long-term loans to Broadspectrum Pty Limited. As a result, the proportion of investment in RATCH-Australia Corporation Limited of the Group changed from 80 percent to 100 percent. Management Discussion

19th March ) going forward the acquisition is expected to result in a significant annual revenue as well as additional annual EBITDA and net result. Thirdly we had all kilns available and were able to

Directors: 1) Mr. Jonathan Maxwell Wigley 2) Ms. Nopparat Pongwatanakulsiri 3) Mr. Rupert Thomas Simoner Source of funds: Cash from the working capital In this regards, as a result of the transaction, VHA

represented 9% of total revenues. This was as a result of an increase in bad debt recovery from 140 million baht to 170 million baht, which grew by 21% from the same period last year. Moreover, the income for

last year, due to the repayment of long term loan. As a result, cost of goods sold and expenses of six-months on year 2018 slightly increased by 3.56 percent from the same period last year. And 2nd

/17 and Q1/18 respectively. As a result, total revenue of Q2/18 is 251.20 million baht. • With the increase in revenue, the Company’s performance of Q2/18 turned to a profit of 3.10 million baht

production and sales of dialysis in late July, 2017 operating result improved by the year 2018 GWM's performance is positive. 3. During the year 2018, the Company's administrative expenses increased by

compared to Q2/17 and Q1/18 respectively. As a result, total revenue of Q2/18 is 251.20 million baht. • With the increase in revenue, the Company’s performance of Q2/18 turned to a profit of 3.10 million

million baht, rose by 170.53 million baht. On the other hand, the cash paid for investing activities amounted to 210.92 million baht, due to the Investment in property, plant and equipment. As a result, as

have investigated the Group’s and the Company’s processes and procedures over the recognition of advertising revenues. As a result, the management have noted that some previously recognised advertising