## Key figures

- Quarterly Results
- Full Year Results

### 3Q 18/19 Revenue Structure

Fiscal year ended 31 March

Consolidated (THB mn) | 3Q 18/19 | 2Q 18/19 | 1Q 18/19 | 4Q 17/18 | 3Q 17/18 |
---|---|---|---|---|---|

Total operating revenue | 1,469 | 1,208 | 1,077 | 1,218 | 978 |

Cost of sales | 695 | 537 | 392 | 406 | 385 |

Gross profit | 774 | 670 | 685 | 722 | 593 |

EBITDA | 595 | 501 | 507 | 524 | 372 |

EBIT | 472 | 380 | 384 | 413 | 260 |

Net profit (excl. non-controlling interests) | 309 | 260 | 261 | 288 | 181 |

Total assets | 20,875 | 20,123 | 16,886 | 9,617 | 9,564 |

Total liabilities | 4,429 | 4,035 | 3,773 | 3,699 | 3,765 |

Total shareholders' equity | 16,446 | 16,088 | 13,113 | 5,917 | 5,799 |

Key Financial Ratios | 3Q 18/19 | 2Q 18/19 | 1Q 18/19 | 4Q 17/18 | 3Q 17/18 |

Profitability Ratios ^{(1)} |
|||||

Gross profit margin (%) | 53% | 56% | 64% | 61% | 61% |

EBITDA margin (%) | 41% | 42% | 47% | 43% | 38% |

EBIT margin (%) | 32% | 31% | 36% | 34% | 27% |

Net profit margin (%) | 21% | 22% | 24% | 22% | 19% |

ROE (%) | 12% | 12% | 14% | 27% | 24% |

Liquidity Ratios | |||||

Current ratio (times) | 2.9X | 3.2X | 5.2X | 1.8X | 1.9X |

Efficiency Ratios | |||||

ROA (%) | 7% | 7% | 7% | 10% | 9% |

Asset turnover (times) | 0.3X | 0.3X | 0.3X | 0.5X | 0.4X |

Leverage Ratios | |||||

Liability to equity (times) | 0.3X | 0.3X | 0.3X | 0.6X | 0.6X |

Debt to equity (times) | 0.1X | 0.1X | 0.1X | 0.3X | 0.4X |

^{(1)} Calculated using total operating revenue

**Remark:**

- On 14 December 2017, the Company issued newly ordinary shares of 340mn shares as a result total share increased to 7,204mn shares as well as share premium, which increased by THB 1,978mn.
- The Company didn’t restate the statement of financial position in 2016/17 on quarterly basis after the consolidation of Rabbit Group under the common control basis, hence the ratios were calculated from the previous year-end figures.
- During April - September 2018, the warrant holders exercised 1,121mn shares to purchase newly issued ordinary shares of THB 7.00 per share. In addition, the Company issued 122mn ordinary shares to the existing shareholders of Kerry Express (Thailand) Limited. Hence, the Company recorded "Premium on share capital" in statements of financial position as of 31 December 2018.

### 2017/18 Revenue Structure

Fiscal year ended 31 March

Consolidated (THB mn) | 2017/18 | 2016/17 | 2015/16** (Restated) |
2014/15* |
---|---|---|---|---|

Total operating revenue | 3,936 | 3,052 | 2,341 | 2,963 |

Cost of sales | 1,535 | 1,269 | 881 | 1,325 |

Gross profit | 2,401 | 1,783 | 1,461 | 1,638 |

EBITDA | 1,691 | 1,356 | 1,391 | 1,225 |

EBIT | 1,258 | 1,010 | 1,154 | 1,065 |

Net profit | 846 | 826 | 941 | 838 |

Total assets | 9,617 | 7,985 | 5,563 | 3,286 |

Total liabilities | 3,699 | 4,880 | 1,728 | 1,457 |

Total shareholders' equity | 5,917 | 3,105 | 3,835 | 1,829 |

Key Financial Ratios | 2017/18 | 2016/17 | 2015/16** (Restated) |
2014/15* |

Profitability Ratios^{(1)} |
||||

Gross profit margin (%) | 62% | 58% | 62% | 55% |

EBITDA margin (%) | 43% | 44% | 59% | 41% |

EBIT margin (%) | 32% | 33% | 49% | 36% |

Net profit margin (%) | 22% | 27% | 40% | 28% |

ROE (%) | 19% | 24% | 32% | 44% |

Liquidity Ratios | ||||

Current ratio (times) | 1.8X | 0.9X | 1.8X | 0.7X |

Efficiency Ratios | ||||

ROA ^{(2)} (%) |
10% | 12% | 19% | 28% |

Asset turnover (times) | 0.5X | 0.5X | 0.5X | 1.0X |

Leverage Ratios | ||||

Liability to equity (times) | 0.6X | 1.6X | 0.5X | 0.8X |

Debt to equity (times) | 0.3X | 1.0X | 0.1X | 0.3X |

^{(1)} Calculated using total operating revenue

^{(2)} The total dividend payment from 2015/16 operations was THB 755mn (the dividend payment from 2nd half of 2015/16 operation is subject to the resolution of Annual General Meeting, which will be held on 5 July 2015).

^{*} Provision of initial damages incurred from terminating the agreement with Big C of THB 215mn (before tax) has been set aside in 4Q 14/15

^{**} The Company restated 2015/16 financial performance after the consolidation of Rabbit Group under the common control basis.