capital increase from Initial Public Offering would result in the marked decrease in Debt-to-Equity ratio and financial costs going forward. Management’s Discussion and Analysis S Hotels and Resorts Public
profit margin. Selling and administrative expenses were higher than last year, due mainly to professional fees related to SGAH and higher provisions due to the changes in the Labor Protection Act. Loss on
current Labor Protection Act (LPA), with effective in Q2/2019. The key amendment to the LPA was that the law included a new and higher severance entitlement of 400 days’ wages for employees with over 20
to the new labor protection law. More causes for loss were sales decrease; higher cost per unit as a result of lower utilization rate; higher depreciation; following the Excise Act, B.E. 2560; higher
20 percent of the population will be 60 or older and 14 percent will be older than 65. This demographic shift will affect the economy as follows: (1) The labor force will continually decrease which
securities investment and futures contracts. The meeting had also deliberated on the matter of “Master Blueprint” and the guidelines to drive forward concrete results.Moreover, the Digital Infrastructure
for promoting the development of financial innovation and regulations in our respective jurisdictions. We look forward to enhancing a close cooperation with the CSSF in the future.”Mr. Claude MARX
SET is a welcome addition to Thailand and Singapore cross-border development. SEC Thailand looks forward to the successive implementation and participation from market stakeholders. Meanwhile, we
employee benefit according to new labor law, consultant fee for new Credit Agreement of the Company and others fee and reorganization during December 2019 resulting in reduced Salary for the current year. 5
public. ESG TRENDS Climate change Water scarcity Tech disruption Healthier lifestyle/longevity Labor scarcity Diversity How does ESG actually affect companies? For illustrative purposes only ESG SHOCKS