THB. It is mainly because the loan from financial institutions for project development and operation increase 956.73 million THB or 12.52% i.e. from 7.64102 billion THB to 8.59775 billion THB. As a

Non-current liabilities Long-term borrowings from financial institutions 1,522 - (22) - 1,500 1,906 (23) - 1,883 Lease liabilities - - 2,692 - 2,692 - 2,859 - 2,859 Deferred income tax liabilities 218

from financial institutions increased as the company borrowed for the payment in purchasing ordinary shares of the Thai Marble Corp., Ltd. Shareholder equity was not significantly different from 2019

trade and other payables of THB 171mn, being partially offset by, predominantly (iii) a decrease in current and non-current portion of long-term loans from financial institutions of THB 1,902mn, (iv) a

interest payment and other financial obligations. Moreover, the Company was able to maintain debt to equity ratio according to the restriction of long-term loans from local financial institutions.

period of time and had a favorable track record, these subsidiaries would seek financial directly from financial institutions. They would be less dependent on their parent company. This would help MK Group

completely paid off foreign debt on September 20, 2019 with the amount of 24.62 million baht. Although the short-term loans from financial institutions increase with the amount of 5.94 million baht, which is

long-term loan from Financial Institutions in 2019. Dusit Thani PLC Management Discussion and Analysis For 4Q19 and FY2019 P a g e | 6 Net Profit In 4Q19, the Company had the net profit including

amount of 42.47 million Baht, decreased 0.45 million Baht or 1.04% from the same period last year due to the Company repay a portion of loan principal to financial institutions according to debt

December 2016 which was 1,358.96 Million Baht or 2.15% because of 1) the repayment of long term loan from financial institutions, and 2) dividend payment on 25 May 2017 amounting to 25 Million Baht (0.03125