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28 Feb 2018 12:37:00
Management Discussion and Analysis Yearly Ending 31 Dec 2017
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                Management Discussion and Analysis

Company name                             : CHAROONG THAI WIRE & CABLE PUBLIC 
Year                                     : 2017
Quarter                                  : Yearly
Ending                                   : 31-Dec-2017
Note                                     :
                                                               February 27, 2018

Subject   : Management Discussion and Analysis for 2017

To            : President
                   The Stock Exchange of Thailand     

          Charoong Thai Wire and Cable Plc.(CTW) would like to clarify
the Company and its subsidiaries' 2017 operating results based on
the consolidated financial statements for the year ended 31 December
2017 as follows:
           (Unit : Million Baht)
              Operating Results                              Period of the Year
                                                        2017                 2016        
   % Change
Total revenues                            7,994.84          6,641.02         20.39
Net Profit attributable to
equity holders of CTW               280.99                 281.80          (0.29)
Earnings per share (Baht/Share)       0.71                     0.71    

     Net Profit
     Net profit was THB 280.99 million in 2017, slightly decreased by
THB 0.81 million or 0.29% from net profit of THB 281.80 million in
2016 caused from the following main reasons:

     Revenue from Sales
     Revenue from sales of THB 7,902.40 million in 2017 increased by
THB 1,474.46 million or 22.94% from THB 6,427.94 million in 2016.
In 2017, the Company and its subsidiaries had revenue from local
customers of THB 5,108.57 million and from overseas customers of
THB 2,793.83 million.

     Other Income
     Other Income of THB 92.44 million decreased by THB 120.64
million or 56.62% from THB 213.08 million in 2016 since the Company
had gain on sales of investment property amounting to THB 156.75
million from the sales of land not being used for operation in 2016.
In 2016, there was gain on exchange of THB 19.30 million, while there
was gain on exchange of THB 44.25 million in 2017.

     Total expenses of THB 7,635.95 million in 2017 increased by THB
1,378.02 million or 22.02% from THB 6,257.93 million in 2016, details
were summarized as follows.

   1.    Cost of Sales
       Total cost of sales of THB 7,234.62 million in 2017, representing
91.55% of sales, increased by THB 1,326.59 million or 22.45%, which
coincided with the sales increase, when compared with THB 5,908.03
million in 2016, representing 91.91% of sales.  In 2016, there was the
reversal of allowance for diminution in value of inventory of THB
102.22 million, while there was the of allowance for diminution in value
of inventory of THB 13.51 million in 2017 due to decrease in the main
raw material (copper) price.
   2.    Selling Expenses
       Selling expenses was THB 109.07 million in 2017, increased by
THB 10.47 million or 10.62% from THB 98.60 million in 2016, which
most were the tender fees, transportation fees, commission fees and
advertising & sales promotion fees.

   3.    Administration Expenses
       Administration expenses was THB 255.68 million in 2017,
increased by THB 4.37 million or 1.74% from THB 251.30 million
in 2016.

   4. Share of profit (loss) from investment in associate
    Share of profit from investment in associate company was THB
2.85 million in 2017, increased by THB 4.78 million or 247.91% from
share of loss from investment in associate of THB 1.93 million in 2016
since its a subsidiary recognized share of profit (loss) from investment
in Loxpac Hong Kong Co., Ltd.

   5.    Finance Cost
       Finance cost of THB 33.08 million, increased by THB 9.17 million
or 38.38% from  THB 23.90 million in 2016, which were mostly
interest payments of trust receipts.

    6. Tax expenses
    Tax expenses of THB 74.87 million in 2017 consisted of the
corporate income tax of THB 71.74 million and relating to origination
of temporary difference of THB 3.13 million, decreased by THB 22.05
million or 22.75% when compared with tax expenses of THB 96.91
million in 2016, which consisted of the corporate income tax of THB
68.19 million and relating to reversal of temporary differences of THB
28.72 million.

          The separate financial statements for the year 2017, the
Company had net profit of Baht 236.63 million, decreased by Baht
54.50 million or 18.72%, when compared with the net profit of Baht
291.13 million in 2016.

          Please be informed accordingly.

                                                              Sincerely yours,
                                                  (Mrs. Sununtha  Phaengsook)
                                              Asst. Managing Director (Finance)
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