2% Total liabilities plus shareholders equity 1,440.79 982.48 458.31 47% Golden Lime Public Company Limited 7 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 DECEMBER 2018 3.3. Cash Flow

%) from 31 December 2018. Cash and cash equivalents decreased by THB 927 million, where cash inflow from operation was offset by cash outflow for PPE and 2018 dividend payments and 2019 interim dividend

due to (1) an increase in cash and cash equivalents of THB 151 million, (2) an increase in short-term investment from fixed deposit of subsidiaries of THB 90 million, and (3) an increase in trade and

EBITDA (228) 602 Net Profit (Loss) (433) 366 HR C HRC Sales (k tons) 177 388 HRC Production Volume (k tons) 139 382 HRC Average Selling Price (THB./ton) 19,160 20,942 HRC Cash Margin (THB./Ton) (58) 1,937

24,803.21 23,160.90 1,642.31 7.1 Non-current assets 74,352.81 78,091.00 (3,738.19) (4.8) Total Assets 99,156.02 101,251.90 (2,095.88) (2.1) 4.1.1 Cash and cash equivalents decreased in the amount of Baht

million (or -3.1%) from 31 December 2018. Cash and cash equivalents decreased by THB 1,825 million, where cash inflow from operation was offset by cash outflow for PPE and dividend paid in Feb’19 and May’19

enterprise market in the medium term. Cost management has resulted in profitability improvement. Excluding payment to TOT, cash cost of service and SG&A continued to be stabilized, -4.8% YoY and +2.2% QoQ, due

177 HRC Production Volume (k tons) 185 139 HRC Average Selling Price (THB./ton) 15,885 19,160 HRC Cash Margin (THB./Ton) 590 (58) Unit: million Baht 31 March 2020 31 December 2019 F in a n ci a l S ta

21,084.93 20,479.77 605.16 3.0 Non-current assets 82,363.38 79,749.66 2,613.72 3.3 Total Assets 103,448.31 100,229.43 3,218.88 3.2 3.1.1 Cash and cash equivalents increased in the amount of THB 2,329.06

-current assets 72,824.15 78,091.00 (5,266.85) (6.7) Total Assets 96,556.62 101,251.90 (4,695.28) (4.6) 4.1.1 Cash and cash equivalents decreased in the amount of THB 334.17 million. The details are