long-term loan Non-current portion of long- term loan % of total interest-bearing debt Apr 19 – Mar 23 44% After Mar 23 49% Apr 18 - Mar 19 7% 87% 13% 93% 7% Management Discussion & Analysis Management

บริษัท เอบิโก้ โฮลดิงส์ จํากัด (มหาชน) / หมู่ อาคารเอบิโก้ ชัน ถ.พหลโยธิน ต.คูคต อ.ลําลูกกา จ.ปทุมธานี โทร - - โทรสาร - - Management Discussion and Analysis (MD&A) ABICO HOLDINGS ABICO HOLDINGS

equivalent to 60.9% of total sales, lower than Q2’2016, which had total cost of sales 62.7% of total sales due to efficient cost management and higher cost efficiency from better utilization of production

Total liabilities decreased from Bt7,300 million at the end of 2016 to Bt6,828 million as of June 30, 2017; short- term debt as well as the long term loan decreased due to increased cash flow from

Translation CEN 022-2017 August 11, 2017 Subject Management Discussion and Analysis for business operation of quarter 2/2017 To The Manager and President The Stock Exchange of Thailand For 3 months

ริ๊งส ์จ ำกดั (มหำชน) Food and Drinks Public Company Limited 1 | P a g e August 15, 2017 Subject: Management discussion and analysis of the operating results for the quarter 2/2017 Attn: President The

2016 to Bt6,909 million as of September 30, 2017; short-term debt as well as the long term loan decreased due to increased cash flow from operations and as the Company repaid the long-term loan in

ริ๊งส ์จ ำกดั (มหำชน) Food and Drinks Public Company Limited 1 | P a g e November 14, 2017 Subject: Management discussion and analysis of the operating results for the quarter 3/2017 Attn: President The

Translation CEN 003-2018 February 23, 2018 Subject : Management Discussion and Analysis for business operation of year 2017 To : The Manager and President The Stock Exchange of Thailand Business

Microsoft Word - Ref FPI.004.2018.doc Ref. FPI.004/2018 28 February 2018 Subject : Management Discussion & Analysis of Performance Results Yearly Ending 31 December 2017 To : Board of Directors