Baht 3,056 million, dividend income from TEX of Baht 36 million, and interest income of Baht 5 million, while cash was paid for assets and project investment of Baht 304 million, dividend payment

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

unfavorable condition of the Company’s traditional trade channel as the Company appointed a large-sized distributor for the channel since the first quarter of 2018 but later terminated the contract with the

by 29.24 million baht, reduced from 2016 at 21.69%. Trade and Other Receivable As of 31st December 2017, trade accounts receivable and other receivables shown the value as the net realized gain

(Decreased) % Assets Current assets Cash and cash equivalents 107.23 35.22 72.01 204.46 Trade and other receivables 202.32 208.40 (6.08) (2.92) Unbilled receivables 437.14 273.72 163.42 59.70 Inventories 22.81

reasons: • Cash and cash equivalent decreased Baht (29.36) million. • Trade and other receivables decreased by Baht (83.81) million, primarily due to allowance for doubtful account from the delayed project

(Decreased) % Assets Current assets Cash and cash equivalents 8.54 31.33 (22.79) (72.74) Trade and other current receivables 224.54 186.08 38.46 20.67 Contract assets 518.21 564.88 (46.67) (8.26) Inventories

equivalent, trade receivables, other receivables, prepaid cost of software license which is recorded in accordance with the nature of the business. The significant increase in current assets is mainly

receipt 189.5 - 189.5 100.0 Trade and Other Payables 1,243.0 738.5 504.5 68.3 Unbilled payables 592.0 713.5 (121.5) (17.0) Current portion of liabilities under financial arrangement agreements 152.7 42.6

0.42 0.45 0.43 Interest coverage times 227.59 95.03 249.18 Dividend payout (%) 55.68%* 67.84% 57.60% * Pending for approval from the 2018 annual shareholders’ meeting Operating results for the year 2017