liabilities that the Company repaid loans from financial institutions. Interest-bearing debt to equity ratio increased from 2.28x to 2.54x because loans from financial institutions reduced less than the

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

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

Return on assets(1) (%) 9% 12% 12% 3% (0%) Financial Policy Ratio Liabilities to equity ratio (times) 0.89 0.89 0.83 (0.06) (0.06) Net interest-bearing debt to equity ratio(2) (times) 0.21 0.07 0.03 (0.18

14.7 Financial liabilities designated at fair value through profit or loss 4,399,553 1,193,144 3,206,409 268.7 Derivatives liabilities 4,247,533 3,438,329 809,204 23.5 Debt issued and borrowings

, the BIS ratio will increase to 17.29% while Tier-1 ratio will be 13.53%. 11 Business Segment Performance The Kiatnakin Phatra Financial Group (“the Group”) business is divided into two main areas: the

million as of December 31, 2019 as a result of the company paying dividends to shareholders. 1H20 was 0.92 percent and the debt to equity ratio was 0.18. (Unit : Million Baht) Consolidated Financial

2017 which mainly came form share premium increased from the last exercise of JMT warrant during the late of second quarter of 2018. The Company’s Debt to Equity Ratio is 1.21 times and the Interest

of projects pending income recognition increased 347.15 million THB or 40.50%. As a result of the above reasons, the interest bearing debt to equity ratio and the debt to equity ratio have increased

profit for Q1’ 2018. 6 The appropriate of capital structure The Group’s debt to equity ratio as at 31 March 2018 is 1.9:1, which is closed to the debt to equity ratio as at 31 December 2017 at rate of 2.0