result of loan repayment by net proceed received from SPRIME. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will ultimately reduce debt

ratio from 1.35x to 1.39x was mainly due to dividend paid to shareholders in May 2019. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will

part of the 3E project (Efficiency, Energy, and Environmental Project), lowering the cost of producing electricity and steam 9 | Management Discussion and Analysis of Business Operation for the year 2017

excess. In addition, the COVID-19 outbreak resulted in various refineries successively lowering production to coincide with dwindling demand. Dated Brent and Dubai spread (DTD/DB) average in Q1/2020

and its subsidiaries recorded total EBITDA of THB 2,514 million (-38% YoY, -38% QoQ), the performance softened, especially for Refinery Business, which was affected by the continuously lowering crude

employment for the employees who have worked for an uninterrupted period of twenty years or more, with such employees entitled to receive not less than 400 days’ compensation at the latest wage rate. And also

, thus lowering its average cost of debt. Table 2: Consolidated Results Summary Revenue from rent and services 6,323 6,518 6,422 (1%) 2% 18,755 19,470 4% Retail 6,213 6,345 6,249 (2%) 1% 18,256 18,953 4

to the cycle of the market which lowering the demand of steel products. The Company has exported its products as according to the marketing plan in order to expand marketing strategy, improve standard

compensate themselves by lowering cost of fund and issuing more green bonds. • However, if investors do not see any green label’s benefits, green bond issuers may need to increase their yields to persuade

& same is covered under comprehensive Iisurance coverage including loss of profit. We don’t see any impact on downstream production as spot Ethylene is covered to ensure uninterrupted feedstock supply