. Our domestic performance has been strengthen by the product strategies that are not only limited to rolling out branded products by 3rd party manufacture, ranging from Drinking Water launched since the

budget. The projects already contributed Baht 183 million revenue in Q2’19 based on the 20-year PPA with Electricity of Vietnam (EVN) with tariff of USD 9.35 cent per kWh. DT1&2 solar projects and Phu Yen

materials Others Cost of sales and services (exclude depreciation and amortization) (THB million) Industrial and chilled water 33% 17% 54% 71% 5% 5%5% 3%3% 4% 8,471 8,798 1H/60 1H/61 31% 13% 20% 56% 75% 68% 5

on Total Assets ratio at 3.45 percent, Debt to Equity ratio at 1.69 times and Interest Bearing Debt to Equity ratio at 1.37 times. * The operational results were calculated based on the consolidated

at 3.28 percent, Debt to Equity ratio at 1.87 times and Interest Bearing Debt to Equity ratio at 1.41 times. * The operational results were calculated based on the consolidated financial statements

Equity ratio at 1.38 times. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business

lower than the rate stated in the loan and debenture agreements at 2.5 times. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway

Interest Bearing Debt to Equity ratio at 1.30 times. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business

2018. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business, the manufacture

GFPT Public Company Limited Management Discussion and Analysis for the Year 2018 Page 1 of 14 Management Discussion and Analysis This MD&A report has been prepared based on the consolidated of GFPT