directors to bind the Company or any person authorized by such directors to have the power to negotiate and determine the details, terms and conditions and other procedures for the benefits of the acquisition

estate developer and its customers. Although overall economy is soft, the Company’s target group of customers can maintain their purchasing power.   For recurring income business, the Company had adjusted

Sales revenue 182.58 137.93 44.65 32.37% Other incomes 3.14 0.52 2.62 503.85% Total revenues 185.72 138.45 47.27 34.14% Cost of sales 79.72 51.72 28 54.14% Selling expenses 58.78 36.79 21.99 59.77

revenue in 2018 from about 41 rai of land title deed transfer while it had only THB 45.06 million of revenue from about 15 rai of land transfer in 2017. ▪ The higher increasing rate of the cost of

principal damages of Baht 914 Million, calculated on a daily basis from June 1, 2008 onwards until the EXAT will make such payment in full. 2) Damages representing the difference of toll revenue sharing based

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

Business Performance (THB Million) Q1/2020 Q4/2019 QoQ Q1/2019 YoY EBITDA 770 795 -3% 736 5% Revenue 886 981 -10% 808 10% Share of profit (loss) from associated companies Wind Power Plant 24 (7) 460% 29 -17

MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020 15 MAY 2020 U CITY PCL 1Q 2020 - MD&A (for three-month period ended 31 March 2020) 1 U CITY PCL 1Q 2020 KEY FINANCIAL HIGHLIGHTS • Total revenue increased by

have problem on purchasing power and incomes which have not yet recovered. The high liability affected the expense atmosphere to be sluggish. Cost of goods sold was 148.96 million baht. It decreased

2018 Increase/(Decrease) 9M 2017 9M 2018 Increase/(Decrease) THB mm THB mm THB mm % THB mm THB mm THB mm % Total Revenue/1 2,149.5 1,756.9 (392.6) (18.3%) 6,922.3 7,227.4 305.1 4.4% Total Cost 691.7