World PCL : Report of the progress of the action to qualify to return to trading for the second quarter, year 2022

World Corporation Public Company Limited.

4 Moo 11 Hathai Rat Road, Tumbon Lat Sawai

Ampur Lum Luk Ka, Pathum Thani Province

World 08-06/2022

19 August 2022

Subject: Report of the progress of the action to qualify to return to trading for the second quarter, year 2022

To: The President,

The Stock Exchange of Thailand

According to World Corporation Public Company Limited ("the Company") submitted an application for delisting and trading on the Market for Alternative Investment (MAI) on October 1 2 , 2 0 2 1 and the stock market has notified the acceptance of the request to be cleared from the grounds of delisting and resume trading on the Stock Exchange of Thailand on November 12, 2021. The company would like to reports the progress of the process to qualify for trading for the second quarter, year 2022 with details as follows:

1. Financial status and performance of the company

The principal business operations of the group are to invest in real estate development business.

The group's products are divided into 4 categories:

• Residential development projects in the form of vacant land, houses, villas, condominiums, hotels for sale and rent, including providing management services for juristic persons or related to the development of residential projects.
• Industrial estate development projects in the form of vacant land, warehouses, factories, office buildings, commercial buildings for sale and rent, including trading and providing energy utilities related to industrial estates.
• Construction business.
• Hospital business and health care service, including sale of equipment. (Still not generating income)
  Performance
  Performance for the second quarter operating results end of June 30, 2022 for a period of 3 months. The company had a net profit from continuing operations of the parent company of 13.62 million baht and a net profit from normal operations. (Excluding other income) for the parent company of 12.43 million baht. This quarter, the company has total revenue of 68.6 million baht. Most of the revenue comes from construction business projects under the operation of another

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subsidiary that has been recognized continuously since the second quarter of 2021 recognized by Cost-to-Cost Method 34.85 million baht. And comes from real estate development business in the type of condominiums in The City HatYai first project amounted to 30.69 million baht. Compared to the same period last year, it was found that the income decreased by 1,144.96 million baht or 94.35 percent. In terms of total expenses amounted to 55 million baht. Decrease of 1,037.04 million baht from the same period last year. Most of the expenses were from construction costs of 24.33 million baht, and costs from the transfer of ownership in condominiums in The City HatYai first project of

19.7 million baht, selling and administrative expenses of 7.01 million baht, and income tax expenses amount 3.96 million baht.

For the period of 3 months ending on June 30, 2022

(Unit: Million Baht)

Statement of comprehensive	30 Jun 2022	30 Jun 2021	Increase	%
income			(decrease)
Revenue	68.60	1,213.57	(1,144.96)	(94.35)
Expenses	55.00	1,092.05	(1,037.04)	(94.96)
Profit (loss) from continuing operations	13.62	121.54	(107.92)	(88.79)
- Part of the parent company
Net profit from normal operations	12.43	100.96	(88.53)	(87.68)
- Part of the parent company
For the period of 6 months ending on June 30, 2022
			(Unit: Million Baht)
Statement of comprehensive	30 Jun 2022	30 Jun 2021	Increase	%
income			(decrease)
Revenue	119.51	1,255.10	(1,135.59)	(90.48)
Expenses	96.39	1,127.11	(1,030.72)	(91.45)
Profit (loss) from continuing operations	23.15	128.00	(104.85)	(81.92)
- Part of the parent company
Net profit from normal operations	21.29	106.59	(85.30)	(80.03)
- Part of the parent company

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Financial position

As of June 30 , 2022, there were total assets of 2 ,416.18 million baht, increased from the previous year 24.92 million baht or 1.04 percent. Most of the group's assets are inventories 1,180.5 million baht. (Comprising apartment business of 932.92 million baht and industrial estate business of 2 4 7 .58 million baht) a decrease of 28.89 million baht or 2.39 percent and land, buildings and equipment of 9 6 7 . 3 4 million baht ( Most of which were buildings for hospital and health services businesses) increased from the previous year 18.3 million baht or 1.93 percent.

Note:The financial statements for the period of December 31, 2021 are used for comparison. It is a revised budget in the land buildings and equipment of industrial estate projects with improvements in wastewater treatment systems and the land on which the water supply and wastewater treatment system is located, increased by 100.88 million baht and adjusted inventory items decreased by 33.92 million baht.

The company had total liabilities of 2 5 2 . 5 4 million baht, most of which were advance income of 186.87 million baht as shown in trade and other payables. Total liabilities increased from the previous year by 1.81 million baht or 0.72 percent, mainly due to advance income for land of the World Industrial Estate (Lamphun) project and has shareholders' equity of 2,163.63 million baht, divided into equity of the parent company of 1,964.8 million baht, an increase of 23.15 million baht or 1. 1 9 percent derived from profitable performance in the past 6 months and non-controlling interests of 198.83 million baht, a decrease of 0.04 million baht from the previous year.

Note:The financial statements for the period of December 31, 2021 are used for comparison. It is a revised budget. As for income tax payable, an increase of 13.86 million baht and an increase in unappropriated retained earnings of 53.10 million baht.

As for net cash flows from operating activities for a period of 6 months, amounted to 3. 9 million baht due to cash received from the transfer of ownership of condominium units in The City HatYai first project.

2. Progress various projects of the group of companies for current business/project

2.1. The World Industrial Estate (Lamphun) project is operated by World Industrial Estate Co., Ltd., a subsidiary, which the company holds 100% shares, divided into 2 parts:

2.1.1. Allocate vacant land for sale total area of approximately 253 rai, ownership of 224 rai has been transferred, remaining 29 rai of land for sale, which the company has completed the development and construction of basic utilities. At present, there are people who are interested to contact to inquire about the purchase of land from time to time. Currently in the process of negotiating the purchase price. However, the company It is expected to sell out by 2022.

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In the third quarter of 2021, the company entered into an agreement to purchase an additional 15 rai to expand the area in the estate and at the same time, it entered into a contract to sell the land to the former major customer of the company as well the transfer of ownership is scheduled in the fourth quarter of 2022.

2.1.2. Allocated to be commercial buildings for sale, with a total area of 27 rai. Currently under development as a commercial building and a commercial community area. On an area of approximately 20 rai, which is a sale in progress, including the gradual transfer of ownership. Which will begin operation in 2022 - 2023, the rest of the area. The company is under consideration which may be allocated as vacant land ready for sale in the future.

2.2. The City HatYai 1 and The City HatYai 2

2.2.1. The City HatYai first project is operated by World Corporation Public Company

Limited. There are 2 buildings, each building has 78 units, total 156 units. End of the second quarter of 2022, the company has gradually transferred ownership of 57 units, (including revenue recognition under hire purchase contracts) remaining 99 units. It is expected to sell out by 2023.

2.2.2. The City HatYai second project is operated by World Property and Asset Co., Ltd., a subsidiary company which the company holds 100 percent shares. There are 2 buildings with 78 units of each building, total 156 units. However, the company expects both buildings to be sold out by 2024.

2.3. The Forest Patong project is operated by World Corporation Public Company Limited. The nature of the project is a residential project for sale and rent with a hotel service. In

which the owners of condominiums and projects will receive compensation from the management of the hotel. The total area of the project will be allocated into 5 phases. At present, the construction of the sales office of The Forest Patong Project has been completed. In the process of developing public utilities with 80% progress. And will start construction after the renovation of the building is completed by gradually constructing the building in phases. In addition, the company has selected partners to join the sales management of the project, Forest Patong, which has already been selected for Phase 1 , is in the process of agreeing on the terms of the contract and is in the process of negotiating to select the remaining phase partners. It is expected to start selling the project in 2023 and it is expected that the construction of Phase 1 will be completed and ownership transfers can begin in 2024. The land used for this project the ownership has not been transferred to the company because it is in the process of making payment for the purchase of land. An additional note was made on July 12, 2021 requesting an extension of the payment period until September 2024 due

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to the impact of the COVID-1 9 epidemic situation. The company has been contacting to negotiate such conditions since October 2020. However, the company has received consent from the seller to be able to use the land administrative control as well as receiving all potential benefits, including land development construction of buildings and other operations as specified in the land purchase agreement dated 4 November 2018 without any additional conditions.

1. Construction business is operated by World Design and Construction Company Limited, a subsidiary in which the company holds 100 percent of the shares.
2. Private hospital is operated by N Hospital Co., Ltd. is a joint venture company in which the company holds 7 4 percent of the shares. The subsidiaries operate health-related businesses, hospitals, pharmaceuticals, medical devices, etc. They own a land size of 1 0 rai and a building of 21,000 Square Meters, located in San Sai District, Chiang Mai Province. It will be developed into a 60- bed hospital, currently in the process of building renovations. It is expected to be completed in 2022 (originally expected to be completed by the end of 2021) due to the COVID-19 epidemic situation. As a result, the construction did not go as scheduled and is expected to start operations around
   2023.
3. North Sathorn Residence Project is operated by Capital Link North Sathorn Company Limited, a joint venture company in which the company holds 50 percent of the shares. Later, the company considering that the management did not meet as agreed as the establishment of the company, together with the problem of the form of investment projects with different opinions that could not continue to operate. Therefore, the company, as a shareholder, filed a request for liquidation, but due to the Covid-1 9 situation, the court postponed this case first and a new appointment will continue to inform. In the fourth quarter of 2 0 2 1 , the resolution of the board of directors' meeting approved the company to enter into an investment sale contract and transfer the claim to a third party.

3. Summary report of internal auditor's internal control review

The group has received an internal audit from Acconsult Service Co., Ltd., which has audited

the group since the accounting period ended 31 May, 2016 (old accounting period) - present for the second quarter ended 30 June 2022 can be summarized as follows:

1. The internal auditor issued the audit report on 9 August 2022
2. Every quarter, the internal auditors set 3 audit areas as follows:

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