) Better cost control, productivity improvement and volume increase leading to higher gross profit margin. 2) Better performance from Portugal and China operations. Portugal and China operations generated

however. With respect to our overseas operations, China has had a very strong year. In fact, this year has been the best performing year of our Chinese Subsidiary. Portugal, however, reported a volume

and orders increase due to higher demand for cars. Thailand and China operations were strong, grew 29.2% and 48.1% year-on-year respectively and outperformed the industry. 2) Car Dealerships and

บูตี (DJIBOUTI) จีน (CHINA) เจอซี่ (JERSEY, C.I.) ชาด (CHAD) ชิลี (CHILE) ซานมารีโน (SAN MARINO) ซามัว (SAMOA) ซาอุดีอาระเบีย (SAUDI ARABIA) ซินท์มาร์เทิน (SINT MAARTEN (DUTCH PART) ) ซิมบับเว (ZIMBABWE

market, where the oil business is in on a downward trajectory following slowing global economy due to the trade war between the US and China. The Dubai crude price in 2019 averaged at 63.51 $/BBL, a

CHINA (THAI) PUBLIC COMPANY LIMITED ICAP SECURITIES COMPANY LIMITED AIRA ASSET MANAGEMENT COMPANY LIMITED AIRA SECURITIES PUBLIC COMPANY LIMITED HUA SENG HENG GOLD FUTURES COMPANY LIMITED Last Updated 31

Rating (Moody’s) AGRICULTURAL BANK CHINA CHINA - A1 0.85% 19% 0.16% BANK OF CHINA CHINA - A1 0.95% 19% 0.18% AL KHALIJ COMMERCIAL BANK QATAR - A3 0.95% 19% 0.18% COMMERCIAL BANK PQSC QATAR - A3 0.90% 10

associates increased by Baht 69 million mainly relates to the profit from Banyan Tree China Pte. Ltd. offset by lower profit from Thai Wah Plc. Finance cost decreased by Baht 19 million as compared to last

decreased by Baht 61 million mainly relates to lower profit from Banyan Tree China Pte. Ltd. Finance cost decreased by Baht 26 million as compared to the same period last year due to the capitalization of

from China on 21 st February 2020. 3. Performance of the Company Operating results The Company reported a net loss of THB 1,353 million and THB 836 million in year 2019 and 2018, respectively. This is