22% Revenue from Franchising 0 2 n/a 1 3 200% Total Operating Revenue 283 207 (27%) 1,194 768 (36%) Other Income1 3 3 0% 8 5 (38%) Total Revenue1 286 210 (27%) 1,202 773 (36%) Key Drivers Q4/19 Q4/20

company's true earnings from its normal operations. To exclude the assessment of the fair value of net assets and allocation of business acquisition costs as well as the effects of accounting standards, in

Operating revenue 5,863 19,226 18,279 (5%) 212% 24,880 66,562 168% Gross Profit 1,265 5,476 4,682 (15%) 270% 6,356 18,662 194% EBITDA 973 5,057 4,198 (17%) 331% 5,457 16,783 208% Shares of profit of

% Other Income Other Income1 102 109 127 16% 25% Total Revenue 4,892 5,319 7,189 35% 47% Cost of Raw Materials1 Natural Gas 3,032 3,628 4,562 26% 50% Coal - - 190 n/a n/a Others 214 171 202 18% (6%) Total

in line with income from investments, an increase in net premiums earned - net, and revenue from capital market products. Nonetheless, given one extraordinary item – an increase in retirement reserves

included:  Revenue Code Amendment Act (No. 48) B.E. 2562 (2019) This law, effective March 21, 2019, stipulates that financial institutions, specialized financial institutions and e-money service providers

million or 19.63 percent from the previous quarter, due mainly to declines in net premiums earned, revenue from capital market products as a result of one-time sales of securities, and dividend income

increased by Baht 2,139 million or 15.68 percent due largely to rising revenue from the sale of securities. Moreover, other operating expenses were close to the level seen in the previous quarter, resulting

), and Emergency Decree on Amendment to the Revenue Code (No. 19) B.E. 2561 (2018) These two acts of legislation stipulate that the Minister of Finance is in charge of the enforcement of these laws, while

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended March 31, 2018 In the first quarter of 2018, Thai economic growth gained traction, buoyed by both domestic and international factors. However, the business sector faced rising challenges, namely various forms of competition, a borderless marketplace within the ASEAN Economic Community (AEC), and the advancing digital age amid the rapid pace of technological advancement, thus lea...