. The major reason is inventories decreased and decrease in land development costs because transferred to cost of sales. And land awaiting for development transfer to land development costs. Total

stood THB 4,765.22 million, which was a THB 331.86 million or 6.51 percent decrease from as of December 31, 2016.Transfer of land development costs and inventories to cost of goods instead. Total

to transfer cost of land development to cost of sales. 3 Total Liabilities As of March 31, 2020, the company and its subsidiaries’ has total liabilities of Baht 1,490.81 million, decreased from the

revenues from project management service to joint venture company, (With“Nomura Real Estate Development” (NRED)) 3. Gain from transfer of right for land purchase and sale agreements, in the period for 6

Company’s subsidiary company which do real estate development business, has started to transfer the ownership of condominium rooms at Aspen Condo to the purchasers. . . 3.2 Selling and administrative expenses

had total assets of 5,403 THB mm, decrease from 31 December 2019 by 50 THB mm or 0.9%, mainly due to • Decrease in property development costs from the ownership transfer of Veranda Residence Hua-Hin

“Nomura Real Estate Development” (NRED)) 3. Gain from transfer of right for land purchase and sale agreements, in the period for nine-month ended September 30, 2018, accumulated amount of 312.0 million baht

revenues from project management service to joint venture company, (With“Nomura Real Estate Development” (NRED)) 3. Gain from transfer of right for land purchase and sale agreements, in the period for year

Veranda Resort Public Company Limited Management Discussion & Analysis Q1/2020 Management Discussion & Analysis Q1/2020 Revenue Structure Hotel 45.3% Property development 46.4% Food and beverage 6.1

remaining backlogs and inventory from the four property development projects in a total of 15,746 million Baht, which are in process of completion and expected to transfer as planned. 1. As of 31 December