Stock Exchange of Thailand The Company wishes to present the Management Discussion & Analysis (MD&A) on the operating and financial status for the year 2018. The MD&A would enable the investors to better

57.7 Million Baht or 10.3% compared to the previous year as the Company was able to manage raw material and labor cost more efficiently, resulting in higher gross margin. 3 Cost of Food & Beverage Costs

Land Lease Agreement (In the present, the Company has rented the factory area 750 square meters and office building 200 square meters 1/) for the production of adhesive and oil paint, which are the

profit of feeds was lower than the previous year which decreased by 13 million baht, due to, mainly from the lower revenue from feed sales and the higher cost of raw material. Moreover, the other income

from the previous year amount of Baht 25 million due to increasing of the raw material cost . - Other income was decreased from the previous year amount of Baht 48 million due to decreasing of gain on

32.15 Million Baht as 17.00 Million Baht increased or 112.21% when compared to same period of previous year of 15.15 Million Baht due to more revenue from selling scrap of raw materials of 10.73 Million

positive same-store-sales growth during 2017 and (3) the increased sales of raw material to franchisees. Franchise fees income increased from THB 15.1 Mn in 2016 to THB 56.5 Mn in 2017, an increase of THB

is income decreased Baht 1.38 million, due to less delivery of raw milk to the customers compared to those of the same periods last year. The decreases were 7%. 1.2 Cost of sales and service

increase of Baht 0.83 million, near that of last year. - Farm business saw is income decreased Baht 3.26 million, due to less delivery of raw milk to the customers compared to those of the same periods last

and 31st March 2020 were Baht 397.54 million and Baht 483.41 million respectively, with current liabilities decreased as raw materials procurement decreased during this time. However, the company has an