(THB) 0.43 0.25 0.85 +0.19 (0.42) Core EBITDA/T ($) 94 92 115 2% (18)% Operating Cash Flow5 300 340 385 (12)% (22)% Net Operating Debt to Equity (times) 1.32 1.35 0.65 (2)bps +67bps * Integrated Oxides

$ 1.9B. Interest cost is expected to come down for year 2020, thanks to lower benchmark rates. Our net operating debt to equity went up to 1.35 times primarily due to the acquisition of Spindletop

services income would decrease by 226.32 million Baht or 5.31% due to the declining in raw water sales volume). In 2017, the company was able to control the cost of raw water business effectively, especially

% Core EPS after PERP Interest (THB) 0.85 0.67 1.31 (35)% 3.67 3.86 (5)% Core EBITDA/ton ($) 115 102 153 (25)% 119 132 (10)% Operating Cash Flow5 385 261 222 73% 1,172 855 37% Net Debt to Equity (times

2,425.4 million, decreased by 7.2% from the 9-month period of 2019, due mainly to the decrease from gains on investments. LH Financial Group Public Company Limited Management Discussion and Analysis for the

content acquisition to support the growth of the business since 2017 and the fact that the Thai Baht value appreciated against US Dollar, the Company had loss on exchange rate, resulting in a decrease in

% vehicle registration loan) Causing Singer to earn higher interest income and there was a decrease in NPL due to adjusting the proportion of credit portfolio to have more quality. NPLs in the group of auto

profit decreased by Baht 128 million mainly due to the decrease in steam sales volume of Rayong Central Utility Plants (CUP) and IRPC Clean Power (IRPC-CP) decreased, even though the electricity sales

existing customers. • Electricity price sales to IU in Vietnam decreased 5.7% year-on-year from 2.61 Baht /KWh in 2016 to 2.46 Baht/KWh in 2017, primarily due to a decrease in the prevailing retail tariff

million from decrease in natural gas payable which decreased from end of the year by Baht 116.3 million. However, payables from the purchase of fixed assets increased by Baht 14.0 million. Equity