last year which was 36.1%. The lower in gross profit margin came from the reason that the Company firstly adopted the Thai Financial Reporting Standard No. 15, subject to Revenue from Contracts Made with

106,174,220.73 which the Company will be responsible for. 1.6 Basis Adopted to Determine the Value of Consideration JPY 2,050,000,000 or approximately Baht 594,953,050 (calculated based on exchange rate at Baht

reviewed by auditor, the Company has adopted the IFRS 15 – Revenue from Contracts with Customers, effective January 1st, 2019 onwards. This impacts the reporting of financial statements, particularly the

advisor in the range of 321,470,000 Baht to 373,510,00 Baht. As of 6 November 2019, the Company has an investment in YLP in the amount of 170,000,000 Baht. Basis Adopted to Determine the Value of

portion of L/T debt) Total other non-current liabilities Shareholders' Equity 31 Dec 2019 1,566.69 166.13 997.12 269.11 281.16 30 Sep 2019 Remarks: The Company has adopted new financial reporting standards

AGM. As the reference no. (2), the Board of Directors’ Meeting no. 247 of the Company, held on March 13, 2020, with the agreement from the Audit Committee, had adopted the resolution to appoint the

Secretary-General Ruenvadee Suwanmongkol shared how Thailand’s listed companies have adopted practices aligned with good governance standards, including gender equality and women’s empowerment. She said the

create business growth and sustainable value.While the corporate governance practices adopted by Thai listed companies have undergone continuous developments with the focus on building investor confidence

strength as well as effort to maintain monetary return in the eyes of shareholders. Page 3 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 The Company has adopted

standards The Group has adopted financial reporting standards relating to financial instruments (TAS 32, TFRS 7 and TFRS 9) and leases standard (TFRS 16) retrospectively from 1 January 2020. The following