For Bio and Circularity Business in FY2023, the Adjusted EBITDA was Baht 673 million, which decreased from the previous year by 57%, and the Adjusted EBITDA Margin was at 4%. This was impacted by the decrease in Fatty Alcohol P2F in 2023 due to economic activity in China being weaker than expected and slowdown purchase from Indian buyers. FA sales volume was stable, and FA price was decreased Bio & Circularity Price, Product Spreads and Performance of Bio & Circularity following a decline in feedstock price under pressure from high production in Malaysia of Crude Palm Kennel Oil (CPKO). Methyl Ester (ME) sales volume increased from the previous year as the Thai government announced to maintain B7 biodiesel mandate throughout the year. ME price decreased in 2023, but ME P2F increased due to decline in CPO price as feedstock. For Performance Chemicals Business in 2023, the Adjusted EBITDA was Baht 7,006 million, which decreased from the previous year by over 34%, and the Adjusted EBITDA Margin was at 7% due to the drop in allnex’s sales volume mainly in Europe and America region, following the destocking effect during Performance Chemicals Price, Product Spreads and Performance of Performance Chemicals economic downturn. In the other hand, there was a strong volume performance in China and India in second half of 2023. Vencorex was still impacted by sluggish demand during an economic downturn and intense price competition among manufacturers in the market. (Unit : USD per ton) 2022 2023 YoY % +/(-) Adjusted EBITDA (MB) 10,667 7,006 -34% Adjusted EBITDA margin (%) 9% 7% -2% Sales Volume (Kton) 837 788 -6% Share of gain/(loss) from investment (MB) (20) (205) <-200% (Unit : USD per ton) 2022 2023 YoY % +/(-) Methyl Ester (ME) P2F (THB per Kilogram) 3.4 4.3 26% Fatty Alcohol (FA) P2F 514 434 -16% Adjusted EBITDA (MB) 1,579 673 -57% Adjusted EBITDA margin (%) 7% 4% -3% ME Sales Volume (Kton) 293 320 9% FA Sales Volume (Kton) 97 97 0% Share of gain/(loss) from investment (MB) 1,326 (204) -115% 118
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