return on equity at 7.80% lower than the year 2016 having the return on equity at 13.73%. Asset Management As of 31st December 2017, the Company’s financial position was analyzed from changes in the assets

than expected improvement projects on the kilns. However, going into H2 variable cost savings will add to EBITDA as we see the impact of lower fuel costs Efforts continue to optimize cost further with

. Shareholder equity reduced with the lower net result. Golden Lime Public Company Limited 6 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 SEPTEMBER 2019 Balance Sheet Summary as of 30 September 2019

Equity ratio 0.11 times, lower than that of 2016, i.e. 0.16 times, indicating low relative proportion of debt and shareholders’ equity. 4.2 Capital expenditure In the year 2017, the Company had capital

loan and the Hua-Pha-Way Kiln 7 loan continue to be repaid. Shareholder equity reduced with the lower net result and reduced current assets. Financial Position Summary as of 31 December 2019 compared to

which was long term, lower from Bt98bn. Shareholders’ equity was Bt37,656mn, declining 12% due to lower retained earnings. Current ratio stood at 0.43x, down from 0.46x in 4Q16. With improving EBITDA and

could accelerate operations. As a result, the company's revenue slightly lower than those in 2 0 2 1 , only decreased by 4. 4% . Most of the company's revenue recognized in 2022 such as the Project of

lower than 10.43 percent per year with the payback period not exceed 10 years, and the internal rate of return on equity (Equity IRR) of not lower than 11.66 percent per year with the payback period not

to receive the internal rate of return of the project (Project IRR) of not lower than 10.43 percent per year with the payback period not exceed 10 years, and the internal rate of return on equity

due to lower prices. Net debt to equity is at 0.99 times, well below IVL’s covenants, and supported by stronger operating cash flow. The dividend payout of THB 1.225/share for 2019 remains higher than