translation adjustment and cash & cash equivalents of subsidiaries which classify as assets held for sale MANAGEMENT DISCUSSION & ANALYSIS 2019 14 FEBRUARY 2020 U CITY PCL 2019 - MD&A (for the year ended 31

695.1 Beginning 31 Dec 2018 Operating Activities Interest and Tax Investing Activities Financing Activities Adjustment and different in FX rate Ending 31 Dec 2019

million, the adjustment for non- cash items, a decline in accounts payable, an increasing of accounts receivable and inventories. The Company had cash from investing activities of THB 224 million caused by

thrives afterwards. Performance Summary Consolidated Statement of Comprehensive Income Note: (1) Excluded unrealized gain from foreign exchange rate on convertible bond, gain from fair value adjustment on

standards was recognized as an adjustment to the retained earnings as at 1 January 2020, and the comparative information was not restated. The impact of the adoption on the consolidated statement of financial

Profit for the period attributable to owners of the parent of THB 256.31 million, offsetting from dividend payment of THB 300 million, the increase from the adjustment of the beginning retained earning

cash and cash equivalents, receivables under finance lease increased by Baht 105.6 million from the adjustment of exchange rates. Inventories increased by Baht 72.0 million due to the change of fuel

cash equivalents, receivables under finance lease increased by Baht 20.8 million from the adjustment of exchange rates. Inventories increased by Baht 134.6 million due to the change of fuel storage plan

adjustment of operating cost which is higher than the adjustment of company income. In addition, the increase in maintenance costs as a result of the maintenance of gas turbine electricity generators. Also

sales in a greater proportion than the reduction in costs of sales, which includes fixed expenses. In addition, there was an adjustment in packaging costs in some quarters as a result of more sales from