assets. Note: According to the debentures and long-term loan agreements, the company was required to maintain its D/E ratio of not higher than 2 .0 times. For the long-term loan agreements, there is

in process of Tubma reservoir project. Note: According to the debentures and long-term loan agreements, the company was required to maintain its D/E ratio of not higher than 2 .0 times. For the long

to supply such items for others if the capacity is available at any point of times to maximize the benefits and lower production costs in the long run. The new factory is expected to commence the

company was required to maintain its D/E ratio of not higher than 2 .0 times. For the long-term loan agreements, there is additional condition to maintain DSCR of not less than 1.1 times. 3) Shareholder’s

AND ANALYSIS FOR Q3/2017 6 Note: According to the debentures and long-term loan agreements, the company was required to maintain its D/E ratio of not higher than 2 .0 times. For the long-term loan

December 2018, mostly from a decrease in investments in joint ventures and an impact of currency translation due to THB appreciation • Net debt to equity ratio as of 31 March 2019 was 0.51 times, an

agreements, the company was required to maintain its D/E ratio of not higher than 2 .0 times. For the long-term loan agreements, there is additional condition to maintain DSCR of not less than 1.1 times. 3

Equity ratio2 stood at 0.92 times as of 30 June 2019, decreased from 0.94 times as at end of 2018 1 Backlog include only sold units with sales and purchase agreements 2 Calculated from interest-bearing

• Debt to Equity ratio2 stood at 0.80 times as of 30 September 2019, decreased from 0.94 times as at end of 2018 Changes in accounting policy and reclassification in 3Q19, during the 3-month and 9-month

% 46.0% 49.3% 43.1% 49.3% Financial Ratio Y.2017 Y.2018 As of December 31, 2018, the company had the current ratio of 0.58 times, increasing compared to the previous year from the reduced current