remained resilient, despite a global slow-down in demand and weak outlook for automobiles. Lifestyle, on the other hand, has been adversely impacted due to stocks overhang and impacted by US- China trade

, including the legal due diligence, use of the intellectual property in relation to the project and the execution of the shareholders agreement, provided however that the Transaction will be completed within

because of Baht appreciation. Business outlook for Q1/2020 was expected that Thailand economy would be depressed compared to the same period of 2019, in line with economic and the slowdown of private

outlook for 4Q17 should be positive compared to last year after passing the mourning period and Royal Cremation Ceremony since the end of October 2017. For hotel renovations, the Company already completed

Outlook on Q4/2017 3. Management’s Message Management’s Discussion and Analysis (MD&A) For Q3/2017 3 tons, higher than below 65,000 tons/month in the past. The average selling price in this quarter was at

million and some portion from the trade creditors agreed to reduce the accrued interests payable during the negotiation period before the completed debt-to-equity conversion scheme. - Gain on exchange rate

the net trade debts of THB 1,136 million and some portion from the trade creditors agreed to reduce the accrued interests payable during the negotiation period before the completed debt-to-equity

maturity with fixed coupon rate of 3.5% per annum, semiannually paid throughout the term with TRIS rating BBB+ and stable outlook. Unit: THB mn 3Q18 3Q17 9M18 9M17 Hotel business 1,008 997 11 1.1% 3,328

possible to do so. MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020 15 MAY 2020 U CITY PCL 1Q 2020 - MD&A (for three-month period ended 31 March 2020) 11 U CITY PCL BUSINESS PLAN AND OUTLOOK The epidemic from a new

2021. Currently, the total number of stores which have opened, or have completed franchise contacts aggregates to 90 branches. In addition, the Company has set the medium-term targets to expand to 500