revenue from hospital operations comparing to the main cost of hospital operations. The main cost of hospital operations consist of doctor fee, cost of goods, salary, depreciation and etc. WATTANAPAT

debt repayment time Day 96 131 63 5. Average goods selling time Day 859 495 258 6. Fixed asset turnover ratio Time 0.56 0.53 0.52 7. Total assets turnover ratio Time 0.09 0.10 0.12 8. Debt to equity

10.66 Net Profit/(Loss) after tax-attributed to Company 96.77 312.61 Earning per share (Baht/share) 0.43 1.38 2018 1st Quarter Page 2 of 2 Costs of goods sold decreased by 1% to 1,154.32MB in Q1 2018 from

department stores Baht 1,466,000.- 2. Vehicles - 2 items Baht 1,180,000.- 3. Computer equipment - 472 items Baht 1,031,000.- 4. Durable goods and others - 1,327 items Baht 1,007,500.- 5. Website design fee- 1

Q3/2018’s Baht 3 million. This is due to the investments made in Unimit Engineering Myanmar. Costs and Expenses In Q3/2019, the company and its subsidiaries’ cost of goods sold and operating expenses

been as expected while the current take-up rate was circa 95%. Significant Events Previously, the Company’s Board of Directors approved the initial public offering (the "IPO") of ordinary shares of S

Microsoft Word - S - MDA 4Q19_EN Page 1 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 Executive Summary Singha Estate Public Company Limited (“the Company

from fully operational of Wattanapat Ao Nang hospital (fully operational in March 2019), such as employee expenses, doctor fee, cost of goods sold, depreciation infrastructures and so forth. Selling

%) from 2018. 2019’s total earnings were solely from the Company and not its subsidiaries. The changes are as follows: The 2019 contract revenue is Baht 888 million, an increase of Baht 43 million (5%) from

stock a subsidiary and reverse allowance for doubtful accounts Page 2 of 3 investment in associated companies and reversal of impairment assets THB 15.57 million. 2. The cost of goods sold and services of