Microsoft Word - S - MDA 4Q19_EN Page 1 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 Executive Summary Singha Estate Public Company Limited (“the Company

consist of operating and administrative expenses, bad debt and doubtful accounts, and finance cost. In the fiscal year 2016, the Company had total consolidated expenses of 14,737 million baht, increased by

income 47.97 100.00 79.46 100.00 (39.63) Costs 18.79 39.17 42.14 53.03 (55.41) Administrative expenses, finance costs and share of loss from associates 37.52 78.22 29.56 37.20 26.93 Management benefit

has planed to generate more fee base incomes in the future. Expenses In the nine-month period, the consolidated expenses that consisted of operating and administrative expense, bad debt and doubtful

(283.1) (21.8)% 365.5 56.1% Selling Expenses 63.5 56.3 65.3 7.2 12.8% (1.8) (2.8)% Administrative Expenses 76.4 82.5 51.4 (6.1) (7.4)% 41.4 80.5% Revenue and Cost of Sales and Services and Construction

(283.1) (21.8)% 365.5 56.1% Selling Expenses 63.5 56.3 65.3 7.2 12.8% (1.8) (2.8)% Administrative Expenses 76.4 82.5 51.4 (6.1) (7.4)% 25.0 48.6% Revenue and Cost of Sales and Services and Construction

3,640.2 3,711.5 (71.3) (1.9%) Costs of service 1,606.0 1,546.3 59.7 3.9% Gross Profit 1,975.3 2,018.4 (43.1) (2.1%) Gross Profit Margin 55.2% 56.6% Administrative expenses 583.8 578.6 5.2 0.9% Total

from the water supply contract from subdistrict administrative organization in Tambon Mai- Khao ,Amphoe Thalang, Phuket with Hydro Enterprise & Aqua Design company Limited (HYDRO), subsidiary of GS in

-purchase income Other income 1,867 2,920 148 559 1,738 3,076 249 593 -7% 5% 69% 6% Total Revenues 5,494 5,656 3% Operating and administrative expenses and others Bad debts and doubtful accounts Finance costs

and administrative expenses, bad debt and doubtful accounts, and finance cost. In the fiscal year ended February 28, 2019, the Company had total consolidated expenses of 16,213 million baht, increased