Total Equity 14,054 11,942  The Company posted net profit for the year 2017 amounted to THB 990 million which in last year was loss by THB 7 million due to; - Increasing of HRC price: the average selling

Total Asset 19,546 17,813 Total Equity 14,054 11,942  The Company posted net profit for the year 2017 amounted to THB 990 million which in last year was loss by THB 7 million due to; - Increasing of HRC

businesses, also our operation. In 1Q20, the Company reported the net loss attributable to owners of the parent of Baht 82 million and the loss including attributable to non-controlling interest of Baht 78

46% EBITDA 33 83 152% 90 142 58% Net Profit (Loss) for the Company (7) 34 586% 4 49 1,125% Gross Profit Margin (%) 56.2% 63.9% 7.7% 57.7% 62.4% 4.7% EBITDA Margin1 (%) 23.9% 35.3% 11.4% 28.2% 32.6% 4.4

1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 31 December 2018 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok

selling price of hot-rolled coil for the year in 2017 increase around 18.54% comparing with last year together with the well manage production of the Company, the Company can generate cash margin by Baht

12,391 10,868 Average selling price of hot-rolled coil for the year in 2017 increase around 18.54% comparing with last year together with the well manage production of the Company, the Company can generate

2,093 Unit: million Baht 31 December 2018 31 December 2017 Fin an cia l St at us Total Liabilities 5,607 5,492 Total Asset 18,824 19,546 Total Equity 13,218 14,054  The Company posted net loss for the

) 886 2,093 Unit: million Baht 31 December 2018 31 December 2017 Fi na nc ia l St at us Total Liabilities 5,607 5,492 Total Asset 18,824 19,546 Total Equity 13,218 14,054 • The Company posted net loss for

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 14 Executive Summary CPN’s revenues continues to grow primarily from strong shopping mall performance