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...

expansion of domestic construction industry and the growth of new Shopping complexes and renovated stores, together with the turnkey projects balance brought forward from Q4/2017 completed and recognized

-time incurred of approximately Baht 12 million. In addition, the opening of the new Medical Excellence Center and the expansion of the subsidiary’s laboratories have driven the cost of service, expertise

driven by the continued growth in construction industry and further renovation/expansion of retail stores and new Shopping complexes despite revenue recognition delays from some turnkey projects to next

expansion of company’s internal activities. Nevertheless, the rate of increase is less than the growth rate of company’s revenue; therefore, SG&A/Sales decrease from 12.77% in Q3/2018 to 11.00% in Q3/2019. 3

remained sluggish, due to weak purchasing power and the lack of any specific measures from the government. In the second half of 2017, the economy moved in a positive direction driven by industrial expansion

Baht. Mainly by the increasing of Revenue from sales 17% with the increasing from domestic sales and expansion oversea market. There are gross margin rate for the period is 21%, and 14 % in 2018. As the

showed in the corresponding period last year, or 25.21% increased, which is corresponding with sales growth and expansion of company’s internal activities. Nevertheless, the rate of increase is less than

same period last year at 152.5%. An increasing was from the insurance business expansion. Total revenue growth in the 6 months of 2019 is consistent with the target of revenue growth that has been

same period of last year and an increase of 24.9% over the last quarter . Such increase was mainly due to the increase in aluminium price and the expansion of sales volume from exporting to overseas