Finance costs comprise of interest expense from loans for the new investment projects, amortisation of prepaid transaction cost of borrowings and interest expense from lease liabilities. Finance costs for

include the interest paid to financial institutions and related persons. The Company’s financial costs in 2018 were THB 78.74 million, rose by THB 4.38 million or 5.89% up from 2017 mainly from higher

total revenue of THB 1,621 million, a decrease of 9.5% from 4Q17, contributed by decrease in revenues from the absence of Dusit Princess Korat Hotel and Other income. Earnings before Interest, Taxes

aim to strengthen the financial status, reduce the burden of interest payment and improve financial ratios. The total debt amount that will be restructured is USD 242.53 million which part of the debt

Equity Ratio20 (times) 0.44 0.35 0.28 Interest Coverage Ratio 21 (times) 11.61 16.42 22.22 Debt Service Coverage Ratio 22 (times) 0.12 0.14 0.19 Dividend Payout Ratio 23 (%) N/A * 73.38 N/A ** Remark: 1

, decreasing -5.3%YoY due to lower interest rate offset by slight increase in interest bearing debt. The average cost of debt declined by 50 basis point to approximately 2.5% per year in FY20, while interest

Unappropriated 27. deducted Treasury stock 28. Minority interest Total Shareholders’ equity (Translation) -5- Total Liabilities and shareholders’ equity The ………………………… securities company limited Income statement

others 2.6.2 Unappropriated 27. deducted Treasury stock 28. Minority interest Total Shareholders’ equity (Translation) -5- Total Liabilities and shareholders’ equity The ………………………… securities company

of THB 897 million from the corporate income tax in 2007, 2009 and 2010, including the interest income from the tax return in the amount of THB 401 million. 5 | Management Discussion and Analysis of

interest-bearing debt of THB 7,695 mn based on the events above. CPN is currently in the process of reviewing the investment plan to develop the assets of GLAND. CPN constantly looks for new investment