GFPT Public Company Limited Interim Management Discussion and Analysis for the 3rd Quarter 2018 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

the company and shareholders as a whole due to the company’s need of financial support or for the purpose of debt restructuring or any other cases; (c) being issued under terms and conditions prescribed

21 January 2019, resolved to approve the acquisition by the Company or Subsidiary of the Energy Recovery Unit (ERU), which is a utility support unit of the Clean Fuel Project (CFP) of Thai Oil. The ERU

capital of THB 1,700 million to operate biofuel businesses and to support structural changes to the business group, and the company sold its investment in ordinary shares in the amount of 70% of Bangchak

Company Limited (“the Company”) and its Subsidiary (“the Group”) would like to clarify the change in operating result for the 2nd Quarter ended 30 June 2020, which changed in revenue and net profit compared

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2017 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

more on A&P to support new product launch and relunches in both beverages and personal care. Lastly, Our R&D spending increase by 44% YoY to THB 54 million in 2018. In 2018, the Company booked THB 158

clearing and settlement related to or because of a client’s derivatives trading. The benefits, the controlling power or the financial support under Paragraph 1 may arise from an agreement, an understanding

Malaysia. Therefore, both company have similar business and directly support each other. i) Customer and Distribution Channel – Most of NDR and FKRMM’s customers are in the replace market under NDR and FKR

, Tambol Ban Lane, Amphur Bangpa-in, Ayuthaya Province 13160, Thailand Tel (035) 350 880 Fax (035) 350 881 Website: www.aapico.com 1 บริษัท อาปิโก ไฮเทค จํากดั (มหาชน) AAPICO HITECH PUBLIC COMPANY LIMITED