THB 910 million (or +5.0%) from 31 December 2019. The increase in other components of equity was due to the impact from currency translation and the adoption of TFRS 9 Financial Instruments. The

Management Discussion and Analysis Quarter 2 Ending 30 June 2018 G Steel Public Company Limited Page 6/14 Summary of Consolidated Financial Results 30 June 31 December Liabilities and equity 2018 2017

, mainly due to an increase in loans from financial institutions for the Company’s working capital and investments. Shareholders' Equity As at 31 March 2018, the Company and its subsidiaries had total equity

from financial institution, debt to equity ratio will be increased to 0.67 time. This is to support financial liquidity of the Company. However, if the company is not allowed for changing the objectives

from the heads quarter in approximately 265 Million Baht. There will no impact on shareholders’ benefits. If the Company drawdowns loan from financial institution, debt to equity ratio will be increased

Company’s Debt to Equity ratio is 1.48 times, based on the audited consolidated financial statements for the 9-month period ended September 30, 2019. The Debt to Equity ratio will rise to 1.26 times if the

, occurred since global financial crisis in year 2008, for in an amount of USD 91.59 million. The entire debts has been partially converted in form of debt-to-equity conversion and some portion has been

successfully restructured its legacy debts, occurred since global financial crisis in year 2008, for in an amount of USD 91.59 million. The entire debts has been partially converted in form of debt-to-equity

continuously the revenues as planned whereby reduce further its debts by repaying these to the financial institutions, the debt to equity ratio may decrease further by year end 2017. 7 2017 MD&A: PACE

Equity (%) 15.32% 17.67% 23.26% Return on Assets (%) 10.66% 12.25% 16.37% Return on fixed assets (%) 89.99% 116.94% 161.08% Asset turnover times 1.09 1.06 1.17 Financial Policy Ratios Debt to Equity times