847 Changes in operating assets and liabilities Trade accounts receivable (60) Inventories (404) Other current assets (49) Other non-current assets (118) Trade accounts payable 335 Advances received

accounts receivable 257 196 31% Inventories 1,163 855 36% Short-term loan to related parties 94 - 100% Other current assets 166 92 81% Total current assets 1,861 1,752 6% Non-current assets Advance payment

2016 % Increase (Decrease) Assets Current assets Cash and cash equivalents 578,124 610,143 (5%) Trade accounts receivable 32,960 195,960 (83%) Inventories 3,278,914 854,626 284% Short-term loan to

December 2017 31 December 2016 % Increase (Decrease) Assets Current assets Cash and cash equivalents 578 610 (5%) Trade accounts receivable 33 196 (83%) Inventories 3,279 855 284% Short-term loan to related

and cash equivalents 201 578 (65%) Trade accounts receivable 14 33 (58%) Inventories 3,861 3,279 18% Short-term loan to related parties 94 94 0% Other current assets 268 394 (32%) Total current assets

cash equivalents 201 578 (65%) Trade accounts receivable 14 33 (58%) Inventories 3,861 3,279 18% Short-term loan to related parties 94 94 0% Other current assets 268 394 (32%) Total current assets 4,438

Discussion and Analysis (MD&A) Q1/2019 Unit : Million Baht 31 March 2019 31 December 2018 % Increase (Decrease) Assets Current assets Cash and cash equivalents 164 201 (18%) Trade accounts receivable 23 14 63

Ending 30 June 2019 Unit : Million Baht 30 June 2019 31 December 2018 % Variance Assets Current assets Cash and cash equivalents 531 201 164% Trade accounts receivable 73 14 426% Inventories 2,159 3,861

) Assets Current assets Cash and cash equivalents 329 578 (43%) Trade accounts receivable 115 33 249% Inventories 3,027 3,279 (8%) Short-term loan to related parties 94 94 0% Other current assets 285 394 (28

Steel Public Company Limited Page 5/13 Unit : Million Baht 30 September 2019 31 December 2018 % Variance Assets Current assets Cash and cash equivalents 573 201 185% Trade accounts receivable 33 14 140