3,175 million, increased by Baht 475 million or 18% from 2016. The increase is mainly due to the rise in sales of electricity and steam generated from the rise in demand of industrial users. Also, the COD

333/3 Viphavadi Rangsit Road, Chomphon, Chatuchak, Bangkok 10900, Thailand Tel: +66 1207 or +66 2695 9999 Fax: +66 2695 9660 e-mail: info@sec.or.th BU I L D ING BR IDGES INDEPENDENT AUDIT INSPECTION

auditor’s understanding of his/her client. The planning and performing of these procedures, whether alone or in combination with tests of details, should be in accordance with the requirements of the relevant

expects that this will contribute to the comprehensive utilization of capital market benefits. However, the SEC’s role does not involve preventing investor losses or ensuring compensation in the event such

investors always read the MD&A together with the published financial statements to get complete details and understanding. The consolidated financials are based on the elimination of intra-company (or intra

palm oil (CPOA) trading business for biodiesel and edible oil. Including the experiences and expertise of the Investor, to enhance knowledge and understanding regarding the business as a strong

market, directly or indirectly. And publicly listed companies provide for more than 200 million jobs. The Principles also address the rights of these stakeholders and their ability to participate in

2.03 27% Core EBITDA/t (US$/t)) 107 100 94 14% 97 86 13% Net Operating Debt to Equity 0.84 0.80 0.99 0.84 0.99 Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

elimination of intra-company (or intra-business segment) transactions 2Total of each segment may not always tally with consolidated financials due to holding segment 3Core EBITDA is Reported EBITDA less

based upon elimination of intra-company (or intra-business segment) transactions 2Total of each segment may not always tally with consolidated financials due to holding segment 3Core EBITDA is Reported