Microsoft Word - MDA_2Q18_DTC_EngV6 Dusit Thani PCL Management Discussion and Analysis For 2Q18 and 1H18 P a g e | 1 Executive Summary The Company reported net profit of THB 1 million in 2Q18

last year to Baht 35.44 million in 1H/2019 as a result of the Group’s first half 2019 net loss of Baht 38.03 million, a decrease of Baht 45.89 million from the same period a year of THB 83.92 million

Version) Increase (Decrease) Million Baht Million Baht Million Baht Percentage Total Revenues 851.16 1,017.71 (166.55) (16.37) Cost of Goods Sold and Service (854.84) (1,006.56) (151.72) (15.07) Sell and

Company”) would like to summarize its Q3/2019 operating performance for the period ending 30 September 2019 as follows: For the three-month, the Company and its subsidiaries’ posted a net profit of Baht

generated revenue from the sales and services of THB 969 million decreased from the same period of the previous year in the amount of THB 764 million or decreased of 44. 0 percent. The decrease was mainly

Assets turnover (times) 0.4 0.3 Remark: - On 29 June 2018, the warrant holders exercised 1,017mn warrants to purchase newly issued ordinary shares at THB 7.00 baht per share. The Company registered the

(%) 0.18 4.95 (4.77) (96.29) 5.06 4.14 0.92 22.21 Per Share (Baht) Net profit per share 0.001 0.04 (0.03) - 0.174 0.086 0.088 Unit : THB'000 9 months 3rd quarter projects which were ready to transfer and

1.70 million, an increase of THB 0.15 million which was no significant changed from the same period of previous year. Expenses Selling and service Expenses Baht Million 2018 2019 +/(-) +/(-) % Expense

 average Baht/USD and CNY/USD rates (i.e. (1‐ 0.60) x Sales Revenue x 10% ). Out of the groups foreign exchange exposure, USD 140m is hedged, Foreign exchange contracts are used to buy THB and Sell USD on a

(Decrease) Million Baht Million Baht Million Baht Percentage Total Revenues 904.62 1,082.18 (177.56) (16.41) Cost of Goods Sold and Service 919.38 1,123.44 (204.06) (18.16) Sell and Administration Expenses