and non-current assets amounted to Baht 25,942 million, decreased 3% from year 2017. Current assets mainly increased from the increase of trade accounts receivable, inventory and other current assets of

contribute high gross margin; 4) marketing activities to help dry stock at trade stores and prepare for new packaging launch in Q3; and 5) increased administrative expenses from higher personnel expenses to

million, decreased 2% from year 2017. Current assets mainly increased from the increase of cash and cash equivalents, trade accounts receivable and inventory of the Subsidiary Company. Non-current assets

market conditions remained subdued with downward pressure on HRC prices due to global trade tensions, high levels of imports and slowdown in Thai economy. While various representations are being made to

global economy grew at a decelerating rate in 2019 amid uncertainty surrounding the US- China trade rift and concerns about Brexit which lingered throughout the year. The World Economic Outlook of the

barely changed yoy. Cash and cash equivalent decreased 19% due to the spending of some internal cash flow to acquire the remaining shares of the subsidiary in 1Q’18. Trade receivable increased because of

significant changes Q3-2017 Q4-2016 Q3-2017 VS Q4-2016 (MB) (MB) % Cash and cash equivalent 1,258.8 1,873.9 (615.1) (32.8)% Current Investment – Trading Securities - 25.2 (25.2) (100.0)% Trade and Other

baht Million baht % Total Assets 457.86 459.46 1.60 0.35 Cash and cash equivalents 92.96 100.56 7.60 8.18 Trade and other account receivables 68.62 76.26 7.64 11.13 Inventories 110.48 99.55 (10.93) (9.89

the increase of trade receivables and unbilled receivables. The quality of assets Trade account receivables Unit: Million Baht Consolidated financial statements 31 March 2018 31 December 2017 Trade

trade derivatives which have specific risks different from those disclosed in the risk disclosure statement under Clause 14 and the intermediary has never disclosed such specific risks, the intermediary