performance of the Group Unit: Million Baht Q1’ 2018 Q1’ 2017 Increase (decrease) Variance (%) Total revenues 1,977 1,570 407 26% Net profit 116 50 66 132% The Group has total revenues of Baht 1,977 million for

million from the same period last year. The Company would like to clarify the reasons as follows: 1. The total revenues of the Group for the Quarter 1/2020, amount Baht 44.30 million, decrease by Baht 23.92

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 6 May 2021 No. ZEN 2564-009 Subject Management Discussion and Analysis for the 1st

million baht or 95.45 percent 2 Sales and Services of the group of companies are 20.47 million baht, a decrease of 6.44 million baht or 23.94 percent, details are as follows: 2.1 Cost of sales of fans in

first quarter of 2017 of Baht 3,321 million and Baht 3,502 million respectively, which is equivalent to a decrease of Baht 181 million or a decrease by 5% compared to the same period of 2017. Details are

2020, the Group had distribution costs of 62 million baht, decreased 26 million baht. 30% compared to the same period last year. The decrease in expenses from decrease employee expenses , travelling

177.30 million, a decrease of 28.1% over same period last year. However, the decrease in net profit was mainly from the group has changed accounting policies about provision for obsolete and slow-moving of

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 8 May 2020 No. ZEN 2563-011 Subject Management Discussion and Analysis for the 1st

the group companies totaled 53.03 million baht, a decrease of 14.65 million baht or 21.65 percent with the key details as follows 2.1 Renewable energy costs amounted to 14.98 million baht, a decrease of

last year, representing a decrease of Baht 314.78 million or 384.68% YoY, which could be largely attributed to the factors as follows : 1. The company had total sales revenue of Baht 882.21 million