% Finance cost -0.92 -0.82 -0.10 12.2% Income tax expenses -0.94 -2.36 1.42 -60.2% Net income for period 10.49 18.78 -8.29 -44.1% Earnings per share (THB) 0.03 0.06 -0.03 2.8% YTD 2017 Financial Position

FY21 revenue guidance to be flat or slightly decline and EBITDA to be flat. This follows the rising downside risk to the already weak economy driven by the prolonged impact of Coronavirus stem from the

significantly from 36 mTHB to 59 mTHB (+ 60%) year on year. On the downside the project-based Golden Lime Engineering subsidiary did not generate significant revenue in Q1 2018, unlike in Q1 2017 when the

key segments like chemical and construction (AAC block manufacturing) also show positive tendencies. On the downside the nonferrous mining segment is likely to underperform versus previous years

product group came from the increased sales volumes; while unit sales prices of burnt products remained under considerable pressure compared with the same period last year. On the downside, there was a

Company Limited 3 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2020 downside, a weaker and shorter than expected sugar season affected volumes in Q1 and this will be the case in Q2. In

Company has not yet been able to provide guidance for our 2020 full year results. The Company has modelled the impact of downside scenarios for the business at various severity levels, and implemented

. However, the pace of expansion is expected to ease if downside risks, such as the continuing U.S. and China trade dispute, materialize. In addition, Thailand is scheduled to hold elections on 24th of March

earnings on a YoY basis both in 4Q19 and 2019, driven mainly by a negative EBITDA contribution from IPA. This is in line with industry spreads, which were at an all-time low. IVL has launched a turnaround

decrease in retained earnings. Cash flow For 9M21, cash flow from operation (after tax) was Bt64,699mn increasing +9.2%YoY on the back of EBITDA expansion. The investment to expand 5G/4G and fixed broadband