The Accounting Gross Integrated Margin (Accounting GIM) in 2021 was Baht 40,692 million or USD 18.04 per barrel rising by Baht 22,867 million or USD 9.98 per barrel from that last year as the Market GIM increased by Baht 10,174 million or USD 4.34 per barrel. In addition, the Company obtained the net stock gain of Baht 11,104 million or USD 4.92 per barrel comprising of the stock gain amounting to Baht 13,112 million or USD 5.81 per barrel versus the LCM loss of Baht 54 million or USD 0.02 per barrel and the realized oil hedging loss of Baht 1,954 million or USD 0.87 per barrel while there was a net stock loss amounting to Baht 1,589 million or USD 0.72 per barrel in 2020. 2.3 Other Incomes Other incomes consist of port and tank farm services and other services. In 2021, the Company had other incomes of Baht 1,968 million decreasing by Baht 208 million from that in the previous year due to an income reclassification of iPolymer Company Limited from other incomes to sales of petrochemical businesses. 2.4 Operating Expenses In 2021, the Company had operating expenses of Baht 13,594 million decreasing by Baht 340 million from that in the prior year, mainly from maintenance cost, consulting expense and employee expenses in terms of employment reorganization through “New Organization with Agile Human (NOAH)”. Regarding the research and development (R&D) expenses for enhancing the Company’s competitiveness, there were Baht 232 million in 2021. Such expenses comprised of expenses for internal and external R&D, salaries of staffs in the R&D department and costs of utilities supporting R&D activities amounting to Baht 189 million along with expenses for R&D equipment amounting to Baht 43 million. (Unit: Million Baht) 2021 2020 %Change Market GIM 29,588 19,414 52% Stock Gain/ (Loss) 13,112 (3,485) 476% LCM (54) 162 (133%) Realized Gain/ (Loss) on Oil Hedging (1,954) 1,734 (213%) Net Stock Gain/ (Loss) 11,104 (1,589) 799% Accounting GIM 40,692 17,825 128% 2.5 Depreciation In 2021, the depreciation was Baht 8,587 million decreasing by Baht 365 million from that in the prior year, mainly from fully depreciated assets. 2.6 Net Financial Cost In 2021, the net financial cost was Baht 1,699 million declining by Baht 148 million from that last year, mainly from long-term loans and new debentures having a lower interest rate than that of the maturity bond. 2.7 Gain (Loss) on Financial Derivatives In 2021, there was a loss on financial derivatives amounting to Baht 302 million, mainly from a loss on Cross Currency Swap (CCS) of Baht 313 million while a gain on Interest Rate Swap (IRS) of Baht 41 million. By comparing with 2020, the loss declined by Baht 117 million. 176 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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