investments. Interest-bearing Debt to Equity As at 31 December 2018, the Company and its subsidiaries recorded Interest-bearing Debt to Equity (IBD/E) of 2.09x, an increase from 1.13x as at the end of last year

thousand two hundred and eleven Baht in total. UWC and the Purchaser agreed to determine the enterprise value of the Targets estimated on a cash-free and debt-free basis. In this connection, UWC and the

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 22 February 2019 Re: To clarify the financial statements as of 31 December 2018 To: President The Stock Exchange of Thailand WHA Corporation Public Company

million. It results from the increase in inventories, unbilled receivables and trade account payables. The quality of assets Trade account receivables Unit: Million Baht Consolidated financial statements 30

Baht Consolidated financial statements 30 September 2017 31 December 2016 Trade account receivables – unrelated parties 1,365 1,408 Less: Allowance for doubtful accounts (51) (42) Trade account

based on the consolidated financial statements for 9 months ended 30 September 2017 of the Company and the Target, on the criteria according to the Acquisition and Disposition of Assets Notifications

cash and cash equivalents and property, plant and equipment. The quality of assets Trade account receivables Unit: Million Baht Consolidated financial statements 31 December 2017 31 December 2016 Trade

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 9 May 2019 Re: To clarify the financial statements as of 31 March 2019 To: President The Stock Exchange of Thailand WHA Corporation Public Company Limited (the

trade accounts payable. and the company has a list of liabilities under the lease agreement. Coming into the financial statements this year According to the financial reporting standard No. 1 6 , it has

business strategy for appropriate with the business environment by closed 2 departments which have accumulate loss in Quarter 1’ 2020. 3. Analysis of Operating Results Statements of Comprehensive Income