144.2 Mn in 2017. Liquidity and Capital Structure As of 31 December 2018, the Group had current ratio of 0.32, increase from 0.27 in 2017. This improvement was mainly due to reduction in short-term

shareholders for share capital THB 975.0 Mn (2) repayment of short-term borrowings from financial institutions THB 630.0 Mn. Liquidity and Capital Structure As of 31 March 2019, the Group had a current ratio of

shares of Forth Smart Service Public Company Limited (a subsidiary) from the non-controlling interests of the subsidiary. The appropriate of capital structure The debt to equity ratio as at 31 March 2019

business. - The structure of shares (before and after selling the shares) Current After Shareholder No of Shares Capital (PHP) % No of Shares Capital (PHP) % AFS 2,699,993 2,699,993,000 90% 2,999,993

reassessed its business structure to move towards Green Businesses targeting renewable energy, materials recycling and eco management. To pursue its business strategy, 36 MW solar farms in Thailand have been

from minority shareholders of the subsidiary. The appropriate of capital structure The debt to equity ratio as at 30 June 2019 was 2.30:1, decreased from the debt-to-equity ratio as at 31 December 2018

structure For Year End 2020 % of Total Revenue 2019 % of Total Revenue % Selling and Administrative Expenses 100.00 21.11% 71.39 10.77% 10.34% Total Selling and Administrative Expenses 100.00 21.11% 71.39

2, 37th Floor, Asoke Road, Klongtoey Nuer, Wattana, Bangkok 10110, Thailand Tel. 02-661-6661 Fax. 02-661-6664 www.indoramaventures.com 4 6.2 Shareholding Structure As of 2 nd May 2018, list of major

profit for Q1’ 2018. 6 The appropriate of capital structure The Group’s debt to equity ratio as at 31 March 2018 is 1.9:1, which is closed to the debt to equity ratio as at 31 December 2017 at rate of 2.0

value Baht 10 per share Shareholder structure before and after increase capital: Shareholder name Before capital increase After capital increase of 87,000,002 shares Total shares % Total shares Total