) 45.84 Income tax expense 3.27 2.41 0.86 36% Profit for 9 months (75.19) 43.43 (118.62) -273% Consolidated financial information (Unit : Million Baht) 2 / 7 Financial performance for the nine months at the

MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS REVIEW – 3Q 2019  Consolidated revenue increased by 54.0% YoY to THB 748mn o

the Company in June 12, 2018. Discussion of results of operations Consolidated financial statements Six Months 2018 Six Months 2019 % Change from Six Months Ended 2018 and 2019 THB million % THB million

Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 8 Discussion of results of operations Consolidated financial statements 9 Months 2018 9 Months 2019 % Change

4,000 Performance in 2019 and 2018 Consolidated profit/loss statements The net profit of the Company and subsidiary companies decreased 8.14% from the same period of the previous year. It is because the

. Single House 750 2. Single House 700 - 700 3. Total Sales Volume 2,620 3. Total Backlog 3,000 800 3,800 Performance in Q1/2020 and 2019 Consolidated profit(loss) statements The net profit of the Company

). Details of the changes to the Consolidated financial information are as follows: TAS 32 and TFRS 9 TFRS 16 TAS 40 TFRS 16 TAS 40 Assets Current assets Current portion of prepaid rents and services 49 - (39

. Total Sales Volume 2,100 3. Total Backlog 1,880 600 2,480 Performance in Q1/2021 and 2020 Consolidated profit (loss) statements The net profit of the Company and subsidiary companies decreases 43.35% from

of the highest value when calculated from 12-month period net profit criteria consideration based on the latest reviewed consolidated financial statement ended March 31, 2020 which equals to 32.52% and

will be recorded as unearned income in S’s consolidated financial statement and recognized as revenue over 30 years start in Q1’2019. In the meantime, S has invested in 20% shareholding in SPRIME