) 1,712.19 1,851.61 (139.42) (7.5) Non-controlling Interests - (19.28) 19.28 100.0 Profit Attributable to Owner of the Company before exchange rate 1,712.19 1,832.33 (120.14) (6.6) Gain (loss) on exchange rate

: Baht Million) 9M/2018 9M/2017 % Change Profit (loss) from operating activities before changes in operating assets and liabilities 64 482 -87% Profit (loss) from changes in operating assets and

ordinary shares 500,000 shares Disposed shares 400,000 shares Shareholding ratio before disposal 99.9994% of Register capital Shareholding ratio after disposal 19.9994% of Register capital Shareholding

(loss) before finance cost and income tax (2.70) (39.61) (32.89) (16.09) Finance cost (0.30) (1.25) (2.00) (1.09) Profit (loss) before income tax (3.00) (40.86) (34.89) (17.18) Income tax - - - - Profit

are illustrated as below: 1) total assets as of 31 December 2018 before retrospectively adjust was THB 14,329.7mn and after the retrospectively adjust was THB 14,376.4mn, an increase of THB 46.7mn. 2

before interest payment of THB 1,077mn Boonbaramee. The decrease of total liabilities was chiefly from the repayment of long-term loan, and the appreciation of the THB that affected the company’s foreign

415 N/A Loss from impairment of assets (34) - N/A (15) N/A (34) (441) N/A Share of profit of associate and JV 52 38 36% 21 144% 404 254 59% Profit/(loss) before finance costs and income tax expense

Interest-bearing Debt to Equity (Times) 2.49 2.30 Cash Flow (Unit: Baht Million) 31 Dec 2019 31 Dec 2018 % Change Profit (loss) from operating activities before changes in operating assets and liabilities

Discussion and Analysis for the 1st Quarter 2020 Page 5 of 11 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Unit: Million Baht 1Q 2020 1Q 2019 Change % Change EBIT 425.16 288.19 136.97

at end of the previous year and at end of this year) 4 Earnings before interest and tax (Annualised) / Average Total Assets (average of outstanding at end of the previous year and at end of this year