Q4-2016 decreased. Financial Analysis of the Company As at December 31, 2017, the Company financial position change from that of December 31, 2016, is presented and explained the changes in the below

receivables which were expected to be unable to pay in Q3–2019. Financial Analysis of the company As of September 30, 2019, the Company has financial position that changed from its financial status as of

the revenue of the Q4-2018 decreased form the Q4-2017. Financial Analysis of the Company As at December 31, 2018, the Company financial position change from that of December 31, 2017, is presented and

Analysis of the company As of September 30, 2020, the Company has financial position that changed from its financial status as of December 31, 2019. The changes are described as follows: Assets Items that

due to the recording of allowance for doubtful accounts for long outstanding receivables in Q2–2020. -3- Financial Analysis of the company As of June 30, 2020, the Company has financial position that

adjusted which those are expected to become untaxable in the future. Therefore, the profit margin of Q4–2022 is higher than other quarters. Financial Analysis of the company As of March 31, 2023, the Company

. Financial Analysis of the company As of June 30, 2021, the Company has financial position that changed from its financial status as of December 31, 2020. The changes are described as follows: Assets Items

the shareholders meeting due to the postponement of the shareholders' meeting from the COVID-19 epidemic. Therefore, it was paid in Q3-2020. Financial Analysis of the company As of September 30, 2021

SHR MD&A 3Q19_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 Management’s

ส่วนที่ 2 บริษัทที่ออกหลักทรัพย์ - 2.1 วัตถุประสงค์การใช้เงิน Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company