payable increased by 19.3 MB, or representing an increase of 100.0%, the reason is that in the year 2018, the withholding tax was higher than an income tax resulting in no income tax payable. While in nine

Business, Rail Business, Commercial Development Business, the manufacture and distribution of treated water business and electricity production business. Therefore, there was no similar type of business in

the first quarter of 2017 approximately THB 22.11 million. However, the Company fully settled such provision in the second quarter of 2017. No more of such expense incurred in the current period

baht but no gain on sale of bad debt in 2018. For performances of company’s subsidiaries in Thailand, the Company had commission income of 513 million baht, increasing by 4% from AEON Insurance Service

year’s consulting service fee for acquiring subsidiary company was at Baht 1.2 million and so this year had no this expenses items and 3) last year’s loss on exchange rate was at Baht 1.1 million and so

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 8 August 2019 No. ZEN 2562-021 Subject Management Discussion and Analysis for 2nd

installations made according to the financial lease contract and no additional contract. Non-current provisions for employee benefits at Baht 5.32 million, increased by Baht 0.88 million or equivalent to 19.84

no losses from asset impairment, whereas Q1/2017 and Q4/2017 recorded losses from asset impairment in petroleum oil field of exploration and production business. 8. Share of profit from associate

quarter of year 2018 (last year there was no expense item), In addition, the Group have adjusted employee and management remuneration as usual every year. 3.5 Operating results The Group's net profit

วันที่ 15 ตุลาคม 2545 1 NO. (SUTHA-SET) 009/2018/EN 16 May 2018 Subject: Management Discussion and Analysis of the Company and subsidiary for the period ended 31 March 2018 To: The President of the