outsourced warehouse and logistics. The gross profit grew from THB 602.8 Mn in 2017 to THB 703.6 Mn in 2018, an increase of THB 100.8 Mn or 16.7%. The gross profit margin decreased slightly from 24.3% in 2017

mainly due to (1) the increase of raw material cost from both the restaurants which the company owns itself as well as franchise restaurants and (2) increased service fee of outsourced warehouse and

lower long term borrowing from debt repayment and lower spectrum payable and lease liability. Interest-bearing debt stood at Bt116,749mn, decreasing by -8.2%. Total equity was at Bt88,278mn, decreasing

: - Loss from operating before changing in operating asset and liability of Baht 2.4 million - Trade and other receivables increased by Baht 7.1 million - Inventory increased by Baht 2.8 million - Trade and

activity , net cash used Baht 13.4 million has essence transaction as follows: - Loss from operating before changing in operating asset and liability of Baht -12.5 million - Trade and other receivables

(decrease) Consolidate financial statement TOTAL ASSET 1,185.22 1,214.62 (29.4 ) (2.42%) TOTAL LIABILITY 701.72 668.88 32.8 4.91% TOTAL SHAREHOLDERS' EQUITY 483.50 545.74 (62.2 ) (11.40%) STATEMENT OF

from the company business. In addition, the Company also had loan from financial institution in the year 2018 amounting to 12.00 THB mn. The non-current liability included lease liability, deferred

mainly due to (1) the increase of raw material cost from both the restaurants which the company owns itself as well as franchise restaurants and (2) increased service cost of outsourced warehouse and

and (2) increased service cost of outsourced warehouse and logistics. Selling Expenses For the 9 months ending 30 September 2017 and 2018, selling expenses increased from THB 68.0 Mn to THB 81.4 Mn

74.52% due to an increase in rent and service income from warehouse/factory space. This was a result from diversifying the Company’s business risk by expanding into recurring income business. The