IVL as a whole in 2019. o Sharp decline in crude prices (high of $ 83/bbl in 3Q18 versus low of 54/bbl in 4Q18) as we entered in to the weak season led to accelerated destocking in the integrated PET
combination of the weak global economy and strong baht capped tourism and spending. In response to a slowdown in tourism, visa fee waivers were extended twice to end on April 30, 2020. Headline inflation
trend is sufficiently strong. Stated differently, earnings strings can arise even when earnings persistence is weak. Therefore, earning persistence does not necessarily imply the existence of earnings
corporate governance reduces emerging market vulnerability to financial crises, reinforces property rights, reduces transaction costs and the cost of capital, and leads to capital market development. Weak
latter part of the year, bolstering consumer spending and private investment. However, the economic growth was subdued as the economy was still in a recovery stage and goods exports were weak, partly
this year may be capped by weak commodity prices, likely causing growth in export value to be lower than what was seen in the first half. At the same time, farm income may decelerate amid rising output
sustain its growth. Overall, however, it was plagued by weak exports and tourism amid the global economic slowdown. Aside from these challenges, businesses had to contend with more complex competition
Risk Management During the first quarter of 2018, the Thai economy saw an uneven recovery amid limited growth in consumption, weak farm income and risks from uncertain trade policies and protectionist
to slow due to a Thai economic recovery that is forecast to remain weak, and heightened internal and external risks. We are therefore closely monitoring and analyzing related developments. Subject to
evaluation and of the linkage between performance and compensations of this type of staff Weak linkage between staff performance evaluation and audit quality indicators B. Engagement level Audits of revenues