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Thailand Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the year ended 31 December 2019 of the Company and the
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loan and the impact of the THB appreciation to foreign currency translation of financial statements despite higher interest rates. Earnings before interest, tax, depreciation and amortization (EBITDA
renovation of three hotels under Dusit Thani brand, and caused by a temporarily weaker demand from catering and convention during the mourning period and the royal funeral of King Bhumibol Adulyadej. Earnings