Notes to the Financial Statements PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2023 16 Branch 14 (GC 14 Branch) : 32, Rong Pui Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 15 (GC Chemical Experience Campus) : 66, National highway 363 Road, Tambon Noenphra, Amphoe Mueang Rayong, Rayong, Thailand Branch 16 (Glycol Plant) : 9-9/1, Soi G12, Pakorn Songkrorat Road, Tambon Tabma, Amphoe Mueang Rayong, Rayong, Thailand Branch 17 (Polystyrene Plant) : 7, I-1 Road, Tambon Tabma, Amphoe Mueang Rayong, Rayong, Thailand Branch 18 (Phenol Plant) : 9, Soi G9, Pakorn Songkrorat Road, Tambon Tabma, Amphoe Mueang Rayong, Rayong, Thailand Branch 19 (Oxirane Plant) : 12, Soi G4, Pakorn Songkrorat Road, Tambon Tabma, Amphoe Mueang Rayong, Rayong, Thailand The Company is a company in the PTT Public Company Limited (“PTT”) group of companies. PTT is incorporated in Thailand and is the major shareholder of the Company, holding 45.18% of the Company’s issued and paid-up share capital. The principal activities of the Company are refining and provision of integrated petroleum products, production and distribution of aromatics products including aromatic derivatives and production and distribution of ethylene, propylene, polyethylene plastic pellets and biochemical products. By-products are mixed C4, cracker bottom and tail gas. Minor activities are production and distribution of electricity, water, steam and other utilities. In addition, the Company also operates production support facilities such as jetty and buffer tank farm services for liquid chemical, oil and gas. Details of the Company’s subsidiaries as at 31 December 2023 and 2022 are given in note 9. 2 Basis of preparation of the financial statements The financial statements are prepared in accordance with Thai Financial Reporting Standards (“TFRS”), guidelines promulgated by the Federation of Accounting Professions and applicable rules and regulations of the Thai Securities and Exchange Commission. The financial statements are presented in Thai Baht, which is the Company’s functional currency. The accounting policies, described in note 3, have been applied consistently to all periods presented in these financial statements. The preparation of financial statements in conformity with TFRS requires management to make judgements, estimates and assumptions that affect the application of the Group’s accounting policies. Actual results may differ from these estimates. Estimates and underlying assumptions that are described in note 3 are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. The Group has not adopted the new and revised TFRS which will be effective for the financial statements for the periods beginning on or after 1 January 2024 onwards in preparing these financial statements. The Group is in the process of assessing the potential impact on the financial statements from the adoption of these new and revised TFRS which is included top-up tax law. 260
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