approved: (1) there is a clear fact leading to the consideration that the rules or conditions to be exempted are insignificant to the case and the costs outweigh the benefits derived from compliance with

and the costs outweigh the benefits to be derived from compliance with such rules or conditions; (2) the foreign entity who submits the application is subject to restrictions under other laws resulting

for the company 888 1,052 899 (15%) 1% 2,453 2,873 17% Gross profit margin* (%) 28% 28% 24% (4%) (4%) 24% 27% 3% Net profit margin (%) 21% 16% 13% (3%) (8%) 16% 15% (1%) * Exclude costs of depreciation

applicant has paid for the application fee under the Notification of the Office of the Securities and Exchange Commission concerning determination of fees for filing, registration and other applications. The

application fee under the Notification of the Office of the Securities and Exchange Commission concerning determination of fees for filing, registration and other applications. The Office shall disclose the

2,475 2,758 11.4% Total expenses 23,160 26,006 12.3% Natural Gas • Natural gas costs increased 11.3% year-on-year from Baht 16,285 million in 2016 to Baht 18,128 million in 2017, primarily due to an

ีเจ สตีล จํากดั (มหาชน) G J Steel Public Company Limited Management Discussion and Analysis Year Ending 31 December 2019 G J Steel Public Company Limited Page 3/14 • Financial costs The financial costs

Finance Costs The Company and its subsidiaries recorded finance costs of Baht 5 million, down 22% YoY, as a result of better interest rate as well as improved management of revolving loan. 6M/2017 Finance

upcoming aggressive growth in the future. Q3/2017 Finance Costs The Company and its subsidiaries recorded finance costs of Baht 6 million, down 8% YoY, as a result of better interest rate as well as improved

. . . .% . . .% . . . .% Administrative expenses . . . .% . . .% . . . .% Net profit before finance costs and corporate income tax . . (.) (.%) (.) . ,.% . . . .% Finance costs . . (.) .% (.) . .% . . (.) (.%) Corporate income tax