Management Discussion and Analysis (MD&A) Padaeng Industry Public Company Limited and its subsidiaries For the year ended December 31, 2019 1 | Padaeng Industry Public Company Limited and its

facilities finance institutions to facilitate the expansion of the business Net profit (loss) The company recorded a net loss of 39.60 million Baht for the year ended December 31, 2018, an increase in net loss

a g e | 10 2020 Outlook 2020 definitely a very challenge year for our company and in tourism business which is on the verge of the world’s economic slowdown, the destabilization of international trade

Exchange of Thailand (SET) and to hold the shareholders’ meeting for the ratification of the aforementioned transaction. Moreover, the Company is required to appoint an independent financial advisor to give

21 MB increased from year 2016 in the amount of 2 MB which is the result of the Company more maintain foreign currency in FCD account and manage the capital circulation in short-term liquidity

the review of consolidated interim financial statements of the Group and the interim financial statement of the Company for the period ending September 30,2017. The results shows net profit of Baht

and tax and Net Profit (loss) For the year ended 31st March 2019, the Company and its subsidiaries had profit before interest and tax of Baht 253.50 million. After deducting the finance cost of Baht

g e | 10 2020 Outlook 2020 definitely a very challenge year for our company and in tourism business which is on the verge of the world’s economic slowdown, the destabilization of international trade

for our company and in tourism business which is on the verge of the world’s economic slowdown, the destabilization of international trade underpinned by US trade policies, as well as the continued

including any executive in charge of accounting and finance whose position is the department manager or equivalent and higher; (11) “securities business personnel” mean personnel in securities business under