the previous year, mainly due to the sharp lower of purchasing power in most industries, as well as the strong competition in the stainless steel pipe, aluminum and copper. This caused the decreasing in

important part in laying a strong foundation for the Company to be able to drive sustainable future growth.

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

coverage ratio (DSCR) remained strong at 5.59 times.

resilience to economic conditions. During the COVID period, JMART had a very strong business group including JMT and Singer. 2. Adaptive Expectation The management has Lock down anticipated and ongoing

, quick response, and strong public health system. Recently, the Global COVID-19 index (GCI) ranks Thailand as the second highest recovery rate of COVID-19 pandemic, and praised by WHO and international

increasing in payable for purchase of fixed assets following to the progress of Tubma Reservoir Development project and Debt service coverage ratio (DSCR) remained strong at 4.61 times.

to provide full services, and implementing a voluntary leave without pay scheme, initially for management but also later opened up to all employees. Maintaining a strong liquidity position has been a

, the decrease of Availability Payment profile as specified in the PPA is the key reason of the decrease in Normalized Share of Profit from GHECO-One. Nevertheless, GHECO-One still provide a strong cash

portfolio exposure in another countries and the degree of home bias are the main factors that determined the financial market spillover. However, strong linkages between countries are not necessarily implied