because of bad debt refund in this period. 1.3 Other income in 2018 decreased 4.63 MB or 29.54 %. As a result of bad debt refund in previous year. 1.4 Distribution costs in 2018 increased 2.19 MB or 2.42

cash equivalents increased by Baht 10. 60 million due to better liquidity of the group as a result from Initial Public Offering (IPO). • Restricted cash decreased by Baht 51. 06 million because repayment

deducted at source from previous year totaling of Baht 27.44 Million. This is refundable withholding tax of 2017 with on currently process of refund. Non-current assets; comprising of o Net total of Property

cost for the solar energy unit Baht (0.28) million. It was since the repayment of long-term borrowing in the solar energy business. Income tax Income tax decreased Baht (2.22) million, which was mainly

receivables amounted Baht 11.34 million or 38.48% due to receiving value added tax refund from the Revenue Department for the year. - The increase of net property, plant and equipment amounted Baht 105.48

41.98 million due to withholding tax of investment in machine of the Company’s subsidiaries was on processing for tax refund which was Baht 44.42 million. 4. Restricted bank deposits decreased by Baht

Muse Group Bangkok Co., Ltd. is in debt to the Company according to the purchase agreement to run the project “Golf European Thailand Classic”. However, the debtor defaulted the refund as stated in the

repayment of short- term borrowings from financial institutions by using money gained from trading of its ordinary shares in the MAI stock exchange. • Other current assets decreased by Baht 35.06 million

received from withholding tax refund, net cash from operating activities was Baht 221.9 million. U City Public Company Limited (Registration No. 0107537000459) 21 TST Tower, Soi Choei Phuang, Viphavadi

under development. After deducting cash paid for interest expenses, cash paid for income tax and cash received from withholding tax refund, net cash from operating activities was THB 110.1 mn. 4.2 Cash