) the reduction of room rates to drive occupancy during the non-peak season. The overall occupancy rate decreased by 11% from 1Q 2019, mainly due to COVID-19 situation. 53 hotels out of 57 hotels in the

stainless steel and non-ferrous metal like copper and aluminum whereas sales of a new subsidiary company mostly came from Stainless Copper and Aluminum as the main product groups among various industries

-32.11 -115.9% Profit Sharing for non-controlling interest of a subsidiary company 1.77 -10.18 11.95 -117.4% Net profit for the company and its subsidiaries -2.63 17.53 -20.16 -115.0% 1. Operating

standards was recognized as an adjustment to the retained earnings as at 1 January 2020, and the comparative information was not restated. The impact of the adoption on the consolidated statement of financial

Osotspa Public Company Limited Q2’20 and 1H’20 Management’s Discussion and Analysis 13 August 2020 Q2’20 and 1H’20 Management Discussion & Analysis Page 1/6 Financial Highlights - Despite the ongoing

from Baht 14,049.3 million at the end of 2018, mainly decreased from adopting new accouting standard (TFRS 15) in Retained Earnings. As at 31 December 2019, the Company’s Debt-to-Equity ratio was 0.95x

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 10 August 2020 No. ZEN 2563-016 Subject Management Discussion and Analysis for the

standard and a decrease in Retained Earnings of Baht 192.0 million which derived from dividend paid of Baht 612.0 million in May 2020 partly offset by Net Income of Baht 317.4 million. 5. KEY FINANCIAL

% Premium on stock 519.67 26.49% 519.67 24.53% Retained earnings Legal reserve 75.60 3.85% 75.25 3.55% Un-appropriated 411.51 20.98% 439.01 20.72% Non-controlling interest of the subsidiary 174.70 8.90

% Corporate Income tax expenses -8.35 -12.72 4.37 -34.4% -14.93 -26.83 11.90 -44.4% Net profit for the period 34.84 51.77 -16.93 -32.7% 62.56 108.67 -46.11 -42.4% Profit Sharing for non- controlling interest of