events get well response. Operating Results Overview Operating results in the separate financial statements of the Company for the three-month periods ended 31 March 2020 and 2019 are as follows: (Million

Expenses Summary of the Operating Result as ended 31 March 2020 Construction Income In the 1st quarter of 2020, the company and its subsidiaries gained the construction income of Baht 28.97 million whereas

1/3 L-WAVE ENT 34/2020 7 August 2020 Subject : Management’s Discussion and Analysis for the six-month period ending 30 June 2020 operating results that varied more than 20% compared to the same

follows: S&P Syndicate PCL and subsidiaries operating performance for 2nd quarter Ending 30 Jun 2020 Revenue from Sales and Services In the second quarter of year 2019, the Company and subsidiaries

physical stores) together with ‘ Same Day Delivery’ or ‘ Click and collect’ . These omni- channel capabilities have helped to support consumers’ purchasing power which had started to pick up when the

Page 1 of 3 GEL.CS.001/2563 2 March 2020 Subject: Management Discussion and Financial Analysis for the operating results as at December 31, 2019 To: Director and Manager The Stock Exchange of

year to THB 4.6 billion for the first quarter of 2020 from THB 5.1 billion for the first quarter 2019. Sales Revenue in USD terms decreased 9% to USD 147m for Q1 2020 from USD 162m in Q1 2019. Operating

/ Impact from the adoption of Thai Financial Reporting Standards 16 Leases (TFRS 16) since 1 January 2020 which caused higher depreciation and interest expenses (net after tax). Operating Highlights Q1/2019

2019 in order to enhance corporate efficiency and growth resulting in favourable operating results by achieving 12% gross profit margin in Q1-2020. UWC determined to continuously improve its strategic

concerned for loading and lifting containers of goods. To prepare and delivery of finished goods for overseas exporting. Hence, this commitment is reasonable and find a purpose the best benefits of us. Rental