Malaysian and Indonesian market by acquiring 75% in VGM. Strengthening our international footprint is an integral part of MACO’s strategy and VGM will be the flagbearer in expanding our Out-of-Home (“OOH

financial statements in accordance with Thai Financial Reporting of Thailand (TFRS) which is adjusted to conform to International Financial Reporting Standards (IFRS). All financial information to be

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

30 JUNE 2018 Not yet due 124 112 Up to 3 months 89 15 3 - 6 months 0 8 6 - 12 months 0 1 Over 12 months 13 8 Total 227 145 Allowance for doubtful debt 11 7 8 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD

enables the Company to focus on building the most robust O2O ecosystem in Thailand and designates MACO as the international business expansion vehicle for VGI.  VGI successfully acquired 23% in Kerry

healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.10 times. 2018 Outlook Maintain 2018 forecast, yet adjust down new hotels opening • Despite Boat

decrease from 0.72x as of 31 December 2018 because decreases in inventories were greater than current liabilities that the Company repaid loans from financial institutions. Interest-bearing debt to equity

branches in the next 3-5 years Mikka Café Branch Expansion Opportunity Enhancement Through International Expansion • Plan to start operation of dessert café in Hong Kong during early 2022. Currently, the

Spring26’s License, the Company expects to gain the benefits as follows: (7.1) Compensation as a result of this request for the License return shall reduce debt burdens of the Company; enabling it to repay

หน่าย (interest bearing debt to EBITDA ratio) (เท่า) หน้ีสินทั้งหมดที่มีภาระดอกเบี้ย / ก าไรก่อนหักดอกเบี้ย ภาษี ค่าเส่ือมราคา และค่าตดัจ าหน่าย (4) ความสามารถในการช าระภาระผูกพนั (debt service coverage