7,883 13.5% SG&A 1,446 1,337 8.3% 5,688 4,947 15.0% Selling and distribution expenses 1,002 903 11.0% 3,902 3,498 11.6% Administrative expenses 444 434 2.5% 1,786 1,449 23.3% EBIT 1,004 1,073 -6.5% 3,999

19.9 25.5 15.9 -20.2% -37.8% Selling and distribution expenses 587.9 568.3 536.7 -8.7% -5.6% Administrative expenses 2/ 315.2 299.2 271.0 -14.0% -9.4% Finance costs 39.8 45.5 84.7 +112.7% +86.0% Other

and total liabilities stood at THB 6,714.9mn. • Debt to Equity ratio2 equals 1.00 times as of 31 March 2020, decreased from 1.04 times as at end of 2019. Operating result 1Q/2020 Revenue Source of

customers, has been pressured by high household debt. Therefore, spending expenses are carefully controlled. Notwithstanding, the entrepreneurs in retail industry have to adjust themselves to increase the

cost of goods sold and expenses 1,474.87 1,430.68 The overview of costs and expenses of the year 2018, the Company could manage the proportion of cost good sold, cost of distribution and administrative

level of household debt and conservative spending are continue to hinder domestic consumption by limiting consumption with only necessary items, decreasing in spending frequency and low- price. The

distribution and administrative expenses which was approximate to the same period of the last year. Exception the cost of financial which increased or equivalent to Baht 1.95 million from the outstanding debt

14.1% 4.0 2.4% -18.0 -81.9% Profit Before Expenses 45.2 28.9% 60.9 36.9% 15.6 34.6% Selling and distribution expenses 14.5 9.3% 14.7 8.9% 0.2 1.2% Administrative Expenses 13.5 8.7% 12.4 7.5% -1.1 -8.2

39.2% Gross profit 12.5 57.5 45.0 360.0% 33.7 169.0 135.2 400.9% Other income 10.0 1.9 -8.1 -81.0% 32.0 5.9 -26.1 -81.5% Selling and distribution expenses 14.3 10.3 -4.0 -28.0% 28.8 25.0 -3.8 -13.2

beginning of the year, depressing farm income and the purchasing power of farm households, which represent a majority of the population. Coupled with high levels of household debt, these factors limited the