deduct Interest income, unrealized loss from exchange rates and non-recurring items Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate

Eureka Design Public Company Limited 19 Moo 11 Tambon Ladsawai, Amphur Lamlukka, Pathumthani 12150, Thailand Tel : +66(0) 2192 3737 Fax : +66(0) 2192 3741-44 www.eurekadesign.co.th No. ED-MD19-013

but no any dividend income booked in 2Q2020 iii) Baht 153.7 million of Loss from Exchange Rate mostly due to the loss of USD loan of subsidiary company of Baht 155.9 million iv) Baht 287.1 million

before tax was Baht 94.15 million. Loss attributable to non-controlling interests and owners of the Company was Baht 1.98 million and Baht 92.17 million respectively. Compared with the consolidated

net loss at THB 946m. For 1H20, the Company reported total revenue of THB 3,114m, decreased by 42% YoY. 54% decline in revenue from sales of house and condominium and trivial trim in fixed operating

(4) (0) 11 (73) (10) (173) (30) (0) (2) 0 28 (94) Net Profit 143 3 55 1 251 5 108 76 196 359 962 6 521 3 (441) (46) Profit/(Loss) attributable to Owners of the company 142 3 55 1 251 5 109 77 196 359

mainly consist of operating and administrative expenses, expected credit loss and finance cost. In the first nine-months of 2020, the Company had total consolidated expenses of 13,141 million baht, a

) depreciation increased THB 81mn (or 12.5%) YoY. The company reported no impairment loss in 2019. Reported share of profit from associates/JVs was THB 292mn, compared THB 27mn reported last year. The increase in

repayment and for business operation, because the Company, in the past, has continuous loss in operating results. Thus, the Company considers the business restructuring of the Company’s group, whereby the

requires cash flow for debt repayment and for business operation, because the Company, in the past, has continuous loss in operating results. Thus, the Company considers the business restructuring of the