products and content to cater to market trends and to spur higher Average Order Value (AOV) and improve sales • Renegotiated new freight prices through alternate supplier and packing optimization resulting

EBITDA (%) 40.4% 45.4% Quick ratio (times) 0.8 0.7 Cash-to-net profit (%) 99.2% 96.4% Account receivable turnover (times) 4.9 4.3 Net profit (excl. NCI) (%) 23.9% 20.3% Average collection period (days

liability of Bt88,108mn lined up toward 2020, net debt to EBITDA remained at 1.4x with average cost of debt at 3% p.a. Cash Flow In 9M17, AIS generated operating cash flow (after tax) of Bt46,762mn, which

by THB 127.9 mm or 40.3% from the same period of last year. This was mainly attributable to, during this quarter the Company had transferred the land, having higher average selling price compared to

E_1 Legal_FA_2015_12_29-c A FFeeCCoorrppLL44..11hhiigg A Executive Summary Management Discussion and Analysis For the Quarter Ended September 30, 2017 The Thai economy maintained steady growth in the third quarter of 2017, buoyed largely by tourism and exports. Nonetheless, the economic recovery was not broad-based, as evidenced by sluggish private consumption. While certain businesses were still fragile, others remained mired in uncertainty in terms of new modes of competition, a broader market...

the Company an interest once every quarter. The interest rate which the Company agreed with JAS to pay is an interest rate at the fixed deposit interest rate of 12 months weighted average of three major

weighted average of three major financial institutions (i.e. Bangkok Bank, Krung Thai Bank, and Kasikorn Thai bank), as at the date on which the Board of Directors resolved to propose that the shareholders

(Bt2.1bn in 2017 vs Bt1.3bn in 2016) as well as higher interest-bearing debt. Average cost of debt remained low at 3.1% per year compared to 3.3% in 2016. Profit In 2017, EBITDA was Bt70,498mn increasing 16

market trends and to spur higher Average Order Value (AOV) and improve sales  Renegotiated new freight prices through alternate supplier and packing optimization resulting in significant initial savings

) 4.9 4.3 Net profit (excl. NCI) (%) 16.3% 18.5% Average collection period (days) 74.6 84.3 Return on equity* (%) 40.3% 24.2% Payable days (days) 100.8 96.3 Efficiency Ratios Leverage Ratios Return on