a management company to manage a fund; “Repurchase agreement” means a sale of securities or debt instruments with an agreement to repurchase such securities or debt instruments on the date specified

fund; “Repurchase agreement” means a sale of securities or debt instruments with an agreement to repurchase such securities or debt instruments on the date specified in the agreement; “Office” means the

2019 Not yet due 273 262 Up to 3 months 145 130 3 - 6 months 67 30 6 - 12 months 13 29 Over 12 months 11 18 Total 509 469 Allowance for doubtful debt 6 7 MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST

of THB 144mn, being adjusted by 1) an increase in net non-cash reconciling items of THB 79mn and (2) an increase in net working capital of THB 102mn. After deducting net cash paid for corporate income

million resulted from the Company had a short-term loan for purpose of increasing working capital commencing in 4th Quarter of 2017.  Gain from exchange rate The Company had recorded gain from exchange

last year amount of 37.34 million Baht or decreased 55.06%. In 2019 the Company has received the doubtful debt 2.79 million Baht, decreased from the same period of last year amount of 30.17 million Baht

Period (days) 28.10 29.44 Debt to Equity (times) 1.04 0.95 Return on Assets (%) 12.39 13.55 Return on Equity (%) 18.39 19.80 As of 31 March 2020, the Company had total assets of 14,874.43 million baht, an

the money market fluctuation during COVID-19. Besides, the Company had interest bearing debt of THB 41,381.8 mm, which increased by THB 2,157.5 mm from THB 39,224.3 mm. However, the weighted 82,263.8

Company emphasis on efficiently control production yield. Also, the Company has considered to write-off short-term debt that loans to a subsidiary (AIL) of 8.50 million Baht since AIL has continuously

Directors approved to establish U-tapao International Aviation Co., Ltd., for airport development project in the future. The registered capital is 4,500 million baht. The Company holds 45.0 percent of shares