significant change from 2018. Statement of Financial Position Unit: Million Baht 31 December 2019 31 December 2018 Increased (Decreased) Percentage Assets Current assets Cash and cash equivalents 138.27 212.68

financial institutions. The debt-to-equity ratio reduced to 0.43 at 31 December 2019 compared to 2.34 at the end of 2018. This improvement was mainly due to (1) the repayment of all short-term borrowings from

2033 3,000 *Including bridge loan for financing TTTBB’s deal. Credit Rating Fitch National rating: AAA (THA), Outlook: Stable S&P BBB+, Outlook: Stable Key Financial Ratio 1Q23 4Q23 1Q24 Debt to equity

year by Baht 148 Million. Significant Financial Ratios* For the second quarter of the year 2017, the Company had Net Profit Margin ratio at 19.35 percent, Return on Equity ratio at 9.44 percent, Return

debt to equity net of cash and cash equivalent and short-term investments Table 4: Key Financial Ratios 2Q 1Q 2Q YoY QoQ 6M 6M YoY 2019 2020 2020 (%) (%) 2019 2020 (%) Profitability Ratio Gross profit

2,322 12% Other assets 4,819 5,159 (7)% Total assets 491,316 380,568 29% Liabilities and shareholder's equity Liabilities Bank OD and short-term loans from financial institutions 31,667 30,379 4% Trade

external fronts that may affect exports and tourism, and the recovery of domestic demand was not yet sufficiently broad-based. Meanwhile, financial stability remained sound. In this light, monetary policy

relevant law and regulation in the countries where the hotels operate. With regards to the Company’s financial status, the Company emphasizes first and foremost on effective cash management. In the meantime

reviewed consolidated financial statements for the 9-month period as of 30 September 2018. The transaction value is also calculated from the transactions of disposal of asset during the period of six months

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 20 February 2018 Re: To clarify the financial statements as of 31 December 2017 To: President The Stock Exchange of Thailand WHA Corporation Public Company