gains despite an increasing trend of electricity Ft rate since May 2017. Costs of food and beverages Costs of food and beverage constituted costs of operating in-mall food centers, as well as depreciation

) was at 17.21 Baht/kg, being less than 2Q/2018 by 3.57 Baht/kg or down 17%, which was the same direction as the soften in Malaysian crude palm oil price (CPO-MPOB) due to high inventory and Thailand

cost-to-revenue ratio is expected to be similar to the magnitude of last year amidst the increasing trend of electricity Ft rate. • Higher operating and depreciation costs of newly opened malls and

. The Company has speeded up this project in responsive of promising New Normal demand due to the future trend of tourism industry. Should the domestic tourism have been recovered from government stimulus

of WINNER; 4) 4 stores of Trend Design; 5) 2 stores of Bo Concept; 6) 1 store of MOMENTOUS; and 7) 19 stores of overseas franchise Index Living Mall in 8 countries. Management Discussion and Analysis

average industry growth trend from the Bank of Ayudhya research Cost of Sales Based on an average of 2017 - 2019 (Unit : Baht) 2017 Audited Statement 2018 Audit Statement 2019 Audited Statement Operating

quality while enhancing efficiency and productivity. Enterprise services rise on economic certainty and continual digital transformation trend Non-mobile enterprise business reported revenue of Bt1,821mn

million baht, higher 112 million baht from 2017 and slightly drop compare to 2016 following the appreciation trend in 2017 and turning to the depreciation trend in 2018. However, the company has no policy

down 70kt or 17% year on year. On the positive side EBITDA per tonne increased 1% and as fuel is expected to reduce in 2020 the trend is encouraging. On the costs side SG&A decreased by -5% as a focus on

price is the agreed price, considering in appropriate and based on the book value including the past performance and the business trend. (6) Proportion of Shareholding Shareholding Proportion before