Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the year ended 31 December 2018 Executive Summary The Thai economy in the last quarter in 2018 continued to grow
that Thai economy will grow faster than the same period last year, reflecting in a higher GDP. Export and tourism sector are the main factors that support Thai economy in the second quarter. In addition
oil in price throughout the quarter, especially the Dubai crude oil price which dropped during early August to September from concerns over the trade war between the US and China, combined with the Thai
comparison to Q2/2017 Fuel oil / Dubai crack spread (FO/DB) decreased by 0.43 $/BBL as a result of tightening supplies due to lowered exports from the Middle East during the summer, which demanded more fuel
Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between the two languages, the Thai version shall prevail
production reduction period by 9 months to the end of December 2018. The market received pressure from the tension in the Middle East due to the conflict between Saudi Arabia and Iran over concerns of war in
clients in Malaysia and create an economy of scale, as well as reduce the overlapping business and conflicts of interest in South East Asia between the Company and MACO, which will be of utmost benefit to
twenty years or more to be entitled to severance valued at 400 days’ worth of their final wage rate from 300 days. 5. Gains from foreign exchange was THB 614 million due to the appreciation of Thai Baht
was THB 168 million from the appreciation of Thai Baht in comparison to other foreign currencies, leading to most gains being generated from conversions of loans and account payables in foreign