Limited 3. The company has negotiated for inventory management with various brands to reduce the amount of inventory or requesting support because the company is unable to sell products. In which the

spread between finished product and crude oil in every product category, and from the higher average crude oil price; resulting in an Inventory Gain of THB 834 million, exceeding 2016’s. Moreover, there

million (-14% QoQ, -5% YoY). EBITDA was recorded THB -2,546 million (-205% QoQ, -230% YoY), whereas Operating EBITDA was THB 1,173 million. With Inventory Loss recorded at THB 3,434 million [including

Baht appreciating against the US Dollar affecting the value of the company’s inventory, resulted in this quarter’s Inventory Loss of THB 1,163 million, negatively affecting the refinery’s business

to complete. Moreover, the 2016 inspection results of the auditors’ engagement showed that most findings were in the substantive testing phase, with the audit of revenue, the audit of inventory and the

to an inventory gain of THB 856 million. However, there was a loss from crude and product oil price hedging contract at THB 75 million. Furthermore, the refinery planned to manage the stocks of

Inventory as of September 30, 2019 is in the amount of 127.25 million baht increased by 16.77 million baht when compare to last year. This resulted from the fact that this quarter is low season so there was

million THB to 21,250.21 million THB. The main reasons are as follows: 1) Cash and cash equivalent increase 8.77% from 31 December 2017 as a result of the performance of the Company. 2) Inventory increases

31st December (Unit: Time) 2018 2017 Current Ratio 5.86 5.90 Quick Ratio 2.81 3.08 Inventory Turnover 2.91 3.37 • Current ratio was 5.86 times, decreased from the year 2017 which was equivalent to 5.90

in non-social security revenues portion which granted shorter credit term. However, average inventory day increased. Please be informed accordingly. Yours sincerely, (Mr. Surin Prasithirun) Managing