MANAGEMENT DISCUSSION AND ANALYSIS FOR 2017 2 2. ECONOMIC SITUATION Thai economy continually expanded supported by every economic engine especially merchandise exports that were uplifted from global trade

that has significant changes Balance by Quarter Change Q1–18 Q4–17 Q1–18 VS Q4–17 (MB) (MB) % Cash and cash equivalent 1,110.1 1,286.2 (176.1) (13.7) Unbilled Receivables 757.1 434.2 322.9 74.4 Loan to

loan from financial institutions (T/R) due to volatility of the baht resulting in increase in settlement of T/R and trade and account payables. Short-term loan from financial institution of 41.05 million

working capital because the debt collections from the overdue debtors are more effective, and the management of the trade creditors is better; 2. A decrease of the investment in the trading securities in a

) Trade receivables 2,162.7 2,297.0 (134.3) (5.9) Unbilled receivables 890.2 434.2 456.0 105.0 Short-term loan to related parties - 18.0 (18.0) (100.0) -3- Assets Items that has significant changes Balance

total liabilities consist of: o The Group has short-term loan to be used as working capital during the period increased by Baht 7.71 Million. o Trade and other current payables total of Baht 343.51

since there was change in borrowing condition from based on approval limit to actual use amount. • Trade and other receivables decreased by Baht (54.76) million, primarily due to allowance for doubtful

0.39 million penalty fee for early loan prepayment in Jan. 2017 as well as the principal. Net Profit and profit margin Net profit of the Group was THB 147.43 million and 128.9 million in 2018 and 2017

16.9% and 40.1% respectively. Main current assets include cash and cash equivalents, short term investment, trade and other current receivables, inventories, other current assets. Non Current Assets The

%) Total Assets was Baht 3,172.08 million, decreased Baht 860.58 million or 21.34%, derived mostly from an decrease in current assets of Baht 851.91 million consisted of; 1. Trade and other receivables