Triple CH and the Company, the Company invests in 35 percent joint cooperation and contribute investment amount of THB 30,000,000 for the purpose of operation of business of broadcasting the Football

in Philippines. For the joint investment between Triple CH and the Company, the Company invests in 35 percent joint cooperation and contribute investment amount of THB 30,000,000 for the purpose of

Millcon Steel Co., Ltd. changed the AC and DC motors instead of the existing motors to increase the efficiency. 20 3 Kobelco Millcon Steel Co., Ltd. has improved the machinery with new electric wiring in

on equity of the Company and its subsidiaries was 8. 37% decreased from 14. 55% in 2017; resulting from lower efficiency in profit generation; whilst, slightly lower asset utilization and slightly

Company and its subsidiaries was 9.08% slightly increased from 8.37% in 2018; resulting from higher efficiency in profit generation; whilst, slightly lower asset utilization and slightly lower risk from

Profitability ratio 31-Dec-19 31-Dec-18 Gross profit margin 26.4% 30.7% EBITDA margin 22.5% 18.0% Net profit margin 5.2% 5.2% Efficiency ratio 31-Dec-19 31-Dec-18 Return on equity 6.6% 5.9% Return on asset 5.9

energy efficiency, the result of which is the reduction in same store utility costs by around 3.2% YoY. To maintain an optimum level of cost-to-revenue ratio, CPN continues to explore further efficiency

2017 Page 4 of 15 2015 2016 2017 Cash Profit Margin 13 (%) 133.95 106.56 119.70 Net Profit Margin 14 (%) 7.16 9.66 10.14 Return on Equity or ROE 15 (%) 13.15 16.26 15.24 Efficiency Ratio Return on Assets

same period a year earlier due to the continuous rise in electricity Ft rate since May 2017. CPN, meanwhile, achieved efficiency gains with the reduction in electricity unit consumption compared to last

efficiency gains with the reduction in electricity unit consumption compared to last year. As a result, same-store utility cost increased 3.2% YoY, which was lower than the increase in electricity Ft rate, and