support project in the first quarter of 2019 is more difficult and varied than the previous year which effected higher cost than the first quarter of 2018 6. Cost of goods sold (E-Commerce) Cost of goods

was more difficult and varied than the previous year which effected higher cost. Therefore, the proportion of cost decreasing is less than the proportion of revenue decreasing. 6. Cost of goods sold

quarter of 2019 decreased by Baht 86 million or 70% decrease compared to the same period of 2018. This expense varied with the operating results (excluding share of profit from investments in associates) of

1/3 L-WAVE ENT 19/2019 14 August 2019 Subject : Management’s Discussion and Analysis for the six-month period ending 30 June 2019 operating results that varied more than 20% compared to the same

1/3 L-WAVE ENT 34/2020 7 August 2020 Subject : Management’s Discussion and Analysis for the six-month period ending 30 June 2020 operating results that varied more than 20% compared to the same

million or 2% from Q1/2020 • However, EBITDA margin in Q1/2021 was 31.5%, increased by 5.1% from Q1/2020 as a result of the effective control of selling and administrative expenses under the implementation

12.1% less than last year. We had a drop of 18.17mb in the implementation revenue from our ERP division due to resource constraints which delay the delivery of the product.The dip in ERP was partially

last year. This reduction is mainly due to a slowdown in ERP business and a delay in booking revenue until a certan milestone has been achieved during the implementation stage. T.662 636 6999 F.662 646

revenue as we have recognized revenue of a big scale implementation job in Malaysia last year. With the acquisition of TigerSoft, the Company is able to expand its business to hardware, such as clock

of December 31, 2019, by a significant increase which is a result of the implementation of TFRS 16 2.2 Liabilities As of March 31, 2020, the Group had total liabilities of Bt12,564. 7 million