- 47 - Commodity derivative contracts The Company has entered into Crack Spread Swap Contracts with a related party and several financial institutions in order to swap the spread of the average benchmark price of crude oil and petroleum products of the settlement months to the fixed price. As at December 31, 2021 and December 31, 2020, the outstanding balances under such contracts were at 5.25 million barrels and 2.40 million barrels, respectively. The Company has entered into Crude Oil Swap Contracts with a related party and several financial institutions in order to swap the average benchmark price of crude oil and petroleum products of the settlement months to the range of fixed price. As at December 31, 2021, there was no the outstanding balances under such contracts (2020 : the outstanding balances under such contracts was at 6.35 million barrels). 23. LEASE LIABILITIES Lease liabilities as at December 31, consist of: Unit : Million Baht Consolidated financial statements Separate financial statements 2021 2020 2021 2021 Maturity analysis: Year 1 86 103 197 99 Year 2 59 46 172 42 Year 3 42 25 41 23 Year 4 29 9 29 9 Year 5 13 6 12 6 Year 5 onwards 5 10 5 10 234 199 456 189 Less deferred interest (12) (10) (18) (10) Total 222 189 438 179 Analysed as: Current 81 99 188 95 Non-current 141 90 250 84 Total 222 189 438 179 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group’s treasury function. 24. EMPLOYEE BENEFIT OBLIGATIONS Unit : Million Baht Statements of financial position Consolidated financial statements Separate financial statements As at December 31, 2021 2020 2021 2020 Retirement benefits 3,800 4,032 3,754 3,983 Other long-term benefits 205 207 204 205 4,005 4,239 3,958 4,188 Unit : Million Baht Statements of profit or loss Consolidated financial statements Separate financial statements For the years ended December 31, 2021 2020 2021 2020 Retirement benefits 246 (267) 242 (272) Other long-term benefits 14 19 14 19 260 (248) 256 (253) - 47 - Commodity derivative contracts The Company has entered into Crack Sp ad Swap Co tracts with a related party and sev institutions in order to swap t e spread of the average benchmark price of crude oil and petrole th settlement months to the fixed price. As at December 31, 2021 and December 31, 2020, t balances under such contracts were at 5.25 million ba rels and 2.40 million barrels, respectivel The ompany has entered in o Crude Oi Swa Contract with a related party and sev ins itutions in order to swap the ave ag benchmark price of cr de oil and petroleum the settlement months to the range of fixed price. As at December 31, 2021, there was no th balances under such co tracts (2020 : the outstanding balances under such contracts was a barrels). 23. LEASE LIABILITIES Lease liabili ies as at December 31, consist of: Unit : Consolidated Separ financial st 0 2021 Maturity analysis: Year 1 86 103 197 Year 2 59 6 172 Year 3 2 5 41 Year 4 29 Year 5 3 12 Year 5 onwards 5 234 9 456 Less deferred interest ( 2) (18) Total 222 8 438 Analysed as: Current 1 9 188 Non-current 141 90 250 Total 222 8 438 The Group does not face a significant liquidity risk with regard to ts l ase liabilities. Lease monitored wi hi the Group’s treasury function. 24. EMPL YEE BENEFIT OBLIGATIONS Unit : Statements of financial position Consolid ted Sepa financial As at December 31, 2021 Retirement benefits ,800 4 032 3,754 Other long-term benefits 5 7 204 4,005 239 3,958 Unit : Statements of profit or loss Consolid ted Sepa financial For the years ended December 31, 2021 Retirement benefits 6 67 242 Other long-term benefits 14 60 48 256 349 NOTES TO THE FINANCIAL STATEMENTS IRPC PUBLIC COMPANY LIMITED
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