of the subsidiaries of THB 239mn. CASH FLOW As of 30 June 2019, the Company had net cash from operating activities of THB 141mn primarily from cash from operating activities of THB 186mn which was

from (used in) investing activities 86 Table 6: Condensed Statement of Cash Flow 9 G J Steel Public Limited Management Discussion and Analysis Quarter 2 Ending 30 June 2019 Unit : Million Baht Jan - Jun

increase in retain earning. However, the Company had an impact from adoption of new accounting standard (TFRS 15) reflecting Gheco- One. Cash flow analysis Q2 2018 Q2 2019 THB mm THB mm Net cash generated

Company Limited Page 11/12 Consolidated Statement of Cash Flow 30 June 2019 2018 + (-) % (in thousand Baht) Cash flows from operating activities Profit (loss) for the period (1,026,122) (905,729) 13

2019, the Company spent THB 2,060mn on capital expenditure and investment, primarily in investment properties, property, plant & equipment purchased and investment in subsidiaries. CASH FLOW (THB mn) For

year within 5 years, the Company expect this ratio may continue to increase. However, the debt’s policy is maintained by limiting the D/E ratio1 at below 1.5 times. Cash Flow During the first half period

shareholder equity as a result of the capital increase. During 1Q 2018, capital expenditure for U City was THB 51mn. Capital expenditure excludes the EBT of UE, which is classified as an investment. CASH FLOW

2018, total equity attributable to owners of the Company stood at THB 1,306mn and non-controlling interests of the subsidiaries at THB 72mn. CASH FLOW For the six months ended 30 June 2018, cash and cash

attributable to a decrease from accounts receivable; 2) Cash flow spent for investing activities of THB 483 million , which was spent on obtaining PP&E for THB 543 million, mainly due to investment in ME2

expenses and corporate income tax payments. Use of Funds The Company’s cash outflow of THB 718 million consisted of: • The net cash flow from investing activities was THB 685 million. This was mainly from