net profit of the Group declined. Analysis of revenues 2017 2016 Increase (decrease) Million Baht % Million Baht % Million Baht % Revenues from main business EMS business 2,300 32% 1,657 30% 643 39

Flow Analysis Cash and cash equivalents at the end of 2017 declined 46mTHB to 50mTHB compared to the end of 2016 due to the impact from the following factors. Net cashflow from operating activities

above reclassification, long-term loan as of December 31, 2018 of the Company and its subsidiary declined in the amount of 14.86 million baht or dropped by 78.79% when compare to long-term loan as of

operators and the lower of purchasing power of middle-low income. The QoQ declined was due to the number of days in 1Q19 less than previous quarter for 2 days. For more information, the average mobile top up

Equity (ROE) dropped to 10.75% and Return on Asset (ROA) was 5.80% which declined from Q1/2018 due to the increasing in total assets and shareholder’s equity. For the liquidity analysis, current ratio

higher than Q1’18 (or +4.0% YoY) and our international business showed +7.0% growth YoY at constant FX. However, reported international beverages business declined by 1.8% from FX impact. As a result

end of January 2019 to financial instituition. Long-term loan as of June 30, 2019 of the Company and its subsidiary declined in the amount of 2.00 million baht or dropped by 50% when compare to long

liabilities of THB 169.07 million, falling at a rate of 57.02% from the end of last year. Total liabilities declined as a result of the decrease in loans from financial institutions, trade payables and other

5.59% which declined from the same period of 2017 due to the lower net profit. For the liquidity analysis, current ratio rose to 0.44 times. Debt to equity ratio improved to 0.86 times due to the

and other payables and long-term loans from financial institutions. Total liabilities fell as short- term loans from financial institutions and trade payables declined. Shareholders’ Equity As of 30