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Key Financial Ratios

Key financial ratios 1Q 17/18 4Q 16/17 3Q 16/17 2Q 16/17 1Q 16/17
Profitability ratios
Gross operating profit margin (%) 41.1% 44.7% 53.5% 57.9% 61.8%
Selling and administrative expenses to operating sales ratio (%) 17.6% 20.5% 27.1% 28.7% 28.6%
EBITDA margin (%) 32.5% 32.5% 42.0% 45.6% 50.5%
Operating EBITDA margin (%) 29.5% 29.1% 35.2% 36.2% 40.9%
Net recurring profit margin (%) 13.3% 14.0% 22.1% 23.6% 26.5%
ROA (%) 2.4% 2.8% 2.4% 3.1% 2.8%
ROE (%) 4.3% 4.9% 3.8% 4.2% 3.8%
Leverage          
Total liability to total asset (times) 0.53x 0.52x 0.49x 0.34x 0.28x
Total liability to total equity (times) 1.14x 1.07x 0.97x 0.51x 0.39x
Interest bearing debt to equity (times) 0.92x 0.85x 0.77x 0.31x 0.20x
Adjusted net debt1 to equity (times) 0.10x 0.13x na na (0.12)x
Adjusted net debt1 to operating EBITDA (times) 1.43x 2.07x na na (2.23)x
Interest coverage (times) 3.12x 0.57x 3.55x 6.95x 7.22x
Per share ratios 2          
Earnings per share (THB) 0.0342 0.0371 0.0395 0.0463 0.0463
Operating cash flow per share (THB) 0.032 (0.108) (0.073) (0.211) 0.029
Free cash flow(*) per share (THB) 0.006 (0.138) (0.112) (0.231) 0.001
Enterprise value per share (THB)(**) 10.83 10.74 10.11 9.91 10.40
Book value per share (THB) 3.99 3.82 3.94 3.88 4.10

1 Adjusted net debt: calculated based on interest bearing debt - cash and cash equivalent and liquid investment

2 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 2016/17 2015/16 2014/15 + 2013/14 + 2012/13
Profitability ratios    
Gross operating profit margin (%) 51.9% 60.4% 55.5% 51.4% 48.8%
Selling and administrative expenses to operating sales ratio (%) 24.6% 24.6% 22.0% 19.5% 16.6%
EBITDA margin (%) 41.2% 59.7% 52.0% 77.0% 53.3%
Operating EBITDA margin (%) 34.0% 42.9% 39.9% 36.3% 49.0%
Net recurring profit margin (%) 20.1% 33.7% 34.7% 25.4% 9.7%
ROA (%) 2.8% 6.6% 5.0% 17.6% 2.9%
ROE (%) 4.9% 8.9% 6.4% 22.7% 3.8%
Leverage          
Total liability to total asset (times) 0.52x 0.28x 0.22x 0.22x  0.25x 
Total liability to total equity (times) 1.07x 0.39x 0.28x 0.29x  0.33x 
Interest bearing debt to equity (times) 0.85x 0.20x 0.09x 0.11x 0.24x
Net debt to equity (times) 0.51x 0.15x (0.11)x (0.03)x 0.17x
Net debt to operating EBITDA (times) 7.93x 2.57x (1.96)x (0.65)x 1.66x
Interest coverage (times) 4.53x 9.30x 8.68x 4.94x 4.07x
Per share ratios 1          
Earnings per share (THB) 0.169 0.349 0.2482 1.0779 0.1720
Operating cash flow per share (THB) -0.365 0.022 -0.006 0.097 0.466
Free cash flow(*) per share (THB) -0.483 -0.116 -0.149 -0.046 0.270
Enterprise value per share (THB)(**) 10.74 9.73 8.83 8.55 10.65
Book value per share (THB) 3.82 3.96 4.38 5.09 5.05

+ 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