utilized or have not reached the optimal level yet. Therefore, cost per unit was higher at this point, which might continue to impact the Company’s operating performance in the short term, or for the next 2

liabilities 4,730 3,673 1,057 29% Non-current liabilities 521 567 (46) (8%) Total liabilities 5,251 4,240 1,011 24% Total Shareholders’ equity 2,694 2,629 65 2% Liabilities As at 30 June 2017, the Group’s total

at 31 December 2016 of Baht 4,240 million. It is mainly due to the increase in short-term loans from financial institutions. Shareholders’ equity As at 30 September 2017, the Group’s shareholders

equity stood at 0.40x At the initial stage of Singha Estate and with the strategy to grow its business via M&A, short-term debts, i.e. collateral-free bridging loans, are designated sources of funds

total value of THB 1,211.7mn. The debenture of THB 711.7mn will become mature on 20 June 2020 and the short term BE of THB 500.0mn will become mature in July 2020. The Company has already prepared cash

the interest of 7.25 percent per annum but also the increase of outstanding of the overdrafts and short-term loans in the amount of Baht 805 million as of 30 September 2020 compared to Baht 720 million

10.33% (10.92) (3.85%) Short-term loans to related parties 50.00 1.93% 0.00 0.00% (50.00) (100.00%) Inventories 1,232.68 47.66% 1,366.64 51.70% 133.96 10.87% Total current assets 1,689.21 65.31% 1,739.57

(Decrease) Liabilities and equity Current liabilities Trade accounts payable 841 2,033 (59%) Other payables and accrued expenses 666 661 1% Advance from customers 93 33 185% Short-term loan from related

business Collective Investment Scheme Private Equity Trust Wealth Advice Service Wealth Advice Service Digital Token Offering Digital Asset Intermediaries Clearing House Securities Registrar Major

: million Baht 30-Jun-20 31-Dec-19 Total Assets 25,964 26,400 Total Liabilities 10,049 9,219 Total Equity 6,204 7,014 Minority 9,711 10,168 Gr ou p Gr ou p HR C Gr ou p Management Discussion and Analysis