This initiative follows the government's recent introduction of tax incentives aimed at bolstering investments in ESG stocks and strengthening the Thai capital market. These incentives apply to both

DTL for sale of Future Group in Q4’17. Q4’18 cash cycle of 34 days, compared with 41 days in Q4’17, came from lower inventory, and better cash collection. High current ratio at 2.75 times, as the

an increase in total revenue of 81% YoY. These were mainly from a (one-time) recognition of an upfront 50-year lease payment of a certain office space at Singha Complex and higher contribution from

subsidiary Kinpo International (Singapore) Pte. Ltd. (“Kinpo Group”) Detail of the Assets to be acquired -Name of the assets - Business Description (Remained No Change) Kinpo Electronics (Philippines) Inc

.  Disposal asset group classified as held for sales decreased from THB 1,136.81 million as at December 31, 2019 to THB 1,099.28 million as at Q1-2020 as a result of the following factions: o Decreasing in

. Shareholders’ Equity As at Q3/ 2018 and Year-end 2017, the Group had shareholders’ equity of THB 908.51 million and THB 932.30 million, respectively. The reduction in shareholders’ equity was due to THB 122.64

the new Khiang brand which was launched at the end of 2018. Furthermore, 2 new brands were opened at the end of 2019 to further enhance the variety of restaurants in the Group, these being Foo Flavor

Discussion and Analysis of Business Operation for 3Q/2018 Bangchak Corporation Plc. I 4 Marketing Business Group sales volume slightly increased YoY, while was at the similar level QoQ. Retail sales declined

efficiency. PERFORMANCE OVERVIEW 2 | MANAGEMENT DISCUSSION AND ANALYSIS 2019 Revenue Major revenue of The Group mainly came from revenue from steel tower manufacturing and revenue from sales of electricity. In

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 8 August 2019 No. ZEN 2562-021 Subject Management Discussion and Analysis for 2nd