% YoY to THB 6,976mn, preeminently due to full year consolidation of the hotel business in Europe and from acquired assets under the Entire Business Transfer of Unicorn Enterprises Limited (EBT of UE

performance, please see 2Q 2017 performance analysis. Despite the lower-than-expected recovery of advertising spending during the first half of 2017, the Company expects to see an improvement in advertising

the income adjustment as mentioned above. For 1H18, gross margin was 31% higher than 28% gross margin of 1H17. This margin improvement was contributed by the increase of social security payment rate and

while related cost was not proportionally decreased. For 9M’18, gross margin ratio was 31% higher than 30% of 9M’17. This margin improvement was contributed by more revenue contribution from non-social

the practicality of the Criteria for green bond market participants and providing recommendations for further improvement. Acknowledgement We would like to thank all members of the Bioenergy Technical

improvement in the Company’s performance in the second half of this year from billboard network expansion, an improvement in media utilisation rate and consolidation of the newly-acquired subsidiaries, Trans.Ad

responsibility must be lived up with to boost confidence and upgrade standards in corporate governance for companies listed in Thailand.Mr. Rapee Sucharitakul, Secretary-General of the Securities and Exchange

acquired from the new machines to produce high- end products, which have higher profit margin than existing products; resulting in higher gross margin for Company. Although, in 2017, the group has an income

of cost due to economy of scale by producing in larger quantities, and the more skill acquired from the new machines to produce high- end products, which have higher profit margin than existing

the THB that affected the value of the Company’s overseas assets. • Net debt to equity ratio as of 31 December 2019 stood at 0.48x, an improvement from 0.55x in 31 December 2018. SIGNIFICANT EVENTS