existing branches and new branches and also increasing in back office expenses. EBITDA profits from the performance in 3Q 2018 compare to in 3Q 2017, the Company EBITDA decreased from 12.9 percent to 12.8

, the Company engaged an independent financial advisory to evaluate the fair value measurement of the investments by using income approach method and discounted cash flow to present value. As a result

shall prevail. The objective of this MD&A is to present the information and the explanation of financial status and operating results as of the date hereof. However, the information provided in this MD&A

: 1.1 Current asset as at December 31, 2017 amount of Baht 170.35 million decrease by Baht 50.76 million or 22.96%, due to cash and cash equivalents decrease Baht 31.32 million, current investment

% QoQ. The decrease was mainly due to selling and marketing expenses, personnel expenses, and rental in term of TFRS 16. Moreover, the Company efficiently controlled and managed expenses of existing

improvement from 0.55 times at the end of last year. Current ratio as at the same date and period stood at 2.47 times SIGNIFICANT EVENTS 7 January 2019: Vienna International Hotelmanagement AG (VI) acquired 100

and acquisition of shares from the existing shareholder (the “Share Acquisition Transaction”. Details of the Share Acquisition Transaction are as follows: 1. The subscription of newly issued shares of

received from current investment. 2. Cost of sale , Profit margin In Q2/2017 the company had cost of sale Baht 82.97 million compare with the same period of previous year amount to Baht 68.01 million

equipment for lease has a different gross margin from the existing leasing project, and the maintenance cost of the equipment for lease in each quarter is different for each period. -3- Cost of sales and

million , increase Baht 0.37 million or 19.09%, because in nine months of 2017 there is an interest income from current investment. 2 . Cost of sale , Profit margin For nine months ended September 30, 2017