margin in 2018 was 15.97%, decreased from 19.35% in 2017. Unit: Million Baht 2016 2017 2018 EBIT 1,960.19 2,051.61 1,379.42 Depreciation Expense 1,131.10 1,216.21 1,263.61 Amortization Expense 5.73 8.55

revenue from sales and higher share of profit from associated companies. EBITDA margin in 2019 was 16.96%, increased from 15.97% in 2018. Unit: Million Baht 2017 2018 2019 EBIT 2,051.61 1,379.42 1,540.24

) Gross Profit Margin = (Gross Profit / Sales) * 100 12) Operating Profit Margin = (Operating Profit / Sales) * 100 13) Cash Profit Margin = (EBIT / Net Income) * 100 14) Net Profit Margin = (Net Profit

and administrative expenses increased compared to last year, related to unrealized loss on foreign currency exchange transactions and one-time expenses. Earnings before interest and taxes increased year

17.58% 12.45 (317.64) 330.09 103.92% Non-operating income/expense Loss in impairment of assets (45.43) (124.62) 79.18 63.54% (Gain)/Loss from impairment of investment - (69.87) 69.87 100.00% (Gain)/Loss

Earnings before interest and taxes (EBIT) 17.67 28.17 (10.50) (37.27) Financial costs 0.04 0.04 - - Income tax expenses 1.86 5.46 (3.60) (65.93) Net profit 15.77 22.68 (6.91) (30.46) Earnings before interest

172.65 178.85 (6.21) (3.47) Earnings before interest and taxes (EBIT) 10.58 32.79 (22.21) (67.73) Financial costs 4.75 0.72 4.04 559.72 Income tax expenses (2.87) 2.86 (5.73) (200.35) Net profit 8.70 29.21

111.29 105.32 5.97 5.67 Selling expenses 55.33 50.65 4.68 9.24 Administrative expenses 55.96 54.67 1.29 2.36 Earnings before interest and taxes (EBIT) (2.70) 17.67 (20.37) (115.27) Financial costs 1.09

% 4,464 4,275 4,169 7% Operating income 11,879 32,860 (64)% 1,022 2,144 3,768 (73)% Share of profit/(loss) from JV 5 586 (99)% 16 (5) (57) (127)% Extraordinary income/ (expenses)3 (1,013) 684 (248)% (1,372

due to its higher EBIT. Yours sincerely, Mr. Anant Kittivittayakul Managing Director