shares in 12 companies in Germany and Switzerland with arcona Management GmbH. VHG II will receive rights of operating lease rights of 17 existing hotels under the (i) arcona brand, (ii) arcona Living
Arbitration; (3) having business plan and operating system prepared for establishing the branch office. In this regard, such system shall compose of efficient system relating to operational management
the office; (2) efficient management system which are at least operating, compliance and information management system, including sufficient personnel. It shall be deemed to obtain an approval from the
SUBSIDIARY MANAGEMENT DISCUSSION AND ANALYSIS (For the Consolidated Financial Statements of the Year Period Ending December 31, 2018) (1) Overall Operating Results For the year 2018, the total revenue from
product life which is based on the generally accepted accounting standards. (4) Liquidity and Capital Sufficiency The Corporate Group has appropriate capital management, having prepared operating cash flows
increase of 11.57 percent from the same period of previous year, due to effective management of production cost and selling expenses. (2) Analysis of Operating Results and Profitability (2.1) Revenues from
ที่ กตพ Ref. DBP. 073 / 2019 May 13, 2019 Subject : Clarification on Operating Results for the 1st quarter ending March 31, 2019 To : President The Stock Exchange of Thailand Diamond Building
with Diamond Brand”, as well as effective cost management having maintained good gross profit margin and increased net profit in 2020. (2) Analysis of Operating Results and Profitability (2.1) Revenues