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

Baht % 2020 2019 Thousand Baht % Total revenues 446,873 420,156 26,717 6.4 438,752 407,391 31,361 7.7 Sales and service income 443,248 417,617 25,631 6.1 434,077 404,533 29,544 7.3 Cost of sales and

) Construction income 253.82 190.56 63.26 33.20 Service income 15.64 4.95 10.69 215.96 Other income 10.96 5.43 5.53 101.84 Total Revenues 280.42 200.94 79.48 39.55 Cost of constuction 302.56 193.83 108.73 56.10

Administrative expenses 39.44 58.99 -19.55 -33.14 Finance cost 6.50 14.18 -7.68 -54.16 114.01 368.10 -254.09 -69.03 Loss Before Income Tax -41.53 -155.30 113.77 -73.26 Income tax expense -0.20 0.85 -1.05 -123.53

net sales ratio (%) = (Selling and distribution expenses + Administrative expenses) / Total revenues from sales EBIT margin (%) = (Profit before income tax expense + Finance Cost) / Total revenues

hotels under the (i) arcona brand, (ii) arcona Living brand, and (iii) Steigenberger brand as well as 2 new hotels which will operate in 2020 and 2022. 4 June 2019 VHG II paid the share purchase price in

raw materials in the world market. At the same time, the average cost of raw material was adjusted lower slower than the lower selling price in market. 4 (Unit: Baht million) Consolidated balance sheets

%) (11.46) (0.57%) 100.37 875.83% Total Cost (849.78) (59.46%) (1,119.43) (55.97%) (269.65) 24.09% Gross Profit 579.51 40.55% 880.76 44.03% 301.25 34.20% Selling Expense (256.71) (17.96%) (207.62) (10.38

% Total Income 794.13 100.00% 936.78 100.0% -142.60 -15.22% Expense Cost of sales 597.99 69.77% 746.55 79.7% -148.55 -19.90% Selling expenses 35.11 4.10% 51.52 5.5% -16.41 -31.86% Administrative expenses

expense over earned premium moreover increased from 58.1 % in the same period last year to 63.5% this year because the term and condition of compulsory motor policies had been adjusted in accordance with