E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4 percent compared to 4.2 percent in the previous year.The slowdown could be attributed to exports which contracted further due to the stronger Baht and a global economic slowdown. In addition, the investment environment of both the public and private sector remained weak, and private consumption, albeit gro...

, which is higher than the previous quarter’ s average production that experienced a temporary halt of the Hydrocracking Unit during the mid- July to mid-August. The refinery returned to full capacity after

resulted in the contraction of the Thai economy, especially on the tourism industry and airlines that have to halt services. As well as, the announcement of a state of emergency and the limitations imposed

September 2019, which consequently resulted in a fire. The incident resulted in Saudi Arabia having to temporarily halt oil production by 50% or the equivalent of 5.7 million barrels per day, Saudi Arabia is

Capital Structure • Total assets increased by 13.3% from the end of 2018 to Baht 114,038 million as of September 30, 2019, primarily due to the continual expansion of project portfolio both local and

just 1% higher than the previous year. Average daily market turnover of 2019 was Baht 53,192 million, down 7.8% from Baht 57,673 million in the previous year. Local institutional and retail investors

2018 to Baht 121,693 million as of December 31, 2019, primarily due to the continual expansion of project portfolio both local and overseas. • Total interest-bearing debts increased by 3.8% from the end

possibility of integration Figure 3: Margins and Returns 6 into its existing businesses. The combination of a strong local company with recognized products and deep insights into the market with IVL’s global

totaling Baht 742.5 million; and at the same time borrowed Baht 1,129.0 million from local financial institutions. (2) Liquidity Ratio & D/E Ratio Financial Ratios (Times) As at September 30, 2017 As at

local steel products instead of imports. However, the policy encouraged to increase production capacity and supply excess capacity to other countries. This will create problems for the steel market in