For Intermediates Business in 2023, the Adjusted EBITDA was Baht -359 million, which decreased from the previous year by 107%, and the Adjusted EBITDA Margin was at -1%. The overall product sales volume was approximately 2,602,000 ton which decreased from 2022 by 9% due to the planned maintenance shutdown of Phenol plant 2, BPA plant and MEG plant. Intermediates Price, Product Spreads and Performance of Intermediates Note: * Phenol spread derives from Phenol-0.878 BZ-0.474 Propylene+0.616 Acetone ** BPA spread derives from BPA-0.853 Phenol-0.273 Acetone The overall market of Intermediates product in 2023 was weak compared to the market in 2022 due to the dampening demand impacted by the global economic slowdown, and new production capacities for Phenol, BPA, and Purified Terephthalic Acid (PTA) from Chinese producers. (Unit : USD per ton) 2022 2023 YoY % +/(-) Mono-ethylene glycol (MEG-ACP) 903 855 -5% MEG-0.65Ethylene 218 278 28% Phenol 1,309 977 -25% Phenol spread* 357 252 -30% Bisphenol A (BPA) 1,860 1,272 -32% BPA spread** 553 230 -58% Propylene Oxide (PO) 1,230 1,053 -14% Purified Terephthalic Acid (PTA) 845 779 -8% PTA-0.67PX 105 83 -21% Acrylonitrile (AN) 1,706 1,310 -23% AN-Propylene 697 452 -35% Methyl Methacrylate (MMA) 1,874 1,562 -17% MMA-Naphtha 1,089 912 -16% Adjusted EBITDA (MB) 5,049 (359) -107% Adjusted EBITDA (%) 6% -1% -6% Sales Volume (Kton) 2,874 2,602 -9% Share of gain/(loss) from investment (MB) (592) (1,014) -71% 116
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