Key financial ratios | 1Q 17/18 | 4Q 16/17 | 3Q 16/17 | 2Q 16/17 | 1Q 16/17 |

Profitability ratios |
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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 |
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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 debt^{1} to equity (times) |
0.10x | 0.13x | na | na | (0.12)x |

Adjusted net debt^{1} 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} |
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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 |
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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 |
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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} |
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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