Management Discussion and Analysis Executive Summary In 2023, the Company had total sales revenue of Baht 616,635 million, decreased by 9% due to price decreases across the petroleum and petrochemical products due to the ongoing economic recession that has not yet recovered. However, after the 2022 scheduled maintenance shutdown, the Refinery business sales volume increased with no shutdowns occurring in 2023. In 2022, the Russia-Ukraine conflict has triggered a global energy crisis, resulting in a sharp increase in energy prices. This resulted in an unusual surge in petroleum product prices in 2022. The Company had Adjusted EBITDA of Baht 40,007 million, decreased by 19% from the previous year. The petrochemical products spread declined during the year, especially the products in the Intermediates business and Polymers & Chemicals business which was affected by the new capacities during the year and the global economic slowdown. In 2023, the Company incurred a Company had a Net Operating Loss Recurring(1) of Baht 3,587 million, due to the prevailing economic slowdown and the surplus supply of Petrochemical business persisting throughout the year. The Company recorded extraordinary items from stock loss net NRV of Baht 2,756 million, net gain from foreign exchange and financial derivatives of Baht 790 million. Additionally, as previously mentioned, through the sales of GCL shares of approximately Baht 2,640 million. The Company recorded gain on the transaction (including a gain from change in ownership interest in subsidiary to joint venture at fair value) at Baht 4,017 million. Moreover, as the Company reduced overall debt through repurchase of USD bonds, the Company recorded a gain of Baht 1,890 million. As a result, the Company improved performance beyond its regular business operations. The Company had share of loss from investments at Baht 725 million, which declined in comparison to the previous year as the petrochemical business encountered a downturn in overall performance throughout the current year. The Company recorded net profit in 2023 at Baht 999 million (Baht 0.22/share). (1) Net Operating Profit/Loss excludes stock gain/loss net NRV, gain/loss from foreign exchange and financial derivative, gain/loss from commodity hedging, and extraordinary items 110
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