at a rate of 168.52% from the end of last year. Total liabilities increased as a result of the share purchase agreement of KURON Co., Ltd. Since 3 March 2020. Shareholders’ Equity As of 31 March 2020

-September) 2018 2019 THB Mn % (1) THB Mn % (1) Revenue from Sales and Service 736.1 97.2% 759.5 95.7% Franchise Fees Income 15.2 2.0% 22.0 2.8% Other Income 5.7 0.8% 11.7 1.5% Total Revenue 757.0 100.0% 793.2

: Management Discussion and Analysis For the year ended December 31, 2018 Summary of Performance Sales Revenue For the year ended 31 December 2017 and 2018, the Company registered total sales revenue of THB

0.07 times of shareholders' equity, as of the consolidated financial statements, as of 30 September 2017. And when total liabilities of consolidated financial statements, as of 30 September 2017, debt to

.Revenues 1.1 Sales of Construction Supply 950.86 967.78 860.99 1.2 Revenue from Real Estate Business 226.36 263.75 71.12 1.3 Total Revenues 1,177.22 1,231.53 932.11 2.Gross Profit ( % of Revenues) 2.1 Sales

) (เท่า) 0.09 อตัราหนีสินรวมตอ่สว่นของผูถื้อหุน้รวม (debt to equity ratio) (เท่า) 3.17 อตัราสว่นหนีสินทีมีภาระดอกเบียตอ่สว่นของผูถื้อหุน้รวม (interest bearing debt to equity: IBD/E ratio) (เท่า) 1.93

สินรวมตอ่สว่นของผูถื้อหุน้รวม (debt to equity ratio) (เท่า) 4.13 อตัราสว่นหนีสินทีมีภาระดอกเบียตอ่สว่นของผูถื้อหุน้รวม (interest bearing debt to equity: IBD/E ratio) (เท่า) 2.44 อตัราสว่นหนีสินทีมีภาระ

26.88 % from the end of last year. Total liabilities declined as a result of the decrease in loans from financial institutions. Shareholders’ Equity As of 31 December 2019, shareholders’ equity of the

baht, down by 0.60 million baht or 28.79% on a year-on-year basis. Financial Position  Total assets As of March 31, 2019, the assets totaled 1,730.10 million baht, down by 7.31 million baht or 0.42

last year. The details are as follows: The total 2Q20 revenue declined by 70.61 million baht or 68.96% on a year-on-year basis to 31.79 million. The revenue from the rental equipment service, the studio