impact from currencies appreciation as compared to previous year. 3. Selling and Administrative Expenses For the year 2018, the Company’s SG&A expenses were Bt. 4,247.97 million or 3.76% of the total sales

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 appreciation against 3 major currencies (USD, EUR, and AUD) as main revenue structure. Cost of sales, Selling and Administrative Expenses: For the three-month period ended 31 March 2019, the cost of

decreased little from the second quarter of 2018, from 0.30 times to 0.31 times. For the six-month period of 2019 was nearly by the same period of last year at 0.62 times and 0.63 times, respectively

assets in this quarter decreased little from the second quarter of 2018, from 0.30 times to 0.31 times. For the six-month period of 2019 was nearly by the same period of last year at 0.62 times and 0.63

/2020 decreased of 0.39% a little amount. - Cost of finance from Baht 11.70 Million or 2.15% of sale in Q2/2019 to Baht 8.27 Million or 1.35% of sale decreased Baht 3.43 Million or 29.32% in Q2/2020 due

of last year. Revenue from sales of first half on 2018 decreased 0.25 percent due to the effect of Thai Baht appreciation even though sale volume and sale in CNF incoterm increased from first half on

from currencies appreciation as compared to same period of previous year. 3. Selling and Administrative Expenses For the second quarter of year 2018, the Company’s SG&A expenses was Bt. 1,074.65 million

percent from the same period of last year. Revenue from sales of nine-month on 2018 slightly increased 3.54 percent due to the effect of Thai Baht appreciation even though sale volume and sale in CNF