Company’s return on equity (ROE) ratio has improved to 10.2%, compared to 6.6% in Q1 2016. Return on assets (ROA) ratio improved to 5.5%, compared to 3.3% in Q1 2016. The interest bearing debt to equity (D/E

faithfully, Mr. Hiroaki Sano Managing Director 2018 2017 Gross profit margin 21.5% 19.9% Net profit margin 15.2% 11.6% Debt to Equity ratio 0.09 0.11 Earnings per share 2.58 1.90 ROA 15.8% 12.3% ROE 16.3% 13.2%

% 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

0.11 Financial Policy Ratio1 Total liability-to-equity ratio times 1.43 1.57 2.12 Interest coverage ratio6 times 3.58 5.54 0.37 Debt service coverage ratio (Cash Basis) 7 times 0.07 0.25 (0.02) Dividend

of financial institutions and debenture together with minimizing the impacts from full loan guarantee provided to Power Plant business and its high debt resulting in decreasing in debt to equity ratio

, other operating expenses rose Baht 765 million, or 5.03 percent over-year due in part to marketing expenses. As a result, our cost to income ratio increased to 41.20 percent from the same period of last

Operation of the Year 2019 Attention: Directors and Manager, The Stock Exchange of Thailand N.D. Rubber Public Company Limited (“the Company”) would like to present the MD&A for the Three- Month and Twelve

payment and net profit(loss) during the year. Financial Ratio Financial Ratio As of December 31, 2019 As of September 30, 2020 Liquidity Ratio (times) 23.97 20.92 Debt to Equity Ratio (times) 0.04 0.07

**) Debt to capital ratio (wd ) 25.9% 25.9% (median debt-to-capital ratio of guideline public companies) Equity to capital ratio (we ) 74.1% 74.1% (median equity-to-capital ratio of guideline public