(765) Employee benefit obligations 9 Tax expense 9 1,010 Management’s Discussion and Analysis (MD&A) For Q3/2017 23 Table 6 : Condensed Statement of Cash Flow Unit : Million Baht Jan - Sep 2017 Changes

) 178 Loss from disposal of assets 8 Employee benefit obligations 6 Tax expense 7 847 Changes in operating assets and liabilities Trade accounts receivable (60) Inventories (404) Other current assets (49

benefit obligations 9 Tax expense 9 1,010 Management’s Discussion and Analysis (MD&A) For Q3/2017 24 Table 6 : Condensed Statement of Cash Flow Unit : Million Baht Jan - Sep 2017 Changes in operating assets

benefit from external consultants. Also the process of board nomination could be further elabo- rated. There should be greater emphasis on board quality, and selection of suitably qualified directors 9 The

and taxes . . . . . . Finance Cost . . . . . . Profit before income tax expenses . . . . . . Tax expenses ( . ) ( . ) ( . ) ( . ) ( . ) , . Net profit . . . . . . K. W. METAL WORK PUBLIC COMPANY LIMITED

139 million or 25.89% up from 2Q2016. The consolidated gross profit margin contributed of 16.32% in 2Q2017, increased from 13.83% in 2Q2016 predominantly from cost advantage from lower major feed

11.55 million increase in net operating expense. As a result of new law imposed on May 5, 2019, THB 10.5 million is added to employees benefit scheme, which directly affected the above-mentioned operating

core EBITDA of $232 million, increased from $145 million in 2017 by 60% driven by US ethylene cost advantage. Core EBITDA margin increased from 34% in 2017 to 51% in 2018. 4Q18 Core EBITDA was $50

3Q2016 predominantly from cost advantage from lower major feed material price and the growth in chicken export volume. In addition, the consolidated EBITDA in 3Q2017 was THB 896.18 million, an increase of

in 2017 increased 39 MB or 153% as a result of bad debt recovery 14.9 MB, Interest income 2.87 MB, Employee benefit obligation was 19.59 MB and disposal asset income become 1.7 MB. 1.4) Selling expense