to a 20% reduction in IVL’s core EBITDA. Operating cash flow through this period increased by 33% to $1.3B, as a result of lower prices and operational excellence. IVL has proposed a dividend of

@kiatnakin.co.th Tel. +66-2495-1366 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the second quarter and six-month ended June 30, 2019 comparing operating

-2495-1366 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the second quarter and six-month ended June 30, 2019 comparing operating performance and

operating performance and financial position for the third quarter and nine-month ended September 30, 2019 with those of 2018. This report discusses principal changes in the unreviewed consolidated financial

. +66-2495-1366 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the third quarter and nine-month ended September 30, 2019 comparing operating

below; Fleet Type As of 30 September 2019 As of 30 September 2018 Airbus A320 9 9 Airbus A319 16 15 ATR 72-500 2 6 ATR 72-600 13 9 Total 40 39 One Airbus A319 under operating lease were delivered in

2018 Airbus A320 9 9 Airbus A319 16 14 ATR 72-500 2 6 ATR 72-600 13 9 Total 40 38 5 ASIA’S BOUTIQUE AIRLINE Two Airbus A319 under operating lease were delivered in July 2018 and January 2019 respectively

which increased by 4.0 percent and 24.8 percent respectively. The unallocated revenue was mainly consisting of dividend received from investment in BDMS during the period. Nevertheless, the operating

. RESULTS OF OPERATION (Unit : Million Baht) Consolidated Financial Statements 2018 2017 % Change Revenue from Sales and Services 1,708.3 1,633.8 4.6% - Operating Revenue1 1,679.7 1,570.2 7.0% - Other Revenue

February 17, 2020 To: The President The Stock Exchange of Thailand Re: 2019 operating results We, Delta Electronics (Thailand) Public Company Ltd, would like to report the Company’s 2019 operating