market segments such as sugar and steel, which both saw a particularly strong 2018, we expect a continuation of current conditions. The landscape will however remain competitive, with new players entering

was thus reduced to 29% in 2019 as compared to 37% in 2018. To regain the market share and reduce imports, the Company had to resort to very competitive pricing which impacted the EBITDA adversely

price of feedstock decrease, mainly attributable to demand for Natural Fatty Alcohol increased from soft selling prices and having competitive price over Synthetic Fatty Alcohol price levels. Moreover

the modern trade channels, owning to the dynamics and competitive setting of energy drink market itself as well as relatively high bargaining power of reputable modern trade operators. These altogether

to concrete extensive distribution coverage were challenged, especially in the modern trade channels, owning to the dynamics and competitive setting of energy drink market itself as well as relatively

support from the new Shareholder, we are positive to be more competitive in term of cost resulting the positive bottom line is achievable. Refer to the HRC price in Q3/17, we have seen the improvement of

a lower competitive level than quarter 3/2016, resulting to a lower profit margin of Methyl Ester Business Unit. As a result of factor mentioned earlier, in quarter 3/2017, the company’s Adjusted

differentiation strategy, especially the Green Apple flavored energy drinks under Carabao trademark, which are getting more recognition from customers. Nevertheless, ICUK does realize the dynamics and competitive

Natural FA could be competitive to Synthetic FA. Moreover, Natural FA supply was relatively tight as Brazil producer and many Chinese producers have reduced their production, since they were affected by the

as it was necessary for customer-base expansion in dialysis solution segment to adjust selling price in order to be competitive with competitors in the same market. As a result, 2017 has gross margin