by 1.5% YoY due to Kyat currency depreciation (at constant FX, total Myanmar sales would have been +6.8%). Laos grew 7.5% YoY while Cambodia performance was dragged by high stock level with the

EBITDA 612 1,062 Net Profit (Loss) (836) 990 HR C HRC Sales (k tons) 1,447 812 HRC Production Volume (k tons) 1,436 876 HRC Average Selling Price (THB./ton) 20,663 18,690 HRC Cash Margin (THB./Ton) 854

812 EBITDA 612 1,062 Net Profit (Loss) (836) 990 HR C HRC Sales (k tons) 1,447 812 HRC Production Volume (k tons) 1,436 876 HRC Average Selling Price (THB./ton) 20,663 18,690 HRC Cash Margin (THB./Ton

& Trading Business Group 12 Marketing Business Group 13 Power Plant Business Group 16 Bio-Based Products Business Group 18 Natural Resources Business Group 20 Statement of Financial Position 22 Cash Flows

gross profit margin narrowing to 20% from 26% the previous year. The decrease was due mainly to the impact of a higher cost of goods sold and a change in foreign currency exchange rates. The cost of goods

Statement Cash Flows Statement Accounting Financial Ratios Business Performance Executive Summary Statement of Income 19 of Financial Position Environment Management 3 3 | Management Discussion and Analysis

decreased by THB 334 million mainly due to a decrease in cash and cash equivalents of THB 289 million for the investment in NRIP. • Non-current assets increased by THB 586 million. This was mainly from (1) an

December 2017. The increase was primarily attributed to (i) an increase in cash and cash equivalents of THB 4,682mn, mainly from the net cash proceeds of the capital increase, (ii) an increase in long-term

of THB 386mn (leasehold hotels acquired); Mostly due to the capital increase in the first quarter: (vii) an increase in cash and cash equivalents of THB 2,544mn (viii) an increase in current

comparative purposes. Total Assets as of 31 December 2019 was THB 53,531mn, decreasing THB 429mn or 1% from 31 December 2018. The decrease was impacted by currency translation of the company’s oversea assets