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

coverage ratio (DSCR) remained strong at 5.59 times.

increasing in payable for purchase of fixed assets following to the progress of Tubma Reservoir Development project and Debt service coverage ratio (DSCR) remained strong at 4.61 times.

, 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

beginning of May 2020. In Italy, 9 department stores were closed starting from 12 March 2020 to 17 May 2020. Currently, our stores have been re-opened with strong preventive health measures in all business

returns to shareholders. We place importance on maintaining strong financial health and flexibility to pursue future growth. Our dividend policy is to pay a minimum of 70% of net profit. By preserving cash

amounted to THB 3,787 million; with total liabilities of THB 3,376 million; and total equities of THB 9,708 million. In this regard, the company financial position remains strong with low debt- to-equity

m o     2017 MANA Service reve Handset sal Consolidate CAPEX  Dividend pa Build strong lea In 2016, after a demand for qua 4G  network.  T deployment of  migrating 2G us Selectively exp Since the