and Administrative Expenses 244.45 197.78 +23.60 Financial Cost 30.80 34.60 -11.00 Net Profit 189.79 287.27 -33.93 (Unit : Million Baht) Financial statements in which equity method is applied 2017 2016

costs 17.80 15.70 2.10 13.38 Administrative expenses 16.00 13.80 2.20 15.94 Tax expense 7.51 4.25 3.26 76.71 Profit for the period 29.77 16.62 13.15 79.12 Net Profit - attributable to equity holders of

0.4 Return on Fixed Assets (%) 11.4 11.0 Asset Turnover (Time) 0.5 0.5 Leverage Ratio Debt to Equity (Time) 1.1 1.0 Interest Coverage Ratio (Time) 0.6 1.3 23 ASIA’S BOUTIQUE AIRLINE Glossary https

institutions, and payables for fixed assets and retention payable. As of December 31, 2018 and March 31, 2019, the long-term loans from financial institutions stood at Baht 275.51 million and Baht 257.30 million

was attributable to the Company has some fixed costs that unchanged irrespective of the revenue. Distribution costs The Company booked distribution costs amounting to Baht 1.87 million and Baht 2.82

Group”) for the net trade debt repayment of USD 123,899,729, or equivalent to THB 4,275,683,281.33, under the debt to equity conversion scheme where the conversion price will be fixed at THB 0.1961 per

on Assets (%) 4.78 3.95 6.33 Return on Fixed Assets (%) 36.41 30.95 36.84 Asset Turnover (Times) 1.04 1.11 1.07 FINANCIAL POLICY RATIO Debt to Equity Ratio (Times) 0.26 0.27 0.27 Interest Coverage

7.23 Other liabilities 37.27 32.79 4.48 13.66 Total liabilities 143.13 131.51 11.62 8.83 Total shareholders’ equity 1,506.14 1,491.26 14.87 1.00 Total liabilities and shareholders’ equity 1,649.26

declined fixed cost per unit were another factors for gross margin improvement. Administrative Expenses In 1Q’18, administrative expenses increased by 35% yoy due to the increase of expenses namely

the net trade debt repayment of USD 123,899,729, or equivalent to THB 4,275,683,281.33, under the debt to equity conversion scheme where the conversion price will be fixed at THB 0.1961 per share