that the remaining residences of MahaNakhon project for sale will be handover to the customers by Q1 2018; as well as maintain the construction cost, the gross profit margin will be relatively high in

% or decreased by 22.96%. Because the Company participated in a pre-bid competition during the period of high crude palm oil price. Therefore, the Company has realized higher profit margin when the price

period of high crude palm oil price. Therefore, the Company has realized higher profit margin when the price of crude palm oil has a lower market price on the day of manufacture and delivery. The Company

accordance with the following table: Information Total assets Total liabilities Shareholders’ equity Net capital Commission fee Fees and other incomes Net profit Net profit margin Net capital ratio Net debt to

previous report. 2 Gross profit margin is calculated from the sum of (i) total interest income (excluding interest income on deposits); (ii) gain (loss) on investment in securities– net; (iii) gain on loans

business to record a lower market gross refinery margin (GRM) compared to Q2/2018. However, market GRM (Restate) 7/ Management Discussion and Analysis of Business Operation for Q2/2019 Bangchak Corporation

fixed costs, such as, depreciation costs, salaries for production support staff, etc. In addition, the total gross profit margin from the Manufacturing Business amounted to only 4 – 15 percent of the main

margin at 4.58%, 4.17%, 4.68%, 5.24%, and 6.53% from FY2017 to FY2021 respectively as compare to a projected net profit margin of 2.32%, 2.39%, 2.81%, 2.67%, and 2.50% during the same period respectively

The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 0 The opinions of the Independent Financial Advisor on the connected transaction by Thai Wacoal Public Company Limited Presented to Shareholders of Thai Wacoal Public Company Limited Prepared by 8 March 2019 This English report of the Independent Financial Advisor’s Opinions has been prepared solely for the convenience of foreign shareholders of Thai Wacoal Public Company Limited...

. Significant Financial Ratios* Description Unit 2nd Quarter 2019 2018 Net Profit Margin ratio % 19.41 24.14 Return on Equity ratio % 8.89 11.03 Return on Total Assets ratio % 3.46 4.13 Debt to Equity ratio Time