46 43 Profitability Ratios Gross profit margin (%) 35.0 34.5 34.9 32.4 EBITDA margin (%) 19.4 21.2 19.5 20.1 Net profit margin for the period (%) 12.2 12.6 12.8 12.6 Net profit margin attributable to

ratio (times) 1.7 2.1 1.7 2.1 Number of days of inventory 48 30 41 32 Collection period (days) 53 43 49 43 Accounts payable (days) 57 42 50 42 Profitability Ratios Gross profit margin (%) 33.6 35.3 34.5

45 42 43 Profitability Ratios Gross profit margin (%) 35.3 31.3 35.0 31.7 EBITDA margin (%) 17.8 18.1 19.4 19.2 Net profit margin for the period (%) 11.4 11.3 12.8 12.2 Net profit margin attributable

Liquidity Ratios Current ratio (times) 2.0 0.6 2.0 0.6 Number of days of inventory (days) 29 38 31 37 Collection period (days) 44 44 45 44 Accounts payable (days) 43 45 44 42 Profitability Ratios Gross profit

Management Discussion & Analysis Page 7/7 APPENDIX: Ratio & Formula Profitability Ratios Gross profit margin (%) = (Total revenues from sales – Total cost of sales of goods) / Total revenues from sales SG&A to

of days of inventory 36 32 Collection period (days) 49 43 Accounts payable (days) 50 43 Profitability Ratios Gross profit margin (%) 35.4 34.8 EBITDA margin (%) 20.8 21.0 Net profit margin for the

for the sale of condominium projects at 38.0% as planned. Hence, CPN is determined to exercise effective cost management and prudent cost control measures to maintain its profitability. Net profit for

Management Discussion & Analysis Page 6/7 Financial Ratio Analysis 4Q18 4Q17 2018 2017 Profitability Ratios Operating gross profit margin (%) 34.5 32.7 32.4 33.0 Operating EBITDA margin (%) 20.6 11.5 19.5 18.9

ratio (Time) 3.39 2.04 1.35 Average collection period 80 81 (1) Days of inventory 217 226 (9) Profitability ratio Gross profit margin (%) 26.34% 28.59% (2.25%) Operating profit margin (%) 6.14% 4.37% 1.77

financial cost only long-term loan from bank. Profitability The Group’s gross profit and net profit for 3 months ending 30 September 2018, as following: (Unit : Million Baht) Profitability 30-Sep-18