the overall costs down. The Company’s total SG&A decreased by THB 363 million or -21.4% YoY to THB 1,336 million in Q4’18 which mostly due to the absence of various non-recurring expenses booked under

Limited Management’s Discussion and Analysis (MD&A) for year 2018 any improving of the consumption of steel in this quarter. In addition, the Company has move the annual shut down early to February due to

shut down early to February due to the slowdown of the market. Hence, there Q1/19 production will be low comparing to other quarter. Executive Summary The company's operating results in the year 2018 has

from the slow economic growth of trading partners, the protectionist trade policies between the US and China and the down-cycle of electronic products. In the tourism sector, the number of tourist

paid in Apr-19, partly offset by lower interest- bearing debt which stood at Bt103,200mn. As a result, net debt to EBITDA came down from 1. 3x to 1. 1x. Total equity was Bt56,769mn decreasing 1.6% QoQ

is still slowing down, the Corporate Group believes that its growth rate can still be maintained at a good level by using the strategy, namely “Complete Set of Beauty, Entirely Filled with Diamond

financing activities was Baht 9,794 million, resulted from the drawn down loans was Baht 12,742 million. Meanwhile, the principle repayment of short-term and long-term loans totalling Baht 2,027 million

Execution due to Acquisition or Disposal of Assets”. 3.3 The reason of the acquisition Due to the overall of automotive group business has rapid change and continuing decrease the growth and slow down

Bt223,078mn decreasing 4.2% from lower interest-bearing debt, which currently stood at Bt97,700mn, down from Bt109,100mn. Total equity was Bt64,529mn increasing 12% from retained earnings. Net debt to EBITDA

million. The net positive cash flow in working capital came from down-sizing amounts of account receivable and inventory, while net negative cash flow locate in payment of trade payable. Net cash flow from