PTT Global Chemical : Submission of the Financial Statements for the first quarter ended March 31, 2021 and the Management's Discussion and Analysis (MD&A) of PTT Global Chemical Public Company Limited and its Subsidiaries
May 12, 2021 at 02:10 am EDT
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(Translation)
Ref. No. 16-031/2021
May 12, 2021
Subject:
Submission of the Financial Statements for the first quarter ended March 31, 2021 and the
Management's Discussion and Analysis (MD&A) of PTT Global Chemical Public Company
Limited and its Subsidiaries
To:
President, The Stock Exchange of Thailand
Attachment:
A copy of the Financial Statements of PTT Global Chemical Public Company Limited (the "Company") and its Subsidiaries for the first quarter ended March 31, 2021 and reviewed report of certified public accountant, with a copy of English translation.
Company's and its Subsidiaries performance report (Form F45)
Management's Discussion and Analysis (MD&A) of the Company for the period ended March 31, 2021.
We are pleased to submit the Financial Statements for the first quarter ended March 31, 2021 of the Company and its Subsidiaries, which were reviewed by our certified public accountant and the Company's Audit Committee. In addition, the Company's Audit Committee has given approval to disclose our financial statements and MD&A to public, as per attachments.
The Company and Subsidiaries performance for the first quarter ended March 31, 2021 could be summarized as follows:
In Q1/2021, PTT Global Chemical Public Company Limited ("the Company") had total sales revenue of Baht 101,864 million, increased by 16% from Q4/2020 and increased by 9% from Q1/2020, supported by the rise of products price, especially Olefins and Derivatives led by demand recovery according to the economics condition, increasing of Crude oil price, and the Company had less maintenance shutdown than Q1/2563 which resulted to increasing sales volume. The Company had Net Operating Profit Recurring (excluding Stock Gain Net Reversal of NRV, Foreign Exchange loss, Loss from commodity hedging, and Extraordinary items) in Q1/2021 of Baht 8,769 million. The Company had Adjusted EBITDA of Baht 14,108
million in this quarter. After considering the results of Stock Gain Net Reversal of NRV of Baht 2,296 million, Loss from commodity hedging of Baht 226 million, and Foreign Exchange loss of Baht 1,144 million, the Company recorded Net Profit of Baht 9,695 million (Baht 2.16/share), increased from the previous quarter by 51%.
In Q1/2021, Olefins and Derivatives Business Unit's performance was improved supported by higher average price of Polyethylene (PE) by 19% from the previous quarter and by 45% from Q1/2020 resulted to Adjusted EBITDA Margin of Olefins and Derivative Business Unit at 26%, increased from both Q4/2020 and Q1/2020. For Refinery Business Unit, as market conditions continued to improve from the previous quarter due to the effectiveness of curbing the spread of COVID-19 in many countries, resulted in the recovery in global oil demand. The Company has continued to adjust production by reducing Jet Fuel production and producing more Diesel in line with lower Jet Fuel demand impacted by COVID-19 outbreak resulted to Refinery's Market GRM at 3.17 USD per barrel, increased from the previous quarter but decreased from Q1/2020 followed Low Sulfur Fuel Oil (LSFO) over Dubai crude oil spread. For Aromatics Business Unit, Market P2F per ton BTX was 142 USD per ton, increased from Q4/2020 but decreased from Q1/2020 due to increase in raw material price of Condensate from crude oil price was higher than the product price increase. The Company had Share of Profit from Investments in JV and associates of Baht 1,900 million, increased from both Q4/2020 and Q1/2020, mainly driven by the overall performance of GC's JV and affiliates especially in petrochemical businesses.
As of March 31, 2021, the Company had Total asset of Baht 552,692 million, increased by Baht 63,309 million from December 31, 2020 mainly due to increasing of Cash and Cash Equivalents and Current Investments in financial assets with USD Bond issuing. The Company had Total liabilities of Baht 252,928 million, increased by Baht 52,539 million from the end of last year mainly from an increased in Interest-bearing debt increased due to USD Bond issuing and Long-term borrowings. Account payable increase due to higher raw material volume and price. The Company had Total Shareholder's Equity of Baht 299,764 million, increased by Baht 10,770 million from December 31, 2020 as a result from Net profit in Q1/2021.
PTT Global Chemical pcl published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 06:09:03 UTC.
PTT Global Chemical Public Company Limited is a Thailand-based chemical company. The principal activities 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. Its by-products are mixed C4, cracker bottom and tail gas. Its minor activities include the 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. The Company operates through six segments: Upstream (including Refinery, Aromatics and Olefins), Intermediates (including EO-Based Performance, Phenol and others), Polymers and Chemicals, Bio and Circularity, Performance Chemicals, and Service and Others.
PTT Global Chemical : Submission of the Financial Statements for the first quarter ended March 31, 2021 and the Management's Discussion and Analysis (MD&A) of PTT Global Chemical Public Company Limited and its Subsidiaries
PTT GLOBAL CHEMICAL 
