E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due largely to healthier growth of exports and tourism, especially in the first half of the year. Meanwhile, the government continued to implement measures to promote and strengthen the domestic economy through support of investment and private spending as well as bolstering opportunities for other econo...

Debt to equity(x) 0.3 0.5 0.3 Interest bearing debt to equity(x) 0.2 0.3 0.2 Interest bearing debt to EBITDA(เทา่) 2.3 1.9 2.1 Notes : Current Ratio(Times) = Current assets divided by current liabilities

bearing debt to EBITDA (Times) 1.03 1.92 2.17 Current Ratio (Times) = Current assets divided by current liabilities EBITDA to sales revenue (%) = EBITDA divided by sales revenue Net Profit to sales revenue

marketing policy by adjusting its selling price. Which is divided into sales groups as detailed as follows: Incomes January – June 2017 January – June 2016 Increase(Decrease) Mimmion Baht Percent 1. retailers

bearing debt to equity (Times) 0.21 0.23 0.23 Interest bearing debt to EBITDA (Times) 1.02 2.09 2.36 Current Ratio (Times) = Current assets divided by current liabilities EBITDA to sales revenue

(%) (11.5) 4.6 (11.2) Debt to equity (x) 0.3 0.3 0.3 Interest bearing debt to equity (x) 0.2 0.2 0.2 Interest bearing debt to EBITDA (x) 2.5 2.3 2.3 Notes: Current ratio (x) = Current assets divided by

long-term rental services. Products are divided into 7 groups. • Purchase and sale of land for commercial purposes, large, medium and small, for the company and the general public for development

0.2 0.2 Interest bearing debt to EBITDA(x) 2.4 2.2 2.3 Notes : Current Ratio(Times) = Current assets divided by current liabilities EBITDA to sales revenue(%) = EBITDA divided by sales revenue Net

equity(x) 0.4 0.3 0.4 Interest bearing debt to equity(x) 0.2 0.2 0.2 Interest bearing debt to EBITDA(x) 2.2 2.5 2.4 Notes: Current Ratio(Times) = Current assets divided by current liabilities EBITDA to

to Equity (x) 0.2 0.2 0.2 Interest Bearing Debt to EBITDA (x) 3.2 2.5 3.6 Notes: Current ratio (x) = Current assets divided by current liabilities EBITDA to sales revenue (%) = EBITDA divided by sale