Financial Position As at 31 December 2022 As at 31 December 2023 Increase/ (Decrease) % Inc.(Dec.) Total assets 606.12 634.66 28.54 4.71% Total liabilities 73.57 84.21 10.64 14.47% Total equity 532.56 550.45

units in 2018. Export volume dropped by 7.59% to 1,054,103 units, compared to 1,140,640 units in 2018 due to the trade war between China and USA that put pressure on the overall global economy and trade

PUBLIC COMPANY LIMITED 2 1Q 2020/21 CONSOLIDATED P&L SNAPSHOT *Net profit (loss) attributable to equity owner of the Company Revenue by segments (THB mn) 1Q 2019/20 (Restated) 4Q 2019/20 1Q 2020/21 QoQ

respectively. The decrease of THB 13.35 million was mainly because the Company used surplus cash from operation to invest in short-term investment. Trade and Other Receivables As of 31 March 2018 and 31 December

% Total assets 6,737.09 5,948.06 789.03 13.3 Interest-bearing debts 3,153.13 2,433.16 719.97 29.6 Total Liabilities 3,600.78 2,966.06 634.72 21.4 Total sharehoder's equity 3,136.31 2,982.00 154.31 5.2

and cash equivalent 1,554.7 1,286.2 268.5 20.9 Trade receivables 1,526.6 2,297.0 (770.4) (33.5) Unbilled receivables 544.2 434.2 110.0 25.3 -3- Assets Items that has significant changes Balance by

Company had D/E ratio 0.11 times, decreased from 2016 that had 0.16 times, as a result of trade account payable and other payables decreased. Return on Equity (ROE) The 42.91 million Baht net profit is 4.85

increasing of 13 mainly due to the increase of Trade and other receivables. Liabilities and Shareholder’s Equity As for the period ending 31 March 2018, the Company had total liabilities equal to 1,540.0

% 1.9% 2,011 1,631 Equity 74.3% 71.0% 51.9% 48.1% 1,631 6 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 AGEING OF TRADE RECEIVABLES (THB mn) 31

Margin (Bht/Ton) 897 834 Unit : million Baht 30-Jun-18 31-Dec-17 Total Assets 31,971 32,172 Total Liabilities 20,418 19,781 Total Equity 11,553 12,391 Gr ou p HR C Gr ou p บริษัท จี สตีล จ ำกัด (มหำชน) G