newl 0 per share t offering) with t 0.53 per sha 18 to 24 Dece are remaining onate to their g shareholde e newly issue ued ordinary issued ordina decreasing here is any s ng shareholdi (including the

quarter. The decreasing of selling expenses from property development business were as result of the absence revenue from the property development business while the company has recorded The Company

Unit: THB mm average cost of fund of the Company in 2019 decreased by 0.47% (decreasing from 3.88% in 2018 to 3.41% in 2019). During 2019, the Company had utilized additional short-term and long-term

do not exceed 1:1 and are in compliance with the 4 policy of the Company. The cost management of the Company is very efficient. The interest cost is lower than 3%, decreasing from 4% as a result of the

-bearing debt to equity ratio of 2.41x, decreasing from 2.49x as of 31 December 2019. This was caused by decreased interest-bearing liabilities due to repayment of long- term loans and leasing loans as well

decreasing in ordinary shares of non- controlling interests of Baht 0.81 million. 2. The separate financial statements 2.1 Report and analysis of Business Operations Revenue Revenue from operations Revenue

million and loss on loan to subsidiary of Baht 350 million. The loss for the period of YE 2019 is Baht 358 million decreasing by 42% from last year (YE2018: 621 million). However the Company is in the

revenue of 3,648 million Baht, increased by 42% YoY and 101% QoQ, mainly due to revenue from the ESSE Asoke. Net profit of Q4’2018 was 305 million Baht, decreased by 53% YoY and 4% QoQ. Decreasing in net

income. The income base has been expanded to include rental property business as it is one way to efficiently manage the Company’s assets while purchasing power is decreasing as well as to reduce risks

resulted in the Group’s Same-Store Sales Growth decreasing from +7.4% to -5.3% respectively. Franchise fee income increased from THB 15.2 Mn in the 3rd quarter of 2018 to THB 22.0 Mn in the same period of