THB as compared to US dollar. There would be the material change in Q3 for the Balance Sheet structure of which expecting to see the improvement of DE and Current ratio. However, the Balance Sheet

42,155 12% 33,762 9.5% Current Ratio (times) 0.4 0.5 0.4 Spectrum license 110,219 31% 134,802 38% Interest Coverage (times) 13.4 16 16 Network and PPE 122,518 35% 116,704 33% Debt Service Coverage Ratio

% 54,822 17 % Others 25,141 7.5 % 25,145 7.6 % Total Equity 85,816 25 % 79,967 24 % Key Financial Ratio 1Q22 4Q22 1Q23 Interest-bearing debt to equity (times)* 1.1 1.0 1.0 Net debt to equity (times)* 0.9 0.9

company has high cash and current investments from IPO proceeds. As a result, debt to equity ratio drop to 0.28 times. Osotspa Public Company Limited Q4’18 and FY18 Management Discussion & Analysis 27

confidence coupled with the already high household debt level. Nevertheless, the non-durable goods increased partly from the rush in purchase of consumers goods due to the concerns on the COVID-19 outbreak

declined from the contractions in vehicle sales in line with the weakened household income from lower income, employment and consumer confidence coupled with the already high household debt level

follows; Financial ratio Y2018 Y2017 Liquidity (times) 11.02 11.81 Debt to Equity (times) 0.11 0.10 Return on Equity (%) 2.40% 5.81% Return on Assets (%) 2.18% 5.15% Gross Profit Margin (%) 15.38% 15.00

ratio Y2019 Y2018 Liquidity (times) 9.68 11.02 Debt to Equity (times) 0.12 0.11 Return on Equity (%) 3.84% 2.40% Return on Assets (%) 3.44% 2.18% Gross Profit Margin (%) 11.13% 15.38% EBIT Margin (%) 4.51

Company’s return on equity (ROE) ratio has improved to 10.2%, compared to 6.6% in Q1 2016. Return on assets (ROA) ratio improved to 5.5%, compared to 3.3% in Q1 2016. The interest bearing debt to equity (D/E

เงิน* เพิ่มเติม ดังนี้ (1) อัตราส่วนหนี้สินสุทธิต่อก าไรก่อนดอกเบี้ยจ่าย ภาษีเงินได้ค่าเสื่อมราคา และค่าตัดจ าหน่าย (net debt to EBITDA ratio) (2) อัตราส่วนความสามารถในการช าระดอกเบี้ย (interest coverage