PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED DECEMBER 31, 2021 NOTES TO THE FINANCIAL STATEMENTS - 2 - The principal businesses 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. Coronavirus Disease 2019 Pandemic The Coronavirus disease 2019 (“COVID-19”) pandemic is continuing to evolve, resulting in an economic slowdown and adversely impacting most businesses and industries. This situation may bring uncertainties and have an impact on the operating environment. The Company and its subsidiaries’ (the “Group”) management considered that there is no financial impact in respect of valuation of assets, provisions and contingent liabilities. However, the Group’s management will continue to monitor the ongoing situation. 2. BASIS FOR PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS 2.1 The Group maintains its accounting records in Thai Baht and prepares its statutory financial statements in the Thai language in conformity with Thai Financial Reporting Standards (TFRS) and accounting practices generally accepted in Thailand. 2.2 The Group’s financial statements have been prepared in accordance with the Thai Accounting Standard (TAS) No. 1 “Presentation of Financial Statements”, which was effective for financial periods beginning on or after January 1, 2021 onward, and the Regulation of The Stock Exchange of Thailand (SET) dated October 2, 2017, regarding the preparation and submission of financial statements and reports for the financial position and results of operations of the listed companies B.E. 2560 and the Notification of the Department of Business Development regarding “The Brief Particulars in the Financial Statements (No.3) B.E. 2562” dated December 26, 2019. 2.3 The financial statements have been prepared under the historical cost convention except as disclosed in the significant accounting policies. 2.4 An English version of the financial statements have been prepared from the financial statements that is in the Thai language under law. In the event of a conflict or a difference in interpretation between the two languages, the Thai language financial information shall prevail. 2.5 The consolidated financial statements included the accounts of the Group, after elimination of intercompany transactions, of which the percentage of shareholding as at December 31, 2021 and 2020, are as follows: Country of Ownership Name of the entity Type of business incorporation interest (%) 2021 2020 Direct subsidiaries Global Green Chemicals Plc. Manufacturing and distributing biochemical products Thailand 72.29 72.29 GC Glycol Co., Ltd. Manufacturing and distributing petrochemical products Thailand 100 100 GC Polyols Co., Ltd. Manufacturing and distributing petrochemical products Thailand 82.10 82.10 GC Marketing Solutions Co., Ltd. Development, marketing and distributing polymers products, by-products and other polymers-related products Thailand 100 100 GC Maintenance and Engineering Co., Ltd. Factory maintenance and engineering services Thailand 100 100 - 2 - The pri cipal businesses of the Company are refining and provi ion of integrated petrol um products, production and di tributi n of aromatics products inclu ing aromatic d rivatives and p oduction and distribu on of ethylene propylene, polyethylene plastic pellets and bi chem cal products. By-products ar mixed C4, cracker bottom an 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 chemic l, oil and gas. Coronavirus Di ea 2019 Pandemic The Coron virus disease 2019 (“COVID-19”) pandemic is c ntinuing to evolve, resulting in an economic slowdown and adversely impacting most businesses and industri s. This situation may bring uncertainties and have an mpact on th op rating environment. The C mpany and s subsidiar es’ ( he “Group”) management considered that there is no financial impact in respect of valuation of assets, provisions and contingent liabilities. However, the Group’s management will continue to monitor the ongoing situation. 2. BASIS FOR PREPARATION AND PRESENTATION OF HE FINANCIAL STATEMENTS 2.1 The Group maintains its accou ting records in Thai Baht and prepares its statutory financial statements in the Thai language in conformity with Thai Financial Reporting Standards (TFRS) and accounting practices generally accepted in Thailand. 2.2 The Group’s financial st tements have been prepared in accordanc with the Thai Accounti g Standard (TAS) No. 1 “Presentation of Financial Statements”, which wa effective for fin ncial period beginning on or after J u ry 1, 2021 onward, and the Regulati n of The Stock Exchange of Thail (SET) dated Oct ber 2, 2017, r garding the preparation a d submission of financial statements and reports for th financial position and results of op rations of the listed companies B.E. 2560 and the Notification of the Department of Business Development regarding “The Brief Particulars in the Fi i l S (No.3) B.E. 2562” ate Dec mber 26, 2019. 2.3 The financial statements have been prepared under the historical cost convention except as disclosed in the significant acc unting policies. 2.4 An Eng ish version of the financi l statements have been prepared from the financial statements that is in the Thai language under law. In the event of a conflict or a difference in interpretation between the two languages, the Thai language financial informati n s all prevail. 2.5 The consolidated financial statements included the accounts of the Group, after elimination of intercompany transactions, of which the percentage of shareholding as at December 31, 2021 and 2020, are as follows: Country of Ownership Name of the entity Type of business incorporation interest (%) 2021 2020 Direct subsidiaries Global Green Chemicals Plc. Manufacturing and distributing biochemical products Thailand 72.29 72.29 GC Glycol Co., Ltd. Manufacturing and distributing petrochemical products Thailand 100 100 GC Polyols Co., Ltd. Manufacturing and distributing petrochemical products Thailand 82.10 82.10 GC Marketing Solutions Co., Ltd. Development, marketing a distributing polymers t , by-products and other polymers-related products Thailand 100 100 GC Maintenance and Engineering Co., Ltd. Factory maintenance and engineering services Thailand 100 100 - 2 - The principal businesses 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. Coronavirus Disease 2019 Pandemic The Coronavirus disease 2019 (“COVID-19”) pandemic is continuing to evolve, resulting in an economic slowdown and adversely impacting most businesses and industries. This situation may bring uncertainties and have an impact on the operating environment. The Company and its subsidiaries’ (the “Group”) management considered that there is no financial impact in respect of valuation of assets, provisions and contingent liabilities. However, the Group’s management will continue to monitor the ongoing situation. 2. BASIS FOR PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS 2.1 The Group maintains its accounting records in Thai Baht and prepares its statutory financial statements in the Thai language in conformity with Thai Financial Reporting Standards (TFRS) and accounting practices generally accepted in Thailand. 2.2 The Group’s financial statements have been prepared in accordance with the Thai Accounting Standard (TAS) No. 1 “Presentation of Financial Statements”, which was effective for financial periods beginning on or after January 1, 2021 onward, and the Regulation of The Stock Exchange of Thailand (SET) dated October 2, 2017, regarding the preparation and submission of financial statements and reports for the financial position and results of operations of the listed companies B.E. 2560 and the Notification of the Department of Business Development regarding “The Brief Particulars in the Financial Statements (No.3) B.E. 2562” dated December 26, 2019. 2.3 The financial statements have been prepared under the historical cost convention except as disclosed in the significant accounting policies. 2.4 An English version of the financial statements have been prepared from the financial statements that is in the Thai language under law. In the event of a conflict or a difference in interpretation between the two languages, the Thai language financial information shall prevail. 2.5 The consolidated financial statements included the accounts of the Group, after elimination of intercompany transactions, of which the percentage of shareholding as at December 31, 2021 and 2020, are as follows: Country of Ownership Name of the entity Type of business incorporation interest (%) 2021 2020 Direct subsidiaries Global Green Chemicals Plc. Manufacturing and distributing biochemical products Thailand 72.29 72.29 GC Glycol Co., Ltd. Manufacturing and distributing petrochemical products Thailand 100 100 GC Polyols Co., Ltd. Manufacturing and distributing petrochemical products Thailand 82.10 82.10 GC Marketing Solutions Co., Ltd. Development, marketing and distributing polymers products, by-products and other polymers-related products Thailand 100 100 GC Maintenance and Engineering Co., Ltd. Factory maintenance and engineering services Thailand 100 100 234 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2021
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