recent dividend payment and net loss during the year. Financial Ratio Financial Ratio As of December 31, 2019 As of March 31, 2020 Liquidity Ratio (times) 23.97 12.15 Debt to Equity Ratio (times) 0.04 0.11

December 2017 while debt to equity ratio was at 1.12 time, increased from 0.79 time as of 31 December 2017. Yours sincerely, Pongsarn Klongwathanakith (Pongsarn Klongwathanakith) Chief Financial Officer

institutions increased by Baht 782.8 million. Deferred tax liabilities increased by Baht 30.1 million. As at 30 June 2021, the debt to equity ratio was 0.42 times, the net debt to equity ratio was 0.34 times

, the debt to equity ratio was 0.40 times, the net debt to equity ratio was 0.33 times, the interest- bearing debt to equity ratio was 0.36 times, and the net interest-bearing debt to equity ratio was

Page 1 of 4 GEL-ACC621536 14 August 2019 Subject: Management Discussion and Financial Analysis for the operating results of the second quarter of 2019, ended June 30, 2019 To: Director and Manager

second half of year 2016 and second quarter of year 2017. In addition, the Company has been closely monitoring the financial debt to equity ratio to be in the appropriate level. 5. Income tax expenses were

million as of December 31, 2019 as a result of the company paying dividends to shareholders. 1H20 was 0.92 percent and the debt to equity ratio was 0.18. (Unit : Million Baht) Consolidated Financial

-term loans from financial institutes amounted 158.5 million baht. (2) Debt to Equity Ratio The Company has debt to equity ratio as of December 31, 2017 equals to 0.23 compared with 0.32 as at December 31

Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1 | Bangchak Corporation Public Company Limited Management Discussion and Analysis of

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the first quarter ended March 31st, 2019 Management Discussion and Analysis of Business Operation for Q1/2019