Consolidated Financial Results

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	Unit	2021	2020	2019
Service revenues ^1/	Million Baht	106,256	107,240	105,807
Total revenues	Million Baht	143,655	138,212	140,943
EBITDA	Million Baht	57,761	52,654	33,850
Operating profit	Million Baht	12,413	10,646	7,104
Net profit (loss) to equity holders of the Company	Million Baht	(1,428)	1,048	5,637
Net profit (loss) to equity holders of the Company excl. net gain from selling assets and DIF units	Million Baht	(1,428)	(2,348)	2,170

Consolidated Balance Sheets

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	Unit	2021	2020	2019
Total Assets	Million Baht	624,915	617,548	523,993
Total Liabilities	Million Baht	543,097	531,931	397,974
Total Shareholders' Equity ^2/	Million Baht	81,818	85,617	126,019

Liquidity Ratios

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	Unit	2021	2020	2019
Current Ratio	Times	0.6	0.6	0.9
Quick Ratio-Accrual Basis	Times	0.4	0.4	0.6

Activity Ratios

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	Unit	2021	2020	2019
Receivable Turnover Ratio	Times	3.2	3.5	3.8
Average Collection Period	Days	114	104	94
Inventory Turnover Ratio	Times	8.4	3.2	2.8
Average Inventory Turnover Period	Days	43	111	128
Payable Turnover Ratio	Times	1.7	1.5	1.6
Average Payment Period	Days	216	233	222
Cash Cycle	Days	(59)	(18)	1

Leverage Ratios

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	Unit	2021	2020	2019
Net Interest Bearing Debt to EBITDA Ratio ^3/	Times	4.1	3.8	4.6
Net Interest Bearing Debt to Equity Ratio ^3/	Times	2.9	2.3	1.2
Total Liabilities to Total Equity Ratio ^4/	Times	6.6	6.2	3.2
Interest Coverage Ratio ^5/	Times	3.4	3.2	4.4

Profitability Ratios

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	Unit	2021	2020	2019
Gross Profit Margin	%	26.6	27.2%	24.2%
Net Profit Margin	%	-1.0%	0.8%	4.0%
ROE	%	-1.7%	1.0%	4.4%

Per Share Data and Others

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	Unit	2021	2020	2019
Profit (loss) per share	Baht	(0.04)	0.03	0.17
Book value per share	Baht	2.45	2.57	3.78
Share price at the end of period	Baht	4.78	3.44	4.60
No. of outstanding shares at year end	Million Shares	33,368	33,368	33,368
Market capitalization	Million Baht	159,500	114,787	153,494

^1/ Service revenues excluding interconnection (IC) revenue and network rental revenue

^2/ The reduction of shareholders' equity in 2020 compared to 2019 was driven by the first time adoption of the TFRS16

^3/ Debt comprises short-term and long-term borrowings exclude lease liabilities and liabilities under finance leases

^4/ The increase was mainly driven by the TFRS16 adoption since 2020

^5/ Interest coverage ratio is derived from EBITDA/ (interest expenses and other financial fee)
By calculating Interest coverage ratio using information from cash flows statement (Net cash flows generated from operating activities + interest paid + income tax paid) / interest paid), this ratio was 3.4 times in 2021, 3.6 times in 2020 and 3.5 times in 2019