year of 47.77 percent and a decrease in loan interest payment of 42.09 percent. (5) Debt Obligation The Corporate Group has policy to mitigate risk from interest fluctuation by taking long-term loan with

decrease in long-term loan and financial lease liabilities due within one year of 71.22 percent and a decrease in annualized interest on loan payment of 41.34 percent. (5) Debt Obligation The Corporate Group

3.77 percent. (5) Debt Obligation The Corporate Group has policy to mitigate risk from interest fluctuation by taking long-term loan with fixed interest rate. Accordingly, as at March 31, 2020, the

based on appraisal price before taking into account the accrued debt obligation and the mortgage value. 2 The actual cost of acquiring the assets before revaluation of properties for sale. 12 Bangkok

”, “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

of which significantly affect corporate operating results in terms of profit-loss or liability in each accounting period.  After filing the application for fund establishment, additionally, proposed

-year average of 68.0 percent. Consequently, employment contracted by 0.7 percent. Private consumption slightly softened due to stagnant farm and non-farm income growth. Moreover, household debt, which

beginning of the year, depressing farm income and the purchasing power of farm households, which represent a majority of the population. Coupled with high levels of household debt, these factors limited the

- 9 100 Total investments in joint ventures 77 245 (255) 9 76 Total 522 306 (268) 9 569 25 Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q2/2018 83% 17% • Debt profile • The

cash flow for debt repayment and business operation, as the Company has continuous Enclosure Page 4 loss. Thus, the Company considers the business restructure of the Company’s group, whereby the Company