increase the normal capacity during off peak power usage in 4th Quarter of 2017. - Gain from debt restructuring was achieved of THB 734 million some portion resulting from debt-to-equity conversion scheme in

for producing of HRC to increase the normal capacity during off peak power usage in 4th Quarter of 2017. - Gain from debt restructuring was achieved of THB 734 million some portion resulting from debt

year 2019. The MD&A would enable the investors to better understand the Company and its subsidiary’s 2019 audited financial statements. An Analysis of Performance * Analysis of Income The Company and its

2016. The waste treatment revenue decreased 8.4 million baht and real estate business revenue decreased 31.4 million baht. (1) Service Income - waste treatment business (Disposal-Landfill and

Company have neither ability to manage finished goods (HRC) nor trade negotiation. Due to the Company had no choice but necessary to sell them just for generating income circulating used in the business

238.99 261.84 (22.85) (8.73) Other income 9.49 13.06 (3.57) (27.34) Total revenues 248.48 274.90 (26.42) (9.61) Cost of goods sold 139.89 151.91 (12.02) (7.91) Selling expenses and administrative expenses

disposed or acquired portion) x 100 ) NTA of the Company Net Tangible Asset (NTA) = Total assets - Intangible asset - Deferred Tax Asset – Total debts – Uncontrollable equity NTA of the Investment in the

to related parties 3 - - Liabilities from terminated rehabilitation plan and compromise 23 540,301 659,013 -22% Current portion of long-term loan from related party 3 314,000 314,000 Current portion of

)% Selling and administrative expenses 734.0 173.5 323.1% 709.2 3.5% Operating EBITDA* 237.5 178.2 33.3% 371.6 (36.1)% Share of profit/loss from JVs/associaties (equity income) 8.6 (2.2) N.A. 0.3 N.A. Finance

of electricity 117.28 114.56 2.72 2.37 5 Other income 1.44 11.77 (10.33) (87.77) Unit : Million Baht For the three-months ended 30 June Items Increased (Decreased) 2019 2018 Amount Percentage 6 Total