Related to FX Gain is derived from Gain on exchange rate from USD Loan to related parties at WUPIN 6 One-time Accounting Adjustment is the revision of recognition of maintenance cost of Gulf SPPs (GVTP

% decrease from Baht 2,583.2 million of 2018. The decrease was mainly from lower contribution from GHECO-One mainly driven by lower Availability Payment Rate and Thai Baht appreciation, despite additional

lower Availability Payment Rate and Thai Baht appreciation. Normalized Share of Profit/(Loss) from Investments of Utilities Business was Baht (13.5) million due to the recognition from Share of Loss from

result of (i) the THB appreciation against EUR (THB appreciated from 35.90 THB/EUR in 1Q 2019 to 34.49 THB/EUR in 1Q 2020) since the majority of the Company’s hotels earns their revenue in Euro and (ii

) increased 68 keys under AHS management contracts. The Average Daily Rate (ADR) decreased by THB 523 per night as a result of (i) the THB appreciation against EUR (THB appreciated from 35.70 THB/EUR in 2Q 2019

Baht 50.38 million due to the Baht appreciation against JPY. The unrealized loss on exchange rate was mainly from revaluation foreign exchange rate in JPY of long-term investments. 5 | Padaeng Industry

appreciation to competitors, especially from Vietnam. - QSR business recorded its revenue of Baht 143.0 Million that 3.1% increased from 2018 or by Baht 4.2 Million, resulted from distribution channel

year 2019 increased 51.20 and 61.28 percent from the same period of last year. Main attribution is increasing in sales quantities from 2nd production line. The effect from Thai Baht appreciation and

of Baht 1,607.51 million or 82.20 percent. Cost of sales and services decreased due to the appreciation of the exchange rate and increasing production efficiency for both the leather and energy

supported by an increase in capacity from the investment in Phase 3 at the new plant, and the appreciation of the Baht. Cost of Sales and Gross Profit The profit margin increased slightly Q-o-Q, but dropped Y