and distribution of treated water business and electricity production business. Therefore, there was no similar type of business in the industry that can be used as a benchmark for comparison. Not

the Expressway Authority of Thailand, and the construction project of three power stations according to the transmission and distribution system development project of the Provincial Electricity

ENGINEERING PUBLIC COMPANY LIMITED ELECTRICITY GENERATING PUBLIC COMPANY LIMITED EMC PUBLIC COMPANY LIMITED ENERGY ABSOLUTE PUBLIC COMPANY LIMITED ENERGY EARTH PUBLIC COMPANY LIMITED ENERGY FIRST COMPANY

natural hedge against short-term volatility in product margins.  Core EBITDA margin has enhanced from 6.4% in 2013 to 11.4% in 2Q17 and this is targeted to fur- ther improve from the various strategic

businesses also enabled the Company improve its ability to capture a wider portion of the earnings value chain. These strategies have led to IVL becoming a global industry leader not just in terms of market

Thailand from July- November 2018 declined at 12.0 percent, but the situation started to improve in December. As a result, the 3 ASIA’S BOUTIQUE AIRLINE overall Chinese arrival to Thailand increased at 2.8

position of PCCA shows a relatively low rate of liquidity, namely, in 2017, PCCA’s ratio of current assets to current liabilities amounted to 0. 49 times. Should PCCA’ s operating results improve, its

amounted to 0.49 times. Should PCCA’s operating results improve, its liquidity will improve accordingly. In the long run, it may consider disposing certain assets, e.g., the head office or certain unused

shall be beneficial to the Company as the disposal of such assets will help improve the Company’s financial position by lessening its liabilities and increase its liquidity and cash flows. Page 3 of 6

drastically from the dump sale. However, the situation is temperary and when the outbreak of the coronavirus (COVID-19) is likely to improve and with the fact that the government has relief measures to support