backlog was THB 16,745mn, decreasing by 6.9% as compared to the end of 2018 of THB 17,981mn. Although the JVs had sturdy sales in The Line Wongsawang, The Line Ratchathewi and The Line Phahonyothin Park
healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.10 times. 2018 Outlook Maintain 2018 forecast, yet adjust down new hotels opening • Despite Boat
liquidity ratio was 1.35 times. The Company maintained healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.09 times. 2019 Outlook 2018 was the final
activities in 2018, as did the year 2017. The optimal capital structure The Company had Debt to Equity ratio 0.13:1 times, higher than that of 2017, 0.11:1 times, indicating low relative proportion of debt and
-bearing debt and net gearing ratio afterwards. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will ultimately reduce debt ratio. Unit: THB
Company determines to maintain an optimal capital structure by lowering leverage level which will ultimately reduce debt ratio. Unit: THB million 31 December 2018 31 December 2019 Change Cash and cash
activities decreased since the Company bought machines and equipment as needs. No net cash flows used in financing activities in 2017, as the year 2016 The optimal capital structure The Company had Debt to
result of loan repayment by net proceed received from SPRIME. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will ultimately reduce debt
ratio from 1.35x to 1.39x was mainly due to dividend paid to shareholders in May 2019. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will
Development (Cont’) • The optimal debt level leads to the higher stock price. The LEV variable defines as the ratio of total debt to total asset. The expectation on its relationship with TOBINQ is positive as