’ requirements. The Company and its subsidiaries therefore sold scrap and recorded as the other income. 1.3 Cost of goods sold Majority of cost of goods sold are cost of raw material are cold rolled stainless

Ended 30 September 2017 2018 THB mm % THB mm % THB mm % Raw material and packaging 119.21 85.73 77.35 79.17 (41.86) (35.11) Labor costs 12.28 8.83 8.99 9.20 (3.29) (26.79) Depreciation costs 3.76 2.70

manufacture, particularly energy drinks in both bottle and can formats, delivered an improving gross margin quarter by quarter as a result of lower costs of key raw material and packaging items, as well as

importance for Golden Lime: the limestone quarry operated by TMC has already been one of the raw material suppliers in the past, but Golden Lime Public Company Limited 3 MANAGEMENT DISCUSSION AND ANALYSIS FOR

0.47 million 2. Gross Profit and Gross Profit Margin: (Unit: THB Million) Gross profit = Total Operating Revenue – Cost of Sales Cost of sales mainly consists of cost of raw materials, packages, supplies

due to time lag in price adjustment from rising raw material prices of Portugal operations in the first half of 2022. However, raw material prices started to normalize in Q3 2022 while http

from 45. 3 percent in 3M17 to 45. 0 percent mainly due to the increasing of cost of raw material that used for production. The net profit rate was slightly decreased from 4. 8 percent in 1Q17 to 4. 5

production was partly offset by lower volumes at PHP plant in Germany due to force majeure by raw material supplier. Quarterly Last Twelve Months 1Q18 4Q17 1Q17 1Q18 YoY LTM 1Q18 LTM 1Q17 LTM YoY Production

of raw material increases. EBITDA in year 2018 and 2017 amounted THB 83.9 MB and THB 209.3 MB respectively. ZIGA INNOVATION PUBLIC COMPANY LIMITED 999/9,10,11 MOO 9 NAIKLONGBANGPLAKOD, PHASUMUDJADEE

of the year. However, the gross margin in the middle of 2019 will receive a positive effect from seaweed price and exchange rate; thereby the costs of main raw materials will be reducing by more than