Company Limited Management Discussion and Analysis Yearly Ending 31 December 2018 G Steel Public Company Limited Page 2/15 Consolidated cost of goods sold and cost of service for the year 2018 amounted to

were THB 218.0 mm and THB 493.9 mm, which decreased by THB 20.1 mm and THB 0.1 mm from the same period of previous year, respectively, due to not having revenue recognition of the assets which’ve sold to

results caused from:  Revenue from sales and cost of goods sold The Company had total sales volumes and total production volumes were higher than last year mainly due to increased capacity according to

and cost of goods sold The Company had total sales volumes and total production volumes were higher than last year mainly due to increased capacity according to Tolling agreement with G Steel during off

base and higher average selling price compared to other type of store. Although this change in sales and marketing strategy instantly cause an adverse effect in ICUK’s volume sold in UK (cans sold per

from:  Revenue from sales and cost of goods sold The Company had total sales volumes and total production volumes were higher than last year mainly due to increased capacity according to Tolling

of THB 433 million and THB 311 million for 3 rd Quarter 2019 and 2018, respectively. This is primarily due to:  Revenue from sales and cost of goods sold The total sales volumes and total production

primarily due to: • Revenue from sales and cost of goods sold The total sales volumes reduced from last year quarter by 4% and average HRC selling price reduced from last year quarter by 17% mainly due to the

156.6 million in 1Q2019. The decrease of Gross Profit from Operation was from the decrease of Operating Revenue, higher Cost of Goods Sold during drought period and higher Depreciation Costs of new

Vienna House Capital GmbH and Lombard Estate Holdings Limited, sold the entire ordinary shares in VI Europaische Franchise GmbH (33.3%) to an unrelated person, for a total price EUR 27,000 Joint Venture