, increasing 16% YoY and 3.3% QoQ, in line with core service revenue movement. The regulatory fee as a percentage of core service revenue was 4.0%. • Depreciation & amortization was at Bt15,052mn, increasing 21

first half of 2019. On the costs side SG&A has again shown further improvement and versus 2017 overall dropped 1% as a percentage of revenue as the synergies of integrating Saraburi Quicklime impact

excl. TFRS 9 and 16 (871) -2.1% 4,817 9.2% (5,688) (118.1%) Normalized Profit excl. TFRS 9 and 16 (2,608) -6.3% 1,573 3.0% (4,181) (265.9%) (1) Percentage margin is calculated by dividing Gross profit

% 14.8 1.0% Total Revenue 1,469.3 100.0% 1,495.7 100.0% Remark: (1) Percentage of Total Revenue 2 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02

10.8% 5,591 10.4% 288 5.2% Normalized EBITDA 4,045 7.5% 5,597 10.4% (1,552) (27.7%) Normalized profit for the period 1,104 2.0% 2,439 4.5% (1,335) (54.7%) (1) Percentage margin is calculated by dividing

of new staff hire for the distress debt expansion and commission paid. However, the percentage of cost of services to revenues was declined significantly. This was because the enhancement of efficiency

, the interest bearing debt to equity ratio and the debt to equity ratio have increased from 0.35 : 1 to 0.46 : 1 and from 0.50 : 1 to 0.73 : 1 as of 31 December 2016 and 30 June 2017 respectively. Cash

above reasons, the interest bearing debt to equity ratio and the debt to equity ratio have increased from 0.35 : 1 to 0.47 : 1 and from 0.50 : 1 to 0.69 : 1 as of 31 December 2016 and 30 September 2017

625.70 million THB or 270.35%. As a result of the above reasons, the interest bearing debt to equity ratio and the debt to equity ratio have increased from 0.35 : 1 to 0.49 : 1 and from 0.50 : 1 to 0.69

%-. !!, ก (Percentage Loss) *, EM 8H%%$!8+!$ 8ก"ก!$ก !$9 "!-ก I 8$ก 10 J # +ก$ก!$ก ,$,* +ก$ก (Earning Growth) *$N!%+$8, ! ก!",$,(8+!$.+ก กO*ก !$9 8, O!% !!- %2# ก +!$ Valuation *, EM 8H%%$!%+( ก!$8