Management Discussion and Analysis for the year 2023 2 Thailand car production decreased by 12.3% in Q4 2023. The decrease in revenue was due to the following reasons: 1) Automotive Parts Business; Lower

of total revenues which increased 5.3% YoY from both mobile and fixed broadband. QoQ, total revenues decreased 0.7% mainly due to lower interconnection charge (IC) and device sales revenue. Service

public investment is anticipated to grow at the lower rate compared to last year due to the delay of extra-budget disbursement. For internal stability, headline inflation is predicted to reach 0.7 percent

Million for Last Year Quarter mainly due to increase in loss on devaluation of Finished Goods and Raw Material by THB 158 Million and lower Foreign Exchange Gain by THB 95 Million compared to Last Year

accordance with new Thai accounting standards. According to the previous accounting standards, Q4/2019 total sales would have been Baht 1,350 million which was lower than Q4/2018 total sales of Baht 1,456

139 million or 25.89% up from 2Q2016. The consolidated gross profit margin contributed of 16.32% in 2Q2017, increased from 13.83% in 2Q2016 predominantly from cost advantage from lower major feed

retail properties remained high at an average of 92%, slightly lower from 93% in 1Q17 from major renovations at CentralWorld and CentralPlaza Rama 3. In 2Q17, the average rental rate of all retail

THB 27 million due to sales of financial assets, the debt repayment from customer on trade and other receivables and lower inventory. Total LiabilitiesL As of 30 September 2021, the total liabilities of

5.0% in Q3 2017 to 6.8% in Q3 2018, driven by improved efficiency and increase volume. Selling and administrative expenses were Baht 36 million lower than last year due to cost control and lower

mix of lower cost structure products. Selling and Administration Expenses • Selling expenses to total revenue ratio in Q1-2020 rose by 0.06% QoQ resulting primarily from decreasing in total revenue