the exercise of 96mn units of MACO-W1 (Total of THB 192mn). 312 250 476 110 195 Beginning cash (30-Dec-16) CFO CFI CFF Ending cash (31-Dec-17) 2016 2017 2016 2017 Profitability Ratios Liquidity Ratios

basis), hence the ratios were calculated from the previous year-end figures. 799 1,581 793 * 1,038 1,029 ** Beginning cash (Restated) (31/3/2017) CFO CFI CFF Ending cash (31/12/2017) The third quarter of

WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR 2017 6 8. LIQUIDITY ANALYSIS AND SOURCE OF FUND SUFFICIENCY For 2017, the company had beginning

for the Company’s financial statements with fiscal years beginning on March 1, 2020. 2 As of February 29, 2020, the Company’s total cards reached 9 million cards, increased by 6% from the end of fiscal

market value, during the beginning of the year 2018, the Company asked for approval of the disposal of Land and Buildings from the Extraordinary General Meeting of Shareholders No. 1/2018 held on 28

, during the beginning of the year 2018, the Company asked for approval of the disposal of Land and Buildings from the Extraordinary General Meeting of Shareholders No. 1/2018 held on 28 February 2018. The

%, primarily from the declining of sales volume caused by annual planned maintenance for catalyst changing at the beginning of January for 11 days and low seasonal demand after New Year. In addition, due to a

(decrease) in cash and cash equivalents (19) 33 (156%) Cash and cash equivalents at beginning of periods 122 100 21.5% Cash and cash equivalents at end of periods 103 134 (23%) Page 7 In Q2/2019, the Company

to the increased capacity according to the price of graphite electrode (significantly increased from the beginning of this year and the proportionate of an increased in scrap cost is greater than an

million, during the beginning of this year the Company asked for approval of the disposal of Land and Buildings from the Extraordinary General Meeting of Shareholders No. 1/2018, held on 28 February 2018