or 10.3% due to the loans repayment by ACM. 5 Corporate income tax expenses Corporate income tax expenses amounted to THB 166 million, increased by THB 65 million or 64.1%, representing the effective

the year 2018 ended March 31, 2018 as follows: Company’s Performance (unit: million Baht ) 2018 (Quarterly) Percentage 2017 (Quarterly) Percentage Total income and other income 5.94 100.00 12.97 100.00

COMPANY LIMITED Management’s Discussion and Analysis 6M’19 6M’20 change Q2’19 Q1’20 Q2’20 change change Btmn Btmn y-on-y Btmn Btmn Btmn y-on-y q-on-q Sales and service income 21,123 22,466 6.4% 10,866

Statement Cash Flows Statement Accounting Financial Ratios Business Performance Executive Summary Statement of Income 19 of Financial Position Environment Management 3 3 | Management Discussion and Analysis

of 3,236 million Baht, (3) revenue from rental and service income of 17 million Baht (0.2% of total revenues); significantly decreased by 68.7% as compared to the year 2016 of 54 million Baht, and (4

million, an increase of THB 26 million or 24.2%. This amount consists of interest paid by ACM of THB 49 million, recognized through the income statement after commencing commercial operation, interest on

1 1. ANALYSIS OF FINANCIAL PERFORMANCE Income statement (MB) Q4/2016 Q4/2017 YoY % 2016 2017 YoY % Total Sales and Services revenue 1,043.98 1,039.90 (4.09) (0.39%) 4,376.96 4,308.04 (68.92) (1.57

revenue loss from the Hong Kong Branch is estimated to be minimal since revenue from initial fee will not be impacted and the franchise fee income will continue to be recognized in Q4/2019 after the

) (36.5) 13.2% (75.8) (44.9) 68.7% Finance Costs (84.1) (104.9) -19.8% (161.0) (198.5) -18.9% Share of Profit from Investments in Associates and Joint Ventures 752.7 246.8 204.9% 1,091.9 906.1 20.5% Income

estate developer and its customers. Although overall economy is soft, the Company’s target group of customers can maintain their purchasing power.   For recurring income business, the Company had adjusted