4.7% from dividend payment. Net debt to EBITDA was 1.2x, down from 1.4x at end-2017, while average cost of debt was maintained at 3.2% per year. Cash Flow In 1Q18 AIS generated Bt17,734mn of cash flow

Q1 2018 THB mm THB mm Net cash generated (used in) from operating activities (475.7) (333.3) Net cash generated (used in) from investing activities 1,853.0 2,056.0 Net cash generated (used in) from

adjusted with Adjustments of Revenue Levelization (TFRS 15) for comparison purposes. Normalized Profit for 2019 has effects from TFRS 15. IPP  For 2019, 3 IPPs generated Baht 832.0 million of Normalized

, for 70 percent. Such Power Purchase Agreement will be expired on December 31, 2030. The other 30 percent of the generated electricity will be sold in Australia’s National Electricity Market (NEM). The

THB mm Net cash generated (used in) from operating activities (894.0) 483.6 Net cash generated (used in) from investing activities (1,134.6) 764.4 Net cash generated (used in) from financing activities

2016 2017 THB mm THB mm Net cash generated (used in) from operating activities (1,581.3) 1,760.6 Net cash generated (used in) from investing activities 10,167.5 2,144.2 Net cash generated (used in) from

Management business, the Bank sold non-performing assets (NPAs) totaling Baht 171 million and had gain of Baht 64 million. Financial Market business generated revenue of Baht 70 million during 1Q19. For

Levelization (TFRS 15) for comparison purposes. Normalized Profit for 2019 has effects from TFRS 15. IPP  For 2Q2019, 3 IPPs generated Baht 469.3 million of Normalized Share of Profit and Dividend, a 54.9

increase in retain earning. However, the Company had an impact from adoption of new accounting standard (TFRS 15) reflecting Gheco- One. Cash flow analysis Q2 2018 Q2 2019 THB mm THB mm Net cash generated

the Company had cash dividend payment. However, there was the increase in retained earnings during this period as well. Cash flow analysis 1H 2017 1H 2018 THB mm THB mm Net cash generated (used in) from