Code (Issuer) เป็น 00 ใหบ้นัทกึ Issuer Rating เป็น None รายงานเฉพาะ 1) หลักทรัพยน์อกตลาดในประเทศ โดยถา้เป็นตราสารหนี ้(รวมถงึ Structured Notes/Structured Finance) ในประเทศที ่listed ใน BEX/ThaiBMA ไมต่อ้

) 8% 32% EBIT 600 754 1,067 42% 78% Finance costs (96) (90) (119) 32% 24% Other non-operating income (and expenses) 196 36 64 78% (67%) Shares of profit of associates and joint ventures 111 152 152 0

Expenses (130.8) (152.9) -14.5% Finance Costs (366.6) (459.9) -20.3% Share of Profit from Investments in Associates and Joint Ventures 2,047.4 1,936.1 5.7% Income Tax (Expense) Income (49.1) (18.2) 170.4

Refueling Services 82% Fuel Pipeline Transportation Services 18% Services Income structure of 9M/2019 Page 5 of 8 In the nine months of 2019, the Group had operating profit before finance costs and taxes

THB 772mn, increasing by 63.4% or THB 300mn from THB 473mn as of 31 December 2016 mainly from 1) an increase in short-term loan from financial institutions of THB 235mn to finance COMASS’s acquisition

previous year. Expenses analysis Q2 2016 Q2 2017 Increase/(Decrease) THB mm THB mm THB mm % Selling expense 26.5 161.2 134.7 508.1% Administrative expense 235.3 306.3 71.0 30.2% Finance costs 616.9 418.9

56.9% or THB 269mn from THB 473mn as of 31 December 2016 mainly from an increase in 1) short-term loan from financial institution of THB 455mn to finance COMASS’s acquisition and the investment of CBD

% (280,729) (295,202) -5% Loss on impairment of investment in subsidiary - - - - Finance costs (41,560) (48,651) -15% (125,997) (145,280) -13% Profit (loss) before income tax (96,533) (109,124) -12% (331,330

% EBIT 16.10 4.14 11.95 288% EBITDA 36.93 29.54 7.38 25% EBITDA margin 17% 16% Finance cost -1.22 -0.68 -0.55 80% Income tax expenses -2.74 0.33 -3.07 934% Net income for period 12.13 3.79 8.33 220

under finance lease agreements, net of current portion 71.6 44.0 27.6 62.7 Total liabilities 2,915.8 1,528.1 1,387.7 90.8 Liabilities As of September 30, 2019, the Company’s total liabilities increased by