from supply and maintenance grows at 32.64% deriving from the strong capability of the Company to maintain its customer bases as well as new maintenance projects awarded to the Company. Other Revenue In

increase in total sales, core business revenues and bad debt selling. The bad debt recovery and total portfolio continued to grow, together with a strong growth of both domestic and overseas subsidiaries. In

financial position remains strong with low debt-to-equity ratio and high current ratio. Global Green Chemicals Public Company Limited Management Discussion and Analysis | 3 10% 90% 1Q2019 41% 59% 1Q2018 444 8

-term investment amounted to THB 4,038 million; with total liabilities of THB 3,762 million; and total equities of THB 9,080 million. In this regard, The Company is still in a strong financial position

investment amounted to THB 3,890 million; with total liabilities of THB 3,528 million; and total equities of THB 9,265 million. In this regard, the company remains strong in a financial position with low debt

important part in laying a strong foundation for the Company to be able to drive sustainable future growth.

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

also later opened up to all employees. Maintaining a strong liquidity position has been 2 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02

to provide full services, and implementing a voluntary leave without pay scheme, initially for management but also later opened up to all employees. Maintaining a strong liquidity position has been a

, the decrease of Availability Payment profile as specified in the PPA is the key reason of the decrease in Normalized Share of Profit from GHECO-One. Nevertheless, GHECO-One still provide a strong cash