), provision for employees benefit of THB 552.17 million (9.78% of total liabilities), deferred rental income of THB 104.46 million (1.85% of total liabilities) , lease liabilities of THB 358.49 million (6.35

SHR MD&A EN Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 1 of 8 August 13, 2020

of the virus. However, from the abovementioned situation, the management and employees of the Group have prepared a work plan, be united in operations to get through the situation. Which from the

were crafted especially for each business with different outlook. Regarding hospitality business, S Hotels and Resort PCL (“SHR”), the Company’s subsidiary, decided to reopen some of its hotels while

’ meeting of NBC for the entry into Komchadluek Business and Trademark Acquisition; 2. KMM executes the letters for the transfer of employment with relevant employees to NBC; 3. The Company submits

locations to ensure maximum safety of all stakeholders – customers, employees, business partners and communities. The most noticeable change since the COVID-19 pandemic is customer purchasing behavior, which

and reducing the utilities consumption. However, the Company has put significant focus on enhanced health and safety standards which have allowed our customers and employees to feel safe in our stores

comprising of current liabilities of THB 2,693. 43 million ( 50. 59% of total liabilities) , long- term loans of THB 1,960.00 million ( 36. 81% of total liabilities) , provision for employees benefit of THB

THB 52 million which decreased by THB 33 million or 39% from Q2/2019 due to the decrease in salary expenses of branch employees and the exemption of rental expenses. • Selling expenses to total revenue

planning to expand the pop-up store team by increasing the number of employees in order to meet the target number of stores. The Company has collaborated with several brands to stimulate the sales of the