the decline in import of capital goods and the number of registered vehicles. Public spending excluding transfers contracted yoy from current expenditures while capital expenditures grew from the
mobile market. On the cost side, there’s less marketing spending QoQ and lower tower & equipment rental from settling disputes with TOT. As a result, reported EBITDA was Bt21,135mn increasing 19% YoY and
import of capital goods and the number of registered vehicles. Public spending excluding transfers contracted yoy from current expenditures while capital expenditures grew from the expenditures of state
) (1,551) (9%) Net working capital on acquired / sold assets 37 0 (5) (780%) (158) (48) 227% Maintenance capex (42) (39) (22) 89% (183) (100) 83% Cash Flow After Strategic Spending 189 244 (465) (141%) (458
, public spending excluding transfers also contracted in both current and capital expenditures partly due to the delay of FY2020 budget. Exports for 1Q20 grew slightly at 0.9% compared to the same period
persistently experienced a high contraction due to the international travel restrictions. However, economic activities during that period were supported by the expansion of public spending, together with the
consumption picked up across all spending categories thanks to improvements in domestic demand supported by various government stimulus measures. Private investment expanded at a higher rate, driven by real
categories from the slowdown in domestic and external demands and also from the lower business sentiment impacted by the outbreak. Meanwhile, public spending excluding transfers also contracted in both current
)% (490)% Net working capital on acquired / sold assets (147) 10 (142) (1,547)% (4)% Maintenance capex (133) (50) (60) (164)% (123)% Cash Flow After Strategic Spending (1,785) 24 (253) (7,524)% (606)% Net
-openings. However, towards the middle of the year, the rising inflation and continuous increase in energy costs limited private consumption and signaled a global economic slowdown, raising spending concerns