1,131.16 million increased Baht 102.31 million as of December 31, 2017 due to the increase of share premium from the exercising of ECF-W2 No. 2/6 on February 23, 2018 at the exercise price Baht 3 per share

2017 which mainly came form share premium increased from the last exercise of JMT warrant during the late of second quarter of 2018. The Company’s Debt to Equity Ratio is 1.21 times and the Interest

exercise of warrants and has reserve cash to pay for raw materials and more inventory of 190.16 Million Baht, decline in short term investment of 121.99 Million Baht due to subsidiary (RWI) paid for raw

and rendering, exercise equipment rental and distribution services during the temporary studios close down have significantly helped boosting profitability and also alleviating the COVID-19 impact. In

wrongful gains, which caused damage to IEC, in the case where IEC did not exercise the right to purchase shares of Kokcharoen Green Energy Company Limited (KE) at the amount of 45 million baht. Instead

;        ไม่มี                                  exercise date ของ option   

from real estate sales, which was the main source of income for 2019. In this regard, the analysis of the operating results of the Company could be explained as follows: Rental and Service Income and

Microsoft Word - SHR MDA YE19_EN 20200226 vf Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page

99 หมู่ที 1 นิคมอุตสาหกรรมไฮเทค ตาํบลบา้นเลน อาํเภอบางปะอิน จงัหวดัพระนครศรีอยธุยา 13160 ประเทศไทย โทรศพัท ์(035) 350 880 โทรสาร (035) 350 881 www.aapico.com 99 Moo 1, Hitech Industrial Estate

(loss) THB THB Garment Business (20,216,391.48) (90,540,939.22) Real Estate Development (1,120,997.37) 3,489,990.37 Other businesses (9,966.90) 315.17 Total (21,347,355.75) (87,050,633.68) Garment