started contributing to the earnings of IVL. Forward-looking Statements The statements included herein contain “forward-looking statements” about the [financial condition and results of operations] of

is invested and operated by Thai Flavour and Fragrance CO., Ltd. Operation Results The Revenues from Operations For the nine –month period ended 30 September, the revenues from sales and rendering

results of operations. B. Liquidity and Capital Resources 1. Provide information about the issuer’s short-term and long-term liquidity, i.e., its ability to generate adequate amounts of cash to meet its

Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 8 Discussion of results of operations: 1st Half of the year 2019 and 1st Half of the year 2020

Market Value breakdown by Market Segment (Source: Nielson) 3. Results of Operations and Profitability Consolidated financial statements (Unit : Baht Million) Q4/2019 Q4/2018 %YoY 2019 2018 %YoY Revenues

Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 3 of 9 Discussion of results of operations: Quarter 1 of 2019 and Quarter 1 of 2020 Quarter 1/2019 Quarter 1/2020

Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Sales Revenue Net Profit Unit: Million Baht Page 2 3. Results of Operations and Profitability Consolidated (Unit: Million Baht) Q3/2018 Q3/2017 %YoY 9M/2018 9M/2017 %YoY

prior to the date on which the Company’s Board of Directors unanimously approved in principal for Spring26 to submit the request for the License return to NBTC on 10 May 2019 results in the total highest

Market Value breakdown by Market Segment 3. Results of Operations and Profitability Q1/2018 Sales Revenue The Company and its subsidiaries recorded sales revenue of Baht 1,361 million, a decrease of 10

September 2019 RTD Fruit Juice Market Value breakdown by Market Segment (Source : Nielson) 3. Results of Operations and Profitability Consolidated financial statements (Unit : Baht Million) Q3/2019 Q3/2018