2023 Net cash flows from (used in) operating activities 18,630 Net cash flows from (used in) investing activities (12,022) Net cash flows from (used in) financing activities (3,618) Net increase (decrease) in cash 2,990 Beginning cash 3,230 Ending cash 6,220 Shareholders’ Equity As of December 31, 2023, shareholders’ equity amounted to Baht 76,121 million, which decreased from what was stated as of December 31, 2022 by Baht 3,556 million or by 4%. This was mainly from the net loss amounting to Baht 2,923 million in 2023 and a dividend payment amount of Baht 612 million. Statement of Cash Flow As of December 31, 2023, the ending cash was Baht 6,220 million. Net cash flow increased by Baht 2,990 million, which was mainly contributed from the following items: • Net cash inflow from operating activities: of Baht 18,630 million. The cash inflow was mainly from EBITDA of Baht 5,754 million, a decrease in inventory of Baht 8,868 million and a decline in other receivables of Baht 5,184 million. Nevertheless, the cash outflow was mainly from an increase in trade receivables of Baht 677 million and a rise in other receivables amounts due from related parties of Baht 346 million. • Net cash outflow from investing activities: of Baht 12,022 million, mainly from an investment in Ultra Clean Fuel (UCF) Project and the capitalized major turnaround expenses in late-2022. • Net cash outflow from financing activities: of Baht 3,618 million, mainly from the repayment of long-term loans repayment of Baht 10,786 million, short-term borrowing from financial institutions of Baht 1,800 million, interest payment of Baht 2,441 million, and dividend payment of Baht 612 million. Nevertheless, the cash inflow mainly comprised of the issuance of debentures amounting to Baht 12,000 million. (Unit: MB) Key Financial Ratios Unit 2023 2022 Profitability Ratios EBITDA Margin % 1.80 1.23 Net Profit Margin % (0.92) (1.34) Earnings per share Baht/share (0.14) (0.21) Return on Equity % (3.76) (5.23) Liquidity Ratios Current Ratio time 1.05 1.14 Quick Ratio time 0.37 0.29 Financial Policy Ratios Net Interest Bearing Debt to Equity time 0.86 0.86 Net Interest Bearing Debt to EBITDA time 11.62 14.89 185 Management Discussion and Analysis (MD&A) 56-1 ONE REPORT 2023
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