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 28 Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the temporary differences: the initial recognition of goodwill; the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and differences relating to investments in subsidiaries and joint ventures to the extent that it is probable that they will not reverse in the foreseeable future. The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Current deferred tax assets and liabilities are offset in the separate financial statements. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. (u) Earnings (loss) per share Basic earnings (loss) per share (EPS) is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period, adjusted for own shares held. 4 Transfers of businesses At the Board of Directors’ meeting of the company held on 13 December 2021, the Board approved the acquisition of the entire or part of the business and the dissolution of the direct and indirect subsidiaries with 100% shareholding by the Company. The group business restructuring will better support the Company’s long-term strategy including the business expansion internationally, sales and development of High Value Products, enhancing the Company’s governance efficiency of group of companies both domestically and internationally, and also support the Company’s Sustainability strategy. The acquisition of the entire businesses of PTT Phenol Co., Ltd. and GC Oxirane Co., Ltd. The acquisition of the entire businesses of PTT Phenol Co., Ltd. and GC Oxirane Co., Ltd. is part of the business restructuring plan which is effective under the law on 1 February 2023. The details of the consideration transferred and the carrying values of assets and liabilities as at 1 February 2023 were as follows: PTT Phenol Co., Ltd. GC Oxirane Co., Ltd. Total (in million Baht) Cash and cash equivalent 2,223 2,957 5,180 Trade accounts receivable 3,527 511 4,038 Inventories 1,825 1,422 3,247 Property, plant and equipment 14,427 15,949 30,376 Right-of-use assets 1,739 1,617 3,356 Intangible assets 944 687 1,631 Deferred tax asset 193 52 245 Others 563 337 900 Total assets 25,441 23,532 48,973 272
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