the year ended December 31, 2019 as follows: Performance Overview The Company and its subsidiaries had profit attributable to equity holders of the Company amounting to Baht 1,777.78 million, down from

footprint and leverage the financial and commercial skills of IVL to create shareholder value. The transaction is funded by IVL’s internal cash flows and debt financing only and does not necessitate any

) (364.95) (348.38) 95.46 Income tax expenses (43.46) (117.37) 73.91 (62.97) Profit for the period 988.53 1,355.18 (366.65) (27.06) Profit attributable to equity holders of the Company 970.32 1,332.15 (361.83

in financing activities was Baht 766.71 million due to repayment of bank loans. As a result, net cash increased by Baht 401.91 million from the beginning balance. Net-Debt-to-Equity ratio as of March

depreciation 21% 24% -3% 24% 24% 0% Other income /(expenses) 4.72 4.81 -2% 14.20 10.29 38% Financing cost 4.32 1.15 275% 4.62 2.40 93% Tax (Note) 13.71 10.53 30% 31.53 (7.94) -497% Net profit 43.96 49.00 -10

200.41 15.10 271.24 9.96 194.55 14.50 77.01 38.43 Administrative expenses 88.77 3.28 51.79 3.90 88.57 3.25 50.95 3.80 36.98 71.40 Profit before financing costs and income tax expense 577.35 21.32 203.93

202.06 16.49 268.73 9.92 167.14 15.99 262.56 9.64 (66.67) (24.81) Administrative expenses 68.93 5.63 88.77 3.28 68.36 6.54 88.57 3.25 (19.84) (22.35) Profit before financing costs and income tax expense

Selling expenses 70.44 15.72 41.15 11.90 67.31 14.79 39.74 11.38 29.29 71.18 Administrative expenses 11.06 2.47 10.36 3.00 10.91 2.40 10.31 2.95 0.70 6.76 Profit before financing costs and income tax

brand awareness and increasing FN brand equity, so the marketing activities has been arranged with sales plan improvement and promotion efficiency spending. 3. Selling and administrative expenses Selling

baht and intense competition. Transaction For the Year ended 31st December Unit 2018 2017 Gross Profit Ratio % 14.58 15.60 Earnings Ratio % 3.15 4.88 Debt to Equity Ratio Time 0.27 0.29 Return on Equity