capital increase from Initial Public Offering would result in the marked decrease in Debt-to-Equity ratio and financial costs going forward. Management’s Discussion and Analysis S Hotels and Resorts Public

1,163 925 25.7 Debt issued – debentures 379 384 (1.3) 241 57.3 763 495 54.1 Debt issued – promissory notes 24 20 20.0 97 (75.3) 44 168 (73.8) Borrowings 179 177 1.1 143 25.2 356 262 35.9 Others

February 2020). Although the balance of trade accounts receivable increased from the balance as at 31 December 2018, the management still believes that the Company could collect debt from the main customers

Rights and Duty of Debenture Issuer and Debenture Holder, the Company is required to maintain the Net Debt to Equity ratio at the rate of not more than 2.5: 1 at the end of the quarter and year end period

% 3,511.78 100.0% -404.42 -10.3% Current liabilities 1,412.61 36.1% 1,272.09 36.2% -140.52 -10.0% Interest bearing debt 1,244.80 31.8% 1,036.34 29.5% -208.46 -16.8% Non-current liabilities 7.23 0.2% 13.26 0.4

from credit card income grew by 18% y-y which corresponds to increasing in the volume of card spending and cash advance. Other income from bad debt recovery grew by 32% y-y. As at August 31, 2022, the

bad debt recovery for the first nine-months of 2022 were 1,202 million baht grew by 18% y-y and for the third quarter of 2022 was 406 million baht increased by 7% y-y but decreased by 1% q-q

finance cost for our Portugal operations. However, our net finance cost reduce to Baht 76.7 million, compared to Baht 88.4 million in Q1 2023 in line with our net interest bearing debt level. Net profit

financing cost stood at 2.80% Net debt to equity ratio stood at 0.16x Capital Structure As of June 30, 2018, CPN reported total interest-bearing debt of THB 12,722 mn, an increase from the balance as of

decline could be attributed to an increase of Baht 1,493 million or 16.36 percent in our impairment loss on loans and debt securities to cope with economic uncertainties. Operating profit before provision