Refer to the income statements presented in Exhibit 2.12 for Thai Airways International Public Company Limited And ITS Subsidiaries.

Calculate gross profit margin (gross profit/sales), operating profit margin (operating profit/sales), and net profit margin (net earnings/sales) for this company. If a particular ratio cannot be calculated, explain why not.

EXHIBIT 2.12 THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES Excerpt from Statements of Comprehensive Income For the year ended December 31, 2016 Unit: Baht CONSOLIDATED FINANCIAL STATEMENTS Note 2016 2015 Revenues Revenues from Sales or Revenues from Services Passenger and excess baggage 148,060,309,853 152,487,688,487 Freight 17,963,345,043 18,089,435,210 Mail 615,301,846 562,089,100 Other activities 11,673,542,694 11,588,144,224 Total Revenues from Sales or Revenues from Services 178,312,499,436 182,727,357,021 Other Income Interest income 204,313,537 331,925,784 Gain on foreign currency exchange 684,970,854 3,511,781,612 Other income-Others 7.22 2,244,421,749 6,020,259,832 Total Other Income 3,133,706,140 9,863,967,228 Total Revenues 181,446,205,576 192,591,324,249 Expenses Fuel and oil 45,335,913,346 63,242,833,143 Employee benefit expenses 7.23 29,568,433,554 30,678,620,518 Termination benefit-Mutual Separation Plan 7.24 427,122,345 3,381,266,844 Flight service expenses 20,817,778,532 20,474,091,602 Crew expenses 5,352,676,217 5,312,866,969 Aircraft maintenance and overhaul costs 16,986,636,235 10,310,630,041 Depreciation and amortisation expenses 17,990,828,445 19,132,779,761 Lease of aircraft and spare parts 9,871,541,115 8,949,988,818 Inventories and supplies 8,150,778,440 7,828,716,942 Selling and advertising expenses 9,404,409,793 9,499,174,198 Insurance expenses 569,951,467 613,989,442 Impairment loss of assets 410,161,132 281,315,202 Impairment loss of aircraft 7.25 3,217,748,674 11,876,432,369 Other expenses 7.26 8,841,036,057 9,359,059,811 Finance costs 5,339,160,850 5,897,739,737 Share of (profit) loss of associates 579,446,279 (131,877,881) Total Expenses 182,863,622,481 206,707,627,516 Profits (losses) before Income Tax Expense (1,417,416,905) (14,116,303,267) Tax income 7.27 (1,464,238,106) (1,069,374,783) Profit (loss) for the Year 46,821,201 (13,046,928,484)