-Café 2 Catering / Pop-up 3 4 1 Franchise Fee Income 4 • Revenue recognition of initial franchise fee • *Actual franchise fee recognized in Q4/2019 was THB 0.9 million Management Discussion & Analysis YE

situation has been considered a major factor causing the global economic slowdown and affecting the society as a whole. It also caused a global semiconductor shortage crisis, which is another factor that

fund management fee from Solaris Asset Management Company Limited (“Solaris”) decreased.  The company recognized share of loss from associated companies of Baht 2.24 million which consist of:-  Share

whole or in part, to manage the business of the securities company only with the approval from the Office. In cases where it later appears that the persons under the first paragraph have the prohibited

whole or in part, to manage the business of the securities company only with the approval from the Office. In cases where it later appears that the persons under the first paragraph have the prohibited

decisions of investors. The board of directors responsible for company management must expedite the process to ensure the best interests of the company and its shareholders as a whole. The SEC has therefore

an offense by making ADAM dishonestly purchased the whole ordinary shares of Kitha Properties Company Limited (“Kitha”) in 2014 resulting in Kitha becoming a subsidiary of ADAM with an incentive to

making ADAM dishonestly purchased the whole ordinary shares of Kitha in 2014 resulting in Kitha becoming a subsidiary of ADAM with an incentive to launder money causing damages to ADAM even though it was

creation of values for investors, businesses and the society as a whole.?In view of the above, the SEC has launched a regulatory reform project to review and streamline regulations currently in use. Experts

Office or the organizations recognized by the SEC Office and [iii] have scope of duties, as specified in the Tables of Qualifications of Personnel in the Capital Market and Tables of Category of