relatively flat compared to 33.5% in 2018 due to higher depreciation expense from the expansion pipeline system. For our 2019 EBITDA was Baht 2,740.9 million, compared to Baht 2,854.8 million in 2018, or

due to lower contribution from GHECO-One; despite favourable impact from higher Gross Profit from Operation, lower Finance Cost and lower Income Tax Expense. 3 Normalized Profit attributable to Owners

Unicorn Enterprises Limited (EBT of UE) • EBITDA and EBITDA margin were THB 131.6mn and 9.0% respectively, lower from the same period last year due to higher operating expense and a rise in selling and

. • Other Current Assets: decreased by THB 84 million mainly due to the sale of matured investments. • Other Non-Current Assets: decreased by THB 27 million mainly due to the depreciation expense of right-of

depreciation and amortization of office equipment and hotel properties. 2Q17, total administrative expenses amounted to THB 1,197 mn, up 19% YoY mostly due to additional personnel expense and marketing

Baht 2,202 million in Q4’2018 to Baht 2,413 million in Q1’2019 due to lower scheduled maintenance and lower expense from the seasonally peak of SG&A in Q4. • EBITDA margin in Q1’2019 was 23.5% compared

due to higher network depreciation. SG&A stood at Bt19,327mn, rising 3.1% YoY mainly from higher staff cost and the one-time admin expense in 3Q18, offset by lower marketing expenses. As a result

costs and admin expenses following TTTBB’s acquisition, while decreasing by -16% QoQ due to a one-time asset provision expense incurred in 4Q23. The provision for bad debts as a % of postpaid and

mainly due to the loan interest expense for the Lofts Asoke project was recognized as financial cost after the construction completed in December 2018. Moreover, the average interest rate of debenture that

rate in 2009 following the Hamburger crisis. The Committee assessed that the Thai economy would expand at a lower rate than previously assessed and lower than its potential due to a decline in exports