% 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

the revenue from services and the interest income from lawsuit against a government agency as a trade account receivable. The total cost was reported at THB 672.1 million, increased by THB 70.5 million

status as at 31 March 2020 The group’s assets decreased by Baht (2) million, mainly due to the following reasons: • Trade and other receivables decreased Baht (26) million because of payment due of trade

million, respectively. Meanwhile, the trade and other payables stood at Baht 128.91 million and Baht 93.63 million, respectively. As of December 31, 2019 and March 31, 2020, the shareholders’ equity was

) 3.02 108.63% 7 Share of loss associates accounted for using equity method (0.45) - 0.45 (100.00%) 8 Profit before income tax 21.93 1.07 20.86 1,949.53% Income tax (5.62) (7.02) (1.40) (19.94%) Profit for

remaining cash from operating activities. However, there was an increase in liabilities in respect of trade accounts creditors from purchase of raw materials. 2.3 Shareholders’ equity As at 31st March 2018

income - net of tax 0.68 0.00 0.68 100.00% Total Comprehensive income for the Year (3.20) 21.69 (24.89) (114.75%) Profit Sharing for the Year - The Company’s Equity (4.44) 22.06 (26.50) (120.13%) - Non

THB 4,413,227,620.09 and interest of USD 98,446,192 or equivalent to THB 3,397,301,516.66) (the “Trade Debt”). After the acquisition of the Trade Debt, SSG Group has proposed the Debt to Equity

Liabilities 19,179 20,532 Total Equity (433) 172 Minority 10,937 9,928 Gr ou p HR C Gr ou p บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Quarter 2 Ending 30

equivalent items increased Baht 113.1 million. 2. Trade and other receivable decreased Baht 484.9 million. 3. Revenue Department receivable increased Baht 40.4 million. 4. Inventories increased Baht 428.4