MANAGEMENT DISCUSSION AND ANALYSIS FOR Q2/2019 3 5. RAW WATER BUSINESS Raw water revenue in first half of 2019 was 1,429.95 million Baht, increased by 244.80 million Baht or 20.66% compared to the same period

total tourist arrivals still exhibited a continuing decline of 4.3%. For the second half of 2019, the Thai economy is projected to remain subdued stemming from 4 risk factors 1) the continuing trade

is profoundly impacting the global economy, especially the hospitality sector which is the main business of the Company. Almost all our hotels were temporarily closed since the second half of March

(NTA) 5. RAW WATER BUSINESS Raw water revenue in first half of 2020 was 1,297.40 million Baht, decreased by 132.55 million Baht or -9.27% compared to the same period of 2019, mainly from to total

position for the second quarter and the first half of 2017 with those of 2016. This report discusses principal changes in the unaudited consolidated financial statements. Overall market environment The Thai

position for the second quarter and the first half of 2017 with those of 2016. This report discusses principal changes in the audited consolidated financial statements. Overall market environment The Thai

holding of 51%). However, The Group still focused on managing and controlling cost to be continuously achieve maximum efficiency. Even through, the first half year of 2020 is a challenging half year for the

%, mainly due to the investment in several large-scale projects during the first half year 2020. Those large-scale projects were under operation, thus the cash and cash equivalents decreased. Inventories

COMPANY LIMITED 2013 Reviewed Company Q3 28/09/2013 WE RETAIL PUBLIC COMPANY LIMITED 2010 Audited Company Half Year 30/06/2010 WE RETAIL PUBLIC COMPANY LIMITED 2009 Audited Company Half Year 30/06/2009 WE

order to accommodate business expansion. 3Q17 administrative expenses nevertheless increased merely 7% which was half of the 9-month period. It can imply that most of the increase was in the first half of