earnings (EBITDA). Shareholders, including the majority shareholders, expressed their faith in the performance and future prospects of the Company and subscribed, in large numbers, to the warrants (IVL-W1

by summarizing the impact against the retained earnings as follows: Unit: Million Baht Component As of 31 December 2019 Impact As of 1 January 2020TAS 32 and TFRS 9 TFRS 16 Total 31 December 2019 Asset

เงินลดทุน แนวปฏิบติัท่ีผา่นมาจึงมีการตั้งสมมติฐานเพิ่มเติมวา่ หากมีการจ่ายเงินลดทุนเท่ากนัทุกปี (straight-line depreciation) ตลอดอายกุารลงทุน จะท าใหผ้ลตอบแทนในปีแรกของกอง leasehold เป็นอยา่งไร อยา่งไรก็

remaining two segments, Integrated Oxides & Derivatives and Specialty Chemicals are expected to resume their earnings from unplanned shutdowns, except IPA which we believe will recover over the next 12-18

1,831 (26) (1.4) Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) In 1Q18, the Company has earnings before interest payable, tax, and depreciation (EBITDA) pursuant to the Financial

Baht 24.46 million, a decrease of 62.93% compared to 2017. Final earnings per share resulted at Baht 1.15. Total Revenues 2018 2017 Change (Million Baht) (Million Baht) (%) Sales 2,020.63 2,147.64 (5.91

discharge & complaint SW income for THB 3.7 million. Without this adjustment, administrative expenses would have been decreased by 4%. Earnings before interest, taxes and depreciation (“EBITDA”) EBITDA (not

% 112.68 99.26 14% Earnings before interest tax and deprecation 114.01 80.11 42% 270.02 218.00 24% % Earnings before interest tax and deprecation 29% 25% 4% 26% 24% 2% Other income /(expenses) 5.00 2.84 76

% 986.58 876.62 13% Gross margin 108.76 79.99 36% 417.39 332.84 25% % Gross margin 30% 25% 4% 30% 28% 2% Administrative expenses 40.51 38.10 6% 153.19 137.37 12% Earnings before interest, taxes and

69.76% Total Liabilities 2,728.63 1,850.87 877.75 47.42% Issued and paid-up share capital 333.80 333.80 - - Premium on ordinary shares 587.17 587.17 - - Retained earnings – Appropriated 40.00 36.29 3.71