2019 2018 YOY % Operating profit 457.27 403.89 53.38 13.22% Depreciation 124.10 100.14 23.96 23.92% Amortization 78.25 73.92 4.32 5.85% EBITDA 659.62 577.96 81.66 14.13% 2. ECONOMIC SITUATION Thai

LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q3/2018 2 2. ECONOMIC SITUATION Thai economy in Q3/2018 continuously grew. Export-oriented manufacturing businesses expanded for specific sector, automobile

LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q1/2018 2 2. ECONOMIC SITUATION Thai economy in Q1/2018 continually expanded, supported by every economic engine especially merchandise exports, which were

DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q2/2018 2 2. ECONOMIC SITUATION Thai economy for the 5 months ended May 2018 continually expanded, supported by

(FSMART) 1Q2020 Management Discussion and Analysis 2020 Management Outlook The Covid-19 pandemic has affected economic condition worldwide including Thailand, which severely decrease revenue of both

excessive volatility in the global financial markets. The COVID-19 pandemic presents unprecedented challenges for our community and situation is evolving every day. Central Retail Corporation Public Company

any factors or situation are changed in the future; the investors are, therefore, required to have their own discretion regarding the usage of this information for any purpose. For further detail

unfavorable condition of the Company’s traditional trade channel as the Company appointed a large-sized distributor for the channel since the first quarter of 2018 but later terminated the contract with the

policy and political situation which were clearer. This will result in people spending more on consumption. The issues that need to be tracked is the rubber price, the competition in foreign markets

the previous year due to an unfavorable condition of the Company’s traditional trade channel as the Company appointed a large-sized distributor for the channel since the first quarter of 2018 but later