audit adjustment 1,700,000 17,562 1,064,622 1,064,622 1,116,623 22 การส่งเสริมการก ากบัดูแลกิจการท่ีดี (Good Corporate Governance : CG) ผูล้งทุนสถาบนั (I Code) 440,356 - - - 99,456 23 การขจดัอุปสรรคดา้นกฎ

Bt1,475mn, accounting for 4.3% of service revenue. This was a decrease of 19% YoY from the high base of USO fee rate in 1H17 but an increase of 13% QoQ due to the one-time license fee rate adjustment in 4Q17

of 2019. In addition, there was a straight line concession adjustment of its international media operation in accordance to the Thai accounting standard, which led to higher expenses. FINANCIAL

liabilities, Deferred tax adjustment and expenses relating to employee benefits 3 Adjusted EBITDA is calculated from EBT plus Finance cost, Depreciation and Amortization, Interest income from Loan to JVs and

our growing headcounts and upward adjustment of based compensations in accordance with our human resource policy. This was also resulted from the change in product mix due to the launch of new products

and the employees’ remuneration packages which increased as a result of our growing headcounts and upward adjustment of based compensations in accordance with our human resource policy. This was also

result of our growing headcounts and upward adjustment of based compensations in accordance with our human resource policy. This was also resulted from the change in product mix due to the launch of new

and unemployment problem as improve from the government measure, such as ameliorate cost of living. In particular, the adjustment to the minimum wage in past. As a result in the year 2018, the Group has

%) Finance costs 535 497 7% Dividend income (0) - 100% Unrealized loss (gain) on exchange rate 238 (594) 349% (Gain) loss on adjustment in value of securities 2 (4) 301% Bad and doubtful debts expense

resulting from the new adjustment item in year 2018). บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Yearly Ending 31 December 2018 G Steel Public Company