amount of 1,437,456,000 shares offered for initially offering to the public. Such ordinary shares have a par value of THB 5 per share, which was offered at the price of THB 5. 20 per share, totalling the

2018 MD&A 7 Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. IVL balance sheet and cash flow generation are

in foreign currency exchange rates. This resulted in basic earnings per share of Bt0.23 for the first quarter of 2019. Total Asset Total assets as of March 31, 2019 amounted to Bt17,775 million

increase in the cost of goods sold, a reduction in gross margin, as well as the appreciation of the THB. This resulted in basic earnings per share of Bt0.14 for the second quarter of 2019. Total Asset Total

Bt213.3 million, an increase of 1.7% Q-o-Q but a reduction of 58.0% Y-o-Y. This resulted in basic earnings per share of Bt0.22 for the third quarter of 2019 and Bt.0.58 for the nine months of 2019. Total

widened and SG&A remained stable. This resulted in basic earnings per share of Bt0.36 for the first quarter of 2020. Total Asset Total assets as of March 31, 2020, amounted to Bt17,370 million, consisting

Including other income and share of profit from investments in associates and JVs /2 Gross profit including share of profit from investments in associates and JVs /3 Normalized Total Revenue = Total Revenue

over the last eight quarters. Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. IVL balance sheet and cash

attributed mainly by number of factors, namely 1.) Growth in Tourism sector from visa-on-arrival measure and Hong Kong disturbance which reflects an increasing in tourists 2.) Government spending for

2019: Disposal of asset. The Company entered into the Share Sale and Purchase Agreement to dispose ordinary shares in a subsidiary, Mo Chit Land (MCL), worth THB 4,320mn to Sino-Thai Engineering and