and with additional support from the social media channels. Personal Care Segment In 2019, total personal care revenues increased by 8.3% YoY (THB 204 million) to THB 2,656 million (for 4Q’19, total

available to pay debt securities holders; b. provision requiring the issuer to maintain certain financial ratios; c. provision that restrict the issuer from creating additional debt under certain conditions

first half of 2019, and later in the second half of the year, 2-4 additional branches in Thailand and 1 franchisee branch in Hong Kong are expected to be opened. More Pop-Up Stores have been launched to

impact of additional provision for retirement benefits, the net profit*margin would be 12.5% for Q2’19 and 13.2% for 1H’19. - Overall Q2’19 Net Sales were at THB 6,295 million, +5.7% YoY. Domestic

Charge for additional Utilities demand and Service Fees for Wastewater Management. 3 Gross Profit from Operation excludes Other Income from Utilities Business. 4 Other Incomes mainly consists of Interest

offset by the additional loan for arcona Hotel acquisition. Net profit was THB 1,867mn and net profit margin was 18.4% compared to (9.6%) in 2018. MANAGEMENT DISCUSSION & ANALYSIS 2019 14 FEBRUARY 2020 U

slower rate in March and reached its bottom in April (-8.1% YoY), it made a v-shape recovery with 18.0% growth in June, partly driven by additional supply of C-Vitt from capacity expansion. - While Q2’20

investment in associated company to investment in available-for-sale securities, which consistent with the investment proportion and the purpose of the Company investment. The Company recorded gain on fair

assets amounted to Baht 112,377 Million, representing an increase by Baht 8,546 Million or 8.2 percent when compared with total assets as at December 31, 2018 mainly from fair value adjustment of

accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of construction under a concession arrangement at actual cost amounting to Baht 131.3 million