half of the year. Against the backdrop of the global trade slowdown and uncertainty over US trade policy, merchandise exports in 2018 expanded by 7.7 percent, down from 9.8 percent growth in 2017

and according to target. In 2019, Thai economy has decelerated with GDP reported at 2.4% decreased from 4.1% in 2018 as a result of declining in export growth and Baht appreciation. The world-trade

the uncertainties stemming from economic recession. However, our capital position – as of the end of the first quarter of 2020 – remained robust. As evidenced, capital adequacy ratio (CAR) of

. 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

were limited to specific areas and types of housings. Trade businesses steadied or slightly expanded following a gradual increase of domestic expenditures. The improvement in economic activities helped

MANAGEMENT DISCUSSION AND ANALYSIS FOR 2017 2 2. ECONOMIC SITUATION Thai economy continually expanded supported by every economic engine especially merchandise exports that were uplifted from global trade

projects In 2Q19, the world’s economy was impacted by several significant events. In May, US-China trade war escalated again when the US announced plans to further raise import tariffs of Chinese goods

flow position because debt services declined follow with Availability Payment. For SPP business, total sale volume of 8 SPPs continue to grow but the negative impact from a planned maintenance shutdown

% Financial position Total assets 250,326 186,945 63,380 33.9% Total liabilities 189,609 145,986 43,623 29.9% Total equity 60,716 40,959 19,757 48.2% (1) (1) (1) (2) Central Retail Corporation Public Company

…………………...….……….…………….. Reported by: ….…(Name)………………………….……..……….…………..……Position: ……..……………….………..….…….. รายงาน ณ วันที่ / Reporting date: ………………………………….......………………………… ชื่อผู้ถือหลักทรัพย์และสัญญาซื้อขายล่วงหน้า 1 Name of