result of the continuing decline in global demand from the slow economic growth of trading partners, the protectionist trade policies between the US and China, the down-cycle of electronic products and

-22, AIS announced the acquisition of TTTBB and 19% investment units in JASIF. As of the end of the year, the transaction was under NBTC consideration for approval. Once NBTC approves, AIS expects the

transaction amount is USD 5.80 million paid from Ratch-Lao Services Company Limited’s working capital and loan. Management Discussion and Analysis For the Year Ended December 31, 2018 Page 5 On January 3, 2019

on new acquisitions and their related transaction costs and pre-operative expenses 4 Interest net of tax on THB 15 billion Perpetual Debentures 5 M&A earnings are annualized for ROCE calculation to

their related transaction costs and pre-operative expenses 4 Interest net of tax on THB 15 billion Perpetual Debentures 5 M&A earnings are annualized for ROCE calculation to appropriately represent the

expenses 3 As per internal classification and includes gain on bargain purchase on new acquisitions and their related transaction costs and pre-operative expenses 4 Interest net of tax on THB 15 billion

PP&E of THB 429.40 million. In 2018, the consolidated return on asset was 5.86% times, lower than 2017 at 9.94%. Trade and other Receivable In 2018, the Company and its subsidiaries recorded allowance

% 21.4 0.9% 15.4 256.7% Trade and other receivables 39.0 1.6% 56.0 2.4% 17 43.6% Property Development Cost 243.9 9.8% 156.7 6.8% -87.2 -35.8% Investment Properties 520.4 20.8% 518.9 22.6% -1.5 -0.3% Land

expected due to declining global trade volumes and the slower economic growth of major trading partners, which were affected by trade tensions between the US and China. Export growth has been negatively

and cash equivalents amounting to 10,510 MTHB, increasing 2,970 MTHB or 39% comparing to 7,540 MTHB at the end of 2018. (see further information in analysis of cash flow) 2. The balance of trade