) 1.14 1.39 Debt to Equity Ratio (times) 0.96 0.72 Ocean Glass Public Company Limited Page 4/4 Management Discussion and Analysis Total Assets As of September 30, 2020, total assets presented at Baht

group companies have a financial obligation to maintain the debt to equity ratio. Despite an increase in debt obligations for Carnival Magic Project, the group companies are certain that Carnival Magic

Project, both Phuket Fantasea and Carnival Magic prioritize on the suitability of each company’s financial structure, which the group companies have a financial obligation to maintain the debt to equity

-Translation- Ref. No. PorBor.025 / 2019 August 28, 2019 Subject: Entering into Transaction of Disposing of Subsidiary’s Land and Buildings for the Debenture Debt repayment To: President The Stock

-Translation- Ref. No. PorBor.025 / 2019 August 28, 2019 Subject: Entering into Transaction of Disposing of Subsidiary’s Land and Buildings for the Debenture Debt repayment (Additional) To: President

driven by the TFRS 16 – Lease implementation. Company’s financial position was still strong with the D/E ratio including and excluding TFRS 16 – Lease effect of 2.84 and 1.10 times, respectively which it

Ratio Financial Ratio As of December 31, 2019 As of December 31, 2019 Liquidity Ratio (times) 24.87 23.97 Debt to Equity Ratio (times) 0.05 0.04 Return on Equity - ROE (%) 3.79 (1.10) Return on Assets

subsidiary. The appropriate of capital structure The Group’s debt to equity ratio as at 31 December 2017 is 2.0:1, which is increased from the ratio as at 31 December 2016 at rate of 1.6:1. It results from the

% Finance cost 35.09 41.36 6.27 17.87% Income tax expenses 37.04 42.24 5.20 14.04% Net profit 139.02 150.12 11.10 7.98% Net profit ratio (ROS) 19.92% 17.25% Earnings per share (Baht) 0.26 0.28 0.02 6.92

retained earnings as a result of the recent dividend payment in May. Financial Ratio Financial Ratio As of June 30, 2019 Liquidity Ratio (times) 27.80 Debt to Equity Ratio (times) 0.04 Return on Equity - ROE