EBITDA/t (US$/t)) 122 107 91 34% 105 86 22% Net Operating Debt to Equity 0.57 0.84 0.91 (37)% 0.57 0.91 (37)% Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

2.03 27% Core EBITDA/t (US$/t)) 107 100 94 14% 97 86 13% Net Operating Debt to Equity 0.84 0.80 0.99 0.84 0.99 Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

revenue 2 Net Profit attributable to equity holders of the Company/ operating revenue 3 Net Profit (Annualised) / Average Total Shareholders’ equity (average of outstanding at end of the same period in the

& ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31 March 2018) 14 MAY 2018 KEY FINANCIAL RATIOS 1 Calculated from operating revenue 2 Net Profit attributable to equity holders of the Company/ operating revenue 3 Net

% Debt to equity (times) 0.1 0.04 Asset turnover (times) 0.6 0.7 1 Calculated from operating revenue 2 Net Profit attributable to equity holders of the Company/ operating revenue 3 Net Profit (Annualised

NOV 2018 KEY FINANCIAL RATIOS 1 Calculated from operating revenue 2 Net Profit attributable to equity holders of the Company/ operating revenue 3 Net Profit (Annualised) / Average Total Shareholders

Asset turnover (times) 0.5 0.7 1 Calculated from operating revenue 2 Net Profit attributable to equity holders of the Company/ operating revenue 3 Net Profit (Annualised) / Average Total Shareholders

Shareholders' equity The overall shareholders' equity in the first quarter of 2018 was Baht (6.30) million or 0.95%, down from the end of 2017, as a result of the operating results in the first quarter of 2018

and total liabilities stood at THB 6,714.9mn. • Debt to Equity ratio2 equals 1.00 times as of 31 March 2020, decreased from 1.04 times as at end of 2019. Operating result 1Q/2020 Revenue Source of

. This was effecting in increased in number of shareholders’ equity by Baht 91.61 million. The operating result of the Company and its subsidiaries in the first 9 months of 2018 showing a loss resulting in