an operating system sufficiently and effectively in order to protect any acts according to paragraph one which may create conflict of interest to the fund, provided that, in case of (1) shall apply as

decline could be attributed to an increase of Baht 1,493 million or 16.36 percent in our impairment loss on loans and debt securities to cope with economic uncertainties. Operating profit before provision

. Management Discussion and Analysis 2.1. Selected Financial Position and Operating Results 2.2. Cash Collection from NPLs and NPAs Management Businesses 2.3. Vintage Analysis 2.4. NPLs by Portfolio

shopping mall business, which is CPN’s core business, continues to perform strongly, especially on a same-store basis that continues to grow in terms of revenue and operating profit, which is in-line with

same-store basis that continues to grow in terms of revenue and operating profit, which is in-line with the business plan. CPN continues to emphasize on effective revenue generation through new shopping

structure 11. Corporate governance 12. Social responsibility 13. Internal control and risk management 14. Related party transactions 2.4 Financial position and operating results 15. Important financial

2018 % Change Profit (loss) from operating activities before changes in operating assets and liabilities 155 64 92.7% Profit (loss) from changes in operating assets and liabilities 88 7 33.8% Net Cash

1 (Translation) MD. 108/2017 Aug 7, 2017 Re: Management Discussion and Analysis For the Operating Results ended June, 2017 To: President The Stock Exchange of Thailand Management Discussion and

Baht 1,591 million, an increase of 1% from Baht 1,575 million as at 31 December 2016, as a result of operating profit during the year. 5. Liquidity and Capital Resources Current Ratio As at 30 June 2017

1 (Translation) MD. 182 /2017 Nov 8 , 2017 Re: Management Discussion and Analysis For the Operating Results ended September, 2017 To: President The Stock Exchange of Thailand Management Discussion