Steel Public Company Limited Management Discussion and Analysis Yearly Ending 31 December 2018 G Steel Public Company Limited Page 5/15 Commitments and off-balance sheet liabilities management The Company

impairment of assets  Reported net loss of THB 388mn, mainly from loss on impairment of assets totaling THB 355mn. Excluding this and other one-off items totaling THB 43mn, Recurring net profit stood at THB

% and gain on sales of written-off accounts receivable of 179 million baht. For performances of company’s subsidiaries in Thailand, the Company had commission income of 492 million baht, increasing by 4

, net off with loan repayment as schedule in March 2018 by 560 million Baht. - Intangible assets were 3,684.17 million Baht, decreased by 18.56 million Baht from the amortizing of intangible assets. 2

, net off with the cash received from operations during in the first half of 2017 - Property, plant and equipment was 14,205.21 million Baht, increased by 143.00 million Baht mainly from the investment of

&A activity, sales & marketing expenses for the launch of new residential projects, write-off/impairment of asset, one-time income/expense, etc. Total Revenues In 3Q17, Singha Estate reported

total revenue. The increase was mainly from the continued growth of bad debt recovery that increased 27% y-y. In 2017, the Company had gain on sale of written off receivables in Q4/2017 of 179 million

or 3.08% compared to Q1/2018. The reasons were from increasing in tap water sales volume, net off with depreciation and amortization which increased by 5.89 million Baht from capacity expansion

business by focusing on the expert transportation business, all the cement mixers have been therefore written off from the assets and liabilities under financial lease agreement, resulting in a loss from the

investment was 510.39 million Baht, increased by 79.87 million Baht due to the cash from operation during the first half of 2018, net off with investment in property, plant and equipment as well as advance