and intense competition. Transaction For the Year ended 31st December Unit 2019 2018 Gross Profit Ratio % 10.90 14.58 Earnings Ratio % 0.19 3.15 Debt to Equity Ratio Time 0.30 0.27 Return on Equity

, Account Receivable of 112 Million Baht. Additionally, there were building improvement, sales gallery and equipment of 3,538 Million Baht. Moreover, the goodwill incurred from DEAN & DELUCA acquisition was

for sales under development of 12,582 Million Baht, Account Receivable of 112 Million Baht. Additionally, there were building improvement, sales gallery and equipment of 3,538 Million Baht. Moreover

of the Thai baht and the intense competition which caused the exports to shrink from the previous year. Domestic consumption was also affected by high living expenses and household debt, as well as the

Company, therefore, the interesting bearing debt to equity ratio and the debt to equity ratio of shareholders do not exceed 1:1 which is in compliance with the Company’s policy. The financial costs are also

658.98 16.19 Total Liabilities 5,344.09 4,593.56 750.53 16.34 Total sharehoder's equity 3,561.77 3,959.51 (397.74) (10.05) Interest bearing debt to equity ratio 1.33 1.03 Debt to equity ratio 1.50 1.16

Limited 31 Dec 2017 31 Mar 2018 Change MB. % MB. % MB. % Total current asset 312.2 12.5% 338.0 13.5% 25.7 8.2% Investment Property 520.3 20.8% 520.7 20.8% 0.4 0.1% Equipment 151.7 6.1% 147.2 5.9% -4.5 -3.0

customers, has been pressured by high household debt. Therefore, spending expenses are carefully controlled. Notwithstanding, the entrepreneurs in retail industry have to adjust themselves to increase the

and Equipment 151.7 6.1% 130.8 5.7% -20.9 -13.8% Leasehold rights and buildings 1,330.8 53.3% 1,284.4 55.8% -46.4 -3.5%   JAS Asset’s Management Discussion and Analysis for FS2018 Page4/5 31-Dec-17 31

make debt settlement in the form of short-term bills of exchange in the amount of Baht 350.00 million and defaulted interest at the rate of 8.50% per annum of the amount on bills of exchange counting