, nor maintaining financial ratios (Debt Covenant) of financial institutions or bill of exchanges. The Company has current total debt to equity ratio of 0.1 times, and have closely and cautiously manages

higher share of profit from joint ventures and associated companies, despite incurring higher financing cost from additional interest-bearing debt following the acquisition of GLAND in September 2018 and

0.75x 0.69x Net Interest-bearing Debt/Equity Ratio 0.65x 0.58x 1 Net profit margin is calculated by dividing the Net Profit attributable to Owners of the Parent by Total Revenue and Share of Profit and

% Debt to Equity ratio 0.08 0.09 Earnings per share 3.07 2.58 ROA 14.4% 15.8% ROE 17.5% 16.3%

to average Total Equity Yours faithfully, (Mr. Hiroaki Sano) Managing Director 2017 2016 Gross profit margin 20.6% 13.5% Net profit margin 11.6% 7.1% Debt to Equity ratio 0.11 0.15 Earnings per share

declined from the contractions in vehicle sales in line with the weakened household income from lower income, employment and consumer confidence coupled with the already high household debt level

424mn, increasing 360% YoY and 2.5% QoQ mainly from recognition of 3BBIF’s share of profit. Finance cost was at Bt2,391mn, increasing 79% YoY, following higher interest-bearing debt from TTTBB acquisition

(expense) at Bt 424mn, increasing 360% YoY and 2.5% QoQ mainly from recognition of 3BBIF’s share of profit. Finance cost was at Bt2,391mn, increasing 79% YoY, following higher interest-bearing debt from

) (%) 5.38% 5.66% Capital Structure and Debt Ratio Debt to Equity ratio (time) 0.91 0.86 Debt Service Coverage ratio (DSCR) (time) 2.25 2.13 Note: 1) Gross profit and Net profit were excluded construction

revenue (%) 23.59% 28.33% Performance Ratio Return on Equity (ROE) (%) 9.74% 10.71% Return on Assets (ROA) (%) 5.06% 5.64% Capital Structure and Debt Ratio Debt to Equity ratio (time) 0.94 0.88 Debt Service