proportion than selling price increase is the main reason why net profit decrease. Graphite Electrode’s price which is a part of conversion cost increase significantly. Separate financial statement, the

of the amount to Non- current liabilities. • Short-term loan from financial institution decreased by Baht 213 million due to repayment of the debt by the Company as per the Debt Settlement Agreement

% Costs from Sale 489.97 478.57 11.40 2.38 Selling Expenses 36.67 38.25 (1.58) (4.13) Administrative Expenses 36.56 37.52 (0.96) (2.56) Financial Expenses 0.00 0.00 0.00 0.00 • Cost of sales increased by

repayment of Bond in upcoming maturity which will reflect to the debt to equity ratio decreasing by year end 2017. Please be informed accordingly. Yours Faithfully, (Ms. Natha Kittiaksorn) Chief Financial

which will reflect to the debt to equity ratio decreasing by year end 2017. Please be informed accordingly. Yours Faithfully, (Ms. Natha Kittiaksorn) Chief Financial Officer PACE Development Corporation

proportion of debt is also low level, when comparing to the equity. Return on Equity (ROE) According to the Company’s financial statements, the Company had net income of 30.02 million baht, representing a

financial institutions total amount of THB 991.7mn. As a result, the Company had ending cash of THB 634.5mn as of 31 March 2019. 1 Calculated from interest-bearing debt net of cash and cash equivalents

to hedge its debt. In addition, the Company has unused unsecured revolving credit facilities 1 2 ,370 million baht and 3,000 million baht unused committed facilities with various financial institutions

million. Due to total revenues decreased of Baht 554.20 million mainly from brokerage fees decreased of Baht 282.56 million, Gain and return on financial instruments decreased of Baht 326.45 million and

Translation Management Discussion and Analysis for Interim Business Operations Financial Performance for the period ended M arch 31 , 2020 (Unit : M ill ion Baht) 2020 2019 Inc. / (Dec.) % (Re st at