Detecting Corporate’s Earnings Manipulation in Thailand Corporate Governance Attributes and Audit Report Timeliness: Mediating Role of Corporate Disclosure and Transparency and Moderating Role of

European fixed income – trends and analysis SEC Classification : ใชภ้ายใน (Internal) - R E S P O N S I B L E I N V E S T M E N T - ESG Incorporation & Investment Strategies in Fixed Income Carmen

amounting of 101.74 Million Baht from unrealized gain on changes in fair value of investments  Other revenue as amounting of 49.96 Million Baht from received interest, sale of scrap and revenue from open-end

subsidiaries offsetting while the Company recognized THB 123 million revenue from new business. Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”) reported THB 222 million decrease 52.3

(for 4Q19, total revenue of THB 599 mn and net profit of THB 110 mn). The difference versus GLAND’s reported statement of comprehensive income comes from the investment properties that the Company

% Total comprehensive income (loss) attributable to owners of the parent Operating Profit (Loss) EBIT Net Profit (Loss) Total Comprehensive income for ther period Revenue from transmission and

) (2.97) (7.86) (2.84 4.66 (37.22) Total sales 418.00 99.35 266.26 96.02 (151.74) (36.30) Other income/1 2.73 0.65 11.05 3.98 8.32 304.76 Total revenue 420.73 100.00 277.31 100.00 (143.42) (34.09) Notes: /1

revenue decreased by 5.3% from 3Q17 due to a decrease in revenue from Education Business and revenue recognition from leased right assignment in the same period last year. Earnings before Interest, Taxes

; Aerts & Zhang, 2014) 5 Patterns of Earnings Management • Income minimization/ Taking a big bath - during periods of high profitability - during the crisis (Kousenidis et al. , 2013) - to avoid political

revenue was from the units transfers of 5 real estate projects as details shown in the table below. Source of income (Unit: THB mn) 1Q/19 1Q/18 Revenue % of total revenue Revenue % of total revenue The