depends on the nature of the item being hedged. In case of Cash Flow Hedges, only the effective portion of changes in the fair value of the derivative financial instrument is recognized in other

& ANALYSIS 2019 14 FEBRUARY 2020 U CITY PCL 2019 - MD&A (for the year ended 31 December 2019) 9 U CITY PCL 2,797 2,767 204 488 85 (807) Beginning Cash 1 Jan 19 CFO CFI CFF Others Ending Cash 31 Dec 19 CFO

ordinary shares in BSH 15. MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020 15 MAY 2020 U CITY PCL 1Q 2020 - MD&A (for three-month period ended 31 March 2020) 8 U CITY PCL CASH FLOW As of 31 March 2020, cash and

Page 12 and joint ventures decreased equity in the amount of THB 535.72 million, and the cash flow hedge reserve decreased equity in the amount of THB 230.77 million. However, currency translation

Financial Position Unit: THB million Statement of Financial Position Q1/2018 2017 2016 2015 Cash 263.23 195.47 312.5 149.29 A/R Net 260.9 345.22 276.17 403.63 Inventories - - 1.46 2.89 Current assets 656.59

Price (Bht./Ton) 18,529 16,348 HRC Cash Margin (Bht./Ton) 1,848 2,427 Unit: million Baht 2017 2016 Gr ou p Total Assets 32,437 32,615 Total Liabilities 20,059 21,747 Total Equity 1,364 10,868 Average

1,336 HRC Average Selling Price (Bht./Ton) 18,529 16,348 HRC Cash Margin (Bht./Ton) 1,848 2,427 Unit: million Baht 2017 2016 Gr ou p Total Assets 32,172 32,615 Total Liabilities 19,781 21,747 Total Equity

(loss) or any other performance measure or as an alternative to cash flow from operating activities. Since there are various calculation methods, its presentation may not be comparable to similarly titled

March 2018, GPSC and its subsidiaries' total assets increased by Baht 2,095 million or 3.5% from 31 December 2017, mainly from the increase in cash and cash equivalents as well as the investments

3,952 million or 7% from 31 December 2017, mainly from the increase in cash and cash equivalents, the investments according to the additional paid up in the capital of GPSC’s associate, and the increase