. - Cost of sales decreased from Baht 393.55 million in 2016 to Baht 324.85 million in 2017, or 17.46%, due to the decrease in labor force from the voluntary resignation program and the cost reduction

to the decrease in world wheat market prices and the appreciation of the baht in the previous year. Resulting in a reduction in the selling price of wheat flour. Other income in the first quarter of

S&P MD&A YE2018-ENG -1- Ref. POL. 029/2019 February 27, 2019 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P

sales ratio 2.2% when compared to the previous quarter and decrease of 3.0% when compared to the same period of last year by the usage reduction of consumptive material in production. Selling and

was 42.95 million Baht which had a Gross Profit Margin of 25.42%, decreasing from the same period of previous year which had a Gross Profit Margin of 27.72%. This decrease in Gross Profit Margin was

Gross Profit Margin of 23.02%, not much different from period of previous year which had a Gross Profit Margin of 23.33%. This decrease in Gross Profit Margin was from appreciation of Baht against other

Profit was 8.92 million Baht, reflecting Gross Profit Margin of 20.78%, decreasing from the period of previous year which had a Gross Profit Margin of 28.53%. This decrease in Gross Profit Margin was

decreased by Baht 85 million over the prior year as a result of a reduction in occupancy of Laguna Phuket hotels.  Revenue from property development operations which comprise of property sales and the sale

Increase/(Decrease) Baht million Baht million Baht million % Revenue from Sales and Services 388.0 422.0 34.0 8.8 - Operating Revenue1 377.6 420.6 43.0 11.4 - Other Income from Utilities Business2 10.4 1.4

The decrease in account payable Quick Ratio (x) 1.68 1.93 (0.25) The decrease in cash and cash equivalents used for operating activities Return on Equity (%) 0.84 1.89 (1.05) Decrease in performance