from minority shareholders of the subsidiary. The appropriate of capital structure The debt to equity ratio as at 30 June 2019 was 2.30:1, decreased from the debt-to-equity ratio as at 31 December 2018

million. The change was due to the net profit for the period, the dividend payment to the shareholders and the share repurchase of the Company. The appropriate of capital structure The debt to equity ratio

was robust. As evidenced, capital adequacy ratio (CAR) of KASIKORNBANK FINANCIAL CONGLOMERATE (the Conglomerate) according to the Basel III Accord was 18.55 percent, with a Tier 1 capital ratio of 16.19

Discussion & Analysis 14 May 2019 Q1’19 Management Discussion & Analysis Page 5/6 Financial Ratio Analysis Q1'19 Q1'18 Liquidity Ratios Current ratio (times) 2.4 0.6 Number of days of inventory 32 39

(20.51) (70.22) 2 Earnings before interest, taxes, depreciation and amortization (EBITDA) 90.93 101.16 (10.23) (10.12) Depreciation and amortization 80.35 68.37 11.98 17.52 Key financial ratio related with

from THB 5,768.5mn as of 31 December 2018, due to the increase in retained earnings. Net debt to Equity Ratio The interest-bearing debt of the Company stood at THB 5,562.0mn while cash and cash

Interest Bearing Debt ratio 1.13 0.99 0.77 Return on Asset 13.3% 14.3% 15.2% Return on Equity 39.5% 49.3% 44.5% Financial Ratio 5 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management

of the Company's profits was derived from the growth of its subsidiary's performance in the debt management business and the profits from other businesses of the group. Analysis of Financial Statement

(“Centara Udonthani Hotel”). Well-managed financial costs with 42% drop YoY also contributed to the higher net profit. Effective operating costs management resulted in higher Gross Profit ratio, which

consolidated financial statement of the debenture issuer, deducted by cash and cash equivalents " 2. Revision of the Net Debt to Equity ratio from 2.5: 1 to 2.25: 1 The meeting of debenture holders has resolved