Paraxylene In 2021, Economic recovery drove Paraxylene market growth better than last year. In addition, Paraxylene market was supported by new capacities of Purified Terephthalic Acid (PTA) plants operating in this year and strong demand from PET Resin product during COVID-19 situation led to higher demand for packaging product. On the contrary, Paraxylene market was under pressure from a decrease in textile demand and the implementation of energy consumption control policy in China that effected on Polyester production, led to a decrease in polyester operating rates in several regions. In term of supply, global Paraxylene capacity increased from the previous year, which mainly operated in China according to its self-sufficient economy policy to decrease import volume amid the increasing inventory level. These resulted to Paraxylene (FECP) over Condensate spread of 259 USD per ton, rose from 229 USD per ton in 2020. Benzene In 2021, Economic recovery drove Benzene market growth better than last year even COVID-19 pandemic. In Q2/2021 and Q3/2021 Benzene inventories decreased to be at lower-than typical level led to the strong Benzene spread. In addition, new Styrene Monomer plants has operated in 2021 led to higher demand and the demand for necessary products during Work from Home and the change in behavior to use personal vehicle, resulted to an increase in demand of home appliances sector, construction sector, and automotive sector which led to improvement in Benzene over Condensate spread this year. Average Benzene over Condensate spread in 2021 at 318 USD per ton, significantly increased from 136 USD per ton in the previous year. Aromatics market P2F (Unit: USD per ton) 2020 2021 YoY % +/(-) Market P2F 130 153 17% Hedging Gain/(Loss) 2.5 18.5 >200% Stock Gain/(Loss) net NRV -28.6 35.4 >200% Accounting P2F 104 206 99% Adjusted EBITDA (MB)* 3,635 7,206 98% Adjusted EBITDA (%) 11% 11% 0% Utilization Rate (%) 96% 99% 3% Note: *Adjusted EBITDA refers EBITDA excluding Stock gain/(loss), NRV and Extra item In 2021, Aromatics Business Unit had BTX utilization rate at 99%, increased from the previous year following the rise in demand and no major maintenance shutdown of Aromatics plant in this period, while there was planned maintenance shutdown of Aromatics plant 2 for 19 days in 2020. Market P2F per ton BTX increased to 153 USD per ton this period mainly due to both Paraxylene over Condensate spread, and Benzene over Condensate spread. Adjusted EBITDA for 2021 was Baht 7,206 million and Adjusted EBITDA Margin was 11% (Adjusted EBITDA and Adjusted EBITDA Margin excluding hedging gain was Baht 5,707 million and 9% respectively, increased from Baht 3,442 million and 10% last year). In this period, the Company had Stock Gain at 35.4 USD per ton and Gain from commodity hedging at 18.5 USD per ton, resulted to Accounting P2F of 206 USD per ton, decreased by 99% from the previous year. 101 BUSINESS OPERATION AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL REPORTS AND FINANCIAL STATEMENTS APPENDIX
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