recovery of the tourism sector and the return of foreign tourists. However, economic expansion remains at risk from the impact of higher cost of living on households and headline inflation tends to rise

and its subsidiaries showed the net profit of Baht 522.9 million, decreased by 31.8% when compared to the third quarter of 2019 with the net profit of Baht 766.9 million, mainly from the increase in

% Revenue from service incomes 0.49 0.42% 0.51 0.44% 0.02 3.86% Revenue from rental incomes 0.70 0.60% 0.63 0.54% (0.07) -10.66% Total revenues 116.70 100.00% 115.48 100.00% (1.22) -1.05% Gross Profit

) 0.29 0.31 0.15 Debt-to-equity ratio (time) 2.03 1.60 2.00 Gross Profit margin (%) (0.77) 2.83 5.19 Net profit margin to sales* (%) (5.55) (1.51) (4.81) Average return on equity** (%) (154.97) (18.81

. Significant Financial Ratios* Description Unit 2nd Quarter 2019 2018 Net Profit Margin ratio % 19.41 24.14 Return on Equity ratio % 8.89 11.03 Return on Total Assets ratio % 3.46 4.13 Debt to Equity ratio Time

(up 272.7% YoY) largely as a result of the increase in total revenue and the EBITDA margin rose to 31.5% (2018; 13.0%) • Reported net profit of THB 1,867mn (up 394.9% YoY), from aforementioned higher

second quarter accounted for 11% of total revenues decreased from 12% in Q2/2016. The average funding cost decreased from 3.71% in Q2/2016 to 3.44% in Q2/2017. Net Profit For the first half of 2017

2018, the Company had the net profit attributable to equity holders of the Company in the amount of Baht 978 Million representing an increase from the same quarter of the previous year by Baht 255

its investment in biomass powerplants to account for non-current assets held for sale. UWC plan to reinvest the proceeds in a higher return business to accommodate growth and streamline the company’s

held for sale. UWC plan to reinvest the proceeds in a higher return business to accommodate growth and streamline the company’s efficiency. PERFORMANCE OVERVIEW 2 | MANAGEMENT DISCUSSION AND ANALYSIS