-current 10 liabilities from higher retirement benefits for employees who have worked for 20 years and longer to receive higher pay from 300 to 400 days. Shareholders’ Equity As at 30 June 2019, the Company

Profit 1H18’s net profit was THB 231 million, up 632.0% yoy. For core business, excluding the gain from the sale of investment and employee benefit expenses, the net profit was THB 93 million, up 190.6

loans of THB 1,600.00 million (29.64% of total liabilities), provision for employees benefit of THB 393.55 million (7.29% of total liabilities), advance received for rental income of THB 120.51 million

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 acquisition in

of gourmet food and beverages in Q2 2018 significantly decreased as compared to the same period last year due to the reduction in the number of employees at the executive level and the control of

total liabilities) , provision for employees benefit of THB 401. 93 million ( 7. 44% of total liabilities) , advance received for rental income of THB 118.22 million (2.19% of total liabilities) , and

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