conversion cost. Cash conversion cost mainly increased from the increase of Graphite Electrode’s price. (Separate: Baht 4,724 million for the year 2018 and Baht 11,240 million for the year 2017, decrease Baht

year mainly due production disruptions during 1st Quarter 2019 combined with the negative HRC cash margin for second half of 2019 resulting from large decrease in HRC selling price compared to last year

trend, but not too much while big portion of idle capacity still existed. Hence, the oversupply risk will pertain with high probability towards 2018 and afterwards, if China and major steel producing

(Decrease) Income Revenue from sale of goods 29,910 15,178 97% Net foreign exchange gains 105 311 (66%) Net gain for debt restructuring 1 734 (100%) Net gain from write-off expired legal prescription of

13 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) for year 2018 (Revised) Appendix Unit : Million Baht For the year 2018 For the year 2017 % Increase (Decrease) Income Revenue

services amounted to Baht 274 million, decreased by Baht 1,021 million or 79% YoY. Net loss resulted from total revenue from sales and services of the Company and subsidiary decrease together with high level

% – 74.3% throughout the year 2017, over the cycle, anyhow overall went on at higher level than previous year, somewhat improved indicates the recovery trend, but not too much while big portion of idle

Company and subsidiary’s amounted to Baht 5,192 million, decreased by Baht 2,623 million or 34% YoY. Mainly came from the decrease of sale volume. The Company and subsidiary recorded a sales volume of 260

went on at higher level than previous year, somewhat improved indicates the recovery trend, but not too much while big portion of idle capacity still existed. Hence, the oversupply risk will pertain with

while big portion of idle capacity still existed. Hence, the oversupply risk will pertain with high probability towards 2018 and afterwards, if China and major steel producing countries do not adequately