standard (TFRS 16). Consequently, Book value as of August 31, 2020 was 60.4 baht per share, decreased from that of 82.9 baht per share as of February 29, 2020. Debt to Equity ratio as of August 31, 2020 was

of 1,405 million baht or 7% from the end of fiscal year 2021, Book value as of May 31, 2022 was 85.2 baht per share, increased from that of 79.6 baht per share as of February 28, 2022. Debt to Equity

Ratios Return on assets4 (%) 22.4% 9.8% 11.3% Liability to Equity (times) 0.2 0.6 0.6 Return on fixed assets5 (%) 145.2% 45.5% 49.4% Debt to equity (times) 0.0 0.3 0.3 Asset turnover 0.8 0.5 0.6 7 MD&A 2Q

liabilities of the Group were decreased from Advance received from construction contracts and construction income received in advance. Due to revenue recognized during this period. o Debt to Equity ratio (D/E

attributable to owners of the parent for the period totaling of Baht 74.87 Million. Key financial ratios o Debt to Equity ratio (D/E) as of 31 December 2019 was 2.02 times. Decreased from last year, which has D

assets5 (%) 43.2% -47.0% Debt to equity (times) 0.3 0.3 Asset turnover (times) 0.8 0.4 Remark:  Financial ratios were calculated based on The Stock Exchange of Thailand’s formula. MANAGEMENT OUTLOOK The

. o The Group's operating results with net profit attributable to owners of the parent for the period totaling of Baht 61.69 Million.   Key financial ratios o Debt to Equity ratio (D/E) as of 30

of financial institutions and debenture together with minimizing the impacts from full loan guarantee provided to Power Plant business and its high debt resulting in decreasing in debt to equity ratio

at August 31, 2022 was 86.1 baht per share, increased from 79.6 baht per share as of February 28, 2022. As at August 31, 2022, Debt to Equity ratio stood at 3.3 times decreased from 3.5 times at the

the parent as of November 30, 2022 was 87.03 baht per share, increased from 79.55 baht per share as of February 28, 2022. Debt to Equity ratio as of November 30, 2022 was at 3.3 times decreased from 3.5