Their Scope of Work (No. 5) dated 23 March 2015 (effective on 1 May 2015). 4 (20)4 “unit” means a trust certificate representing the rights of the holder as beneficiary of a real estate investment trust
payment will come due by April of each year. Tax collection will be based on the property’s appraised value. The actual tax rates will be subject to a royal decree to be announced later, whereas the maximum
total work. In the event that the Company waited for the design of the entire project to be completed 4 before starting with the construction, like other real estates, it will probably takes 7-8 years for
construction, like other real estates, it will probably takes 7-8 years for the completion of the design and Carnival Magic Project will be able to open by the year 2025. This will result in the opportunity lost
to us. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements
-Café 2 Catering / Pop-up 3 4 1 Franchise Fee Income 4 • Revenue recognition of initial franchise fee • *Actual franchise fee recognized in Q4/2019 was THB 0.9 million Management Discussion & Analysis YE
concession arrangement in accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of construction under a concession arrangement at actual cost
considered recording the revenue in line with the actual receivables. Other revenue such as rental income and interest income for the year ended 31 December 2019 was 115.8 million baht, an increase of 6.4
uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking
profit margin because it is an estimation of revenue and cost against actual usage. Normally, the Company can control cost for project management so during the project closing, profit margin of