% from higher retained earnings. Cash Flow In 1H18, AIS generated Bt31,193mn of operating cash flow (after- tax) . Cash CAPEX to expand 4G and fixed broadband capacities was Bt11,265mn, or 16% of service

and Analysis for the 2nd Quarter 2018 Page 8 of 13 Liquidity Cash Flow Activities For the six-month period ended June 30, 2018, the Company and its subsidiaries generated cash flows from operating

Bt113,300mn, up from Bt109,700mn, while net debt to EBITDA stood at 1.4x, up from 1.3x. Total equity increased 0.8% to Bt50,821mn, mainly from higher retained earnings. Cash Flow For 9M18, AIS generated

2018. Lastly, VGI Group generated total net profit of THB 260mn (prior year: THB 202mn), an increase by 28.8% YoY. As many of our newly developed and acquired business have different cost structures such

September 30, 2018, the Company and its subsidiaries generated cash flows from operating activities of approximately THB 2,045.71 million, decreased by THB 306.71 million from the same period last year. GFPT

(decrease) in cash -241.30 49.08 3. Cash flows For the year ended 30th September 2018, the Company and its subsidiaries generated net increase in cash from operating activities of Baht -79.25 million

at BBB+ for S&P. Cash Flow In 2018, AIS generated Bt69,132mn of operating cash flow (after tax) increasing 5.5% YoY following the improved EBITDA. Cash CAPEX was Bt20,198mn, largely declining from

cash and cash equivalent -0.03 0.02 Net increase (decrease) in cash -176.28 -182.92 3. Cash flows For the year ended 31st December 2019 and 2018, the Company and its subsidiaries generated net increase

baht due to the following activities: The Company reported cash flow from operating activities of 358.19 million baht which are contributed from incremental profit generated by operations and

ended 2020 and 2019, the Company and its subsidiaries generated net increase in cash from operating activities of Baht 289.91 million, consisting of baht 185.98 million positively from operating