from the financial lease to buy the drag for investment in Euro Asia Total Logistics Limited Page 4 of 5 Net profit for the year Ended December 31, 2018 and December 31, 2017, equal to 96.19 million baht

Company Limited 5 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2020 made to maintain the price despite competitive pressure which remains. The engineering business while still a slight drag

expectations and every effort will be made to maintain the positive trend we saw since 2018 although the competitive pressure continues to increase. The engineering business was a drag on EBITDA in 2019 however

ในอัตราที่ชะลอลงจากแรงกดดันของอัตราเงินเฟ้อเร่งตัวในหลายประเทศ และ Fiscal Drag หลังจากมาตรการสนับสนุนและ บรรเทาผลกระทบจากการระบาดของ COVID-19 เริ ่มหมดลง ณ วันที ่ 30 พฤศจิกายน 2564 Fundsmith Equity

engineering. A similar impact is seen year to date where core business is running well beyond the same period in 2017 while the impact from lack of engineering contribution is a drag. We do expect Golden Lime

competitive pressure which remains. The engineering business while still a slight drag in Q2 has secured a project in Indonesia and will be a positive contributor in 2020 as a whole. Depreciation was closed to

contribution is a drag of over 50mTHB annually in revenue. We do expect Golden Lime Engineering to contribute to top line growth as there are promising projects being negotiated and should materialize in the

discount was provided to those being impacted by measures to contain COVID-19. Still, the discount did not significantly drag gross profit margin down due to reduction in advertising and marketing expense

debt will continue to be a drag on household spending. However, public policy continuity, including the implementation of infrastructure projects such as the Eastern Economic Corridor (EEC), will support

developments warranted a close watch, particularly in US politics, which were a drag on the implementation of economic stimulus measures and tax reform. In addition, Britain’s economic outlook was obscured by