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MI SSI ON
VI SI ON
Leading chemical company for better living
through innovative technology and people
To be a top quartile performer in Asia/Pacific
as PTT flagship in chemical business
To be a trustworthy company to all stakeholders
with social responsibility and environmental care
To excel in R&D and to intelligently apply
state-of-the-art technologies
To persistently cultivate highly proficient workforce
with profound engagement and commitment to
professional excellence
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Annual Report 2010
PTT Chemical Public Company Limited
02
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Annual Report 2010
PTT Chemical Public Company Limited
04
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Annual Report 2010
PTT Chemical Public Company Limited
06
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Annual Report 2010
PTT Chemical Public Company Limited
08
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09
ª0:.×e:: v/.0e c¬/.×
BUSINESS VALUE CHAIN
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*Projects currently under development
Olefins &
Shared Facilities
Polymers Products
Value Center
• Olefins
(1)
• Mixed C4
• Pyrolysis Gasoline
Cracker Bottom Hydrogen
• Butene-1
(2)*
• Utility
Jetty & Buffer Tank Farm
(1) PTTCH production
= 1,863,000 tons per year and
PTTPE production = 1,025,000 tons
per year
(2) PTTCH production of Butene-1 and
Butadiene = 100,000 tons per year
• High Density Polyethylene
(HDPE)
(3)
• Low Density Polyethylene
(LDPE)
(4)
• Linear Low Density
Polyethylene (LLDPE)
(5)
• Polystyrene (PS)
(6)
(3) PTTCH production
= 300,000 tons per year and BPE
production = 500,000 tons per year
(4) PTTPE production = 300,000 tons
per year
(5) PTTPE production = 400,000 tons
per year
(6) TSCL production = 90,000 tons
per year
Annual Report 2010
PTT Chemical Public Company Limited
10
EO-Based Performance
Products Value Center
Oleochemical Products
Value Center
Services & Others
• Ethylene Oxide/Ethylene
Glycol (EO/EG)
(7)
• Ethanolamine
(8)
• Ethoxylate
(9)
• Methyl Ester Fatty Alcohol
& Glycerin
(10)
• Base & Specialty
Oleochemicals
(11)
• Carotenoid
(12)*
• Jetty
(13)
• Utility
(14)
• Safety & Environmental
Services
(15)
• Maintenance &
Engineering
(16)
• Pipe Line Transportation
(17)
• Poly Vinyl Chloride (PVC)
(18)
• Phenol/BPA*
(19)
• Trading Health & Nutrition
Products
(20)*
• R & D Green Chemicals
(21)*
• Information and
Communication
Technology
(22)
(7) TOCGC production = 300,000 tons
per year and expansion project
production = 95,000 tons per year
(8) EA production = 50,000 tons per year
(9) TEX production = 50,000 tons per year
(10) TOL production
= 331,000 tons per year
(11) EMERY production
= 976,000 tons per year
(including MPR*)
(12) Bio Spectrum production of
Carotenoid (by-production of
Methyl Ester used in food coloring)
(13) TTT
(14) PTTUT
(15) NPC S&E
(16) PTTME
(17) EFT
(18) VNT production
= 280,000 tons per year
(19) PPCL production = 200,000 tons
per year and Bis-Phenol-A
= 150,000 tons per year
(20) Bio Creation
(21) Myriant
(22) PTTICT
11
MORE GREEN
for your better world
MORE PROFITABLE
for beneficial growth
MORE WELLNESS
for your well-being
MORE KNOWLEDGE
for your concerns
Annual Report 2010
PTT Chemical Public Company Limited
12
&5($7(9$/8(
What makes us different?
&5($7(9$/8(
What makes us different? What makes us different?
At PTT Chemical, we make a sustainable business difference
through the "values" created
Shareholders' value that comes not just from profits,
but from happiness
of ownership Business partners' value that comes not
just from business, but from joint success
Employees' value that comes not just from work,
but from being the Company's priceless assets
Social and environmental value that comes not
just from mere co-existence, but from
mutual improvement and neighborly care.
Our pledge is that we will
relentlessly march toward
success-and go beyond
with diverse, creative ideas in all processes,
apart from responsibility to society, the environment,
and other matters improvable for today and tomorrow.
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for your better world
M RE
GREEN
for your well-being
M RE
WELLNESS
-.-- .- ,.... - .-.--,- --
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for your concerns for your concerns
M RE
KNOWLEDGE
for beneficial growth
M RE
PROFITABLE
Leading the regional petrochemical industry with manufacturing and marketing
strength, PTT Chemical combines management acumen with smart application
of technology-resulting in a spectrum of quality and essential chemicals.
Annual Report 2010
PTT Chemical Public Company Limited
16
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As a part of the upstream petrochemical industry, the Company produces and distributes Ethylene and
Propylene, known collectively as "Olefins", from natural gas and petroleum product feedstock. The products
are supplies to downstream petrochemical operators in the Industrial Estate and to High-Density Polyethylene
(HDPE) plants of PTT Chem Group and the Ethylene Oxide/Ethylene Glycol (EO/EG) plant of TOC Glycol
Co., Ltd. (TOCGC) - a wholly-owned subsidiary of PTT Chemical (100% of the shares). Given surplus Olefins
and attractive prices, the Company exports its outputs to international spot markets.
With both natural gas and naphtha serving as feedstock, the Company can adjust its feedstock choices
for maximum benefit. As of year-end 2010, its nameplate capacity was 2,888,000 tons per year (2,376,000
tons per year of Ethylene and 512,000 tons per year of Propylene) at the following plants:
The gas-based I-1 Olefins Plant with a capacity of 461,000 tons per year of Ethylene and 127,000 tons
per year of Propylene
The gas and naphtha-based I-4/1 Olefins Plant with a capacity of 515,000 tons per year of Ethylene
and 310,000 tons per year of Propylene
The gas-based I-4/2 Plant with a capacity of 400,000 tons per year of Ethylene, and 50,000 tons per year
of Propylene
The PTT Polyethylene Co., Ltd. Olefins Plant (wholly-owned by PTT Chemical, 100% of the shares), running
on ethane derived from Unit 6 of PTT's gas separation plant (GSP #6). With a capacity of 1,000,000
tons per year of Ethylene and 25,000 tons per year of Propylene, this plant went on commercial
production in December 2010
PTT Chemical also produces and distributes Olefins by-products comprising Mixed C-4, pyrolysis gasoline, tail gas,
cracker bottoms, and hydrogen, to domestic customers.
In addition, product value addition comes from the Butene-1 project, by - product of Mixed C-4, with
a capacity of 100,000 tons per year and Butadiene. Curently, the engineering design has been completed,
it is scheduled to commence in the second quarter of 2014.
Annual Report 2010
PTT Chemical Public Company Limited
18
0·.'.·.-. º·-!..·.-- --! c..··.-.·.--
Valuing and supporting businesses and activities that strengthen the petrochemical business and enhance
a greater integration, PTT Chemical provides key public utilities such as power, electricity, steam, and for
industrial usage, consisting of Treated, Potable, and Demineralized water to the Olefins Plants and distribute
to downstream plants in concession area and to other companies in Map Ta Phut Industrial Estate.
As of year-end 2010, the Company commanded 210 megawatts (MW) of power generation capacity, 650
tons per hour of steam generation, 2,080 cubic meters per hour of industrial water production, and 1,000
cubic meters per hour of sea water reverse osmosis (SWRO). In addition, the Company is planning on an electricity
and steam plant (the EPS Project) with a capacity of 112.5 megawatts and 560 tons per hour of steam for
the use of productions and expansion. This project is scheduled for start-up in the fourth quarter of 2011.
PTT Chemical also runs two jetties of 9,000 and 35,000-Dead Weight Ton (DWT) capacities together with
petrochemical buffer tank facilities for its own supply security in case the production is suspended or
temporarily shutdown for maintenance. Besides providing product storage, import, and export for its outputs,
these facilities also serve the downstream petrochemical group.
zc:c º-·|-·¬--.- o.-·..-~
The Olefins & Shared Facilities Value Center has consistently developed processing efficiency for competitive costs,
which would serve as a firm base for creating opportunities and expanding businesses, with the following
hightlights of 2010 :
º·-.-...-¸ e||...--., --! c-¬,-·.·..---..
Improved and installed machinery/equipment while improving plant conditions to reuse energy and
lower its processing needs for energy
Studied benchmarking of the past year's performance for continued reference in monitoring and
processing, as well as improving plants for peer-industry competitiveness
Fostered Olefins processing strength by building on feedstock advantages and optimization of facilities;
improved processes and key equipment for efficiency
Developed sales and marketing capabilities and information systems to plan domestic and international
market competition
Reduced operating costs by managing feedstock through optimization, managing inventory of feedstock
and products, and managing facilities for optimal cost-effectiveness
Introduced a variety of software, including Supply Chain Management (SCM) and Systems Applications
and Products (SAP), for operating efficiency improvement
19
PTT Chemical also prepared for future growth while seeking opportunities to expand its capacities which
require low capital cost and leverage the technical capability, the readiness of the current infrastructure,
as well as personnel's expertise, to lead to maximum operating efficiency.
The Company continued to implement the strategic action plan drawn up to tackle the economic crisis
from last year, namely a resilient marketing policy, inventory management, and production cost reduction.
All of Which helps the company maintain its competitive position.
zc:c /..-- o'-|.-. v-··-· o.-·..-~
This year's market proved better than expected, with average prices moderately higher than in 2009. Yet,
the market still remained volatile. Ethylene prices remained high during the year because of maintenance
shutdowns and capacity reduction of the crackers in the region, coupled with some production issues during
the first quarter, which took 1.02 million tons out of the market.* Meanwhile, oil and naphtha prices were
on the rise benefiting for Olefins prices during the quarter.
From the second quarter to the third, the Company was impacted by oversupply in the world market due
to the start up of many new Asian Olefins Plants, including some from the Middle East. Meanwhile, market
demand began to slow down, notably in China, due to its government's economic measures. These factors
taking effect brought down Ethylene market prices. However, the fourth quarter saw recovering oil and
feedstock prices, planned production shutdowns of regional producers, and rising market demand with
the world economic recovery, coupled with manufacturers' needs to produce goods in time for Christmas
and New Year. These proved instrumental to Ethylene market prices returning to a high range. For the year,
Ethylene commanded an average price of over USD 1,000 per ton, which continued to the year-end,
enabling naphtha-based Ethylene producers to make more profits, with the spread between Ethylene and
naphtha prices reaching USD 363 per ton, or USD 46 per ton higher than the previous year.**
Annual Report 2010
PTT Chemical Public Company Limited
20
The Asian market situation for Propylene in 2010 resembled that of Ethylene fairly tighter because of a disruption
to the Propylene unit's on-purpose processing among the six Asian Propylene plants with a combined capacity
of about 1,200,000 tons per year by maintenance shutdowns and process problems. This, combined with the
shutdown and capacity reduction of crackers, took 644,000 tons of Propylene out of the market.* In addition,
as a result of many countries' economic stimulus packages, propylene demand remained high. Finally, oil
and feedstock prices were on the rise throughout the latter half of 2010. All these contributed to Asian
Propylene prices being higher than those of Ethylene, with the spread between Propylene and naphtha for
the year averaging USD 419 per ton, or USD 83 per ton higher than that of 2009.** Note that petrochemical
tariff reduction under AFTA, in effect since 1 January 2010, did not affect the Company's overall business
because of its establised customer base, which prevent the Company from competing with imported Olefins.
Together with, its downstream products set for export derived benefited fully from zero tariff.
ºii c--¬..-'. ,-'.., .. ·- -¬,--...- -- ,·-¬-·.-¸ .-¬,-·.·..---.. --·-.--! |·-¬ -.· .·--'- --! !..-·.-
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--. ----'-! ·-- c-¬,--, ·- !-|.-- - ¬-·- -||-.·..- ¬-··-·.-¸ .··-·-¸, ~-.'- -||-·.-¸ - ~.!-· ·--¸- -|
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* Source : CMAI
** Source : ICIS
21
We treat our customers as our Partners and together we grow, side by side.
As an integrated upstream and downstream petrochemical producer, we
continue to strive for success by strengthening our portfolio with a wide range
of products that fulfill every customer's needs.
Annual Report 2010
PTT Chemical Public Company Limited
22
/ ª·.¸-· -.·.·-
c·..--
º-',¬-·. º·-!..·.
º-',¬-·. º·-!..·. v-'.- c--·-·
o.-·..-~
An essential part of the Olefins Value Chain, Polymers Products are very close to people's life because they
are processed into everyday consumer products, essential goods for both the industrial sector and the
agricultural sector, and modern amenities. Therefore, this value chain represents a business that PTT Chemical
is very proud of. A wide range of Plastics Polymers in which the Company has invested fall into these
categories.
High Density Polyethylene (HDPE): Under the InnoPlus brand, PTT Chemical's HDPE is produced with a
capacity of 250,000 tons per year and another 250,000 tons per year through Bangkok Polyethylene Plc
(BPE) - a wholly owned subsidiary. In addition, the Company has undertaken capacity expansion by
50,000 tons per year, and BPE by 250,000 tons per year, with start-ups due for the first quarter of 2011.
Both companies rely on the processing technology of Mitsui Chemical Inc. of Japan, capable of
producing diverse types of HDPE, including plastic bags, drinking water bottles, milk bottles, lubricant
gallons, home appliances, toys, carbonated drink crates, showcase boxes, ropes, fishing nets and seines,
cables, electrical wire pipes, and telecommunication cables.
Linear Low Density Polyethylene (LLDPE): is produced by a subsidiary company - PTT Polyethylene
Co., Ltd. (PTTPE), with a capacity of 400,000 tons per year, commercially operational since January 2010
through the Unipol processing technology, a US patent of Univation. A variety of LLDPE outputs are
used in the packaging industry, including shrink film, stretch film, heavy-duty bags, garment bags,
frozen-food bags,water pipes, and electrical wire or cable coating.
Low Density Polyethylene (LDPE): is produced by PTTPE with a capacity of 300,000 tons per year. The
facility is undergoing process of commissioning and is expected to commence commercial operation
in the first quarter of 2011 using the Tubular Reactor process technology, a Basell (Germany) patent,
for producing molding containers.
Polystyrene (PS): Also known as thermoplastics, Polystyrene can be melted and molded. Thai Styrenics
Co., Ltd. (TSCL), (PTTPE - a wholly owned subsidiary of PTTCH hold 100% shares) is the operator with
a capacity of 90,000 tons per year of GPPS (General Purpose Polystyrene) and HIPS (High Impact
Polystyrene). GPPS, characterized by its clarity and low cost, is suitable for the production of office
appliances and disposable kitchenwave and utensils. HIPS, offering high impact strength, is commonly
used in the production of electrical appliances and toys. The product is distributed under the "Diarex"
trademark.
Annual Report 2010
PTT Chemical Public Company Limited
24
zc:c º-',¬-·. º·-!..·. v-'.- c--·-· º-·|-·¬--.-
Since Polymers production forms a capital-intensive downstream petrochemical industry with price cycles
tracking crude oil prices, production cost control and a firm customer base are crucial. The Value Center
has therefore not only continually improved its processing efficiency for competitive costs, but has also
focused on product development to respond to demand while keeping up with customers' needs and
expanding commercial opportunities to accommodate its own rising capacities. The performance highlights
this year are:
º·-!..·.-- e||...--., º·-.-..-.
Use of Ethylene as the primary feedstock for Olefins Plant
Energy-saving improvement
Laying of a Styrene Monomer (SM), core feedstock for PS, pipeline to accommodate SM imports
to raise the capacity for SM cost management to a competitive level
Installation of a Reverse Osmosis (RO) System to purify treated waste water from the plant into clarified
water for use in the process of cooling water system to in turn cut effluents and maximize the integrated
use of natural resources based on Eco-Efficiency application
Installation of a Bag Filter system, which is highly efficient for the prevention of air pollutants resulting
from product transfer to the silo
Full execution of Supply Chain Management (SCM)
v-··-·.-¸ --! c..··.-.·.-- .¬,·-.-¬--·
Together with PTT Plc, the Company formed PTT Polymer Marketing Co., Ltd. (PTTPM), for the marketing
and distribution of Polymers and all by-products of PTT Chem Group. Today, PTTPM boasts more than 120
agents worldwide, with representative offices in China and Vietnam along with one subsidiary in the United
Arab Emirates to expand its marketing network and achieve more efficiency in customer service and
comprehensive customer relation management in addition to Polymers products distribution expansion to the
market. The Company has assigned PTT Polymers Logistics Co., Ltd. (PTTPL), of PTT Group to handle warehouse
management and product logistics of PTT Group's Polymers products.
Running at full capacity, PTT Chemical is confident that the Polymers Business Value Chain of the Group
will augment its marketing strength and distribution and logistics cost effectiveness. All of which strength the
Company's ability to reach the customers in over 80 countries worldwide.
25
º·-!..· v-'.- /!!.·.--
One of the keys to achieve sustainable growth is the Company's innovative approach to customer care with
a focus on Co-Creation with customers in introducing new products to the market or adding product value.
Development of innovative products jointly with customers enhances product values for the mutual benefit
of upstream and downstream operators. A case in point is the joint effort with a manufacturer of lubricant
gallons which relies on HD68000B InnoPlus to make lighter containers by using less Polymers while retaining
or increasing container strength. Another is the application of HD3520C InnoPlus to make lighter and thinner
drinking water bottle caps but with the same sturdiness and safety of application.
º-',¬-·. v-··-· o.-·..-~ zc:c
The global economy this year continued its recovery, as did petroleum and petrochemical markets. Feedstock
prices rose by 30% over 2009, squeezing the margins of LLDPE and HDPE producers over the same period,
whereas the margins of PP, PS, and LLDPE producers headed the other way in 2010. The average price
of LDPE for the year was $1,450 per ton; LLDPE, $1,290 per ton; HDPE, $1,220 per ton; PP, $1,320 per ton;
HIPS, $1,360 per ton; and GPPS, $1,470 per ton.*
Polymers prices stayed fairly high in the first quarter because of several Asian plants' seasonal shutdowns and
turnarounds, coupled with reduced exports from the Middle East to Asia. On the other hand, the US and
European markets were tight in supply through the year, with feedstock costs also remained high, thus badly
depressing margins for regional operators. As a result, some producers had to lower their capacities and
constantly tried to hike their prices-in short, a golden profit-making period for Asian producers.
As for the Thai market, the domestic economy of 2010 as a whole expanded by a healthy 7.8%, a far
cry from last year. With the economy growing, domestic plastic demand took off. Thai exports, the driver
of the economy, boasted Baht 200,000 million in total export value (32% growth), which is expected to continue
through 2011. However, demand for Thai exports is likely to slow down with developed countries still facing
economic crises. Fortunately, Thai exports still enjoy support in demand coming from emerging countries
to replace that from developed countries.
The year also saw a shrink of 6-8% in growth coming from the manufacturing sector. Still, PE, PP, and PVC
for food containers managed steady expansion in demand. Thailand's main export destinations are China,
Hong Kong, and Vietnam.
* Source: ICIS
Annual Report 2010
PTT Chemical Public Company Limited
26
ºii c--¬..-' --. - ..-.·--·.-' -·,-·.--.- .- ¬--.|-.·.·.-¸. ¡.-'.·, .--··-'. --! .--·.-.-.. ,·-!..·
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27
To cater to consumers' needs, we pioneered the expansion of our products and
capacities to trail blaze the market. By supplementing value to Ethylene Oxide
and related products, we have reduced cost on foreign exchange trading
while supporting sustainable development.
Annual Report 2010
PTT Chemical Public Company Limited
28
v-·.¬...-¸
v-'.- c·--·.--
eo·ª-.-! º-·|-·¬--.- º·-!..·.
eo·ª-.-! º-·|-·¬--.- º·-!..·.
v-'.- c--·-·
o.-·..-~
To rai se the val ue of Ol efi ns and address the demand of i ndustri al groups and consumers more
comprehensively, PTT Chemical recognizes the need to make new domestic products with high value added,
import substitution, and greater competitiveness for the benefit of the Thai petrochemical industry.
As a result, the Company has turned to EO-Based Performance Products :
Ethylene Oxide/Ethylene Glycol (EO/EG): Operated by TOC Glycol Co., Ltd. (TOCGC), a wholly owned
subsidiary, the plant yields EO and EG in the form of Mono Ethylene Glycol (MEG), a primary product
and feedstock for polyester fiber for the textile industry and clear-plastic bottle (PET) industry. Today,
TOCGC is capable of producing 300,000 tons per year of MEG from Ethylene as feedstock. As for
the capacity expansion plan to 95,000 tons per year, this is still under suspension ordered by the
Central Administrative Court concerning the Map Ta Phut case to complete EIA and HIA requirements.
TOCGC's policy is to primarily distribute EO/EG to domestic operators at competitive prices and under
commercial conditions, supplying products continuously and rapidly while also focusing on maintaining
and raising its domestic market share as well as maximizing product value addition by investigating
market development to constantly invest more in downstream businesses. Besides focusing on
maintaining and raising its domestic market share, TOCGC strives to maintain its overseas customer
base and nurture relations to accommodate exports as a result of future capacity expansion.
Ethanolamines: Operated by Thai Ethanolamines Co., Ltd. (EA), a wholly owned subsidiary of PTT Chemical.
The core products are Monoethanolamine (MEA), Diethanolamine (DEA), and Triethanolamine (TEA),
based on EO derived from TOCGC, with a total capacity of 50,000 tons per year. The products find
applications in the production of shampoos, conditioners, fabric softeners, pharmaceutical product,
the cement industry, among others.
As for product distribution, EA values sale to domestic customers by doing its best to expand its
domestic market shares through direct sale to bulk customers and through distribution agents to retail
domestic customers. EA maintains its traditional overseas customer base while searching for new regional
markets through maintaining and fostering relationships with customers and distribution agents.
Annual Report 2010
PTT Chemical Public Company Limited
30
Ethoxylate: Operated by Thai Ethoxylate Co., Ltd. (TEX), a joint venture with Cognis Thai Ltd. (an affiliate
of Cognis Group, the world's leading specialty chemical producer). [Note that on 10 December 2010,
BASF took over Cognis's business.] Its feedstock is EO from TOCGC and Fatty Alcohol from Thai Fatty
Alcohol Co., Ltd. (TFA). Ethoxylate is a raw material for shampoos, dish-washing liquids, and assorted
washing liquids. With a nameplate capacity of 50,000 tons per year, TEX's is the first plant to produce
Ethoxylate in Thailand. In marketing and distribution, TEX focuses on maintaining and raising domestic
market shares together with import substitution while maintaining overseas customers and searching for
new markets since the regional manufacturing base yields personal-care and home-care products-to
optimize business opportunities. Products are also exported to Asia and Europe.
zc:c eo·ª-.-! º-·|-·¬--.- º·-!..·. v-'.- c--·-· º-·|-·¬--.-
The Value Center is determined to raise its processing efficiency for international competitiveness, including
the expansion of processing capability to accommodate domestic market growth, with the following highlights
in 2010:
º·-.-...-¸ e||...--., .¬,·-.-¬--·
Improvement of energy saving and energy conservation, including less dependence on steam supply
shortfall needed from a steam plant, more circulation of thermodynamic substances with latent heat
values for process heat transfer, search for processing equipment and reduction of unnecessary
electricity requirements, and improved timing to trim electricity peak loads for large water pumps
Achievement of lower operating costs through feedstock and product inventory management
e----.-¬--· -| c-¬,-·.·..---..
Commitment to building a long-term customer base through key account management
Increase of revenue-generating ability by focusing on proactive marketing and distribution through the
export of diverse products and maintaining domestic market shares and import substitution
31
v-··-· o.-·..-~ zc:c
Since MEG is a commodity product also used as feedstock for polyester, in turn the feedstock for the textile
industry and the clear-plastic bottle industry, its market situation tracks that of the polyester industry,
particularly the market in China (one of the biggest users and importers of MEG) and other Asian countries
that still need MEG imports to constantly meet market demand.
As for the overall Ethanolamine market, 2010 belonged to the business down cycle, resulting in a business
slowdown as well as a demand slowdown for operators in related industries, including personal-care
products, anti-weed chemical products, and construction materials. As a result, Ethanolamine prices dropped
from the previous year, but look to improve with the rising demand of 2011.
As for marketing and distribution of the EO groups, both domestic and international, most major producers
of the world-including Optimal, Ineos, and Dow-are based in the Middle East, with a long history of business
as well as good relations with customers and distribution agents throughout the world. In addition, they
command labor and feedstock cost advantages. Capacities will be expanded for competitive advantage
and optimum responses to MEG demand in the world market.
Today, most major producers export MEG to Thailand through direct sale and agents. All suppliers strive
to keep major customers and part of the domestic market share. Still, in 2010, TOCGC's domestic market
share was quite a healthy 65%.
Annual Report 2010
PTT Chemical Public Company Limited
32
i-- v-'.- c--·-·. -...--... ~-..- |-·¬. -- .-·-·¬-!.-·- .--¬..-' .-!..··,. .. .-,--'- -| .-¬,·----...-',
-·,--!.-¸ ·- .,-..-'·, .--¬..-'.. /,-·· |·-¬ ¬-·.¬...-¸ .-'.-. -| .·. ,·-!..·.. ·-- .-'.- .--·-· |-...-. --
,·-.--·.-¸ --..·--¬--·-' ,·--'-¬. -· -- --·', .·-¸- -| ·-- .--.- ·-·-.¸- .-·-|.' ,'--· !-..¸- --!
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~-.'- --.-¸ |.'', .-¬¬.··-! ·- -.-.-..-¸ ...·-.---'- ¸·-~·-.
33

We incorporate environmental stewardship into our business-from upstream to
downstream. While adding Value to our products. And we will not stop here. Our
ultimate goal is to become a global business leader with a global recognition of
a leadership in contributing to sustainable development.
Annual Report 2010
PTT Chemical Public Company Limited
34
i·.', o·---
:-'.·.--.
o'--.--¬..-' º·-!..·.
o'--.--¬..-' º·-!..·. v-'.- c--·-·
o.-·..-~
Because Thailand and Southeast Asia have suitable terrains and climate for oily plants with ideal potential
for processing into chemicals, and because today's needs for alternative energy and environmentally friendly
products are continuingly increasing, PTT Chemical foresees a need for the Oleochemical business based on
natural raw materials like palm oil, palm kernel oil, vegetable oil, or animal fats. The resulting Oleochemicals
can yield various downstream products used in the personal care industry, pharmaceutical industry, etc.
The Oleochemical Products Value Center consists of Thai Oleochemicals Co., Ltd. (TOL) (a wholly owned
subsidiary), Thai Fatty Alcohols Co., Ltd. (TFA) (TOL's wholly owned subsidiary), and Emery Olechemicals (M)
Sdn. Bhd. (a 50%-50% joint venture between PTT Chem Group companies-namely PTT Chemical International
Pte. Ltd. and Sime Darby Plantation Co. (Malaysia)). These collaboration add capability and integrate the
product processing and sale businesses for new markets in Asia, Europe, and the US. Below are the Value
Center's key products.
Methyl Ester: TOL operates a 200,000-ton-per-year plant with outputs of basic Oleochemicals derived
from blending Methyl Ester (B100) with diesel to obtain biodiesel (B3 or B5) of a European standard
(EN14214) that gives higher efficiency to diesel (particularly its lubricating quality), engine combustion
efficiency, longer engine life, and lower pollution or environmental impacts.
PTT Chemical also invested in Bio Spectrum Co., Ltd., with the Inventa Group of Singapore at a ratio
of 75% to 25% to produce Carotenoid, an extract from Methyl Ester used as a food coloring additive.
Now filing for construction approval, the plant is due for completion in 2012.
Fatty Alcohols: TFA is the sole producer in Thailand with a capacity of 100,000 tons per year of these
Oleochemical products-key precursors to personal-care products-which can substitute a staggering cost
of imports. A part of fatty alcohols also can be used as Ethoxylate feedstock.
Glycerin: This is a by-product obtained from Oleochemical production. It is especially useful in the
pharmaceutical industry, food industry, and personal-care industry. The production capacity is 31,000 tons
per year.
Fatty Acids: These are basic Oleochemical product of Emery, Malaysia, with applications in the
personal-care industry, soaps, and cosmetics industry.
Annual Report 2010
PTT Chemical Public Company Limited
36
Specialty Oleochemicals: Obtained from the processing of basic Oleochemicals, these products find
applications in assorted industries, including cleaning-agent, personal-care, and plastic industries.
Specialty Oleochemicals, including Triacetin, Ozone Acid, plastics additives, and chemicals used for oil well
drilling, can be produced by Emery.
In addition, the Multi-Purposed Reactor (MPR) project with a capacity of 14,000 tons per year - operated
by TFA (TOL holds 100% shares) has been sold to Emery Oleochemicals (in which CH Inter holds 50%
equity)
zc:c o'--.--¬..-' º·-!..·. v-'.- c--·-· º-·|-·¬--.-
Valuing quality and standard systems, which are essential foundations for its operations, PTT Chemical
consistently implemented process quality improvement through efficiency improvement and processing cost
reduction together with confidence bolstering for products this year, as highlighted below:
º·-.-...-¸ e||...--., .¬,·-.-¬--·
Developed the quality and services of Fatty Alcohols, including investigation of development and
investment in downstream products under the specialty Oleochemical group.
Research into product value addition, for instance, through the production of white Methyl Ester and
classification of fatty alcohols into grades in response to customers' needs.
Improved processing efficiency by developing C16/18 fatty alcohol processes for direct processing at
the fractionating unit, thus shortening the production process.
Improved energy-saving.
Strived for operating cost reduction by sourcing diverse raw materials with low costs, including Palm
Fatty Acid Distillate (PFAD) and palm stearin, to produce Methyl Ester; TOL also looked into buying
palm oil from a greater variety of producers and using other raw materials.
c-¬,-·.·..---.. --! v-··-·.-¸·º-'-·-! /.·...·.-.
Increased revenue-generating ability since Methyl Ester played a key role in high domestic-market shares;
developed assorted grades to address customers' needs; incidentally, fatty alcohols and glycerin contribute
to an international marketing and distribution network.
Granted certification of ISO 14000 (Environmental Management Systems, EMS), TIS 18000, and OHSAS 18000
(Occupational Health and Safety Assessment System).

37
Recieve Certification of GMP (Good Manufacturing Practice), a key basic system for food safety,
and HACCP (Hazard Analysis and Critical Control Point), which enabled TOL to sell glycerin in the
pharmaceutical industry, food industry, and personal-care industry; the certificates also extended to
fatty alcohols and glycerin certified by the Halal Standard Institute of Thailand.
Chose alternative raw materials for its processes, including coconut oil for fatty alcohol processes to
not only save production costs, but also ease occasional raw-material shortages.
v-··-· o.-·..-~ zc:c
In view of the steady rise in the oil price worldwide, the Ministry of Energy's clear goal for alternative-energy
consumption led to a policy for B2 (that is, 98% Diesel and 2% Methyl Ester by volume) enforced nationwide
on 1 February 2008 and a planned goal for exclusively B5 biodiesel (95% Diesel and 5% Methyl Ester)
in the second quarter of 2011, which implied a need for about 800,000 tons per year (or 2.5 million liters
per day) of Methyl Ester.
However, today there are many additional domestic biodiesel producers, which causes a biodiesel glut amid
heated competition. Similarly, overseas markets saw lower biodiesel demand than supply capacity. Add to
this scenario the highly volatile Methyl Ester situation in the world market stemming from a dramatic rise in
palm oil and soybean oil prices due to climate change, thus lowering agricultural outputs than expected.
The higher the raw material prices, the higher the Methyl Ester prices.
The market for Fatty Alcohols improved from the trough of 2009, with demand expected to approach the
capacity in 2011. The rising demand came mainly from Mid-Cut Alcohols for the personal-care industry and
from Long-Chain alcohols for industrial applications-their higher demand reflected the improving global
economy. In any case, the total capacity still outstripped market demand. Key factors to the Fatty Alcohol
market are the volume and price of raw materials (palm kernel oil and coconut oil). The price of the
former rose sharply (70-80%) in the past year and will remain high in 2011, a fact which has caused certain
producers to trim their capacities or suspend their production because of financial problems and inventory
management problems.
Annual Report 2010
PTT Chemical Public Company Limited
38
A by-product of Methyl Ester and Fatty Alcohols, Glycerin bears the direct impact of the Methyl Ester and
Fatty Alcohol markets stemming from the increasing worldwide popularity of biodiesel and the policy for
mandatory use of biodiesel in many countries, which has steadily raised the market supply of Glycerin,
thus depressing its price. However, since the price recorded such a big jump in the fourth quarter of 2010,
it is expected to come down to about the same level of 2010 by the first quarter of 2011.
ºii c--¬..-'. o'--.--¬..-' -...--.. ·-,·-.--·. ---·--· -,,·--.- |-· --· --', .-.-.·¬--· -·,--..-- ·-
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39
Our commitment to service excellence drives our enthusiastic, competent people.
Not contented with merely good services, we are prepared to forge ahead along
with customers to bring prosperity to Thailand's petrochemical industry through
integrated services.
Annual Report 2010
PTT Chemical Public Company Limited
40
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Annual Report 2010
PTT Chemical Public Company Limited
42
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43
Building on past successes, PTT Chemical aims to hit its stride and identify new
enterprises in new markets, leveraging competitive strengths and technical
capability.
INTERNATIONAL BUSINESS
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45
Innovation leads our way in identifying mutual values between business and
society. To us, innovation comes from thinking, learning, and acting for a better
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46
SHAPING AN INNOVATIVE SOCIETY
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Annual Report 2010
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Annual Report 2010
PTT Chemical Public Company Limited
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Annual Report 2010
PTT Chemical Public Company Limited
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Annual Report 2010
PTT Chemical Public Company Limited
54
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Annual Report 2010
PTT Chemical Public Company Limited
56
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Annual Report 2010
PTT Chemical Public Company Limited
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Annual Report 2010
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Annual Report 2010
PTT Chemical Public Company Limited
64
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Annual Report 2010
PTT Chemical Public Company Limited
66
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Annual Report 2010
PTT Chemical Public Company Limited
68
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Annual Report 2010
PTT Chemical Public Company Limited
70
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Annual Report 2010
PTT Chemical Public Company Limited
72
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Annual Report 2010
PTT Chemical Public Company Limited
74
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Annual Report 2010
PTT Chemical Public Company Limited
76
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Annual Report 2010
PTT Chemical Public Company Limited
78
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Annual Report 2010
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80
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Annual Report 2010
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83
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Annual Report 2010
PTT Chemical Public Company Limited
84
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Annual Report 2010
PTT Chemical Public Company Limited
86
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Annual Report 2010
PTT Chemical Public Company Limited
88
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º·-.--· .¬,-··--· º-..·.--.
• Secretary - General, Office of the Civil
Service Commission
• Independent Director, PTT Public Company
Limited
• Director, Krung Thai Bank Public Company
Limited
e!..-·.-- í i·-.-.-¸
• Master of Public Administration, Middle
Tennessee State University, U.S.A.
• Bachelor of Arts (Political Science), Chiangmai
University
• National Defense College, Class 48
• Public Personnel Management, International
Training Institute, Sydney, Australia
• Seminar in Public Human Resource
Management, JICA, Japan
• Job Evaluation, OPM, U.S.A.
• Civil Service Engineering Development Program,
Visionary and Moral Leadership, Class 41
• Capital Market Academy Leader Program
Class 9
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Certification Program (DCP) Class
102/2008
• Audit Committee Program (ACP), Class
22/2008
• Financial Statements for Directors (FSD),
Class 1/2008
• Role of the Compensation Committee (RCC),
Class 6/2008
Thai Institute of Directors Association (IOD)
e·,-·.--.-.
• Deputy Secretary - General of Office of the
Civil Service Commission
• Senior Advisor, Office of the Civil Service
Commission
• Director, Thai Oil Public Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
91
v·. º·-.-·· ª.-..¬,.-
v..- c--.·¬--
/¸-. :º
v·. w.·--- :.¬-.--·-!--
.-!-,--!--· c.·-.·-·
c.·-.·-· ·- ·-- c-·,-·-·-
o-.-·---.- c-¬¬.··--
/¸- . :e
º·-.--· .¬,-··--· º-..·.--.
• Chief Executive Officer & President,
PTT Public Company Limited
• Chairman, PTT Exploration and Production
Public Company Limited
• Vice Chairman, IRPC Public Company
Limited
e!..-·.-- í i·-.-.-¸
• Honorary Doctorate Degree in
Engineering, Chulalongkorn University
• Honorary Doctorate Degree in
Management, National Institute of
Development Administration (NIDA)
• Honorary Doctorate Degree in
Management Science, Petchaburi
Rajabhat University
• M.B.A., Utah State University, U.S.A.
• Bachelor of Civil Engineering,
Chulalongkorn University
• Certificate in Advanced Management
Program, Harvard Business School, U.S.A.
• The Joint State - Private Sector Regular
Course, the National Defence College
(Class 10)
• Politics and Governance in Development
Systems for Executive Course, King
Prajadhipok's Institute (Class 6)
• Capital Market Academy Leader Program
Class 3
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Accreditation Program (DAP),
Class 26/2004, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Director, Siam City Bank Public
Company Limited
• Director, Thai Oil Public Company Limited
• Director, Rayong Refinery Public
Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
º·-.--· .¬,-··--· º-..·.--.
• Permanent Secretary for Ministry of
Industry
• Director, the Electricity Generating
Authority of Thailand
• Chairman, Ratchburi Electricity Generating
Holding Public Company Limited
e!..-·.-- í i·-.-.-¸
• Ph.D in Public Administration (Public and
Private Management), Ramkhamhaeng
University
• Honorary Doctorate Degree in Safety
Technology and Occupational Health,
Faculty of Industrial Technology, Suan
Sunandha Rajabhat University
• M.B.A., Thammasat University
• L.L.B., Thammasat University
• B.Eng (Electrical Engineering), Kasetsart
University
• The National Defense College, (Class 46)
• Political and Governance Program,
King Prajadhipok's Institute (Class 11)
• Capital Market Academy Leadership
Program, Class 7, Capital Market
Academy
• PDI Class 1, King Prajadhipok's Institute
• The Programme of Senior Executives on
Justice Administration, Batch 13, National
Justice Academy, Office of the Judiciary
• Top Executive Program in Commerce
and Trade (TEPCoT) 06-09/2009
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Financial Statements for Directors (FSD)
Class 4/2009
• Director Certification Program (DCP)
Class 115/2009, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Deputy Permanent Secretary, Ministry of
Industry
• Director, Electricity Generating Public
Company Limited
• Director-General, Department of Industrial
Works, Ministry of Industry
• Director, the Industrial Estate Authority
of Thailand
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
* Resigned from the Board of Directors
on 11
th
February 2011
Annual Report 2010
PTT Chemical Public Company Limited
92
º-'. o--. ×-,-!-' :-¬----..-
.-!-,--!--· c.·-.·-·
c--.·¬-- -| ·-- º-¬.--·-·.--
c-¬¬.··--
c.·-.·-· ·- ·-- /.!.· c-¬¬.··--
/¸- . e:
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.-!-,--!--· c.·-.·-·
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.-!-,--!--· c.·-.·-·
c.·-.·-· ·- ·-- ×-¬.--·.-- c-¬¬.··--
/¸- . ez
º·-.--· .¬,-··--· º-..·.--.
• Chief Corporate Security Officer, Business
Security Office, Charoen Pokphand Group
• Executive Assistant to President/CEO &
Director, Fraud & Cyber Crime, True
Corporation Public Company Limited
e!..-·.-- í i·-.-.-¸
• Criminal Justice, M.A., California State
University, U.S.A.
• Public Administration (Police), B.A., Police
Cadet Academy
• Oversea Command Course, Police Staff
College, United Kingdom
• FBI National Academy, Quantico, Virginia,
U.S.A.
• PDI Class 5, King Prajadhipok's Institute
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Accreditation Program (DAP),
Class 25/2004,
• Audit Committee Program (ACP),
Class 11/2006,
• Finance for Non-Finance Directors (FND),
Class 29/2006, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Deputy Commissioner-General, Royal Thai
Police
• Director, Thai Airways International Public
Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
º·-.--· .¬,-··--· º-..·.--.
• Director to the Audit Committee, Big C
Supercenter Public Company Limited
• Director, Thai Life Insurance Company
Limited
e!..-·.-- í i·-.-.-¸
• Command and General Staff College,
U.S.A.
• Command and General Staff Course,
Class 57
• B.A. Chulachomkhao Royal Military
Academy, Class 17
• The National Defense College, Class 41
• Capital Market Academy Leader
Program Class 8
• PDI Class 1, King Prajadhipok's Institute
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Accrediatation Program (DAP),
Class 86/2010, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Permanent Secretary for Defence
• Secretary-General, National Security
Council (NSC)
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
93
v·. º-.-.',- º.-,-..··.
.-!-,--!--· c.·-.·-·
c--.·¬-- -| ·-- /.!.· c-¬¬.··--
c--.·¬-- -| ·-- ×-¬.--·.-- c-¬¬.··--
/¸- . eº
v·. :-¬.--. -...¸.·..~--
.-!-,--!--· c.·-.·-·
c.·-.·-· ·- ·-- c-·,-·-·- o-.-·---.-
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c.·-.·-· ·- ·-- º-¬.--·-·.-- c-¬¬.··--
/¸- . :º
º·-.--· .¬,-··--· º-..·.--.
• Chairman, Wang Tong Group Public
Company Limited
• Director, Thai Industrial Gas Public
Company Limited
e!..-·.-- í i·-.-.-¸
• B.Sc. Chemical Engineering, Chulalongkorn
University
• Senior Executive Program, National Institute
of Development Administration (NIDA)
• Senior Executive Program, Sasin Graduate
Institute of Business Administration of
Chulalongkorn University (Sasin)
• NPRA International Petrochemical
Conference, U.S.A.
• Balanced Scorecard by Learnet
International (Thailand) Co., Ltd.
• PDI Class 2, King Prajadhipok's Institute
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Certification Program (DCP),
Class 22/2002,
• Setting the CEO Performance Plan and
Evaluation, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Advisor to Board of Directors of the
Aromatics (Thailand) Public Company
Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
º·-.--· .¬,-··--· º-..·.--.
• Director General, Office of Regional
Appellate Litigation, Region 9 Acting as
Director General, Department
of Policy, Strategy and Budget Planning
• Chairman, Krungthai Laws Company
Limited
• Commissioner, Securities and Exchange
Commission, Thailand
• Director, Metropolitan Electricity Authority
e!..-·.-- í i·-.-.-¸
• Master of Political Science, National
Institute of Development Administration
• Barrister at Law, Institute of Thai Bar
Association
• LL.B., Ramkamheang University
• Provincial Public Prosecutor Program,
Class 9/2530
• Capital Market Academy Leader
Program Class 9
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Certification Program (DCP)
Class 76/2006
• Understanding the Fundamental of
Financial Statement, Class 3/2006, Thai
Institute of Directors Association (IOD)
e·,-·.--.-.
• Deputy Director, Department of
Prosecutor Commission, Acting as
Director General, Department of Policy,
Strategy and Budget Planning
• Deputy Director, Department of
Intellectual Property and International
Trade Litigation
• Director and Director to the Audit
Committee, Neighboring Countries
Economic Development Cooperation
Agency (Public Organization) (NEDA)
• Director and Director to the Audit
Committee, SME Bank
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
Annual Report 2010
PTT Chemical Public Company Limited
94
v·. º--..- º--¸,.·-!-¬
c.·-.·-·
/¸-. e:
v·. :-¬--· :-·-·.¸-·--
.-!-,--!--· c.·-.·-·
c.·-.·-· ·- ·-- /.!.· c-¬¬.··--
/¸- . e:
º·-.--· º-..·.--.
• None
e!..-·.-- í i·-.-.-¸
• Master Degree in Mechanical
Engineering, Lamar University,
Texsas, U.S.A.
• Bachelor of Engineering (Mechanical
Engineering), Kasetsart University
• Certificate in Senior Executive Program,
Sasin Graduate Institute of Business
Administration of Chulalongkorn University
• Psychological Operation Staff Course,
Applied Psychology Institute
• Certificate in Governance and Public
Law, King Prajadhipok's Institute
• Certificate in Senior Executive
Development Program-I, GE Company
Limited
• Capital Market Academy Leader
Program Class 6
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Certification Program (DCP) ,
Class 59/2005
• Role of the Chairman Program (RCP),
Class 21/2009, Thai Institute of Director
Association (IOD)
e·,-·.--.-.
• Governor, Electricity Generating Authority
of Thailand (EGAT)
• Deputy Gover nor - Production, Electricity
Generating Authority of Thailand (EGAT)
• Director, the Electricity Generating Public
Company Limited
• Chairman, Ratchaburi Electricity Generating
Holding Public Company Limited
• Director, EGAT International Company
Limited
• Chairman, Ratchaburi Power Company
Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
º·-.--· º-..·.--.
• Retired Government Official
e!..-·.-- í i·-.-.-¸
• Ph.D. Eng. (Coastal Engineering), Asian
Institute of Technology
• M. Eng. (Coastal Engineering), Asian
Institute of Technology
• M. Eng. (Sanitary Engineering),
Chulalongkorn University
• B. Eng. (Civil Engineering), Chulalongkorn
University
• The Joint State - Private Sector Regular
Course, Class 15, the National Defence
College
• Senior Administrator Training 2001,
1
st
Course (32
nd
Batch) Office of
the Civil Service Commission
• Top Executive Program in Commerce
and Trade (TEPCoT) 06-09/2009
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Certification Program (DCP)
Class 121/2009
• Director Accreditation Program (DAP),
Class 56/2006
• Understanding the Fundamental of
Financial Statement (UFS), Class 1/2006,
• Setting the CEO Performance Plan and
Evaluation, Thai Institute of Directors
Association (IOD)
• PDI Class 3, King Prajadhipok's Institute
e·,-·.--.-.
• Chief Inspector General, Ministry of Energy
• Director-General, Department of
Alternative Energy Development and
Efficiency, Ministry of Energy
• Director-General, Department of Energy
Business, Ministry of Energy
• Director, PTT Public Company Limited
• Independent Director, Ratchaburi
Electricity Generating Holding Public
Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
95
v·. i-..- v--¸.--..-
c.·-.·-·
c.·-.·-· ·- ·-- º-¬.--·-·.-- c-¬¬.··--
/¸- . :z
v·. º·-¸,- º-.-,-~-·
c.·-.·-·
c--.·¬-- -| ·-- c-·,-·-·- o-.-·---.-
c-¬¬.··--
c.·-.·-· ·- ·-- ×-¬.--·.-- c-¬¬.··--
/¸- . :º
º·-.--· .¬,-··--· º-..·.--.
• Chief Operation Officer, Downstream
Petroleum Business Group, and Senior
Executive Vice President, Oil Business
Unit, PTT Public Company Limited
• Director, PTT Aromatics and Refining
Public Company Limited
• Director, Thai Oil Public Company Limited
• Director, IRPC Public Company Limited
e!..-·.-- í i·-.-.-¸
• Ph.D. (Civil Eng.), University of Texas at
Austin, U.S.A.
• M.S. (Civil Eng.), Stanford University, U.S.A.
• B.E. (Civil Eng.), Chulalongkorn University
• The National Defense College, Class 15
• Capital Market Academy Leader
Program Class 7
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Certification Program (DCP),
Class 14/2002, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Senior Executive Vice President,
Petrochemicals & Refining Business Group,
PTT Public Company Limited
• Chairman, Alliance Refining Co,Ltd.
• Director, Rayong Refinery Public
Company Limited
• Director, Star Petroleum Refining
Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
º·-.--· .¬,-··--· º-..·.--.
• Chief Financial Officer, PTT Public
Company Limited
• Director, PTT Exploration and Production
Public Company Limited
• Director, Thai Oil Public Company Limited
e!..-·.-- í i·-.-.-¸
• M.S. (Petroleum Eng.), University of
Houston, U.S.A.
• M.S. (Chemical Eng.), Rice University,
U.S.A.
• B.Eng. (Chemical Eng.) - 1
st
Honors,
Chulalongkorn University
• Capital Market Academy Leader Program
Class 6
• Democracy for Senior Executives Program,
Class 10, King Prajadhipok's Institute
• Program for Global Leadership (PGL),
Harvard Business School, U.S.A.
• Senior Executive Program (S.E.P. 7),
SASIN/Kellogg/Wharton
• National Defence College Class 2009
(NDP 2552)
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Certification Program (DCP),
Class 21/2002
• Financial Statements for Directors (FSD),
Class 6/2009
• What the Board Should Do in a
Downturn Situation (2009), Thai Institute
of Directors Association (IOD)
e·,-·.--.-.
• Senior Executive Vice President,
Corporate Strategy & Development,
PTT Public Company Limited
• Executive Vice President, Corporate
Business Development, PTT Public
Company Limited
• Director, Bangkok Aviation Fuel Services
Public Company Limited
• Director, Bangchak Petroleum Public
Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None

Annual Report 2010
PTT Chemical Public Company Limited
96
v·. v--·-.-· --..·,-..-'
c.·-.·-· --!
:-.·-·-·, ·- ·-- ª--·! -| c.·-.·-·.
/¸- . :e
º·-.--· .¬,-··--· º-..·.--.
• Senior Executive Vice President,
Petroleum Downstream Business
Group, PTT Public Company Limited
• Director, PTT Phenol Company Limited
• Director, PTT Polymer Marketing
Company Limited
• Chairman, the Plastic Industry Club, the
Federation of Thai Industries
• Director, Petroleum Institute of Thailand
• Director, Thai Listed Companies
Association
e!..-·.-- í i·-.-.-¸
• Master of Science
(Mechanical Engineering),
Texas A&I University, U.S.A.
• Bachelor of Engineering (Mechanical),
Chulalongkorn University
• Top Executive Program in Commerce
and Trade (TEPCoT) 06-09/2009
• Capital Market Academy Leader
Program, Class 11
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Certification Program (DCP),
Class 82/2006
• Finance for Non-Finance (FN), Class
30/2006, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Executive Vice President Acting for Senior
Executive Vice President, PTT Public
Company Limited
• Executive Vice President-Polymers Products
Value Center, PTT Chemical Public
Company Limited
• Executive Vice President-Marketing &
Commercial, PTT Chemical Public
Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
c.·-.·-·. ~--.- ·-·¬. --!-! -· ·-..¸--! .- zc:c
:. v·. º..-.· ×.·-..-..-
- . . .· . ·. .·
z. v·. /·--,--¸ ª---.--·--¬
. - - ·. . · +-.. .·
- - · -
º. v·. c--'---· ·---·---,
- . . .· - . .·
+. v·. º---¸·-·- º--¸..,-,-.-
- . . .· - . .·
97
v·. v--·-.-· --..·,-..-'
º·-..!--· c ceo
/¸- . :e
v·. i.-¬.-· ×--·-----·-
e·-..·..- v..- º·-..!--·.
o,-·-·.---' e·.-''--.-
/¸- . :º
º·-.--· .¬,-··--· º-..·.--.
• Senior Executive Vice President, Petroleum
Downstream Business Group, PTT Public
Company Limited
• Director, PTT Phenol Company Limited
• Director, PTT Polymer Marketing
Company Limited
• Chairman, the Plastic Industry Club, the
Federation of Thai Industries
• Director, Petroleum Institute of Thailand
• Director, Thai Listed Companies
Association
e!..-·.-- í i·-.-.-¸
• Master of Science
(Mechanical Engineering),
Texas A&I University, U.S.A.
• Bachelor of Engineering (Mechanical),
Chulalongkorn University
• Top Executive Program in Commerce
and Trade (TEPCoT) 06-09/2009
• Capital Market Academy Leader
Program Class 11
i·-.-.-¸ -- c.·-.·-· º-'-. --! º-.,--..-.'.·.-.
• Director Certification Program (DCP),
Class 82/2006,
• Finance for Non-Finance
(FN), Class 30/2006, Thai Institute of
Directors Association (IOD)
e·,-·.--.-.
• Executive Vice President Acting for
Senior Executive Vice President,
PTT Public Company Limited
• Executive Vice President-Polymers
Products Value Center, PTT Chemical
Public Company Limited
• Executive Vice President-Marketing &
Commercial, PTT Chemical Public
Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None

º·-.--· .¬,-··--· º-..·.--.
• Chairman, NPC Safety and Environmental
Service Company Limited
• Director, PTT Maintenance and
Engineering Company Limited
• Director, PTT Utility Company Limited
• Director, Thai Styrenics Company Limited
e!..-·.-- í i·-.-.-¸
• Master's Degree in Mechanical
Engineering, Chulalongkorn University
• Bachelor's Degree in Mechanical
Engineering, Chulalongkorn University
• Director Certification Program (DCP),
Class 92/2007, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Executive Vice President - Chief
Engineering & Construction Plant I
Debottleneck, PTT Chemical Public
Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None

v---¸-¬--· i--¬
Annual Report 2010
PTT Chemical Public Company Limited
98
v·. c----. c--·---..,-,-
e·-..·..- v..- º·-..!--·.
v-··-·.-¸. c-¬¬-·..-' c
:.,,', c--.- o-.-·---.-
/¸- . :e
v·. ×-·--¸ ª.-!.··-¬-'
e·-..·..- v..- º·-..!--·.
o'-|.-. c :--·-! --..'.·.-.
/¸- . :e
º·-.--· .¬,-··--· º-..·.--.
• Director, PTT Phenol Company Limited
• Director, PTT Utility Company Limited
• Director, Thai Styrenics Company Limited
• Director, Thai Tank Terminal Limited
• Director, PTT Polymer Marketing Company
Limited
• Chairman, Bio Creation Company Limited
e!..-·.-- í i·-.-.-¸
• Ph.D. (Mechanical Engineering), Illinois
Institute of Technology, U.S.A.
• Master of Science (Mechanical
Engineering), Texas A & I University, U.S.A.
• Bachelor's Degree in Mechanical
Engineering, Chulalongkorn University
• Advance Management Program, Harvard
Business School, U.S.A.
• Director Certification Program (DCP),
Class 97/2007, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Senior Vice President, PTT Chemical
Public Company Limited
• Executive Vice President - Operation,
TOC Glycol Company Limited
• EO/EG Project Director, PTT Chemical
Public Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None

º·-.--· .¬,-··--· º-..·.--.
• Director, NPC Safety and Environmental
Service Company Limited
• Director, Thai Tank Terminal Limited
• Director, PTT Utility Company Limited
• Director, PTT Polyethylene Company
Limited
e!..-·.-- í i·-.-.-¸
• M.B.A., Thammasat University
• B.Eng. (Electrical Engineering),
Chulalongkorn University
• Senior Executive Program, Sasin
Graduate Institute of Business
Administration of Chulalongkorn
University
• Advanced Management Program,
Harvard Business School, U.S.A.
• Director Certification Program (DCP),
Class 97/2007, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Executive Vice President (Operation),
National Petrochemical Public Company
Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None

99
v·.. º.-·., o.-¸,-..·
e·-..·..- v..- º·-..!--·.
:··-·-¸, c .-·-·--·.---' /||-.·.
/¸- . ::
v·. /·--..!-. ¬.·.--.·---
e·-..·..- v..- º·-..!--·.
o·¸--..-·.---' e||-.·..---..
/¸- . ::
º·-.--· .¬,-··--· º-..·.--.
• Director, TOC Glycol Company Limited
• Director, PTT Phenol Company Limited
• Director, Thai Tank Terminal Limited
• Director, PTT Chemical International
(Singapore) Private Limited
• Director, PTT Chemical International (Asia
Pacific ROH) Limited
• Director, Emery Oleochemicals (M)
Sdn. Bhd
• Director, Bio Creation Company Limited
(Formerly known as Thai Choline Chloride
Company Limited)
e!..-·.-- í i·-.-.-¸
• Master's Degree in Business Administration
(Commerce & Accountancy), Thammasat
University
• Bachelor's Degree in Chemical
Engineering, Prince of Songkla University
• The Advance Management Program
(AMP), Harvard Business School, U.S.A.
• Chief Finance Officer (CFO) Class
1/2004, The Institute of Certified
Accountants and Auditors of Thailand
• Director Certification Program (DCP)
Class 67/2005, Thai Institute of Directors
Association (IOD) and Australian Institute
of Company Directors
e·,-·.--.-.
• Director, Thai Styrenics Company Limited
• Director, PTT Polyethylene Company
Limited
• Director, PTT Polymer Marketing Company
Limited
• Executive Vice President - Corporate
Strategy & Business Development,
PTT Chemical Public Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
º·-.--· .¬,-··--· º-..·.--.
• Director, TOC Glycol Company Limited
• Director, Thai Ethanolamines Company
Limited
• Director, Thai Oleochemicals Company
Limited
• Director, Thai Fatty Alcohol Company
Limited
• Director, Eastern Fluid Transport Company
Limited
• Director, PTT Utility Company Limited
• Director, PTT ICT Solutions Company
Limited
• Director, PTT Chemical International
(Singapore) Private Limited
• Director, PTT Chemical International
(Asia Pacific ROH) Limited
e!..-·.-- í i·-.-.-¸
• Master of Science (Mechanical),
Manhattan College, New York, U.S.A.
• Bachelor of Science (Mechanical),
New York Institute of Technology, U.S.A.
• Senior Executive Program 2007, Stanford
University, U.S.A.
• Executive Program for Senior Management
2005, Fiscal Policy Research Institute
Foundation
• Managing People for HR Executive,
Thammasat University
• Senior Executive Program, Sasin Graduate
Institute of Business Administration of
Chulalongkorn University
• Director Certificate Program (DCP), Class
79/2006, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Director, Bio Creation Company Limited
(Formerly known as Thai Choline Chloride
Company Limited)
• Acting Managing Director, Thai Ethoxylate
Company Limited
• Executive Vice President - Chief Corporate
Development & Support, Thai Olefins
Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
Annual Report 2010
PTT Chemical Public Company Limited
100
v·. º-·.,-·- :.·-·-!--¬--
e·-..·..- v..- º·-..!--·.
-.---.- c /..-.-·.-¸
/¸- . :c
v·. :...· i.---.--·-
e·-..·..- v..- º·-..!--·.
º-',¬-·. º·-!..·. v-'.- c--·-·
/¸- . :+
º·-.--· .¬,-··--· º-..·.--.
• Director, NPC Safety and Environmental
Service Company Limited
• Director, Bangkok Polyethylene Public
Company Limited
• Chairman, Thai Styrenics Company
Limited
• Director, PTT Polyethylene Company
Limited
e!..-·.-- í i·-.-.-¸
• Master of Public and Private
Management, National Institute of
Development Administration (NIDA)
• Bachelor's Degree in Electrical
Engineering, King Mongkut's Institute of
Technology (Ladkrabang)
• Asean Executive Program (AEP), GE
Crotonville
• Director Certification Program (DCP),
Class 92/2007, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Executive Vice President EO-Based
Performances Product Value Center
• Executive Vice President - Chief
Operating Unit Plant I-4, PTT Chemical
Public Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
º·-.--· .¬,-··--· º-..·.--.
• Director, PTT Polyethylene Company
Limited
• Director, Thai Oleochemicals Company
Limited
• Director, Thai Fatty Alcohol Company
Limited
• Director, TOC Glycol Company Limited
• Director, Thai Ethanolamines Company
Limited
• Director, Bio Creation Company Limited
(Formerly known as Thai Choline Chloride
Company Limited)
e!..-·.-- í i·-.-.-¸
• M.B.A. (Finance), The American University,
U.S.A.
• B.A. Political Science (Public Administration
- Public Finance), 2
nd
Class Honors,
Chulalongkorn University
• Graduate Diploma in Public Law and
Management (PLM.8), King Prajadhipok's
Institute
• Certification program for Senior
Management 5 (Ex - PSM 5), Fiscal
Policy Research Institute Foundation
• Director Certification Program (DCP)
2006, Thai Institute of Directors
Association (IOD)
e·,-·.--.-.
• Senior Executive Vice President
Accounting and Finance (CFO),
Bangchak Petroleum Public Company
Limited (BCP)
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None

101
v·. :-·¬.-· :·.,-,--.
:--.-· v..- º·-..!--·.
eo·ª-.-! º-·|-·¬--.-
º·-!..· v-'.- c--·-·
/¸- . ::
v·.. i--.--'-· :--·.·.'
:--.-· v..- º·-..!--·.
c-·,-·-·- /||-.·.
/¸- . :e
e·,-·.--.-.
• Senior Vice President - Office of the
President, PTT Chemical Public Company
Limited
• Vice President Corporate Governance
Office, PTT Chemical Public Company
Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
º·-.--· .¬,-··--· º-..·.--.
• Chairman, Thai Ethanolamines Company
Limited.
• Director, TOC Glycol Company Limited
• Director, Thai Ethoxylate Company Limited
e!..-·.-- í i·-.-.-¸
• Master's Degree in Public and Private
Management, National Institute of
Development Administration (NIDA)
• Bachelor's Degree in Electrical Engineering,
Feati University, the Philippines
• Director Certification Program (DCP),
Class 117/2009, Thai Institute of Directors
Association (IOD)
• Certificate Senior Executive Program,
Kellog/Sasin (SEP Class 19)
• Certificate Business Program,
NIDA-Wharton (Class 3)
e·,-·.--.-.
• Managing Director, TOC Glycol
Company Limited
• Managing Director, Thai Ethanolamines
Company Limited
• Manager, Operation Support and Utilities
Department Thai Olefins Public
Company Limited
• Manager, Engineering and Technical
Department Thai Olefins Public
Company Limited
º-'-·.-- -¬--¸ |-¬.', ~.·-.- ·-- c-¬,--,
• None
º·-.--· .¬,-··--· º-..·.--.
• Director, Thai Oleochemicals Company
Limited
• Director, Thai Fatty Alcohol Company
Limited
• Director, NPC Safety and Environmental
Service Company Limited
• Director, Bangkok Polyethylene Public
Company Limited
e!..-·.-- í i·-.-.-¸
• Master and Doctorate Degree (D.E.S)
International Laws, Universite D'Aix-Marseille,
France
• Bachelor Degree in Political Science
(International Affairs), Thammasat
University
• Director Certification Program (DCP),
Class 92/2007, Thai Institute of Directors
Association (IOD)
• Certification Business Program,
NIDA-Wharton (Class 2)
Annual Report 2010
PTT Chemical Public Company Limited
102
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Annual Report 2010
PTT Chemical Public Company Limited
104
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Annual Report 2010
PTT Chemical Public Company Limited
106
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Annual Report 2010
PTT Chemical Public Company Limited
108
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Annual Report 2010
PTT Chemical Public Company Limited
110
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Annual Report 2010
PTT Chemical Public Company Limited
112
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Annual Report 2010
PTT Chemical Public Company Limited
114
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Annual Report 2010
PTT Chemical Public Company Limited
116
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Annual Report 2010
PTT Chemical Public Company Limited
118
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PTT Chemical Public Company Limited
120
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Annual Report 2010
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136
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138
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PTT Chemical Public Company Limited
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PTT Chemical Public Company Limited
150
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152
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Annual Report 2010
PTT Chemical Public Company Limited
154

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PTT Chemical Public Company Limited
156
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158
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Annual Report 2010
PTT Chemical Public Company Limited
160
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Annual Report 2010
PTT Chemical Public Company Limited
162
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Annual Report 2010
PTT Chemical Public Company Limited
164
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Annual Report 2010
PTT Chemical Public Company Limited
166
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167
Note 2010 2009 2010 2009
Current assets
Cash and cash equivalents 5 14,837,702,189 11,050,292,553 11,633,781,606 7,767,293,426
Trade accounts receivable and notes receivable 4, 6 11,406,754,628 9,667,798,873 5,687,163,392 6,355,240,864
Other accounts receivable from related parties 4 895,895,996 748,777,309 206,580,605 106,047,186
Inventories 7 11,084,237,188 8,537,365,815 4,461,627,998 4,332,985,726
Short-term loans to related parties 4 - - 13,447,000,000 11,277,000,000
Current portion of long-term loans to related parties 4 - - 5,546,000,000 3,313,000,000
Value-added tax receivable 115,168,304 1,136,636,294 54,265,473 67,505,200
Other current assets 1,315,194,379 1,273,644,347 678,166,031 767,026,845
Total current assets 39,654,952,684 32,414,515,191 41,714,585,105 33,986,099,247
Non-current assets
Investments in subsidiaries 4, 8 - - 40,962,010,977 38,392,325,977
Investments in jointly-controlled entity 4, 8 - - 210,000,000 210,000,000
Investments in associates 4, 9 9,735,319,613 8,370,334,303 8,587,851,913 8,478,066,913
Other long-term investments 10 324,374,468 323,196,388 290,238,392 290,238,392
Long-term loans to related parties 4 - - 20,681,000,000 26,027,000,000
Consolidated Separate
financial statements
(in Baht)
financial statements
Assets
Property, plant and equipment 11, 14 109,240,345,477 111,063,466,713 39,875,592,727 39,574,556,078
Intangible assets 12 6,627,283,670 6,519,820,210 728,538,916 729,153,215
Deferred tax assets 13 293,543,965 131,906,503 4,791,389 3,096,578
Other non-current assets 2,145,810,882 1,427,685,166 1,127,409,404 625,574,649
Total non-current assets 128,366,678,075 127,836,409,283 112,467,433,718 114,330,011,802
Total assets 168,021,630,759 160,250,924,474 154,182,018,823 148,316,111,049
The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements.
168
Note 2010 2009 2010 2009
Current liabilities
Short-term loans from financial institutions 14 1,459,861,740 771,721,822 - -
Trade accounts payable 4, 15 7,845,586,674 5,891,962,161 5,309,472,510 4,318,542,340
Other accounts payable 4, 16 1,488,551,323 1,260,311,691 663,017,864 537,166,008
Retention payables 4 42,652,717 490,695,673 23,333,217 186,456,986
Payables to contractors 4 917,199,789 1,451,959,603 499,278,494 665,776,081
Current portion of long-term loans 14 3,107,199,197 855,546,545 1,983,121,212 545,454,545
Current portion of debentures 14 - 400,000,000 - 400,000,000
Income tax payable 27 427,822,670 1,339,266,972 309,087,259 1,195,778,078
Other current liabilities 17 1,906,974,870 1,721,602,422 896,830,537 633,876,421
Total current liabilities 17,195,848,980 14,183,066,889 9,684,141,093 8,483,050,459
Non-current liabilities
Long-term loans from financial institutions 14 11,255,298,471 12,817,834,335 10,707,787,878 11,090,909,091
Debentures 14 29,443,918,457 30,398,595,244 29,443,918,457 30,398,595,244
Deferred tax liabilities 13 1,080,889,349 881,969,619 886,487,168 720,564,582
Other non-current liabilities 1,082,542,235 876,436,935 404,115,383 268,559,154
Total non-current liabilities 42,862,648,512 44,974,836,133 41,442,308,886 42,478,628,071
(in Baht)
Liabilities and equity
Consolidated Separate
financial statements financial statements
Total liabilities 60,058,497,492 59,157,903,022 51,126,449,979 50,961,678,530
The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements.
169
Issued and paid-up share capital 15,158,208,000 15,010,400,000 15,158,208,000 15,010,400,000
Reserves 19
Share premium 31,728,079,018 30,892,963,818 31,728,079,018 30,892,963,818
Currency translation changes 234,348,736 376,268,307 - -
Investment changes 10,998,638 10,998,638 - -
Retained earnings
Appropriated
Legal reserve 19 1,519,115,300 1,519,115,300 1,519,115,300 1,519,115,300
Loan repayment reserve 807,802,564 807,802,564 807,802,564 807,802,564
Projects expansion reserve 5,932,994,126 5,932,994,126 5,932,994,126 5,932,994,126
Unappropriated 50,716,313,237 44,713,499,156 47,909,369,836 43,191,156,711
Total equity attributable to equity
holders of the Company 106,107,859,619 99,264,041,909 103,055,568,844 97,354,432,519
Minority interests 1,855,273,648 1,828,979,543 - -
Total equity 107,963,133,267 101,093,021,452 103,055,568,844 97,354,432,519
Total liabilities and equity 168,021,630,759 160,250,924,474 154,182,018,823 148,316,111,049
Note 2010 2009 2010 2009
(in Baht)
Liabilities and equity
Consolidated Separate
financial statements financial statements
The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements.
Equity
Share capital 18
Authorised share capital 15,191,153,000 15,191,153,000 15,191,153,000 15,191,153,000
170
Note 2010 2009 2010 2009
Revenues
Revenue from sale of goods 4, 28 98,656,003,913 83,952,092,721 58,084,976,345 59,930,898,598
Revenue from rendering of services 4, 28 2,431,290,126 2,077,078,053 353,780,999 333,916,864
Dividends income 4,8,9,21 - 21,090,045 4,171,011,741 975,212,042
Interest income 4, 21 163,387,735 219,177,658 2,112,830,806 2,001,587,050
Net foreign exchange gain 1,475,848,967 648,469,768 1,469,550,233 589,950,500
Other income 4, 21 459,882,792 165,022,462 580,001,383 603,803,065
Total revenues 103,186,413,533 87,082,930,707 66,772,151,507 64,435,368,119
Expenses
Cost of sale of goods 4, 7 83,491,856,323 69,428,524,825 51,289,285,479 48,659,672,510
Cost of rendering of services 4 636,876,413 1,017,941,703 105,765,047 93,819,399
Selling expenses 4, 22 1,522,682,298 1,455,118,072 14,032,519 17,097,136
Administrative expenses 23 4,329,240,430 3,267,423,124 2,970,696,680 2,470,488,436
Management benefit expenses 24 200,100,670 189,982,519 112,587,183 97,670,302
Total expenses 90,180,756,134 75,358,990,243 54,492,366,908 51,338,747,783
Sh f fit f i t t f
(in Baht)
Consolidated Separate
financial statements financial statements
Share of profit of associates, net of
income tax expense 9 1,362,215,355 144,450,952 - -
Profit before finance costs and
income tax expense 14,367,872,754 11,868,391,416 12,279,784,599 13,096,620,336
Finance costs 26 2,239,176,094 2,259,379,686 2,119,310,246 2,078,297,855
Profit before income tax expense
12,128,696,660 9,609,011,730 10,160,474,353 11,018,322,481
Income tax expense 27 1,388,371,072 2,328,589,820 1,154,839,295 1,896,423,820
Net profit for the year 10,740,325,588 7,280,421,910 9,005,635,058 9,121,898,661
Profit attributable to:
Equity holders of the Company 10,290,236,014 6,801,876,570 9,005,635,058 9,121,898,661
Minority interest 450,089,574 478,545,340 - -
Net profit for the year 10,740,325,588 7,280,421,910 9,005,635,058 9,121,898,661
Earnings per share 29
Basic 6.83 4.54 5.98 6.09
Diluted 6.81 4.54 5.96 6.09
The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements.
171
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6
173
2010 2009 2010 2009
Cash flows from operating activities
Net profit for the year 10,740,325,588 7,280,421,910 9,005,635,058 9,121,898,661
Adjustments for
Depreciation and amortisation 5,568,479,380 4,913,676,157 2,977,279,784 2,861,550,897
Interest income (163,387,735) (219,177,658) (2,112,830,806) (2,001,587,050)
Finance costs 2,239,176,094 2,259,379,686 2,119,310,246 2,078,297,855
Unrealised gain on exchange (1,315,482,373) (562,780,719) (1,399,115,249) (539,996,034)
Doubtful debts expense 6,821,367 13,994,116 - -
Dividends income - (21,090,045) (4,171,011,741) (975,212,042)
Reversal of allowance for loss on decline in
value of inventories (14,706,868) (785,293,105) - (283,525,238)
Allowance for obsolete stock 7,521,828 (79,931) 1,494,303 (79,931)
Impairment loss on intangible assets
and property, plant and equipment - 3,223,982 - -
(Gain) loss on disposal of property, plant and equipment (21,153,362) 154,142,936 19,975,560 153,905,087
Realised deferred pipeline income and equipment
and other income (35,473,865) (17,608,257) (36,334,689) (17,608,257)
Sh f fit f i t t f i t (1 362 215 355) (144 450 952)
Consolidated Separate
financial statements financial statements
(in Baht)
Share of profit of associates, net of income tax expense (1,362,215,355) (144,450,952) - -
Income tax expense 1,388,371,072 2,328,589,820 1,154,839,295 1,896,423,820
17,038,275,771 15,202,947,940 7,559,241,761 12,294,067,768
Changes in operating assets and liabilities
Trade accounts receivable and notes receivable (1,887,136,982) (3,237,862,666) 667,201,178 (3,302,177,275)
Other accounts receivable from related parties (148,964,727) (674,468,956) (100,533,419) 67,337,215
Inventories (212,656,024) (295,100,306) (132,468,613) (819,392,390)
Value-added tax receivable 1,021,478,228 (916,059,731) 13,239,728 153,071,363
Other current assets (270,783) (295,692,251) 97,453,359 (348,117,331)
Other non-current assets (54,961,832) (146,402,448) (126,648,819) (237,720,477)
Trade accounts payable 1,905,197,340 2,693,145,552 990,868,729 2,747,658,772
Other accounts payable 342,527,803 (58,423,086) 128,656,394 (981,060,875)
Retention payables (465,266,477) 72,104,528 (172,721,517) 27,241,584
Other current liabilities (52,944,149) 358,417,329 241,496,704 176,211,249
Other non-current liabilities 85,522,318 (220,197,815) 151,738,122 53,860,529
Income tax paid (2,300,898,839) (910,153,309) (1,877,302,340) (714,105,378)
Net cash provided by operating activities 15,269,901,647 11,572,254,781 7,440,221,267 9,116,874,754
The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements.
174
The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
Cash flows from investing activities
Interest received 152,502,518 238,733,062 2,103,188,261 2,022,922,399
Dividends received 108,199,041 124,703,586 4,172,061,741 1,440,870,042
Purchase of property, plant and equipment (6,727,379,581) (17,369,087,056) (3,120,311,047) (4,524,512,399)
Sale of property, plant and equipment 638,789,235 35,171,343 32,209,808 5,853,049
Increase in short-term loans to related parties - - (3,390,000,000) (4,402,000,000)
Proceeds from short-term loans to related parties - - 1,220,000,000 1,120,000,000
Increase in long-term loans to related parties - - (200,000,000) (7,661,786,800)
Proceeds from long-term loans to related parties - - 3,313,000,000 -
Increase in intangible assets (541,724,421) (502,087,681) (124,649,278) (371,880,638)
Net cash outflow for investments in subsidiaries - - (2,569,685,000) (4,639,785,840)
Net cash outflow for investments in associates (109,785,000) (327,975,000) (109,785,000) (327,975,000)
Proceeds from sale of long-term investments - 27,231,377 - -
Net cash provided by (used in) investing activities (6,479,398,208) (17,773,310,369) 1,326,029,485 (17,338,295,187)
Cash flows from financing activities
Interest paid (2,219,091,064) (2,319,852,606) (2,104,630,528) (2,085,323,116)
Di id d id (4 760 543 733) (2 880 852 811) (4 287 421 933) (2 394 698 760)
(in Baht)
Consolidated Separate
financial statements financial statements
Dividends paid (4,760,543,733) (2,880,852,811) (4,287,421,933) (2,394,698,760)
Finance lease payments (194,561,974) (77,531,609) (145,178,205) (37,033,290)
(Repayment of) proceeds from short-term loans
from financial institutions 752,873,239 (177,772,611) - -
Proceeds from long-term borrowings 1,740,000,000 235,055,000 1,600,000,000 -
Repayment of long-term borrowings (884,546,545) (1,592,793,843) (545,454,545) (545,454,545)
Proceeds from issue of debentures - 3,000,000,000 - 3,000,000,000
Redemption of debentures (400,000,000) (400,000,000) (400,000,000) (400,000,000)
Proceeds from issue of share capital 982,923,200 317,440,712 982,923,200 279,991,600
Net cash used in financing activities (4,982,946,877) (3,896,307,768) (4,899,762,011) (2,182,518,111)
Net increase (decrease) in cash and cash equivalents 3,807,556,562 (10,097,363,356) 3,866,488,741 (10,403,938,544)
Cash and cash equivalents at beginning of year 11,050,292,553 21,174,886,782 7,767,293,426 18,171,231,970
Effect of exchange rate changes on balances held in
foreign currencies (20,146,926) (27,230,873) (561) -
Cash and cash equivalents at end of year 14,837,702,189 11,050,292,553 11,633,781,606 7,767,293,426
175
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Board of Directors on 24 February 2011
1 General information
PTT Chemical Public Company Limited, the “Company”, is incorporated in Thailand and has its
registered offices as follows:
Head Office : 555/1, Energy Complex, Building A, 15
th
- 18
th
Floor, Vibhavadi-
Rangsit Road, Chatuchak, Bangkok, Thailand

Branch 2 (I-1 Road Branch) : 14, I-1 Road, Tumbon Map Ta Phut, Amphoe Mueang Rayong,
Rayong, Thailand

Branch 3 (I-4 Road Branch)

: 9, I-4 Road, Tumbon Map Ta Phut, Amphoe Mueang Rayong,
Rayong, Thailand

Branch 4
(Jetty and Buffer Tank Farm
Branch)

: 19, Rong Pui Road, Tumbon Map Ta Phut, Amphoe Mueang
Rayong, Rayong, Thailand

Branch 5 (Radniyom Road) : 59, Radniyom Road, Tumbon Noenphra, Amphoe Mueang
Rayong, Rayong, Thailand
Branch 7
(Pakorn Songkrao-Rat Road
Branch)
: 24/9, Pakorn Songkrao-Rat Road, Tumbon Map Ta Put, Amphoe
Mueang Rayong, Rayong, Thailand
The Company registered to terminate Branch 1 (Suntowers A Branch) and Branch 6 (Suntowers B
Branch) and registered to change the address of Head Office in March 2010.
The Company was listed on the Stock Exchange of Thailand in December 2005.
The Company is a company in the PTT Public Company Limited (“PTT”) group of companies.
PTT is incorporated in Thailand and is the major shareholder of the Company, holding 48.68% of the
Company’s issued and paid-up share capital.
The principal businesses of the Company are production and distribution of Ethylene, Propylene
Polyethylene and Biochemical products. By-products are Mixed C4, Pyrolysis gasoline, Cracker
bottom and tail gas. Minor activities are production and distribution of electricity, water, steam and
other utilities. In addition, the Company also operates production support facilities such as jetty and
buffer tank farm services for liquid chemical, oil and gas. Details of the Company’s subsidiaries and
jointly - controlled entities as at 31 December 2010 and 2009 were as follows:
176
Country of
Name of the entity Type of business incorporation Ownership interest

(%)

2010 2009
Direct subsidiaries
Bangkok Polyethylene Plc. Manufacturing and
distributing petrochemical
products
Thailand 100 100
Bio Creation Co., Ltd.
(Formerly Thai Choline
Chloride Co., Ltd.)
Manufacturing and
distributing petrochemical
products, health and
nutrition products
Thailand 100 100
Bio Spectrum Co., Ltd. Manufacturing and
distributing biochemical
products
Thailand 75 -
TOC Glycol Co., Ltd. Manufacturing and
distributing petrochemical
products
Thailand 100 100
Thai Ethanolamines
Co., Ltd.
Manufacturing and
distributing petrochemical
products
Thailand 100 100
Thai Oleochemicals
Co., Ltd.
Manufacturing and
distributing biochemical
products
Thailand 100 100
Thai Tank Terminal
Limited
Service for the storage and
handling of liquid
chemicals, oil and gas
Thailand 51 51
PTT Polyethylene
Co., Ltd.
Manufacturing and
distributing petrochemical
products
Thailand 100 100
PTT Maintenance and
Engineering Co., Ltd.
Maintenance factory and
services engineering
Thailand 60 60
NPC Safety and
Environmental Service
Co., Ltd.
Safety and environmental
services
Thailand 100 100
PTT Chemical
International Pte. Ltd.
Holding and operating
international business
Singapore 100 100
Indirect subsidiaries
Thai Fatty Alcohol
Co., Ltd.
Manufacturing and
distributing biochemical
products
Thailand 100 100
Thai Styrenics Co., Ltd. Manufacturing and
distributing petrochemical
products
Thailand 100 100
PTT Chemical
International (Asia
Pacific ROH) Ltd.
Services rendering to the
Group
Thailand 100 100
Jointly-controlled entity
Thai Ethoxylate Co., Ltd. Manufacturing and
distributing petrochemical
products
Thailand 50 50
177
Name of the entity Type of business
Country of
incorporation
Ownership interest
(%)

2010 2009
Indirect jointly-controlled entity
Emery Oleochemical (M)
Sdn. Bhd.
Manufacturing and
distributing biochemical
products
Malaysia 50 50
2 Basis of preparation of the financial statements
The financial statements issued for Thai reporting purposes are prepared in the Thai language. This
English translation of the financial statements has been prepared for the convenience of readers not
conversant with the Thai language.
The financial statements are prepared and presented in Thai Baht. All financial information presented
in Thai Baht has been rounded in the notes to the financial statements to the nearest million . They are
prepared on the historical cost basis except as stated in the accounting policies.
The financial statements are prepared in accordance with Thai Financial Reporting Standards
(“TFRS”) and guidelines promulgated by the Federation of Accounting Professions (“FAP”) and with
generally accepted accounting principles in Thailand.
During 2010, the FAP announced the re-numbering of the following TFRS.
Former no. Revised no. Topic

TAS 11 TAS 101 Doubtful Account and Bad Debts
TAS 26 TAS 102 Income Recognition For Real Estate Business
TAS 27 TAS 103 Disclosures in the Financial Statements of Banks and Similar
Financial Institutions
TAS 34 TAS 104 Accounting for Troubled Debt Restructuring
TAS 40 TAS 105 Accounting for Investment in Debt and Equity Securities
TAS 42 TAS 106 Accounting For Investment Companies
TAS 48 TAS 107 Financial Instruments Disclosure and Presentation
The Group/Company has adopted the revised Framework for the Preparation and Presentation of
Financial Statements (revised 2010), which was issued by the FAP during 2010 and effective on 26
May 2010. The adoption of the revised framework does not have any material impact on the
consolidated or separate Company’s financial statements.
The FAP has issued during 2010 a number of new and revised TFRS which are not currently effective
and have not been adopted in the preparation of these financial statements. These new and revised
standards and interpretations are disclosed in note 35.
178
The preparation of financial statements in conformity with TFRS requires management to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets, liabilities, income and expenses. Actual results may differ from estimates.
The preparation of financial statements in conformity with TFRS requires management to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets, liabilities, income and expenses. Actual results may diff from estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which estimates are revised and in any future periods
affected.
Information about significant areas of estimation uncertainty and critical judgements in applying
accounting policies that have the most significant effect on the amount recognised in the financial
statements is included in the following notes:
Note 10 Other long-term investments
Note 12 Intangible assets
Note 13 Deferred tax
Note 31 Financial instruments
3 Significant accounting policies
(a) Basis of consolidation
The consolidated financial statements relate to the Company and its subsidiaries and jointly-controlled
entities (together referred to as the “Group”) and the Group’s interests in associates.
Business combinations
Business combinations are accounted for under the purchase method. The cost of an acquisition is
measured at the fair value of the assets given, equity instruments issued and liabilities incurred or
assumed at the date of exchange, plus costs directly attributable to the acquisition.
Business combinations of entities or businesses under common control are accounted for using a method
similar to the pooling of interest method and in accordance with the Guideline issued in 2010 by the FAP.
Subsidiaries
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power,
directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits
from its activities. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases. The accounting
policies of subsidiaries have been changed where necessary to align them with the policies adopted by
the Group.
Jointly-controlled entities
Jointly-controlled entities are those entities over whose activities the Group has joint control,
established by contractual agreement and requiring unanimous consent for strategic financial and
operating decisions. The consolidated financial statements include the Group’s proportionate share of
the entities’ assets, liabilities, revenue and expenses combined with items of a similar nature on a line
by line basis, from the date that joint control commences until the date that joint control ceases.
179
Associates
Associates are those entities in which the Group has significant influence, but not control, over the
financial and operating policies. Significant influence is presumed to exist when the Group holds
between 20% and 50% of the voting power of another entity. The consolidated financial statements
include the Group’s share of the income, expenses and equity movements of associates after
adjustments to align the accounting policies with those of the Group, from the date that significant
influence commences until the date that significant influence ceases. When the Group’s share of
losses exceeds its interest in an associate, the Group’s carrying amount is reduced to nil and
recognition of further losses is discontinued except to the extent that the Group has incurred legal or
constructive obligations or made payments on behalf of the associate.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group
transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains
arising from transactions with associates and joint ventures are eliminated against the investment to
the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is no evidence of impairment.
(b) Foreign currencies
Foreign currency transactions
Transactions in foreign currencies are translated to Thai Baht at the foreign exchange rates ruling at
the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to
Thai Baht at the foreign exchange rates ruling at that date. Foreign exchange differences arising on
translation are recognised in the statement of income.
Non-monetary assets and liabilities measured at cost in foreign currencies are translated to Thai Baht
using the foreign exchange rates ruling at the dates of the transactions.
Foreign entities
The assets and liabilities of foreign entities are translated to Thai Baht at the foreign exchange rates
ruling at the reporting date.
Goodwill and fair value adjustments arising on the acquisition of foreign entities are stated at
exchange rates ruling on the reporting date.
180
(c) Derivative financial instruments
Derivative financial instruments are used to manage exposure to foreign exchange, interest rate arising
from operating and financing activities. Derivative financial instruments are not used for trading
purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading
instruments.
Derivative financial instruments are recognised initially at fair value; attributable transaction costs are
recognised in the statement of income when incurred. Subsequent to initial recognition, they are
remeasured at fair value. The gain or loss on remeasurement to fair value is recognised immediately
in the statement of income.
The fair value of interest rate swaps is based on broker quotes at the reporting date. Those quotes are
tested for reasonableness by discounting estimated future cash flows based on the terms and maturity
of each contract and using market interest rates for a similar instrument at the reporting date.
The fair value of forward exchange contracts is based on their listed market price, if available. If a
listed market price is not available, then fair value is estimated by discounting the difference between
the contractual forward price and the current forward price at the reporting date for the residual
maturity of the contract using a risk-free interest rate (based on government bonds).
The revenues and expenses of foreign entities are translated to Thai Baht at rates approximating the
foreign exchange rates ruling at the dates of the transactions.
Foreign exchange differences arising on translation are recognised in a separate component of equity
until disposal of the investments.
Where monetary items, in substance, form part of the Group’s net investment in a foreign entity,
foreign exchange differences arising on such monetary items and related hedges are recognised
directly in a separate component of equity until disposal of the investment.
181
Investments in equity securities
Equity securities which are not marketable are stated at cost less any impairment losses.
Disposal of investments
On disposal of an investment, the difference between net disposal proceeds and the carrying
amount is recognised in the statement of income.
If the Group/Company disposes of part of its holding of a particular investment, the deemed cost of
the part sold is determined using the weighted average method applied to the carrying value of the
total holding of the investment.
(g) Investments
Investments in subsidiaries, jointly-controlled entities and associates
Investments in subsidiaries, jointly-controlled entities and associates in the separate financial
statements of the Company are accounted for using the cost method. Investments in associates in the
consolidated financial statements are accounted for using the equity method.
(d) Cash and cash equivalents
Cash and cash equivalents comprise cash balances, call deposits and highly liquid short-term
investments. Bank overdrafts that are repayable on demand are a component of financing activities
for the purpose of the statement of cash flows.
(e) Trade and other accounts receivable
Trade and other accounts receivable are stated at their invoice value less allowance for doubtful
accounts.
The allowance for doubtful accounts is assessed primarily on analysis of payment histories and future
expectations of customer payments. Bad debts are written off when incurred.
(f) Inventories
Raw materials, work in progress and finished goods
Inventories are stated at the lower of cost and net realisable value.
Cost is calculated using the weighted average cost principle, and comprises all costs of purchase, costs
of conversion and other costs incurred in bringing the inventories to their present location and
condition. In the case of manufactured inventories and work-in-progress, cost includes an appropriate
share of production overheads based on normal operating capacity.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated
costs to complete and to make the sale.
182
(h) Property, plant and equipment
Owned assets
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Leased assets
Leases in terms of which the Group/Company substantially assumes all the risk and rewards of
ownership are classified as finance leases. Property, plant and equipment acquired by way of finance
leases is capitalised at the lower of its fair value and the present value of the minimum lease payments
at the inception of the lease, less accumulated depreciation and impairment losses. Lease payments
are apportioned between the finance charges and reduction of the lease liability so as to achieve a
constant rate of interest on the remaining balance of the liability. Finance charges are charged directly
to the statement of income.
Depreciation
Depreciation is charged to the statement of income on a straight-line basis over the estimated useful
lives of each part of an item of property, plant and equipment. The estimated useful lives are as
follows:
Plant, machinery and equipment 3-30 years
Factory tools and equipment 3-20 years
Buildings and other constructions 5-25 years
Leasehold improvement 5-30 years
Furniture, fixtures and office equipment 5-20 years
Vehicles 3-20 years
No depreciation is provided on freehold land or assets under construction.
183
(i) Intangible assets
Goodwill
Goodwill in a business combination represents the excess of the cost of acquisition over the fair value
of the Group’s share of the identifiable net assets acquired. The Group changed its accounting policy
for goodwill with effect from 1 January 2008 as follows:
Acquisitions prior to 1 January 2008
Goodwill was stated at cost from the date of initial recognition and amortised over its estimated useful
life of 20 years. On 1 January 2008, the Group/Company discontinued amortisation of goodwill. The
remaining balance is subject to testing for impairment, as described in note 3 (j).
Acquisitions on or after 1 January 2008
Goodwill is measured at cost less accumulated impairment losses. Goodwill is tested for impairment
as described in note 3 (j).
Other intangible assets
Other intangible assets that are acquired by the Group/Company, which have finite useful lives, are
stated at cost less accumulated amortisation and impairment losses. Other intangible assets are
amortised in the statement of income on a straight-line basis over their estimated useful lives from the
date that they are available for use. The estimated useful lives are as follows:
Production licence fees
10- 25 years
Computer software 3-15 years
Right to use pipe rack 9-15 years
Trademark 10 years
(j) Impairment
The carrying amounts of the Group’s/Company’s assets are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such indication exists, the assets’
recoverable amounts are estimated. For goodwill, the recoverable amount is estimated at each
reporting date, and as and when indicators of impairment are identified.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit
exceeds its recoverable amount. The impairment loss is recognised in the statement of income unless
it reverses a previous revaluation credited to equity, in which case it is charged to equity.
Calculation of recoverable amount
The recoverable amount of a non-financial asset is the greater of the asset’ s value in use and fair
value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. For an asset that does not generate cash inflows
largely independent of those from other assets, the recoverable amount is determined for the cash-
generating unit to which the asset belongs.
184
Reversals of impairment
An impairment loss in respect of a financial asset is reversed if the subsequent increase in recoverable
amount can be related objectively to an event occurring after the impairment loss was recognised.
An impairment loss in respect of goodwill is not reversed. Impairment losses recognised in prior
periods in respect of other non-financial assets are assessed at each reporting date for any indications
that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount. An impairment loss is reversed
only to the extent that the asset’s carrying amount does not exceed the carrying amount that would
have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
(k) Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value less attributable transaction charges.
Subsequent to initial recognition, interest-bearing liabilities are stated at amortised cost with any
difference between cost and redemption value being recognised in the statement of income over the
period of the borrowings on an effective interest basis.
(l) Trade and other accounts payable
Trade and accounts payable are stated at cost.
(m) Employee benefits
Defined contribution plans
Obligations for contributions to defined contribution pension plans are recognised as an expense in the
statement of income as incurred.
Share based payments
The employee share option programme allows certain of the Group’s directors and employees to
acquire shares of the Company under certain conditions. The proceeds received on exercise of the
options, net of any directly attributable transaction costs, are credited to share capital (nominal value)
and share premium when the options are exercised.
(n) Provisions
A provision is recognised when the Group/Company has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation. If the effect is
material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that
reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability.
(o) Revenue
Revenue excludes value added taxes and is arrived at after deduction of trade discounts.
185
Sale of goods and services rendered
Revenue is recognised in the statement of income when the significant risks and rewards of ownership
have been transferred to the buyer. No revenue is recognised if there is continuing management
involvement with the goods or there are significant uncertainties regarding recovery of the
consideration due, associated costs or the probable return of goods. Service income is recognised as
services are provided.
Rental income
Rental income from investment property is recognised in the statement of income on a straight-line
basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total
rental income. Contingent rentals are recognised as income in the accounting period in which they are
earned.
Interest and dividend income
Interest income is recognised in the statement of income as it accrues. Dividend income is recognised
in the statement of income on the date the Group’s/Company’s right to receive payments is
established.
(p) Expenses
Operating leases
Payments made under operating leases are recognised in the statement of income on a straight line
basis over the term of the lease. Lease incentives received are recognised in the statement of income
as an integral part of the total lease payments made. Contingent rentals are charged to the statement of
income for the accounting period in which they are incurred.
Finance costs
Interest expenses and similar costs are charged to the statement of income for the period in which they
are incurred, except to the extent that they are capitalised as being directly attributable to the
acquisition, construction or production of an asset which necessarily takes a substantial period of time
to be prepared for its intended use or sale. The interest component of finance lease payments is
recognised in the statement of income using the effective interest rate method.
(q) Income tax
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is
recognised in the statement of income except to the extent that it relates to items recognised directly in
equity, in which case it is recognised in equity.
Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous
years.
186
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred
tax is not recognised for the following temporary differences: the initial recognition of goodwill; the
initial recognition of assets or liabilities in a transaction that is not a business combination and that
affects neither accounting nor tax profit; and differences relating to investments in subsidiaries and
joint venture to the extent that it is probably that they will not reverse in the foreseeable future.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences
when they reverse, based on the laws that have been enacted or substantively enacted by the reporting
date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will
be available against which the temporary differences can be utilised. Deferred tax assets are reviewed
at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit
will be realised.
4 Related party transactions and balances
Related parties are those parties linked to the Group and the Company as shareholders or by common
shareholders or directors. Transactions with related parties are conducted at prices based on market
prices or, where no market price exists, at contractually agreed prices.
Relationships with related parties that control or jointly control the Group or are being controlled or
jointly controlled by the Company or have transactions with the Group/Company were as follows:
Name of entities Country of
incorporation/
nationality
Nature of relationships
PTT Plc. Thailand Major shareholder, some common directors and
management and the Company’s director as
a management
Bangkok Polyethylene Plc. Thailand Subsidiary, 100% shareholding, some common
directors and the Company’s management as
a director
Bio Creation Co., Ltd. Thailand Subsidiary, 100% shareholding and the
Company’s management as a director
Bio Spectrum Co., Ltd. Thailand Subsidiary, 75% shareholding
TOC Glycol Co., Ltd. Thailand Subsidiary, 100% shareholding and the
Company’s management as a director
Thai Ethanolamines Co., Ltd. Thailand Subsidiary, 100% shareholding and the
Company’s management as a director
Thai Oleochemicals Co., Ltd. Thailand Subsidiary, 100% shareholding, some
common directors and the Company’s
management as a director
187
Name of entities Country of
incorporation/
nationality
Nature of relationships
Thai Tank Terminal Limited Thailand Subsidiary, 51% shareholding, some
common directors and the Company’s
management as a director
PTT Polyethylene Co., Ltd. Thailand Subsidiary, 100% shareholding, some
common directors and management and the
Company’s management as a director.
PTT Maintenance and
Engineering Co., Ltd.

Thailand Subsidiary, 60% shareholding and the
Company’s management as a director
NPC Safety and Environmental
Service Co., Ltd.
Thailand Subsidiary, 100% shareholding, some
common directors and the Company’s
management as a director.
PTT Chemical International
Pte. Ltd.
Singapore Subsidiary, 100% shareholding , some
common directors and the Company’s
management as a director.
Thai Fatty Alcohols Co., Ltd. Thailand Subsidiary of the Company’s subsidiary,
100% shareholding by the Company’s
subsidiary, some common directors and the
Company’s management as a director
Thai Styrenics Co., Ltd. Thailand Subsidiary of the Company’s subsidiary,
100% shareholding by the Company’s
subsidiary and the Company’s management
as a director
PTT Chemical International (Asia
Pacific ROH) Ltd.
Thailand Subsidiary, 100% shareholding, , some
common directors and the Company’s
management as a director
Thai Ethoxylate Co., Ltd. Thailand Jointly - controlled entity, 50% shareholding
Emery Oleochemical (M) Sdn. Bhd. Malaysia Jointly - controlled entity of the Company’s
subsidiary, 50% shareholding by a subsidiary
, some common directors and the Company’s
management as a director
Bangkok Synthetics Co., Ltd. Thailand Some common shareholder
Thai Plastic and Chemical Plc. Thailand Some common shareholder
Thai Polypropylene Co., Ltd. Thailand Some common shareholder
Thai Polyethylene Co., Ltd. Thailand Some common shareholder
Thaioil Public Company Limited Thailand Major shareholding by the Company’s major
shareholders and some common directors
Pacific ROH) Ltd.
188
Name of entities Country of
incorporation/
nationality
Nature of relationships
Thai Industrial Gases Plc. Thailand Some common directors
Thai Petroleum Pipeline Co., Ltd. Thailand Major shareholding by the Company’s major
shareholder
Dhipaya Insurance Plc. Thailand Major shareholding by the Company’s major
shareholder
PTTEP Siam Limited. Thailand Subsidiary of the related party with common
major shareholder
PTT Exploration and Production
Plc.
Thailand Major shareholding by the Company’s major
shareholder and some common directors
PTT Aromatics and Refining Plc. Thailand Major shareholding by the Company’s major
shareholder and some common directors
PTT Tank Terminal Ltd. Thailand Major shareholding by the Company’s major
Shareholder and some common directors
PTT Polymer Logistic Co., Ltd. Thailand Major shareholding by the Company’s major
Shareholder, some common directors and
the Company’s management as a director
PTT Polymer Marketing Co., Ltd. Thailand Associate, 25% shareholding, major
shareholding by the Company’s major
shareholder, common directors and the
Company’s management as a director
PTT Phenol Co., Ltd. Thailand Associate, 30% shareholding, major
shareholding by the Company’s major
shareholder, common directors and the
Company’s management as a director
PTT Utility Co., Ltd. Thailand Associate, 40% shareholding , the Company’s
management as a director and major
shareholding by the Company’s major
shareholder
PTT Asahi Chemical Co., Ltd. Thailand Major shareholding by the Company’s major
shareholder and some common directors
PTT International Ltd. Thailand Major shareholding by the Company’s major
shareholder and some common directors
PTT ICT Solutions Co., Ltd. Thailand Associate, 20% shareholding, some common
directors and the Company’s management as
a director
189
Name of entities Country of
incorporation/
nationality
Nature of relationships
Rayong Olefins Co., Ltd. Thailand Major shareholding by the Company’s major
shareholder and some common directors
Vinythai Plc. Thailand Associate, 25% shareholding, some common
directors and the Company’s management as a
director
Siam Mitsui PTA Co., Ltd. Thailand Some common shareholder
Siam Styrene Monomer Co., Ltd. Thailand Some common shareholder
Star Petroleum Refining Co., Ltd. Thailand Major shareholding by the Company’s
major shareholder
Eastern Fluid Transport Co., Ltd. Thailand Associate, 15% shareholding, 15%
shareholding by the Company’s subsidiary
and the Company’s management as a
director
HMC Polymers Co., Ltd. Thailand The Company’s shareholder and some
common director
Energy Complex Co., Ltd. Thailand Major shareholding by the Company’s major
shareholder
IRPC Plc. Thailand Major shareholding by the Company’s major
shareholder and some common directors
Alliance Petrochemical Investment
(Singapore) Pte. Ltd.
Singapore The Company’s management as a director
PTT International Trading Pte.
Ltd.
Singapore Major shareholding by the Company’s major
shareholder
The pricing policies for particular types of transactions are explained further below:
Transactions Pricing policies
Revenue from sale of goods Contract price / Regional market price / World market price
Revenue from rendering of
services
Contract price
Purchase of goods/raw
materials/ services
Contract price / Market price
Interest on loan Average cost of fund
Ltd.
190
Significant transactions for the years ended 31 December 2010 and 2009 with related parties were as follows:
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Major Shareholder
Sales of goods or rendering of services 3,506 4,485 270 1,742
Purchases of goods or receiving of services 36,591 38,159 34,810 38,076
Other income 14 12 14 12
Other expense 84 71 56 36
Subsidiaries
Sales of goods or rendering of services - - 16,129 17,147
Purchases of goods or receiving of services - - 5,662 793
Other income - - 419 353
Other expense - - 233 208
Interest income - - 1,995 1,816
Dividend income - - 4,066 824
Jointly - controlled entities
Other income - - 11 31
Dividend income - - - 25
Associates
Sales of goods or rendering of services 40,108 29,004 17,972 17,410
Purchases of goods or receiving of services 1,494 1,410 59 68
Other income 56 78 56 77
Other expense 143 166 87 139
Dividend income 106 105 106 105
Other related parties
Sales of goods or rendering of services 23,461 22,448 21,984 21,545
Purchases of goods or receiving of services 5,500 2,096 4,053 1,586
Other income 4 31 1 31
Other expense 150 59 83 7
Dividend income - 21 - 21
191
Balances as at 31 December 2010 and 2009 with related parties were as follows:
Trade accounts receivable from related Consolidated Separate
parties financial statements financial statements
2010 2009 2010 2009
(in million Baht)
Major Shareholder
PTT Plc. 307 352 7 173
Subsidiaries
Bangkok Polyethylene Plc. - - 933 1,188
PTT Polyethylene Co., Ltd. - - - 507
TOC Glycol Co., Ltd. - - 521 686
Thai Ethanolamines Co., Ltd. - - 8 1
Thai Oleochemicals Co., Ltd. - - 21 7
Thai Tank Terminal Limited - - 6 10
Thai Styrenics Co., Ltd. - - 3 5
Associates
PTT Utility Co., Ltd. 34 66 - -
PTT Polymer Marketing Co., Ltd. 3,234 1,605 901 464
PTT Phenol Co., Ltd. 355 265 317 247
Vinythai Plc. 504 608 501 605
Other related parties
Bangkok Synthetics Co., Ltd. 154 135 153 134
Thai Plastic and Chemical Plc. 216 226 216 226
Thai Polypropylene Co., Ltd. 165 292 165 292
Thai Polyethylene Co., Ltd. 292 215 292 215
Siam Mitsui PTA Co., Ltd. 6 6 - -
Siam Styrene Monomer Co., Ltd. 189 230 188 230
Star Petroleum Refining Co., Ltd. 7 8 - -
Thai Industrial Gas Plc. - 3 - 3
Bangkok Industrial Gas Co., Ltd. - 2 - 2
PTTEP Siam Limited. 5 - - -
PTT Exploration and Production Plc. 2 6 - -
PTT Aromatics and Refining Plc. 459 335 330 308
PTT Asahi Chemical Co., Ltd. 9 - - -
IRPC Plc. 459 365 458 365
HMC Polymers Co., Ltd. 298 291 290 286
PTT International Trading Pte. Ltd. - 169 - 169
Others 37 15 - -
6,732 5,194 5,310 6,123
Less allowance for doubtful accounts - - - -
Net 6,732 5,194 5,310 6,123
Bad and doubtful debts expense for the year - - - -
192
Consolidated Separate
Other accounts receivable from related financial statements financial statements
parties 2010 2009 2010 2009
(in million Baht)
Major Shareholder
PTT Plc. 1 4 1 4
Subsidiaries
Bangkok Polyethylene Plc. - - 40 5
Bio Creation Co., Ltd. - - 2 1
PTT Chemical International
(Asia Pacific ROH) Ltd. - - 7 2
PTT Polyethylene Co., Ltd. - - 59 22
PTT Maintenance and Engineering Co., Ltd. - - 2 1
TOC Glycol Co., Ltd. - - 22 8
Thai Fatty Alcohol Co., Ltd. - - 3 -
Thai Ethanolamine Co., Ltd. - - 15 6
Thai Oleochemicals Co., Ltd. - - 19 19
Thai Tank Terminal Limited - - 3 1
NPC Safety and Environmental Service
Co., Ltd. - - 8 8
PTT Chemical International Pte. Ltd. - - 2 -
Jointly - controlled entity
Thai Ethoxylate Co., Ltd. - - 5 2
Associates
PTT Utility Co., Ltd. 4 3 4 3
PTT Polymer Marketing Co., Ltd. 876 718 - -
PTT Phenol Co., Ltd. 2 1 2 2
PTT ICT Solutions Co., Ltd. 12 23 12 22
HMC Polymers Co., Ltd. 1 - 1 -
896 749 207 106
Less allowance for doubtful accounts - - - -
Net 896 749 207 106
Bad and doubtful debts expense for the year - - - -
193
Thai Oleochemicals
Co., Ltd. 4.81-4.89 4.93-5.14 - - 8,060 8,580
Thai Ethanolamines
Co., Ltd. 4.81-4.89 4.93-5.14
- - 1,397 1,497
NPC Safety and
Environmental
Service Co., Ltd. 4.81-4.89 4.93-5.14 - - 290 290
- - 13,447 11,277
Less allowance for doubtful accounts - - - -
Short-term loans to related parties, net - - 13,447 11,277
Loans to related
parties Interest rate
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009 2010 2009
Long-term loans (% per annum) (in million Baht)
Subsidiaries
Bangkok
Polyethylene Plc. 4.81-4.89 4.93-5.14 - - 4,240 4,040
PTT Polyethylene
Co., Ltd. 4.81-4.89 4.93-5.14 - - 21,987 25,300
- - 26,227 29,340
Less current portion due within one year - - (5,546) (3,313)
Less allowance for doubtful accounts - - - -
Long-term loans to related parties, net - - 20,681 26,027
Summary of loans to related parties
Short-term loans - - 13,447 11,277
Current portion due within one year - - 5,546 3,313
Long-term loans - - 20,681 26,027
- - 39,674 40,617
Less allowance for doubtful accounts - - - -
Total loans to related parties, net - - 39,674 40,617
Bad and doubtful debts expenses for the year - - - -
Loans to related
parties Interest rate
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009 2010 2009
Short-term loans (% per annum) (in million Baht)
Subsidiaries
Bangkok
Polyethylene Plc. 4.81-4.89 4.93-5.14 - - 500 310
PTT Polyethylene
Co., Ltd. 4.81-4.89 4.93-5.14 - - 3,200 600
194
Movements during the years ended 31 December 2010 and 2009 of loans to related parties were as
follows:
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)

Investments in subsidiaries (Note 8) - - 40,962 38,392
Investments in jointly-controlled entity
(Note 8) - - 210 210
Investments in associates (Note 9) 9,735 8,370 8,588 8,478
Loans to related parties Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Short-term loans
Subsidiaries
At 1 January - - 11,277 7,995
Increase - - 3,390 4,402
Decrease - - (1,220) (1,120)
At 31 December - - 13,447 11,277

Long-term loans
Subsidiaries
At 1 January - - 29,340 21,678
Increase - - 200 7,662
Due within one year - - (5,546) (3,313)
Decrease - - (3,313) -
At 31 December - - 20,681 26,027


Advanced for construction in progress to Consolidated Separate
related party financial statements financial statements
2010 2009 2010 2009
(in million Baht)

Subsidiary
PTT Maintenance and Engineering Co., Ltd. - - - 7
195
Trade accounts payable to related parties Consolidated Separate
financial statements financial statements
2010 2009 2010 2009
(in million Baht)
Major Shareholder
PTT Plc. 4,417 4,076 3,432 4,076
Subsidiary
PTT Polyethylene Co., Ltd. - - 492 -
Associate
PTT Utility Co.,Ltd. 8 - 8 -
Other related parties
Bangkok Synthetics Co., Ltd. 25 13 7 8
Bangkok Industrial Gas Co., Ltd. - 6 - 5
PTT Aromatics and Refining Plc. 979 - 979 -
Star Petroleum Refining Co., Ltd. 48 - 48 -
Siam Styrene Monomer Co., Ltd. 17 - - -
IRPC Plc. 170 41 149 -
Thai Industrial Gas Plc. 1 1 - -
PTT International Trading Pte. Ltd. 47 - - -
Total 5,712 4,137 5,115 4,089
Other accounts payable to related parties Consolidated Separate
financial statements financial statements
2010 2009 2010 2009
(in million Baht)
Major Shareholder
PTT Plc. 173 28 41 4
Subsidiaries
Bangkok Polyethylene Plc. - - 34 14
Bio Creation Co., Ltd. - - 2 1
PTT Polyethylene Co., Ltd. - - 2 -
PTT Maintenance and Engineering Co., Ltd. - - 22 80
TOC Glycol Co., Ltd. - - 9 7
Thai Ethanolamine Co., Ltd. - - 2 1
Thai Oleochemicals Co., Ltd. - - 11 5
Thai Tank Terminal Limited - - 1 2
NPC Safety and Environmental Service
Co., Ltd - - 21 11
Associates
Vinythai Plc. 3 1 1 1
PTT Utility Co., Ltd. 363 300 1 1
PTT ICT Solutions Co., Ltd. 43 59 43 59
Eastern Fluid Transport Co., Ltd. 2 4 2 2
Other related parties
Bangkok Synthetics Co., Ltd. - 61 - -
Thai Polypropylene Co., Ltd. - 4 - 3
PTT Polymer Logistics Co., Ltd. 71 59 4 2
Dhipaya Insurance Plc. 32 13 11 13
Thai Plastic and Chemical Plc. 1 1 1 1
Thai Industrial Gas Plc. 8 7 6 5
Bangkok Industrial Gas Co., Ltd. - 2 - -
IRPC Plc. 18 11 10 10
Energy Complex Co., Ltd. 8 - 8 -
Total 722 550 232 222
196
Payables to contractor - related parties Consolidated Separate
financial statements financial statements
2010 2009 2010 2009
(in million Baht)
Major Shareholder
PTT Plc. 1 - - -
Subsidiary
PTT Maintenance and Engineering Co., Ltd. - - 38 156
Associates
PTT Utility Co., Ltd. - 4 - -
PTT ICT Solutions Co., Ltd. 12 2 12 2
Other related party
Bangkok Industrial Gas Co., Ltd. - 1 - -
Total 13 7 50 158
Retention payable - related party Consolidated Separate
financial statements financial statements
2010 2009 2010 2009
(in million Baht)
Subsidiary
PTT Maintenance and Engineering Co., Ltd. - - 7 8
Significant agreements with related parties
As at 31 December 2010, the Company has significant agreements with related parties as follows:
Olefins Sales Agreements
The Company has the Olefins Sales Agreement with five downstream petrochemical companies that
guarantee to purchase Olefins products not less than the volume specified in the agreement with
selling price based on prices prevailing in the world market. The agreement is for the period of 15
years, commencing from the date as specified in the agreement and will expire in December 2011.
The Company has 5 Ethylene Sales Agreements with certain related parties. Selling prices are determined
based on prices prevailing in the world market, Polyethylene price in the world market and Ethane price.
These agreements are for the periods from 7 years to 15 years, commencing from the effective date
specified in each agreement and will expire in July 2012, in December 2016 (for 2 agreements), in August
2021 and in May 2022.
The Company has 3 Propylene Sales Agreements with certain related parties. Selling prices are
determined based on Polypropylene price in the world market, Polypropylene and Propylene prices in
the world market. These agreements are for the periods from 12 years to 15 years, commencing from
the effective date specified in each agreement and will expire in March 2011, in December 2016 and
in December 2024.
By Product Sales Agreements
The Company has 2 Hidrogen Sales Agreements with certain related parties. Selling prices in each
agreement are determined based on Natural Gas price for the industry. These agreements are for the
periods from 3 years to 15 years, commencing from the date as specified in each agreement and will expire
in November 2012 and in December 2023.
The Company has the Pyrolysis Gasoline Sales Agreement with a related party that guarantee to purchase
such products not less than the volume specified in the agreement with selling price based on Aromatic
197
product price prevailing in the world market. The agreement is for the period of 15 years, commencing
from the date as specified in the agreement and will expire in November 2011. However, the agreement
are automatically renewable with the one year advance notice by either party.
The Company has the Supply Mixed C4 Agreement with a related party that guarantee to purchase the
product not less than the volume specified in the agreement with selling price based on Naphtha price
prevailing in the world market. The agreement is for the period of 15 years, commencing from the
date as specified in the agreement and will expire in May 2010. However, the agreement is still
effective until either party give a minimum of four year advance notice in order to terminate the agreement.
The Company is in process of renewing the contract.
The Company has the Tail Gas Supply Agreement with a related party. Selling prices are determined
based on Natural Gas price for the industry. The agreement is for the period of 15 years, commencing
from the date as specified in the agreement and will expire in July 2022.
Utilities and Other Services Agreements
The Company has 3 Power Supply Agreements with certain related parties. Selling prices in these
agreements are determined based on pricing from Provincial Electricity Authority. These agreements are
for the periods from 5 years to 15 years, commencing from the date as specified in each agreement and will
expire in July 2012, in September 2014 and in December 2017. The agreement with the term of 5 years can
be renewed for 5 years.
The Company has 5 Utilities Agreements covering electricity, steam and demineralised water with
certain related parties. These agreements are for the periods from 10 years to 15 years, commencing
from the date as specified in each agreement. Three agreements will expire in December 2016 and
others will expire in December 2021 and July 2024.
The subsidiaries have 3 Utilities Agreements covering steam, electricity and water with a related
party. These agreements are for the period of 15 years, commencing from the date as specified in each
agreement and will expire in May 2021, in December 2021and in June 2023.
The Company has 2 Product Transportation Agreements with certain related parties. These
agreements are for the periods from 3 years to 10 years, commencing from the date as specified in
each agreement and will expire in December 2012, and May 2015. The agreement with the term of 3
years is renewable for another period of 3 years, not exceeding total periods of 15 years.
The Company has 2 Nitrogen Supply Agreements with certain related parties. Selling prices are
determined based on prices prevailing in the market. These agreements are for the periods from 8 years
to 10 years, commencing from the date as specified in each agreement and will expire in October 2014
and in June 2016. These agreements can be renewed or terminated by either party providing not less
than 2 years’ prior written notice to the counterparty and the other not less than 12 months’ prior
written notice to the counterparty.
Feedstock and Fuel Gas Sales Agreements

The Company has the LPG Supply Agreement with a related party. Selling prices are determined
based on Polypropylene. These agreements are for the periods of 15 years, commencing from the date
as specified in each agreement and will expire in May 2021.
The Company has the Natural Gas Supply Agreement with a related party. Selling prices are
determined based on fuel oil price. The agreement is for the period of 20 years, commencing from the
198
date as specified in the agreement and will expire in December 2019. The agreement is renewable
for the period of 4 years, by providing not less than 1 year’ prior written notice to the counterparty.

The Company has the Natural Gas Liquid Agreement with a related party. Selling prices are
determined based on the standard price of Naphtha in the region. The agreement is for the period of
15 years, commencing from the date as specified in the agreement and will expire in May 2021. The
agreement is renewable for the period of 5 years with the agreement of both parties.
The Company has the Light Naphtha and Raffinate Sales Agreement with a related party. Selling
prices are determined based on the standard price of Naphtha in the region. The agreement
commences on 1 January 1999. Subsequently, on 1 June 1999, the Company had another agreement to
transfer the right and commitment under the Light Naphtha and Raffinate Sales Agreement to another
related party. The agreement will be effective in November 2012.
The Company has 2 Ethane, Propane and LPG Supply Agreements with a related party. Selling prices
in an agreement are determined based on Polyethylene and Polypropylene price and another
agreement is determined based on Polyethylene price. These agreements are for the periods of 12
years and 15 years, commencing from the date as specified in each agreement and will expire in
December 2011 and in July 2020. All agreements are renewable for the period of 5 years with the
agreement of both parties.
The Company has 2 LPG Supply Agreements with certain related parties. Selling prices are
determined based on Polypropylene. These agreements are for the periods of 1 year, commencing
from the date as specified in each agreement and will expire in May 2011 and November 2011. The
agreements are automatically renewable for one year or more with the agreement of both parties.
Polyethylene Sales Agreement
The Company has the Polyethylene Sales Agreement with a relate party to entirely sell all
Polyethylene to the related party for distributing to the customers. Under the agreement, the
Polyethylene pricing structure is changed to link to the Polyethylene product price, which the
Company sells to ended customers, adjusted by the appropriate marketing expenses for fairness to
both parties. The agreement is for the period of 15 years, commencing from the effective date as
specified in the agreement and will expire in January 2022.
Loan Agreements
The Company has an unsecured loan agreement with a related party with the credit limit of Baht
26,700 million. The loan agreement consists of Baht 25,300 million of long-term loan and Baht 1,400
million of short-term loan. The loan bears interest at the rate of the Company’s average cost of fund.
This long-term loan is repayable in equally quarter instalments, commencing from June 2010 and
within 5 years. Additionally, the Company provides temporary working capital (due is less than 1
year) for the amount of Bath 3,500 million to such related party.
The Company entered into an unsecured loan agreement with a related party with the credit limit of
Baht 5,105 million. The loan agreement consists of Baht 4,605 million of long-term loan and Baht
500 million of short-term loan. The loan bears interest at the rate of the Company’s average cost of
fund. This long-term loan is repayable in semi-annual instalments, commencing from June 2011 and
within 5 years.
199
The Company received unsecured promissory notes from three related parties for the total amount of
Baht 9,747 million. The interest rate is at the rate of the Company’s average cost of fund. The
promissory will be expired in 1 month but renewable.
Service Agreements
The Company has All Quality Guarantee, Machinery and Equipment Checking with a related party, for
the period of 3 years, which will expire in February 2011.
The Company has Share Service Agreements with its 9 subsidiaries for the provision of general
services. Service charges will be reviewed and agreed in the fourth quarter of each year. These
agreements are effective from 1 July 2008 and may be terminated by either party with 3 months
written notice.
The Company has two Emergency Control and Management Agreement with a related party for the
provision of services relating to consulting, training for safety, health and environmental and
establishment of emergency control centre. The agreement is for the period of 3 years and will expire
in December 2011.
The Company has four Security Service and Fire Protection Agreement with a related party. The
agreements are to provide security and fire protection service to asset, employee and visitor in the
location of the Company. The agreement is for the period of 2 years and will be expired in September
2012.
The Company has the Service Agreement with a related party for the provision of general services in
the building and rental space. The agreement is for the period of 3 years and will expire in September
2012 and is renewable for another period of 3 years with the service rate and committed conditions as
stipulated in the agreement.
The Company has the Lab Analysis Service Agreement with a related party. The agreement is for the
period of 1 year and is automatically renewable and may be terminated by either party with 1 month
prior written notice.
Office Rental Agreement

The Company has the Office Rental Agreement with a related party. The agreement is for the period
of 3 years and will expire in September 2012 and is renewable for another period of 3 years with the
office rental rate of Baht 86 million per annum and has committed conditions as stipulated in the
agreement.
5 Cash and cash equivalents
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Cash on hand 1 - - -
Cash at banks - current accounts 537 469 (4) (2)
Cash at banks - savings accounts 1,941 2,026 562 469
Fixed deposit 120 570 1 -
Highly liquid short-term investments 12,239 7,985 11,075 7,300
Total 14,838 11,050 11,634 7,767
200
The currency denomination of cash and cash equivalents as at 31 December was as follows:
6 Trade accounts receivable and notes receivable
Aging analyses for trade accounts receivable were as follows:
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Thai Baht (THB) 14,122 10,058 11,634 7,767
United States Dollars (USD) 145 151 - -
Euro (EUR) 187 404 - -
Ringgit (MYR) 238 283 - -
Others 146 154 - -
Total 14,838 11,050 11,634 7,767
Consolidated
financial statements
Separate
financial statements
Note 2010 2009 2010 2009
(in million Baht)
Related parties 4 6,732 5,194 5,310 6,123
Other parties
4,692 4,489 379 234
11,424 9,683 5,689 6,357
Less allowance for doubtful accounts
(17) (15) (2) (2)
Total
11,407 9,668 5,687 6,355
Bad and doubtful debts expenses for the year 7 14 - -
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Related parties
Within credit terms 6,712 5,149 5,310 6,118
Overdue:
Less than 3 months 20 45 - 5
3 - 6 months - - - -
6 - 12 months - - - -
Over 12 months - - - -
6,732 5,194 5,310 6,123
Less allowance for doubtful accounts - - - -
Net 6,732 5,194 5,310 6,123
201
The normal credit term granted by the Group/Company ranges from 15 days to 90 days.
The currency denomination of trade accounts receivable as at 31 December was as follows:
7 Inventories
Other parties
Within credit terms 4,293 4,007 373 231
Overdue:
Less than 3 months 378 467 2 1
3 - 6 months 7 3 2 -
6 - 12 months 7 6 - -
Over 12 months 7 6 2 2
4,692 4,489 379 234
Less allowance for doubtful accounts (17) (15) (2) (2)
Net 4,675 4,474 377 232
Total 11,407 9,668 5,687 6,355
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Thai Baht (THB) 8,974 7,053 5,588 6,186
United States Dollars (USD) 1,461 1,591 101 171
Euro (EUR) 744 628 - -
Others 245 411 - -
Total 11,424 9,683 5,689 6,357
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Finished goods 3,582 2,707 1,334 865
Work in progress 1,429 947 - -
Raw materials 2,067 1,702 911 1,070
Factory supplies 632 509 153 213
Spare parts 3,222 2,650 1,964 2,185
Goods in transit 243 117 100 -
11,175 8,632 4,462 4,333
Less allowance for decline in value (53) (95) - -
allowance for obsolescence (38) - - -
Net 11,084 8,537 4,462 4,333
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
202
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Inventories recognised as an expense
in ‘cost of sales of goods’:

- Cost 83,507 70,213 51,289 48,943
- Reversal of write - down (15) (785) - (283)
8 Investments in subsidiaries and jointly-controlled entity
Separate
financial statements
2010 2009
(in million Baht)
Subsidiaries
At 1 January 38,392 33,753
Acquisitions 2,570 4,639
Allowance for impairment - -
Disposals - -
At 31 December 40,962 38,392
Jointly-controlled entity
At 1 January 210 210
Acquisitions - -
Allowance for impairment - -
Disposals - -
At 31 December 210 210
Total
At 1 January 38,602 33,963
Acquisitions 2,570 4,639
Allowance for impairment - -
Disposals - -
At 31 December 41,172 38,602
- Net total 83,492 69,428 51,289 48,660
203
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206
Increase of investments in subsidiaries
At the meeting for incorporate of Bio Spectrum Co., Ltd. held on 9 November 2010, the meeting
approved to issue common share 10,000 shares at Baht 100 par value, totalling Baht 1 million which the
subsidiary called and recieved in cash of Baht 25 par value , totalling Baht 0.25 million.
At the Extraordinary meeting of shareholders of Bio Spectrum Co., Ltd. held on 29 November 2010, the
Shareholders approved to increase the registered share capital from Baht 1 million (divided into 10,000
shares at Baht 100 par value) to Baht 300 million (divided into 300 million shares at Baht 100 par value)
by issuing new common shares of Baht 299 million (divided into 2.99 million shares at Baht 100 par
value) which shall be allotted into two portions. The first portion is divided into 0.75 million shares at
Baht 100 per share, and will be fully paid-up, in consideration of transferring the Production Technology.
The remaining portion is divided into 2.24 million shares at Baht 100 per share, will be called and
received in cash of Baht 25 per share, totalling Baht 56 million in 2010.
Increase in share capital
At the Annual General Meeting of the shareholders of PTT Polyethylene Co., Ltd. held on 8 February
2010, the shareholders approved to increase the registered share capital from Baht 19,600 million
(divided into 196 million shares at Baht 100 par value) to Baht 22,000 million (divided into 220 million
shares at Baht 100 par value) by issuing new common shares of Baht 2,400 million (divided into 24
million shares at Baht 100 par value) of which such subsidiary called and received in full amount in the
first quarter of the year 2010.
At the Board of Directors meeting of PTT International Private Co., Ltd. held on 20 November 2009, the
Board approved to increase the registered share capital from SGD 205.2 million (divided into 205.2
million shares at SGD 1 par value) to SGD 219.2 million (divided into 219.2 million shares at SGD 1
par value) by issuing new common shares of SGD 14 million (divided into 14 million shares at SGD 1
par value) of which such company called and received of SGD 0.25 per share, totalling SGD 3.5 million
in 2009 and received of SGD 0.35 per share, totalling SGD 4.9 million in the third quarter of the year
2010.
Dividends
At the Board of Directors’ meeting of TOC Glycol Co., Ltd. held on 29 November 2010, the Board
approved the appropriation of dividends of Baht 18.00 per share, amounting to Baht 971.10 million. The
dividend was paid to shareholders in November 2010.
At the Board of Directors’ meeting of TOC Glycol Co., Ltd. held on 26 August 2010, the Board
approved the appropriation of dividends of Baht 19.00 per share, amounting to Baht 1,025.05 million.
The dividend was paid to shareholders in August 2010.
At the Board of Directors’ meeting of TOC Glycol Co., Ltd. held on 25 May 2010, the Board approved
the appropriation of dividends of Baht 15.00 per share, amounting to Baht 809.25 million. The dividend
was paid to shareholders in May 2010.
At the Annual General Meeting of the shareholders of PTT Maintenance and Engineering Co., Ltd.
held on 28 April 2010, the shareholders approved the appropriation of dividends from the net profit of
Baht 34.75 per share, amounting to Baht 69.50 million. The dividend was paid to shareholders in April
2010.
207
At the Annual General Meeting of the shareholders of TOC Glycol Co., Ltd. held on 27 April 2010, the
shareholders approved the appropriation of dividends from the net profit after the appropriation to legal
reserve of Baht 14.00 per share, amounting to Baht 755.30 million, which was paid to the shareholders in
April 2010.
At the Annual General Meeting of the shareholders of Thai Tank Terminal Limited held on 23 April
2010, the shareholders approved the appropriation of dividends of Baht 100.98 per share, amounting to
Baht 908.83 million. The dividend, amounting to Baht 300 million, was paid to the shareholders in May
2010, and the net balance of dividend, amounting to Baht 608.83 million, was paid to the shareholders in
December 2010.
At the Board of Directors’ meeting of TOC Glycol Co., Ltd. held on 25 December 2009, the Board
approved the appropriation of dividends of Baht 14.97 per share, amounting to Baht 807.63 million. The
dividend was paid to shareholders during 2009. Also, at the Annual General Meeting of the shareholders
of a subsidiary held on 27 April 2009, the shareholders approved to change the appropriation of dividends
to Baht 20.39 per share, amounting to Baht 1,100.04 million from Baht 29.04 per share, amounting to
1,566.71 million, which had been approved by the Board of Directors meeting of the subsidiary held on
17 November 2008, resulting in the change in dividend paid in 2009 of Baht 466.67 million.
At the annual general meeting of the shareholders of Thai Tank Terminal Ltd. held on 24 April 2009,
the shareholders approved the appropriation of dividends from the net profit of Baht 105.30 per share,
amounting to Baht 947.72 million. The dividend was paid to shareholders during 2009.
At the annual general meeting of the shareholders of Thai Ethoxylate Co., Ltd. held on 29 April 2009,
the shareholders approved the appropriation of dividends from the net profit of Baht 12 per share,
amounting to Baht 50.40 million. The dividend was paid to shareholders during 2009.
9 Investments in associates
Consolidated Separate
financial statements financial statements
2010 2009 2010 2009
(in million Baht)
At 1 January 8,370 8,001 8,478 8,150
Share of net profit of investments - equity
method 1,362 146 - -
Acquisitions 109 328 110 328
Dividend income (106) (105) - -
Allowance for impairment - - - -
Disposals - - - -
At 31 December 9,735 8,370 8,588 8,478
208
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210
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211
10 Other long-term investments
The currency denomination of other long-term investments as at 31 December was as follows:
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Other long-term investments
Other non marketable equity securities
Alliance Petrochemical Investment (Singapore) Pte.
Ltd. (16.67% Shareholding) 290 290 290 290
Guangzhou Keylink Chemical Co., Ltd.
(15% Shareholding) 34 33 - -
324 323 290 290
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Singapore Dollars (SGD) 290 290 290 290
Hong Kong Dollars (HKD) 34 33 - -
Total 324 323 290 290
212
1
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215
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51
Separate financial statements
License for
production
Software
licences
Right for
other
operation
Intangible
in progress Total
Cost
At 1 January 2009
680 271
-
6 957
Additions - 10 - 218 228
Transfers - 144 4 (4) 144
At 31 December 2009
and 1 January 2010 680 425 4 220 1,329
Additions - 44 99 - 143
Transfers - - (29) (2) (31)
At 31 December 2010 680 469 74 218 1,441
Accumulated amortisation
At 1 January 2009 (355) (144) - - (499)
Amortisation charge for the year (57) (43) (1) - (101)
At 31 December 2009 and
1 January 2010 (412) (187) (1) - (600)
Amortisation charge for the year (57) (54) (1) - (112)
At 31 December 2010 (469) (241) (2) - (712)
Net book value
At 1 January 2009 325 127 - 6 458
At 31 December 2009 and
1 January 2010 268 238 3 220 729
At 31 December 2010 211 228 72 218 729
218
13 Deferred tax
Deferred tax assets and liabilities determined after appropriate offsetting are included in the balance
sheets as follows:
Movements in deferred tax assets and liabilities during the year were as follows:
Deferred tax assets
Allowance for decline
in value of
inventories 2 2 - - - 4
Loss carryforward 53 - - - - 53
Others 77 172 - - (12) 237
Total 132 174 - - (12) 294
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Deferred tax assets 294 132 5 3
Deferred tax liabilities (1,081) (882) (886) (720)
Net (787) (750) (881) (717)
Consolidated financial statements
(Charged) / credited to:
At 1
January
2010
Statement
of income
(note 27) Equity
Acquisition
of
subsidiary
Exchange
differences
At 31
December
2010
(in million Baht)
Deferred tax liabilities
Depreciation and
Amortisation
(Depreciation gap) (852) (136) - - - (988)
Finance lease assets (19) (2) - - - (21)
Net gain on
remeasurement to
fair value of interest
rate swap contracts (9) (49) - - - (58)
Others (2) (14) - - 2 (14)
Total (882) (201) - - 2 (1,081)
Net (750) (27) - - (10) (787)
219
Deferred tax assets
Net loss on
remeasurement to
fair value of cross
currency interest rate
swap contracts 48 (48) - - - -
Allowance for decline
in value of
inventories 119 (117) - - - 2
Loss carryforward - 53 - - - 53
Others 30 47 - - - 77
Total 197 (65) - - - 132
Deferred tax assets
Allowance for decline in value of inventories - 2 - 2
Others 3 - - 3
Total 3 2 - 5
Consolidated financial statements
(Charged) / credited to:
At 1
January
2009
Statement
of income
(note 27) Equity
Acquisition
of
subsidiary
Exchange
differences
At 31
December
2009
(in million Baht)
Deferred tax liabilities
Depreciation and
amortization
(Depreciation gap) (709) (143) - - - (852)
Finance lease assets (22) 3 - - - (19)
Net gain on
remeasurement to
fair value of interest
rate swap contracts (12) 3 - - - (9)
Others (7) (6) (1) - 12 (2)
Total (750) (143) (1) - 12 (882)
Net (553) (208) (1) - 12 (750)
Separate financial statements
(Charged) / credited to:
At 1
January
2010
Statement
of income
(note 27) Equity
At 31
December
2010
(in million Baht)
220
Finance lease assets (16) (2) (18)
Net gain on remeasurement to fair value -
of interest rate swap contracts (9) (50) - (59)
Total (720) (166) - (886)
Net (717) (164) - (881)
Separate financial statements
(Charged) / credited to:
At 1
January
2009
Statement
of income
(note 27) Equity
At 31
December
2009
(in million Baht)
Deferred tax assets
Allowance for decline in value of inventories 72 (72) - -
Net loss on remeasurement to fair value
of cross currency interest rate swap 38 (38) - -
Others 3 - - 3
Total 113 (110) - 3

Deferred tax liabilities
Depreciation (616) (79) - (695)
Finance lease assets (19) 3 - (16)
Net gain on remeasurement to fair value
of interest rate swap contracts (13) 4 - (9)
Total (648) (72) - (720)
Net (535) (182) - (717)
Separate financial statements
(Charged) / credited to:
At 1
January
2010
Statement
of income
(note 27) Equity
At 31
December
2010
(in million Baht)
Deferred tax liabilities
Depreciation (695) (114) - (809)
221
14 Interest-bearing liabilities
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Current
Short-term loans from financial institutions
unsecured 1,460 772 - -

Current portion of long-term loans from
financial institutions
secured - 21 - -
unsecured 3,107 835 1,983 546
3,107 856 1,983 546
Debentures
secured - 400 - 400
Current portion of finance lease liabilities 182 155 130 111
4,749 2,183 2,113 1,057
Non-current
Long-term loans from financial institutions
secured 93 122 - -
unsecured 11,162 12,696 10,708 11,091
11,255 12,818 10,708 11,091
Debentures
secured - - - -
unsecured 29,444 30,399 29,444 30,399
29,444 30,399 29,444 30,399
Finance lease liabilities 214 196 146 126
40,913 43,413 40,298 41,616
Total 45,662 45,596 42,411 42,673
222
The periods to maturity of interest-bearing liabilities, excluding finance lease liabilities, as at 31
December were as follows:
Secured interest-bearing liabilities following the percentage of ownership held by the group
as at 31 December were secured on the following assets:
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Within one year 4,567 2,028 1,983 946
After one year but within five years 30,008 15,913 29,461 14,186
After five years 10,691 27,304 10,691 27,304
Total 45,266 45,245 42,135 42,436
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Machinery and equipment 122 12,166 - 12,000
Building 39 42 - -
Total 161 12,208 - 12,000
223
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224

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226

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227
As at 31 December 2010 the Group and the Company had unutilised credit facilities totalling Baht
22,176 million and 21,230 million, respectively (2009: Baht 7,188 million and Baht 6,300
million, respectively).
The currency denomination of interest-bearing liabilities as at 31 December was as follows:
15 Trade accounts payable
The currency denomination of trade accounts payable as at 31 December was as follows:
16 Other accounts payable
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Thai Baht (THB) 34,304 33,802 33,352 32,654
United States Dollars (USD) 9,648 10,620 9,059 10,019
Others 1,710 1,174 - -
Total 45,662 45,596 42,411 42,673
Note
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Related parties 4 5,712 4,137 5,115 4,089
Other parties 2,134 1,755 194 229
Total 7,846 5,892 5,309 4,318
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Thai Baht (THB) 6,503 4,360 5,303 4,076
United States Dollars (USD) 400 630 6 207
Euro (EUR) 429 414 - 35
Others 514 488 - -
Total 7,846 5,892 5,309 4,318
Note
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Related parties 4 722 550 232 222
Other parties 767 710 431 315
Total 1,489 1,260 663 537
228
17 Other current liabilities
18 Share capital
During the year 2010, holders of 14,780,800 warrants under the Company’s Employee Stock
Ownership Plan exercised their rights to purchase ordinary shares in the Company at the exercise
price of Baht 66.50 per share. The Company registered the increase in the paid-up share capital of
Baht 147,808,000 (divided into 14,780,800 shares at Baht 10 par value) with the Ministry of
Commerce, increasing the issued and paid-up share capital from Baht 15,010,400,000 (divided into
1,501,040,000 shares at Baht 10 par value) to Baht 15,158,208,000 (divided into 1,515,820,800
shares at Baht 10 par value). The new shares were issued at Baht 66.50 per share, resulting in an
increase in share premium of Baht 835,115,200.
During the year 2009, holders of 4,210,400 warrants under the Company’s Employee Stock
Ownership Plan exercised their rights to purchase ordinary shares in the Company at the exercise
price of Baht 66.50 per share. The Company registered the increase in the paid-up share capital of
Baht 42,104,000 (divided into 4,210,400 shares at Baht 10 par value) with the Ministry of
Commerce, increasing the issued and paid-up share capital from Baht 14,968,296,000 (divided into
1,496,829,600 shares at Baht 10 par value) to Baht 15,010,400,000 (divided into 1,501,400,000
shares at Baht 10 par value). The new shares were issued at Baht 66.50 per share, resulting in an
increase in share premium of Baht 237,887,600
As at 31 December 2010, there were 3,294,500 units of unexercised warrants, which will expire on
28 September 2011.
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Accrued interest and other accrued expenses 946 898 595 376
Withholding tax payable 198 174 159 137
Others 763 650 143 121
Total 1,907 1,722 897 634
Par value 2010 2009
per share Number Baht Number Baht
(in Baht) (million shares / million Baht)
Authorised
At 1 January
- ordinary shares 10 1,519.1 15,191 1,519.1 15,191
At 31 December
ordinary shares 10 1,519.1 15,191 1,519.1 15,191
Issued and paid up
At 1 January
- ordinary shares 10 1,501.0 15,010 1,496.8 14,968
Issue of new shares 10 14.8 148 4.2 42
At 31 December
ordinary shares 10 1,515.8 15,158 1,501.0 15,010
229
19 Additional paid-in capital and reserves
Share premium
Section 51 of the Public Companies Act B.E. 2535 requires companies to set aside share
subscription monies received in excess of the par value of the shares issued to a reserve account
(“share premium”). Share premium is not available for dividend distribution.
Legal reserve
Section 116 of the Public Companies Act B.E. 2535 requires that a company shall allocate not less
than 5% of its annual net profit, less any accumulated losses brought forward, to a reserve account
(“legal reserve”), until this account reaches an amount not less than 10% of the registered
authorised capital. The legal reserve is not available for dividend distribution.
Currency translation differences
The currency translation differences account within equity comprises all foreign currency
differences arising from the translation of the financial statements of foreign operations, as well as
from the translation of liabilities that hedge the Company’s net investment in a foreign operation.
20 Segment information
Segment information is presented in respect of the Group’s business segments. The primary
format, business segments, is based on the Group’s management and internal reporting structure.
Segment results, assets and liabilities include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis. Unallocated items mainly comprise interest or
dividend-earning assets and revenue, interest-bearing loans, borrowings and expenses, and
corporate assets and expenses.
Business segments
The Group comprises the following main business segments:
Segment 1 Olefins / Shared Facilities
Segment 2 Polymers
Segment 3 EO-Based Performance
Segment 4 Oleochemicals
Segment 5 Services & Others
Segment 6 International Business
Segment 7 Dividends income
230
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233
21 Investment income
Consolidated
financial statements
Separate
financial statements
Note 2010 2009 2010 2009
(in million Baht)
Rental income
Operating lease rental income 1 1 6 4
Dividend income
Subsidiaries 4 - - 4,066 824
Jointly-controlled entities 4 - - - 25
Associates 4 - - 105 105
Other parties - 21 - 21
- 21 4,171 975
Interest income
Subsidiaries 4 - - 1,995 1,816
Other parties 163 219 118 186
163 219 2,113 2,002
Total 164 241 6,290 2,981
22 Selling expenses
23 Administrative expenses
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Distribution 1,129 1,103 4 6
Promotional 48 23 10 7
Marketing 1 4 - 4
Personnel 209 265 - -
Others 136 60 - -
Total 1,523 1,455 14 17
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Personnel 1,414 1,530 1,077 937
Administrative 2,306 1,145 1,500 1,073
Depreciation and amortisation 566 436 372 307
Loss on disposal of fixed assets 43 156 22 154
Total 4,329 3,267 2,971 2,471
234
24 Employee benefit expenses
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
The defined contribution plans comprise provident funds established by the Group in Thailand for its
employees. Membership to the funds is on a voluntary basis. Contributions are made monthly by the
employees at the minimum rate as required by law not exceeding 10% of their basic salaries and the
Group contributes at the minimum rate as required by law not exceeding 10% of the employees’ basic
salaries. The provident funds are registered with the Ministry of Finance as juristic entities and are
managed by a licensed Fund Manager.
25 Expenses by nature
The statements of income include an analysis of expenses by function. Expenses by nature disclosed
in accordance with the requirements of various TAS and TFRS were as follows:
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Included in cost of sales of goods:
Changes in inventories of finished
goods and work in progress 1,345 245 469 (76)
Raw materials used 65,673 56,995 41,803 35,300
Depreciation of property, plant and
equipment 4,626 4,000 2,445 2,363
Amortisation of intangible assets 161 184 59 80
Included in administrative expenses:
Depreciation of property, plant and
equipment 477 451 305 264
Amortisation of intangible assets 90 63 67 43
Lease payments recognised as an
operating lease expense 326 269 159 105
26 Finance costs
Management
Wages and salaries 194 187 108 95
Contribution to defined contribution plans 6 3 5 3
200 190 113 98
Other employees
Wages and salaries 3,395 3,177 1,929 1,688
Contribution to defined contribution plans 126 146 83 84
Others 88 56 - -
3,609 3,379 2,012 1,772
Total 3,809 3,569 2,125 1,870
Consolidated
financial statements
Separate
financial statements
Note 2010 2009 2010 2009
(in million Baht)
Interest paid and payable to financial
institutions 2,245 2,260 2,119 2,078
Capitalised as cost of assets under
construction 11 (6) (1) - -
Net 2,239 2,259 2,119 2,078
235
27 Income tax expense
Income tax reduction
Royal Decree No. 387 B.E. 2544 dated 5 September 2001 grants companies listed on the Stock
Exchange of Thailand a reduction in the corporate income tax rate from 30% to 25% for taxable
profit not exceeding Baht 300 million for the five consecutive accounting periods beginning on or
after enactment. Listed companies that received income tax reduction under this Royal Decree are
also eligible to continue the period of tax reduction under Royal Decree No. 475 but not beyond the
2010 accounting period ending on or after 31 December 2010. The Company has, accordingly,
calculated income tax on its taxable profit for the years ended 31 December 2010 and 2009 at the
corporate income tax rate as specified in the Royal Decree.
Consolidated
financial statements
Separate
financial statements
Note 2010 2009 2010 2009
Current tax expense (in million Baht)
Current year 1,337 2,151 968 1,723
Under / (over) provided in prior years 24 (30) 23 (9)
1,361 2,121 991 1,714
Deferred tax expense 13
Movements in temporary differences 27 208 164 182
Total 1,388 2,329 1,155 1,896
Reconciliation of effective tax rate Consolidated financial statements
2010 2009
Rate
(%)
(in million
Baht)
Rate
(%)
(in million
Baht)
Profit before income tax expense 12,129 9,609
Income tax using the Thai corporation tax rate 30.00 3,639 30.00 2,883
Income tax reduction (0.12) (15) (0.14) (14)
Effect of different tax rates in foreign jurisdictions 0.49 59 - -
Income not subject to tax (21.87) (2,652) (8.11) (779)
Expenses not deductible for tax purposes 2.94 357 2.49 239
Total 11.44 1,388 24.24 2,329
Reconciliation of effective tax rate Separate financial statements
2010 2009
Rate
(%)
(in million
Baht)
Rate
(%)
(in million
Baht)
Profit before income tax expense 10,160 11,018
Income tax using the Thai corporation tax rate 30.00 3,048 30.00 3,305
Income tax reduction (0.15) (15) (0.13) (14)
Income not subject to tax (18.91) (1,921) (13.35) (1,471)
Expenses not deductible for tax purposes 0.42 43 0.69 76
Total 11.36 1,155 17.21 1,896
236
28 Promotional privileges
By virtue of the provisions of the Industrial Investment Promotion Act of B.E. 2520, the
Group/Company has been granted privileges by the Board of Investment relating to production and
distribution of petrochemical product, Polyethylene plastic resin, utilities and production support
facilities such as jetty and buffer tank farm services for liquid chemical and marine transportation
services. The privileges granted include:
(a) exemption from payment of import duty on machinery approved by the Board;
(b) exemption from payment of income tax for certain operations for a period of eight years from the
date on which the income is first derived from such operations; and
(c) a 50% reduction in the normal income tax rate on the net profit derived from certain operations
for a period of five years, commencing from the expiry date in (b) above.
As promoted companies, the Company and its subsidiaries must comply with certain terms and
conditions prescribed in the promotional certificates.
Summary of revenues from promoted and non-promoted businesses:
Consolidated financial statements
2010 2009
Promoted
busi-
nesses
Non-
promoted
businesses Total
Promoted
busi-
nesses
Non-
promoted
businesses Total
(in million Baht)
Export sales 3,904 6,966 10,870 3,808 13,398 17,206
Local sales 48,010 60,577 108,587 36,787 50,525 87,312
Service income 6,165 4,409
Eliminations (24,535) (22,898)
Total Revenues 101,087 86,029
Separate financial statements
2010 2009
Promoted
busi-
nesses
Non-
promoted
businesses Total
Promoted
busi-
nesses
Non-
promoted
businesses Total
(in million Baht)
Export sales 755 283 1,038 380 - 380
Local sales 15,214 41,833 57,047 18,540 41,011 59,551
Service income 188 166 354 94 239 333
Total Revenues 16,157 42,282 58,439 19,014 41,250 60,264
237
Diluted earnings per share
The calculations of diluted earnings per share for the years ended 31 December 2010 and 2009 were
based on the profit for the years attributable to equity holders of the Company and the weighted average
number of ordinary shares outstanding during the years after adjusting for the effects of all dilutive
potential ordinary shares as follows:
2010 2009 2010 2009
(in million Baht / million shares)

Profit for the year attributable to equity
holders of the Company (basic) 10,290 6,802 9,006 9,122

Number of ordinary shares outstanding at 1
January 1,501.1 1,496.7 1,501.1 1,496.7
Effect of shares issued during the year 5.7 1.1 5.7 1.1
Weighted average number of ordinary
shares outstanding (basic) 1,506.8 1,497.8 1,506.8 1,497.8

Earnings per share (basic) (in Baht) 6.83 4.54 5.98 6.09
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht / million shares)

Profit for the year attributable to equity
holders of the Company (diluted) 10,290 6,802 9,006 9,122

Weighted average number of ordinary shares
outstanding (basic) 1,506.8 1,497.8 1,506.8 1,497.8
Effect of shares options on issue 4.9 0.4 4.9 0.4
Weighted average number of ordinary
shares outstanding (diluted) 1,511.7 1,498.2 1,511.7 1,498.2

Earnings per share (diluted) (in Baht) 6.81 4.54 5.96 6.09
29 Earnings per share
Basic earnings per share
The calculations of basic earnings per share for the years ended 31 December 2010 and 2009 were
based on the profit for the years attributable to equity holders of the Company and the weighted average
number of ordinary shares outstanding during the years as follows:
Consolidated
financial statements
Separate
financial statements
238
30 Dividends
At the Board of Directors’ Meeting held on 20 August 2010, the Board approved the appropriation
of interim dividends for the performance from 1 January 2010 to 30 June 2010 of Baht 1.45 per
share, which was paid to the shareholders entitled to receive dividends, totalling approximately
Baht 2,187 million in September 2010.
At the Annual General Meeting of the shareholders of the Company held on 7 April 2010, the
shareholders approved the appropriation of dividends of Baht 2.0 per share, of which Baht 0.60 per
share was paid as an interim dividend in August 2009. The remaining dividend at the rate of Baht
1.40 per share was paid to the shareholders entitled to receive dividends, totalling approximately
Baht 2,101 million in April 2010.
At the Board of Directors meeting held on 21 August 2009, the Board approved the appropriation
of interim dividends of Baht 0.6 per share, amounting to Baht 898 million, from the net profit for the
six-month period ended 30 June 2009. The dividend was paid to shareholders on 17 September 2009.
At the annual general meeting of the shareholders of the Company held on 8 April 2009, the
shareholders approved the appropriation of dividends of Baht 4 per share, amounting to Baht 5,937
million, from the net profit of 2008 after deducting the interim dividends of Baht 3 per share, amounting
to Baht 4,490 million, paid to shareholders during 2008, from the net profit for the six-month period
ended 30 June 2008. The balance of dividend, amounting to Baht 1,497 million, was paid to
shareholders during 2009.
31 Financial instruments
Financial risk management policies
The Group/Company is exposed to normal business risks from changes in market interest rates and
currency exchange rates and from non-performance of contractual obligations by counterparties. The
Group/Company does not hold or issue derivative financial instruments for speculative or trading
purposes.
Risk management is integral to the whole business of the Group/Company. The Group/Company
continually has a system of risk management process to create an acceptable and appropriate balance of
risk.
Interest rate risk
Interest rate risk is the risk that future movements in market interest rates will affect the results of the
Group’s / Company’s operations and its cash flows because the Group’s / Company’s finances loans
which have both floating and fixed interest rates, for their operations. The Group/Company mitigates
this risk by ensuring that the majority of its borrowings are at fixed interest rates.
239
The effective interest rates of interest-bearing liabilities at 31 December 2010 and 2009 and the
periods in which those liabilities mature or re-price were disclosed in note 14.
Foreign currency risk
The Group/Company is exposed to foreign currency risk relating to purchases and sales, including
borrowings which are denominated in foreign currencies. The Group/Company primarily utilizes
forward exchange contracts to hedge such financial assets and liabilities denominated in foreign
currencies. The forward exchange contracts entered into at the balance sheet date also relate to
anticipated purchases and sales, denominated in foreign currencies, for the subsequent period.
In addition, the Group and the Company uses derivative financial instruments, principally interest rate
and currency swaps, to manage exposure to fluctuations in interest rates and in exchange rates on
specific debt securities and borrowings.
At 31 December, the Group and the Company were exposed to foreign currency risk in respect of
financial assets and liabilities denominated in the following currencies:
Loans receivable – Related parties Average cost
of fund 13,447 - - 13,447
Non-current
Loans receivable – Related parties Average cost
of fund 5,546 20,681 - 26,227
Total 18,993 20,681 - 39,674
2009
Current
Loans receivable – Related parties Average cost
of fund 11,277 - - 11,277
Non-current
Loans receivable – Related parties Average cost
of fund 3,313 24,365 1,662 29,340
Total 14,590 24,365 1,662 40,617
The effective interest rates of loans receivable as at 31 December and the periods in which the loans
receivable mature or re-price were as follows:
Separate financial statements
Effective
interest
Rate
Within 1
year
After 1 year but
within 5 years
After 5
years
Total

(% per
annum) (in million Baht)
2010
Current
240
Consolidated
financial statements
Separate
financial statements
Note 2010 2009 2010 2009
USD (in million Baht)
Cash and cash equivalents 5 145 151 - -
Trade accounts receivable 6 1,461 1,591 101 171
Interest-bearing liabilities 14 (9,649) (10,620) (9,060) (10,019)
Trade accounts payable 15 (400) (630) (6) (207)
Retention payables (14) (73) (5) (73)
Payable to contractors (300) (190) (6) (6)
Other payables (25) (145) - (68)
Gross balance sheet exposure (8,782) (9,916) (8,976) (10,202)
Currency swaps 4,108 4,574 4,108 4,574
Currency forwards 1,613 888 - -
Net exposure (3,061) (4,454) (4,868) (5,628)
EUR
Cash and cash equivalents 5 187 404 - -
Trade accounts receivable 6 744 628 - -
Advance payment 3 156 3 151
Interest-bearing liabilities 14 (835) (1,003) - -
Trade accounts payable 15 (429) (468) - (35)
Retention payables (2) (10) - (10)
Payable to contractors - (1) - (1)
Other payables - (40) - (10)
Gross balance sheet exposure (332) (334) 3 95
Currency swaps - - - -
Currency forwards 40 17 - -
Net exposure (292) (317) 3 95
SGD
Cash and cash equivalents 5 15 23 - -
Other investments 10 290 290 290 290
Other payables (7) (7) - -
Gross balance sheet exposure 298 306 290 290
Currency swaps - - - -
Currency forwards - - - -
Net exposure 298 306 290 290
JPY
Cash and cash equivalents 5 46 37 - -
Trade accounts receivable 6 147 185 - -
Advance payment - 4 - 4
Interest-bearing liabilities 14 (110) - - -
Trade accounts payable 15 (22) (18) - -
Retention payables (9) (8) (8) (8)
Payable to contractors (24) - (24) -
Other payables (28) (8) (29) (8)
Gross balance sheet exposure - 192 (61) (12)
Currency swaps - - - -
Currency forwards - - - -
Net exposure - 192 (61) (12)
241
Trade accounts receivable 6 45 138 - -
Interest-bearing liabilities 14 (746) (156) - -
Trade accounts payable 15 (463) (430) - -
Gross balance sheet exposure (926) (165) - -
Currency swaps - - - -
Currency forwards - - - -
Net exposure (926) (165) - -
Consolidated
Financial statements
Separate
Financial statements
Note 2010 2009 2010 2009
Others
Cash and cash equivalents 5 85 93 - -
Trade accounts receivable 6 52 89 - -
Other investments 10 34 33 - -
Interest-bearing liabilities 14 (19) (15) - -
Trade accounts payable 15 (28) (39) - -
Gross balance sheet exposure 124 161 - -
Currency swaps 40 56 - -
Currency forwards (22) - - -
Net exposure 142 217 - -
Credit risk
Credit risk is the potential financial loss resulting from the failure of a customer or a counterparty to
settle its financial and contractual obligations to the Group/Company as and when they fall due.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing
basis. Credit evaluations are performed on all customers requiring credit over a certain amount. At the
reporting date there were no significant concentrations of credit risk. The maximum exposure to credit
risk is represented by the carrying amount of each financial asset in the balance sheet. However, the
majority of the customers are on the long-term contracted commitment and parts of them are the
Company’s shareholders which the company has consistently collected from them. For the customers
who do not have the long-term contracted commitments, the Group monitors the risk on an ongoing
basis and would do the business only with the credible customers by limiting the credit lines and
requesting the guarantee on some cases. For the export, the credit of counterparty will be considered
and will demand a payment on a case to case basis. Management does not anticipate material losses
from its debt collection.
Liquidity risk
The Group/Company monitors its liquidity risk and maintains a level of cash and cash equivalents
deemed adequate by management to finance the Group’s/Company’s operations and to mitigate the
effects of fluctuations in cash flows.
Consolidated
financial statements
Separate
financial statements
Note 2010 2009 2010 2009
MYR
Cash and cash equivalents 5 238 283 - -
242
Determination of Fair values
A number of the Group’s/Company’s accounting policies and disclosures require the determination of
fair value, for both financial and non-financial assets and liabilities. The fair value is the amount for
which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an
arm’s length transaction. Fair values have been determined for measurement and/or disclosure purposes
based on the following methods. When applicable, further information about the assumptions made in
determining fair values is disclosed in the notes specific to that asset or liability.
The fair value of trade and other short-term receivables is taken to approximate the carrying value.
The fair value of investments in equity securities, which are held for held-to-maturity, is determined by
reference to their quoted bid price at the reporting date. The fair value of held-to-maturity investments
is determined for disclosure purposes only.
The fair value of interest rate swaps is based on broker quotes. Those quotes are tested for
reasonableness by discounting estimated future cash flows based on the terms and maturity of each
contract and using market interest rates for a similar instrument at the measurement date.
The fair value of forward exchange contracts is based on their listed market price of forward rate
for the residual maturity of the contract.
The fair value of non-derivative financial liabilities, which is determined for disclosure purposes, is
calculated based on the present value of future principal and interest cash flows, discounted at the
market rate of interest at the reporting date.
Fair values of debentures, together with the carrying values shown in the balance sheets at 31 December
were as follows:
Consolidated
financial statements
Separate
financial statements
Fair
value
Carrying
value
Fair
value
Carrying
value
2010 (in million Baht)
Current
Debentures - - - -
Non-current
Debentures 30,801 29,444 30,801 29,444
Total 30,801 29,444 30,801 29,444
2009
Current
Debentures 400 400 400 400
Non-current
Debentures 31,108 30,399 31,108 30,399
Total 31,508 30,799 31,508 30,799
243
The Company has the following significant commitments with non-related parties:
33 Others
On 29 September 2009, following the petition no. 586/2009 (Map Ta Phut case), the Central
Administrative Court ordered Government authorities as defendants to temporarily suspend 76
projects, which have not fully complied with the Section 67 chapter II of the Constitution of the
Kingdom of Thailand, in Map Ta Phut Industrial Estate and vicinity areas as attached no. 7 in the
petition. Subsequently, on 2 December 2009, the Supreme Administrative Court ordered,
following the petition no. 592/2009, to confirm the order of the Central Administrative Court
except for 11 projects. Of these 11 projects, 8 projects are projects of the Group.
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Capital commitments
Contracted but not provided for
Plant, machinery and equipment 827 2,595 575 1,560
Buildings 43 22 - 18
Total 870 2,617 575 1,578
Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Non-cancellable operating lease commitments
Within one year 132 150 - -
After one year but within five years 153 289 - -
After five years 31 27 - -
Total 316 466 - -

Consolidated
financial statements
Separate
financial statements
2010 2009 2010 2009
(in million Baht)
Other commitments
Unused letters of credits 200 307 21 293
Bank guarantees 1,000 530 154 140
Forward contracts 1,963 1,463 - -
Swap contracts 4,108 4,574 4,108 4,574
Other agreements 364 736 17 17
Total 7,635 7,610 4,300 5,024
32 Commitments with non-related parties
244
On 22 January 2010, the Central Administrative Court ordered the temporarily suspended 65
projects, following the undecided case no. 908/2009, to coordinate with the relevant authorities to
jointly consider whether the projects have complied with the conditions as ordered in the writ to
continue their operations.
During 2010, the Company and companies in the Group are coordinating with the relevant
authorities to acknowledge the detail of projects either temporarily suspended by order of the Court
or to be allowed to resume operations as a corrected order or damage of the Court. Subsequently,
on 2 September 2010, the Central Administrative Court rendered a judgment of a case under the
undecided case no.908/2009. The case affected 7 projects of the Company and the companies in
the Group, which are not projects under the Notification of the Ministry of Natural Resources and
Environment, dated 31 August 2010 and are allowed to resume their operations. However, for the
remaining 1 project, the Group currently operates complying with the Central Administrative
Court’s order in such undecided case. As at 31 December 2009, the Group has already invested
a total of Baht 1,627 million for the remaining 1 project.
34 Events after the reporting period
On 13 January 2011, PTT Chemical International Pte. Ltd., in which the Company holds 100%,
signed a share purchase agreement with Myriant Technologies, Inc., USA., which conducts
business focusing on research and development of bio-based chemical products. The transaction
cost was USD 60 million.
At the Board of Directors’ meeting held on 24 February 2011, the Board approved to submit for
approval at the Annual General Meeting of the Shareholders, a full year 2010 dividend payment
at the rate of Baht 3.07 per share, of which Baht 1.45 per share was paid as an interim dividend on
17 September 2010 as discussed in note 30. Thus, the remaining dividend will be at the rate of
Baht 1.62 per share to the shareholders entitled to receive dividends, totalling approximately
Baht 2,456 million. This dividend is subject to the approval of the Shareholders at the Annual
General Meeting on 21 April 2011.
At the Board of Directors’ meeting held on 24 February 2011, the Board approved the
almagamation between the Company and PTT Aromatics and Refining Public Company Limited
and will propose this to be approved in the Shareholders' meeting on 21 April 2011.
35 Thai Financial Reporting Standards (TFRS) not yet adopted
The Group/Company has not adopted the following new and revised TAS/TFRS that have been
issued as of the reporting date but are not yet effective. The new and revised TAS/TFRS are
anticipated to become effective for annual financial periods beginning on or after 1 January in the
year indicated.

TFRS

Topic
Year
effective
TAS 1 (revised 2009) Presentation of Financial Statements 2011
TAS 2 (revised 2009) Inventories 2011
TAS 7 (revised 2009) Statement of Cash Flows 2011
245
TAS 8 (revised 2009) Accounting Policies, Changes in Accounting Estimates and
Errors 2011
TAS 10 (revised 2009) Events after the Reporting Period 2011
TAS 16 (revised 2009) Property, Plant and Equipment 2011
TAS 17 (revised 2009) Leases 2011
TAS 18 (revised 2009) Revenue 2011
TAS 19 Employee Benefits 2011
TAS 21 (revised 2009) The Effects of Changes in Foreign Exchange Rates 2013
TAS 23 (revised 2009) Borrowing Costs 2011
TAS 24 (revised 2009) Related Party Disclosures 2011
TAS 26 Accounting and Reporting by Retirement Benefit Plans 2011
TAS 27 (revised 2009) Consolidated and Separate Financial Statements 2011
TAS 28 (revised 2009) Investments in Associates 2011
TAS 31 (revised 2009) Interests in Joint Ventures 2011
TAS 33 (revised 2009) Earnings per Share 2011
TAS 34 (revised 2009) Interim Financial Reporting 2011
TAS 36 (revised 2009) Impairment of Assets 2011
TAS 37 (revised 2009) Provisions, Contingent Liabilities and Contingent Assets 2011
TAS 38 (revised 2009) Intangible Assets 2011
TAS 40 (revised 2009) Investment Property 2011
TFRS 2 Share-based Payment 2011
TFRS 5 (revised 2009) Non-current Assets Held for Sale and Discontinued Operations 2011
Management expects to adopt and apply these new TFRS in accordance with the FAP’s
announcement and has made a preliminary assessment of the potential initial impact on the
consolidated and separate Company’s financial statements of those new standards assessed to have
the greatest potential impact on the financial statements in the period of initial application. These
standards are as follows:

TFRS

Topic
Year
effective
246
TAS 16 (revised 2009) – Property, plant and equipment
The principal changes introduced by the revised TAS 16 and affecting the Group/Company are that
(i) costs of asset dismantlement, removal and restoration have to be included as asset costs and
subject to annual depreciation; (ii) the depreciation charge has to be determined separately for each
significant part of an asset; and (iii) in determining the depreciable amount, the residual value of an
item of property, plant and equipment has to be measured at the amount estimated receivable
currently for the asset if the asset were already of the age and in the condition expected at the end of
its useful life. Furthermore, the residual value and useful life of an asset have to be reviewed at least
at each financial year-end.
The revised TAS 16 permits as a transitional provision that these changes may be introduced
prospectively from the year of introduction. Management intends to adopt this transitional
provision and accordingly the introduction of the revised TAS 16 from 1 January 2011 has no
impact on the financial statements of 2010 or prior years.
TAS 19 – Employee benefits
There is currently no Thai accounting standard covering employee benefits and the
Group/Company does not presently account for the costs of post-employment benefits under
defined benefit plans; other long-term employee benefits; and termination benefits until such costs
are incurred. The new TAS 19 includes the requirements to recognise and account for such costs in
the period in which the service is performed. The requirements are complex and require actuarial
assumptions to measure the obligation and expense. Moreover, the obligations are measured on
a discounted basis because they may be settled many years after the employees render the related
service. The transitional provisions of TAS 19 permit the transitional liability to be recognised and
accounted for in one of four different ways which the Group choose to adopt transitional provision
by retrospective application.
Management has determined that the transitional liability as at 1 January 2011 for post-employment
benefits which resulted to increase in liability approximately Baht 602 million for the Group and
Baht 487 million for the Company, respectively and decrease in retained earnings for the Group and
the Company by the same amount.
247
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Annual Report 2010
PTT Chemical Public Company Limited
248
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PTT Chemical Public Company Limited
A Company of PTT Group
555/1, Energy Complex, Building A, 15
th
-18
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Floors, Vibhavadi Rangsit Rd., Chatuchak, Bangkok 10900, Thailand
Tel: +66 (0) 2265-8400 Fax: +66 (0) 2265-8500

CONTENTS 
                                 
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VISION
Leading chemical company for better living through innovative technology and people

MISSION
To be a top quartile performer in Asia/Pacific as PTT flagship in chemical business To be a trustworthy company to all stakeholders with social responsibility and environmental care To excel in R&D and to intelligently apply state-of-the-art technologies To persistently cultivate highly proficient workforce with profound engagement and commitment to professional excellence

02

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000 tons per year and PTTPE production = 1.000 tons per year (6) TSCL production = 90.025.000 tons per year .863.000 tons per year (2) PTTCH production of Butene-1 and Butadiene = 100.000 tons per year (4) PTTPE production = 300.1(66 9$/8( &+$.10 Annual Report 2010 PTT Chemical Public Company Limited %86.000 tons per year (5) PTTPE production = 400.000 tons per year and BPE production = 500.1 Olefins & Shared Facilities Polymers Products Value Center BUSINESS VALUE CHAIN • Olefins (1) • Mixed C4 • Pyrolysis Gasoline Cracker Bottom Hydrogen • Butene-1(2)* • Utility Jetty & Buffer Tank Farm • High Density Polyethylene (HDPE)(3) • Low Density Polyethylene (LDPE)(4) • Linear Low Density Polyethylene (LLDPE)(5) • Polystyrene (PS)(6) %XVLQHVV RSHUDWLRQ RI WKH FRPSDQ\ LWV VXEVLGLDULHV DIILOLDWHV DQG WKHLU FDSDFLWLHV *Projects currently under development (1) PTTCH production = 1.000 tons per year (3) PTTCH production = 300.

000 tons per year (8) EA production = 50.000 tons per year and expansion project production = 95.11 EO-Based Performance Products Value Center Oleochemical Products Value Center Services & Others • Ethylene Oxide/Ethylene Glycol (EO/EG)(7) • Ethanolamine (8) • Ethoxylate(9) • Methyl Ester Fatty Alcohol & Glycerin(10) • Base & Specialty Oleochemicals(11) • Carotenoid(12)* • Jetty(13) • Utility(14) • Safety & Environmental Services(15) • Maintenance & Engineering(16) • Pipe Line Transportation(17) • Poly Vinyl Chloride (PVC)(18) • Phenol/BPA*(19) • Trading Health & Nutrition Products(20)* • R & D Green Chemicals(21)* • Information and Communication Technology(22) (13) (14) (15) (16) (17) (18) (19) TTT PTTUT NPC S&E PTTME EFT VNT production = 280.000 tons per year (9) TEX production = 50.000 tons per year (including MPR*) (12) Bio Spectrum production of Carotenoid (by-production of Methyl Ester used in food coloring) .000 tons per year (10) TOL production = 331.000 tons per year and Bis-Phenol-A = 150.000 tons per year PPCL production = 200.000 tons per year (11) EMERY production = 976.000 tons per year (20) Bio Creation (21) Myriant (22) PTTICT (7) TOCGC production = 300.

12 Annual Report 2010 PTT Chemical Public Company Limited MORE GREEN for your better world MORE WELLNESS for your well-being MORE KNOWLEDGE for your concerns MORE PROFITABLE for beneficial growth .

the environment. and other matters improvable for today and tomorrow. apart from responsibility to society. Our pledge is that we will relentlessly march toward success-and go beyond with diverse. . we make a sustainable business difference through the "values" created Shareholders' value that comes &5($7( 9$/8( not just from profits. creative ideas in all processes.What makes us different? At PTT Chemical. but from joint success Employees' value that comes not just from work. but from mutual improvement and neighborly care. but from being the Company's priceless assets Social and environmental value that comes not just from mere co-existence. but from happiness of ownership Business partners' value that comes not just from business.

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PTT Chemical combines management acumen with smart application of technology-resulting in a spectrum of quality and essential chemicals.16 Annual Report 2010 PTT Chemical Public Company Limited Leading the regional petrochemical industry with manufacturing and marketing strength. .

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cracker bottoms. the Company can adjust its feedstock choices for maximum benefit. .000 tons per year of Propylene The gas-based I-4/2 Plant with a capacity of 400. from natural gas and petroleum product feedstock. and hydrogen.product of Mixed C-4. by . tail gas. Given surplus Olefins and attractive prices. 100% of the shares). With a capacity of 1. the Company exports its outputs to international spot markets. Curently.000 tons per year of Ethylene and 127. pyrolysis gasoline.000 tons per year of Propylene) at the following plants: The gas-based I-1 Olefins Plant with a capacity of 461. The products are supplies to downstream petrochemical operators in the Industrial Estate and to High-Density Polyethylene (HDPE) plants of PTT Chem Group and the Ethylene Oxide/Ethylene Glycol (EO/EG) plant of TOC Glycol Co. product value addition comes from the Butene-1 project.. the engineering design has been completed. its nameplate capacity was 2.000 tons per year of Ethylene. to domestic customers. With both natural gas and naphtha serving as feedstock.. As of year-end 2010. Olefins Plant (wholly-owned by PTT Chemical.000 tons per year of Ethylene and 512.000.000 tons per year of Propylene The gas and naphtha-based I-4/1 Olefins Plant with a capacity of 515. In addition. this plant went on commercial production in December 2010 PTT Chemical also produces and distributes Olefins by-products comprising Mixed C-4.000 tons per year (2. and 50.376. (TOCGC) .000 tons per year of Ethylene and 25. Ltd. the Company produces and distributes Ethylene and Propylene.a wholly-owned subsidiary of PTT Chemical (100% of the shares). Ltd.18 Annual Report 2010 PTT Chemical Public Company Limited 2OHILQV 2YHUYLHZ 6KDUHG )DFLOLWLHV 2OHILQV 3URGXFWLRQ DQG 'LVWULEXWLRQ As a part of the upstream petrochemical industry.000 tons per year of Propylene The PTT Polyethylene Co. known collectively as "Olefins". it is scheduled to commence in the second quarter of 2014.888. with a capacity of 100.000 tons per year and Butadiene.000 tons per year of Propylene. running on ethane derived from Unit 6 of PTT's gas separation plant (GSP #6).000 tons per year of Ethylene and 310.

2. consisting of Treated. This project is scheduled for start-up in the fourth quarter of 2011. these facilities also serve the downstream petrochemical group. In addition. which would serve as a firm base for creating opportunities and expanding businesses.5 megawatts and 560 tons per hour of steam for the use of productions and expansion. managing inventory of feedstock and products. as well as improving plants for peer-industry competitiveness Fostered Olefins processing strength by building on feedstock advantages and optimization of facilities. Besides providing product storage. including Supply Chain Management (SCM) and Systems Applications and Products (SAP).000 cubic meters per hour of sea water reverse osmosis (SWRO). and for industrial usage.000 and 35. for operating efficiency improvement . and Demineralized water to the Olefins Plants and distribute to downstream plants in concession area and to other companies in Map Ta Phut Industrial Estate. and managing facilities for optimal cost-effectiveness Introduced a variety of software.  3HUIRUPDQFH 2YHUYLHZ The Olefins & Shared Facilities Value Center has consistently developed processing efficiency for competitive costs. steam. Potable. with the following hightlights of 2010 : 3URFHVVLQJ (IILFLHQF\ DQG &RPSHWLWLYHQHVV Improved and installed machinery/equipment while improving plant conditions to reuse energy and lower its processing needs for energy Studied benchmarking of the past year's performance for continued reference in monitoring and processing. import. PTT Chemical also runs two jetties of 9. and 1. improved processes and key equipment for efficiency Developed sales and marketing capabilities and information systems to plan domestic and international market competition Reduced operating costs by managing feedstock through optimization.19 8WLOLWLHV 3URGXFWLRQ DQG 'LVWULEXWLRQ Valuing and supporting businesses and activities that strengthen the petrochemical business and enhance a greater integration. 650 tons per hour of steam generation. the Company is planning on an electricity and steam plant (the EPS Project) with a capacity of 112. As of year-end 2010. the Company commanded 210 megawatts (MW) of power generation capacity.000-Dead Weight Ton (DWT) capacities together with petrochemical buffer tank facilities for its own supply security in case the production is suspended or temporarily shutdown for maintenance.080 cubic meters per hour of industrial water production. and export for its outputs. electricity. PTT Chemical provides key public utilities such as power.

the fourth quarter saw recovering oil and feedstock prices. as well as personnel's expertise. These factors taking effect brought down Ethylene market prices. oil and naphtha prices were on the rise benefiting for Olefins prices during the quarter. including some from the Middle East. Yet. These proved instrumental to Ethylene market prices returning to a high range. and production cost reduction.20 Annual Report 2010 PTT Chemical Public Company Limited PTT Chemical also prepared for future growth while seeking opportunities to expand its capacities which require low capital cost and leverage the technical capability.* Meanwhile. the market still remained volatile. or USD 46 per ton higher than the previous year. market demand began to slow down. All of Which helps the company maintain its competitive position. the Company was impacted by oversupply in the world market due to the start up of many new Asian Olefins Plants. planned production shutdowns of regional producers. to lead to maximum operating efficiency. namely a resilient marketing policy. For the year. which took 1. which continued to the year-end. notably in China.000 per ton.  $VLDQ 2OHILQV 0DUNHW 2YHUYLHZ This year's market proved better than expected. However. Ethylene prices remained high during the year because of maintenance shutdowns and capacity reduction of the crackers in the region. inventory management.02 million tons out of the market.** . The Company continued to implement the strategic action plan drawn up to tackle the economic crisis from last year. Ethylene commanded an average price of over USD 1. enabling naphtha-based Ethylene producers to make more profits. coupled with manufacturers' needs to produce goods in time for Christmas and New Year. due to its government's economic measures. and rising market demand with the world economic recovery. with the spread between Ethylene and naphtha prices reaching USD 363 per ton. with average prices moderately higher than in 2009. coupled with some production issues during the first quarter. Meanwhile. From the second quarter to the third. the readiness of the current infrastructure.

did not affect the Company's overall business because of its establised customer base. as a result of many countries' economic stimulus packages.* In addition.000 tons of Propylene out of the market. All these contributed to Asian Propylene prices being higher than those of Ethylene.21 The Asian market situation for Propylene in 2010 resembled that of Ethylene fairly tighter because of a disruption to the Propylene unit's on-purpose processing among the six Asian Propylene plants with a combined capacity of about 1. its downstream products set for export derived benefited fully from zero tariff. propylene demand remained high. in effect since 1 January 2010.200. Finally. oil and feedstock prices were on the rise throughout the latter half of 2010. combined with the shutdown and capacity reduction of crackers. with the spread between Propylene and naphtha for the year averaging USD 419 per ton. Together with.** Note that petrochemical tariff reduction under AFTA.000 tons per year by maintenance shutdowns and process problems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ource ** Source : CMAI : ICIS . took 644. or USD 83 per ton higher than that of 2009. This. which prevent the Company from competing with imported Olefins.

.22 Annual Report 2010 PTT Chemical Public Company Limited We treat our customers as our Partners and together we grow. side by side. As an integrated upstream and downstream petrochemical producer. we continue to strive for success by strengthening our portfolio with a wide range of products that fulfill every customer's needs.

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this value chain represents a business that PTT Chemical is very proud of.000 tons per year and another 250. and modern amenities. cables. heavy-duty bags. Thai Styrenics Co. and electrical wire or cable coating. electrical wire pipes. a US patent of Univation. (PTTPE).000 tons per year of GPPS (General Purpose Polystyrene) and HIPS (High Impact Polystyrene). commercial y operational since January 2010 through the Unipol processing technology. frozen-food bags.000 tons per year.a wholly owned subsidiary. Polystyrene (PS): Also known as thermoplastics.000 tons per year. stretch film. and BPE by 250. offering high impact strength. (TSCL). Both companies rely on the processing technology of Mitsui Chemical Inc. capable of producing diverse types of HDPE. PTT Chemical's HDPE is produced with a capacity of 250. In addition. including shrink film. Therefore. a Basell (Germany) patent. The product is distributed under the "Diarex" trademark. (PTTPE . Ltd. including plastic bags. lubricant gallons.. drinking water bottles. ropes.a wholly owned subsidiary of PTTCH hold 100% shares) is the operator with a capacity of 90. the Company has undertaken capacity expansion by 50.000 tons per year. A wide range of Plastics Polymers in which the Company has invested fall into these categories.000 tons per year through Bangkok Polyethylene Plc (BPE) . is commonly used in the production of electrical appliances and toys. and telecommunication cables. carbonated drink crates. home appliances. A variety of LLDPE outputs are used in the packaging industry.PTT Polyethylene Co.. for producing molding containers. Ltd. of Japan. Polymers Products are very close to people's life because they are processed into everyday consumer products. essential goods for both the industrial sector and the agricultural sector. HIPS. . GPPS. showcase boxes. High Density Polyethylene (HDPE): Under the InnoPlus brand. Polystyrene can be melted and molded. toys. characterized by its clarity and low cost.24 Annual Report 2010 PTT Chemical Public Company Limited 3RO\PHUV 3URGXFWV 9DOXH &HQWHU 2YHUYLHZ An essential part of the Olefins Value Chain. with start-ups due for the first quarter of 2011.000 tons per year. is suitable for the production of office appliances and disposable kitchenwave and utensils. garment bags. Low Density Polyethylene (LDPE): is produced by PTTPE with a capacity of 300. with a capacity of 400. Linear Low Density Polyethylene (LLDPE): is produced by a subsidiary company . milk bottles.water pipes. fishing nets and seines. The facility is undergoing process of commissioning and is expected to commence commercial operation in the first quarter of 2011 using the Tubular Reactor process technology.

The performance highlights this year are: 3URGXFWLRQ (IILFLHQF\ 3URFHVVHV Use of Ethylene as the primary feedstock for Olefins Plant Energy-saving improvement Laying of a Styrene Monomer (SM).25  3RO\PHUV 3URGXFWV 9DOXH &HQWHU 3HUIRUPDQFH Since Polymers production forms a capital-intensive downstream petrochemical industry with price cycles tracking crude oil prices. Ltd. The Company has assigned PTT Polymers Logistics Co. . (PTTPM).. PTT Chemical is confident that the Polymers Business Value Chain of the Group wil augment its marketing strength and distribution and logistics cost effectiveness. (PTTPL). of PTT Group to handle warehouse management and product logistics of PTT Group's Polymers products. for the marketing and distribution of Polymers and all by-products of PTT Chem Group. The Value Center has therefore not only continually improved its processing efficiency for competitive costs. which is highly efficient for the prevention of air pollutants resulting from product transfer to the silo Full execution of Supply Chain Management (SCM) 0DUNHWLQJ DQG 'LVWULEXWLRQ . Running at full capacity. All of which strength the Company's ability to reach the customers in over 80 countries worldwide. with representative offices in China and Vietnam along with one subsidiary in the United Arab Emirates to expand its marketing network and achieve more efficiency in customer service and comprehensive customer relation management in addition to Polymers products distribution expansion to the market. PTTPM boasts more than 120 agents worldwide.PSURYHPHQW Together with PTT Plc. Ltd. but has also focused on product development to respond to demand while keeping up with customers' needs and expanding commercial opportunities to accommodate its own rising capacities.. pipeline to accommodate SM imports to raise the capacity for SM cost management to a competitive level Installation of a Reverse Osmosis (RO) System to purify treated waste water from the plant into clarified water for use in the process of cooling water system to in turn cut effluents and maximize the integrated use of natural resources based on Eco-Efficiency application Installation of a Bag Filter system. production cost control and a firm customer base are crucial. Today. the Company formed PTT Polymer Marketing Co. core feedstock for PS.

On the other hand. Thai exports. the US and European markets were tight in supply through the year. demand for Thai exports is likely to slow down with developed countries stil facing economic crises. A case in point is the joint effort with a manufacturer of lubricant gallons which relies on HD68000B InnoPlus to make lighter containers by using less Polymers while retaining or increasing container strength.290 per ton. as did petroleum and petrochemical markets. $1. and LLDPE producers headed the other way in 2010. and PVC for food containers managed steady expansion in demand. Development of innovative products jointly with customers enhances product values for the mutual benefit of upstream and downstream operators. HIPS.320 per ton. which is expected to continue through 2011. a golden profit-making period for Asian producers. PS.450 per ton. Fortunately. $1. Thailand's main export destinations are China. boasted Baht 200. LLDPE. Feedstock prices rose by 30% over 2009. with feedstock costs also remained high. * Source: ICIS .* Polymers prices stayed fairly high in the first quarter because of several Asian plants' seasonal shutdowns and turnarounds. As a result. the driver of the economy. domestic plastic demand took off. PP. a far cry from last year.000 mil ion in total export value (32% growth). the domestic economy of 2010 as a whole expanded by a healthy 7. Thai exports still enjoy support in demand coming from emerging countries to replace that from developed countries. and GPPS. As for the Thai market. Stil .26 Annual Report 2010 PTT Chemical Public Company Limited 3URGXFW 9DOXH $GGLWLRQ One of the keys to achieve sustainable growth is the Company's innovative approach to customer care with a focus on Co-Creation with customers in introducing new products to the market or adding product value.8%. coupled with reduced exports from the Middle East to Asia. Hong Kong.360 per ton. 3RO\PHUV 0DUNHW 2YHUYLHZ  The global economy this year continued its recovery. $1. Another is the application of HD3520C InnoPlus to make lighter and thinner drinking water bottle caps but with the same sturdiness and safety of application. The average price of LDPE for the year was $1. squeezing the margins of LLDPE and HDPE producers over the same period. $1. whereas the margins of PP.470 per ton. HDPE. $1. PE. some producers had to lower their capacities and constantly tried to hike their prices-in short. With the economy growing. The year also saw a shrink of 6-8% in growth coming from the manufacturing sector. However. and Vietnam.220 per ton. thus badly depressing margins for regional operators. PP.

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

we pioneered the expansion of our products and capacities to trailblaze the market. we have reduced cost on foreign exchange trading while supporting sustainable development. By supplementing value to Ethylene Oxide and related products.28 Annual Report 2010 PTT Chemical Public Company Limited To cater to consumers' needs. .

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EA maintains its traditional overseas customer base while searching for new regional markets through maintaining and fostering relationships with customers and distribution agents. As for product distribution. EA values sale to domestic customers by doing its best to expand its domestic market shares through direct sale to bulk customers and through distribution agents to retail domestic customers. TOCGC is capable of producing 300.000 tons per year of MEG from Ethylene as feedstock.30 Annual Report 2010 PTT Chemical Public Company Limited (2%DVHG 3HUIRUPDQFH 3URGXFWV 9DOXH &HQWHU 2YHUYLHZ To raise the value of Olefins and address the demand of industrial groups and consumers more comprehensively. . (TOCGC). supplying products continuously and rapidly while also focusing on maintaining and raising its domestic market share as well as maximizing product value addition by investigating market development to constantly invest more in downstream businesses. As a result. Besides focusing on maintaining and raising its domestic market share. a wholly owned subsidiary. Today. Ethanolamines: Operated by Thai Ethanolamines Co. conditioners. the Company has turned to EO-Based Performance Products : Ethylene Oxide/Ethylene Glycol (EO/EG): Operated by TOC Glycol Co. the cement industry. The products find applications in the production of shampoos. with a total capacity of 50.. this is still under suspension ordered by the Central Administrative Court concerning the Map Ta Phut case to complete EIA and HIA requirements. PTT Chemical recognizes the need to make new domestic products with high value added. Ltd. among others. (EA). pharmaceutical product.. the plant yields EO and EG in the form of Mono Ethylene Glycol (MEG). Diethanolamine (DEA). TOCGC strives to maintain its overseas customer base and nurture relations to accommodate exports as a result of future capacity expansion. fabric softeners. and greater competitiveness for the benefit of the Thai petrochemical industry. and Triethanolamine (TEA). The core products are Monoethanolamine (MEA). Ltd. import substitution.000 tons per year. a wholly owned subsidiary of PTT Chemical. based on EO derived from TOCGC. As for the capacity expansion plan to 95. a primary product and feedstock for polyester fiber for the textile industry and clear-plastic bottle (PET) industry.000 tons per year. TOCGC's policy is to primarily distribute EO/EG to domestic operators at competitive prices and under commercial conditions.

(an affiliate of Cognis Group.. Products are also exported to Asia and Europe. and improved timing to trim electricity peak loads for large water pumps Achievement of lower operating costs through feedstock and product inventory management (QKDQFHPHQW RI &RPSHWLWLYHQHVV Commitment to building a long-term customer base through key account management Increase of revenue-generating ability by focusing on proactive marketing and distribution through the export of diverse products and maintaining domestic market shares and import substitution . with the following highlights in 2010: 3URFHVVLQJ (IILFLHQF\ . dish-washing liquids.  (2%DVHG 3HUIRUPDQFH 3URGXFWV 9DOXH &HQWHU 3HUIRUPDQFH The Value Center is determined to raise its processing efficiency for international competitiveness. TEX focuses on maintaining and raising domestic market shares together with import substitution while maintaining overseas customers and searching for new markets since the regional manufacturing base yields personal-care and home-care products-to optimize business opportunities.. more circulation of thermodynamic substances with latent heat values for process heat transfer. BASF took over Cognis's business. search for processing equipment and reduction of unnecessary electricity requirements. In marketing and distribution.] Its feedstock is EO from TOCGC and Fatty Alcohol from Thai Fatty Alcohol Co. With a nameplate capacity of 50.PSURYHPHQW Improvement of energy saving and energy conservation.31 Ethoxylate: Operated by Thai Ethoxylate Co. (TEX). including less dependence on steam supply shortfall needed from a steam plant. TEX's is the first plant to produce Ethoxylate in Thailand. the world's leading specialty chemical producer). [Note that on 10 December 2010. Ltd.000 tons per year. (TFA). a joint venture with Cognis Thai Ltd. Ethoxylate is a raw material for shampoos. and assorted washing liquids. Ltd. including the expansion of processing capability to accommodate domestic market growth.

. All suppliers strive to keep major customers and part of the domestic market share. in turn the feedstock for the textile industry and the clear-plastic bottle industry. Still. 2010 belonged to the business down cycle. with a long history of business as well as good relations with customers and distribution agents throughout the world. As a result. resulting in a business slowdown as well as a demand slowdown for operators in related industries. particularly the market in China (one of the biggest users and importers of MEG) and other Asian countries that still need MEG imports to constantly meet market demand. its market situation tracks that of the polyester industry. Ineos. both domestic and international. but look to improve with the rising demand of 2011. As for the overall Ethanolamine market. anti-weed chemical products. As for marketing and distribution of the EO groups. including personal-care products. In addition. Today. and construction materials. Capacities will be expanded for competitive advantage and optimum responses to MEG demand in the world market. and Dow-are based in the Middle East. TOCGC's domestic market share was quite a healthy 65%. in 2010. most major producers of the world-including Optimal.32 Annual Report 2010 PTT Chemical Public Company Limited 0DUNHW 2YHUYLHZ  Since MEG is a commodity product also used as feedstock for polyester. Ethanolamine prices dropped from the previous year. they command labor and feedstock cost advantages. most major producers export MEG to Thailand through direct sale and agents.

33 7KH 9DOXH &HQWHU V EXVLQHVV ZKLFK IRUPV DQ LQWHUPHGLDWH FKHPLFDO LQGXVWU\ LV FDSDEOH RI FRPSUHKHQVLYHO\ H[SDQGLQJ WR VSHFLDOW\ FKHPLFDOV $SDUW IURP PD[LPL]LQJ YDOXHV RI LWV SURGXFWV WKH YDOXH FHQWHU IRFXVHV RQ SUHYHQWLQJ HQYLURQPHQWDO SUREOHPV DW DQ HDUO\ VWDJH RI WKH FKDLQ WKURXJK FDUHIXO SODQW GHVLJQ DQG FRQVWUXFWLRQ RQ D SDU ZLWK LQWHUQDWLRQDO RSHUDWRUV HQHUJ\ VDYLQJ DQG SROOXWLRQ FRQWURO WR FRQIRUP WR WKH ODZ ZKLOH EHLQJ IXOO\ FRPPLWWHG WR DFKLHYLQJ VXVWDLQDEOH JURZWK .

34 Annual Report 2010 PTT Chemical Public Company Limited We incorporate environmental stewardship into our business-from upstream to downstream. Our ultimate goal is to become a global business leader with a global recognition of a leadership in contributing to sustainable development. . While adding Value to our products. And we will not stop here.

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36 Annual Report 2010 PTT Chemical Public Company Limited 2OHRFKHPLFDO 3URGXFWV 9DOXH &HQWHU 2YHUYLHZ Because Thailand and Southeast Asia have suitable terrains and climate for oily plants with ideal potential for processing into chemicals. the plant is due for completion in 2012. PTT Chemical also invested in Bio Spectrum Co.. Ltd. The Oleochemical Products Value Center consists of Thai Oleochemicals Co. or animal fats. Ltd. PTT Chemical foresees a need for the Oleochemical business based on natural raw materials like palm oil. (TOL) (a wholly owned subsidiary). pharmaceutical industry. (Malaysia)).000 tons per year. with applications in the personal-care industry. Glycerin: This is a by-product obtained from Oleochemical production. and Sime Darby Plantation Co. . Europe. The resulting Oleochemicals can yield various downstream products used in the personal care industry. and Emery Olechemicals (M) Sdn. and cosmetics industry. These collaboration add capability and integrate the product processing and sale businesses for new markets in Asia. and because today's needs for alternative energy and environmentally friendly products are continuingly increasing. and the US. Thai Fatty Alcohols Co. etc. and lower pollution or environmental impacts. Now filing for construction approval. food industry. Methyl Ester: TOL operates a 200. an extract from Methyl Ester used as a food coloring additive. Fatty Alcohols: TFA is the sole producer in Thailand with a capacity of 100. Bhd. (a 50%-50% joint venture between PTT Chem Group companies-namely PTT Chemical International Pte.000 tons per year of these Oleochemical products-key precursors to personal-care products-which can substitute a staggering cost of imports. longer engine life. and personal-care industry. It is especially useful in the pharmaceutical industry. Below are the Value Center's key products. Malaysia. A part of fatty alcohols also can be used as Ethoxylate feedstock. Fatty Acids: These are basic Oleochemical product of Emery. The production capacity is 31. soaps. engine combustion efficiency.. (TFA) (TOL's wholly owned subsidiary). vegetable oil. palm kernel oil. with the Inventa Group of Singapore at a ratio of 75% to 25% to produce Carotenoid.000-ton-per-year plant with outputs of basic Oleochemicals derived from blending Methyl Ester (B100) with diesel to obtain biodiesel (B3 or B5) of a European standard (EN14214) that gives higher efficiency to diesel (particularly its lubricating quality). Ltd.. Ltd..

Improved energy-saving. . as highlighted below: 3URFHVVLQJ (IILFLHQF\ . personal-care. including Palm Fatty Acid Distillate (PFAD) and palm stearin. to produce Methyl Ester. the Multi-Purposed Reactor (MPR) project with a capacity of 14. Specialty Oleochemicals. can be produced by Emery. &RPSHWLWLYHQHVV DQG 0DUNHWLQJ5HODWHG $FWLYLWLHV Increased revenue-generating ability since Methyl Ester played a key role in high domestic-market shares. incidentally. fatty alcohols and glycerin contribute to an international marketing and distribution network.operated by TFA (TOL holds 100% shares) has been sold to Emery Oleochemicals (in which CH Inter holds 50% equity)  2OHRFKHPLFDO 3URGXFWV 9DOXH &HQWHU 3HUIRUPDQFH Valuing quality and standard systems. including cleaning-agent. TIS 18000. TOL also looked into buying palm oil from a greater variety of producers and using other raw materials. developed assorted grades to address customers' needs. Granted certification of ISO 14000 (Environmental Management Systems.000 tons per year . including Triacetin. thus shortening the production process.PSURYHPHQW Developed the quality and services of Fatty Alcohols.37 Specialty Oleochemicals: Obtained from the processing of basic Oleochemicals. In addition. EMS). Ozone Acid. Improved processing efficiency by developing C16/18 fatty alcohol processes for direct processing at the fractionating unit. PTT Chemical consistently implemented process quality improvement through efficiency improvement and processing cost reduction together with confidence bolstering for products this year. Research into product value addition. through the production of white Methyl Ester and classification of fatty alcohols into grades in response to customers' needs. for instance. including investigation of development and investment in downstream products under the specialty Oleochemical group. which are essential foundations for its operations. these products find applications in assorted industries. and OHSAS 18000 (Occupational Health and Safety Assessment System). and chemicals used for oil well drilling. Strived for operating cost reduction by sourcing diverse raw materials with low costs. and plastic industries. plastics additives.

today there are many additional domestic biodiesel producers. The rising demand came mainly from Mid-Cut Alcohols for the personal-care industry and from Long-Chain alcohols for industrial applications-their higher demand reflected the improving global economy. a key basic system for food safety. which causes a biodiesel glut amid heated competition. with demand expected to approach the capacity in 2011. and HACCP (Hazard Analysis and Critical Control Point). the higher the Methyl Ester prices. which enabled TOL to sell glycerin in the pharmaceutical industry.5 million liters per day) of Methyl Ester. 98% Diesel and 2% Methyl Ester by volume) enforced nationwide on 1 February 2008 and a planned goal for exclusively B5 biodiesel (95% Diesel and 5% Methyl Ester) in the second quarter of 2011.000 tons per year (or 2. The price of the former rose sharply (70-80%) in the past year and wil remain high in 2011. . the certificates also extended to fatty alcohols and glycerin certified by the Halal Standard Institute of Thailand. a fact which has caused certain producers to trim their capacities or suspend their production because of financial problems and inventory management problems. food industry. thus lowering agricultural outputs than expected. The higher the raw material prices. Chose alternative raw materials for its processes. However. and personal-care industry. 0DUNHW 2YHUYLHZ  In view of the steady rise in the oil price worldwide. In any case.38 Annual Report 2010 PTT Chemical Public Company Limited Recieve Certification of GMP (Good Manufacturing Practice). Similarly. which implied a need for about 800. including coconut oil for fatty alcohol processes to not only save production costs. but also ease occasional raw-material shortages. Add to this scenario the highly volatile Methyl Ester situation in the world market stemming from a dramatic rise in palm oil and soybean oil prices due to climate change. The market for Fatty Alcohols improved from the trough of 2009. overseas markets saw lower biodiesel demand than supply capacity. Key factors to the Fatty Alcohol market are the volume and price of raw materials (palm kernel oil and coconut oil). the Ministry of Energy's clear goal for alternative-energy consumption led to a policy for B2 (that is. the total capacity stil outstripped market demand.

it is expected to come down to about the same level of 2010 by the first quarter of 2011. 377 &KHPLFDO V 2OHRFKHPLFDO EXVLQHVV UHSUHVHQWV DQRWKHU DSSURDFK IRU QRW RQO\ LQYHVWPHQW H[SDQVLRQ WR RWKHU FKHPLFDO JURXSV ZLWK JRRG SRWHQWLDO EXW DOVR UHODWLRQVPDLQWDLQLQJ ZLWK RWKHU HOHPHQWV RI WKH &RPSDQ\ .39 A by-product of Methyl Ester and Fatty Alcohols. However. since the price recorded such a big jump in the fourth quarter of 2010.Q DGGLWLRQ WR LOOXVWUDWH LWV LQWHQWLRQ WR JURZ WKH 2OHRFKHPLFDO EXVLQHVV WKH &RPSDQ\ KDV FRQWLQXDOO\ NHSW XS LWV LQYHVWLJDWLRQ GHYHORSPHQW DQG LPSURYHPHQW RI SURFHVV TXDOLW\ WR DGGUHVV FXVWRPHUV QHHGV LQ D PRUH FRPSUHKHQVLYH ZD\ ZKLOH JURZLQJ FRQILGHQFH LQ LWV SURGXFWV IRU PD[LPXP FXVWRPHU VDWLVIDFWLRQ . which has steadily raised the market supply of Glycerin. thus depressing its price. Glycerin bears the direct impact of the Methyl Ester and Fatty Alcohol markets stemming from the increasing worldwide popularity of biodiesel and the policy for mandatory use of biodiesel in many countries.

40 Annual Report 2010 PTT Chemical Public Company Limited Our commitment to service excellence drives our enthusiastic. competent people. Not contented with merely good services. . we are prepared to forge ahead along with customers to bring prosperity to Thailand's petrochemical industry through integrated services.

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. To us. innovation comes from thinking. learning. and acting for a better future-starting with each one of us.46 Annual Report 2010 PTT Chemical Public Company Limited Innovation leads our way in identifying mutual values between business and society.

SHAPING AN INNOVATIVE SOCIETY .

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427.873 748.667.265.283.977 210.836.627.374.916 4.210 131.630.292.200 767.237.294 1.191 Separate financial statements 2010 2009 11.000 39.355.188 115.166. plant and equipment Intangible assets Deferred tax assets Other non-current assets Total non-current assets Total assets 4.182.977 210.537.633.644.713 6.011.478.105 7.136.613 324.010.781.379 39.194. 9 10 4 11.063.553 9.250.330.345.000.433.366.084.906.000.153.952.820.000.111.313.066.049 The accompanying notes are an integral part of these financial statements.000.845 33.777.309 8. .998 13.556.370.000 67.334.000.238.985.414.895.189 11.163.473 678.293.574.026.627.347 32.000 54.000.078 729.168.240.913 290.027.392.606 5.319.404 112.303 323.654.578 625.636.031 41.962.837.649 114.075 168.000.392 206.461.681.238.718 154.145.882 128.168 Consolidated financial statements Assets Note 2010 2009 (in Baht) Current assets Cash and cash equivalents Trade accounts receivable and notes receivable Other accounts receivable from related parties Inventories Short-term loans to related parties Current portion of long-term loans to related parties Value-added tax receivable Other current assets Total current assets Non-current assets Investments in subsidiaries Investments in jointly-controlled entity Investments in associates Other long-term investments Long-term loans to related parties Property.000 8.447.018.875.196.365.727 728.543.924.283 160.247 40.021.466. 14 12 13 9.468 109.767. 8 4.000 39.965 2.515.735.851.546.685. 6 4 7 4 4 14.864 106.823 38.477 6.986.605 4.304 1.332.714.759 8.050. 8 4.426 6.538.687.240.505.389 1.684 11.316.273.047.580.798.474 5 4.628 895.585.726 11.315.670 293.913 290.277.815 1.754.810.702.000 5.678.996 11.096.166 127.467.592.587.000.409.127.392 26.392 20.388 111.186 4.519.791.000 8.000 3.574.503 1.802 148.406.215 3.325.409.099.

266.309.349 1.595.169 Consolidated financial statements Liabilities and equity Note 2010 2009 (in Baht) Current liabilities Short-term loans from financial institutions Trade accounts payable Other accounts payable Retention payables Payables to contractors Current portion of long-term loans Current portion of debentures Income tax payable Other current liabilities Total current liabilities Non-current liabilities Long-term loans from financial institutions Debentures Deferred tax liabilities Other non-current liabilities Total non-current liabilities Total liabilities 14 14 13 11.494 1.459 10.834.090.082.451.197 427.199.478.454.050.318.512 60.422 14.619 876.071 50.087.864 23.442.652.545 400.648.870 17.066.255.684.323 42.628.244 720.398.212 309.961.962.126.740 7.959.721.787.058.195.000.459.488.876.559.986 665.017.080.830.886 51.974.199.308.472.443.845.436.678.691 490.000 1.674 1.695.022 14 4.537 9.483.545 400.457 886.980 771.935 44.335 30.918.093 4.398.157.603 855.582 268.081 545.721.530 The accompanying notes are an integral part of these financial statements.443.670 1.260.789 3.008 186.154 42.717 917.972 1.778.195.889 Separate financial statements 2010 2009 5.969.339.848.906.311.861.115.168 404.183.542.673 1.595.836.166.862.161 1.542.298.449.471 29.564.000.918.497. 15 4.909.457 1.141.278.340 537.551. .383 41.822 5.822.333.078 633.107.487.000 1.492 12.707.421 8.244 881.974.456.259 896.586.891.983.979 11.217 499.903.091 30.546.889.133 59. 16 4 4 14 14 27 17 1.235 42.817.878 29.776.121.510 663.602.

638 18 15.892.153.638 30.041.267 168. .049 The accompanying notes are an integral part of these financial statements.018 - 30.000 31.802.000 15.619 1.519.543 101.000 15.018 234.519.115.208.432.759 99.170 Consolidated financial statements Liabilities and equity Note 2010 2009 (in Baht) Equity Share capital Authorised share capital Issued and paid-up share capital Reserves Share premium Currency translation changes Investment changes Retained earnings Appropriated Legal reserve Loan repayment reserve Projects expansion reserve Unappropriated Total equity attributable to equity holders of the Company Minority interests Total equity Total liabilities and equity 106.313.564 5.153.728.716.568.818 - 1.909 1.055.316.273.713.823 97.519.191.519 148.728.859.156 19 31.010.499.844 154.055.963.191.400.158.564 5.307 10.126 44.564 5.156.153.998.348.818 376.932.153.115.264.000 15.648 107.932.079.519.268.126 43.855.932.994.300 807.844 103.115.711 103.300 807.909.963.093.474 19 1.963.979.828.250.111.400.021.802.354.191.300 807.994.021.452 160.182.519 97.000 15.191.126 50.836 1.133.107.010.994.000 15.158.432.736 10.079.000 15.802.115.932.208.568.126 47.998.802.191.924.018.630.000 Separate financial statements 2010 2009 15.369.892.354.300 807.994.564 5.237 1.

976.280.094 12.450.475.783 Share f Sh of profit of associates.455.240.328.323 636.83 6.589. 28 4.462 87. 28 4.413.001.259.898.431.325.656.121.670. 7 4 4.171.721 2.366.680 112.355 144.243 51.014 450.005.81 4.151.124 189.896.177.470.754 2. net of fit f i t t f income tax expense Profit before finance costs and income tax expense Finance costs Profit before income tax expense Income tax expense Net profit for the year 27 26 14.588 11.533 83.136 2.707 Separate financial statements 2010 2009 58.017.820 9.492.96 6.819.848.661 9 1.479 105.784.599 2.325.171 Consolidated financial statements Note 2010 2009 (in Baht) Revenues Revenue from sale of goods Revenue from rendering of services Dividends income Interest income Net foreign exchange gain Other income Total revenues 4.587.186.215.741 2.285.952.696.570 478.340 7.756.872.368.391.730 2.367.469.54 4.435.898.112.183 54.047 14.491.011.042 2.952 - Profit attributable to: Equity holders of the Company Minority interest Net profit for the year 10.916.8.898.134 69.09 The accompanying notes are an integral part of these financial statements.682.118.481 1.295 9.310.740.233 580.058 9.302 51.413 1.267.058 9.050 589.855 11.587.338.474.176.550.660 1.9.930.121.290.747.876.290.399 17.128.686 9.078.970.329.545. .003.180.371.820 7.001.297.661 Earnings per share Basic Diluted 29 6.100.780.868.519 75.032.908 48.362.990.239.876.609.913 2.803.421.423.982. 21 4.119 Expenses Cost of sale of goods Cost of rendering of services Selling expenses Administrative expenses Management benefit expenses Total expenses 4.280.21 4.383 66.672.839.212.864 975.635.154.011.941.421.058 13.950.588 6.126 163.345 353.910 9.053 21.598 333.092.005.236.423.298 4. 21 98.703 1.072 3.358.072 10.659.661 9.121.488.806 1. 22 23 24 83.510 93.898.077.289.082.336 2.322.522.54 5.882.388.856.830.090.524.735 1.065 64.09 6.119.045 219.097.160.910 12.018.519 2.574 10.768 165.930.469.740.089.967 459.772.500 603.005.436 97.670 90.98 5.801.084.620.246 10.279.765.428.387.096.379.792 103.022.635.353 1.658 648.078.635.825 1.999 4.416 2.696.507 59.430 200.

716.564 5.268.300 807.828.760) 44.208.268.673.932.041.316.133.285.801.698.728.998.326) (36.740.089.300 807.156 10.325.919.760) 99.712) 6.998.400.021.740.021.713.014 10.910 7.802.801.542.638 1.156 6.500.801.452 (167.919.994.817.712) - 14.189.963.933) 50.574 75.313.126 (40) (2.543.892.712) (78.638 1.499.010.800) 1.802.588 1.876.979.000 835.818 Balance at 1 January 2010 (141.076.570 6.115.236.817.014 10.452 Translation of financial statement differences - Net loss recognised directly in equity - Net profit for the year - Total recognised income and expense - Issue of ordinary shares - 18 42.571) - 15.264.909 (141.876.014 (4.421.801.273.998.290.998.121.570 6.300 807.712) 376.910 589.097 (2.571) 234. .519.994.760.876.021.340 478.802.290.306.698.287.421.029.644) 1.394.093.802.585.240) 10.636 (36.290.859.300 807.733) 107.115.855.421.158.093.019 10.648 101.519.909 1.236.000 31.932.588 10.593.057.545.104.564 5.593.041.564 5.421.126 44.236.968.000.000 30.570 279.251 (78.200 (4.307 10.564 5.919.859.655.474.000 237.126 (141.600 Dividends 30 - Balance at 31 December 2009 15.828.115.264.543 96.876.240) (167.736 10.994.638 1.200 Dividends 30 - Balance at 31 December 2010 15.115.218 454.038) 7.126 40.172 Consolidated financial statements Reserves Appropriated to Total equity Projects expansion reserve Unappropriated the Company interests equity holders of Minority attributable to Total equity Currency Share changes holding Legal reserve reserve translation investment repayment Change in Loans Retained earnings Issued and paid-up Note share capital premium (in Baht) Balance at 1 January 2009 (78.018 The accompanying notes are an integral part of these financial statements.296.570 (78.537 (464.280.348.560 (2.290.678 1.321.655.404) 101.010.000 30.543 (25.267 Translation of financial statement differences - Net loss recognised directly in equity - Net profit for the year - Total recognised income and expense - Issue of ordinary shares - 18 147.000 (473.287.089.316.818 376.571) 10.979.000 30.499.038) (114.669) 450.932.307 10.574 450.545.994.963.923.014 982.923.237 99.892.326) 478.991.380.808.115.394.107.519.619 1.325.340 309.713.519.079.887 (114.963.919.197.933) 106.280.346 94.200 (4.079.236.932.400.316.673.571) (141.316.669) (25.500.887.

760) 97.808.005.005.115.287.156.191.463.963.115.000 30.208.394.923.932.600 5.898.802.698.400.000 30.711 9.296.121.156.519.058 9.079.200 (4.564 807.000 31.519 Net profit for the year Total recognised income and expense Issue of ordinary shares 18 Dividends 30 Balance at 31 December 2009 Balance at 1 January 2010 147.126 5.018 835.519.519 9.991. 173 6 .963.421.432.994.200 1.600 (2.728.932.058 (4.661 279.300 - 15.635.661 9.655.810 9.661 9.115.968.932.760) 43.000 30.818 237.635.635.909.005.121.568.010.892.635.564 5.300 807.994.354.218 1.994.802.844 Net profit for the year Total recognised income and expense Issue of ordinary shares 18 Dividends 30 Balance at 31 December 2010 The accompanying notes are an integral part of these financial statements.000 1.126 14.058 9.892.802.005.836 97.010.018 9.564 15.121.898.115.300 807.994.055.432.661 (2.898.126 36.933) 47.126 43.354.698.191.347.076.394.287.400.421.115.300 807.241.121.711 90.932.956.802.898.Separate financial statements Reserves Appropriated to Issued and paid-up share capital premium Legal reserve reserve reserve Unappropriated Share repayment expansion Loans Projects Retained earnings Total equity attributable to equity holders of the Company Note (in Baht) Balance at 1 January 2009 42.058 982.104.369.158.887.000 15.933) 103.564 5.519.519.818 1.

087 19.275) 67.228 (270.865) (1 362 215 355) (1.940 (21.738.477) 2.177.956) (295.086) 72.059.177.197.559.828 (785.176.293.094 (1.302.275.550.136.394 (172.104.116.517) 241.373) 6.153.521.005.105.280.042) (283.011.078.223.982) (148.588 7.378) 9.197.399.740.355) 1.238) (79.297.423.212.761 (17.771 Changes in operating assets and liabilities Trade accounts receivable and notes receivable Other accounts receivable from related parties Inventories Value-added tax receivable Other current assets Other non-current assets Trade accounts payable Other accounts payable Retention payables Other current liabilities Other non-current liabilities Income tax paid Net cash provided by operating activities (1.202.058 9.257) (144 450 952) (144.613) 13.496.875) 27.806) 2.390) 153.635.528 358.780.719) 13.239.529 (714.021.868) 7.450.658.727) (212.239.468.689) 1.145.982 154.898.910 Separate financial statements 2010 2009 9.038.448) 2.478.417.392.337.380 (163.964.706.783) (54.781 (17.720.421.931) 5.071.121.249 53.215 (819. plant and equipment (Gain) loss on disposal of property.105) (79.996.468.525.477) (52.482.830.608.931) 1.122 (1. plant and equipment Realised deferred pipeline income and equipment and other income Sh of profit of associates.453.315.741) 2.533.473.215.861.363 (348.587.832) 1.803 (465.860.772 (981.692.905.952) 2.117.340) 7.367 4.295 7.815) (910.820 15.331) (237.362.898.034) (975.371.768 667.731) (295.855 (539.648.862.257) 1.905.901.589.754 The accompanying notes are an integral part of these financial statements.402.656.249) (4.325.572.735) 2.913.334.877.115.153.527.090.279.119.072 17.868.294.522.267 (3.001.241.936 (14.149) 85.552 (58.666) (674.874.157 (219.656.819) 990.178 (100.269.303 153.142.116 (21.211. .658) 2.947.608.060.340 342.897 (2.328.747.975.839.237.251) (146.309) 11.721.494.246 (1.440.171.479.359 (126.302.423.820 12.362) 3.661 2.728 97.067.329 (220.300.045) 10.944.154.729 128.100.704 151.310.387.266.584 176.419) (132.994.560 (36.647 (3.112.388.821.961.839) 15.977.379.024) 1.241.306) (916.174 Consolidated financial statements 2010 2009 (in Baht) Cash flows from operating activities Net profit for the year Adjustments for Depreciation and amortisation Interest income Finance costs Unrealised gain on exchange Doubtful debts expense Dividends income Reversal of allowance for loss on decline in value of inventories Allowance for obsolete stock Impairment loss on intangible assets and property.676.896.784 (2.201.686 (562.887.221.259.318 (2. net of i fit f i t t f income t expense Share f tax Income tax expense (35.050) 2.693.254.568.

785.319.000 (400.120.586 (17.922.000) 1.800) (371.454.091.866.000.698.056) 35.171.740.553 (561) 11.307.231.171.000.000) 279.000 (124.000 (400.440.773.561.398.261 4.426 (10.200 (4.886.000.421) (109. .182.120.975.991.313.661.000.189 (27.545) (400.485 2.000) 317.785.727.310.543.369.923.974) (2.545) (400.000.611) 235.528) (4 287 421 933) (4.187) Cash flows from financing activities Interest paid Dividends id Di id d paid Finance lease payments (Repayment of) proceeds from short-term loans from financial institutions Proceeds from long-term borrowings Repayment of long-term borrowings Proceeds from issue of debentures Redemption of debentures Proceeds from issue of share capital Net cash used in financing activities 752.518.840) (327.702.000.880.042 (4.000) (17.174.556.111) (2.807.208) 238.724.033.062 124.000) (109.085.292.178.926) 14.323.000.403.502.011) (545.733.544) 18.356) 21.946.292.600 (2.287.569.553 (10.022.479.239 1.220.811) (77.000) 1.562 11.087.518 108.000. plant and equipment Increase in short-term loans to related parties Proceeds from short-term loans to related parties Increase in long-term loans to related parties Proceeds from long-term loans to related parties Increase in intangible assets Net cash outflow for investments in subsidiaries Net cash outflow for investments in associates Proceeds from sale of long-term investments Net cash provided by (used in) investing activities 152.050.545) 3.767.970 (20.873) 11.000) 3.933) (145.047) 32.399 1.290) Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Effect of exchange rate changes on balances held in foreign currencies Cash and cash equivalents at end of year 3.975.712 (3.454.399) 5.633.685.061.000) 982.295.293.785.000 (545.219.808 (3.609) (2.311.649.379.230.581) 638.786.781.782 3.760.000.000 (7.512.000.440.000) 1.209.041 (6.852.741 7.116) (2 394 698 760) (2.050.638) (4.235 (541.793.402.703.343 (502.205) (2.870.000.394. plant and equipment Sale of property.369) Separate financial statements 2010 2009 2.767.681) (327.877) (177.363.762.923.055.789.852.606 7.326.639.278) (2.000) 982.231.377 (17.837.049 (4.293.531.426 The accompanying notes are an integral part of these financial statements.000 (884.199.000.630.338.188.896.772.146.390.880.524.600.000 (1.982.000) (6.000.029.103.064) (4 760 543 733) (4.592.175 Consolidated financial statements 2010 2009 (in Baht) Cash flows from investing activities Interest received Dividends received Purchase of property.200 (4.000.087.104.741 (3.172.899.546.000) 27.000.000.853.873.733) (194.768) 1.488.938.843) 3.000 (200.421.760) (37.097.606) (2 880 852 811) (2.

PTT is incorporated in Thailand and is the major shareholder of the Company. Tumbon Map Ta Phut. holding 48. Rong Pui Road. Tumbon Map Ta Phut. Radniyom Road. The Company is a company in the PTT Public Company Limited (“PTT”) group of companies. Amphoe Mueang Rayong. By-products are Mixed C4. Pakorn Songkrao-Rat Road. 15th . Thailand Branch 2 (I-1 Road Branch) : 14. Energy Complex. is incorporated in Thailand and has its registered offices as follows: Head Office : 555/1. Bangkok. In addition. Thailand Branch) The Company registered to terminate Branch 1 (Suntowers A Branch) and Branch 6 (Suntowers B Branch) and registered to change the address of Head Office in March 2010.176 These notes form an integral part of the financial statements.18th Floor. Thailand : 19. the “Company”. Building A. Thailand : 24/9. Thailand Branch 3 (I-4 Road Branch) : 9.68% of the Company’s issued and paid-up share capital. Thailand Branch) Branch 5 (Radniyom Road) : 59. Rayong. Amphoe Mueang Branch 4 (Jetty and Buffer Tank Farm Rayong. I-1 Road. The financial statements were authorised for issue by the Board of Directors on 24 February 2011 1 General information PTT Chemical Public Company Limited. The principal businesses of the Company are production and distribution of Ethylene. Cracker bottom and tail gas. oil and gas. Rayong. water. Rayong. Details of the Company’s subsidiaries and jointly . Amphoe Mueang Rayong. Tumbon Map Ta Put. The Company was listed on the Stock Exchange of Thailand in December 2005. the Company also operates production support facilities such as jetty and buffer tank farm services for liquid chemical. Tumbon Map Ta Phut. Pyrolysis gasoline. steam and other utilities. Amphoe Mueang Rayong. Rayong.controlled entities as at 31 December 2010 and 2009 were as follows: . Rayong. Chatuchak. VibhavadiRangsit Road. Tumbon Noenphra. Minor activities are production and distribution of electricity. Amphoe Branch 7 (Pakorn Songkrao-Rat Road Mueang Rayong. I-4 Road. Propylene Polyethylene and Biochemical products.

Ltd.. distributing petrochemical products PTT Maintenance and Maintenance factory and Engineering Co. Ltd. international business Indirect subsidiaries Thai Fatty Alcohol Manufacturing and Co. distributing biochemical products Thai Styrenics Co. Ltd. health and nutrition products Bio Spectrum Co.177 Name of the entity Type of business Country of incorporation Ownership interest (%) 2010 2009 100 100 Direct subsidiaries Bangkok Polyethylene Plc.. Ltd. oil and gas PTT Polyethylene Manufacturing and Co. Manufacturing and distributing petrochemical products Bio Creation Co... Ltd. distributing biochemical products Thai Tank Terminal Service for the storage and Limited handling of liquid chemicals. Jointly-controlled entity Thai Ethoxylate Co.. Ltd.. Ltd. PTT Chemical Holding and operating International Pte. Ltd. Manufacturing and (Formerly Thai Choline distributing petrochemical Chloride Co... Ltd. Ltd. Manufacturing and distributing biochemical products TOC Glycol Co. distributing petrochemical products Thai Oleochemicals Manufacturing and Co.. Manufacturing and distributing petrochemical products Thailand Thailand 100 100 Thailand 75 - Thailand 100 100 Thailand 100 100 Thailand 100 100 Thailand 51 51 Thailand 100 100 Thailand Thailand 60 100 60 100 Singapore 100 100 Thailand 100 100 Thailand 100 100 Thailand 100 100 Thailand 50 50 . Ltd. services engineering NPC Safety and Safety and environmental Environmental Service services Co. Ltd..) products. Manufacturing and distributing petrochemical products PTT Chemical Services rendering to the International (Asia Group Pacific ROH) Ltd... Ltd. Manufacturing and distributing petrochemical products Thai Ethanolamines Manufacturing and Co.

The adoption of the revised framework does not have any material impact on the consolidated or separate Company’s financial statements. The FAP has issued during 2010 a number of new and revised TFRS which are not currently effective and have not been adopted in the preparation of these financial statements. The financial statements are prepared in accordance with Thai Financial Reporting Standards (“TFRS”) and guidelines promulgated by the Federation of Accounting Professions (“FAP”) and with generally accepted accounting principles in Thailand. the FAP announced the re-numbering of the following TFRS. which was issued by the FAP during 2010 and effective on 26 May 2010.178 Name of the entity Type of business Country of incorporation Ownership interest (%) 2010 2009 50 50 Indirect jointly-controlled entity Emery Oleochemical (M) Manufacturing and distributing biochemical Sdn. products Malaysia 2 Basis of preparation of the financial statements The financial statements issued for Thai reporting purposes are prepared in the Thai language. These new and revised standards and interpretations are disclosed in note 35. Bhd. They are prepared on the historical cost basis except as stated in the accounting policies. TAS 11 TAS 26 TAS 27 Revised no. During 2010. All financial information presented in Thai Baht has been rounded in the notes to the financial statements to the nearest million . This English translation of the financial statements has been prepared for the convenience of readers not conversant with the Thai language. TAS 101 TAS 102 TAS 103 Topic Doubtful Account and Bad Debts Income Recognition For Real Estate Business Disclosures in the Financial Statements of Banks and Similar Financial Institutions Accounting for Troubled Debt Restructuring Accounting for Investment in Debt and Equity Securities Accounting For Investment Companies Financial Instruments Disclosure and Presentation TAS 34 TAS 40 TAS 42 TAS 48 TAS 104 TAS 105 TAS 106 TAS 107 The Group/Company has adopted the revised Framework for the Preparation and Presentation of Financial Statements (revised 2010). Former no. The financial statements are prepared and presented in Thai Baht. .

The consolidated financial statements include the Group’s proportionate share of the entities’ assets. to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Control exists when the Group has the power. estimates and assumptions that affect the application of policies and reported amounts of assets. Business combinations Business combinations are accounted for under the purchase method. liabilities. Business combinations of entities or businesses under common control are accounted for using a method similar to the pooling of interest method and in accordance with the Guideline issued in 2010 by the FAP. liabilities. Revisions to accounting estimates are recognised in the period in which estimates are revised and in any future periods affected. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. estimates and assumptions that affect the application of policies and reported amounts of assets. directly or indirectly. from the date that joint control commences until the date that joint control ceases. equity instruments issued and liabilities incurred or assumed at the date of exchange. . income and expenses. The accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Group. Actual results may diff from estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. revenue and expenses combined with items of a similar nature on a line by line basis. Information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements is included in the following notes: Note 10 Note 12 Note 13 Note 31 Other long-term investments Intangible assets Deferred tax Financial instruments 3 (a) Significant accounting policies Basis of consolidation The consolidated financial statements relate to the Company and its subsidiaries and jointly-controlled entities (together referred to as the “Group”) and the Group’s interests in associates. The preparation of financial statements in conformity with TFRS requires management to make judgements. Jointly-controlled entities Jointly-controlled entities are those entities over whose activities the Group has joint control.179 The preparation of financial statements in conformity with TFRS requires management to make judgements. income and expenses. liabilities. established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions. Subsidiaries Subsidiaries are entities controlled by the Group. Actual results may differ from estimates. The cost of an acquisition is measured at the fair value of the assets given. plus costs directly attributable to the acquisition.

over the financial and operating policies. Foreign entities The assets and liabilities of foreign entities are translated to Thai Baht at the foreign exchange rates ruling at the reporting date. When the Group’s share of losses exceeds its interest in an associate. are eliminated in preparing the consolidated financial statements. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to Thai Baht at the foreign exchange rates ruling at that date. and any unrealised income or expenses arising from intra-group transactions. (b) Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to Thai Baht at the foreign exchange rates ruling at the dates of the transactions. expenses and equity movements of associates after adjustments to align the accounting policies with those of the Group. Foreign exchange differences arising on translation are recognised in the statement of income. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Goodwill and fair value adjustments arising on the acquisition of foreign entities are stated at exchange rates ruling on the reporting date. Transactions eliminated on consolidation Intra-group balances and transactions. from the date that significant influence commences until the date that significant influence ceases. Non-monetary assets and liabilities measured at cost in foreign currencies are translated to Thai Baht using the foreign exchange rates ruling at the dates of the transactions. .180 Associates Associates are those entities in which the Group has significant influence. but only to the extent that there is no evidence of impairment. but not control. the Group’s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. The consolidated financial statements include the Group’s share of the income. Unrealised losses are eliminated in the same way as unrealised gains. Unrealised gains arising from transactions with associates and joint ventures are eliminated against the investment to the extent of the Group’s interest in the investee.

in substance. they are remeasured at fair value. then fair value is estimated by discounting the difference between the contractual forward price and the current forward price at the reporting date for the residual maturity of the contract using a risk-free interest rate (based on government bonds). if available. Derivative financial instruments are recognised initially at fair value. . (c) Derivative financial instruments Derivative financial instruments are used to manage exposure to foreign exchange. Subsequent to initial recognition. Foreign exchange differences arising on translation are recognised in a separate component of equity until disposal of the investments.181 The revenues and expenses of foreign entities are translated to Thai Baht at rates approximating the foreign exchange rates ruling at the dates of the transactions. However. Where monetary items. Derivative financial instruments are not used for trading purposes. derivatives that do not qualify for hedge accounting are accounted for as trading instruments. foreign exchange differences arising on such monetary items and related hedges are recognised directly in a separate component of equity until disposal of the investment. The fair value of interest rate swaps is based on broker quotes at the reporting date. interest rate arising from operating and financing activities. If a listed market price is not available. attributable transaction costs are recognised in the statement of income when incurred. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the reporting date. form part of the Group’s net investment in a foreign entity. The fair value of forward exchange contracts is based on their listed market price. The gain or loss on remeasurement to fair value is recognised immediately in the statement of income.

Disposal of investments On disposal of an investment. cost includes an appropriate share of production overheads based on normal operating capacity. work in progress and finished goods Inventories are stated at the lower of cost and net realisable value. the deemed cost of the part sold is determined using the weighted average method applied to the carrying value of the total holding of the investment. The allowance for doubtful accounts is assessed primarily on analysis of payment histories and future expectations of customer payments.182 (d) Cash and cash equivalents Cash and cash equivalents comprise cash balances. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to complete and to make the sale. If the Group/Company disposes of part of its holding of a particular investment. call deposits and highly liquid short-term investments. Bank overdrafts that are repayable on demand are a component of financing activities for the purpose of the statement of cash flows. jointly-controlled entities and associates in the separate financial statements of the Company are accounted for using the cost method. In the case of manufactured inventories and work-in-progress. (f) Inventories Raw materials. Investments in associates in the consolidated financial statements are accounted for using the equity method. Investments in equity securities Equity securities which are not marketable are stated at cost less any impairment losses. Bad debts are written off when incurred. and comprises all costs of purchase. Cost is calculated using the weighted average cost principle. (g) Investments Investments in subsidiaries. the difference between net disposal proceeds and the carrying amount is recognised in the statement of income. (e) Trade and other accounts receivable Trade and other accounts receivable are stated at their invoice value less allowance for doubtful accounts. jointly-controlled entities and associates Investments in subsidiaries. costs of conversion and other costs incurred in bringing the inventories to their present location and condition. .

plant and equipment are stated at cost less accumulated depreciation and impairment losses. Finance charges are charged directly to the statement of income. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. machinery and equipment Factory tools and equipment Buildings and other constructions Leasehold improvement Furniture. fixtures and office equipment Vehicles 3-30 3-20 5-25 5-30 5-20 3-20 years years years years years years No depreciation is provided on freehold land or assets under construction. Depreciation Depreciation is charged to the statement of income on a straight-line basis over the estimated useful lives of each part of an item of property. less accumulated depreciation and impairment losses. Property. . plant and equipment Owned assets Property. Leased assets Leases in terms of which the Group/Company substantially assumes all the risk and rewards of ownership are classified as finance leases. plant and equipment acquired by way of finance leases is capitalised at the lower of its fair value and the present value of the minimum lease payments at the inception of the lease.183 (h) Property. plant and equipment. The estimated useful lives are as follows: Plant.

the Group/Company discontinued amortisation of goodwill. For an asset that does not generate cash inflows largely independent of those from other assets. The impairment loss is recognised in the statement of income unless it reverses a previous revaluation credited to equity. are stated at cost less accumulated amortisation and impairment losses. which have finite useful lives. In assessing value in use. For goodwill. On 1 January 2008. Acquisitions on or after 1 January 2008 Goodwill is measured at cost less accumulated impairment losses. Other intangible assets Other intangible assets that are acquired by the Group/Company. Calculation of recoverable amount The recoverable amount of a non-financial asset is the greater of the asset’ s value in use and fair value less costs to sell. The remaining balance is subject to testing for impairment. If any such indication exists. Other intangible assets are amortised in the statement of income on a straight-line basis over their estimated useful lives from the date that they are available for use. the recoverable amount is estimated at each reporting date. Goodwill is tested for impairment as described in note 3 (j). . The Group changed its accounting policy for goodwill with effect from 1 January 2008 as follows: Acquisitions prior to 1 January 2008 Goodwill was stated at cost from the date of initial recognition and amortised over its estimated useful life of 20 years.184 (i) Intangible assets Goodwill Goodwill in a business combination represents the excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired. the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. in which case it is charged to equity. the recoverable amount is determined for the cashgenerating unit to which the asset belongs.25 3-15 9-15 10 years years years years (j) Impairment The carrying amounts of the Group’s/Company’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. the assets’ recoverable amounts are estimated. as described in note 3 (j). The estimated useful lives are as follows: Production licence fees Computer software Right to use pipe rack Trademark 10. and as and when indicators of impairment are identified.

net of depreciation or amortisation. and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. interest-bearing liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in the statement of income over the period of the borrowings on an effective interest basis. . are credited to share capital (nominal value) and share premium when the options are exercised. The proceeds received on exercise of the options. Share based payments The employee share option programme allows certain of the Group’s directors and employees to acquire shares of the Company under certain conditions. where appropriate. If the effect is material. if no impairment loss had been recognised. (k) Interest-bearing liabilities Interest-bearing liabilities are recognised initially at fair value less attributable transaction charges. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. the risks specific to the liability. (m) Employee benefits Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the statement of income as incurred. Subsequent to initial recognition. (o) Revenue Revenue excludes value added taxes and is arrived at after deduction of trade discounts. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined. (l) Trade and other accounts payable Trade and accounts payable are stated at cost. An impairment loss in respect of goodwill is not reversed. net of any directly attributable transaction costs. Impairment losses recognised in prior periods in respect of other non-financial assets are assessed at each reporting date for any indications that the loss has decreased or no longer exists.185 Reversals of impairment An impairment loss in respect of a financial asset is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after the impairment loss was recognised. (n) Provisions A provision is recognised when the Group/Company has a present legal or constructive obligation as a result of a past event. provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and.

Current tax Current tax is the expected tax payable on the taxable income for the year. (q) Income tax Income tax on the profit or loss for the year comprises current and deferred tax. No revenue is recognised if there is continuing management involvement with the goods or there are significant uncertainties regarding recovery of the consideration due. Dividend income is recognised in the statement of income on the date the Group’s/Company’s right to receive payments is established. Contingent rentals are recognised as income in the accounting period in which they are earned. Lease incentives granted are recognised as an integral part of the total rental income. Interest and dividend income Interest income is recognised in the statement of income as it accrues. except to the extent that they are capitalised as being directly attributable to the acquisition. Lease incentives received are recognised in the statement of income as an integral part of the total lease payments made. (p) Expenses Operating leases Payments made under operating leases are recognised in the statement of income on a straight line basis over the term of the lease. construction or production of an asset which necessarily takes a substantial period of time to be prepared for its intended use or sale.186 Sale of goods and services rendered Revenue is recognised in the statement of income when the significant risks and rewards of ownership have been transferred to the buyer. in which case it is recognised in equity. . Finance costs Interest expenses and similar costs are charged to the statement of income for the period in which they are incurred. Contingent rentals are charged to the statement of income for the accounting period in which they are incurred. and any adjustment to tax payable in respect of previous years. Service income is recognised as services are provided. Income tax is recognised in the statement of income except to the extent that it relates to items recognised directly in equity. Rental income Rental income from investment property is recognised in the statement of income on a straight-line basis over the term of the lease. using tax rates enacted or substantively enacted at the reporting date. associated costs or the probable return of goods. The interest component of finance lease payments is recognised in the statement of income using the effective interest rate method.

based on the laws that have been enacted or substantively enacted by the reporting date.. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill. Ltd. Ltd. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. Transactions with related parties are conducted at prices based on market prices or.187 Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Ltd... 100% shareholding and the Company’s management as a director Subsidiary. Thailand Thailand Thai Ethanolamines Co.. 75% shareholding Subsidiary.. 4 Related party transactions and balances Related parties are those parties linked to the Group and the Company as shareholders or by common shareholders or directors. Ltd. 100% shareholding. the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor tax profit. Thailand Bio Creation Co. Thailand Thai Oleochemicals Co. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse. Relationships with related parties that control or jointly control the Group or are being controlled or jointly controlled by the Company or have transactions with the Group/Company were as follows: Name of entities Country of incorporation/ nationality Thailand Nature of relationships PTT Plc. some common directors and the Company’s management as a director Subsidiary. 100% shareholding and the Company’s management as a director Subsidiary. TOC Glycol Co. some common directors and management and the Company’s director as a management Subsidiary. 100% shareholding and the Company’s management as a director Subsidiary. Major shareholder. Thailand . and differences relating to investments in subsidiaries and joint venture to the extent that it is probably that they will not reverse in the foreseeable future. Ltd. 100% shareholding. some common directors and the Company’s management as a director Bangkok Polyethylene Plc. Thailand Bio Spectrum Co. at contractually agreed prices. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. where no market price exists.

Thai Ethoxylate Co. 50% shareholding Jointly . some common directors and the Company’s management as a director Subsidiary. some common directors and the Company’s management as a director. some common directors and management and the Company’s management as a director.. Emery Oleochemical (M) Sdn.. Ltd. 100% shareholding by the Company’s subsidiary and the Company’s management as a director Subsidiary. Subsidiary of the Company’s subsidiary. 100% shareholding.controlled entity of the Company’s subsidiary. Thai Polyethylene Co. some common directors and the Company’s management as a director. 50% shareholding by a subsidiary . PTT Chemical International Pte. Ltd. Bhd. Ltd.. Ltd. Ltd.. Thai Polypropylene Co. Pacific ROH) Ltd.controlled entity. Ltd.188 Name of entities Country of incorporation/ nationality Thailand Nature of relationships Thai Tank Terminal Limited Subsidiary. Thailand Thai Styrenics Co. Ltd. Subsidiary. Thailand Thailand Malaysia Bangkok Synthetics Co. Ltd. 100% shareholding... some common directors and the Company’s management as a director Jointly . Subsidiary. Thailand Thailand Singapore Thai Fatty Alcohols Co. 100% shareholding by the Company’s subsidiary. Thailand PTT Chemical International (Asia Pacific ROH) Ltd. Thai Plastic and Chemical Plc. 100% shareholding.. 51% shareholding. some common directors and the Company’s management as a director Subsidiary of the Company’s subsidiary. . some common directors and the Company’s management as a director Some common shareholder Some common shareholder Some common shareholder Some common shareholder Major shareholding by the Company’s major shareholders and some common directors PTT Polyethylene Co. Thailand PTT Maintenance and Engineering Co. Ltd. 100% shareholding . Ltd. 60% shareholding and the Company’s management as a director Subsidiary. NPC Safety and Environmental Service Co.. Thaioil Public Company Limited Thailand Thailand Thailand Thailand Thailand ..

Dhipaya Insurance Plc. major shareholding by the Company’s major shareholder. 20% shareholding.. 40% shareholding . Thailand PTT Asahi Chemical Co. Thailand PTT Utility Co. 25% shareholding. Thai Petroleum Pipeline Co. major shareholding by the Company’s major shareholder.. Ltd. Some common directors Major shareholding by the Company’s major shareholder Major shareholding by the Company’s major shareholder Subsidiary of the related party with common major shareholder Major shareholding by the Company’s major shareholder and some common directors Major shareholding by the Company’s major shareholder and some common directors Major shareholding by the Company’s major Shareholder and some common directors Major shareholding by the Company’s major Shareholder. Ltd.. Ltd. Thailand PTT ICT Solutions Co. Ltd. some common directors and the Company’s management as a director Associate..189 Name of entities Country of incorporation/ nationality Thailand Thailand Thailand Thailand Nature of relationships Thai Industrial Gases Plc. Thailand PTT Polymer Marketing Co. PTTEP Siam Limited. Ltd. Thailand . common directors and the Company’s management as a director Associate.. Thailand PTT Polymer Logistic Co. some common directors and the Company’s management as a director PTT Exploration and Production Plc. Thailand PTT International Ltd. the Company’s management as a director and major shareholding by the Company’s major shareholder Major shareholding by the Company’s major shareholder and some common directors Major shareholding by the Company’s major shareholder and some common directors Associate. Thailand PTT Phenol Co. PTT Aromatics and Refining Plc. Thailand Thailand PTT Tank Terminal Ltd... 30% shareholding. Ltd. Ltd. common directors and the Company’s management as a director Associate.

. Siam Styrene Monomer Co.190 Name of entities Country of incorporation/ nationality Thailand Thailand Nature of relationships Rayong Olefins Co. Ltd.. 15% shareholding. Star Petroleum Refining Co.. Ltd. Ltd. Ltd. Ltd. Thailand IRPC Plc.. 15% shareholding by the Company’s subsidiary and the Company’s management as a director The Company’s shareholder and some common director Major shareholding by the Company’s major shareholder Major shareholding by the Company’s major shareholder and some common directors The Company’s management as a director Major shareholding by the Company’s major shareholder Siam Mitsui PTA Co.. Major shareholding by the Company’s major shareholder and some common directors Associate. Alliance Petrochemical Investment (Singapore) Pte. some common directors and the Company’s management as a director Some common shareholder Some common shareholder Major shareholding by the Company’s major shareholder Associate.. Eastern Fluid Transport Co. PTT International Trading Pte. Thailand Thailand Thailand Thailand HMC Polymers Co. Ltd. Thailand Energy Complex Co. Thailand Singapore Singapore The pricing policies for particular types of transactions are explained further below: Transactions Revenue from sale of goods Revenue from rendering of services Purchase of goods/raw materials/ services Interest on loan Pricing policies Contract price / Regional market price / World market price Contract price Contract price / Market price Average cost of fund . Ltd. Ltd. Ltd. 25% shareholding. Ltd.. Vinythai Plc.

410 68 77 139 105 21.494 56 143 106 23.591 14 84 40.147 793 353 208 1.159 12 71 29.448 2.995 4.810 14 56 16.076 12 36 17.461 5.controlled entities Other income Dividend income Associates Sales of goods or rendering of services Purchases of goods or receiving of services Other income Other expense Dividend income Other related parties Sales of goods or rendering of services Purchases of goods or receiving of services Other income Other expense Dividend income 3.586 31 7 21 .984 4.816 824 31 25 17.410 78 166 105 22.742 38.129 5.506 36.096 31 59 21 270 34.485 38.972 59 56 87 106 21.191 Significant transactions for the years ended 31 December 2010 and 2009 with related parties were as follows: Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) Major Shareholder Sales of goods or rendering of services Purchases of goods or receiving of services Other income Other expense Subsidiaries Sales of goods or rendering of services Purchases of goods or receiving of services Other income Other expense Interest income Dividend income Jointly .053 1 83 1.500 4 150 4.004 1.108 1.066 11 17.545 1.662 419 233 1.

TOC Glycol Co. Thai Polypropylene Co. Ltd. Associates PTT Utility Co.732 6. Ltd.192 Balances as at 31 December 2010 and 2009 with related parties were as follows: Trade accounts receivable from related parties Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) 307 34 3. IRPC Plc. Ltd.123 Major Shareholder PTT Plc..194 5. Ltd. Ltd. Ltd... Thai Plastic and Chemical Plc. Thai Ethanolamines Co. PTT International Trading Pte.310 5. Ltd. Subsidiaries Bangkok Polyethylene Plc. Ltd.123 6.. Star Petroleum Refining Co.605 265 608 135 226 292 215 6 230 8 3 2 6 335 365 291 169 15 5.. Ltd. Ltd.. Thai Oleochemicals Co..194 7 933 521 8 21 6 3 901 317 501 153 216 165 292 188 330 458 290 5.. Siam Styrene Monomer Co. Ltd.. Siam Mitsui PTA Co. PTT Phenol Co. PTT Asahi Chemical Co.. Thai Industrial Gas Plc...188 507 686 1 7 10 5 464 247 605 134 226 292 215 230 3 2 308 365 286 169 6.. Ltd. PTT Polyethylene Co. Ltd.732 352 66 1. Thai Polyethylene Co. Vinythai Plc.310 173 1.234 355 504 154 216 165 292 6 189 7 5 2 459 9 459 298 37 6.. Ltd. PTT Aromatics and Refining Plc. HMC Polymers Co. Ltd. Ltd.. Thai Tank Terminal Limited Thai Styrenics Co. Ltd.. PTTEP Siam Limited. PTT Exploration and Production Plc. Bangkok Industrial Gas Co. Other related parties Bangkok Synthetics Co.. Ltd. Others Less allowance for doubtful accounts Net Bad and doubtful debts expense for the year - - - - . PTT Polymer Marketing Co.

Thai Fatty Alcohol Co. PTT Phenol Co.. PTT Polymer Marketing Co.. Ltd. Ltd. Ltd. Ltd. Thai Oleochemicals Co. PTT Polyethylene Co.. PTT Chemical International (Asia Pacific ROH) Ltd. Ltd. Ltd. HMC Polymers Co. PTT ICT Solutions Co.... Thai Ethanolamine Co.controlled entity Thai Ethoxylate Co. PTT Maintenance and Engineering Co. Ltd. Jointly . Ltd..193 Other accounts receivable from related parties Major Shareholder PTT Plc.. PTT Chemical International Pte. TOC Glycol Co.. Ltd.. Associates PTT Utility Co. Subsidiaries Bangkok Polyethylene Plc.. Ltd... Thai Tank Terminal Limited NPC Safety and Environmental Service Co. Ltd. Ltd.. Bio Creation Co. Ltd. Ltd. Ltd. Less allowance for doubtful accounts Net Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) 1 4 876 2 12 1 896 896 4 3 718 1 23 749 749 1 40 2 7 59 2 22 3 15 19 3 8 2 5 4 2 12 1 207 207 4 5 1 2 22 1 8 6 19 1 8 2 3 2 22 106 106 Bad and doubtful debts expense for the year - - - - .

PTT Polyethylene Co.14 4.14 4.240 21.81-4.447 5.447 290 11. PTT Polyethylene Co..313 26. Ltd.497 4.397 310 600 8..617 - . Thai Oleochemicals Co.200 8.617 40.194 Loans to related parties Interest rate 2010 2009 (% per annum) Consolidated financial statements 2010 2009 Separate financial statements 2010 2009 Short-term loans Subsidiaries Bangkok Polyethylene Plc. (in million Baht) 4. NPC Safety and Environmental Service Co.89 4.93-5.674 39.040 25.89 4.81-4. Thai Ethanolamines Co. Ltd.546) 20.14 - - 500 3.93-5.546 20.81-4.89 4.681 39. Ltd.027 40. Ltd.277 3. net Loans to related parties Consolidated financial statements 2010 2009 Interest rate 2010 2009 Separate financial statements 2010 2009 Long-term loans Subsidiaries Bangkok Polyethylene Plc..81-4.93-5.14 - - 290 13. Ltd.93-5.300 29.93-5.227 (5.027 Less current portion due within one year Less allowance for doubtful accounts Long-term loans to related parties.14 4..060 1.681 4.277 Less allowance for doubtful accounts Short-term loans to related parties.987 26. (% per annum) (in million Baht) 4.89 4.89 4.81-4.580 1.93-5.14 4.313) 26.93-5.340 (3.14 - - 4.447 13.89 4.674 - 11.277 11.. net Summary of loans to related parties Short-term loans Current portion due within one year Long-term loans Less allowance for doubtful accounts Total loans to related parties.81-4.89 4. net Bad and doubtful debts expenses for the year - - 13.81-4.

277 3.195 Movements during the years ended 31 December 2010 and 2009 of loans to related parties were as follows: Loans to related parties Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) Short-term loans Subsidiaries At 1 January Increase Decrease At 31 December Long-term loans Subsidiaries At 1 January Increase Due within one year Decrease At 31 December - - 11.546) (3.313) 26.662 (3.120) 11.277 - - 29.478 Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) Subsidiary PTT Maintenance and Engineering Co.678 7..390 (1.220) 13.402 (1.995 4.681 21.313) 20.370 210 8.588 210 8.392 9.962 38.735 8.027 Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) Investments in subsidiaries (Note 8) Investments in jointly-controlled entity (Note 8) Investments in associates (Note 9) Advanced for construction in progress to related party 40.340 200 (5. Ltd. - - - 7 .447 7.

Other related parties Bangkok Synthetics Co. Thai Ethanolamine Co.432 492 8 7 979 48 149 5. Total . Star Petroleum Refining Co. Ltd. PTT Polyethylene Co. PTT Maintenance and Engineering Co. PTT Aromatics and Refining Plc. Ltd. Thai Oleochemicals Co. Eastern Fluid Transport Co.. PTT International Trading Pte. Energy Complex Co.196 Trade accounts payable to related parties Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) 4. Thai Tank Terminal Limited NPC Safety and Environmental Service Co. Ltd Associates Vinythai Plc. PTT ICT Solutions Co....712 4.076 13 6 41 1 4. Ltd. Ltd. Total Other accounts payable to related parties Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) 173 3 363 43 2 71 32 1 8 18 8 722 28 1 300 59 4 61 4 59 13 1 7 2 11 550 41 34 2 2 22 9 2 11 1 21 1 1 43 2 4 11 1 6 10 8 232 4 14 1 80 7 1 5 2 11 1 1 59 2 3 2 13 1 5 10 222 Major Shareholder PTT Plc.. Ltd. PTT Utility Co. Ltd. Ltd. Thai Plastic and Chemical Plc. Ltd..115 4. Thai Polypropylene Co. PTT Polymer Logistics Co.417 8 25 979 48 17 170 1 47 5. IRPC Plc.... Bangkok Industrial Gas Co. Subsidiary PTT Polyethylene Co..Ltd. Bangkok Industrial Gas Co. Ltd. IRPC Plc. Ltd. TOC Glycol Co. Associate PTT Utility Co. Ltd.. Dhipaya Insurance Plc..076 8 5 4. Ltd. Ltd.137 3. Ltd.... Subsidiaries Bangkok Polyethylene Plc. Ltd. Bio Creation Co. Ltd. Siam Styrene Monomer Co.089 Major Shareholder PTT Plc... Ltd... Ltd.. Other related parties Bangkok Synthetics Co. Thai Industrial Gas Plc. Thai Industrial Gas Plc.. Ltd. Ltd.

The agreement is for the period of 15 years.. Subsidiary PTT Maintenance and Engineering Co. Significant agreements with related parties As at 31 December 2010. Polypropylene and Propylene prices in the world market. The Company has 3 Propylene Sales Agreements with certain related parties.. Selling prices are determined based on Polypropylene price in the world market. in December 2016 (for 2 agreements). Selling prices are determined based on prices prevailing in the world market. Ltd.. Associates PTT Utility Co. These agreements are for the periods from 3 years to 15 years. By Product Sales Agreements The Company has 2 Hidrogen Sales Agreements with certain related parties. The Company has the Pyrolysis Gasoline Sales Agreement with a related party that guarantee to purchase such products not less than the volume specified in the agreement with selling price based on Aromatic . in August 2021 and in May 2022.related party Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) 7 8 Subsidiary PTT Maintenance and Engineering Co. Polyethylene price in the world market and Ethane price. These agreements are for the periods from 12 years to 15 years. Ltd. Ltd..related parties Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) 1 12 13 4 2 1 7 38 12 50 156 2 158 Major Shareholder PTT Plc. Ltd. the Company has significant agreements with related parties as follows: Olefins Sales Agreements The Company has the Olefins Sales Agreement with five downstream petrochemical companies that guarantee to purchase Olefins products not less than the volume specified in the agreement with selling price based on prices prevailing in the world market. These agreements are for the periods from 7 years to 15 years. commencing from the date as specified in the agreement and will expire in December 2011.197 Payables to contractor . Other related party Bangkok Industrial Gas Co. Ltd. commencing from the effective date specified in each agreement and will expire in July 2012. Selling prices in each agreement are determined based on Natural Gas price for the industry. commencing from the date as specified in each agreement and will expire in November 2012 and in December 2023. Total Retention payable . in December 2016 and in December 2024. The Company has 5 Ethylene Sales Agreements with certain related parties. PTT ICT Solutions Co. commencing from the effective date specified in each agreement and will expire in March 2011..

Selling prices are determined based on Polypropylene. The agreement is for the period of 15 years. The Company has the Supply Mixed C4 Agreement with a related party that guarantee to purchase the product not less than the volume specified in the agreement with selling price based on Naphtha price prevailing in the world market. commencing from the date as specified in each agreement and will expire in May 2021. commencing from the date as specified in each agreement and will expire in May 2021. commencing from the . However. in December 2021and in June 2023. The agreement is for the period of 20 years. The subsidiaries have 3 Utilities Agreements covering steam. Utilities and Other Services Agreements The Company has 3 Power Supply Agreements with certain related parties. These agreements are for the periods of 15 years. The Company has the Tail Gas Supply Agreement with a related party. commencing from the date as specified in each agreement. the agreement are automatically renewable with the one year advance notice by either party. Selling prices are determined based on fuel oil price. The agreement is for the period of 15 years. commencing from the date as specified in each agreement and will expire in December 2012. The Company is in process of renewing the contract. The Company has 2 Product Transportation Agreements with certain related parties. not exceeding total periods of 15 years. These agreements are for the period of 15 years. electricity and water with a related party. Selling prices are determined based on Natural Gas price for the industry. The agreement with the term of 3 years is renewable for another period of 3 years. These agreements are for the periods from 8 years to 10 years. commencing from the date as specified in each agreement and will expire in October 2014 and in June 2016. steam and demineralised water with certain related parties. and May 2015. These agreements can be renewed or terminated by either party providing not less than 2 years’ prior written notice to the counterparty and the other not less than 12 months’ prior written notice to the counterparty. The agreement is for the period of 15 years. These agreements are for the periods from 3 years to 10 years. However. commencing from the date as specified in the agreement and will expire in May 2010. the agreement is still effective until either party give a minimum of four year advance notice in order to terminate the agreement. The Company has 5 Utilities Agreements covering electricity. commencing from the date as specified in the agreement and will expire in July 2022. in September 2014 and in December 2017. These agreements are for the periods from 10 years to 15 years. Selling prices are determined based on prices prevailing in the market. The agreement with the term of 5 years can be renewed for 5 years. commencing from the date as specified in each agreement and will expire in July 2012. Selling prices in these agreements are determined based on pricing from Provincial Electricity Authority. These agreements are for the periods from 5 years to 15 years.198 product price prevailing in the world market. The Company has the Natural Gas Supply Agreement with a related party. commencing from the date as specified in the agreement and will expire in November 2011. The Company has 2 Nitrogen Supply Agreements with certain related parties. Feedstock and Fuel Gas Sales Agreements The Company has the LPG Supply Agreement with a related party. Three agreements will expire in December 2016 and others will expire in December 2021 and July 2024.

All agreements are renewable for the period of 5 years with the agreement of both parties. The agreement is for the period of 15 years. The loan bears interest at the rate of the Company’s average cost of fund. The Company has 2 LPG Supply Agreements with certain related parties. The Company entered into an unsecured loan agreement with a related party with the credit limit of Baht 5. the Company had another agreement to transfer the right and commitment under the Light Naphtha and Raffinate Sales Agreement to another related party. The loan agreement consists of Baht 25. the Company provides temporary working capital (due is less than 1 year) for the amount of Bath 3. The agreement will be effective in November 2012. on 1 June 1999. Selling prices in an agreement are determined based on Polyethylene and Polypropylene price and another agreement is determined based on Polyethylene price. by providing not less than 1 year’ prior written notice to the counterparty. commencing from the date as specified in each agreement and will expire in December 2011 and in July 2020. The agreements are automatically renewable for one year or more with the agreement of both parties. The Company has 2 Ethane.300 million of long-term loan and Baht 1. The agreement is for the period of 15 years.105 million. These agreements are for the periods of 12 years and 15 years. Selling prices are determined based on the standard price of Naphtha in the region. Selling prices are determined based on the standard price of Naphtha in the region.400 million of short-term loan. Subsequently. commencing from the date as specified in the agreement and will expire in May 2021. The agreement commences on 1 January 1999. . commencing from June 2010 and within 5 years. The agreement is renewable for the period of 4 years. which the Company sells to ended customers. The loan bears interest at the rate of the Company’s average cost of fund. the Polyethylene pricing structure is changed to link to the Polyethylene product price. Selling prices are determined based on Polypropylene. Propane and LPG Supply Agreements with a related party. commencing from June 2011 and within 5 years.605 million of long-term loan and Baht 500 million of short-term loan. The Company has the Natural Gas Liquid Agreement with a related party. This long-term loan is repayable in equally quarter instalments. commencing from the date as specified in each agreement and will expire in May 2011 and November 2011. The agreement is renewable for the period of 5 years with the agreement of both parties. Additionally. These agreements are for the periods of 1 year.199 date as specified in the agreement and will expire in December 2019.700 million. The Company has the Light Naphtha and Raffinate Sales Agreement with a related party. Polyethylene Sales Agreement The Company has the Polyethylene Sales Agreement with a relate party to entirely sell all Polyethylene to the related party for distributing to the customers. This long-term loan is repayable in semi-annual instalments. commencing from the effective date as specified in the agreement and will expire in January 2022. Under the agreement. adjusted by the appropriate marketing expenses for fairness to both parties. The loan agreement consists of Baht 4.500 million to such related party. Loan Agreements The Company has an unsecured loan agreement with a related party with the credit limit of Baht 26.

These agreements are effective from 1 July 2008 and may be terminated by either party with 3 months written notice. Machinery and Equipment Checking with a related party.026 562 469 120 570 1 12.300 14. for the period of 3 years. which will expire in February 2011. The Company has Share Service Agreements with its 9 subsidiaries for the provision of general services.200 The Company received unsecured promissory notes from three related parties for the total amount of Baht 9.current accounts Cash at banks .747 million. The agreement is for the period of 3 years and will expire in September 2012 and is renewable for another period of 3 years with the office rental rate of Baht 86 million per annum and has committed conditions as stipulated in the agreement.941 2.050 11. The Company has the Lab Analysis Service Agreement with a related party. The agreement is for the period of 3 years and will expire in December 2011.savings accounts Fixed deposit Highly liquid short-term investments Total . training for safety.985 11. Service charges will be reviewed and agreed in the fourth quarter of each year. The agreements are to provide security and fire protection service to asset. Office Rental Agreement The Company has the Office Rental Agreement with a related party.634 7. health and environmental and establishment of emergency control centre. The Company has the Service Agreement with a related party for the provision of general services in the building and rental space.075 7. The interest rate is at the rate of the Company’s average cost of fund. employee and visitor in the location of the Company.838 11. The promissory will be expired in 1 month but renewable.239 7. Service Agreements The Company has All Quality Guarantee. The Company has four Security Service and Fire Protection Agreement with a related party.767 Cash on hand Cash at banks . The Company has two Emergency Control and Management Agreement with a related party for the provision of services relating to consulting. The agreement is for the period of 3 years and will expire in September 2012 and is renewable for another period of 3 years with the service rate and committed conditions as stipulated in the agreement. The agreement is for the period of 2 years and will be expired in September 2012. The agreement is for the period of 1 year and is automatically renewable and may be terminated by either party with 1 month prior written notice. 5 Cash and cash equivalents Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) 1 537 469 (4) (2) 1.

310 6.123 6.634 7.712 20 6.194 5.355 - Aging analyses for trade accounts receivable were as follows: Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) Related parties Within credit terms Overdue: Less than 3 months 3 .732 4.12 months Over 12 months Less allowance for doubtful accounts Net 6.310 379 5.310 5.424 (17) 11.687 6.6 months 6 .201 The currency denomination of cash and cash equivalents as at 31 December was as follows: Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) 14.689 (2) 5.407 7 5.668 14 5.123 .118 5 6.732 5.767 Thai Baht (THB) United States Dollars (USD) Euro (EUR) Ringgit (MYR) Others Total 6 Trade accounts receivable and notes receivable Note Related parties Other parties Less allowance for doubtful accounts Total Bad and doubtful debts expenses for the year 4 Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) 6.357 (2) 6.050 11.194 5.692 11.683 (15) 9.058 11.149 45 5.489 9.194 4.838 11.732 6.122 10.310 5.767 145 151 187 404 238 283 146 154 14.123 234 6.634 7.

974 7.588 6. The currency denomination of trade accounts receivable as at 31 December was as follows: Consolidated Separate financial statements financial statements 2010 2009 2009 2010 (in million Baht) 8.6 months 6 .462 4.707 947 1.424 9.293 378 7 7 7 4.053 5.12 months Over 12 months Less allowance for doubtful accounts Net Total 4.067 632 3.591 101 171 744 628 245 411 11.687 231 1 2 234 (2) 232 6.462 865 1.582 1.007 467 3 6 6 4.222 243 11.675 11.202 Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) Other parties Within credit terms Overdue: Less than 3 months 3 .964 100 4.689 6.683 5.461 1.357 Thai Baht (THB) United States Dollars (USD) Euro (EUR) Others Total 7 Inventories Consolidated Separate financial statements financial statements 2010 2009 2009 2010 (in million Baht) Finished goods Work in progress Raw materials Factory supplies Spare parts Goods in transit Less allowance for decline in value allowance for obsolescence Net 3.355 The normal credit term granted by the Group/Company ranges from 15 days to 90 days.333 .084 2.702 509 2.333 4.334 911 153 1.070 213 2.668 373 2 2 2 379 (2) 377 5.537 1.489 (15) 4.186 1.407 4.692 (17) 4.474 9.632 (95) 8.429 2.650 117 8.185 4.175 (53) (38) 11.

428 51.570 40.213 (785) 51.Cost .392 210 210 210 210 38.660 Investments in subsidiaries and jointly-controlled entity Separate financial statements 2009 2010 (in million Baht) Subsidiaries At 1 January Acquisitions Allowance for impairment Disposals At 31 December Jointly-controlled entity At 1 January Acquisitions Allowance for impairment Disposals At 31 December Total At 1 January Acquisitions Allowance for impairment Disposals At 31 December 38.753 4.962 33.Reversal of write .203 Consolidated Separate financial statements financial statements 2009 2010 2009 2010 (in million Baht) Inventories recognised as an expense in ‘cost of sales of goods’: .639 38.507 (15) 70.392 2.Net total 8 83.570 41.down 83.602 .943 (283) .639 38.492 69.602 2.289 - 48.963 4.289 48.172 33.

. Ltd. TOC Glycol 1.395 Thai Ethanolamine 900 280 280 280 280 280 900 900 900 900 - Co. Ltd.400 100 100 280 100 100 2.400 2.400 - - - - PTT Polyethylene Co.net 2010 2009 (in million Baht) Market price of listed securities 2010 2009 Dividend income for the years ended 2010 2009 Subsidiaries Bangkok Polyethylene Plc. 100 100 5.200 - - - - and Environmental Service Co.000 19.664 3.395 5.400 2. NPC Safety 22.204 Investments in subsidiaries and jointly-controlled entities as at 31 December 2010 and 2009.400 2.561 341 Co.. 2.664 3. Ltd.700 5.200 22..400 2. Ltd.600 100 100 22.700 3.395 3... Ltd. Ltd.600 20.395 5..664 3. Bio Creation 100 100 900 Co. Thai Oleochemicals Co. and dividend income from those investments for the years then ended were as follows: Separate financial statements Ownership interest 2010 2009 (%) Paid-up capital 2010 2009 Cost method 2010 2009 Impairment 2010 2009 At cost . 165 165 165 - 100 100 165 165 165 - - - - .600 20.395 5.664 - 100 100 1.395 5.

172 210 210 50 50 420 420 210 210 38. 60 60 137 137 Thai Tank Terminal Limited 51 51 900 900 Jointly-controlled entity Thai Ethoxylate Co.602 - - 4. PTT Maintenance 82 459 40.962 38..172 38. Ltd.847 - Pte.392 459 459 459 82 82 82 42 463 4.392 40. Ltd.Separate financial statements Ownership interest 2010 2009 (%) Paid-up capital 2010 2009 Cost method 2010 2009 Impairment 2010 2009 At cost . Bio Spectrum 100 75 100 - 4. Ltd.847 - Co...962 38. Ltd.961 131 4.847 4.066 483 824 and Engineering Co.net 2010 2009 (in million Baht) Market price of listed securities 2010 2009 Dividend income for the years ended 2010 2009 Subsidiaries PTT Chemical International 4.602 210 210 41.961 56 4.961 56 4. 210 210 41.066 25 25 849 Total 205 .

.072 111 . 523 245 768 226 122 348 1. Ltd.183 50 1.. Ltd.521 1. 50 136 2009 Thai Ethoxylate Co.385 Current liabilities Current assets Noncurrent assets Noncurrent liabilities Total liabilities Net Profit (%) 2010 Thai Ethoxylate Co.206 The following summarised financial information on jointly-controlled entity which has been accounted for using the equity method represents the Group’s share: Ownership Total assets Total revenues Total expenses (in million Baht) 714 233 947 294 96 390 1.

99 million shares at Baht 100 par value) which shall be allotted into two portions. amounting to Baht 69..000 shares at Baht 100 par value. The dividend was paid to shareholders in April 2010.600 million (divided into 196 million shares at Baht 100 par value) to Baht 22..2 million shares at SGD 1 par value) to SGD 219. The dividend was paid to shareholders in May 2010. held on 28 April 2010.35 per share.025.50 million.25 million.. Ltd. the Shareholders approved to increase the registered share capital from Baht 1 million (divided into 10..207 Increase of investments in subsidiaries At the meeting for incorporate of Bio Spectrum Co. the meeting approved to issue common share 10.10 million. Ltd. amounting to Baht 809.75 million shares at Baht 100 per share.. At the Annual General Meeting of the shareholders of PTT Maintenance and Engineering Co. will be called and received in cash of Baht 25 per share. Ltd.400 million (divided into 24 million shares at Baht 100 par value) of which such subsidiary called and received in full amount in the first quarter of the year 2010.00 per share. Dividends At the Board of Directors’ meeting of TOC Glycol Co.. . totalling Baht 0. the Board approved the appropriation of dividends of Baht 15. Ltd. At the Board of Directors meeting of PTT International Private Co. held on 9 November 2010.05 million. The first portion is divided into 0. The dividend was paid to shareholders in August 2010.. the Board approved to increase the registered share capital from SGD 205. held on 29 November 2010. totalling SGD 3.2 million (divided into 205. Ltd. Ltd.000 shares at Baht 100 par value) to Baht 300 million (divided into 300 million shares at Baht 100 par value) by issuing new common shares of Baht 299 million (divided into 2.5 million in 2009 and received of SGD 0.75 per share.25 million. amounting to Baht 971. the shareholders approved the appropriation of dividends from the net profit of Baht 34. Ltd.9 million in the third quarter of the year 2010. Increase in share capital At the Annual General Meeting of the shareholders of PTT Polyethylene Co. the shareholders approved to increase the registered share capital from Baht 19.24 million shares at Baht 100 per share. At the Board of Directors’ meeting of TOC Glycol Co. At the Extraordinary meeting of shareholders of Bio Spectrum Co. the Board approved the appropriation of dividends of Baht 19. held on 29 November 2010. Ltd. the Board approved the appropriation of dividends of Baht 18.2 million (divided into 219. The remaining portion is divided into 2.00 per share..00 per share. The dividend was paid to shareholders in November 2010.000 million (divided into 220 million shares at Baht 100 par value) by issuing new common shares of Baht 2.25 per share. in consideration of transferring the Production Technology. totalling Baht 56 million in 2010. held on 20 November 2009. amounting to Baht 1. held on 26 August 2010.2 million shares at SGD 1 par value) by issuing new common shares of SGD 14 million (divided into 14 million shares at SGD 1 par value) of which such company called and received of SGD 0. held on 8 February 2010. totalling Baht 1 million which the subsidiary called and recieved in cash of Baht 25 par value . totalling SGD 4. and will be fully paid-up. held on 25 May 2010. At the Board of Directors’ meeting of TOC Glycol Co.

370 8.370 1.735 8. at the Annual General Meeting of the shareholders of a subsidiary held on 27 April 2009.208 At the Annual General Meeting of the shareholders of TOC Glycol Co. amounting to Baht 1. The dividend was paid to shareholders during 2009.39 per share.72 million.566.83 million. which had been approved by the Board of Directors meeting of the subsidiary held on 17 November 2008.71 million. 9 Investments in associates Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) At 1 January Share of net profit of investments . At the Annual General Meeting of the shareholders of Thai Tank Terminal Limited held on 23 April 2010. amounting to Baht 755.40 million.98 per share. held on 24 April 2009..67 million.100. Also.00 per share. The dividend was paid to shareholders during 2009. At the annual general meeting of the shareholders of Thai Ethoxylate Co.362 109 (106) 9.04 million from Baht 29. Ltd. At the annual general meeting of the shareholders of Thai Tank Terminal Ltd..63 million. was paid to the shareholders in December 2010. resulting in the change in dividend paid in 2009 of Baht 466. Ltd. amounting to Baht 908.588 8. amounting to Baht 608. amounting to Baht 947.04 per share. the shareholders approved the appropriation of dividends from the net profit of Baht 105..150 328 8. Ltd. which was paid to the shareholders in April 2010. the shareholders approved the appropriation of dividends from the net profit of Baht 12 per share.83 million.478 110 8.equity method Acquisitions Dividend income Allowance for impairment Disposals At 31 December 8. held on 25 December 2009. amounting to 1. held on 29 April 2009. the shareholders approved the appropriation of dividends from the net profit after the appropriation to legal reserve of Baht 14.478 . the shareholders approved to change the appropriation of dividends to Baht 20.30 million.97 per share. the shareholders approved the appropriation of dividends of Baht 100. amounting to Baht 807. The dividend. was paid to the shareholders in May 2010. the Board approved the appropriation of dividends of Baht 14.30 per share. and the net balance of dividend. At the Board of Directors’ meeting of TOC Glycol Co.001 146 328 (105) 8. amounting to Baht 300 million. The dividend was paid to shareholders during 2009. amounting to Baht 50. held on 27 April 2010.

588 30 8. Total 30 8..506 2.744 2..985 PTT Polymer 10 3.487 2.370 - 20 20 150 150 - 40 9.744 2.859 6.008 46 3.980 2.067 2. 25 25 40 40 Vinythai Plc.Investments in associates as at 31 December 2010 and 2009.297 4..008 3.859 PTT Phenol Co.111 7.067 2.351 7..717 10 75 46 75 4.717 104 104 Marketing Co.111 Fluid Transport 1 1 13 13 13 13 2 1 Co.487 - Co. Ltd. Ltd. Ltd.. and dividend income from those investments for the years then ended were as follows: Consolidated financial statements Cost method 2010 2009 Equity method Impairment 2010 2009 2010 2009 (in million Baht) At equity .619 2.735 40 8.396 2. 23 23 10 10 PTT ICT Solutions Co. Eastern 25 25 7. 30 30 8. Ltd.478 40 9.370 106 105 209 .980 2. 40 40 6.297 3. Ltd.net 2010 2009 Dividend income 2010 2009 Ownership interest 2010 2009 (%) Paid-up capital 2010 2009 Associates PTT Utility 2.735 40 8.619 2.

985 Co.297 10 3.859 6. 2 106 105 1 Ltd.744 2.396 2..588 8.net 2010 2009 2010 2009 (in million Baht) Market price of listed securities 2010 2009 Dividend income 2010 2009 Ownership interest 2010 2009 (%) Paid-up capital 2010 2009 Associates PTT Utility Co.297 10 3.506 2. PTT Polymer Marketing 10 3.297 104 30 30 8...111 104 Transport Co..210 Separate financial statements Cost method 2010 2009 Impairment At cost .. 20 20 150 150 Total . Ltd.478 8.859 - PTT Phenol Co.588 8. Ltd. Eastern Fluid 1 30 8.744 2.297 10 3. Ltd.744 - 40 40 6.396 2. Ltd. Vinythai Plc.351 7.478 30 30 30 1 1 1 - 25 25 25 25 40 7. 15 15 10 10 PTT ICT Solutions Co. 2.111 40 7.506 2.744 2.

272 30 236 20. PTT Polymer Marketing Co.343 Total assets Total Total revenues liabilities (in million Baht) 2010 PTT Utility Co. PTT Polymer Marketing Co.027 9. Total 2009 PTT Utility Co.240 4. Ltd. Ltd.460 2.. Ltd..336 9 (97) 17 246 3 (6) 172 211 . Ltd.538 4..437 6.694 2.034 1. Vinythai Plc. Total 40 30 25 25 23 20 8.876 5. Ltd.. Ltd. Ltd..The following summarised financial information on associates which have been accounted for using the equity method is not adjusted for the percentage of ownership held by the Group: Net profit/ (loss) Ownership (%) 40 30 25 25 23 20 9. PTT ICT Solutions Co.928 132 802 29 386 4 (10) 1.712 749 3.818 3.911 3.014 1.980 18 171 14..153 21 264 21. PTT Phenol Co..189 6. Vinythai Plc.398 5.825 3.591 3. Ltd..823 18 176 18. PTT ICT Solutions Co.. PTT Phenol Co.166 341 7 225 11. Eastern Fluid Transport Co.. Ltd. Ltd.644 703 294 6 136 10.129 6. Eastern Fluid Transport Co.518 2.

Ltd. Ltd.212 10 Other long-term investments Consolidated Separate financial statements financial statements 2009 2010 2009 2010 (in million Baht) Other long-term investments Other non marketable equity securities Alliance Petrochemical Investment (Singapore) Pte.67% Shareholding) Guangzhou Keylink Chemical Co.. (15% Shareholding) 290 34 324 290 33 323 290 290 290 290 The currency denomination of other long-term investments as at 31 December was as follows: Consolidated Separate financial statements financial statements 2010 2009 2010 2009 (in million Baht) 290 290 290 290 34 33 324 323 290 290 Singapore Dollars (SGD) Hong Kong Dollars (HKD) Total . (16.

292 26 57 (23) Consolidated financial statements Furniture.341 15. fixtures Buildings Leasehold and improveimproveequipment ment ment Buildings (in million Baht) 6.474 (257) 610 86.724 121 1.532 (32.212 447 54 1.217 15.266 103 - (11) 3.745 (434) (348) 412 154.431) (498) (8) 23.212 Finance costs capitalised during 2009 (note 26) Rates of interest capitalised during 2009 (% per annum) - - - - - 1 3-4 6 4 1 3-4 6 4 - - Finance costs capitalised during 2010 (note 26) Rates of interest capitalised during 2010 (% per annum) - 213 .080 (194) 1.148 (4.720 145 2.462 1.716 4.201 17 1 107 1.277 160 73 (30) (3) 4 (7) 659 125 112 (120) 8 784 667 230 262 (5) 531 71 98 (34) 43.971) (106) 53.883 Plant. machinery and equipment Factory equipment and tools Vehicles Assets under construction Total 139.396 (393) (931) (915) 156.692 333 31.873 3.342 (308) 7.334 8 708 (18) 833 61 213 1 (63) (58) 1.154 134 67 (13) 7. plant and equipment Land 83.015 93 (18) 1.288 3.108 389 159 (10) (4) (25) (86) Cost At 1 January 2009 Additions Transfers Disposals Effect of movement in exchange rates At 31 December 2009 and 1 January 2010 Additions Transfers Disposals Effect of movement in exchange rates At 31 December 2010 3.11 Property.358 (699) 117.

073) (320) 13 (9) 160 (3.380 212 212 14 14 416 75 491 25 250 275 43.823 325 100.292 3.217 - 538 (42.216 608 1 609 4.013) 335 15 683 (47.266 3.380 3.261 4.760 303 111.148 At 31 December 2009 and 1 January 2010 Owned assets Assets under finance leases 48.451) 167 2 (178) (43.217 43.358 3.292 99.044 49. .883 110.653) (5.288 23.010 million (2009: Baht 10.063 108.229) (19) (334) (5) 10 (970) (266) (50) 1 (61) (14) 46 24 (824) (186) 28 2 (9) (710) (158) 24 29 (444) (91) 5 (80) (610) (138) 12 3 (733) Plant.676) (3.205 The gross amount of the Group’s fully depreciated property and equipment that was still in use as at 31 December 2010 amounted to Baht 10.044 223 223 3.261 567 567 681 681 3.193) (4.770) 103 38 - - (38.266 152 152 88 88 376 77 453 399 93 492 91 225 316 193 236 429 53.216 48.183) 119 (5) Accumulated depreciation At 1 January 2009 Depreciation charge for the year Disposals Transfers Effect of movement in exchange rates At 31 December 2009 and 1 January 2010 Depreciation charge for the year Disposals Transfers Effect of movement in exchange rates At 31 December 2010 Net book value At 1 January 2009 Owned assets Assets under finance leases 49. fixtures and equipment Assets under construction Total (39.832) (281) 40 (3.883 23.910 330 109. machinery and equipment Factory equipment and tools Furniture.633) Leasehold Buildings improveimprovement ment (in million Baht) (235) (40) (33) (12) 3 (1) (9) (171) (34.476) (4.205 75.358 75.495 4.084 million).495 543 1 544 4.288 53.214 Consolidated financial statements Land Buildings Vehicles (256) (106) 32 (15) 2 (343) (122) 117 (1) (6) (355) (2.007) 3.240 At 31 December 2010 Owned assets Assets under finance leases 3.

739 (159) 56.270 1.164 2 114 (10) 2.777 Furniture.858 (2. machinery and equipment Factory equipment and tools Leasehold Buildings improveimprovement ment (in million Baht) Assets under construction Total 376 1 71 (2) 446 16 462 79 64 (58) 85 787 100 55 (20) 922 401 93 1 (90) 405 7.210 (217) (227) 67.754 1.442 49 30 815 60 (86) (2) 365 23 36 (23) 5.Separate financial statements Land Buildings Vehicles Plant.907) 63.820 (3.780 2.721 33 - 51.754 53.905 166 2.651 215 .998 3.647 83 2.829 4.232 5.864 300 - 1.157) (1) 7.257 (137) (341) 70. fixtures and equipment Cost At 1 January 2009 Additions Transfers Disposals At 31 December 2009 and 1 January 2010 Additions Transfers Disposals At 31 December 2010 566 185 (64) (5) 682 76 31 (3) 786 2.370 (195) 1.

109) (2.348 (108) 13 (694) (24.628) 77 (28.486 27.988 27.012 million).754 The gross amount of the Company’s fully depreciated property and equipment that was still in use as at 31 December 2010 amounted to Baht 1.124 235 37.565 1.749) 272 (30.424) (2.216 Separate financial statements Land Plant.754 1.442 1.780 7.876 At 31 December 2010 Owned assets Assets under finance leases 1.754 39.710 166 39.574 39.359 (83) 2 (478) 153 153 1.378 196 39.486 27.780 7.901) 37. .492 million (2009: Baht 1.419) (413) (63) 79 (397) (516) (97) 14 (599) 27.721 1.829 5. machinery and equipment Factory equipment and tools Buildings Total Assets under Vehicles construction Leasehold Buildings improveimprovement ment (in million Baht) Furniture.754 1.336) 92 (28.988 308 308 1.873) (2.538 (2. fixtures and equipment (212) (16) 3 (225) (18) (243) 164 164 11 11 356 57 413 4 178 182 (5) 57 (4) (130) 19 (596) (69) 89 (223) 5.721 1.829 (38) (7) (11) (56) (402) (114) 31 (485) (183) (69) 9 (243) (25.565 221 221 23 23 245 57 302 326 326 19 139 158 16 166 182 7.262) (48) (26.348 1.576 219 219 81 81 285 285 1.538 27.663) Accumulated depreciation At 1 January 2009 Depreciation charge for the year Disposals At 31 December 2009 and 1 January 2010 Depreciation charge for the year Disposals At 31 December 2010 Net book value At 1 January 2009 Owned assets Assets under finance leases At 31 December 2009 and 1 January 2010 Owned assets Assets under finance leases 27.442 7.576 1.

695 2.520 6.612 233 (1.12 License for production process Software Licences Goodwill 3.421 718 147 185 9.874 200 318 293 13 68 84 (349) (32) (34) 96 88 81 (43) 27 21 62 (198) (69) (2) 15 (254) (86) (9) (12) (12) (24) (8) (19) (8) (27) (7) (46) (9) 6 (49) (18) 11 13 (390) (3) (393) 3 (390) 3.021 3.596 18 1.015 1.807) (228) 3 81 (2.614 6.882) 5.021 3.627 Loss from impairment At 31 December 2010 Net book value At 1 January 2009 At 31 December 2009 and 1 January 2010 At 31 December 2010 217 .908 Intangible in progress Intangible assets Cost At 1 January 2009 Additions Transfers Effect of movement in exchange rates At 31 December 2009 and 1 January 2010 Additions Transfers Effect of movement in exchange rates At 31 December 2010 Consolidated financial statements Right for Right to use Right to use other Pipeline Jetty operation (in million Baht) 25 115 73 67 4 (7) 92 115 70 24 45 (10) 116 115 105 Accumulated amortisation At 1 January 2009 Amortisation charge for the year Transfers Effect of movement in exchange rates Loss from impairment At 31 December 2009 and 1 January 2010 Amort