important part in laying a strong foundation for the Company to be able to drive sustainable future growth.

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

coverage ratio (DSCR) remained strong at 5.59 times.

resilience to economic conditions. During the COVID period, JMART had a very strong business group including JMT and Singer. 2. Adaptive Expectation The management has Lock down anticipated and ongoing

, quick response, and strong public health system. Recently, the Global COVID-19 index (GCI) ranks Thailand as the second highest recovery rate of COVID-19 pandemic, and praised by WHO and international

also later opened up to all employees. Maintaining a strong liquidity position has been 2 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02

increasing in payable for purchase of fixed assets following to the progress of Tubma Reservoir Development project and Debt service coverage ratio (DSCR) remained strong at 4.61 times.

to provide full services, and implementing a voluntary leave without pay scheme, initially for management but also later opened up to all employees. Maintaining a strong liquidity position has been a

, the decrease of Availability Payment profile as specified in the PPA is the key reason of the decrease in Normalized Share of Profit from GHECO-One. Nevertheless, GHECO-One still provide a strong cash

beginning of May 2020. In Italy, 9 department stores were closed starting from 12 March 2020 to 17 May 2020. Currently, our stores have been re-opened with strong preventive health measures in all business