in tourism and export. The partial lockdown mandated in the last week of March resulted in a more pronounced slowdown in economic and business activities. Telecommunication sector was affected from

2018 expanded continuously on the back of robust exports and tourism, which is supported by stronger global economic conditions. Exports and tourist arrivals rose by 9.9 percent and 15.4 percent, from

2017 accelerated from the earlier period. The main impulsion were continued expansion both merchandise exports and tourism. The value of merchandise exports, consistent with the faster economic growth

from the earlier period. The main impulsion were continued expansion both merchandise exports and tourism. The value of merchandise exports, consistent with the faster economic growth among Thailand’s

system (ESS) and smart grid technology in Eastern Aviation Specialised Zone and Eastern Economic Corridor (EEC) area, as well as with Korea Midland Power Co., Ltd (KOMIPO) for the collaboration in

Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

past collection history, aging profile of outstanding debts and the prevailing economic condition. The management believes that allowance for doubtful accounts is adequate in the current circumstances

policy on allowance for doubtful accounts is based on past collection history, aging profile of outstanding debts and the prevailing economic condition. The management believes that allowance for doubtful

outstanding debts and the prevailing economic condition. The management believes that allowance for doubtful accounts is adequate in the current circumstances. Inventories Unit: Million Baht Consolidated

maximize market opportunities in 2018.” 2. Outlook General economic conditions are favorable: there is growing expectation that Q4 2017 GDP growth in Thailand will have accelerated to 4.5% y/y (versus 4.3