Management Discussion and Analysis (MD&A) Padaeng Industry Public Company Limited and its subsidiaries For the year ended December 31, 2019 1 | Padaeng Industry Public Company Limited and its

exchange fluctuations and causing to slower sales to the countries that have suffered the most such as India, Pakistan, Iran, Indonesia, and many more. However, the Company continues to expand the

- 9 (9) -100% 0 27 -27 -100% 3. Food Center 89 91 (2) -2.5% 182 188 -6 -3.4% Less inter company balance (0) (0) 0 -73% (5) 6 104% Revenue from sales 380 450 (70) -15.7% 726 940 -214 -22.8%  In Q2/2017

, according to higher cost. Moreover, to keep market share, company needed to launch price promotion in vital channel. Financial results of 9-month ended period ● Considering year to date result, total sales

359.39 million baht comparing to September 30th, 2016 mainly due to the increase in sales as well as trade and other receivables around 141.42 million baht. Besides, this year the Company has managed the

and Services In 3Q 2018, the Company and its subsidiaries generated revenues of THB 2,083 million from the sales and services, which is increased from the same period of the previous year in the amount

by Baht 127.16 million due to a decline in revenues from construction services and sales of construction materials. Revenues from construction services and sales of construction materials The Company

Pacific Pipe Public Company Limited would like to clarify the operating results of the year ended December 31, 2017 that has net Profit of Baht 292.42 million, decreased from the same period of previous

(Thousands Baht) 1st Quarter Change 2019 2018 Amount % Revenue from sales 555,461 367,923 187,538 50.97% Other income 12,346 9,145 3,201 35.00% Total Revenue 567,807 377,068 190,739 50.58% Company total

) 1st Quarter Change Amount % Revenue from sales 367,923 327,683 40,240 12.28% Other income 9,145 2,646 6,499 245.62% Total Revenue 377,068 330,329 46,739 14.15% Company total revenue of 1st quarter on