the Company considered lowering the rent for tenants, and the cancellation of HomePro Expo event in the first quarter. - Other income was Baht 405.71 million, a decrease of Baht 89.60 million or down by

result of loan repayment by net proceed received from SPRIME. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will ultimately reduce debt

ratio from 1.35x to 1.39x was mainly due to dividend paid to shareholders in May 2019. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will

part of the 3E project (Efficiency, Energy, and Environmental Project), lowering the cost of producing electricity and steam 9 | Management Discussion and Analysis of Business Operation for the year 2017

excess. In addition, the COVID-19 outbreak resulted in various refineries successively lowering production to coincide with dwindling demand. Dated Brent and Dubai spread (DTD/DB) average in Q1/2020

ec ti on A ct iv it ie s Re po rt 1 J an ua ry 2 01 3 - 31 D ec em be r 20 13 comparison was not carried out. Audit procedures were not performed to assess the reasonableness and reliability of the

2,176,226,055.70 1,062,318,346.76 1,367,270,011.49 6. Calculation of Transaction Size According to Calculation by Investment Proportion The objective is to assess the impact of the transaction on the financial

approved by high-level management. In this case, such system shall; (a) generate good control environment; (b) assess, administer and manage any risks which arise or may arisen from conducting business to be

) having internal control system which is approved by high-level management. In this case, such system shall; (a) generate good control environment; (b) assess, administer and manage any risks which arise or

the purpose and mission of the company; (2) having internal control system which is approved by high-level management. In this case, such system shall; (a) generate good control environment; (b) assess