% contraction in the previous quarter, as a result of the Covid-19 pandemic situation which disrupted economic activities in many sectors, especially in tourism sector that was directly impacted by lockdown

recovery of the tourism sector and the return of foreign tourists. However, economic expansion remains at risk from the impact of higher cost of living on households and headline inflation tends to rise

$ 1.9B. Interest cost is expected to come down for year 2020, thanks to lower benchmark rates. Our net operating debt to equity went up to 1.35 times primarily due to the acquisition of Spindletop

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

postponed. In the financial sector, the outbreak of the COVID-19 caused fluctuations in both domestic and international stock markets. From the current situation, the Company has considered to postpone the

การปรับตัวและเปลี่ยนผ่านไปสู่กิจกรรมสีเขียว โดยเฉพาะในอุตสาหกรรมที่ปล่อยก๊าซเรือนกระจกสูงและมีข้อจำกัดในการลดการปล่อยก๊าซเรือนกระจก (hard-to-abate sector) ก.ล.ต. เห็นถึงความสำคัญของการเงินเพื่อการ

supported by the allocation and disbursement of the government’s budget and continued expansion in the export sector. Additionally, industrial production resumed growth leading to further expansion. As a

demonstrated a cautious growth from expansions of private consumption and tourism sector, while facing global and local economic headwinds and challenges from high interest rate environment. Overall, AIS

the industrial sector. While the household debt rate remained high, the Company, therefore, implemented a more stringent credit lending policy in this quarter and focus on specific customer groups to

because an increase of export and private consumption, as well as an expansion of government investment. In addition, the domestic tourism sector also improved due to the government continued relaxing