Company’s business operation in year 2018, which is expected to grow continuously in spite of impact from fuel and labor costs that are expected to increase.

the consolidation of Trans.ad Group. In addition, the Company recorded a non-recurring expense from long-term employees of THB 5mn according to The Labor Protection Act (No.7) 2019. However, SG&A to

. - Employee benefit obligations were 193.53 million Baht, rose by 43.07 million Baht from the end of year 2018 mainly due to the effect from the labor law Note: According to the debentures and long-term loan

Co., Ltd. in this information memorandum. 9 Cost Estimates : It comprises of 95% of raw materials, labor and other costs of the Self-operate Restaurants and 8% of selling and administrative expenses of

Labor Protection Act was amended to include a requirement that an employee who is terminated after having been employed by the same employer for an uninterrupted period of twenty years or more, receives

benefits in the current year. While there is a one-time provision of approximately Baht 7.7 million in the first quarter of 2019 in order to comply with the revised labor law newly implemented in 2019. 1.1

Draft Amendment of the Labor Protection Act. The impairment loss on loans and debt securities fell by Baht 2,581 million. Compared with the fourth quarter of 2017, net profit attributable to owners of the

staff and that of each core business. In case of material change in the number of staff or a substantial labor dispute during the past three years, clarify the causes and policies on such matter. In

)% 29 28 5% Note: Some capacities in 1Q17 are re-rated. Figure 4: Margins and Returns 6 precisely this reason, as mentioned previously, IVL on a consolidated basis benefitted and delivered a core EBITDA

lower scheduled maintenance. • NNP margin in Q1’2019 was 6.7% lower than 10.2% in Q1’2018 but higher than 3.8% in Q4’2018 as described previously. ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE