proportion increased to be 9.5% of total revenue (1Q19: 6.3% of total revenue). EBITDA from food business was THB 26 million, 333.33% growth from such investments. Dusit Thani PLC Management Discussion and

Assets (NTA) NTA of investment in the Company x Proportion of assets acquired or disposed x 100 NTA of EFORL NA NA 2. Net Operating Profits Net operating profits of the Company x Buying or selling ratio x

of 31 December 2019 with the details as follows; Calculation base Calculation formula Calculation Transaction size 1. Net Tangible Assets (NTA) NTA of investment in the Company x Proportion of assets

364.42 76.1% 403.60 78.4% 10.8% Grand Total Non- recurring 114.46 23.9% 111.51 21.6% (2.6%) Gran Total Revenue 478.88 100.0% 515.11 100.0% 7.6% We continue to report a high proportion of recurring income

the shareholding structure of the Planet Board Company Limited (“Planet”), a subsidiary of the Company, having the shareholding proportion of 99.99% of the Planet’s total shares sold. Planet has the

Proportion (Percent) arcona Hotel GmbH Germany EUR 25,000 100 arcona Hotel Baltic GmbH Germany EUR 25,000 100 arcona Hotel Sonne GmbH Germany EUR 25,000 100 arcona Hotel Thüringer Hof GmbH Germany EUR 25,000

. Due to the company launch a new product and decreased a proportion of imported packaging. Cost of sales Consolidated financial statements For the three months period ended March 31 2017 2018 THB mm

decreasing from the policy to manage cost of sales to decrease efficiently as above mentioned. However, the Company has generated the proportion of net profit to total revenue increasing which equivalent to

was THB 0.60 million as high proportion of the costs was employee-related costs which are fixed costs. Consequently, in 9 M2021, the Company had services income from providing online advertising for

-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