contribution in 2019.  With 90 manufacturing sites across 30 countries, and more than 90% in domestic sales, IVL is strongly suited for today’s macro environment to benefit from the trade tensions, supported by

global economy grew at a decelerating rate in 2019 amid uncertainty surrounding the US- China trade rift and concerns about Brexit which lingered throughout the year. The World Economic Outlook of the

which is higher than the par value is due to the fact that the Company has considered the value of Hero Experience which evaluated by the independent valuer, the Sims Property Consultant Co., Ltd., the

loss on exchange rate from trade payable. FINANCIAL PERFORMANCE 7 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis FINANCE COST AND TAX ABBREVIATION & OUR PROJECTSEXECUTIVE

. However, the pace of expansion is expected to ease if downside risks, such as the continuing U.S. and China trade dispute, materialize. In addition, Thailand is scheduled to hold elections on 24th of March

weaker from protectionist trade policies between US and China and effect of Baht appreciation, which affected to export sector and industrial sector, especially in electronic components manufacturing

cash and cash equivalents remaining from the proceeds of initial public offering after deducting the repayment of loans from commercial banks., (2) an increase of property plants and equipment which was

% 2. ECONOMIC SITUATION Thai economy in Q2/2019 moderated from previous quarter. The global demand weaker from protectionist trade policies between the US and China, which effected to export sector

increase in trade accounts receivable in the amount of 306.63 million baht from the government contracted institutions. - An increase in property, plant and equipment amounted to 1,438.16 million baht were

, which sales reported growth approximately 250%. The Company also expanded Omnichannel model to Italy by launching an e-commerce website called www.rinascente.it in June. - Property and Store expansion