one stores and a depreciation of the Euro against the Thai Baht during the period, and a decrease in SSSG in our Thailand department store category. II. Revenue from sales from hardline segment was THB

(FSMART) 1Q2020 Management Discussion and Analysis 2020 Management Outlook The Covid-19 pandemic has affected economic condition worldwide including Thailand, which severely decrease revenue of both

compared to the Q2 2018 of 127 million Baht. This was due to closure of two stores in the United States and in Thailand and also decrease in the sales of merchandise, gourmet food and beverage in the United

of Thailand, the decrease in income tax payable of Baht 20 million, while there were Cash and Cash Equivalent Account Receivable, Inventory, and other Current Assets PP&E Non-current Assets Other

decreased mainly by drought situation in Thailand, resulting into decrease of Gross Profit from Baht 183.4 million to Baht 136.5 million. In addition, sale volume of SDWTP is affected by COVID-19 situation

Thailand was decreased by 31.0% YoY due to the COVID-19 pandemic in China since the beginning of the year. This caused a significant decrease in revenue as Chinese tourist was one of the major clients of the

projects in Thailand recorded a decrease in total electricity sales compared to the previous quarter. Within this quarter the average irradiation hour for every project adjusted downward from the amount of

Thailand recorded decrease in total electricity sales by 6% QoQ, predominantly from average irradiation hours of most projects adjusted downward due to weather conditions becoming less clear. 2. Wind power

Page 1 of 2 May 15, 2019 Subject: Explanation of Financial Performance for the Quarter 1/2019 ended March 31, 2019 To: President, The Stock Exchange of Thailand According to the Financial Statements

Baht 217.22 million or 23.80% from the 3- months period ended 31 October 2019 of Baht 912.56 million. The decrease in sales revenue were mainly due from Thailand and India operation resulted from an