statement of equity change of the shareholders, and the annual cash flow statement 2015 due to inefficient internal control system with regard to the cost of sales and the inventory of 2014 and insufficient

Company Limited ("IFEC"), acquired the knowledge from the Board of Directors Meetings No. 11/2016, held on 1 November 2016, that IFEC faced a problem with insufficient cash flow to pay off its

natural disasters, and marine tourism destinations are degraded. In response to environmental concerns the government has introduced policies and measures such as a national campaign to stop using plastic

Energy Group Holdings Pte. Ltd. of THB 93 million. (2) PetroWind Energy Inc. of THB 29 million. (3) Ubon Bio Ethanol Plc. of THB 18 million. (4) Bongkot Marine Services Co., Ltd. of THB 10 million. (5

to a 20% reduction in IVL’s core EBITDA. Operating cash flow through this period increased by 33% to $1.3B, as a result of lower prices and operational excellence. IVL has proposed a dividend of

. THB 14 million. (4) Bongkot Marine Services Co., Ltd. THB 39 million. (5) OKEA AS THB -3 million, which was due to the unrealized loss from foreign exchange. Management Discussion and Analysis of

Bio Ethanol Plc. THB -15 million (4) Bongkot Marine Services Co., Ltd. THB 7 million (5) OKEA ASA THB 102 million. 7. Financial cost was THB 421 million, an increase of 13% YoY but declined 5% QoQ

associated companies was THB 38 million, comprising of (1) Star Energy Holdings Pte. Ltd. THB 107 million (2) PetroWind Energy Inc. THB 16 million (3) Ubol Bio Ethanol Plc. THB -6 million (4) Bongkot Marine

book value per share at 16.58 times and debt to equity ratio (D/E ratio) at 0.36 times. Cash Flow For the 9-month period as of June 30, 2017, the Company had the changing in cash flow comparing to the

of Capital Flow The Company will use its excess cash flow for this acquisition and still have adequate working capital for its ongoing operations. 8. Opinion of the Board of Directors on the