, reserve and liquidity. Credit Rating LH Financial Group Public Company Limited is assigned the credit rating at “BBB+” with “Stable” outlook by TRIS Rating. Analysis of Operating Results In the first

, before extraordinary items 192 798 (76)% (13) 34 51 (125)% Add: Non Operational/Extraordinary income/(expense) (23) 21 (207)% (34) (7) 18 (288)% Acquisition cost and pre-operative expense, (26) (35) (26

fees and service income to operating income ratio 21.2% 23.9% 21.3% (2.7)% (0.1)% 22.5% 22.7% (0.2)% Expense to operating income ratio 45.3% 42.6% 42.8% 2.6% 2.4% 44.0% 41.4% 2.6% Return on average

). Moreover, the Thai economic outlook would underperform below the baseline projection because; 1. The global economy could enter a severe recession and Thailand’s tourism sector could take a long time to

Outlook on Q4/2017 3. Management’s Message Management’s Discussion and Analysis (MD&A) For Q3/2017 3 tons, higher than below 65,000 tons/month in the past. The average selling price in this quarter was at

was THB 118 million, a decrease of 3.3% yoy, mainly from a decrease in revenue sharing from Le Cordon Bleu Dusit due to additional expense in relocating to the new location as well as for business

were also lowered from the cost-saving plans that have been carried out. 1 EBITDA Margin and Net Profit Margin is calculated from Total Revenue Management Discussion & Analysis Q2/2020 ?? 2020 Outlook 3

to the increase in total revenue especially from dessert café. At the same time, the expense has increased at a smaller proportion as a result of the Company’s ability to manage costs which allows the

million, decreased by 123.5% YoY. This decrease was driven by the temporary closure of Hotels and the employee benefit expense from an organizational restructuring. However, the Company had the positive

National Reform Committee was established to help set a new platform for Thailand’s future economic and social development. Economic Outlook for 2018 In 2018, the Thai economy is forecast to grow by 4.0-4.5