(Time) 0.5 0.5 Leverage Ratio Debt to Equity (Time) 0.9 1.0 Interest Coverage Ratio (Time) 1.9 1.3 25 ASIA’S BOUTIQUE AIRLINE Glossary Passenger or Cabin load factor : Number of passenger carried as a

(%) 0.6 0.4 Return on Fixed Assets (%) 11.4 11.0 Asset Turnover (Time) 0.5 0.5 Leverage Ratio Debt to Equity (Time) 1.1 1.0 Interest Coverage Ratio (Time) 0.6 1.3 23 ASIA’S BOUTIQUE AIRLINE Glossary

. -Increased revenue from sales of machinery equipment and engineering services realized via deliveries in the 1st and 2nd quarter of 2017. -Decreased financial expenses due to further debt reduction and

working capital and partial debt repayment. Property Development Business: The Company continues to explore the opportunity in real estate business by partnership with strong strategic partners. • Mixed-use

and Leasehold REIT (DREIT) (property sales profit recorded in 3Q19), and the recognition of gain on reclassification of investments in 4Q19, and recognition of gain on sales of investments in associated

ratio was also close to the target, at 43.96 percent. At the same time, our robust capital position was sufficient to cushion against risk, and greater than the Bank of Thailand’s requirement. As

Margin -17.27% -1.18% Net Profit Margin -98.99% -121.11% Debt to Equity Ratio (Time) (16.47) 3.18 Total Expenses Summary of the Annual Operating Result as ended 31 December 2019 Construction Income In 2019

the full-quarter consolidation of International Advertising segment, which was the main driver in increasing the cost-to-sales ratio from 62.1% to 88.6% in this quarter. VGM’s cost structure is higher

afterward. The capital increase from Initial Public Offering would result in the marked decrease in Debt- to-Equity ratio and financial costs going forward. On November 14, 2019, the Company entered into the

adoption of new financial reporting standards, the acquisition of a new subsidiary and the depreciation of the Thai Baht that affected the value of Company’s overseas assets • Net debt to equity ratio at the