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 2021 of the Company and the

Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the year ended 31 December 2022 of the Company and the subsidiaries (“the

management such as financing costs, insurance costs, working capital management, and organizational cost control. The Company has evaluated preliminary which is expected to gradually increase from 2019 to 2024

1 บริษัท เอน็ซีแอล อินเตอร์เนชั่นแนล โลจสิตกิส์ จ ำกัด (มหำชน) NCL INTERNATIONAL LOGISTICS PUBLIC COMPANY LIMITED ที่ NCL-M 23/60 วนัท่ี 16 สงิหาคม 2560 เร่ือง แจ้งรายการได้มาซึง่ทรัพย์สนิของบริษัท

of fund Operating cash flow 57,801 Net CAPEX & Fixed assets 12,064 Proceed from capital reduction of investment in an associate 532 Net borrowings payment 11,685 Interest received 110 Dividend paid

of fund Operating cash flow 57,801 Net CAPEX & Fixed assets 12,064 Proceed from capital reduction of investment in an associate 532 Net borrowings payment 11,685 Interest received 110 Dividend paid

have executed the company-wide cost management, our cost structure has been continually optimized amidst the competitive landscape. To support our aspiration in 2019, we ensure to allocate sufficient

the Revenue Department’ s challenge for the company to pay the withholding tax on revenue sharing ( see Note 20 on Contingent Liabilities). Net FX gain was Bt12mn, compared to Bt41mn in 3Q17 and Bt106mn

1 No. ACE-ACC-3/2021 13 August 2021 Subject Management Discussion and Analysis for the period ended 30 June 2021 To President The Stock Exchange of Thailand Absolute Clean Energy Public Company

Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the period ended 30 September 2021 of the Company and the subsidiaries