% up from December 31, 2019 from an increase in cash and cash equivalent of THB 777.02 million and an increase in PP&E of THB 419.61 million. GFPT Public Company Limited Interim Management Discussion and

2nd Quarter Changes 2019 2018 Amount % Revenue from expressway business 2,521 2,477 44 1.8 Revenue from rail business 1,162 1,162 - - Revenue from commercial development business 179 160 19 11.9

changes, whereby urban population nowadays tend to spend more time outside their homes; the rapid increase of the number of Internet users; and the growing recognition of these media as effective

Analysis Cash and cash equivalents in 4Q 2018 end decreased to 39mTHB, down by 11mTHB from the 50mTHB at the end of Q3 2018. Major changes are increased financing cost due to the acquisition in Q1, income

EBITDA (228) 602 Net Profit (Loss) (433) 366 HR C HRC Sales (k tons) 177 388 HRC Production Volume (k tons) 139 382 HRC Average Selling Price (THB./ton) 19,160 20,942 HRC Cash Margin (THB./Ton) (58) 1,937

equivalents (9,756) (3,260) Cash and cash equivalents as at 1 January 19,287 10,106 Effect of exchange rate changes on balances held in foreign currencies (211) 53 Cash and cash equivalents as at 30 September

ที่ BCH No. BCH 018/2018 26 February 2018 Subject : Explanation of the changes in operating results for the year ended 31 December 2017 which exceed 20% To : The President The Stock Exchange of

investments and assumed net debt on acquisitions 3 Includes effect of FOREX changes on balance held in foreign currencies and on the net debt changes over the period of cash flow, due to the increase/decrease

: President The Stock Exchange of Thailand K. W. Metal Work Public Company Limited (the “Company”) would like to submit management discussion and analysis of significant changes for the 3-month and 6-month

2019 Changes Million baht Million baht Million baht % Total Assets 457.86 420.02 (37.84) (8.26) Cash and cash equivalents 92.96 74.63 (18.33) (19.72) Trade and other account receivables 68.62 37.93