% 45.3% 6.9% Room revenue 285,355 250,664 13.8% Food & Beverage revenue 275,493 241,245 14.2% Other revenue 97,372 93,752 3.9% Hotel income 658,220 585,661 12.4% Cost of sales and services 325,621 326,698

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

) Occupancy rate (%) 62.3% 61.8% 0.5% Room revenue 317,603 298,976 6.2% Food and beverage revenue 280,547 261,291 7.4% Other revenues 92,138 94,742 (2.7%) Hotel income 690,288 655,009 5.4% Cost of sales and

% % Revenue from hotel operations 279.41 68.61 284.71 51.49 (1.86) 646.47 71.23 666.78 49.31 (3.05) Revenue from property development operations 89.64 22.01 254.35 46.00 (64.76) 204.60 22.54 658.55 48.70 (68.93

Company’s beverage facilities at Navanakorn Industrial Estate. The loss was fully covered by Insurance claim from both property damaged in assets and business interruptions. In March 2020, the value of the

of Food and Beverage 0.0 0.0% 12.9 1.7% 12.9 n.a. Gross Profit 98.2 17.5% 152.4 20.4% 54.2 55.2% Gain from fair value adjustment on investment property -9.1 -1.6% 6.4 0.9% 15.5 -170.6% Allowance

was 1.28 times. Forward Looking In the year of 2017, the Company has expanded its business toward Property Development for sale – Newera Condominium Project and food and beverage business and Café shop

% Revenue Structure Hotel 6% Property development 86% Food and beverage 5% Management service 1% Revenue from hotel operations which is the revenue from hotel services including other services such as

in sales revenue from beverage and food business of 5.8% and 5.1%, respectively. The proportion of beverage business sales revenue to food business sales revenue was 54:46. Sales revenue of beverage

million. Sales revenue from beverage business decrease by 0.4% while sales revenue from food business decreased by 0.8%. The proportion of beverage business sales revenue to food business sales revenue was