directly attributable expenses of IPO on January 2019. o The Group’s Interest bearing debt as of 30 Jun 2019 was 0.57 times, decreased from last year of 1.56 times. Due to the increasing of equity by IPO

construction works. Under this method, the revenue recognised is based on the latest estimate of the total value of the contract and actual completion rate determined by reference to the physical state of

attributable expenses of IPO on January 2019. o The Group’s Interest bearing debt as of 30 September 2019 was 0.57 times, decreased from last year of 1.56 times. Due to the increasing of equity by IPO which

% Total Revenues 1,994,081 2,398,510 -17% 1,571,084 1,666,564 -6% Profit (loss) before loss from allowance (184,851) 149,195 -224% 38,502 129,365 -70% margin -10% 7% 3% 8% Profit / (Loss) before interest

. Furthermore, considering solely the interest- bearing debt, it amounted THB 37,687.9 mm, increased by THB 1,304.4 mm from THB 36,380.5 mm. The main reasons are as follows: 1. Increase in short-term loans from

-controlling Interest 1.24 (0.37) 1.61 435.14% Management's Discussion and Analysis and operating results for the Year 2018 Page 3 / 10 3.1 Revenue Total revenue (core revenue and other revenue) as increasing

issue 6 corporate debentures in the amount of Baht 35,000 million to in stitutional investors and High Networth investors with an average interest rate of 2.80 baht per year by receiving a credit rating

Profit was due to the overall operational business increase of the Company together with a more effective management of its borrowings that resulted in overall reduced interest costs. Operating Performance

expenses (279.86) (305.79) -8.48% (573.19) (594.20) -3.54% Total Cost (1,671.71) (1,789.14) -6.56% (3,480.14) (3,521.07) -1.16% Operating Profit 429.87 375.81 14.38% 818.01 749.40 9.16% Interest income 1.77

(net debt to EBITDA ratio) อัตราสวนความสามารถในการชําระดอกเบี้ย1 (interest coverage ratio : ICR) อัตราสวนความสามารถในการชําระภาระผูกพัน1 (debt service coverage ratio : DSCR) อัตราหนี้สินรวมตอสวนของผู