& administrative expenses 128 185 239 29.4% 86.6% EBITDA 120 115 116 0.8% -3.7% Net profit from operation 56 38 35 -7.4% -37.2% Net profit (exc. Minority Interest) 70 39 42 6.4% -40.0% Gross profit margin 42.2% 37.9

% -24.5% 2,120.4 1,782.4 -15.9% EBITDA 396.8 440.6 300.3 -24.3% -31.8% 753.7 740.8 -1.7% Net profit (loss) 158.0 118.2 14.5 -90.8% -87.7% 289.8 132.7 -54.2% Gross profit margin (%) 44.2% 45.9% 41.9% -2.3

) (5,394.3) (657.9) 12.2 Gross profit 2,828.3 2,679.0 149.3 5.6 Gross profit margin 31.8% 33.2% Distribution and Administrative expenses (1,231.7) (1,131.9) (99.8) 8.8 Operating Profit 1,596.6 1,547.1 49.5 3.2

ratio (Time) 3.39 2.04 1.35 Average collection period 80 81 (1) Days of inventory 217 226 (9) Profitability ratio Gross profit margin (%) 26.34% 28.59% (2.25%) Operating profit margin (%) 6.14% 4.37% 1.77

net profit margin 2) higher depreciation resulted from additional investments in plant, machinery, and office renovations to improve production efficiency and reduce production cost, in order to prepare

subsidiaries in Slovakia has mainly operated as contract manufacturers with slightly low but stable profit margin. However, its operating profit margin was improved from 10.8% in same period last year to 11.7

Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 8 of 15 Revenue from rental and services business decreased 3.6% YoY, cost increased 1.8% YoY while, gross profit margin stood

% 210 241 15.1% Net profit2 193 288 49.1% 826 846 2.4% Adjusted net profit3 205 305 49.0% 755 964 27.7% Gross profit margin 58.6% 64.0% 58.4% 61.0% EBITDA margin 40.1% 46.4% 44.5% 43.0% Adjusted EBITDA

71 64 79 22.1% 10.4% EBITDA 34 66 106 60.5% 215.7% Net profit from operation 22 51 65 28.2% 198.2% Net profit (exc. Minority Interest) 21 51 60 18.1% 183.0% Gross profit margin 54.3% 56.1% 59.5% EBITDA

& administrative expenses 112 147 31.4% EBITDA 89 109 22.2% Net profit from operation 51 44 -13.5% Net profit (exc. Minority Interest) 53 37 -30.2% Gross profit margin 60.5% 33.7% EBITDA margin 32.3% 15.8% NPAT