total cost of goods sold. 2. Conversion cost component comprising of staff costs, energy costs, electricity costs, tap-water bills, depreciation and amortization, maintenance, and other costs constitute

significantly higher conversion rate of 3-5%, compared to the industry norm of 0.5%. Delivering More Than 70,000 Pieces of Smart Sampling EQUITY AND OTHERS  On 11 September 2018, VGI issued and allocated

conversion cost which has increased by 316% from the same quarter of last year which are mainly caused by the increasing price of graphite electrode and higher repair and maintenance cost and the proportionate

per warrant and a conversion ratio of 1 warrant for 0.01 ordinary share (from THB 0.06 and 1 warrant for 1 ordinary share previously). MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 14 NOV 2018 U CITY PCL 3Q

components of THB 176.83 million. Furthermore, the Company registered the increase of the Company‘s registered share capital with from THB 324 million to THB 399 million to support the conversion rights of

Equivalent increased by THB 16 million mainly due to the conversion of other current financial assets into cash in order to maintain the Company’s liquidity. • Land, Property and Equipment decreased by THB 42

& Analysis 2022 8 I 9 Unit December 31, 2021 December 31, 2022 Days sales outstanding days 1.52 1.83 Days of inventory outstanding days 28.90 34.44 Days payable outstandings days 39.41 43.80 Cash conversion

of THB 11.93 million. 9 I 10 Unit Y2022 Q3/2023 Days sales outstanding days 1.83 2.49 Days of inventory outstanding days 34.44 37.38 Days payable outstandings days 43.80 46.18 Cash conversion cycle

31, 2023 Days sales outstanding days 2 2 Days of inventory outstanding days 34 39 Days payable outstandings days 44 47 Cash conversion cycle days (8) (6) 9 I 9 3. Key financial ratios Management

payable outstanding days 47 41 Cash conversion cycle days (6) 4