still affected by the oil price volatility in the global market. Despite the crude oil price recovery, the average crack spread between finished product and referenced crude oil price continues to decline

from interest hair-cut according to compromise agreements and debt to equity conversion program.  Trade accounts payable decreased by Baht 1,379 million, mainly due to the repayment of liabilities by

| 2 Executive Summary In 3Q/2019, overall palm oil production and crude palm oil (CPO) inventory remained high in both domestic and international market, thus crude palm oil (CPO) and crude palm kernel

). Table 1 : Performance Summary Table 2 : Adjusted EBITDA Margin In the face of volatile crude palm oil and crude palm kernel oil prices’ movement, both had continued to decrease from quarter 1/2017 due to

parties decreased by Baht 846 million which mainly came from the repayment by subsidiary partly offset by increase in short term loan from loan of Baht 300 million taken by the Company to meet working

of 0.96 THB. The company and its subsidiaries recorded total EBITDA of THB 3,580 million (+28% YoY, +42% QoQ), performance improved, especially for the Refinery Business, of which average crude run

resulted from reduction in working capital due to termination of tolling and repayment of short-term loan USD 20 million from the cash received from Right-offering received in previous quarter.  Gain from

market, where the oil business is in on a downward trajectory following slowing global economy due to the trade war between the US and China. The Dubai crude price in 2019 averaged at 63.51 $/BBL, a

termination of tolling and repayment of short-term loan USD 20 million from the cash received from Right-offering received in previous quarter. • Net gain from exchange rate The Company had recorded gain from

effect of the widened Crude premium over Dubai, as well as the lowered oil product spread over crude oil price. There was an Inventory Loss of THB 70 million, and GRM hedging loss. Marketing Business Group