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

this year due to revenue increasing at a higher rate than expenses. Net profit attributable to equity holders of the Company decreased by 41.0% YoY to THB 161mn with a Net profit margin of 5.4%. The

attributable to equity owner of the Company and excludes non-recurring expenses of THB 180mn. 3M 2020 PERFORMANCE ANALYSIS (YOY) In April 2020, MACO has changed its fiscal year to start from April to March

Profit (Annualised) / Average Total Shareholders’ equity (average of outstanding at end of the same period in the previous year and at end of this quarter) 4 Earnings before interest and tax (Annualised

holders of the Company/ operating revenue 3 Net Profit (Annualised) / Average Total Shareholders’ equity (average of outstanding at end of the previous year and at end of this year) 4 Earnings before

Assets – Other Current Assets) / Average Current Liabilities (average of outstanding at end of the same period in the previous year and at end of this year) 7Total liability/ total shareholder’s equity

under common control of THB 11.93 million. The Company’s shareholders’ equity remained unchanged from the end of previous year. 8 I 9 Management Discussion & Analysis 2023 Unit December 31, 2022 December

bearing-debt as of end 1Q21 stood at Bt94,417, decreasing compared to Bt99,571mn as of end 4Q20. Total equity was Bt71,657mn, decreasing -5.3%YoY from dividend appropriated. Cash flow In 1Q21, AIS continued

and there was a decrease in the shareholders' equity of 7.55 percent from the previous year. Return on Assets (ROA): The Corporate Group’s ROA increased from 11.48 percent as at end of 2016 to 15.87

0.41 percent) due to the increase in gross profit margin of 2.87 percent. Earnings Efficiency Return on Equity (ROE): The Corporate Group’s ROE increased from 18.58 percent as at end of 2016 to 23.03