by concentrating on its own farm policy and cost efficiencies through economies of scale. GFPT Group has policy to mitigate risks from foreign exchange rate volatility, which occurred from export sale

by concentrating on its own farm policy and cost efficiencies through economies of scale. GFPT Group has policy to mitigate risks from foreign exchange rate volatility, which occurred from export sale

of services Depreciation Network OPEX SG&A Financial cost Income tax expense Net foreign exchange gain (loss) (20,385) (9,712) (7,173) (6,288) (1,201) (1,397) (452) - - - - - - 30 47 (2,873) 2,920 14

of services Depreciation Network OPEX SG&A Financial cost Income tax expense Net foreign exchange gain (loss) (20,385) (9,712) (7,173) (6,288) (1,201) (1,397) (452) - - - - - - 30 47 (2,873) 2,920 14

. However, with a foreign exchange effect, reported international business grew at 4.2% YoY. Beverage Segment Total beverage revenues increased by THB 413 million (or +8.4% YoY) to THB 5,345 million in Q3’19

to listed companies with outstanding performance in investor relations activities organised by the Stock Exchange of Thailand (SET) and Money & Banking Magazine. MACO is one of the companies that

-517-0109-14 Fax 66-2-5170529 February 27, 2017 Subject Management Discussion and Analysis for the year ended December 31, 2016 To Managing Director of Stock Exchange of Thailand Table of Financial Ratio

* (%) 75.8% 62.9% Debt to equity (times) 1.0 0.8 Assets turnover* (times) 0.5 0.4 Remark: financial ratios were calculated based on The Stock Exchange of Thailand’s formula. *The Company didn’t restate the

Hilton Pattaya to CPNREIT for the period of 20 years, ending on 31 August 2037 for the net asset price of THB 11,908 mn. Currently, CPN REIT Management Company Limited is in the process of seeking an

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 10 November 2017 Re: To clarify the financial statements as of 30 September 2017 To: President The Stock Exchange of Thailand WHA Corporation Public Company