Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

receiving from trade and other receivable, decrease reduction in inventory, and management of trade and other payables. - Net cash flows from the investing activities was 5.1 MB, increased by 4.0 MB when

Microsoft Word - 1911-033EN Management Discussion and Analysis for Q3-2019 (Ending Sep 30 2019).docx Ref. No. 1911/033EN November 12, 2019 Subject Management Discussion and Analysis for Q3/2019

Microsoft Word - 1905-022EN Management Discussion and Analysis for Q1-2019 (Ending Mar 31, 2019) Ref. No. 1905/022EN May 9, 2019 Subject Management Discussion and Analysis for Q1/2019 (Ending March

Microsoft Word - 2002-003EN Management Discussion and Analysis for the year 2019 (Ending Dec 31, 2019) (Revise Template) Ref. No. 2002/003EN February 20, 2019 Subject Management Discussion and

Management Discussion and Analysis for the 2st Quarter 2017 ended August 31 Management Discussion and Analysis for the 2 st Quarter 2017 ended August 31, 2017 AEON Thana Sinsap (Thailand) Public

flow from operating activities was 92.5 MB, increased by 14.7 MB when compare with Q2/2019, the effective due to the increase of trade and other receivable and inventory, but there is a management of

working capital management during 9M17, trade receivable turnover, inventory turnover as well as trade payable turnover were not meaningfully changed yoy. Leverage ratio has improved as illustrated by

Director Ratio Analysis :Consolidated Financial Statements 12 mth 12 mth Unit : THB million 2017 2016 Returns (%) Return on Assets 13% 8% Return on Equity 15% 10% Working Capital Management (Days) Trade

* 12% 10% Return on Equity * 14% 12% Working Capital Management (Days) Trade Receivable Period 62 67 Inventory Period ** 40 35 Trade Payable Period 36 44 Leverage Ratios (x) Interest Coverage 350.60