and Analysis (MD&A) 10 of 10 Thailand, proven record of managing high quality shopping centers, reliable cash flows from contract-based rental and service income, and conservative financial policy. The

with low Debt to Equity ratio and high current ratio. Global Green Chemicals Public Company Limited Management’s Discussion and Analysis | 3 Operating Performance Exhibit 1 : Consolidated Company’s

1.27% due to 1. Current assets increased amount of 455.90 million Baht or 309.71% consisting of Cash and cash equivalents decreased amount of 6.15 million Baht or 32.52%. Trade and other receivables

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

revenue as mentioned above. However, the Company has invested more in the investment properties during this period as well. 7. Increase in non-current assets held for sale of THB 891.8 mm due to the

2019 of THB 256.3 Mn. Net Cash from Operating Activities The cash flows from operating activities was THB 137.4 Mn in the six months ending 30 June 2019, an increase of THB 42.8 Mn compared to the same

Operating Activities The cash flows from operating activities was THB 219.3 Mn in the nine months ending 30 September 2019, an increase of THB 25.7 Mn compared to the same period in 2018. Operating profit

- commissioning activities planned in December 2017 and startup early 2018. In addition to improved cash flows as a result of the better performance, the Company’s Balance Sheet al- so strengthened as a consequence

equivalents and current investments stood at THB 661.3mn. As a result, the debt to equity ratio1 was 0.84 times as of 31 March 2019, decreased from 0.94 times as of 31 December 2018. Due to the plan to grow

the contribution from the HVA business of $540 million reflecting margin recovery in the Necessities industry. IVL is strongly positioned for the current market environment, enhanced with Necessities