earnings from the Company’s performance Financial Ratio Financial Ratio As of June 30, 2018 Liquidity Ratio (times) 10.31 Cash Conversion Cycle (days) 282.00 Debt to Equity Ratio (times) 0.12 Return on

“Company” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the nine months period ended September

, a decrease of Baht 46.77 million or down by 13.44% as compared to the previous year. This was due to the lower earnings before tax. Table 2: Financial Summary for the nine-month period of the year

shareholders’ equity was mainly caused by the Company’s retained earnings from the Company’s performance. Financial Ratio Financial Ratio As of December 31, 2018 Liquidity Ratio (times) 24.87 Cash Conversion

adjustment to the beginning balance of retained earnings as at 1-Jan-19. The effect of related transactions is presented in Note 2 of financial statements and also provided on page 4. Considering the entire

subjected to the availability of retained earnings on the separate financial statements. In all cases, dividend payment shall depend on cash flow, investment plan including any other future obligations of the

consolidated earnings and subjected to the availability of retained earnings on the separate financial statements. In all cases, dividend payment shall depend on cash flow, investment plan including any other

% 49,326 15% Other 6,015 1.8% 5,910 1.8% Total Liabilities 251,227 75% 239,463 73% Retained earnings 60,675 18% 62,002 19% Others 25,141 7.5% 25,181 7.7% Total Equity 85,816 25% 87,183 27% Key Financial

dividend payment shall still be made twice a year and is based on consolidated earnings and subjected to the availability of retained earnings on the separate financial statements. In all cases, dividend

shall still be made twice a year and is based on consolidated earnings and subjected to the availability of retained earnings on the separate financial statements . In all cases, dividend payment shall