million based on loans from financial institutions. Our interest-bearing debt therefore amounted to THB 2,145 million or equivalent to the ratio of interest-bearing debts to total equity of 0.31 times, up

Thailand We, Carabao Group Public Company Limited (the “Company” or “CBG”), are pleased to submit management discussion and analysis regarding consolidated financial performance and position of the Company

expenses from the adoption of Thai Financial Reporting Standards 16 Leases (TFRS 16). The Company has no interest-bearing debt. Significant Events Financial Performance Management Discussion & Analysis Q1

interest-bearing debt. Other current financial assets 5%

”, “greenfield project”, “financial advisor”, “debt financing” and “associated person” shall be construed as accordingly determined by the Notification of the Capital Market Supervisory Board on the Offering of

financial cost.  Gain from debt restructuring The Company has gain from debt restructuring in the year 2017 amounting THB 1,514 million (Consolidated) resulting from the partial accrued interest haircut

. (Separate: THB 790 million and 836 million, respectively, decrease of THB 46 million resulting from the repayment of short term loan which lead to the decrease of financial cost.  Gain from debt

aim to strengthen the financial status, reduce the burden of interest payment and improve financial ratios. The total debt amount that will be restructured is USD 242.53 million which part of the debt

repayment of long-term debt from financial institutions 1.2 Accounts receivable and other accounts receivables decreased by THB 192 million caused by the declining of methyl ester selling price and sales

and long-term debt from financial statements as of 30 June 2020 which may be varied from the estimated amount stated in the Sale and Purchase Agreement. Nonetheless, it is expected that such adjustment