- ” with “Stable” outlook in the fourth quarter in 2017, resulting in decrease of the Company’s financial costs. FINANCIAL POSITION 73,619.0 45,085.6 28,533.4 74,320.2 44,640.4 29,679.9 0 10,000 20,000

. Page 5 4. Financial Position of the Company and its Subsidiaries (Unit: Baht Million) 31 March 2018 31 December 2017 % Change Cash and cash equivalents 426 100 +324% Trade receivables 826 781 +6

(Cash Balance) หรือบัญชีซื้อขายตราสารอนุพันธ์ (Derivatives Trading Account) แล้วแต่กรณี เท่านั้น เหตุผล เพ่ือป้องกันความเสี่ยงของ leverage position ของลูกค้า 1.3 เงื่อนไขการเปิดบัญชี เพ่ือให้ลูกค้ามีความ

MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) FINANCIAL POSITION (THB mn) ASSETS ASSETS BREAKDOWN 31 DECEMBER 2017 31 DECEMBER 2018 (THB mn) % out of total (THB

and 5) non-cash, one- time expenses recognized from selling unused old machines. Page 5 4. Financial Position of the Company and its Subsidiaries (Unit: Baht Million) 30 September 2019 31 December 2018

Financial Position 1. Total assets as of September 30, 2019 and December 31, 2018 were THB 183,216 million and THB 177,560 million, respectively, which is equivalent to an increase by 3.2%, primarily due to

Group’s net profit decreased from THB 122.9 Mn baht to THB 114.2 Mn, a decrease of THB 8.7 Mn or 7.1% and the net profit margin decreased from 4.1% to 3.6%. Financial Position Analysis Assets As of 31

Statement of Financial Position 8

. Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 9 of 9 Analysis of Financial Position and Investment

decrease by 4.2%. 6 2. FINANCIAL POSITION The Consolidated Balance Sheet as of 31 December 2019 is summarized as follows. Assets As at 31 December 2019, the Company’s total Assets was Baht 26,418.7 million