Unit : MB 2022 2023 YoY % +/(-) 1 Sales Revenue 678,267 616,635 -9% 2 Feedstock cost (521,512) (478,301) 8% 3 Product to Feed Margin 156,755 138,334 -12% 4 Variable Cost (51,148) (47,944) 6% 5 Fixed OH (32,542) (33,666) -3% 6 Stock Gain/(Loss) and NRV (3,657) (2,756) 25% 7 Gain/(Loss) on Commodity Hedging (23,057) (627) 97% 8 Other Revenue 7,527 13,931 85% 9 SG&A Expenses (31,458) (26,823) 15% 10 EBITDA 22,420 40,449 80% 11 Depreciation & Amortization (26,646) (27,504) -3% 12 Extra items 893 (86) -110% 13 EBIT (3,333) 12,859 >200% 14 Net financial expense (9,171) (10,707) -17% 15 FX Gain (Loss) (313) 790 >200% 16 Share of gain/(loss) from investment 2,908 (725) -125% 17 Corporate Income Tax 2,273 (1,352) -159% 18 Net Profit/(Loss) after Tax (7,636) 865 111% 19 Profit/(loss) attributable to: Non-controlling interests 1,116 (134) -112% 20 Owners of the Company (8,752) 999 111% 21 Adjusted EBITDA(1) 49,134 40,007 -19% Operating Performance Note: (1) Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss),NRV, Gain/(loss) from commodity hedging, and Extra item. In 2023, the Company had sales revenue of Baht 616,635 million, decreased from last year by 9%. This decrease was primarily due to decreased prices of petroleum and petrochemical products across all categories, reflecting an ongoing economic downturn globally. In terms of sales volume, the refinery business increased from last year, as there was maintenance shutdown in Q4/2022, while there was no refinery turnaround in 2023. However, in 2022, there was a Russian-Ukrainian conflict, significantly impacted to energy prices, resulting in higher-than-normal petroleum product prices. In addition, variable expenses decreased compared to the previous year, mainly driven by lower utility expenses. Fixed overhead and SG&A expenses decreased, mainly attributed to lower sales volume. Additionally, the Company incurred losses from stock loss net NRV totaling Baht of 2,756 million, and hedging loss amounting to Baht 627 million. Other income increased by Baht 6,404 million, consisting of gain from sales of shares in GCL (including gains from fair value adjustments of the remaining investment in GCL) of Baht 4,017 million, gain from repurchase of USD bonds of Baht 1,890 million, and insurance claim income related to warehouse incident of Baht 500 million. In addition, the Company recorded extra items in 2023 amounting to losses of Baht 86 million, mainly from asset disposals totaling Baht 557 million due to disruptions in preparing for a warehouse project, as well as gain of Baht 518 million from the fair value assessment of the remaining investment in Thai Tank Terminal Company Limited, which was completed in 2023 following the change in the ownership in December 2022. 119 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2023
RkJQdWJsaXNoZXIy ODg4NTI=