debentures. Baht Million 31-Dec-18 30-Sep-19 +/(-) +/(-)% Assets Cash, Cash equivalents and current investments 138.76 120.64 (18.12) (13.06%) Trade and other accounts receivable 1,117.59 1,611.69 494.10 44.21

or 3.2%. The main reasons are as follows: 1. Cash and cash equivalents Cash and cash equivalents and current investments as of December 31, 2019 and 2018 were THB 962 million and THB 138 million

Highlights Opening of major outlets has been slowed down while pop-up stores are more in focus Responding to the moderate economic situation in Thailand, After You has slowed down branch investments and

Company | www.shotelsresorts.com Page 4 of 9 Overview The Company is a holding company engaging in the management of hotels and investments in international hotel companies. Over the past four fiscal years

subsidies. EBITDA margin was at 44.6%, compared to 36.0% in 1Q16 and 36.4% in 4Q16. Net profit was Bt7,693mn declining 4.7% YoY but improving 19% QoQ. The Bt3,340mn remaining tax benefit from investments in

Plant Project in Indonesia. 5.2.4 The Company received cash from current investments in the amount of Baht 1,667.80 million. Management Discussion and Analysis For the Three-month and Six-month Periods

to the main financial statements no. 9 under “Investment Properties”. Current assets Cash and current investments 2,172 3,328 2,205 (34%) 2% Other current assets 3,339 3,337 4,475 34% 34% Total current

growth in business operations. In addition, such increase in total asset also resulted from our investments in expanding production capacities at Bangpakong, Chacheungsao province. Total liabilities were

overall liquidity and it could also save finance cost. ➢ Expenses on investments in 2 new subsidiaries; ETG Energy Company Limited (for participation in solar power plant phase 2) and Glow Trading and

December 2016 due mainly to trade receivables and inventories set to move in response to our growth in business operations. In addition, such increase in total asset also resulted from our investments in