leads to a lower finance cost and increase financial strength of the Company as debt to equity ratio improves which is beneficial to the Company and shareholders. 5. Warranty of Directors The Board of

and bills of exchange which leads to a lower finance cost and increase financial strength of the Company as debt to equity ratio improves which is beneficial to the Company and shareholders. 5. Warranty

the period. • As a result of the foregoing, net interest-bearing debt to equity ratio increased from 1.5 times as of December 31, 2018 to 1.6 times as of March 31, 2019. FINANCIAL POSITION STATEMENT OF

1 (Translation) MD. 108/2017 Aug 7, 2017 Re: Management Discussion and Analysis For the Operating Results ended June, 2017 To: President The Stock Exchange of Thailand Management Discussion and

revenue for the same period of last year. The positive impact is a result of more projects awarded in 2017 leading to more negotiation power and efficient cost management. 1. Business Performance Analysis

1 (Translation) MD. 182 /2017 Nov 8 , 2017 Re: Management Discussion and Analysis For the Operating Results ended September, 2017 To: President The Stock Exchange of Thailand Management Discussion

Baht 1,388.11 million and Baht 203.66 million respectively. Debt to Equity ratio as at 31st December and 31st March 2019 were 0.34 and 0.41 times respectively. The lower D/E ratio was due to lower

. Therefore, existing portions of company shareholding interest and non-controlling interest of subsidiary stood at Baht 1,416.93 million and Baht 218.20 million respectively. Debt to Equity ratio as at and

of 1,389.78 and 174.70 million baht respectively. Debt to Equity ratio as at and 30th September 2020 and 31st March 2020 were 0.20 and 0.30 times respectively. The lower D/E ratio was due to smaller

7,218.18 100.00 7,068.16 100.00 6,687.21 100.00 Financial ratio Consolidated financial statements unit 2018 2017 2016 1. Current Ratio times 3.29 3.45 3.20 2. Debt to Equity Ratio times 0.24 0.23 0.23 3