0.75x as of 31 December 2018 because decreases in inventories were more than current liabilities that the Company repaid to loans from financial institutions. Interest-bearing debt to equity ratio

liabilities were increases in short term loan from financial institutions, trade and other payables and portion of long-term debt due in 1 year to fund the investment in aluminum can and bottling factories

647 Up to 6 months 93 164 Over 6 months 39 22 Total 709 833 % of total receivables 93.0% 72.9% Allowance for doubtful debt 34 36 % of total receivables 4.5% 3.2% LIABILITIES AND SHAREHOLDERS’ EQUITY

(THB mn) 31 MARCH 2018 (Restated) 30 JUNE 2018 Not yet due 647 619 Up to 6 months 164 241 Over 6 months 22 22 Total 833 883 % of total receivables 77.3% 75.8% Allowance for doubtful debt 36 35 % of total

(Restated) 30 SEPTEMBER 2018 Not yet due 647 693 Up to 6 months 164 392 Over 6 months 22 54 Total 833 1,139 % of total trade and other receivables 77.3% 72.5% Allowance for doubtful debt 36 30 % of total

Discussion and Analysis (MD&A) For Q3/2018 13 Appendix Unit : Million Baht 3rd Quarter 2018 3rd Quarter 2017 % Increase (Decrease) Income Revenue from sale of goods 8,666 3,292 163% Gain for debt restructuring

healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.10 times. 2018 Outlook Maintain 2018 forecast, yet adjust down new hotels opening • Despite Boat

) (%) 44.83 46.08 3) Return on Equity *** (%) 10.59 9.43 4) Return on Assets *** (%) 6.28 5.75 5) EBITDA * (Million Baht) 2,611 2,557 6) EBITDA to Total Assets (%) 2.53 2.67 7) Debt to Equity Ratio (Times) 0.72

น้ี (3.1) อัตราสวนหนี้สินสุทธิตอกําไรกอนดอกเบี้ยจาย ภาษีเงินได คาเสื่อมราคา และคาตัดจําหนาย (net debt to EBITDA ratio) (3.2) อัตราสวนความสามารถในการชําระดอกเบ้ีย (interest coverage ratio) (3.3

ดับความนาเชื่อถือกรณีการออกและเสนอขายตราสารหนี้ ทุกประเภทสามารถเลือกใช issue rating , issuer rating หรือ guarantor rating ได ยกเวนกรณีทีต่ราสารหนี้ที่ ออกไมใช senior debt ไมสามารถใช issuer