losses as financial assets. The Company will measure fair value of all derivatives and recognised in profit and loss statement, while the credit losses is to consider as impairment of trade receivables

of Baht 8,149 million. It results from the increase of trade and other receivables and unbilled receivables. The quality of assets Trade account receivables Unit: Million Baht Consolidated financial

fixed assets of Baht 127.90 million, decrease in intangible assets of Baht 6.34 million, decrease in inventory of Baht 45.96 million and decrease in trade accounts receivable and other accounts receivable

million or 0.83 percent, due to the increase in cash and cash in bank of Baht 3.30 million, net increase in trade accounts receivable and other accounts receivable of Baht 50.97 million, net increase in

$ 1.9B. Interest cost is expected to come down for year 2020, thanks to lower benchmark rates. Our net operating debt to equity went up to 1.35 times primarily due to the acquisition of Spindletop

in trade policies of US and China and global economic, the conflict in the Middle Eastern that impacted global oil price as well as the Baht’s ongoing appreciation. As of November 30, 2019, the

(times) 1.9 1.6 1.4 ST investment 2,221 0.8% 1,989 0.7% Net debt to equity (times) 1.7 1.4 1.0 Trade receivable 16,361 5.6% 16,277 5.6% Net debt to EBITDA (times) 1.3 1.0 1.0 Inventories 3,823 1.3% 4,828

impact of the global trade war. Resulting in the Company had to accelerate the management of the inventory levels to be suitable for sales volume. If comparing the inventory from the beginning to the end

2016 30 SEPTEMBER 2017 (THB mn) % out of total assets (THB mn) % out of total assets Cash & cash equivalents and Current investments 484 29.7% 203 10.3% Trade & other receivables 276 16.9% 295 14.9

% Core EPS after PERP Interest (THB) 0.85 0.67 1.31 (35)% 3.67 3.86 (5)% Core EBITDA/ton ($) 115 102 153 (25)% 119 132 (10)% Operating Cash Flow5 385 261 222 73% 1,172 855 37% Net Debt to Equity (times