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27 Feb 2018 17:55:00
Management Discussion and Analysis Yearly Ending 31 Dec 2017
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                Management Discussion and Analysis

Company name                             : THANULUX PUBLIC COMPANY LIMITED
Year                                     : 2017
Quarter                                  : Yearly
Ending                                   : 31-Dec-2017
Note                                     :

                                               February 20, 2018
 Subject   : Management Discussion and Analysis on operating result for the year
 Attention : Director and Manager of the Stock Exchange of Thailand
    Thanulux Public Company Limited would like to clarify the performance of the 
Company and its subsidiaries.  As shown in Comprehensive Income Statement for
the year 2017 ended on 31 December 2017, the Company and its subsidiaries net
sales was Baht 1,858.68 million, decreases Baht 150.08 million or 7.47 percent
from the same period of 2016, with net profit of Baht 152.11 million, decreases
Baht 53.19 million or 25.91 percent from the same period of 2016. The reasons
are as follow:
1.    Decrease of sales at the amount of Baht 150.08 million or 7.47 percent due to
1.1 Domestic sales decreased 3.00 percent
    Due to unrecovered domestic economic situation caused the customers to be more 
cautious in spending.  Plus changes in consumer behavior resulting in higher
competition in line with distribution channels which become more various.
1.2    Export sales decreased 15.98 percent
- Orders: Foreign customers delay the order as a result of their domestic 
economic situation and some customers shifted their production bases.
- Exchange rate: Baht appreciation comparing to Euro, US Dollars and Japanese 
2.    Proportion of cost of goods sold to sales revenue in 2017 was 71.02 percent, 
increased 1.51 percent compared to 69.51 percent in 2016 due to decrease in
sales quantity and high price competition, including Baht appreciation comparing
 to Euro, US Dollars and Japanese Yen.
3.    Decrease of sales proportion of products with high gross margin, resulting in
 decrease of gross margin.
    The Company and its subsidiaries are able to manage selling and administrative 
expenses effectively.  In addition, overall financial standing and liquidity are
 satisfactory and stable.

    Please kindly acknowledge and publicize accordingly.

Faithfully Yours,

Supotch Pakaworawuth, Dusadee  Soontrontumrong

(Mr. Supotch Pakaworawuth, Ms. Dusadee  Soontrontumrong)
Managing Director, Deputy Managing Director and CFO
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