from disposal of investment in subsidiary Baht 68 million and purchasing of property, plant and equipment Baht 31 million.  Net cash flows used in financing activities Baht 816 million. Major items came

property, plant and equipment Baht 70 million บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Quarter 3 Ending 30 September 2018 G Steel Public Company Limited

Yick Yee Li is also a director in TIH Limited, a listed company in the Singapore Stock Exchange. b) The Company issues 19,550,000 newly issued ordinary shares at a par value of Baht 1.00 per share for

foreign exchange hedging at Baht 3.3 million. Other income from sales of scraps, obsolete machine and equipment reported at Baht 1.8 million. Gross profit was down from 35.2% to 33.1% due to the increase in

profit 53 53 (0) -1% Gross profit margin 13.8% 11.9% Other income 0 4 (4) -97% Selling & Admin expenses 30 26 4 16% 7.9% 5.9% Finance costs 13 12 1 7% Share of loss from associate 0 - Income tax expense (0

%, while domestic sales decreased by 19.7%. Baht 1.0 million revenue came from other activities, transportation, sales of scraps, and obsolete equipment. Gross profit margin increased from 33.1% to 35.2% due

1/2 (Translation) Ref. HPIR 004/2018 February 28, 2018 Subject : Management Discussion and Analysis for the year ended December 31, 2017 To : The President The Stock Exchange of Thailand Duplicate

the Year as at 31 December 2017 To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are please to inform you our management discussion and

the Year as at 31 December 2017 (revised) To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are please to inform you our management

-TRANSLATION- 25 February 2019 Subject : Management Discussion and Analysis for 2018 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in