increase of 1,700 million baht in gross profit. 3. In 2017, the Company recorded gain on change in shareholders’ equity of an associate in an amount of 1,135 million baht. It came from the issuance of 7,545

ordinary shares of NU of 30,599,999 shares, equivalent to 90 percent of the total NU shares to Chirasak Chiyachantana Ph.D. Asso.Prof. at an approximate price of Baht 8.3824 per share, amounting the total of

507.9 1,179.2 671.3 132.2 Project Management and overhead expenses 158.5 273.3 114.8 72.4 Total Expenses 2,390.6 7,114.9 4,724.3 197.6 Profit before share of loss from investments in joint ventures, 808.5

expected to be completed by October 31, 2017. Further, the Share Acquisition Transaction in such shareholding percentage is agreed on the investment offer of Hero Experience under which the equity required

. Financial Ratios (continue) Leverage Ratio and Liquidity Ratio 2018 2017 Change Increase/(Decrease) Debt to equity ratio (Time) - Consolidated 1.05 1.31 (0.26) - Company 0.80 0.80 - Book value per share (Baht

March 31, 2020, the Company’s net interest-bearing debt to equity equal to 0.38x which is under target at 1x and considerably lower than debt covenant at 1.75x. The Company also has cash and short-term

financial position remains strong with low debt-to-equity ratio and high current ratio. Global Green Chemicals Public Company Limited Management Discussion and Analysis | 3 10% 90% 1Q2019 41% 59% 1Q2018 444 8

• Acquiring Glow Energy Public Company Limited or GLOW as a significant step of GPSC On 20th June 2018, GPSC had signed the share purchase agreement with Engie Global Developments B.V. to purchase 69.11% shares

executed the Share Purchase Agreement with the existing shareholders of Akkrawat Crop Rotation Energy Company Limited (“Akkrawat”) in the amount of 25,000 shares, representing 50 percent of the total

3,308.7 2,338.8 (969.9) (29.3%) 4,433.9 5,535.2 1,101.3 24.8% Normalized Net Profit/3 903.1 523.8 (379.3) (42.0%) 815.9 1,128.2 312.4 38.3% /1 Including other income and share of profit from investments in