Baht 13.93 million dued to : 1. SAFE Energy Holdings Company Limited (“SAFE”) as the joint venture which the Company holds 33.37 %. Currently, the project has commenced the commercial operation since

debentures, the increase of inventory from the finished goods for domestic sales and also the increase of investment in associates and joint venture from SAFE Energy Holdings Company Limited amounting to Baht

year due to the profit realized from the biomass power plant project 7.5MW of Prize of Wood Green Energy Co.,Ltd., invested by Safe Energy Holdings Co.,Ltd., started the commercial operation date on

. Moreover, a stagnant of Thai economy in the first half of 2017 causes a lower demand of steel consumption. According to ISITCs data, total apparent finished steel consumption of Thailand for the first 6

with QoQ. This is due to the decrease in write off obsolete finished goods and better control. The Company reported shutdown expenses for inventory management against sales volume at Baht 15.7 million

Million for Last Year Quarter mainly due to increase in loss on devaluation of Finished Goods and Raw Material by THB 158 Million and lower Foreign Exchange Gain by THB 95 Million compared to Last Year

Analysis (MD&A) For Q3/2018 3 Executive Summary The total apparent finished steel consumption of steel industry in Thailand in the third quarter of 2018 surged to 4.66 million tons, an increase of 11.1

Average Selling Price (Bht/Ton) 15,865 19,160 Unit : million Baht 30-Mar-20 31-Dec-19 Total Assets 26,057 26,400 Total Liabilities 10,163 9,219 Total Equity 6,157 7,014 Minority 9,737 10,168 Gr ou p HR C Gr

0.41% compared to the same period of previous year consisting of the long finished steel production of 1.89 million metric tons, decreasing 10.85% and the flat finished steel production of 1.58 million

decreased by 18.0% in order to support festive and seasonal sales demand • Allowance of the decline in value of inventory decreased by 80.0% from obsolete and long aged finished goods • Selling expenses