*** (%) 10.81 9.50 4) Return on Assets *** (%) 6.35 5.75 5) EBITDA * (Million Baht) 3,181 3,075 6) EBITDA to Total Assets (%) 3.16 3.19 7) Debt to Equity Ratio (Times) 0.72 0.64 8) Debt Service Coverage Ratio

on return and performance of the company. Significant events in Q2/2018 4 Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q2/2018 • GPSC received Most Innovative Power Company

been kept in custody of a securities company shall not be protected under the measures of protection of the Financial Institutions Development Fund; (3) provide a contract or an agreement on the custody

been kept in custody of a securities company shall not be protected under the measures of protection of the Financial Institutions Development Fund; 1As added by the notification of the Securities and

Company higher return and/or repay the Company’s loan in order to reduce the Company’s debt to equity ratio resulting in the Company having sustainable financial status and improvement in its operation

(%) 11.5% 15.6% Liability to Equity (times) 0.4 0.4 Return on fixed assets5 (%) 87.1% 87.6% Debt to equity (times) 0.0 0.2 Asset turnover (times) 0.6 0.5 (Enclosure 4) 12 5 Earnings before interest and tax

4.60 Return on equity (%) 3.69 5.63 Basic earnings per Share Baht/Share 3.09 4.43 Ocean Glass Public Company Limited Page 6/ 6 Management’s Discussion and Analysis Ocean Glass Public Company Limited

the consolidation of Trans.ad Group. In addition, the Company recorded a non-recurring expense from long-term employees of THB 5mn according to The Labor Protection Act (No.7) 2019. However, SG&A to

Efficiency Ratios Efficiency Ratios Return on assets4 (%) 10.3% -1.5% Liability to Equity (times) 0.6 1.1 Return on fixed assets5 (%) 50.3% -12.3% Debt to equity (times) 0.2 0.3 Asset turnover (times) 0.7 0.4

, as at March 31, 2019, the consolidated debt to equity ratio was 0.43 time and the consolidated net debt to equity ratio was considerably low at 0.26 time. Overall Financial Performance and