in operating assets and liabilities of Baht 155 million; and (2) cash inflows from net change in working capital of Baht 88 million, mainly due to increase of account receivable and a decrease in

Baht 87.92 million, consisting of baht 165.86 million positively from operating performance and net pay of Baht -77.94 million to use with working capital from higher account receivable and trade payable

Baht 283.00 million, consisting of baht 225.50 million positively from operating performance and net increase of Baht 57.50 million of working capital from decrease in inventories despite the settlement

million, consisting of (1) cash inflows from operating activities before changes in operating assets and liabilities of Baht 78 million; and (2) cash inflows from net change in working capital of Baht 78

Interest-bearing Debt to Equity (Times) 2.49 2.30 Cash Flow (Unit: Baht Million) 31 Dec 2019 31 Dec 2018 % Change Profit (loss) from operating activities before changes in operating assets and liabilities

: million Baht 31 December 2019 31 December 2018 F in a n ci a l S ta tu s Total Liabilities 2,194 5,607 Total Asset 15,488 18,824 Total Equity 13,294 13,217 The Company posted an Operating EBITDA loss of THB

%) 2,144.94 2,083.49 (61.45) (2.86%) Other income 8.63 8.74 0.11 1.27% 37.03 48.59 11.57 31.24% Selling and administrative expenses 123.35 156.44 33.09 26.82% 417.15 457.57 40.42 9.69% Operating profit 342.38

- 1 - AIT (VP-SEC) 005E/2019 February 13, 2020 Subject: Management's Discussion and Analysis of Operating Results for the year 2019 and Q4-2019 To: The President of the Stock Exchange of Thailand

the slowdown of the market. Hence, there Q1/19 production will be low comparing to other quarter. Executive Summary The company's operating results in the year 2018 has significantly increased both

shut down early to February due to the slowdown of the market. Hence, there Q1/19 production will be low comparing to other quarter. Executive Summary The company's operating results in the year 2018 has