accomplishment of cost management policy, 2 | MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR 2020 • Gross margin: UWC has recorded gross margin since Q1-2020 due to accomplishment of cost management policy

already been partially delivered and recognized the project accomplishment. The change in cost of sales, services and construction contract of Q4-2016 decreased in line with the rate of change in the

already been partially delivered and recognized the project accomplishment. The change in cost of sales, services and construction contract of Q4-2016 decreased in line with the rate of change in the

transmission and telecommunication tower ratio in Q1-2020 decreased by 43.59% QoQ resulting from accomplishment of cost management policy, • Cost to revenue from sale of electricity ratio in Q1-2020 dropped by

transmission and telecommunication tower ratio in Q1-2020 decreased by 43.59% QoQ resulting from accomplishment of cost management policy,  Cost to revenue from sale of electricity ratio in Q1-2020 dropped by

;the subsidiary"), acted dishonestly through the subsidiary by entering into an advertising media installation contract on telephone booth with G.I.S. Park (Thailand) Company Limited ("GISP

Limited ("the subsidiary"), acted dishonestly through the subsidiary by entering into an advertising media installation contract on telephone booth with G.I.S. Park (Thailand) Company Limited

Company Limited ("the subsidiary"), acted dishonestly through the subsidiary by entering into an advertising media installation contract on telephone booth with G.I.S. Park (Thailand) Company

("the subsidiary"), acted dishonestly through the subsidiary by entering into an advertising media installation contract on telephone booth with G.I.S. Park (Thailand) Company Limited ("GISP

Limited ("the subsidiary"), acted dishonestly through the subsidiary by entering into an advertising media installation contract on telephone booth with G.I.S. Park (Thailand) Company Limited