impact of BOI. EBITDA was 4% lower than 2016, however Q4 showed significant improvement versus same period last year. Moreover, net income has increased 4% as there was lower depreciation for the year

(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the year 2017 1 Significant events 1. Bangkok Expressway and Metro Public Company Limited

19th March ) going forward the acquisition is expected to result in a significant annual revenue as well as additional annual EBITDA and net result. Thirdly we had all kilns available and were able to

the economy using significant quantities of lime are also showing remarkable growth. The steel industry continued to expand more than 10% year on year. In the construction sector the use of autoclaved

already complied. As for listed firms’ monitoring of their financial reports, particularly those connected transactions of significant size, relevant parties, i.e., the company’s management, internal

and intense competition. Transaction For the Year ended 31st December Unit 2019 2018 Gross Profit Ratio % 10.90 14.58 Earnings Ratio % 0.19 3.15 Debt to Equity Ratio Time 0.30 0.27 Return on Equity

of the Thai baht and the intense competition which caused the exports to shrink from the previous year. Domestic consumption was also affected by high living expenses and household debt, as well as the

Percentage of total capacity 45% 28% 40% 60% 73% 47% Average (2006-2018) 51.92 9.32 39.19 103.71 23.55 169.46 Above/(below) average (2006-2018) 1.05 (3.34) (7.11) (5.75) 5.91 (30.54) 4. SIGNIFICANT EVENTS The

or ROA 16 (%) 8.32 10.56 10.43 Return on Fixed Assets 17 (%) 23.25 25.92 25.51 Total Assets Turnover 18 (times) 1.16 1.09 1.03 Leverage Ratio Debt/Equity Ratio 19 (times) 0.59 0.50 0.43 Net Debt to

household debt. Domestic industries remaining expanded and some large corporates invested in long-term big projects. For example; petroleum products business which having investment plan in Eastern part and