acquisition would still be a cost-effective investment because ADAM would be able to offset the 96 million baht difference with the projected initial 100 million baht earning from the new construction phase

: EIC-AD008/2019 February 27, 2019 Subject: Management Discussion and Analysis Yearly Financial Period Ending 31 December 2018 To: President The Stock Exchange of Thailand The Board of Directors of

from all products and sales channels, effective cost and expense management. As a result, the Company is able to make an operating profit of 3.3 million Baht (April – June 2019). The Management will

profit by increasing revenue from all products and sales channels, effective cost and expense management. As a result, the Company is able to make an operating profit since quarter 2 year 2019. The

Thai Financial Reporting Standard 15 (TFRS 15) regarding revenue from contracts with customers for the first time which is effective since 1 January 2019. Table 1 : Sales Revenue by Product Line for the

adversely affected by the compliance with the new Thai Financial Reporting Standard 15 (TFRS 15) regarding revenue from contracts with customers for the first time which is effective since 1 January 2019

financial statements for the year 2019, ended 31 December 2019, that have been accordingly audited by the Company’s external auditor and reviewed by the Audit Committee at the meeting No. 1/2020 held on

consolidated financial statements for the second quarter of the year 2019, ended June 30, 2019, that have been accordingly reviewed by the Company’s external auditor and by the Audit Committee at the meeting No

expenses (11.98) (10.23) (12.16) (9.99) (0.18) (1.49) Financial cost (4.69) (4.00) (0.12) (0.10) 4.57 3,910.38 Profit (loss) before income tax expenses (10.94) (9.34) (7.64) (6.27) 3.30 43.27 Income tax

, an increase of 51.0% YoY, represented 18.7% of total revenues from core business, increasing from 18.3% in last period due to effective cost management and tax benefits. Financial Position Statement of