ด4 UNOFFICIAL TRANSLATION Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. PAGE 4 Notification of the Securities

ด4 UNOFFICIAL TRANSLATION Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. Notification of the Securities and

Microsoft Word - Kor Jor. 4-2560 UNOFFICIAL TRANSLATION Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference

Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the year ended 31 December 2019 Executive Summary The Thai economy in the last quarter in 2019 continued to grow

shares in other companies (Holding Company) which engage in the property business whereas the Company has agreed to accept the transfer of all assets and liabilities of UE as of the entire business

conjunction with the consolidated financial statements and notes to financial statements. If not defined otherwise, all financial information presented in this document are in Thai Baht. The company presented

in conjunction with the consolidated financial statements and financial statements notes. If not defined otherwise, all financial information presented in this document are in Thai Baht. The company

, primarily due to fair value adjustments on investment property at THB 794m realized in 9M18. For 3Q19, the Company reported total revenue of THB 3,520m, grew by 94% YoY. 275% growth in revenue from sales of

properties in 2018 and 2019. According to accounting standard, the company obliges to measure investment property at fair value representing current rental income and remeasure once any events impacting

reduction of 3.0% Q-o-Q and 9.5% Y-o-Y, while sales revenue in USD terms grew by 1.0% Q-o-Q but declined by 8.9% Y-o-Y. The lower revenue recognition in Baht terms was due to the strengthening Thai baht