overseas sales under the operation of (Carabao Tawandang or “CBD”), the Group’s overseas sales under the Intercarabao Limited (“ICUK”)’s operation amounted to THB 43 million, increased by THB 14 million or

Baht. The Company has invested such capital increase amounting to 100 million Baht. The increase in the share capital of the subsidiary did not change the Company’s proportionate holding in the equity of

2.03 27% Core EBITDA/t (US$/t)) 107 100 94 14% 97 86 13% Net Operating Debt to Equity 0.84 0.80 0.99 0.84 0.99 Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

188 61% 1,037 853 21% Net Operating Debt to Equity (times) 0.53 0.45 0.57 (7)% 0.53 0.57 (7)% 1Consolidated financials are based upon elimination of intra-company (or intra-business segment

ส่วนที่ 2 บริษัทที่ออกหลักทรัพย์ - 2.1 วัตถุประสงค์การใช้เงิน ค ำอธิบำยและกำรวิเครำะหข์องฝ่ำยจดักำร บรษิทั เอส โฮเทล แอนด ์รสีอรท์ จ ำกดั (มหำชน) S Hotels & Resorts, A Singha Estate Company

under TFRIC4. Total Assets (THB million) Total Liabilities and Equity (THB million) Current assets Investments in associates Property, plant and equipment Finance lease receivable Other non-current assets

our credit management standards.  Market Risk Management Market risk may arise from changes in interest rate, foreign exchange, equity and commodity prices, as well as credit spreads. These changes

to 39.52 percent per the Company’ s financial statements reviewed by the auditor for the six-month period ended June 30, 2019, which is equal to 15.00 percent or higher, but lower than 50.00 percent

SHR MD&A TH ค ำอธิบำยและกำรวิเครำะห์ของฝ่ำยจดักำร บรษิทั เอส โฮเทล แอนด ์รสีอรท์ จ ำกดั (มหำชน) S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com หน้า 1/9 วนัที ่15 พฤษภำคม 2563

HOSPITAL PUBLIC COMPANY LIMITED RS: RS PUBLIC COMPANY LIMITED RSP: RICH SPORT PUBLIC COMPANY LIMITED RT: RIGHT TUNNELLING PUBLIC COMPANY LIMITED RWI: RAYONG WIRE INDUSTRIES PUBLIC COMPANY LIMITED S&J: S & J