investment 2,643 0.9% 2,128 0.7% Net debt to equity (times) 2.3 1.7 2.0 Trade receivable 14,179 5.0% 16,429 5.6% Net debt to EBITDA (times) 1.4 1.2 1.4 Inventories 3,951 1.4% 3,573 1.2% Current Ratio (times

investment 2,643 0.9% 2,221 0.8% Net debt to equity (times) 1.9 2.0 1.7 Trade receivable 14,179 5.0% 16,361 5.6% Net debt to EBITDA (times) 1.4 1.4 1.3 Inventories 3,951 1.4% 3,823 1.3% Current Ratio (times

0.5% Net debt to equity (times) 1.3 1.0 0.9 Trade receivable 16,277 5.6% 17,260 4.7% Net debt to EBITDA (times) 1.1 0.7 0.7 Inventories 4,828 1.7% 3,190 0.9% Net debt & lease liability & spectrum

”), with the highest transaction value of 45.04 percent base on the net tangible asset basis, calculated from the latest audited consolidated 9-month financial statements ending 30 September 2017 of the

following details. Financial performance Statement of income Consolidated financial statements for the year 2018 2017 Change (Audited) (Audited/Restated) Increase (Decrease) THB Million % THB Million % THB

results based on its audited consolidated financial statements which ended 31 December 2019 as follows: Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read

pursuant to each calculation method prescribed under the Acquisition and Disposal Notifications and based on the audited consolidated financial statements of the Company for the year ended 31 December 2019

calculation method prescribed under the Acquisition and Disposal Notifications and based on the audited consolidated financial statements of the Company for the year ended 31 December 2019 and the audited

) Transaction Size% VS NTA financial statements for the period 1. VNG and subsidiaries trade among related companies. 28 Feb. 2019 43,000,000 0.569% as at 31 Dec.2018 2. Vanachai Woodsmith Co., Ltd. has warehouse

conditions. Transaction Release Date Value (Baht) Transaction Size% VS NTA financial statements for the period 1. VNG and subsidiaries trade among related companies. 25 Feb. 2019 43,000,000 0.569% as at 31 Dec