launch, Saraburi Quicklime Entire Business Transfer to Golden Lime). The headwinds Golden Lime faced in 2019 were multiple : weak steel segment, a comparatively short sugar season due to draught conditions

into year-end due to continued strength at our customers taking into account the normal seasonal effects” 2. Outlook Marco environment experienced some notable headwinds particularly in the tourism

facilitated by government subsidizations. This was further supported by a continuous increase in foreign arrivals despite some structural headwinds and rising geopolitical conflicts. In summary, AIS reported

forecast some of the factors that contributed to our over performance in the first half to ease towards the end of the year we look forward to a strong H2. On the cost side we face some headwinds in variable

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending June 30, 2019 The Thai economy faced increased headwinds in the second quarter

several Asian central banks gradually signaled a more accommodative stance while also cutting their policy rates. Such moves were meant to forestall downside risks amid global economic headwinds while also

2019. For 2020, the Thai economy is projected to continue to be in a ‘low growth, low rates’ environment. Main headwinds include: (1) the weakness in global growth particularly the Chinese economic

provide scale benefits and improve operating capabilities. In response to industry headwinds, Management has improved its special focus on cost and working capital optimization programs. Disciplined

lower crude oil prices. • Hygiene fibers improved with better demand and stronger outlook. Lifestyle and Mobility Fibers improved in early part of the year though felt the headwinds in March 2020 from

economic conditions is expected to continue to grow, but with three headwinds namely 1) the economy which has not been sufficiently broad-based from weak domestic demand. If factors namely rising inflation