at June 30, 2018, the consolidated debt to equity ratio was 0.45 time and the consolidated net debt to equity ratio was considerably low at 0.30 time. Financial Highlights 2Q 2018 2Q 2017 Change 6M

. 61% down from 3Q2017. For capital structure of the Group, as at September 30, 2018, the consolidated debt to equity ratio was 0. 43 time and the consolidated net debt to equity ratio was considerably

EPS of THB 0. 26 per share, or 42.48% up from 1Q2019. For capital structure of the Group, as at March 31, 2020, the consolidated debt to equity ratio was 0.40 time and the consolidated net debt to

THB 375. 61 million or equal to EPS of THB 0. 30 per share, or 14. 02% down from 3Q2018. For capital structure of the Group, as at September 30, 2019, the consolidated debt to equity ratio was 0.40 time

Total Shareholders’ Equity 9,443.25 63.06 10,779.09 66.70 12,160.98 70.03 Total Liabilities and Shareholders’ Equity 14,976.32 100.00 16,160.33 100.00 17,365.56 100.00 Comprehensive Income Statements of

Equity 26.6% 2.4% 71.0% 36.1% 2.5% 61.4% 1,631 2,002 5 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 AGEING OF TRADE RECEIVABLES (THB mn) 31 DECEMBER

, adding the Company’s Equity MW under operation to 521 MW ended 2018. • Finance costs decreased by 27.0%, mainly from significant decrease in cost of fund as a result of the issuance of debentures with

performed in the fourth quarter of 2016 and COD of Gulf VTP achieved on schedule this quarter, adding our Equity MW under operation to 382.1 MW from 319.3 MW in the same period of last year.  Financial costs

of TTW’s shares, as a result, the interest in the equity of TTW decreased to 18.47 percent. Following this sale, the Company reclassified the investment in TTW from investment in associated company to

novation has no effect to the required Debt to Equity ratio due to the MRTA is fully responsible for the loan repayment according to the concession agreement. Overview Operational Results In the third