DISCUSSION AND ANALYSIS FOR Q1-2020 • Inventories decreased from THB 238.24 million as at December 31, 2019 to THB 212.99 million as at Q1-2020 due to usage of raw material in stock and impairment of raw

to maintain profitability through effective marketing to boost sales, while increasing efficiency in the management of raw material costs and other expenses. Nonetheless, from the aforementioned

TS1 and Gulf TS2 in this quarter, adding our Equity MW under operation to 447.1 MW from 319.3 MW in the same period of last year. • Financial costs decreased by 35.3%, mainly from loan repayment from

utilization, ending 30 June 2018 Source: World Steel Association The main raw materials (Pig iron, shredded scrap) the price movement of the main raw materials, i.e. scraps and pig iron, had more fluctuated

% 215 -32% 361 730 -51% Adjusted EBITDA Margin (%) 4.4% 6.8% -2.4% 7.6% -3.2% 5.9% 8.2% -2.3% Net Profit -36 67 -154% 20 -280% -16 131 -112% Item from raw materials derogation 14 -2,004 -101% 2 600% 16

repayment priciple loan during the period. 6. Profitability On 2018, the Group’s gross profit total amount of 145.99 Million Baht, or gross profit margin of 10.52% slightly increased from 2017 which was 9.98

policy. Finance costs The company had a small decrease in finance costs for the solar energy unit Baht (1) million or (7.1%). It was since the repayment of long-term borrowing in the solar energy business

, which was in line with the increase in sale, an inventory increase Baht 20.29 million , because reserve of raw material for new product and work in process increase by customer order. 1.2 Non current

. Such dropped was from more used in raw materials in this period which was in accordance to the higher demand in the Company’s products. As of March 31, 2019, the Company and its subsidiary had an

follow : 2.1 Current liability as at June 30, 2018 amount of Baht 86.94 million increase Baht 29.28 million or 50.80%, This is an increase in raw material creditor by Baht 33.10 million due to the fact