Unit: Million Baht Unit: USD per barrel 2023 2022 2023 2022 Other Incomes (4) 1,421 1,351 0.58 0.60 Selling Expenses (1,405) (1,964) (0.57) (0.87) Accounting GIM and Other Incomes 18,237 16,800 7.45 7.48 OPEX (12,483) (12,813) (5.09) (5.70) EBITDA 5,754 3,987 2.36 1.78 Depreciation (8,666) (8,059) (3.54) (3.58) EBIT (2,912) (4,072) (1.18) (1.80) Net Finance Cost (2,021) (1,836) (0.82) (0.82) Gain (Loss) on Financial Derivatives 176 238 0.07 0.11 Gain (Loss) on Foreign Exchange from Borrowing 4 (171) - (0.08) Unrealized Gain (Loss) on Oil Hedging - 28 - 0.01 Gain (Loss) on Impairment and Disposal of Assets 822 20 0.34 0.01 Gain (Loss) on Investment 261 289 0.10 0.13 Other Expenses (14) 2 (0.01) 0.00 Net Profit (Loss) before Income Tax (3,684) (5,502) (1.50) (2.44) Income Tax 772 1,142 0.31 0.51 Gain (Loss) on non-controlling interests (11) (4) - - Net Profit (Loss) (2,923) (4,364) (1.19) (1.93) Earning per share (EPS) (Baht/Share) (0.14) (0.21) Notes: (1) Average market prices of crude used in the production process (2) Sales include (1) Petroleum Sales (2) Petrochemical Sales (3) Power and Utilities Sales (4) Sales of tank farm and port service, etc. (3) Net Sales include (1) Petroleum Sales (excluding excise tax) (2) Petrochemical Sales (3) Power and Utilities Sales (4) Other Incomes include land, tank farm and port service etc. 2.1 Market Gross Integrated Margin (Market GIM) The Market Gross Integrated Margin (Market GIM) in 2023 was Baht 19,344 million or USD 7.90 per barrel moving down by Baht 4,417 million or USD 2.67 per barrel from that in 2022. This was mainly from the decrease spread between petroleum product spreads and Dubai crude oil price, especially Diesel spread, according to warmer-than-normal weather and the lessened effect from Russia–Ukraine conflict to Diesel supply when compared to that in 2022. Meanwhile, cost of crude premium dropped significantly. Moreover, the spread of petrochemical product and naphtha declined because of recession concerns, an increase in interest rate in order to control inflation and a property crisis in China. 180 Management Discussion and Analysis (MD&A) IRPC Public Company Limited
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