. Management Discussion and Analysis For the 1 st Quarter Ended 31 March, 2018 Page 8 4. Analysis of Cash Flows Cash and cash equivalents of the Company and its subsidiaries as at March 31, 2018 were Baht

network in the Eastern Seaboard area, its high profitability, and reliable cash flows. 5. Raw Water Business Raw water revenue in the first half of 2018 was 1,185.16 million Baht, decreased by 124.89

investment in business expansion, and the cash flows in operating activities in the future to execute the Restaurant Franchise Business Acquisition Transaction, which shall in no way affect the Company’s

financial strength as the key raw water provider with a comprehensive pipeline network in the Eastern Seaboard area, its high profitability, and reliable cash flows. The Board of Director’s meeting No. 9/2561

integration of acquired businesses, the start of earning recovery in our high-volume Necessities business and our stable but higher-margin HVA business. We delivered record earnings and cash flows and expect

statement of cash flows for year ended 31 December 2017, comparative information, were adjusted according to the accounting policy changes. The impacts on the consolidated statement of financial position and

Public Company Limited Management Discussion and Analysis for the Year 2018 Page 8 of 14 Liquidity Cash Flow Activity In 2018, the Company and its subsidiaries generated cash flows from operating

value as at December 31, 2019 was THB 10. 86 per share, slightly increased from THB 10.15 per share in 2018. Liquidity Cash Flow Activity In 2019, the Company and its subsidiaries generated cash flows

Activities For the nine-month period ended September 30, 2017, the Company and its subsidiaries generated cash flows from operating activities of approximately THB 2,352.62 million, increased by THB 450.58

1,643.70 9.66 1,748.35 10.14 GFPT Public Company Limited Management Discussion and Analysis for the Year 2017 Page 3 of 15 Consolidated Cash Flows Statements of GFPT Public Company Limited and its