due to the decrease of Operating Revenue of Self- Managed Hotels and Outrigger Hotels from COVID-19 pandemic. Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels

the mutual fund invests will decrease relatively to the remaining period in which the mutual fund is entitled to receive benefits from said revenues. However, the amount of the decrease may vary each

growth. However, China operations decreased slightly by 4.8% due to the rapid spread of Covid-19 after the relaxation of China’s zero Covid policy during December which resulted in a decrease in automobile

million or 40% from Q3/2022, corresponding to the increase in sales revenue, as well as the decrease in costs from higher production volumes and in economies of scale. • Gross Profit Margin in Q3/2023 was

cafés as well as the Company's ability to manage costs effectively. EBITDA margin in 2023 was 31.8%, slightly decrease from 2022. E B I T D A a n d E B I T D A M A R G I N : Q 4 / 2 0 2 3 K e y F i n a n

% of the total issued and paid-up shares of DTC, at the price of 12 THB per share. As a result, the Company reported a decrease in ownership of DTC from 22.58% to 17.58% and recorded a gain from the

slowdown, 4/11 which result in a decline in ad spending on print media. However, the Company has adjusted strategic and business model to cope with such effects. The Company views that Bangna assets are no

-18 and continued investments in network, D&A rose 9.1% YoY. In conclusion, reported net profit was Bt15,340mn decreasing 4.4% YoY whereas normalized net profit was Bt15,848mn, a decline of 1.2% YoY

operation for several consecutive years. Causes are from change in media consumption behavior from print media to online media and overall economic slowdown, which result in a decline in ad spending on print

gains/losses wherein inventory gains decrease the cost of sales and inventory losses increase the cost of sales. Core Net Profit is the reported Net Profit less extraordinary items less tax adjusted