and after such events in two separate periods: (1) dividend declaration; (2) change of par value resulting in an increase or decrease in the number of shares; (3) grant of rights to subscribe newly

separate periods: (1) dividend declaration; (2) change of par value resulting in an increase or decrease in the number of shares; (3) grant of rights to subscribe newly issued shares or transferable

managed by a management company. “Unit price” means a selling price or redemption price of investment units. “Price compensation” means an increase or decrease in the number of investment units of any

a management company. “Unit price” means a selling price or redemption price of investment units. “Price compensation” means an increase or decrease in the number of investment units of any person who

company. “Unit price” means a selling price or redemption price of investment units. “Price compensation” means an increase or decrease in the number of investment units of any person who purchases or

assets of THB 23,433 million, a decrease of THB 23 million (or -0.1%) from 31 December 2018. Cash and cash equivalents decreased by THB 646 million, where cash inflow from operation was offset by cash

capital increase from Initial Public Offering would result in the marked decrease in Debt-to-Equity ratio and financial costs going forward. Management’s Discussion and Analysis S Hotels and Resorts Public

control over slow moving stock. However, Gross profit of hotel business had more loss by THB 5.41 million causing from the decrease in hotel revenues as mentioned above. Selling and Administrative expenses

ENDED DECEMBER 31, 2017 1. Operating performance as compar ison analysis between those in the year 2017 and 2016 in consolidated financial statement. Description 2017 2016 Increase (Decrease) Amount

and increase in production capacity, new packages and impact from replacement of the distributor, and penalty imposed by the Ministry of Industry, etc., thereby causing its overall profit to decrease