, primarily due to the sharing of loss from joint ventures that invested in UK portfolio. Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate

disclose the information memorandum with respect to the entering into of such transaction to the Stock Exchange of Thailand Subject : Information Disclosure and Execution of Listed Company due to Acquisition

of 90.99 Million Baht, expenditure of the debt resulted from prosecution of 29.04 Million Baht, general capital impairment loss of 2.86 Million Baht, joint venture capital impairment loss of 0.08

other currencies in the same region, due to capital outflow from emerging countries, including Thailand, to developed nations such as United states, (Source: SCB Economic Intelligence center). In the

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due

year. This is due to the lower sales than in the same quarter of the previous year, affected by the higher intensive competition in stainless steel pipes aluminum and copper in the market and resulting

ratio % 8.38 9.90 Return on Total Assets ratio % 3.24 3.76 Debt to Equity ratio Time 1.62 1.59 Net Interest Bearing Debt to Equity ratio Time 1.37 1.34 Financial ratio related to the profit decreased due

Hua Lamphong Station - Lak Song Station on September 29, 2019. However, amortization expense decreased due to cost of rights to operated expressway sectors of Sri Rat Expressway Sector A, B, C was fully

Development business increased by Baht 14 Million. Other revenue of Baht 230 Million representing a decrease from the same quarter of the previous year by Baht 32 Million due to there was no gain on sale of

revenue to the Company in 1Q19, 35% drop from 1Q18 due mainly to the reduce of revenue from construction service. Page 6 of 7 Management Discussion and Analysis 1Q2019 Revenue from sales of goods Revenue