the market price and the agreed price. In Q3/2010, THL clarified that the foreign bank had temporarily allowed suspensions of debt repayment and gold delivery for the purpose of negotiation on the

inventories value. It showed that the Company managed inventory appropriately. Liability As at December 31, 2018, total liabilities of the Company and its subsidiaries was THB 5,403. 47 million comprising of

showed that the Company managed inventory appropriately. Liability As at December 31, 2019, total liabilities of the Company and its subsidiaries was THB 5,205. 05 million comprising of current liabilities

8.3824, the total of Baht 256,500,000. Conditions for the debt The seller agrees to proceed for the Nation University to repay the debt for the loans and/or other debts between the Page 2 payment Nation

Ratios Return on assets4 (%) 22.4% 9.8% 11.3% Liability to Equity (times) 0.2 0.6 0.6 Return on fixed assets5 (%) 145.2% 45.5% 49.4% Debt to equity (times) 0.0 0.3 0.3 Asset turnover 0.8 0.5 0.6 7 MD&A 2Q

payable a liability As at 30 June, 2017, the Company’s ratio of liquidity equivalent to 4.26 times. It increased from 2016 by 0.55 times. The liquidity ratio rapid revolved equivalent to 1.36 times. It

materials. 2.2 Non-current liability as of March 31, 2019 with amount of 10.77 million baht decrease by 0.07 million bath or 0.65% decrease, as a result of reduction in the payment of hire-purchase payable

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

assets of Baht 28 million in Q1/2020, due to the recognition of lease liability upon initial application of TFRS16 Leases at January 1,2020. Liabilities As of 31 March 2020, the Company has Baht 82,455

year was from 6.27 times to 5.52 times because the Company has current liability increasing from the same period of last year. Receivable Turnover changed little from the last year, from 1.10 times to