1 / 5 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS • Explanation and analysis of financial performance for the year at the end of 31 December 2018

part of the direction to resolve the grounds of possible delisting. Board of Directors and Auditing Committee’s opinion: Considering the current economic condition, Government land appraisal price

following quarter. Clause 5 To ensure that the model or method used in the stress test are appropriate to the current and possibly changing market condition, the securities clearing house shall access the

sale purchase agreement with Thanasiri Group in May 2018. The condition precedent as specified in the agreement- such as the board of directors’ and/or shareholders’ meeting of the Company has approved

new ordinary shares is a condition that financial institutions, the long-term loans from financial institutions will be part of the Group's financial restructuring plans to be more appropriate. The sale

14.5 43.0 15.8 Net Profit 200.5 159.3 25.7 150.6 33.1 (Unit: THB mn) Sales The Automotive Industry Club, The Federation of Thai Industries reported the situation of the automotive industry that the car

situation. Net revenue of Q4/2018 is at 244.40 million baht. If comparing revenue of Q4/2018 with Q4/2017, current revenue is higher for 53.01 million baht because of consolidating revenue from subsidiary

and the price war situation. Net revenue of Q4/2018 is at 244.40 million baht. If comparing revenue of Q4/2018 with Q4/2017, current revenue is higher for 53.01 million baht because of consolidating

. The Board of Directors Meeting no. 7/2017 held on August 11, 2017 have reassessed the current situation including the ability and intention of RF Vision Company Limited and guarantor to repay in the

99.57 million become overdue. Due to liquidity problem and receiving notices demanding for payment from major creditors, thus to prevent bankruptcy situation, GSTEL had submitted the petition requesting