Company had revenue from Rail business of Baht 1,162 Million, although the average ridership per working days increased 3.9 percent from 349,000 trips/day in the second quarter of the year 2018 to 362,600

gradually received payments from installation and delivery of products from project sales; (3) lower available-for-sale investments for working capital; (4) decreased property, plant, and equipment from

(263)mn. This was derived from profit before tax of THB 161mn, being offset by non-cash reconciling items THB 331mn and offset by changes in net working capital of THB (183)mn. After deducting cash paid

million, consisting of (1) cash inflows from operating activities before changes in operating assets and liabilities of Baht 78 million; and (2) cash inflows from net change in working capital of Baht 78

of 2017, the Company had a short-term loan for purpose of increasing working capital. 5. Performance of the Company and its Subsidiaries Management’s Discussion and Analysis (MD&A) For Q1/2018 11

and Front-End Fee 41.31 2.84 Page 7 Asset and Capital Transaction Initial Cost (Baht million) Initial Cost (percent) 6. Start-up Expense 54.03 3.71 7. Working Capital 41.40 2.84 Total Expenses of the

. Start-up Expense 54.03 3.71 7. Working Capital 41.40 2.84 Total Expenses of the Project Investment 1,456.31 100.00 6. The Basis of the Value of Consideration Paid The Company will enter into the assets

to repay the debt within the specified time and to be able to reduce the burden of increasing interest that occurs from the debt burden. Furthermore, the Company may use the proceeds as the working

1,090 million will mature in June 2021. The proceeds will be used to repay long-term debt from financial institution of THB 1,800 million, leaving the remainder on purpose of working capital utilization

1,800 million, leaving the remainder on purpose of working capital utilization which will increase liquidity of the Group as reflected in better liquidity ratio of 0.83 times, up from 0.67 times as of 31