136.58 million was decrease, due to payment to contractor and other expense for the new office and warehouse of Baht 34.75 million, Bonus payment to employees and management Baht 11.59 million, the

Telecommunications Commission (“NBTC”) to request for the License return on 10 May 2019 (“Transaction of Returning Spring26’s License”). Besides, NBTC delivered the notification letter, dated 27 June 2019, regarding

), provision for employees benefit of THB 552.17 million (9.78% of total liabilities), deferred rental income of THB 104.46 million (1.85% of total liabilities) , lease liabilities of THB 358.49 million (6.35

SHR MD&A EN Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 1 of 8 August 13, 2020

of the virus. However, from the abovementioned situation, the management and employees of the Group have prepared a work plan, be united in operations to get through the situation. Which from the

locations to ensure maximum safety of all stakeholders – customers, employees, business partners and communities. The most noticeable change since the COVID-19 pandemic is customer purchasing behavior, which

comprising of current liabilities of THB 2,693. 43 million ( 50. 59% of total liabilities) , long- term loans of THB 1,960.00 million ( 36. 81% of total liabilities) , provision for employees benefit of THB

pandemic situation started to relieve and reopened the dine-in areas. As a response to pandemic situation, the Company has reduced selling and distribution expenses by controlling part-time staff expenses

planning to expand the pop-up store team by increasing the number of employees in order to meet the target number of stores. The Company has collaborated with several brands to stimulate the sales of the

loss in Q2/2021 and Q3/2021. R E V E N U E : G R O S S P R O F I T a n d G R O S S P R O F I T M A R G I N : E B I T D A a n d E B I T D A M A R G I N : N E T P R O F I T a n d N E T P R O F I T M A R G