favorable business performance. The Company reports the total revenue of 600.91 million THB in 2017, increased by 262.06 or 77.34% compared to the same period of 2016. With regards to cost of sales and

Veranda Resort Public Company Limited Management Discussion & Analysis Q1/2020 Management Discussion & Analysis Q1/2020 Revenue Structure Hotel 45.3% Property development 46.4% Food and beverage 6.1

. Revenue from Sales In 2018, the Company’s revenue from sales is Baht 1,144.99 million, which resulted in an increase of Baht 199.94 million or 21.16% when compared with the revenue from sales in 2017. Such

-Month period ended 31 December 2019. Overall performance of 2019 is lower than our expectation due to: Revenue YoY % QoQ % YoY % Revenue 973.29 850.53 -122.76 -12.61 244.40 212.60 222.62 10.015 4.71

June 2017 NPP Consolidated PL Unit : Million Baht Quarter 2 Year 2017 Quarter 2 Year 2016 %YoY Quarter 1 Year 2017 %QoQ Revenue from sales and services 151.0 128.9 17% 155.5 (3%) Revenue from food and

was attributable to the Company has some fixed costs that unchanged irrespective of the revenue. Distribution costs The Company booked distribution costs amounting to Baht 1.87 million and Baht 2.82

. The decrease was due to the higher proportion of reduction in total revenue from sales than the reduction in costs of sales which includes fixed expenses. In addition, there is a higher proportion of

sales volume and sales revenue increased but the sales unit price decreased from the Second quarter ended June 30, 2016. That effected higher cost of goods sold due to fixed cost for the factories

administrative expenses to total revenue was close to the last year and not able to decrease since the Company had mainly the fixed expenses. However, the financial cost has been increasing from the incremental

period of previous year which has loss of 103.49 Million Baht. The details are as follow: Performance Analysis (1) Revenue Total revenue for company and its subsidiaries in quarter 2-2017 equals to 580.10