Notes to the Financial Statements PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2023 48 The Company has reclassified the remaining investment in TTT to investment in joint venture and recognised a gain from change in ownership interest in subsidiary in the consolidated statement of income amounting to Baht 847.96 million. GC Glycol Co., Ltd. On 31 August 2022, GC Glycol Co., Ltd., a subsidiary of the Company, registered to dissolve the business with Department of Business Development, Ministry of Commerce. The subsidiary distributed capital to the Company amounting to Baht 5,926.02 million. The Company recognised a gain from capital return from subsidiary amounting to Baht 531.02 million in its separate statement of income during the year 2022. As at 31 December 2023, the subsidiary is in the liquidation process. GC Styrenics Co., Ltd On 31 August 2022, GC Styrenics Co., Ltd., a subsidiary of the Company, registered to dissolve the business with Department of Business Development, Ministry of Commerce. The subsidiary distributed capital to the Company amounting to Baht 185.23 million. As at 31 December 2023, the subsidiary is in the liquidation process. GC Oxirane Co., Ltd. On 31 March 2023, GC Oxirane Co., Ltd., a subsidiary of the Company, registered to dissolve the business with Department of Business Development, Ministry of Commerce. The subsidiary distributed capital to the Company amounting to Baht 7,569.17 million. The Company recognised a gain from capital return from the subsidiary amounting to Baht 31.27 million in its separate statement of income. As at 31 December 2023, the subsidiary is in the liquidation process. PTT Phenol Co., Ltd. On 31 March 2023, PTT Phenol Co., Ltd., a subsidiary of the Company, registered to dissolve the business with Department of Business Development, Ministry of Commerce. The subsidiary distributed capital to the Company amounting to Baht 13,028.67 million. As at 31 December 2023, the subsidiary is in the liquidation process. Impairment loss on investments in subsidiaries GC Ventures Co., Ltd. During the year ended 31 December 2023, the Company recognised impairment loss on the investment in GC Ventures Co., Ltd., a subsidiary of the Company, totalling Baht 36.53 million in the separate statement of income as the recoverable amount of investment in NirvaMed Inc., an investment in financial asset at fair value through profit or loss of the Group, and Arevo Inc., an investment in financial asset at fair value through other comprehensive income of the Group, were less than their carrying amounts. During the year ended 31 December 2022, the Company recognised impairment loss on the investment in GC Ventures Co., Ltd., a subsidiary of the Company, totalling Baht 85.73 million in the separate statement of income as the recoverable amount of investment in Arevo Inc., an investment in financial asset at fair value through other comprehensive income of the Group, was less than its carrying amount. PTT Phenol Co., Ltd. During the year ended 31 December 2023, the Company recognised impairment loss on the investment in PTT Phenol Co., Ltd., a subsidiary of the Company, totalling Baht 121.30 million in the separate statement of income as the recoverable amount of investment in subsidiary was less than its carrying amount due to the ongoing dissolution of the subsidiary. 292
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