the recognition on remeasurement to fair value of the derivative according to the adopted accounting policies for derivatives and hedge accounting. Management Discussion and Analysis For the 1st Quarter

. The gross profit margin in the first quarter of 2020 was 69.4%. This gross margin had accounted for the fair value adjustment of the acquired business according to the accounting standards under WHA

international standards. Sustainability Disclosure Recognition The company received the Sustainability Disclosure Recognition 2020. Held by Thaipat Institute, this prestigious certificate is presented to the

Company disposed some assets, it still have some property projects for sale and revenue recognition in the future of 17,025 million Baht. The property projects are currently under construction, expected to

additional immovable properties of the Company’s projects comprising of K.C. Natural City Ramkhamhaeng Project, K.C. Ram-Indra Project – Phase II and K.C. Natural Park-Rom Klao Project – Phase II with value of

additional immovable properties of the Company’s projects comprising of K.C. Natural City Ramkhamhaeng Project, K.C. Ram-Indra Project – Phase II and K.C. Natural Park-Rom Klao Project – Phase with value of

to higher number of land transfer. Moreover, the gross profit margin for 2019 was 50.7%. These gross margins had accounted for the fair value adjustment of the acquired business according to the

Summary of Rules on Mutual Recognition of Funds between Hong Kong Special Administrative Region of the People’s Republic of China and Thailand (HK-TH MRF) 1. Offerings for sale of Hong Kong Covered

. On June 5 – 6, 2020, together with LED, the Company was able to auction out 164 real estate collaterals from its portfolio worth Baht 525,419,000 or accountable for 141 . 19% from the appraisal value

41.4 Mn or 274.2%. This increase was mainly due to the (1) full year recognition of franchise fee and (2) the increased number of franchisee branches. Other income grew from THB 8.7 Mn in 2016 to THB