newly issued ordinary shares at the offering price of THB 2 per share to the existing shareholders of the company via a Rights Offering (RO) at an offering ratio of every 5 existing ordinary shares for 1

% Payable days (days) 162 140 Efficiency Ratios Leverage Ratios Return on assets4 (%) 12.0% 6.5% Liability to Equity (times) 0.4 0.7 Return on fixed assets5 (%) 66.7% 36.6% Debt to equity (times) 0.1 0.2

the full-quarter consolidation of International Advertising segment, which was the main driver in increasing the cost-to-sales ratio from 62.1% to 88.6% in this quarter. VGM’s cost structure is higher

profit. Debt-to-Equity Ratio (x) 0.11 0.09 0.02 Slightly increase from incremental in account payable and other payable. For more information, please contact: Boontharika Boonkhum, Investor Relations Tel

subsidiary (FSMART). 6 The appropriate of capital structure The debt to equity ratio as at 31 March 2020 was 2.92:1, decreased from the debt-to-equity ratio as at 31 December 2019, which was 2.11: 1. The

profit for Q1’ 2018. 6 The appropriate of capital structure The Group’s debt to equity ratio as at 31 March 2018 is 1.9:1, which is closed to the debt to equity ratio as at 31 December 2017 at rate of 2.0

(%) 5.30 5.83 (0.53) The decrease in 1Q18 net profit. Debt-to-Equity Ratio (x) 0.10 0.09 0.01 Slightly increase from incremental in account payable. For more information, please contact: Boontharika Boonkhum

on listed companies’ disclosure of material information, issuing investor warning messages, and/or posting trading signs to alert investors. For next steps, the SET is in the process of revising the

- 9 100 Total investments in joint ventures 77 245 (255) 9 76 Total 522 306 (268) 9 569 25 Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q2/2018 83% 17% • Debt profile • The

& Analysis (MD&A) Q3/2018 88% 12% • Debt profile • Debt balance of the company and its subsidiaries as of September 30th, 2018 was in Thai Baht and Japanese Yen currencies. • Total interest-bearing debt