continuously. Including repayment to loans from financial institution on due period (loan in 2016 and 1st repayment in January 2017). So the debt to equity ratio as decrease. The above events reflect of the

30, 2017 Unit : Million Baht Power Generation Others Total Change Increase (Decrease) Quarter 2 Quarter 2 Quarter 2 Quarter 2 2017 2016 2017 2016 2017 2016 Amount % Total Revenues 7,850 5,227 166 110

-19 due to an increase in spectrum payable and lease liabilities. The interest bearing- debt currently stood at Bt92,200mn, decrease from Bt94,200mn. Total equity reported Bt71,696mn slightly increase

December 2018, mostly from a decrease in investments in joint ventures and an impact of currency translation due to THB appreciation • Net debt to equity ratio as of 31 March 2019 was 0.51 times, an

City reported total interest-bearing debt of THB 17,549mn, a decrease of 2.7% or THB 479mn from the balance as of 31 December 2017, mainly due to the repayment of bank overdrafts. Net interest-bearing

due to THB appreciation. CAPITAL STRUCTURE As of 31 December 2019, U City’s total Interest-Bearing Debt was THB 17,595mn, decreasing THB 2,749mn from THB 20,344mn in 2018. The decrease resulted from the

ratio of 13.3 times as compared to 17.8 times in 2016. The interest bearing debt to equity ratio was 8.9 times compare to 13.1 times in 2016. This was mainly due to the decrease in net loans while the

PCL 2Q 2019 - MD&A (for three-month period ended 30 June 2019) 7 U CITY PCL CAPITAL STRUCTURE As of 30 June 2019, U City’s total interest-bearing debt was THB 19,165mn, a decrease of 6% or THB 1,180mn

. Financial Ratios (continue) Leverage Ratio and Liquidity Ratio 2018 2017 Change Increase/(Decrease) Debt to equity ratio (Time) - Consolidated 1.05 1.31 (0.26) - Company 0.80 0.80 - Book value per share (Baht

: Million Baht For the year 2017 For the year 2016 % Increase (Decrease) Income Revenue from sale of goods 15,178 11,669 30% Net foreign exchange gains 311 54 480% Gain for debt restructuring 734 8 9419