% Adjusted EBITDA Margin (%) 1.0% 9.3% -8.3% 4.4% -3.4% 4.3% 8.6% -4.3% Net Profit -97 185 -152% -36 169% -113 317 -136% Item from raw materials derogation - - n.a. 14(2) -100% 16(2) -2,004 -101% Tax income

Thai economy in the third quarter of 2018 had a positive trend in line with the expansion of world economy. The continuous growth from export sector and the implementation of advanced technology in

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended March 31, 2018 In the first quarter of 2018, Thai economic growth gained

for the year ended February 28, 2017 which were audited by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The Company has net profit attributed to owners of the parent of 2,403 million baht, a

policy for export Crude Palm Oil, combined with the gap between the price of Thai and Malaysian Crude Palm Oil widening once again. This resulted in the biodiesel business gross profit to improve, due to

(%) Net Profit 59.33% 50.68% 47.12% 47.35% 44.88% Information Memorandum on Acquisition of Assets O.C.C. Public Company Limited หน้า 12 จาก 20 Part 3 Financial Information Financial Status and Performance

million from Thai Ethoxylate Co. Ltd., (TEX) a subsidiary of GGC, producing Fatty Alcohol Ethoxylate (Derivative product of FA). As a result, the GGC announced net profit for FY17 of THB 521 million (down

shareholder wealth through initial public offering process (IPO). Thai listing companies mostly are under control by family shareholders (Suehiro and Wailerdsak, 2004). Thus, the controlling shareholders do not

Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the third quarter of 2019 ended 30 September 2019 Executive Summary Thai economy in the third quarter of 2019 was

from slow investment from private sector and export sector. Additionally, Thailand’s tourism has shown slow pace from a drop in international tourist arrival, especially Chinese tourists (Source: The