in financing activities was Baht 766.71 million due to repayment of bank loans. As a result, net cash increased by Baht 401.91 million from the beginning balance. Net-Debt-to-Equity ratio as of March

social security bureau. For inventory day, it increased 11 days comparing to the same quarter of last year. For the financial risk perspective, the ratio was at extremely low leverage with debt to equity

the distress debt purchased, asset from insurance business which has recently acquired and property development cost. Liabilities and Shareholders’ Equity As of the period ending 30 June 2018, the

0.7 percent due to an increasing short-term debt. The company has returned the debt to financial institutions as of the period ending 30 June 2019, while shareholders’ equity equal to 1,252.5 million

Days Days 141 140 Accounts Payable Days Days 43 43 Cash Cycle Days 133 130 Leverage & Financial Policy Unit 31 Dec 2018 31 Dec 2017 Debt to Equity Ratio Times 0.74 0.62 Interest Coverage Ratio Times

bank loans. As a result, net cash decreased by Baht 5,231.66 million from the beginning balance. Net-Debt-to-Equity ratio as of June 30, 2017 was 1.33 times Net-Debt-to-Equity ratio according to the

/ Financing Cost) which edged up to 120x as of 31 December 2017. Debt to Equity Ratio decreased to extremely low level. Please be informed accordingly. Yours sincerely, (Mr. Wachira Wudhikulprapan) Managing

2017 which mainly came form share premium increased from the last exercise of JMT warrant during the late of second quarter of 2018. The Company’s Debt to Equity Ratio is 1.21 times and the Interest

, this risk was relatively low. Interest Coverage ratio (EBITDA / Financing Cost) edged up to 350x in this quarter from 61x yoy while Debt to Equity Ratio maintained at extremely low level. Please be

end of 2017. The Company’s debt to equity ratio was 1.59 times while the interest bearing debt to equity ratio was 1.29 times. Management Discussion and Analysis Q1/2018 Page 4/4 JAS Asset Public