financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business, the manufacture and distribution of treated water business and electricity production business

at 3.28 percent, Debt to Equity ratio at 1.87 times and Interest Bearing Debt to Equity ratio at 1.41 times. * The operational results were calculated based on the consolidated financial statements

Equity ratio at 1.38 times. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business

lower than the rate stated in the loan and debenture agreements at 2.5 times. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway

Equity ratio Time 1.59 1.68 Net Interest Bearing Debt to Equity ratio Time 1.35 1.39 * The operational results were calculated based on the consolidated financial statements which consist of the Expressway

able to continuously generate cash sales in each branch. 3. Analysis of Operating Results Profit & Loss Statements (MB) for the Quarter 1 Ending 31 Mar +/(-) % 2019 2018 Revenues from sales and services

Interim Financial Statements the three-month and the six-month period ended 30 June 2018, which have been reviewed by the Company’s authorized auditor. The company would like to clarify the operating

Interest Bearing Debt to Equity ratio at 1.30 times. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business

business transfer date, with the par value of Baht 100.00 or equivalent to 66.00 percent of SUTG’s shares capital (as mentioned in notes to financial statements No. 29).The company’ s following transactions

. Management’s discussion and analysis for the year 2019 3 / 8 3. Analysis of Operating Results Statements of Comprehensive Income – Consolidated (Million Baht) For 12-month period ended December 1, Increase