Statement Cash Flows Statement Accounting Financial Ratios Business Performance Executive Summary Statement of Income 19 of Financial Position Environment Management 3 3 | Management Discussion and Analysis

protection remains intact while business operators still have convenience for business operation. The SEC has therefore reviewed the regulations on work systems of securities brokers and repealed two

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

strong. Household income in the agricultural sector contracted, both in term of price and output. Meanwhile, non-farm household income remained stable. However, private consumption and export was seen

all android handsets, to exhibit leadership in 4G. Handset subsidies remained stable and more targeted; however, the competition in fixed- speed unlimited plans has challenged an ability to increase

Myanmar) and Middle East. However, reported international beverage business was stable due to FX impact. Domestic market: Energy drinks showed favorable growth, driven by flagship M-150, which maintained

EBITDA (228) 602 Net Profit (Loss) (433) 366 HR C HRC Sales (k tons) 177 388 HRC Production Volume (k tons) 139 382 HRC Average Selling Price (THB./ton) 19,160 20,942 HRC Cash Margin (THB./Ton) (58) 1,937

due to (1) an increase in cash and cash equivalents of THB 151 million, (2) an increase in short-term investment from fixed deposit of subsidiaries of THB 90 million, and (3) an increase in trade and

THB. The main reasons are as follows: 1. Cash increases from 2020 at the amount of 546.06 million THB or 59.57% as a result of cash reserved for dividend payment to shareholders on 8 April 2021. 2

Net operating debt to equity at 0.61 times with strong operating cash flow. Dividend payout remain much higher than its stated policy of 30% of net profits. Perpetual debenture of THB 15b refinanced at