partly down to CPN’s continuous effort to conserve energy usage. Hence, the cost-to-revenue ratio is expected to be similar to the magnitude of last year amidst the increasing trend of electricity Ft rate

2020 MD&A 6  We are seeing a trend in industry that due to poor margin number of cracker, PO/MTBE projects have been delayed to conserve cash; this will help to restore the margin to replacement

. Governing law Thai law 7. Approved the expansion of the flexible packaging business in the amount of Baht 75 million, comprising the construction of a factory warehouse at Baht 35 million and the purchase of

and Ice Cube Factory Business Revenues from Ports and Terminal Services, the subsidiary (AIPT) were received from the Company who was only customer to AIPT, therefore such transaction will not show in

Cube Factory Business Revenues from Ports and Terminal Services, the subsidiary (AIPT) were received from the Company who was only customer to AIPT, therefore such transaction will not show in Revenue

1 777.5 802.1 -24.6 797.9 675.4 122.5 รวม 3,422.3 3,306.8 115.5 3,089.1 2,948.3 140.8 ตารางที 4: ยอดขายและปริมาณขายตามภูมศิาสตร์ (PCB shipment @ ราคา Factory price) ตารางที 5: ยอดขายและปริมาณขายตามประ

802.1 -24.6 Total Year 3,131.8 3,149.9 -18.1 3,422.3 3,306.8 115.5 Table 4: Sales and volume sold, by Region (PCB Sales @ Factory price) % Incr. (Decr.) Y-o-Y Q-o-Q 4Q18 Y2018 1Q19 2Q19 3Q19 4Q19 Y2019

of long-term loans from bank, payment for the construction of the headquarter, training and distribution center and the expansion of the factory and new branches. Page 4/5 Short-term Investment As at

, training and distribution center and the expansion of the factory and new branches. Short-term Investment As at 30 September 2017, the Group had short-term investment of THB 462.41 million which consisted of

, Phang Nga Province. Remark : it is the renewal from notisfication of excavation, land reclamation certificate no.001/0558 which the operation already expired since March 26, 2016. 2. Factory Transfer