10,262 8,720 18% Total equity 13,341 10,868 23% Total liabilities and equity 31,907 32,615 -2% Management’s Discussion and Analysis (MD&A) For Q3/2017 22 Table 6 : Condensed Statement of Cash Flow Unit

Experience. Sims based its evaluation on the Discounted Cash Flow Approach, assuming that the business has been operating for 9 years, which is the duration according to lease agreement of 3 years with

XPCL is in totally value of Baht 2,065 Million, as appraised based on the Discounted Cash Flow Approach, which reflects the future operational results of XPCL. Furthermore, such value of the disposition

of Baht 2,065 Million, as appraised by Advisory Plus Company Limited, the Company’s financial advisor, based on the Discounted Cash Flow Approach, which reflects the future operational results of XPCL

million or 1.4% as compared to THB 14,320 million as of 31 December 2018 due to an increase in cash of THB 251 million thanks to the improved cash flow from operation netting off the cash flow from

investment start to flow back to USA, US Dollar start to get stronger in the long term (Source: The bank of Thailand). The overall global aviation industry in the first quarter of 2018, a growth in passenger

, compared from the previous quarter. In addition, in term of the currency, Thai Baht and other currencies get stronger again US Dollar. However, due to the capital, and investment start to flow back to USA

analysis, our cash flow is expected to remain strong with no impact on debt repayment and CAPEX plan. Furthermore, the company is receiving additional working capital facilities by approximately THB 4

share as at December 31, 2019. Liquidity Cash Flow Activities For the six- month period ended June 30, 2020, the Company and its subsidiaries generated cash flows from operating activities of

(loss) or any other performance measure or as an alternative to cash flow from operating activities. Since there are various calculation methods, its presentation may not be comparable to similarly titled