exclude any observations from financial industry sectors. ❑ Continuous variables are winsorized at 1st and 99th percentiles. ❑ The final baseline sample of 8,317 firms with 54,436 firm-year observations
Balance sheet ▪ Adjust asset impairment charges Cash flow statement ▪ Adjust capital expenditure Valuation ▪ Adjust the discount rate ▪ Decrease / increase / exclude the terminal value 10 Reflect
is approved to execute both types of transactions, the maximum limit shall be the total limit; (2) have the client make an agreement in writing for borrowing of money for purchasing securities or
parent company which excluding Non-controlling interests ** Calculate from the profit (loss) of the parent company divided by total shareholders’ equity (Exclude Non-controlling interests) *** Calculate
Change Dusit Thani PCL Management Discussion and Analysis For 2Q18 and 1H18 P a g e | 3 • Owned Hotels Remark : Hotel statistics exclude Dusit Princess Korat (“DPKO”) for comparative purpose Revenue from
-5.3% 84 134 -50 -37.3% Change Change 3Q18 3Q17 % Change Occupancy % 73.8% 70.6% 4.7% ADR (THB/night) 3,065 3,114 -1.6% RevPar (THB/night) 2,263 2,197 3.0% Remark : Hotel statistics exclude Dusit
exclude the votes of the shareholders who have conflict of interest. Based on the above criteria, the Company has appointed JVS Financial Advisory Company Limited as an Independent Financial Advisor. 3
exclude the votes of the shareholders who have conflict of interest. Based on the above criteria, the Company has appointed JVS Financial Advisory Company Limited as an Independent Financial Advisor. 3
(exclude gain on change in shareholders' equity of associates) varied with the normal operating results of the Company. V Profit for the period (Unit: Million Baht) Third quarter 9-month period 2017 2016
transaction which is company’s core business and exclude money transfer transaction and depreciation, Net profit margin will increase to 19.1% Financial Position Statement of Financial 31 December 2016 31