107 42% 132 97 36% Operating Cash Flow 240 249 258 (7)% 923 966 (4)% Net Operating Debt to Equity (times) 0.45 0.39 0.84 (46)% 0.45 0.84 (46)% 1Consolidated financials are based upon elimination of

-measurement of employee benefit obligation amounted Baht 3.76 million. Ocean Glass Public Company Limited Page 4/ 6 Management’s Discussion and Analysis Ocean Glass Public Company Limited Management’s

receivable has increased in line with revenue increase. Liabilities as of 31 December 2017 substantially decreased mainly from the repayment of debt owed to financial institutions. The repayment was from IPO

Leverage Ratios (x) Interest Coverage 3,638.7 89.7 Debt Service Coverage 554.5 23.2 Total Debt to Equity 0.2 0.3 * calculated by using earnings of current quarter to be estimated for annual earnings ** based

The allegation is a consequence of various complaints lodged in relation to the increased debt of THB 26,000 million following EARTH’s submission of the financial statement for the first quarter

payment of 36.17 percent in spite of decrease in EBITDA of 0.83 percent from the end of year 2017. (5) Debt Obligation The Corporate Group has policy to mitigate risk from interest fluctuation by taking

2017 of 21.88 percent, an decrease in long-term loan and financial lease liabilities due within one year of 24 percent and a decrease in loan interest payment of 36.21 percent. (5) Debt Obligation The

liabilities amounting 109.71 million baht. The total liabilities in 2018 declined by 33.62 million baht or down by 14.97 % on a year-on-year basis. • The employee benefit obligation declined by 6.22 million

The SEC has revised the definition of Qualified Subordinated Debt to be excluded from the total liabilities for the calculation of net capital of business operators, viewing that the debt instruments

recognized doubtful account increased amount of 856.74 million Baht from the same period last year which is estimated from unpaid debtor. Such estimation are based on the Company’s regulations related