equivalents at end of period 32.86 57.69 -24.84 -43% Golden Lime Public Company Limited 8 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 SEPTEMBER 2018 4. Financial Ratios Note: 1) Net Debt = Interest

are 2.60 times and 4.30 times, respectively. The main reason of the reduction of those ratios is the company and its subsidiaries have debenture which is to be redeemed within July 2020 then this

:1 and from 0.64:1 to 0.78:1 as of 31 December 2018 and 31 December 2019 respectively. The ratios do not exceed 1:1 and are in compliance with the policy of the Company. Cash flow statements As for

attributable to owners of the parent for the period totaling of Baht 74.87 Million. Key financial ratios o Debt to Equity ratio (D/E) as of 31 December 2019 was 2.02 times. Decreased from last year, which has D

2,086.5 mm from THB 31,014.1 mm as of 31 December 2018, mainly from WHA-W1 exercise and increase in market price of REITs. KEY FINANCIAL RATIOS 31 December 2018 31 December 2019 Gross Profit Margin (%) 44.3

respectively. Comparing to the same period of the previous year, the interest bearing debt to equity ratio and the debt to equity ratio has increased from 0.44:1 to 0.67:1 and from 0.70:1 to 0.90:1. The ratios

in the net amount of Baht 5,808 Million for liquidity management during COVID-19 situation and payment of interest and finance cost in the amount of Baht 208 Million. Significant Financial Ratios

31st March 2021 and 31st December 2020 respectively. In comparison with the same period of the previous year, the ratios have increased from 0.67:1 to 0.91:1 and 0.90:1 to 1.14:1 respectively. The

reduction of those ratios is the company and its subsidiaries have debenture which is to be redeemed within July 2020 then this debenture has to be categorized as current liabilities. As a above reason, the

shares) 32,216,852 22,740,610 42% 32,216,852 22,740,610 42% Key Financial Ratios Gross Profit Margin 30.2% 30.5% -0.3% 36.0% 35.6% 0.4% SG&A as % to Sales 39.3% 33.2% 6.1% 33.6% 24.9% 8.7% Net Profit