economic slowdown, our overall volume from industrial users was quite stable y-on-y, thanks to the synchronization of new 26 MW PPA over the previous 12 months and well portfolio diversification. Several

led to widespread slowdown in economic activities. Private consumption slowed down in almost all categories especially in services segment: hotels, restaurants and transportations from the various

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

appraisa t appropriate iscount not praiser, and he asset app Value Ap Financia and/o Appraise 3 65 5 2 1,3 s in subsidiari nately in acco s, not include the f 30 Septembe will require the ny. ed on average

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