OPERATING PERFORMANCE Unit: MB 2020 2021 YoY % + /(-) 1 Sales Revenue 326,270 465,128 43% 2 Feedstock cost (248,737) (341,893) 37% 3 Product to Feed Margin 77,533 123,235 59% 4 Variable Cost (26,395) (34,107) 29% 5 Fixed OH (14,866) (18,556) 25% 6 Stock Gain/(Loss) and NRV (8,288) 5,955 172% 7 Gain/(Loss) on Commodity Hedging 476 (1,440) <-200% 8 Other Revenue 4,942 4,932 0% 9 SG&A Expenses (13,111) (18,878) 44% 10 EBITDA 20,291 61,141 >200% 11 Depreciation & Amortization (20,578) (23,593) 15% 12 Loss from impairment of assets 313 (1,886) <-200% 13 Provision of contingent liabilities-subsidiary - (444) 100% 14 Gain on sale of investment - 10,201 100% 15 Gain from remaining investment reclassification - 10,565 100% 16 EBIT 26 55,984 >200% 17 Net financial expense (3,166) (5,434) 72% 18 FX Gain/(Loss) 343 (4,765) <-200% 19 Share of gain/(loss) from investment 3,340 6,993 109% 20 Corporate Income Tax 109 (7,228) <-200% 21 Net Profit after Tax 652 45,550 >200% 22 Profit/(loss) attributable to: Non-controlling interests 452 568 26% 23 Owners of the Company 200 44,982 >200% 24 Adjusted EBITDA* 28,579 55,186 93% Note: *Adjusted EBITDA refers EBITDA excluding Stock gain/loss, net NRV and Extra item In 2021, the Company had higher sales revenue than the previous year as the products price increased, particularly in Olefins and Derivatives, Phenol, and Refinery business. Variable Cost increased from the previous year mainly due to the start of commercial operation of Propylene Oxide (PO) and Polyols, the Olefins Reconfiguration Project (ORP), and PTA plant 1. Fixed overhead and SG&A expenses went up from the previous year because of Advisor fee for the Acquisition of Shares of allnex Holding GmbH, insurance expense, higher maintenance cost, higher freight, and Selling and Administrative Expenses, aligned with the growth of sales volume of Polymers. The Company had an increase in Financial Expenses from 2020 on account of additional debt financing In Q1/2021. Also, the Company had Foreign Exchange Loss in 2020 due to the depreciation in Baht currency while the Company had Foreign Exchange gain in 2021 due to the appreciation in Baht currency. In 2021, The Company had extraordinary items from gain from selling ordinary shares of 12.73% in Global Power Synergy Public Company Limited (GPSC) of Baht 11,834 million, and the classification of the remaining investment shares of 10% as Non-current Financial Assets which resulted in a gain of Baht 10,565 million from the fair value measurements on the reclassification date. The Company had impact from the restructuring of investments in Emery and the impairment of assets, which totaled in net loss of Baht 1,633 million from Emery. Also, the Company has Loss from impairment of assets related to the US Petrochemical complex project which are no longer applicable to the on-going project study of Baht 1,886 million, and provisions by a subsidiary for legal obligations of Baht 444 million. Additionally, the Company’s share of profit from investments in JV and associates in 2021 increased from the previous year because of the performance of all companies were improved especially Petrochemical Business, as following the higher product prices. 105 BUSINESS OPERATION AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL REPORTS AND FINANCIAL STATEMENTS APPENDIX
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