a period-on-period basis was attributable to the Company has some fixed costs that unchanged irrespective of the revenue. Other Income The other income amounted to Baht 11.43 million and Baht 10.74

services as compared to 85.4% in 2017. This is a good indicator that customers are warming up to outsourcing as they undergo their own journey of HR transformation. 2. Financial position Table 4: Overall

Green Bond Framework under which it plans to finance and refinance, in whole or in part, eligible green assets. Source: ICBC Case studies 10 ICBC’s first green bond ▪ Journey of green bond issuance

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due largely to healthier growth of exports and tourism, especially in the first half of the year. Meanwhile, the government continued to implement measures to promote and strengthen the domestic economy through support of investment and private spending as well as bolstering opportunities for other econo...

Baht appreciation during 6M/2018 relative to 6M/2017.  EBITDA margin was slightly lower to 26.9% in Q2’2018 because selling price per unit to IUs remain unchanged, while gas cost is higher. Normalized

in gas cost from unchanged of Ft and more planed maintenance during Q3’2018 relative to Q2’2018. Normalized net profit (NNP) • NNP increased 12.8% y-on-y from Baht 2,346 million in 9M’2017 to Baht

, respectively. In 4Q’18, the company’s gross margin almost unchanged yoy. For year 2018, gross margin was 31% higher than 30% of year 2017. The improvement in gross margin was contributed by more revenue portion

15% and 14% yoy, respectively. In 2Q’18, the company’s gross margin was 28% of revenue in line with previous year. The unchanged gross margin of 2Q’18 was due to high revenue base of 2Q’17 following

’ equity as mentioned above. As a result, debt to equity ratio increased but remained at low level of merely 0.47x. In respect of liquidity ratio in this quarter, the ratios were almost unchanged yoy. Trade

business, the number slows down as per usual with the decent direction of property rental. Existing clients remain unchanged. The company has a plan prepared since the end of 2019 as the real estate business