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22 Feb 2019 17:05:00
Management Discussion and Analysis Yearly Ending 31 Dec 2018
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                Management Discussion and Analysis

Company name                             : CHAROONG THAI WIRE & CABLE PUBLIC 
Year                                     : 2018
Quarter                                  : Yearly
Ending                                   : 31-Dec-2018
Note                                     :
                                                                  February 22, 

Subject   : Management Discussion and Analysis for 2018's operating

To            : President
                   The Stock Exchange of Thailand     

          Charoong Thai Wire and Cable Plc.(CTW) would like to clarify
the Company and its subsidiaries' 2018 operating results based on
the consolidated financial statements for the year ended 31 December
2018 as follows:
         (Unit : Million Baht)
              Operating Results                       Period of the Year
                                                           2018         2017         % 
Total revenues                               8,019.04     7,994.84         0.30
Net Profit attributable to
equity holders of CTW                  287.49        280.99         2.31
Earnings per share (Baht/Share)          0.72            0.71    

Net Profit
    Net profit was THB 287.49 million in 2018, increasing by THB
6.50 million or 2.31% from THB 280.99 million in 2017 caused from
the following main reasons:

Revenue from Sales
    Revenue from sales of THB 7,960.09 million in 2018 increased
by THB 57.69 million or 0.73% from THB 7,902.40 million in 2017.
In 2018, the Company and its subsidiaries had revenue from local
customers of THB 4,805.98 million and from overseas customers of
THB 3,154.11 million.

Other Income
         Other Income of THB 58.95 million decreased by THB 33.50
million or 36.23% from THB 92.44 million in 2017 because gain on
exchange decreased by THB 8.05 million and a subsidiary received
the remaining interest receivable totaling THB 15.28 million from trade
receivable and dividend income of THB 10.74 million in 2017.

    Total expenses of THB 7,646.38 million in 2018 increased by
THB 10.43 million or 0.14% from THB 7,635.95 million in 2017,
details were summarized as follows.

   1.    Cost of Sales
       Total cost of sales of THB 7,283.87 million in 2018, representing
91.50% of sales, increased by THB 49.25 million or 0.68%, which
coincided with the sales increase, when compared with THB 7,234.62
million in 2017, representing 91.55% of sales.  In 2018, there was the
allowance for diminution in value of inventory of THB 60.00 million,
due to decrease in the main raw material (copper) price.
   2.  Selling and Distribution Expenses
       Selling and distribution expenses was THB 112.20 million in
2018, increasing by THB 3.13 million or 2.87% from THB 109.07
million in 2017, which most were the commission fees, sales
promotion and transportation fees.

   3. Share of profit (loss) from investment in associate
    Share of profit from investment in associate company was THB
1.44 million in 2018, increasing by THB 4.29 million or 150.46% from
share of profit from investment in associate of THB 2.85 million in
2017 since its a subsidiary recognized share of profit (loss) from
investment in Loxpac Hong Kong Co., Ltd., its associate company.

   4.    Finance Cost
       Finance cost of THB 37.97 million, increased by THB 4.90 million
or 14.80% from THB 33.08 million in 2017, which were mostly interest
payments of trust receipts.

   5. Tax expenses
    Tax expenses of THB 69.72 million in 2018 consisted of the
corporate income tax of THB 79.91 million and relating to reversal of
temporary difference of THB 10.19 million, while 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 differences of
THB 3.13 million.

          The separate financial statements for the year 2018, the
Company had net profit of Baht 283.54 million, increasing by Baht
46.90 million or 19.82%, when compared with the net profit of Baht
236.63 million in 2017.

          Please be informed accordingly.
                                                    (Mrs. Sununtha  Phaengsook)
                                              Deputy Managing Director (Finance)
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