Shareholders’ Equity As of December 31, 2022, shareholders’ equity amounted to Baht 79,678 million, which decreased from what was stated as of December 31, 2021 by Baht 8,034 million or 9%. This was mainly from the net loss amounting to Baht 4,364 million and dividend paid by Baht 3,674 million. Statement of Cash Flow (Unit: MB) As of December 31, 2022, the ending cash was Baht 3,230 million. Net cash flow decreased by Baht 8,006 million, which was mainly contributed from the following items: • Net cash outflow from operating activities: of Baht 3,712million. The cash outflowwasmainly froman increase in inventory of Baht 8,009 million, an increase in other receivables of Baht 3,902 million, a payment for net corporate income tax of Baht 2,495 million and an increase in trade receivables of Baht 1,300 million. Nevertheless, the cash inflow was mainly from EBITDA of Baht 3,987 million, an increase in trade payables of Baht 5,802 million and a drop in other receivables from related parties of Baht 1,628 million. • Net cash outflow from investing activities: of Baht 8,931 million, mainly from investment in Ultra Clean Fuel Project (UCF), disbursement for the completion of the expansion and efficiency improvement projects and the capitalized major turnaround expenses. • Net cash inflow from financing activities: of Baht 4,637 million, mainly from the issuance of debentures amounting to Baht 11,982 million and the short-term borrowing from financial institutions of Baht 9,000 million. Nevertheless, the cash outflow mainly comprised of long-term loans repayment of Baht 10,650 million, dividend payment of Baht 3,674 million and interest payment of Baht 1,923 million. Liquidity and Capital Structure In 2022, current ratio was 1.14 times decreasing by 0.27 times compared with that in 2021 of 1.41 times. This was mainly owing to a rise in the short-term borrowing from financial institutions. Thus, the Company has sufficient liquidity for its operations. At the end of 2022, net interest bearing debt to equity ratio was 0.86 times increasing by 0.29 times from that in 2021 of 0.57 times. This was mainly due to a rise in the short-term borrowing from financial institutions and a decline in shareholders’ equity from lower retained earning. The Company could complete all payments on due date and comply with all of the Financial Covenants. Jan - Dec 2022 Jan - Dec 2021 1 EBITDA 3,987 26,961 2 Change in operating assets and liabilities (7,699) (15,619) 3 Net cash flows from (used in) operating activities (3,712) 11,342 4 Net cash flows from (used in) investing activities (8,931) (2,853) 5 Net cash flows from (used in) financing activities 4,637 (6,104) 6 Net increase (decrease) (8,006) 2,385 7 Cash at beginning 11,236 8,851 8 Cash at ending 3,230 11,236 56-1 One Report 2022 190 IRPC PUBLIC COMPANY LIMITED
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