E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business sector remained challenged by new modes of competition in a broader marketplace amid the advancing digi...

the economy using significant quantities of lime are also showing remarkable growth. The steel industry continued to expand more than 10% year on year. In the construction sector the use of autoclaved

% Inventories 9,461 7,684 7,297 23.1% 29.7% Investments in associated 536 593 0 (9.5%) N/A Consolidation goodwill 438 450 307 (2.5%) 42.9% Property, plant and equipment 8,177 7,302 5,966 12.0% 37.1% Other assets

the previous year. 2017 was a year of record high revenue and profitability. The growth drivers include: 1. The consolidation of financial statements with two outdoor media operators, Multi Sign and

% from the same period of the last year, which was driven by an increases in net selling space from newly opened store under our hardline retailing in Thailand category as well as the consolidation of our

value when converting their operating results from local currencies to Thai Baht for the consolidation of financial statements. The Manufacturing and Selling of Toolings and Metal Fabrications, which is

when converting their operating results from local currencies to Thai Baht for the consolidation of financial statements. The Manufacturing and Selling of Toolings and Metal Fabrications, which is solely

also affected by the strengthening of Thai Baht, which resulted in a decline in total value when converting their operating results from local currencies to Thai Baht for the consolidation of financial

for the consolidation of financial statements. The Manufacturing and Selling of Toolings and Metal Fabrications, which is solely from Halcyon Metal Co., Ltd. or “HM” in 3-month period ended 31 March

2014 6 TSE vs OSE: Strategic consolidation 7 Importance of study on RTOs • Regulators need to strike balance between investor protection without delineating potential firms to enter the exchanges