in 2018. Operating profit increased by THB 8.0 Mn but this was offset mainly by an increase in working capital due to (1) account payables which decreased by THB 33.6 Mn in 2019 compared to a decrease

the first 6-month period of 2020 decreased by THB 469.94 million percent from the same period of 2019 amounting to a decrease rate of 16.84. The revenue decrease was caused mainly by the contraction of

3,393 million, an decrease of 2% from Baht 3,450 million as at 31 December 2018, mainly due to an increase in loans from financial institutions for the Company’s investments and working capital. Page 5

Profitability (2.1) Revenues from Sales and Services Year 2017 Year 2016 Increase / (Decrease) Description Million Baht % of Total Revenue Million Baht % of Total Revenue Million Baht % 2nd Quarter (April – June

No. B52-201911/001 11 November 2019 Subject: Management Discussion and Analysis - for the three-month period ended 30 September 2019. To: The President of Stock Exchange of Thailand B-52 Capital

paid of 810 million Baht, a decrease of 166 million Baht or 17% as compared to 2017. The decrease in finance cost was due to repayments in various of debt instruments as a result of capital increase

: Executive Summary The operating results for the year ended 31 December 2018 were that the Company generated total revenues of 8,813 million Baht, a decrease of 457 million Baht or 5% as compared to 2017. This

No. B52-202002/001 17 February 2020 Subject: Management Discussion and Analysis - for the year ended 31 December 2019. To: The President of Stock Exchange of Thailand B-52 Capital Public Company

due to net loss of Baht 115 million in H1/2019. 5. Liquidity and Capital Resources Current Ratio As at 30 June 2019, the Company and its subsidiaries recorded current ratio of 0.72x, a decrease from

: million Baht) For 9 months, end of September 30, 2020 Financial Statement Consolidate financial statement % Revenue from sales Q3/2020 Q3/2019 increase(decrease) Q3/2020 Q3/2019 Revenue from sales 117.39