capital market, promote sustainable long-term competitiveness aligned with the changing economic conditions and global context, and enhance confidence in the Thai capital market. We believe that driving

%) (84.8) (1.8%) +8.4 +9.9% Less: (Profit)/Loss Net from Non-Controlling Interests (by equity method) (12.4) (0.3%) (1.6) (0.1%) +10.8 +677.9% Core Operating Profit 343.2 7.1% 296.6 6.3% +46.6 +15.7

was 1.1x while interest coverage ratio stood at 13x. Cash flow In 1H19, operating cash flow was Bt38,000mn increasing 10% YoY from EBITDA expansion and a settlement in international roaming charges. The

+3.3% from retained earnings. Net debt to EBITDA (excluding lease liabilities and license payable) was 0.7x slightly decline compared to 4Q19. Cash flow (Post TFRS 9&16) In 1H20, Cash flow from operating

Chief Executive Officer. During the past year, Mr. Leung has been invaluable in bringing about the integration of Offline-to-Online (“O2O”) Solutions and driving VGI’s development. Going forward under Mr

driving the public towards a cashless society, creating a queue-free and self-serve experience for BTS users.  LINE Corp (“LINE”), as a shareholder of RLP, has taken a notable step with the aim of

operating under remedy period. AIS has fully operated on the license base from 3Q16 onward. Following that, regulatory fee to service revenue dropped from 7.9% (excluding one-time USO fee) in 1Q16 to 5.8% in

, profitability continued to improve following better operating results. EBITDA stood at Bt18,454mn, improving 23% YoY and 4.9% QoQ, with a margin of 44.8%. The EBITDA has more than offset the increasing network

due to lower retained earnings from dividend appropriated. Cash Flow In 1Q19, AIS generated Bt20,611mn of operating cash flow (after tax) increasing 16% YoY following EBITDA expansion. Cash CAPEX was

% from higher retained earnings. Cash Flow In 1H18, AIS generated Bt31,193mn of operating cash flow (after- tax) . Cash CAPEX to expand 4G and fixed broadband capacities was Bt11,265mn, or 16% of service