2556 300 . 100- 300 . 100 .

Financial Ratios (Average2552-2556)

Average(2552-2556) 2556 ROA (%) Sale Growth (%) ROA (%) Sale Growth (%)

> 300 9.87 6.14 7.35 8.87 100 - 300 7.85 4.44 5.23 3.80

< 100 7.41 0.41 5.49 3.91 Total 7.79 2.25 5.46 3.94

: , . ( DSS)

Financial Ratios (2555-2556)

< 100 . 100-300 . > 300 .

Debt/Equity (times) 0.25 0.60 0.66

Total D/A (times) 0.21 0.39 0.38

Long D/A (times) 0.00 0.00 1.49

Total Assets Turnover (times) 6.47 14.49 26.63

ROA (%) 5.49 5.23 7.35

Net Profit Margin (%) -15.37 -26.13 -7.07

Z-Score 9.71 3.94 4.57 : , . ( DSS)



4.1.2 5 (2552-2556) (10.09%) . (8.52%) , (7.99%) , (7.43%) , (7.05%) (6.74%) (4.70%) (4.34%), (3.54%) , (2.93) , (0.78), . (0.56%)

Financial Ratios (Average2552-2556) Average(2552-2556) 2556 ROA (%) Sale Growth (%) ROA (%) Sale Growth (%)

BKK & Metropolitan 8.52 0.56 6.94 7.53 Northtern 7.43 2.93 4.32 4.01 Northeast 7.05 4.34 4.82 2.31

Central & Western 10.09 0.78 7.30 -0.27 Eastern 7.99 4.70 6.81 8.48

Southern 6.74 3.54 4.24 -0.99 Total 7.79 2.25 5.46 3.94

: , . ( DSS)

Financial Ratios (2555-2556)

BKK & Metro

Northtern Northeast Central & Western Eastern Southern

DSCR(times) 13.39 5.07 7.65 14.29 9.95 3.30

Debt/Equity(times) 0.66 0.38 0.24 0.17 0.33 0.50

Total D/A(times) 0.41 0.33 0.21 0.15 0.27 0.31

Long D/A(times) 0.00 1.08 0.00 0.00 0.00 11.57

Total Assets Turnover (times) 11.38 10.66 6.79 12.89 7.58 8.75

ROA (%) 6.94 4.32 4.82 7.30 6.81 4.24

Net Profit Margin(%) 0.29 0.35 0.52 0.53 1.33 0.36

Z-Score 4.69 2.09 7.45 13.87 8.33 7.12 : , . ( DSS)



4.1.3 5 (2552-2556) KTB Non-KTB

Financial Ratios (Average2552-2556) Average(2552-2556) 2556 ROA (%) Sale Growth (%) ROA (%) Sale Growth (%)

Non-KTB 7.43 2.93 7.54 3.31 KTB 7.54 1.93 8.72 2.64

: , . ( DSS) , Cognos

13

14

15

Non-KTBKTB

-5.0

-2.5

0.0

2.5

5.0

7.5

10.0

12.5

15.0

-5.0 -2.5 0.0 2.5 5.0 7.5 10.0

ROA (%)

Sale Growth (%)

KTB 2552-2556

: , DSS, Cognos



4.2 SWOT Analysis

1. ( 15 ,.20 )

1.

2. 23,081

2.

3.

3.

4. 4. NGV

1. 95 (E10,E20E85) NGV

1. .

2.

2.

3.

3. NGV

: .

4.3

1. 2. 3. 4. CRM (Customer Relationship Management) (Diesel Club) (Gasohol Club) 5. CLMV 6. (Green Station)



5. / 5.1 Key Risk Reduction

Key Risk Factors

Factors Risk Factors Risk Reduction

- - -

- - -

- -

- -

5.2 Industry Direction KTB ISIC G473000 : 3 () Outlook 3-6 Month ( 2/2557)

(Stable)

+ & NGV + & NGV (Rebranding) + - Non Oil - NGV : 2557 Non-oil 2557 2556 NGV 3.5% 7.0%



6. Financial Model

Model (Guideline)

1. (Term Loan) - , - - - Refinance -

2. (Working Capital) - ()

3. -

:

-

-



2554 11 (.. - .. 54)

1

1 / 500,000.00 37.56

18,778,722.22

2 ( 0.8 /) / 500,000.00 36.76 18,378,722.22

3 7-11 7-Eleven 65,000 / ( 7-11) 7-Eleven 1,977,083 / ( .. 2557 = 65,019 )

Margin (%) 25% - 81% - 7-11 19%

4 Amazon Amazon 150 / ( 120 /) 55 / ( 200 /) 250,938 / : www.thaifranchisecenter.com

Margin (%) 40%

200,000 / Margin (%) 20%



90,000 / ( 9,000 2 @ 5 /) 7 Eleven 108,000 / ( 12,000 3 @ 3 /) Amazon 18,000 / ( 9,000 2 ) 7 Eleven 80,000 / (60,000 -100,000 /) Amazon 22,500 / (20,000-25,000 /) 100,000 /

418,500 /



1

1 2 3 4 5 6 7 8 9 10 11

65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000

0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

() 365 365 365 365 365 365 365 365 365 365 365

( ) 23,725 23,725 23,725 23,725 23,725 23,725 23,725 23,725 23,725 23,725 23,725

2

1 2 3 4 5 6 7 8 9 10 11

75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75%

17,793.75 17,793.75 17,793.75 17,793.75 17,793.75 17,793.75 17,793.75 17,793.75 17,793.75 17,793.75 17,793.75

5,931.25 5,931.25 5,931.25 5,931.25 5,931.25 5,931.25 5,931.25 5,931.25 5,931.25 5,931.25 5,931.25

7-eleven 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19%

81% 81% 81% 81% 81% 81% 81% 81% 81% 81% 81%

7-eleven 1,126.94 1,126.94 1,126.94 1,126.94 1,126.94 1,126.94 1,126.94 1,126.94 1,126.94 1,126.94 1,126.94

4,804.31 4,804.31 4,804.31 4,804.31 4,804.31 4,804.31 4,804.31 4,804.31 4,804.31 4,804.31 4,804.31



3

1 2 3 4 5 6 7 8 9 10 11

1,296,000 1,296,000 1,296,000 1,296,000 1,296,000 1,296,000 1,296,000 1,296,000 1,296,000 1,296,000 1,296,000

960,000 960,000 960,000 960,000 960,000 960,000 960,000 960,000 960,000 960,000 960,000

107,800 258,720 258,720 258,720 258,720 258,720 258,720 258,720 258,720 258,720 150,920

2,479,400 2,220,680 1,961,960 1,703,240 1,444,520 1,185,800 927,080 668,360 409,640 150,920 -

4

25x2 25x3 25x4 25x5 25x6

2,587,200 107,800 2,479,400 258,720 2,220,680 258,720 1,961,960 258,720 1,703,240 258,720 1,444,520

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

VAT 2,587,200 107,800 2,479,400 258,720 2,220,680 258,720 1,961,960 258,720 1,703,240 258,720 1,444,520

VAT - - - - - - - - - - -

2,587,200 107,800 2,479,400 258,720 2,220,680 258,720 1,961,960 258,720 1,703,240 258,720 1,444,520



()

25x7 25x8 25x9 25x10 25x11 25x12

258,720 1,185,800 258,720 927,080 258,720 668,360 258,720 409,640 258,720 150,920 150,920 -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

258,720 1,185,800 258,720 927,080 258,720 668,360 258,720 409,640 258,720 150,920 150,920 -

- - - - - - - - - - - -

258,720 1,185,800 258,720 927,080 258,720 668,360 258,720 409,640 258,720 150,920 150,920 -



5 Amazon

25x2 25x3 25x4 25x5 25x6 25x7 25x8 25x9 25x10 25x11 25x12

216,000 216,000 216,000 216,000 216,000 216,000 216,000 216,000 216,000 216,000 216,000

270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000

41,458 99,500 99,500 99,500 99,500 99,500 99,500 99,500 99,500 99,500 58,042

953,542 854,042 754,542 655,042 555,542 456,042 356,542 257,042 157,542 58,042 -

6 Amazon

25x2 25x3 25x4 25x5 25x6

995,000.00 41,458.33 953,541.67 99,500.00 854,041.67 99,500.00 754,541.67 99,500.00 655,041.67 99,500.00 555,541.67

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

VAT 995,000.00 41,458.33 953,541.67 99,500.00 854,041.67 99,500.00 754,541.67 99,500.00 655,041.67 99,500.00 555,541.67

VAT - - - - - - - - - - -

995,000.00 41,458.33 953,541.67 99,500.00 854,041.67 99,500.00 754,541.67 99,500.00 655,041.67 99,500.00 555,541.67



Amazon ()

25x7 25x8 25x9 25x10 25x11 25x12

99,500.00 456,041.67 99,500.00 356,541.67 99,500.00 257,041.67 99,500.00 157,541.67 99,500.00 58,041.67 58,041.67 -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

99,500.00 456,041.67 99,500.00 356,541.67 99,500.00 257,041.67 99,500.00 157,541.67 99,500.00 58,041.67 58,041.67 -

- - - - - - - - - - - -

99,500.00 456,041.67 99,500.00 356,541.67 99,500.00 257,041.67 99,500.00 157,541.67 99,500.00 58,041.67 58,041.67 -



7

.. X-1 .. X0 .. X1 1 2 3 4 5 6

0 0 0 0 1,080,000 1,080,000 1,134,000 1,134,000 1,190,700 1,190,700

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 21,600 21,600 22,680 22,680 23,814 23,814

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0



7 ()

7 8 9 10 11

1,250,235 1,250,235 1,312,747 1,312,747 1,378,384

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

25,005 25,005 26,255 26,255 27,568

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0



8

1 2 3 4

- - - - - - - - - - -

6,485,000.00 - 6,485,000.00 135,104.17

6,349,895.83 324,250.00 6,025,645.83 324,250.00 5,701,395.83 324,250.00 5,377,145.83

10,687,000.00 10,687,000.00

445,291.67

10,241,708.33 1,068,700.00

9,173,008.33

1,068,700.00

8,104,308.33 1,068,700.00 7,035,608.33

- - - - - - - - - - -

- - - - - - - - - - -

2,739,000.00 - 2,739,000.00 2,739,000.00 - - - - - - -

19,911,000.00 - 19,911,000.00 3,319,395.83 16,591,604.17 1,392,950.00

15,198,654.17

1,392,950.00

13,805,704.17 1,392,950.00 12,412,754.17



8 ()

5 6 7 8 9 10 11

- - - - - - - - - - - - - -

324,250.00 5,052,895.83 324,250.00 4,728,645.83 324,250.00 4,404,395.83 324,250.00 4,080,145.83 324,250.00 3,755,895.83 324,250.00 3,431,645.83 324,250.00 3,107,395.83

1,068,700.00 5,966,908.33 1,068,700.00 4,898,208.33 1,068,700.00 3,829,508.33 1,068,700.00 2,760,808.33 1,068,700.00 1,692,108.33 1,068,700.00 623,408.33 623,408.33 -

- - - - - - - - - - - - - -

- - - - - - - - - - - - - -

1,392,950.00 11,019,804.17 1,392,950.00 9,626,854.17 1,392,950.00 8,233,904.17 1,392,950.00 6,840,954.17 1,392,950.00 5,448,004.17 1,392,950.00 4,055,054.17 947,658.33 3,107,395.83

1 2 3 4 5 6 7 8 9 10 11

3,319,395.83 1,392,950.00

1,392,950.00

1,392,950.00

1,392,950.00 1,392,950.00 1,392,950.00 1,392,950.00 1,392,950.00 1,392,950.00 947,658.33

16,591,604.17 15,198,654.17 13,805,704.17

12,412,754.17

11,019,804.17 9,626,854.17 8,233,904.17 6,840,954.17 5,448,004.17 4,055,054.17 3,107,395.83



9

1 2 3 4 5 6 7 8 9 10 11

O/D - MRR 7.50% 8.00% 8.25% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50%

- - - - - - - - - - - - -

10

1 2 3 4 5 6 7 8 9 10 11

O/D - MRR+0.25% 7.75% 8.25% 8.50% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75%

P/N - MRR+0.25% 7.75% 8.25% 8.50% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75%

T/L - MRR+0.25% 7.75% 8.25% 8.50% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75%

T/L - MLR 7.00% 7.50% 7.75% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%



11

1 2 3 4 5 6 7 8 9 10 11

O/D - - - - - - - - - - - -

P/N - - - - - - - - - - - -

T/L -

T/L -

- - - - - - - - - - - -

12

1 2 3 4 5 6 7 8 9 10 11

T/L - - - - - - - - - - -

T/L - - - - - - - -

- - -

- - - - - - - -

- - -

- - - - - - - -

- - -

1 - - - - - - - -

- - -

- - - - - - - -

- - -



13 7

1 2 3 4 5 6 7 8 9 10 11

Benzene 91

- - - - - - - - - - -

Benzene 95 15,000 724,125 724,125 724,125 724,125 724,125 724,125 724,125 724,125 724,125 724,125 724,125

Gasohol 91 15,000 574,575 574,575 574,575 574,575 574,575 574,575 574,575 574,575 574,575 574,575 574,575

Gasohol95 15,000 611,325 611,325 611,325 611,325 611,325 611,325 611,325 611,325 611,325 611,325 611,325

GasoholE85

0 0 0 0 0 0 0 0 0 0 0

GasoholE20 13,000 465,465 465,465 465,465 465,465 465,465 465,465 465,465 465,465 465,465 465,465 465,465

Diesel 17,000 509,830 509,830 509,830 509,830 509,830 509,830 509,830 509,830 509,830 509,830 509,830

B5

0 0 0 0 0 0 0 0 0 0 0

D-premium 15,000 494,850 494,850 494,850 494,850 494,850 494,850 494,850 494,850 494,850 494,850 494,850

Tatal 90,000 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170



14

()

1 2 3 4 5 6 7 8 9 10 11

30 35% 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97

1 2 3 4 5 6 7 8 9 10 11

3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170 3,380,170

528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97 528,702.97

3,908,872.97 3,908,872.97 3,908,872.97 3,908,872.97 3,908,872.97 3,908,872.97 3,908,872.97 3,908,872.97 3,908,872.97 3,908,872.97 3,908,872.97



(Ltre) (Baht)

Benzene 91 - - -

Benzene 95 15,000.00 48.28 724,125.00

Gasohol 91 15,000.00 38.31 574,575.00

Gasohol 95 15,000.00 40.76 611,325.00

Gasohol E85 24.51 -

Gasohol E20 13,000.00 35.81 465,465.00

Diesel 17,000.00 29.99 509,830.00

B5 - - -

D-premium 15,000.00 32.99 494,850.00

90,000.00 - 3,380,170.00

37.56



.. X-1 .. X0 .. X1 .. X2 .. X3 .. X4 .......... .. X8 .. X9

#DIV/0! #DIV/0! #DIV/0! 0.00% 0.00% .......... 0.00% 0.00%

- - - 225,344,666.67 225,344,666.67 225,344,666.67 .......... 225,344,666.67 225,344,666.67

23,725,000.00 23,725,000.00 23,725,000.00 .......... 23,725,000.00 23,725,000.00

Amazon 3,011,250.00 3,011,250.00 3,011,250.00 .......... 3,011,250.00 3,011,250.00

- - - 252,080,916.67 252,080,916.67 252,080,916.67 252,080,916.67 252,080,916.67

- - - 220,544,666.67 220,544,666.67 220,544,666.67 .......... 220,544,666.67 220,544,666.67

17,793,750.00 17,793,750.00 17,793,750.00 .......... 17,793,750.00 17,793,750.00

Amazon 1,806,750.00 1,806,750.00 1,806,750.00 .......... 1,806,750.00 1,806,750.00

- - - 240,145,166.67 240,145,166.67 240,145,166.67 .......... 240,145,166.67 240,145,166.67

- - - 11,935,750.00 11,935,750.00 11,935,750.00 .......... 11,935,750.00 11,935,750.00



.. X-1 .. X0 .. X1 .. X2 .. X3 .. X4 .......... .. X8 .. X9

- - - 1,080,000.00 1,080,000.00 1,134,000.00 .......... 1,250,235.00 1,250,235.00

- - - - - -

- -

- - - - - -

- -

- - - - - - - -

- - - 21,600.00 21,600.00 22,680.00 .......... 25,004.70 25,004.70

- - - - 0 -

- -

- - - #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0!


- - - - - -

- -









.. X-1 .. X0 .. X1 .. X2 .. X3 .. X4 .......... .. X8 .. X9



- - - - - - - - -

- - - 3,319,395.83 1,392,950.00 1,392,950.00 .......... 1,392,950.00 1,392,950.00

7-11

7-11

1,126,937.50 1,126,937.50 1,126,937.50 .......... 1,126,937.50 1,126,937.50

107,800.00 258,720.00 258,720.00 .......... 258,720.00 258,720.00

2,256,000.00 2,256,000.00 2,256,000.00 .......... 2,256,000.00 2,256,000.00

Amazon

Amazon

41,458.33 99,500.00 99,500.00 .......... 99,500.00 99,500.00

486,000.00 486,000.00 486,000.00 .......... 486,000.00 486,000.00



- - - - - - .......... - -


- - - - - - .......... - -





.. X-1 .. X0 .. X1 .. X2 .. X3 .. X4 .......... .. X8 .. X9

#DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0!

75,529.00 75,529.00 75,529.00 .......... 75,529.00 75,529.00

- - - .......... - -

3,380,170.00 3,380,170.00 3,380,170.00 .......... 3,380,170.00 3,380,170.00

- - - .......... - -


20,024,545.83 18,273,375.83 16,522,205.83 .......... 13,019,865.83 11,268,695.83

20,024,545.83 18,273,375.83 16,522,205.83 .......... 13,019,865.83 11,268,695.83


- - -

.......... - -

- - - .......... - -

- - -

.......... - -

- - - .......... - -



.. X-1 .. X0 .. X1 .. X2 .. X3 .. X4 .......... .. X8 .. X9

- - - .......... - -

..........

- - -

.......... - -

- - - .......... - -

- - - .......... - -

- - - .......... - -

..........

- - -

.......... - -

- - - .......... - -






.. X-1 .. X0 .. X1 .. X2 .. X3 .. X4 .......... .. X8 .. X9

..........

- - #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0!

- - 3,427,195.83 1,651,670.00 1,651,670.00 .......... 1,651,670.00 1,651,670.00

- - -75,529.00 - - .......... - -

- - -3,380,170.00 - - .......... - -

- - - - - .......... - -

- - - - - .......... - -

- - - - - .......... - -


..........

- - -23,451,741.67 99,500.00 99,500.00 .......... 99,500.00 99,500.00

- - -23,451,741.67 99,500.00 99,500.00 .......... 99,500.00 99,500.00

..........

- - - - - .......... - -

- - - .......... - -

- - - - -

.......... - -



.. X-1 .. X0 .. X1 .. X2 .. X3 .. X4 .......... .. X8 .. X9

- - - - - .......... - -

- - - .......... - -

- - - - - .......... - -

- - - - - .......... - -


- - - #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0!


.. X-1 .. X0 .. X1 .. X2 .. X3 .. X4 .......... .. X8 .. X9

(Current ratio) () #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ..........

#DIV/0! #DIV/0!

(Quick ratio) () #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0! (Cash flow from operation to current liabilities) () #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

.......... #DIV/0! #DIV/0!



.. X-1 .. X0 .. X1 .. X2 .. X3 .. X4 .......... .. X8 .. X9

() NA. #DIV/0! #DIV/0! 0.05 0.11 0.11 .......... 0.11 0.11

() NA. #DIV/0! #DIV/0! 5.14 5.14 5.14 .......... 5.14 5.14 () NA. #DIV/0! #DIV/0! - - - .......... - -

() #DIV/0! #DIV/0! #DIV/0! 25.18 13.16 14.49 .......... 18.14 20.76 () #VALUE! #DIV/0! #DIV/0! 5.19 5.25 5.25 .......... 5.25 5.25

(Gross profit margin) (%) #DIV/0! #DIV/0! #DIV/0! 4.73% 4.73% 4.73% .......... 4.73% 4.73% (Operating profit margin) (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0! (Net profit margin) (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0! (ROA) (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0! (ROE) (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0!

(Debt to equity ratio) () #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0! (Debt Ratio) () #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0! (Times interest earned) () #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0!



.. X-1 .. X0 .. X-1 .. X0 .. X-1 .. X0 (Debt Service Coverage ratio) (DSCR) () #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0! (Cash flow from operation to interest) () #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0!

( ) #DIV/0! #DIV/0! #DIV/0! 0.00% 0.00%

.......... 0.00% 0.00% ( ) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

.......... #DIV/0! #DIV/0!

( ) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

.......... #DIV/0! #DIV/0!

( ) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

.......... #DIV/0! #DIV/0!

Financial Factors ( CRRM)

(Liquidity Ratio) () #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0! (Profitability Ratio) (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

.......... #DIV/0! #DIV/0!

(Total Asset Size) () - - - #DIV/0! #DIV/0! #DIV/0! .......... #DIV/0! #DIV/0! (Adjusted Gearing) () #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

.......... #DIV/0! #DIV/0!



(.)

() % % % -

- - #DIV/0! - #DIV/0! #DIV/0! -

995,000.00 995,000.00 0% 0% 100% 7-eleven 2,352,000.00 2,352,000.00 0% 0% 100% 1,768,000.00 1,768,000.00 0% 0% 100% 1,197,000.00 1,197,000.00 0% - 0% 100% -

1,436,000.00

1,436,000.00 - 0% - 0% 100% -

630,000.00 630,000.00 - 0% - 0% 100% - 2,922,000.00 2,922,000.00 - 0% - 0% 100% - 910,000.00 910,000.00 - 0% - 0% 100% - 63,000.00 63,000.00 - 0% - 0% 100% - 349,000.00 349,000.00 - 0% - 0% 100%



()

(.)

() % % % 1,840,000.00 1,840,000.00 - 0% - 0% 100% - 7-11 - - #DIV/0! - #DIV/0! #DIV/0! - (,) 4,717,000.00 4,717,000.00 - 0% - 0% 100% -

1,340,000.00 1,340,000.00 - 0% - 0% 100% -

+ 2,739,000.00 2,739,000.00 0% 0% 100% 23,258,000.00 23,258,000.00 - 0% - 0% 100% -

3,455,699.00 3,455,699.00 - 0% - 0% 100% - 26,713,699.00

26,713,699.00 - 0% - 0%

100% -



7. /

1. 1.1. 3

3 / 3

1.2. ( 5 7 .. 50 .. Brand )

1.3. ( ) (7-11), ( 1.5 5 )

1.4. - ( ) - - () - 3

... - 7 11 ()

2. 2.1 ( ) 300,000 500,000 /

( 500,000 / D/E Ratio 1 : 1 ) 2.2 Web site 2.3 65,000 /

150 / ( 55 ) 2.4 98% Margin 0.80 /

+ 2.5 () 99% 2.6 D/E Ratio

2 : 1 2.7

( . ) - O/D . ()(.) 1532/2555 28 2555 O/D / ATM -



Invoice Post Finance ( Post Finance O/D ) 2.8 25% 3.

3.1 /

3.2 ()( 6 )

3.3

3.4 /

3.5 1) 3

3 2)

2 3)

" / "

4)

4.

4.1 4.2 6

4.3

4.4

4.5 . ()(.) 1532/2555 28 2555



4 : : ......... BASE CASE

(.)

() % % %

-

- - 0% - 0% 0% -

995,000.00

995,000.00

0%

0% 100% 7-eleven 2,352,000.00

2,352,000.00

0%

0% 100%

1,768,000.00

1,768,000.00

0%

0% 100% 1,197,000.00 1,197,000.00 0% - 0% 100% -

1,436,000.00

1,436,000.00 - 0% - 0% 100% -

630,000.00

630,000.00 - 0% - 0% 100% -

2,922,000.00 2,922,000.00 - 0% - 0% 100% -

910,000.00

910,000.00 - 0% - 0% 100% -

63,000.00 63,000.00 - 0% - 0% 100% -

349,000.00

349,000.00 - 0% - 0% 100% 1,840,000.00

1,840,000.00 - 0% - 0% 100% -



(.)

() % % %

7-11

- - 0% - 0%

0% -

(,)

4,717,000.00

4,717,000.00 - 0% - 0%

100% -

1,340,000.00

1,340,000.00 - 0% - 0%

100% -

+ 2,739,000.00

2,739,000.00

0%

0%

100%

23,258,000.00

23,258,000.00 - 0% - 0%

100% -

3,455,699.00

3,455,699.00

- 0% - 0%

100% -

27,166,872.97

27,166,872.97 - 0% - 0%

100% -



8. Financial Model : NGV

Model NGV (Guideline)

1. (Term Loan) - , - NGV - NGV - Refinance -

2. -

:

-

-



: ......... BASE CASE

% %

25,000,000.00 - 0% 25,000,000.00 100%

30,000,000 25,000,000.00 83% 5,000,000.00 17%

NGV 70,000,000 60,000,000.00 86% 10,000,000.00 14%

10,000,000 5,000,000.00 50% 5,000,000.00 50%

135,000,000.00 90,000,000.00 67% 45,000,000.00 33%

D : E ()

2 : 1 45,000,000.00 90,000,000.00

NGV NGV 4

8

//

5,000 . / (Full Capacity) 40,000 . / NGV 24,000 . / ( . )



25x1 25x2 25x3 25x4 25x5

(Full Capacity) [./] 40,000

40,000 40,000 40,000 40,000 NGV [./] 24,000 25,200 26,460 27,783 29,172 Growth Rate 5% 5% 5% 5% (Utilization Rate) 60% 63% 66% 69% 73%

[./] 8,760,000 9,198,000 9,657,900

10,140,795 10,647,835 (/.) 10.50 10.50 10.50 10.50 10.50 NGV . [/.] 2 2 2 2 2 . (/.) 8.50 8.50 8.50 8.50 8.50 NGV [/] 17,520,000 18,396,000 19,315,800 20,281,590 21,295,670

( )

200,000 / NGV 9,000 // NGV 30,000 / 15,000 / 50,000 / 0.35 /.. Maintenance cost 0.05 /..

* Growth Rate



Growth Rate 25x1 25x2 25x3 25x4 25x5 0% 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 NGV 3% 864,000 889,920 916,618 944,116 972,440 NGV 5% 720,000 756,000 793,800 833,490 875,165 3% 180,000 185,400 190,962 196,691 202,592 3% 600,000 618,000 636,540 655,636 675,305 3% 3,066,000 3,219,300 3,380,265 3,549,278 3,726,742 Maintenance cost 0% 438,000 459,900 482,895 507,040 532,392

5,868,000 6,128,520 6,401,080 6,686,251 6,984,635

( Sheet )

25,000,000.00 0%

30,000,000.00 5%

NGV 70,000,000.00 20%

10,000,000.00 20%

135,000,000.00



25x1 25x2 25x3 25x4 25x5 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 NGV 70,000,000 70,000,000 70,000,000 70,000,000 70,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000

135,000,000 135,000,000 135,000,000 135,000,000 135,000,000

1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 NGV 14,000,000 14,000,000 14,000,000 14,000,000 14,000,000

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 17,500,000 17,500,000 17,500,000 17,500,000 17,500,000

1,500,000 3,000,000 4,500,000 6,000,000 7,500,000 NGV 14,000,000 28,000,000 42,000,000 56,000,000 70,000,000 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 17,500,000 35,000,000 52,500,000 70,000,000 87,500,000



25x1 25x2 25x3 25x4 25x5 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 28,500,000 27,000,000 25,500,000 24,000,000 22,500,000 NGV 56,000,000 42,000,000 28,000,000 14,000,000 - 8,000,000 6,000,000 4,000,000 2,000,000 - 117,500,000 100,000,000 82,500,000 65,000,000 47,500,000

25x1 25x2 25x3 25x4 25x5 MLR 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% Spread 0.50% 0.25% 0.00% 0.00% 0.00% 7.50% 7.25% 7.00% 7.00% 7.00% 25x1 25x2 25x3 25x4 25x5 T/L 90,000,000 6,593,438 5,132,638 3,552,850 2,150,050 747,250



25x1 25x2 25x3 25x4 25x5

T/L 90,000,000 90,000,000 79,980,000 59,940,000 39,900,000 19,860,000 10,020,000 20,040,000 20,040,000 20,040,000 19,860,000 79,980,000 59,940,000 39,900,000 19,860,000 - - 1

20,040,000 20,040,000 20,040,000 19,860,000 -

- 1 59,940,000 39,900,000 19,860,000 - ( )

30

25x1 25x2 25x3 25x4 25x5 0 0 0 0 0

0 0 0 0 0

( x .) 6,120,000 6,426,000 6,747,300 7,084,665 7,438,898

(6,120,000) (6,426,000) (6,747,300) (7,084,665) (7,438,898)

25%



25x1 25x2 25x3 25x4 25x5

NGV 17,520,000.00 18,396,000.00 19,315,800.00 20,281,590.00 21,295,669.50

5,868,000.00 6,128,520.00 6,401,079.60 6,686,251.19 6,984,634.88

11,652,000.00 12,267,480.00 12,914,720.40 13,595,338.81 14,311,034.62

- - - - -

11,652,000.00 12,267,480.00 12,914,720.40 13,595,338.81 14,311,034.62

6,593,437.50 5,132,637.50 3,552,850.00 2,150,050.00 747,250.00

5,058,562.50 7,134,842.50 9,361,870.40 11,445,288.81 13,563,784.62

1,264,640.63 1,783,710.63 2,340,467.60 2,861,322.20 3,390,946.15

3,793,921.88 5,351,131.88 7,021,402.80 8,583,966.61 10,172,838.46

EBITDA 29,152,000.00 29,767,480.00 30,414,720.40 31,095,338.81 31,811,034.62



25x1 25x2 25x3 25x4 25x5

17,393,921.88 20,511,053.75 25,313,756.55 31,695,088.16 39,862,159.87

- - - - -

- - - - -

- - - - -

17,393,921.88 20,511,053.75 25,313,756.55 31,695,088.16 39,862,159.87

117,500,000.00 100,000,000.00 82,500,000.00 65,000,000.00 47,500,000.00

117,500,000.00 100,000,000.00 82,500,000.00 65,000,000.00 47,500,000.00

134,893,921.88 120,511,053.75 107,813,756.55 96,695,088.16 87,362,159.87

6,120,000.00 6,426,000.00 6,747,300.00 7,084,665.00 7,438,898.25

- - - - -

20,040,000.00 20,040,000.00 20,040,000.00 19,860,000.00 -

- - - - -

26,160,000.00 26,466,000.00 26,787,300.00 26,944,665.00 7,438,898.25



25x1 25x2 25x3 25x4 25x5

- - - - -

59,940,000.00 39,900,000.00 19,860,000.00 - 59,940,000.00 39,900,000.00 19,860,000.00 - 86,100,000.00 66,366,000.00 46,647,300.00 26,944,665.00 7,438,898.25

45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00

3,793,921.88 9,145,053.75 16,166,456.55 24,750,423.16 34,923,261.62

48,793,921.88 54,145,053.75 61,166,456.55 69,750,423.16 79,923,261.62

134,893,921.88 120,511,053.75 107,813,756.55 96,695,088.16 87,362,159.87



25x1 25x2 25x3 25x4 25x5

3,793,921.88 5,351,131.88 7,021,402.80 8,583,966.61 10,172,838.46

17,500,000.00 17,500,000.00 17,500,000.00 17,500,000.00 17,500,000.00

- - - - -

- - - - -

- - - - -

6,120,000.00 306,000.00 321,300.00 337,365.00 354,233.25

- - - - -

27,413,921.88 23,157,131.88 24,842,702.80 26,421,331.61 28,027,071.71

- 135,000,000.00 - - - -

- 135,000,000.00

- - - -

- - - - -

- - - - -

90,000,000.00 - - - -

-10,020,000.00 -20,040,000.00 -20,040,000.00 -20,040,000.00 -19,860,000.00



25x1 25x2 25x3 25x4 25x5

45,000,000.00 - - - -

124,980,000.00 -20,040,000.00 -20,040,000.00 -20,040,000.00 -19,860,000.00

17,393,921.88 3,117,131.88 4,802,702.80 6,381,331.61 8,167,071.71

- 17,393,921.88 20,511,053.75 25,313,756.55 31,695,088.16

17,393,921.88 20,511,053.75 25,313,756.55 31,695,088.16 39,862,159.87

25x1 25x2 25x3 25x4 25x5

(Current ratio) () 0.66 0.77 0.94 1.18 5.36

(Quick ratio) () 0.66 0.77 0.94 1.18 5.36

(Cash flow from operation to current liabilities) () 1.05 0.87 0.93 0.98 3.77



25x1 25x2 25x3 25x4 25x5

() () () 30 30 30 30 30

() -30 -30 -30 -30 -30

(Gross profit margin) (%) (Operating profit margin) (%) 66.51% 66.69% 66.86% 67.03% 67.20%

(Net profit margin) (%) 21.65% 29.09% 36.35% 42.32% 47.77%

(ROA) (%) 8.64% 10.18% 11.98% 14.06% 16.38%

(ROE) (%) 7.78% 9.88% 11.48% 12.31% 12.73%



25x1 25x2 25x3 25x4 25x5

(Debt to equity ratio) () 1.76 1.23 0.76 0.39 0.09

(Debt Ratio) () 0.64 0.55 0.43 0.28 0.09

(TIE) () 4.42 5.80 8.56 14.46 42.57

(DSCR) () 4.42 1.18 1.29 1.40 1.54 (Cash flow from operation to interest) () 4.16 4.51 6.99 12.29 37.51

( ) 5.00% 5.00% 5.00% 5.00%

( ) 5.28% 5.28% 5.27% 5.26%

( ) 41.04% 31.21% 22.25% 18.51%

( )

-10.66% -10.54% -10.31% -9.65%

Interest Civerage () 1.77 2.39 3.64 6.32 19.15

Liquidity Ratio () 1.11 1.12 1.14 1.15 4.28

Capital Structure () 0.03 0.08 0.15 0.26 0.40

Profitability (%) 3.75% 5.92% 8.68% 11.84% 15.53%



9. / NGV

1. 1.1. // NGV 3 3 3 / 3 1.2. NGV / (/, 3 60 , 1.5 40 ) NGV 70 14 .. 1,600 .. [200 ] 3 5 NGV 1.3. NGV ( ) , 1.4. NGV - . - , - (NGV) .8() 2. 2.1 . (/..) . 2 /.. 2.2 D/E Ratio 2 : 1 2.3 . 1 NGV 2.4 5 ( Grace Period ) .[ 10-20 , 20 ]



3. 3.1 Core Asset / 3.2 3.3 All Risk 3.4 3.5 1) 3 3 2) 2 3) " / " 4) 4. 4.1 . 4.2 6 4.3 4.4 ,

. , ,



10. 10.1 Business Model

Website 1 www.eppo.go.th 2 www.doeb.go.th 3 www.dlt.go.th 4 () www.pttplc.com 5 () () www.esso.co.th 6 () www.bangchak.co.th 7 () www.ptgenergy.co.th 8 () www.thaioilgroup.com 9 . www.bol.co.th

10.2 Contact Person /

0-2208-3591 0-2208-3590

( ) 0-2208-8165

( )

0-2208-7500

()

0-2208-8059

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