(THIS REPORT DISCUSSES PRINCIPAL CHANGES TO THE UNREVIEWED CONSOLIDATED FINANCIAL STATEMENT) LH FINANCIAL GROUP PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FIRST QUARTER ENDED

review to support our management towards better credit management standards.  Market Risk Management Market risk may arise from changes in interest rate, foreign exchange, equity and commodity prices, as

fragile, others remained mired in uncertainty in terms of new modes of competition, a broader marketplace within the ASEAN Economic Community (AEC) and the digital age, along with external changes

Power (IRPC-CP Phase 1 and Phase 2) in November 2017, in which GPSC holds 51% equity, allowed the company to expand the electricity generating capacity resulting in an increase in volume of electricity

of sales at Baht 0.4 million, selling and distribution expenses at Baht 1 million and administrative expenses Baht 1.6 million). For the subsidiary company, the expenses from the changes in the

million into our capital structure as of June 30, 2017, the illustrated net interest-bearing debt to equity ratio would be 1.6 times. Development of Solar Projects Pursuant to Notification of the State

contracts including tower lease agreement, site rental, office & shop building rental, and roaming on TOT’s 2100MHz spectrum. Key changes are as follows: a. Lease liability is a present value of the remaining

, AIS fully expensed handset subsidy as either handset loss or marketing expense. With the effect of TFRS 15, key financial changes, compared to prior to 2019, will be as follows: a) Device subsidy

the THB that affected the value of the Company’s overseas assets. • Net debt to equity ratio as of 31 December 2019 stood at 0.48x, an improvement from 0.55x in 31 December 2018. SIGNIFICANT EVENTS

venture, are not consolidated within the Company’s hospitality business, and are instead accounted for using the equity method, pursuant to which the Company receives a share of profit or loss from the