was 2.1:1, decreased from the debt-to-equity ratio as at 31 December 2018, which was 2.5: 1. The decrease was due to the decrease of current liabilities. 6 Liquidity Cash flows Unit: Million Baht 2019

was 1.96:1, decreased from the debt-to-equity ratio as at 31 December 2018, which was 2.54: 1. The decrease was due to the decrease of current liabilities. 6 Liquidity Cash flows Unit: Million Baht Q1

from minority shareholders of the subsidiary. The appropriate of capital structure The debt to equity ratio as at 30 June 2019 was 2.30:1, decreased from the debt-to-equity ratio as at 31 December 2018

financing cost stood at 2.80% Net debt to equity ratio stood at 0.16x Capital Structure As of June 30, 2018, CPN reported total interest-bearing debt of THB 12,722 mn, an increase from the balance as of

baht. The Company debt to equity ratio stood at 1.18 times and the interest bearing-debt to equity ratio is 0.94 times and lowers than the same period last year. JAS Asset Management Discussion and

current ratio was at 2.4 times, as the Company had a large amount of cash and current investments from IPO proceeds. Debt to equity ratio was at 0.3 times. Osotspa Public Company Limited Q1’19 Management

CentralPlaza Mahachai. Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 7 of 12 In 1Q18, weighted average financing cost stood at 3.17% Net debt to equity ratio stood at

19.55 million Baht, came from unappropriated retained. As of 30 June 2018, the Company had current ratio 7.76:1 times and Debt to Equity ratio equal to 0.10:1 times, compared to those of the same period

increased. 3. Analysis of financial status As of 30 September 2019, the Company had current ratio 16.69:1 times and Debt to Equity ratio equal to 0.10:1 times, compared to those of the same period of the

interest payment of Baht 1.76 million. (2.7) Financial Ratios Financial Ratios As at March 31, 2018 As at December 31, 2017 Current Ratio (Times) 1.58 1.30 Quick Ratio (Times) 0.82 0.65 Cash flow Liquidity