and 5) non-cash, one- time expenses recognized from selling unused old machines. Page 5 4. Financial Position of the Company and its Subsidiaries (Unit: Baht Million) 30 September 2019 31 December 2018

Financial Position 1. Total assets as of September 30, 2019 and December 31, 2018 were THB 183,216 million and THB 177,560 million, respectively, which is equivalent to an increase by 3.2%, primarily due to

Group’s net profit decreased from THB 122.9 Mn baht to THB 114.2 Mn, a decrease of THB 8.7 Mn or 7.1% and the net profit margin decreased from 4.1% to 3.6%. Financial Position Analysis Assets As of 31

Statement of Financial Position 8

. Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 9 of 9 Analysis of Financial Position and Investment

decrease by 4.2%. 6 2. FINANCIAL POSITION The Consolidated Balance Sheet as of 31 December 2019 is summarized as follows. Assets As at 31 December 2019, the Company’s total Assets was Baht 26,418.7 million

Enclosure 4 1 INFORMATION MEMORANDUM ON THE OFFERING OF THE NEWLY ISSUED ORDINARY SHARES OF G STEEL PUBLIC COMPANY LIMITED TO (1) THE EXISTING SHAREHOLDERS PRO RATA TO THEIR SHAREHOLDINGS (RIGHTS OFFERING) AND (2) A SPECIFIC INVESTOR (PRIVATE PLACEMENT) July 14, 2017 Reference is made to the Board of Directors’ Meeting of G Steel Public Company Limited (the “Company”) No. 6/2017, held on July 14, 2017, at 4.30 p.m., which approved the capital increase of the Company by not more than THB 138,661,...

Enclosure 4 1 INFORMATION MEMORANDUM ON THE OFFERING OF THE NEWLY ISSUED ORDINARY SHARES OF G STEEL PUBLIC COMPANY LIMITED TO (1) THE EXISTING SHAREHOLDERS PRO RATA TO THEIR SHAREHOLDINGS (RIGHTS OFFERING) AND (2) A SPECIFIC INVESTOR (PRIVATE PLACEMENT) (Additions) July 14, 2017 Reference is made to the Board of Directors’ Meeting of G Steel Public Company Limited (the “Company”) No. 6/2017, held on July 14, 2017, at 4.30 p.m., which approved the capital increase of the Company by not more than...

& ANALYSIS 1Q 2017/18 2 AUG 2017 FINANCIAL POSITION ASSETS ASSETS BREAKDOWN 31 MARCH 2017 30 JUNE 2017 (Restated) (THB mn) % out of total (THB mn) % out of total Cash & cash equivalents and short-term

Microsoft Word - ELCID Encl. 4_GST - IM for RO and PP (EN) v11 (03082017)_clean Enclosure 4 1 INFORMATION MEMORANDUM ON THE OFFERING OF THE NEWLY ISSUED ORDINARY SHARES OF G STEEL PUBLIC COMPANY LIMITED TO (1) THE EXISTING SHAREHOLDERS PRO RATA TO THEIR SHAREHOLDINGS (RIGHTS OFFERING) AND (2) A SPECIFIC INVESTOR (PRIVATE PLACEMENT) (Additions) (Amendments) July 14, 2017 Reference is made to the Board of Directors’ Meeting of G Steel Public Company Limited (the “Company”) No. 6/2017, held on July...