Subsidiaries Management’s Discussion and Analysis (MD&A) for year 2017 (Revised) 11  Revenue from sales and cost of goods sold The Company had total sales volumes and total production volumes were higher than

; d. provision that restricts the issuer from creating a lien on its assets or that of its subsidiaries so that other creditors obtain a senior position to the debt securities holder offered under the

Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the period ended 31 March 2020 of the Company and the subsidiaries (“the

million and investment in debt securities of THB 5,192 million, however, offset by THB 1,456 million cash inflow from proceeds from disposal of subsidiaries and associates. 376 4,4863,612 5,703 (5,287) 82

9th and 19th November 2018. 5. Performance of the Company and its Subsidiaries 13 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) for year 2018 Statement of financial positions

Company and its Subsidiaries 12 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) for year 2018 (Revised) Statement of financial positions • Total assets As of 31 December 2018, the

subsidiaries offsetting while the Company recognized THB 123 million revenue from new business. Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”) reported THB 222 million decrease 52.3

exchange rate for 1st Quarter 2019 and 2018 amounted to THB 99 million and THB 158 million in respectively. 4. Performance of the Company and its Subsidiaries 10 G J Steel Public Limited Management’s

six-month period Q2/2019 Q2/2018 YoY % 1H/2019 1H/2018 YoY % Tap water sales volume 5.89 5.32 0.58 10.86% 11.39 10.53 0.86 8.20% Tap water sales volume of the subsidiaries 19.84 18.76 1.09 5.79% 38.90

of 2017, the Company had a short-term loan for purpose of increasing working capital. 5. Performance of the Company and its Subsidiaries Management’s Discussion and Analysis (MD&A) For Q1/2018 11