% Earnings per share (THB) 0.04 0.01 0.03 220% Golden Lime Public Company Limited 4 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 DECEMBER 2017 YTD 2017 Financial Position Summary compared to YTD 2016

amortization 29.44 26.56 2.89 11% EBIT 30.85 27.19 3.66 13% Finance cost -5.87 -2.27 3.60 158% Income tax expenses -6.68 -3.90 2.78 71% Net income for period 18.30 21.02 -2.72 -13% Earnings per share (THB) 0.06

tax expenses -5.80 -4.89 0.91 19% Net income for period 24.74 23.17 1.57 7% Earnings per share (THB) 0.08 0.08 0.00 0% FY 2018 FY 2017 YoY change YoY % change Unit: Million Thai Baht (THB) Sales and

% Finance cost -5.95 -0.92 5.03 548% Income tax expenses -2.67 -0.94 1.73 185% Net income for period 13.66 10.49 3.17 30% Earnings per share (THB) 0.05 0.03 0.02 59% FY 2018 FY 2017 YoY change YoY % change

10.31425 billion THB, increasing 10.46% and 24.04% from 2018 respectively. The financial liquidity has efficiently been managed, therefore, the interest bearing debt to equity ratio and the debt to equity

% Income tax expenses -2.79 -0.72 2.07 288% Net income for period 1.80 0.01 1.79 17900% Earnings per share (THB) 0.01 0.00 0.01 17900% FY 2020 FY 2019 YoY change YoY % change Unit: Million Thai Baht (THB

12.1 (10.9) (90.1) Other liabilities 96.1 97.6 (1.5) (1.5) Total liabilities 5,122.1 4,436.9 685.2 15.4 Issued and paid-up share capital 5,088.0 5,088.0 - - Share Premium 3,896.0 3,896.0 - - Retained

0.3 - 0.3 N.A. (>100) Other liabilities 76.3 95.5 (19.2) (20.1) Total liabilities 5,160.4 5,371.7 (211.3) (3.9) Issued and paid-up share capital 5,088.0 5,088.0 - - Share Premium 3,896.0 3,896.0

(105.7) (1.8) Issued and paid-up share capital 5,088.0 5,088.0 - - Share Premium 3,896.0 3,896.0 - - Retained earnings - Appropriated - Legal reserve 141.8 141.8 - - Retained earnings - Appropriated

102.6 97.6 (5.0) (4.9%) Total liabilities 6,434.6 6,578.7 144.1 2.2% Issued and paid-up share capital 5,088.0 5,088.0 - - Share Premium 3,896.0 3,896.0 - - Retained earnings - Appropriated - Legal reserve