Revenue
by Business Unit
3Q 16/17
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Key Financial Ratios

Key financial ratios 3Q 16/17 2Q 16/17 1Q 16/17 4Q 15/16 3Q 15/16
Profitability ratios
Gross operating profit margin (%) 53.5% 57.9% 58.8% 56.5% 58.8%
Selling and administrative expenses to operating sales ratio (%) 27.1% 28.7% 25.7% 22.4% 22.8%
EBITDA margin (%) 42.0% 45.6% 50.5% 19.3% 46.0%
Operating EBITDA margin (%) 35.2% 36.2% 40.9% 42.1% 43.6%
Net recurring profit margin (%) 22.1% 23.6% 26.5% 34.9% 44.1%
ROA (%) 2.4% 3.1% 2.8% 6.7% 7.5%
ROE (%) 3.8% 4.2% 3.8% 8.9% 9.4%
Leverage          
Total liability to total asset (times) 0.49x 0.34x 0.28x 0.28x 0.22x
Total liability to total equity (times) 0.97x 0.51x 0.39x 0.39x 0.28x
Interest bearing debt to equity (times) 0.77x 0.31x 0.20x 0.20x 0.10x
Net debt to equity (times) 0.32x 0.26x 0.13x 0.15x 0.06x
Net debt to operating EBITDA (times) 5.86x 4.68x 2.39x 2.70x 1.16x
Interest coverage (times) 3.55x 6.95x 7.22x 7.76x 11.19x
Per share ratios 1          
Earnings per share (THB) 0.0395 0.0463 0.0463 0.0037 0.0513
Operating cash flow per share (THB) (0.073) (0.211) 0.027 0.053 (0.080)
Free cash flow(*) per share (THB) (0.112) (0.231) (0.001) 0.027 (0.175)
Enterprise value per share (THB)(**) 10.11 9.91 10.40 9.73 9.56
Book value per share (THB) 3.94 3.88 4.10 3.97 4.22

1 per share ratios, calculated based on numbers of shares with par value at THB 4 per share

(*) Free cash flow used in calculation excludes non-recurring items

(**) Based on share price as of end of period

Key financial ratios 2015/16 2014/15 + 2013/14 + 2012/13 2011/12
Profitability ratios
Gross operating profit margin (%) 57.3% 55.5% 51.4% 48.8% 47.2%
Selling and administrative expenses to operating sales ratio (%) 22.9% 22.0% 19.5% 16.6% 15.8%
EBITDA margin (%) 59.6% 52.0% 77.0% 53.3% 57.8%
Operating EBITDA margin (%) 41.6% 39.9% 36.3% 49.0% 50.7%
Net recurring profit margin (%) 33.7% 34.7% 25.4% 9.7% 13.2%
ROA (%) 6.8% 5.0% 17.6% 2.9% 3.3%
ROE (%) 9.4% 6.4% 22.7% 3.8% 6.1%
Leverage          
Total liability to total asset (times) 0.28x 0.22x 0.22x  0.25x  0.45x
Total liability to total equity (times) 0.39x 0.28x 0.29x  0.33x  0.81x
Interest bearing debt to equity (times) 0.20x 0.09x 0.11x 0.24x 0.71x
Net debt to equity (times) 0.15x (0.11)x (0.03)x 0.17x 0.67x
Net debt to operating EBITDA (times) 2.70x (1.96)x (0.65)x 1.66x 6.32x
Interest coverage (times) 7.35x 8.68x 4.94x 4.07x 2.73x
Per share ratios 1          
Earnings per share (THB) 0.3501 0.2482 1.0779 0.1720 0.2311
Operating cash flow per share (THB) 0.028 -0.006 0.097 0.466 0.193
Free cash flow(*) per share (THB) -0.110 -0.149 -0.046 0.270 (0.094)
Enterprise value per share (THB)(**) 9.73 8.83 8.55 10.65 1.26
Book value per share (THB) 3.97 4.38 5.09 5.05 4.05

+ Restated to reflect effects from TFRIC 12 and TFRIC 4

1 per share ratios, calculated based on numbers of shares with par value at THB 4 per share

(*) Free cash flow used in calculation excludes non-recurring items

(**) Based on share price as of end of period