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

receivable 16,361 5.6% 15,818 5.5% Net debt to EBITDA (times) 1.2 1.1 1.1 Inventories 3,823 1.3% 4,204 1.5% Current Ratio (times) 0.5 0.6 0.6 Others 3,433 1.2% 4,421 1.5% Interest Coverage (times) 13 13 13

) 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

, showing strong liquidity position and financial stability. Debt to equity ratio was at 0.4 times. 2,819 3,149 1,965 99 (1,734) Beginning cash and cash equivalents (31 Dec 2019) Net cash from operating

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

IPO proceeds. Debt to equity ratio was at 0.3 times. 4,486 4,486 6,754 3,559 3,559 2,943 (675) (3,195) Beginning cash and cash equivalents (31 Dec 2018) Net cash used in operating activities Net cash

, the Company had a debt-to-equity ratio of 2.50 times, an increase from the end of 2018 at 2.64 times. Please be informed accordingly. (Ms. Ladda Waruntharakul) Company Secretary Mr. Panya Chutisiriwong

Total 81,492 Total 81,492 Financial Position (Bt mn/% to total asset) 4Q17 4Q18 Key Financial Ratio 4Q17 3Q18 4Q18 Cash 10,650 3.7% 9,067 3.1% Interest-bearing debt to equity (times) 2.2 2.2 1.9 ST

Position Post-TFRS 9&16 Key Financial Ratio Post-TFRS 9&16 (Bt mn/% to total asset) 4Q19 3Q20 3Q19 2Q20 3Q20 Cash 19,637 6.8% 16,634 4.7% Interest-bearing debt to equity (times) 1.6 1.3 1.6 ST investment