current investments). Debt to equity ratio was at 0.5 times. 2,819 2,834 881 (1,076) 210 Beginning cash and cash equivalents (31 Dec 2019) Net cash from operating activities Net cash used in investing

Company determines to maintain an optimal capital structure by lowering leverage level which will ultimately reduce debt ratio. Unit: THB million 31 December 2018 31 December 2019 Change Cash and cash

Million. Significant Financial Ratios* Description Unit 1st Quarter 2019 2018 Net Profit Margin ratio % 21.33 18.65 Return on Equity ratio % 10.40 10.18 Return on Total Assets ratio % 3.92 3.81 Debt to

decrease of 9.2% from 2018 and 4.4% from 2017 respectively. The Debt to Equity ratio of 0.40 times in 2019, a drop from 0.42 in 2018 and 2017, is at a level signifying reasonable capital structure and low

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

is an asset transaction of the subsidiary company of listed company, referring to Capital Market Commission Tor Jor. 20/2551, subject - criteria of significant transaction process on acquisition and

of 30 September 2017, debt to equity is in the ratio to shareholders' equity in 0.84:1). 9) Opinion of the Company's Board of Directors on the transaction : Approved Board of Directors had assessment

the Funding Structure In 2018, the Company had total debt to equity ratio of 16.1 times, as compared to 13.3 times in 2017. The interest- bearing debt to equity ratio was 10.8 times as compared to 8.9

equity. Appropriateness of the Funding Structure In 2018, the Company had total debt to equity ratio of 16.1 times, as compared to 13.3 times in 2017. The interest- bearing debt to equity ratio was 10.8

6,934 8,234 8,296 20% 0.7% 22,977 24,145 5.1% 6 3Q19 MD&A Advanced Info Service Plc. Financial Position (Bt mn/% to total asset) Post-TFRS 15 Key Financial Ratio Post-TFRS 15 4Q18 3Q19 3Q18 2Q19 3Q19 Cash