decreasing in sales from FiT premium as the result of expiration of FiT Premium period of one biomass power plant in the third quarter according to conditioned in the FiT power purchase agreement which result

Management Discussion and Analysis For the Financial Result of Quarter 1 Year 2019 Ended March 31, 2019 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the

decrease revenues. This was a result of the subsidiary in Indonesia, which is in the process of major management structure change and relocation of its office in the past year; and the subsidiaries in

delivery and production order. As a result, the cost of sales per unit increased together with the subsidiaries could not utilize full capacity. (4) Dividend income The Company received dividend from Millcon

1,551.9 1,554.5 1,713.7 (2.6) (0.2) (161.8) (9.4) Profit for the period 122.1 123.0 142.7 (0.9) (0.7) (20.6) (14.4) In Q3–2023, the Thai economy expanded from the previous quarter according to private

accordance with new Thai accounting standards. According to the previous accounting standards, Q4/2019 total sales would have been Baht 1,350 million which was lower than Q4/2018 total sales of Baht 1,456

Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Management Discussion and Analysis The Thai economy is expected to gradually recover in line with COVID-19

Weight Factor which is a seasonality effect of the third quarter, and the Availability Rate which fell as a result of the appreciation of Thai Baht. • Revenue of the company’s Small Power Producers (SPP

Management Discussion & Analysis ( - translation - ) For operating result of 4Q/2019, ended 31 December 2019 Raimon Land Plc. | 27 February 2020 1 / 7 Major Events in 4Q/2019 and January 2020

19th March ) going forward the acquisition is expected to result in a significant annual revenue as well as additional annual EBITDA and net result. Thirdly we had all kilns available and were able to