transaction value is greater than 15 per cent but lower than 50 percent of the consolidated total assets of the Company. The entering into of such transaction constitutes an asset acquisition transaction of the

higher level of cassava price. Natural Resources business Group Exploration and Production business recorded lower revenue, as sales volume was reduced to realize only Nido & Martinloc, after the company

would have recognized a total sales Baht 5,248 million, lower than Year 2018 total sales of Baht 5,349 million, or a decrease of 2% YoY.  In Q4/2019, the Company and its subsidiaries recorded loss of

interest rate 4.9% per year is lower than the market interest rate which is the interest rate that the company borrows from other financial institutions. 8. Opinions by The Audit Committee and/or company

inventory on lower- margins from sales. Total expenses were Baht 450.0 million, decreased by 5.9% compared to same quarter last year due to measures taken up to control expenses. As a result, the Company

year is lower than the market interest rate which is the interest rate that the company borrows from other financial institutions. 8. Opinions by The Audit Committee and/or company directors

million or 13.07 percent. As the company has sales expenses in the leather and car seat business decreased due to the lower sales but for the boat and minibus business, there is an increase in selling

Page 1 Date 13 May 2020 Re: Management Discussion & Analysis for the 3-months period Ended 31 March 2020 To The President of the Stock Exchange of Thailand (SET) CHAOPRAYAMAHANAKORN PUBLIC COMPANY

relocation of garment manufacturers to Vietnam. The garment industry in Thailand has continued to shrink. Products of the Company: For elastic segment for baby diapers; The major manufacturers have switched to

causes the company's revenue in 2022 to postpone the delivery of some projects according to the delivered equipment. The main factor for the decrease in revenue in 2022 is that the company does not have