Microsoft Word - MDA Q4-2563_Eng_28 may 2020 May 27, 2020 Subject Management Discussion and Analysis for the year ended 31st March 2020 To President of the Stock Exchange of Thailand Secretary of the

the Year ending 31 December 2019 To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are pleased to provide you our management discussion and

Transactions and the Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure and Other Acts of Listed Companies on Connected Transactions, B.E. 2546 (as amended) (the "Connected

2nd quarter of 2020 and 6-month period ended 30 June 2020 To The President The Stock Exchange of Thailand We, Zen Corporation Group Public Company Limited (“the Group”), are pleased to provide you our

1 No. ACE-ACC-3/2021 13 August 2021 Subject Management Discussion and Analysis for the period ended 30 June 2021 To President The Stock Exchange of Thailand Absolute Clean Energy Public Company

1 No. ACE-ACC-4/2024 13 November 2024 Subject Management Discussion and Analysis for the period ended 30 September 2024 To President The Stock Exchange of Thailand Absolute Clean Energy Public

operating after its scheduled maintenance. Gross profit increased from the higher amount of Ethanol sold, and the Bangchak Bioethanol (Chachoengsao) Co., Ltd. improved its management of raw material cost

the quarter. However, from the increase of the B100 products price combined with the ability to efficiently manage raw material, thus improving gross profit. As for the Ethanol Production and

domestic sales 24.2% and export sales 75.8%. Gross profit was down from 33.6% to 25.8% due to low margin sale to B2B coupled with the increase in raw material and energy costs. Total expense was Baht 504.6

in material matters and the SEC had called for clarifications several times.* Later, EARTH hired two more Indonesian appraisers and disclosed the appropriate values of both coal mines at