%) 199.1 17.4% 232.4 699.1% Income tax expenses 12.1 1.2% (35.9) (3.1%) (48.0) (397.0%) Profit (loss) of the year (45.3) (4.7%) 235.1 20.5% 280.4 618.5% Adjusted items Net unrealized loss on exchange rate
illiquidity stock characteristics in emerging market, the Stock Exchange of Thailand. The period to choose sample data are developed from the bootstrapping technique. The list of listed companies is ranked from
excluding FX impact /4 Normalized Net Profit = Net Profit excluding FX impact * Adjusted with Revenue Levelization (TFRS15) for comparison purposes. Normalized Profit for 2019 has effects from TFRS15 KEY
increase of THB 46.6mn. All comparisons of changes in this report are based on the adjusted accounting policy and reclassification. 1 Backlogs include only sold units with sale and purchase agreements 2
. Normalized Profit attributable to Owners of the Parent The Normalized Profit attributable to Owners of the Parent is Net Profit attributable to Owners of the Parent adjusted by Foreign Exchange Gain or Loss
value : 2. Illiquidity ratio : 3. Adjusted zero return measures : Page 14/40 Literature Review (Cont’) 4. Illiquidity ratio is developed on Amihud (2002) : 5. Return reversal measure is proposed by Pastor
654 252 651% (62%) Performance without non-operating items 1 Adjusted EBITDA 282 148 280 (1%) 90% Note: 1 includes gain (loss) from foreign exchange rate, professional fees in relation to M&A activity
performance of the Company is deteriorating. The Company has been able to sell the products but the ownership transfer target cannot be achieved. The operational strategy has thus been adjusted and 2017 is
reduction of required rate of return. As for the characteristic-based argument, it is developed from evidence that growth is mean reverting process (Fama and French, 2000), and that the empirical link between
bond allowing the bondholder to convert bond to the Company’s stock at the adjusted conversion price at THB 4.40 per share. Page 2 of 11 Singha Estate Public Company Limited Management Discussion and