Subject: Report on the operating results of Country Group Development PCL for the period ended September 30, 2018

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Frank Nelson
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1 CGD61/0054 Date: November 13, 2018 Subject: Report on the operating results of Country Group Development PCL for the period ended September 30, 2018 To: The President The Stock Exchange of Thailand Country Group Development Public Company Limited (the Company ) would like to report the operating results of the Company and its subsidiaries for the period ended September 30, 2018 as follows: Consolidated Financial Statements (the Group ) Revenues In the quarter 3/2018, the Group reported total revenues of Baht million, decreased by Baht million or decreased by 22.9 percent from Baht million in the same quarter of This was mainly due to the decrease of revenue from sale of Elements Srinakarin project because the project has closed its sale. However, in the quarter 3/2018, the Group reported increase in gain on foreign exchange rate of Baht million. Total revenue for the nine-month period of 2018 amounting to Baht million, decreased by Baht million or decreased by 27.3 percent from Baht million of the same period of Revenue from sale of condominium which was resulted from unit ownership transfer of Element Srinakarin project amounting to Baht million, decreased by Baht million or decreased by 88.1 percent from Baht million of the same period of Foreign subsidiary reported rental income from investment property which was resulted from rental income from property in Brighton, United Kingdom in the quarter 3/2018 amounting to Baht million, decreased by Baht 0.27 million or decreased by 2.0 percent from Baht million of the same period of Page 1 of 6

2 In the quarter 3/2018, the Group reported gain on foreign exchange rate of Baht million, increased by Baht million or increased by percent from Baht million of the same period of This was mainly due to Thai Baht appreciation together with increase in USD loan of a local subsidiary according to construction progress of Chao Phraya Estate Project which has a lot of progress during Expenses In the quarter 3/2018, the Group reported total expenses of Baht million, decreased by Baht million or decreased by 34.4 percent from Baht million of the same period of This was mainly resulted from decrease of cost of condominium sale which correlated with decrease of revenue from sale of condominium, the decrease of distribution costs and the decrease of administrative expenses. Total expenses for the nine-month period of 2018 amounting to Baht million, decreased by Baht million or decreased by 13.7 percent from Baht million of the same period of In the quarter 3/2018, the Group reported cost of condominium sale of Element Srinakarin condominium of Baht million, decreased by million or decreased by 85.2 percent from Baht million of the same period of The percentage of deceasing in cost was less than the percentage of decreasing in revenue from sale of condominium which was decreased by 88.1 percent compared with the same quarter of This was due to promotion of unit sale price reduction to close project s sale. Consequently, gross profit margin for the quarter 3/2018 amounting to 31.3 percent, decreased from 44.8 percent of the same period of In the quarter 3/2018, the Group reported distribution costs of Baht million, decreased by Baht million or decreased by 30.4 percent from Baht million of the same period of This was mainly due to the decrease of expenses related to the marketing activities of Four Seasons Private Residences Bangkok at Chao Phraya River and promotion expenses of Elements Srinakarin project. Page 2 of 6

3 In the quarter 3/2018, the Group reported administrative expenses of Baht million, decreased by Baht million or decreased by 30.3 percent from Baht million of the same period of This was mainly due to in the same the quarter of 2017 a subsidiary recorded loss on impairment of sale gallery amount of Baht million. Administrative expenses consist of personnel expense, advisory fee, utilities expense, depreciation and miscellaneous expenses. In the quarter 3/2018, the Group reported finance costs of Baht million, increased by Baht million or increased by 49.3 percent from Baht million from the same period of The finance costs in the quarter 3/2018 was resulted from issuance of bills of exchange, issuance of longterm debenture and long-term borrowing for being working capital and expansion of the Group s business. Consequently in the quarter 3/2018, the Group reported loss before income tax of Baht million, decreased by million or decreased by 57.5 percent from loss before income tax of Baht million of the same period of Income Tax Revenue In the quarter 3/2018, the Group reported income tax revenue of Baht 0.09 million, decreased by 6.16 million or decreased by 98.5 percent from income tax expense of Baht 6.25 million of the same period of This was due to foreign subsidiary utilized tax benefit from investment in investment property since last the quarter The Group reported income tax revenue for the nine-month period of 2018 amounting to Baht 0.28 million, decreased by Baht 2.73 million or decreased by 90.7 percent from Baht 3.01 million of the same period of Net Loss for the Period The operating results mentioned above resulting the Group reported net loss in the quarter 3/2018 of Baht million, decreased by Baht million or decreased by 55.0 percent from net loss of Baht million of the same period of In the quarter 3/2018, net loss of the Group amounting to Baht million of which loss of Baht million attributed to the parent and the remaining gain of Baht 8.11 million Page 3 of 6

4 attributed to non-controlling interests. Consequently, net loss which attributed to the parent decreased by Baht 21.3 million or decreased by 28.5 percent from net loss contributed to the parent of Baht million of the same period of The Group reported net loss for the nine-month period of 2018 amounting to Baht million, increased by Baht million or increased by 8.9 percent from Baht million of the same period of Separate Financial Statements (the Company ) Revenues In the quarter 3/2018, the Company reported revenues of Baht million, decreased by Baht million or decreased by 67.5 percent from Baht million of the same period of This was mainly due to the decrease of revenue from sale of Elements Srinakarin project because the project has closed its sale and the decrease of interest income. However, in the quarter 3/2018, the Company reported increasing in gain on foreign exchange rate of Baht million. The Company reported revenues for the nine-month period of 2018 amounting to Baht million, decreased by Baht million or decreased by 21.7 percent from Baht million of the same period of In the quarter 3/2018, revenue from sale of condominium, a result of sale of Elements Srinakarin project amounting to Baht million, decreased by million or decreased by 88.1 percent from Baht million from the same period of In the quarter 3/2018, the Company reported interest income Baht million, decreased by Baht 8.42 million or decreased by 30.5 percent from Baht million from the same period of This was mainly due to the Company receiving loan repayment from a local subsidiary in 4 th quarter of 2017 at the amount of Baht 400 million. In the quarter 3/2018, the Company reported gain on foreign exchange rate Baht million, increased by Baht million or increased by percent from loss on foreign exchange rate baht 8.45 million of the same period of This was mainly due to Thai Baht appreciation. Page 4 of 6

5 Expenses In the quarter 3/2018, the Company reported total expense of Baht million, decreased by Baht million or decreased by 37.6 percent from Baht million of the same period of This was mainly due to the decrease of cost of condominium sale which correlated with decreased of revenue from sale of condominium and the decrease of distribution costs. Total expense for the nine-month period of 2018 amounting to Baht million, decreased by Baht million or decreased by 4.6 percent from Baht million of the same period of In the quarter 3/2018, the Group reported cost of condominium sale of Element Srinakarin condominium of Baht million, decreased by million or decreased by 85.2 percent from Baht million of the same period of The percentage of deceasing in cost was less than the percentage of decreasing in revenue from sale of condominium which was decreased by 88.1 percent compared with the same quarter of This was due to promotion of unit sale price reduction to close project s sale. Consequently, gross profit margin for the quarter 3/2018 amounting to 31.3 percent, decreased from 44.8 percent of the same period of In the quarter 3/2018, the Company reported distribution costs of Baht 1.71 million, decreased by Baht million or decreased by 89.8 percent from Baht million of the same period of This was mainly due to the decrease of promotion expenses from Elements Srinakarin project which correlated with the decrease of revenue from sale of condominium. In the quarter 3/2018, the Company reported administrative expense Baht million, increased by Baht 6.49 million or increased by 19.7 percent from Baht million of the same period of Majorities of administrative expenses consist of personnel expense, advisory fee, utilities expense, depreciation and miscellaneous expenses. In the quarter 3/2018, the Company reported finance costs of Baht million, increased by Baht million or increased by 57.4 percent from Baht million of the same period of The finance costs in the quarter 3/2018 was resulted from issuance of bills of exchange, issuance of longterm debenture for being working capital and expansion of the Company s business. Page 5 of 6

6 Consequently in the quarter 3/2018, the Company reported loss before income tax of Baht million, increased by million or increased by 1,556.2 percent from profit before income tax of Baht 4.33 million of the same period of Income Tax Revenue In the quarter 3/2018, the Company reported income tax revenue of Baht 0.09 million, decreased by Baht 0.06 million or decreased by 37.5 percent from income tax revenue of Baht 0.15 million of the same period of The Company reported income tax revenue for the nine-month period of 2018 amounting to Baht 0.28 million, decreased by Baht 0.17 million or decreased by 37.5 percent from income tax revenue of Baht 0.45 million from the same period of Net Loss for the Period The operating results mentioned above resulting the Company reported net loss in the quarter 3/2018 of Baht million, increased by Baht million or increased by 1,505.7 percent from net profit of Baht 4.48 million of the same period of The Company reported net loss for the nine-month period of 2018 amounting to Baht million, increased by Baht million or increased by percent from net loss of Baht million of the same period of Please be informed accordingly. Yours sincerely, Ben Taechaubol Chief Executive Officer Page 6 of 6

Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on March 31, 2016

Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on March 31, 2016 Overall Operational Results In the first quarter of the year 2016, the Company had the net profit attributable to equity holders in the amount of Baht 702 Million, representing an increase from the same