. LIQUIDITY AND CASH FLOW (THB mn) *After tax and net tax refund (THB -153mn) and interest expense (THB -33mn) **Included translation adjustment of (THB 2.3mn) For the six months ended 30 September 2018, cash

from higher advertising and promotional spending as well as higher administrative expenses (+THB 153.0 million or +17.7% YoY) which was was driven by last year’s one-time adjustment from partial reversal

Baht 6.7 million according to the increase in revenue. Receivables under finance lease decreased by Baht 103.6 million from the adjustment of exchange rates and cash received during the period

+ 201.0 - 1,200.9 + 4.9 341.7 Beginning 31 Dec 2018 operating activities Interest and Tax Investing Activities Financing Activities Adjustment and different in FX rate Ending 30 Sep 2019

translation adjustment and cash & cash equivalents of subsidiaries which classify as assets held for sale MANAGEMENT DISCUSSION & ANALYSIS 2019 14 FEBRUARY 2020 U CITY PCL 2019 - MD&A (for the year ended 31

695.1 Beginning 31 Dec 2018 Operating Activities Interest and Tax Investing Activities Financing Activities Adjustment and different in FX rate Ending 31 Dec 2019

million, the adjustment for non- cash items, a decline in accounts payable, an increasing of accounts receivable and inventories. The Company had cash from investing activities of THB 224 million caused by

thrives afterwards. Performance Summary Consolidated Statement of Comprehensive Income Note: (1) Excluded unrealized gain from foreign exchange rate on convertible bond, gain from fair value adjustment on

standards was recognized as an adjustment to the retained earnings as at 1 January 2020, and the comparative information was not restated. The impact of the adoption on the consolidated statement of financial

Profit for the period attributable to owners of the parent of THB 256.31 million, offsetting from dividend payment of THB 300 million, the increase from the adjustment of the beginning retained earning