IRPC PUBLIC COMPANY LIMITED AND SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 1. THE COMPANY’S OPERATIONS AND GENERAL INFORMATION IRPC Public Company Limited (the “Company”) is a public company incorporated in Thailand. The address of the Company’s registered office is 299 Moo 5, Sukhumvit Road, Choengnuen District, Aumphur Muang, Rayong Province. The Company’s office is located at 555/2 Energy Complex, Building B, 6th floor, Vibhavadi Rangsit Road, Chatuchak, Chatuchak, Bangkok 10900. The Company is listed on the Stock Exchange of Thailand. For reporting purposes, the Company and its subsidiaries are referred to as the “Group”. The Group is engaged in petroleum and petrochemical with its products being refinery, lubricant, olefins, aromatics, plastic resins and other petrochemical products. As at December 31, 2021 and 2020, PTT Public Company Limited is the major shareholder of the Company, holding 45.05%. Coronavirus disease 2019 (“COVID-19”) 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 environment in which the Group operates. The Group’s 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 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 The preparation of the financial statements in conformity with Thai Financial Reporting Standards requires the use of certain critical accounting estimates. It also requires the management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involve a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements (see Note 4). 2.5 Significant intercompany transactions between the Company and its subsidiaries have been eliminated from this consolidated financial statements. The consolidated financial statements for the year ended December 31, 2021 have included the subsidiaries’ financial statements for the year ended December 31, 2021 which had been previously audited. 303 NOTES TO THE FINANCIAL STATEMENTS IRPC PUBLIC COMPANY LIMITED
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