support the growth of the Company group in the future including Fintech in Thailand. In the first quarter of 2019, the Company had operating results according to the consolidated financial statements, with

of total assets in the consolidated financial statement ended March 31, 2019, the size of which falls in between 15–50 percent, and shall be determined as a Class 2 transaction under the Acquisition or

). The dividend was paid to shareholders on 10 October 2018. 5 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 3Q 2018 CONSOLIDATED P&L SNAPSHOT

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

– Consolidated (Million Baht) For 3-month period ended March 31, Increase (Decrease) % 2020 2019 Revenues from sales and services 156.84 182.43 (25.59) (14.03%) Gross profit from sales and services 33.38 37.25

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

and Administrative Expenses For the 6-month Period 5 | MANAGEMENT DISCUSSION AND ANALYSIS FOR Q2-2020 FINANCIAL POSITION Assets As of June 30, 2020, total assets on consolidated basis amounted to THB

theme park. The management of Carnival Magic initially started with overall design and main structure of the project. Currently, the main structural design is completed and the construction of various

lower transfers of condominium units, and decline in hotel revenue based on market conditions. Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Consolidated Financial