Bangkok Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the First Quarter of year 2018 ended 31 March 2018 Executive Summary Thai economy in the first quarter of

Thai Financial Reporting Standard 15 (TFRS 15) regarding revenue from contracts with customers for the first time which is effective since 1 January 2019. Table 1 : Sales Revenue by Product Line for the

adversely affected by the compliance with the new Thai Financial Reporting Standard 15 (TFRS 15) regarding revenue from contracts with customers for the first time which is effective since 1 January 2019

from that, the Company was adversely affected by the compliance with the new Thai Financial Reporting Standard 15 (TFRS 15) regarding revenue from contracts with customers for the first time which is

eased phase by phase thanks to significant improvement in controlling the spread of COVID-19 in Thailand. A number of recovery plans were introduced to the market by Thai government; however, Thai economy

expiry of safeguard on alloy steel, and strengthening of Thai Baht, and the current out break of COVID-19 has led to continuous decline in domestic steel prices from second quarter of 2019 and impacted the

tu s Total Liabilities 2,502 2,194 Total Asset 15,320 15,488 Total Equity 12,818 13,294 Remark: EBITDA = Net Profit (loss) + Interest + Depreciation. . The Company posted a EBITDA loss of THB 191

expected to be within January 2018. The capital structure of CVHLUX in terms of equity and shareholders loans is preliminarily set out below. - Translation - Enclosure 1 Value in Thai Baht (THB) as converted

Value in Thai Baht (THB) as converted from Great British Pound (GBP) is based on exchange rate of 38.392 THB/EUR, 43.422 THB/GBP and 33.105 THB/USD according to Bloomberg Markets as of 8 November 2017

: Ibis Styles Chiangmai Hotel invested by Premium Foods Co., Ltd. and Novotel Chumporn Beach & Golf invested by Thai Flavour and Fragrance Co., Ltd. Operation Results Statement of Comprehensive Income (MB