sustainable development. This shift in recognition of society, environment and corporate governance has been driven by the fact that no business could survive the collapse of society and thus, has to extend its

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measurements, global lockdown, and international travel restrictions that led to the collapse of tourist arrival numbers. Plus, Thai export and import slumped on the weak demand which dampened domestic economic

). Management Discussion and Analysis For the Year Ended December 31, 2018 Page 3 1.5 The Collapse of the Saddle Dam of Xe-Pian Xe-Namnoy Hydroelectric Power Project On July 23, 2018, the Saddle Sam D of Xe-Pian

investment in last year. The Company maintained healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.56 times. 2019 Outlook Company maintains 2019 outlook

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

percent to 100 percent. 1.4 The Collapse of the Saddle Dam of Xe-Pian Xe-Namnoy Hydroelectr ic Power Project On July 23, 2018, the Saddle Sam D of Xe-Pian Xe-Namnoy Hydroelectric Power Project, located in

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

government to patrol and survey all hydro power projects after the heavy flood from the collapse of one saddle dam in July 2018. DTE1&2 solar project (Xuan Cau Project) with an installed capacity of 420 MW