subsidiaries’ performance by Business unit 1.) Refinery and Trading Business Group Crude Oil Price Situation (Unit : USD/BBL) Crude Oil Price Q1/2017 Q4/2017 Q1/2018 YoY QoQ AVG AVG MAX MIN AVG % % Dubai (DB

per ton (YoY) in an otherwise strong season. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in IVL’s core earn- ings follows on from IVL’s consistent strategy of prudent

with low traveling demand and cooperated with government orders as well as the announcement from Civil Aviation Authority of Thailand (CAAT) regarding to COVID-19 spread out situation. As a result, for

1,419.80 1,103.82 315.98 28.63 Liabilities 462.61 204.06 258.56 126.71 Shareholders 'Equity 957.19 899.77 57.42 6.38 The cause of the company's financial situation changed 1. The company has total assets as

Currently there are more than 200 branches nationwide. Since the steel coil is the main raw materials that have significantly contribute to fluctuations of the global steel price. In a certain situation, the

accelerated spending in the first half of fiscal year. The situation is expected to benefit the company from economic recovery and private investment. In terms of total operating expenses, it usually varies

competition situation and the proportion of cost of goods sold is higher from the fixed cost for the factories employee expense that couldn’t be used full capacity of production. (4) Selling and administrative

& Hoeglund Public Company Limited “the Company”, the management would like to discuss and analyse of the financial statements for the year 201 ended December 31, 2017 including the significant situation and

support and also considering to the Company’s current situation that are unable to find credit facility from local commercial banks to support the business. The Board of Directors of the Company resolved to

tourism in Thailand that led to a continuous decrease in number of tourists especially from China which is our target customers. The Company was responsive of the situation and formulated new strategies and