Cost of services 13.43 3.99 9.44 236.59 Cost of impairment 101.63 108.78 -7.15 -6.57 Loss in sale of subsidairy company 3.09 0.00 3.09 Administrative expenses 133.99 141.00 -7.01 -4.97 Finance cost 25.18

. Finance cost The Company and subsidiary had total finance cost of Baht 244 million which decreased by Baht 52 million or 18% YoY. Total finance cost decreased post DE Conversion program in Dec19 partly

hardware - - 34.96 9.8% Total revenues from HR solutions 213.58 78.0% 301.24 84.7% 2. Financial Solutions 2.1 Enterprise Resource Planning (ERP) 42.09 15.4% 34.15 9.6% 2.2 Accounting & Finance Outsourcing

months, unless the underlying asset is low. Assets Items that has significant changes Balance by Quarter Change Q1–20 Q4–19 Q1–20 VS Q4–19 (MB) (MB) (MB) Short-term loan from finance institution 950.0

operational staff. Additionally, in July, the Ministry of Finance approved the establishment of GPSC Treasury Center Company Limited (GPSC TC), a 100% owned subsidiary of GPSC set up to increase efficiency and

794 26,677% 3 - (0) 100% (100%) Share of losses from investments in associates and joint ventures 33 (49) (248%) 34 35 (26) (176%) (176%) EBIT 1,228 2,016 64% 1,009 577 604 5% (40%) Finance costs (369

mm THB mm % Selling expense 33.0 76.1 130.4% 148.7 232.3 56.2% Administrative expense 314.8 305.2 (3.0%) 897.4 980.2 9.2% Finance costs 292.8 147.7 (49.6%) 944.1 704.4 (25.4%) Total expenses 640.6

% Profit before finance cost and income tax expenses 178.46 21.5% 176.32 21.9% 171.66 22.0% -2.6% -3.8% Bank charge (3.76) -0.5% (2.36) -0.3% (2.21) -0.3% -6.4% -41.2% Interest expenses (11.13) -1.3% (8.78

-24% EBITDA 36.75 54.78 -18.03 -33% EBITDA margin 17% 18% Depreciation and amortization 31.11 31.50 -0.39 -1% EBIT 5.64 23.28 -17.64 -76% Finance cost -6.13 -5.95 0.18 3% Income tax expenses -1.19 -2.37

ending 30 September 2018 to 15.7% in the same period of 2019. 5 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 Finance Expenses Finance