number of operational operating leased keys increased by 332 keys due to the EBT of UE (U Sathorn and U Chiang Mai hotels) and the opening of the VHE Leipzig hotel. The number of managed keys increased by

expand in the future. Business Operating Results and Profitability Transaction For the Year ended 31st December (Unit: Million Baht) Year Increase (Decrease) 2018 2017 Amount % Total Revenues 575.16 614.82

17.41 15.98 19.83 1.80 59.78 49.71 20.26 Key financial ratio related with operating result (%) 3Q19 3Q18 %YoY 2Q19 %QoQ 9M19 9M18 %YoY Gross profit margin (%) 46.47 42.44 4.03 44.00 2.47 43.93 41.88 2.04

election, which is expected to take place early of 2019. Thai Banking Industry Although the commercial banking system in Thailand is facing challenges from an uncertain economic environment, its lending and

submitted the proposal of partnership model on 2300MHz to TOT, which is currently in the evaluation process of TOT. Market Environment in 1Q17 On mobile business, the operators continued to promote 4G data

effectively. In this exciting environment, companies that are able to adapt themselves are more likely to survive and outperform their counterparts. In anticipation of such developments, VGI was the first

Investments in Subsidiaries, Associated Companies and Joint Venture 62 7. Shareholder Risk Management 63 1 1. Overview of Operating Environment 1.1 Global and Thai Economy in 2019 and Outlook for 2020 The

, delivering a solid operating revenue of THB 199mn, an increase by 4.9% QoQ and 9.6% YoY. The Company reported net profit of THB 51mn, increased by 36.9% QoQ and 26.0% YoY. For more details of the Company’s

increase in FT rate and the increase in electricity and steam sales after maintenance shutdown of customers of Rayong Central Utility Plants in Q2/2017. Q2/2018 Financial and Operating Highlights * ไม่รวม

gaining wide acceptance and recognition at home and abroad, as reflected in the numerous awards we received in this quarter. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1