with Diamond Brand”, as well as effective cost management having maintained good gross profit margin and increased net profit in 2020. (2) Analysis of Operating Results and Profitability (2.1) Revenues

August 2020, Asia Clean Energy Co. Ltd., a subsidiary, acquired common shares of 3 biomass power plants in the proportion of 100 percent with the consideration paid of Baht 464.6 million. From comparison

Unicorn Enterprises Limited (EBT of UE) • EBITDA and EBITDA margin were THB 131.6mn and 9.0% respectively, lower from the same period last year due to higher operating expense and a rise in selling and

shares of Co-Mass Company Limited (“COMASS”) with total investment of THB 160mn, thereby increasing MACO’s stake in COMASS to 100.0%. As a result, MACO fully controls COMASS, allowing us to utilise

refinery margin to shrink. In this quarter, even though the crude oil price situation continues to improve constantly from December 2018, the cost of a proportion of crude oil that was refined within this

(44.66) Interest on margin loans 60.89 4.11 60.89 4.11 Gain and return on financial instruments 172.82 7.55 172.82 7.55 Shares of loss from investments in an associate and a joint venture (19.59) 15.23

189 HRC Average Selling Price (Bht./ton) 18,097 15,491 HRC Cash Margin (Bht./Ton) 1,423 1,175 Unit: million Baht 3rd Quarter 2017 Year-end 2016 Fin an cia l St at us Total Liabilities 3,371 5,871 Total

148.57 20.29 Interest on margin loans 80.53 3.27 80.53 3.27 Gain and return on financial instruments 250.83 21.98 250.83 21.98 Shares of loss from investments in an associate and a joint venture (22.25

project with the Department of Industrial Promotion. To reduce production costs and increase gross margin to sales and service income from 0.42 percent in 2016 to 9.19 percent in 2017. - The company focuses

733 HRC Average Selling Price (Bht./ton) 18,690 16,163 HRC Cash Margin (Bht./Ton) 1,700 1,586 Unit: million Baht 31 December 2017 31 December 2016 Fin an cia l St at us Total Liabilities 5,492 5,871