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

of an increased in raw material cost is greater than an increased in HRC market price. The company expects the lower of production and sales due to the slowdown of Tolling during Q4/18. The company

Baht 30,195 million comparing with the year 2017 which was Baht 24,977 million, increased Baht 5,219 million due to the increase in sale volume as well as the increase in raw material price and cash

%) (Reversal of) loss on confirmed purchase orders for undelivered raw material 21 0 100% Other income 97 45 116% Total income 13,268 30,180 (56%) Expenses Cost of sale - Cost of goods sold 13,386 29,342 54

participants in all the regions. Careful estimation for raw material purchasing and production cost management is seriously needed in order to cope with the more dynamic business environment. The raw material

exchange gains 71 0 100% (Reversal of) loss on confirmed purchase orders for undelivered raw material 3 0 100% Other income 19 12 56% Total income 4,022 7,828 (49%) Expenses Cost of sale - Cost of goods sold

) loss on confirmed purchase orders for undelivered raw material 0 37 (100%) Other income 13 38 (66%) Total income 2,709 3,573 (24%) Expenses Cost of sale - Cost of goods sold 2,796 3,605 22% Cost of sale

quarter of 2017. Thus it will become more challenging for the global steel industry participants in all the regions. Careful estimation for raw material purchasing and production cost management is

all the regions. Careful estimation for raw material purchasing and production cost management is seriously needed in order to cope with the more dynamic business environment. Management’s Discussion

increase of cost from raw material handling by the Company itself after terminate contract with Unit : million Baht Q 2/2019 Q 2/2018 Group Revenues 5,192 7,815 Group EBITDA 640 555 Group Net Profit (Loss