novating M&E accounts payable to long term loan from financial institutions totaling of Baht 13,619 Million which is the same amount that the Company has the obligation. This novation has no effect to the

Company Limited (“the Company”) had refinanced long term loans for the Si Rat-Outer Ring Road Expressway Project (SOE) for total of Baht 10,000 Million with floating interest rate by issuing debentures with

revenues. The ability to maintain low financial cost due to the replacement long term loan with lower rate as well as the Company’s policy to manage liquidity risk and interest rates fluctuation risk by

due to last year the Company had long-term loans with financial institution in the amount of Baht 250 million for acquisition the subsidiary business with fixed interest rate at 3.75 percent per year

13.40% 488.97 20.70% Short-term investment 4.38 0.19% 4.85 0.21% Account receivable, trade and others 673.05 28.70% 706.03 29.89% Inventories 716.37 30.54% 663.32 28.08% Other current assets 5.91 0.25

estate expansion which is the Company’s main business in the long term. The approximate leasing fee and the leasing charge of Rachaphatsadu Land throughout the term of the agreement are totally Baht

Income Other income of the Company and its subsidiaries consists of agent fee income, interest income, gain on exchange rate and gain on short-term investment. For the six-month period ended 30 June 2019

, and requires a lessee to recognize asset and liabilities for all leases with a term of more than 12 months, unless the underlying asset is low value. As a result, right-of-use assets increased Baht 41

- - 151 362 513 - 188 405 593 Right-of-use assets - - 2,758 - 2,758 - 2,986 - 2,986 Goodwill 98 - - (23) 75 153 - (23) 130 Deferred tax asset 90 - (20) - 70 77 84 (112) 50 Long-term prepaid rents and

31 March 2017-2019 Unit: Million Baht 2017 2018 2019 Assets Current assets Cash and cash equivalents 12.44 73.18 86.11 Trade and other accounts receivable 43.71 30.61 115.34 Short-term loan and