reserves and financial investments were THB 8.7 billion at 31st December 2019 similar to THB 8.7 billion at 31st December 2018 . reviewQ419.xlsx MD&A 2019 24/02/2020 Asset Quality Accounts Receivable Most of

DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 JUNE 2019 4. Financial Ratios Note: 1) Net Debt = Interest bearing liabilities – cash and cash equivalents 2) Leverage Q2 and FY use annualized EBITDA 3) ROFA = (Net

their debt servicing ability.  Allowance for Impairment Losses KBank has set aside allowance for impairment losses based on the Thai Financial Reporting Standards criteria, taking into account

Ratios Return on assets4 (%) 22.4% 9.8% 11.3% Liability to Equity (times) 0.2 0.6 0.6 Return on fixed assets5 (%) 145.2% 45.5% 49.4% Debt to equity (times) 0.0 0.3 0.3 Asset turnover 0.8 0.5 0.6 7 MD&A 2Q

value of consideration received from the net asset value of Thai Bonnet Trading Zone Co., Ltd. 2.5 Finance costs in the amount of Baht 8.34 million, mainly from interest paid on loans from financial

the asset value of operating companies of Target Group Hotels and Resorts, their aggregated total asset value as reported in audited financial statements period ended 31 December 2016 is approximately

, clarify the results of the implementation of such plan as well; - In case of issuance of debt securities with an obligation to maintain financial ratios, clarify whether or not such obligation has been

, clarify the reason(s) and the background of such asset acquisition or such business investment. 2. To acquire assets or invest in a business unrelated to the current one. 3. To repay a loan or debt from

%. Meanwhile, total interest-bearing debt stood at THB 9,529 mn, a decrease from THB 17,904 mn from the previous year as a result of effective financial management to match the money and capital markets

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 28 February 2020 Re: To clarify the financial statements as of 31 December 2019 To: President The Stock Exchange of Thailand As WHA Corporation Public Company