Assets As of December 31, 2021, the Company had total assets of Baht 190,492 million increasing by Baht 17,001 million or 10% from that on December 31, 2020. It was due to the following reasons: • Trade receivables: increased by Baht 4,159 million or 43% from that at the end of 2020, mainly due to a rise in average selling prices following the crude oil price. The Company’s credit term policy is about 7-120 days and most customers made payment on schedule. As of December 31, 2021, there were trade receivables being overdue of over 3 months amounting to Baht 46 million which incorporated in the Company’s provision for doubtful debt of Baht 30 million. The average collection period for 2021 was 17 days decreasing by 4 days from that at the end of 2020. 2021 2020 Other Parties Related Parties Total Other Parties Related Parties Total Current 7,533 4,911 12,444 5,272 3,628 8,900 Overdue 1,335 36 1,371 744 12 756 - less than 3 months 1,303 22 1,325 714 12 726 - over 3 months but less than 12 months 4 14 18 2 - 2 - over 12 months 28 - 28 28 - 28 Total 8,868 4,947 13,815 6,016 3,640 9,656 Less Allowance for Doubtful Accounts (30) - (30) (30) - (30) Total Account Receivables 8,838 4,947 13,785 5,986 3,640 9,626 • Inventory: increased by Baht 12,597 million or 60%, mainly due to a 62% increase in the crude oil price and products prices following market situations. The average inventory period was 44 days decreasing by 5 days from that at the end of 2020. • Other current assets: increased by Baht 7,073 million or 56%. This was mainly attributed to an increase in amounts due from related parties by Baht 2,769 million, a rise in cash and cash equivalents by Baht 2,385 million and an increase in refundable value-added tax by Baht 1,943 million. • Non-current assets: decreased by Baht 6,828 million or 5%, mainly due to a decline in fixed assets and investment properties of Baht 5,497 million. Most of which dropped due to an increase of the accumulated depreciation. (Unit: Million Baht) Trade receivables by payment period are as follows; Moreover, there was a decline in deferred tax assets by Baht 1,660 million. Meanwhile, investments in subsidiaries, joint ventures and associates rose by Baht 607 million. Liabilities As of December 31, 2021, the Company had total liabilities of Baht 102,780 million increasing by Baht 4,955 million or 5% compared to that at the end of 2020. It was due to the following reasons: • Trade payables: increased by Baht 4,688 million or 20%. It was mainly due to an increase in the crude oil price following the market situations while a decrease in accrued crude payable volume. The average payment period was 42 days decreasing by 9 days from that at the end of 2020. 178 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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