financial activity in the digital realm. In response to these challenges, each commercial bank prioritizes the continual development of cyber security policy, processes and systems in line with

Capital Structure • Total assets increased by 13.3% from the end of 2018 to Baht 114,038 million as of September 30, 2019, primarily due to the continual expansion of project portfolio both local and

2018 to Baht 121,693 million as of December 31, 2019, primarily due to the continual expansion of project portfolio both local and overseas. • Total interest-bearing debts increased by 3.8% from the end

dynamically manage credit risk while setting the direction of credit portfolio and business targets at customer and product levels on a continual basis. ACPM facilitates proactive management of credit risks on

continual. Following by tourists from Africa and the Middle East, the growths from these two regions were reported at 12.8 percent and 11.0 percent respectively. The number of European tourists increased by

expand on the back of domestic demand momentum. Private consumption expanded in line with the continual broad-based improvements in household income. Domestic investment expanded at a slower pace than

, comparing with Q4’2018, EBITDA margin increased from 22.2% due to 1) more volume dispatched from industrial users, 2) less scheduled maintenances, 3) continual improvement in production efficiency and 4) less

expand on the back of domestic demand momentum. Private consumption expanded in line with the continual broad-based improvements in household income. Domestic investment expanded at a slower pace than

LIMITED Management’s Discussion and Analysis Change in Capital Structure • Total assets increased by 13.1% from the end of 2018 to Baht 113,801 million as of June 30, 2019, primarily due to the continual

improving interest coverage ratio in 2H19 due to the expected continual revenue growth of food business and higher revenue from education business. The Company’s financial position remained strong with