the previous year, mainly due to the sharp lower of purchasing power in most industries, as well as the strong competition in the stainless steel pipe, aluminum and copper. This caused the decreasing in

important part in laying a strong foundation for the Company to be able to drive sustainable future growth.

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

resilience to economic conditions. During the COVID period, JMART had a very strong business group including JMT and Singer. 2. Adaptive Expectation The management has Lock down anticipated and ongoing

, the decrease of Availability Payment profile as specified in the PPA is the key reason of the decrease in Normalized Share of Profit from GHECO-One. Nevertheless, GHECO-One still provide a strong cash

committed to driving long-term growth while delivering returns to shareholders. We place importance on maintaining strong financial health and flexibility to pursue future growth. Our dividend policy is to

over the Winter season, and the colder than usual weather condition led to some European refineries postponing their maintenance period from March to Q2/2018. On the other hand, supply-side support came

companies or funds with the business areas that can support and extend the group’s businesses. This business expansion in Direct Investment is to conduct additional investments in companies or funds in form

to the increase in business development costs to support business growth. Finance Costs In Q3/2018, the finance costs were at Baht 124 million, dropped by Baht 11 million or 8% from Q2/2018 as a result

Code should receive the full support of CRA management and be backed by thorough compliance and enforcement mechanisms. However, the measures set forth in the IOSCO CRA Code are not intended to be all