MANAGEMENT DISCUSSION & ANALYSIS 2018 14 FEB 2019 U CITY PCL 2018 MD&A (for the year ended 31 December 2018) 1 U CITY PCL 15 MAY 2018 2018 KEY FINANCIAL HIGHLIGHTS  Total revenue swelled by 56.6

Group Public Company Limited (the “Company” or “CBG”), are pleased to submit management discussion and analysis regarding consolidated financial performance and position of the Company and subsidiaries

and Finance lease liabilities - 411.7 (411.7) Income tax payable 287.3 277.3 10.0 Unearned revenue 1,356.8 2,343.7 (986.9) Other current financial liabilities 1,564.6 - 1,564.6 Other current liabilities

. Additionally, PSEC also had brokerage revenue from selling agent fees of Baht 99 million. 2  Investment Banking Business Investment banking business, operated by PSEC, provides financial advisory service as

-performing assets (NPAs) totaling Baht 321 million and had gain of Baht 162 million. Financial Markets business generated revenue of Baht 126 million during 3Q19. For Capital market business, the market shares

(NPAs) totaling Baht 321 million and had gain of Baht 162 million. Financial Markets business generated revenue of Baht 126 million during 3Q19. For Capital market business, the market shares (SET and mai

-performing assets (NPAs) totaling Baht 472 million and had gain of Baht 190 million. Financial Markets business generated revenue of Baht 110 million during 2Q19. 3 For Capital market business, the market

Asset Management business, the Bank sold non-performing assets (NPAs) totaling Baht 472 million and had gain of Baht 190 million. Financial Markets business generated revenue of Baht 110 million during

of Finance (11,730.46) (53,453.22) (50,852.08) (48,604.38) Income (Expense) Tax Revenue (95.68) (126.16) 9.88 9.04 Net Profit 50,264.12 247,243.17 253,313.55 196,669.93 Based on the above financial

result in 2017 Consolidated Financial Statements THB (million) 2016 2017 YoY (%) Operating revenue 735 932 26.9% Cost of sales 330 390 18.1% Gross profit 405 542 34.1% Selling, general & administrative