Budget Act and drought. Furthermore, domestic spending may be limited due to weakening purchasing power and hefty household debt. Apart from economic woes, businesses face numerous other challenges that

with those given under the Notification of the Securities and Exchange Commission Re: Determination of Definitions in Notifications relating to Issuance and Offer for Sale of Debt Securities. "short-term

steam to companies in PTT group. While in 2018, the current customers of CUP will continue to purchase electricity and steam from CUP1 and CUP 3 and the existing production capacity is sufficient. Hence

42.58 percent compared to the previous quarter, which was still better than the target. In this quarter, our impairment loss on loans and debt securities increased slightly from the prior quarter, but

1,689 million Baht. This was mainly due to the investments from Apollo and the fair value measurement since Q2 2017. Appropriateness of the Funding Structure In 2017, the Company had total debt to equity

December 2018, mostly from a decrease in investments in joint ventures and an impact of currency translation due to THB appreciation • Net debt to equity ratio as of 31 March 2019 was 0.51 times, an

increased by THB 126 Million or 8.5 % driven by existing market especially CLMV. Sales to CLMV amount to THB 1,355 million, rose by THB 533 million, or 64.9%, supported by (i) Cambodia sales up by THB 572

in the second quarter, while higher spending in the first quarter were to support growth of existing brands, new product launches and business expansion domestically and internationally. The Company

branded products and 3rd party products for distribution accounted for the ratio of approximately 70:30 during the corresponding period. Overseas businesses continue to grow in both our existing export

corresponding period. Overseas businesses continue to grow in both our existing export markets and those new ones, which operated by our domestic subsidiary, namely Carabao Tawandang Company Limited (“CBD”), and