For Refinery Business Unit in 2021, Market GRM was 3.80 USD per barrel with CDU utilization rate at 95%, decreased by 2% from the previous year due to there was planned maintenance shutdown in Q3/2021 for 25 days. The Company realized Stock Gain at 1.72 USD per barrel due to the increased crude oil price which compared with 2020. The Company recorded Loss from commodity hedging of 1.53 USD per barrel. These resulted to the Refinery Business Unit’s accounting GRM at 3.99 USD per barrel, increased from 2020. The Adjusted EBITDA of Refinery Business Unit in 2021 was Baht 1,540 million, 30% decreased from 2020 while Adjusted EBITDA Margin was at 1% (Adjusted EBITDA and Adjusted EBITDA Margin excluding Loss from commodity hedging were 4,468 million Baht and 3%, increased from 1,853 million Baht and 1% in 2020 respectively). Gross Refinery Margin (Unit: USD per bbl) 2020 2021 YoY % +/(-) Market GRM 2.24 3.80 70% CDU GRM 1.58 3.26 106% CRS GRM 5.54 6.66 20% Hedging Gain/(Loss) 0.17 -1.53 <-200% Stock Gain/(Loss) net NRV -3.20 1.72 154% Accounting GRM -0.80 3.99 >200% Adjusted EBITDA (MB)* 2,184 1,540 -30% Adjusted EBITDA (%) 2% 1% -1% Utilization Rate (%) 97% 95% -1% Note: *Adjusted EBITDA refers EBITDA excluding Stock gain/(loss), NRV and Extra item AROMATICS BUSINESS UNIT Aromatics Product Prices and Spreads over Condensate (Unit: USD per ton) 2020 2021 YoY % +/(-) Condensate 350 596 70% Paraxylene (TW) 577 859 49% Paraxylene (TW)-Condensate 227 263 16% Paraxylene (FECP) 578 856 48% Paraxylene (FECP)-Condensate 229 259 13% Benzene (Spot Korea) 485 914 88% Benzene-Condensate 136 318 134% Naphtha-Condensate 30 50 65% 100 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2021
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