-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 To: The President The Stock Exchange of Thailand 1. Analysis of Overall
development derives mainly from higher sales revenue in 2017 and the efficient project cost management leading to higher profit outcome. Lastly, net profit is equivalent to 2 0 . 61 million THB or 9 . 22 % of
, the genuine gross margin in the third quarter of 2017 was at 57.6% for the warehouse rental and service business which decreased from 69.7% last year, mainly due to change in product mix between Built
competitive areas, existing customers were attracted to change an operator by an offering of up to 50% discount for a few months, which caused industry’s ARPU to be pressured. Convergence packages combining
of last year, was mainly due to change in product mix between Built-to-Suit and Ready-built facilities. 2. Sale of Investment Properties Income from sale of investment properties during the first
Directors to proceed the registration of the amendments to the Articles of Association with the Department of Business Development, Ministry of Commerce, shall be authorized to make a change of and an
price. Nevertheless, the company had improved the feedstock management, resulting in the recorded adjusted EBITDA of THB 346 million, a little decrease from the previous year by 2%. In addition, the
genuine gross margin in were at 52.5% and 51.5%, respectively. The decrease in genuine gross margin, compared to the same period of last year, was mainly due to change in product mix between Built-to-Suit
-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 (Revised) To: The President The Stock Exchange of Thailand 1. Analysis of