period before starting the operation. NCL USA expected higher profit in the future. In July 2018, NCL Singapore, a subsidiary of NCL, established 3 following subsidiaries, operating the business of

1 Ref. FN. 011/2019 Management Discussion and Analysis For operation of the year 2018 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet business, featuring

Income Others income in Q1/2019 was Bt31.8 million, increasing by 178.9%(y-o-y) since the revenue from fines from delivery of work is delayed in the operation of the contractor, the profit from the sale of

) (0.12%) 0.00 0.00% (0.02) (2,300.00%) Revenue Total revenues from operation of SAAM Group consist of (1) revenues from provision of service and rental including the procurement of project land site and

Tender Offer in TBSP in 2Q18, while company have one-time gain on sale assets of TBSP in 2Q19. Excluding one-time gain, net profit from operation of Company of THB 74 mil reduced by 11.0% q-q regarding to

operation, as the result, cash and cash equivalents decreased. Unbilled receivables increased 623.7 MB or 111.3%, because the large-scale project that those had been implemented and recognized the revenue by

phase increased especially Bangna branch, which completed its one full year of operation in April 2019. ▪ Other incomes was Baht 34.00 million, an increase of Baht 6.23 million or up by 22.5% over the

year due to some initial cost of ramping up of the UHT OEM operation in this quarter. 2/5 Food business The food cost of sales increased according to sales growth. However, the ratio of food cost to

) Revenue Total revenues from operation of SAAM Group consist of (1) revenues from provision of service and rental including the procurement of project site location and rendering of related services to

1 Ref FN. 036/2019 Management Discussion and Analysis For operation of the second quarter of year 2019 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet