includes translation adjustment and cash & cash equivalents of subsidiaries which classified as assets held for sale (THB mn) MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020 15 MAY 2020 U CITY PCL 1Q 2020 - MD&A

, 2020 with the following details: Revenues Structure 1. The revenues of manufacturing and distributing of Food Ingredients that are classified into 6 categories as the followings: 1.1 Flavour, Fragrance

financial statements for the year ended December 31, 2019 as follows: Overview of Operating Performance Company and its subsidiaries had revenue classified by product category consist revenue from the

Normalized Profit for 2018 is adjusted with Adjustments of Revenue Levelization (TFRS 15) for comparison purposes. Normalized Profit for 2019 has effects from TFRS 15. 3 CCE is classified under “Power Plants

million. Moreover, vehicles under financial lease agreements-net amount of Baht 5 million was newly classified by moving from property, plant and equipment to be included in right-of-use assets according to

TFRS16 leases standard for land and buildings for rent which the Group previously classified as operating lease. Derivative assets of Baht 49.5 million from recognized of forward contract from the adoption

rent which the Group previously classified as operating lease. Derivative assets increased by Baht 4.2 million from recognized of difference in fair value of derivative from the adoption of TFRS9

previously classified as operating lease. Derivative assets increased by Baht 7.4 million from recognized of difference in fair value of derivative from the adoption of TFRS9 financial instruments. Deferred

on May 2013. It was simplified for users to easily understand and was adjusted to be applicable for Thai listed companies. The main questionnaires in the evaluation form are classified into 5

investment. Investment consultant is categorized as follows: (1) general investment consultant means an investment consultant providing consultation only on capital market product not having complex