Association Thailand (“DAAT”) revised up the advertising expenditures to THB 12,000mn, or an expected growth of 29% in 2017 (prior forecast: 24% growth in 2017), mainly driven by the acceleration of internet

which have not yet recovered. The high liability affected the expense atmosphere to be sluggish. Cost of goods sold was 641.29 million baht or equivalent to 50.31% gaining from sales revenue which it

million or up by 2.00% as compared with the same period of previous year. The amount increased were mainly driven by the rise in personnel expenses, rental cost, maintenance cost, and marketing expense

capital. The key success factors of this business depend on the inventory management, the logistic systems that meet the clients’ needs in time, cost of capital, receivables management and sales revenue

business, and administrative expenses amounting to Baht 78.82 million, mainly due to management expense, employee expenses, utilities and audit fees. Financial Cost (3 months) For quarter 1/2020, the

125.93 million, mainly due to management expense, employee expenses, utilities and audit fees. Financial Cost (6 months) For quarter 2/2020, the Company’s finance cost is Baht 19.69 million dramatically

% Share of profit of associates and joint ventures (6) 0.0% 119 0.2% (125) (105.2%) Profit (loss) before finance cost and tax expense (2,569) -6.2% 2,668 5.1% (5,236) (196.3%) Finance costs 790 1.9% 292 0.6

Page 1 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 Executive Summary Bank of Thailand, in late March 2020, slashed its forecast for Thai economy from the

slower-than-expected recovery of advertising expenditure during the first half of 2017, the VGI believes that an improvement in advertising spending is in the offing for the remaining months of 2017 as

) 2Q 2016 1Q 2017 2Q 2017 QoQ (%) YoY (%) Operating Revenue 181 190 199 4.9% 9.6% Cost of sales 79 89 87 -1.7% 10.4% Gross profit 102 101 112 10.8% 9.1% Selling, General & Administrative Expense 53 66 64