21.8% 89.0% EBITDA 100 103 115 11.4% 14.7% Net profit from operation 49 39 38 -2.9% -22.3% Net profit (exc. Minority Interest) 62 33 39 19.0% -36.9% Gross profit margin 61.0% 33.7% 37.9% EBITDA margin

by 29.8% YoY to THB 2,233mn mainly from the expansion of the hotel business through new hotel launches and through new acquisitions • EBITDA and EBITDA margin were THB 509mn and 22.8% respectively

cost 208.1 58.7 254.5% 193.3 7.7% Reported Net Profit/Loss (132.4) 26.8 N.A. 0.9 N.A. GOP margin (%) 61.2% 68.5% 62.5% EBITDA margin (%) 16.0% 37.3% 24.3% Operating EBITDA margin (%)* 17.8% 53.3% 23.7

margin (%) 62.8% 64.6% 61.2% EBITDA margin (%) 21.6% 5.9% 18.4% Operating EBITDA margin (%)* 21.6% 5.9% 18.4% Net profit margin (%) (14.2)% (21.7)% (5.5)% * Excludes impairment charges, profit/loss from

high profit margin and also from effective marketing policy. (2) Analysis of Operating Results and Profitability (2.1) Revenues from Sales and Services Description Year 2018 Year 2017 Increase

% (24.7) N.A. Finance cost 132.5 254.8 (48.0)% 458.2 (71.1)% Reported Net Profit/Loss (387.5) (880.5) (56.0)% (253.7) (52.8)% Recurring Net Proft/Loss* 10.5 (63.7) N.A. (253.7) N.A. GOP margin (%) 63.4

Sales 1,205 1,500 -20% 3,892 4,384 -11% Cost of Goods Sold 956 1,054 -9% 2,976 3,087 -4% Gross Profit 249 446 -44% 917 1,297 -29% %Gross Profit Margin 20.7% 29.7% 23.6% 29.6% Selling Expenses 268 235 +14

ำไรสุทธ ิ 28.4 19.3 47.2% 41.3 49.3 -16.2% อัตรำก ำไรข้ันต้น (%) 49.0% 47.1% 1.8% 42.6% 50.2% -7.6% EBITDA margin (%) 62.0% 41.3% 20.8% 37.8% 40.4% -2.6% EBIT margin (%) 55.1% 34.1% 21.0% 29.8% 33.2

automotive industry. 1.10 Profitability For the year ended 31st March 2020, the Company and its subsidiaries had lower gross profit margin of 11.93 percent compared with gross profit margin of 12.49 percent in

gross profit margin of various product groups which are weaker due to the higher production cost per unit from lowest production volume together with the demand decreased and the intense competition. In