our investments, as well as improvements in surplus cash management where we have invested surplus cash in money market products giving a better yield. Cost of Services While our revenue has grown 7.7

returns from our investments, as well as improvements in surplus cash management where we have invested surplus cash in money market products giving a better yield. Cost of Services While our revenue has

climbed up to 20 cent/lb then dropped sharply to 14 cent/lb during last quarter of the year due to funds speculation and global sugar supply forecasted to be surplus in 2018. As a result, the Company

Page 1 of 4 GEL.CS.005/2561 27 February 2018 Subject Management Discussion and Financial Analysis for the operating results as at December 31, 2017 To Director and Manager The Stock Exchange of

หน้าที 1 จาก 5 GEL.CS.019/2560 15 August 2017 Subject Explanation and analysis of management for operating results of the Second Quarter Ended June 30, 2017 To Director and Manager The Stock Exchange

หน้าที่ 1 จาก 5 GEL.CS.024/2560 15 November 2017 Subject Explanation and analysis of management for operating results of the Third Quarter Ended September 30, 2017 To Director and Manager The Stock

1 Translation CEN 001-2021 March 1, 2021 Subject Management Discussion and Analysis for the year 2020 To The Manager and President The Stock Exchange of Thailand Capital Engineering Network Public

funds speculation and global sugar supply forecasted to be surplus in 2018. As a result, the Company recorded average export price increase from 16,557 THB/ton to 14,792 THB/ton or decreased by 11

cent/lb at the beginning of 2018 due to global sugar supply is surplus in 2018 with the additional of domestic price decrease from the new sugar regime that domestic price will float along with global

building and the capitalization of our software as we introduced more features. Cash surplus increased by 23.20 mb or 26.3% due to cash flow generated from operation and good working capital management. (b