higher selling price and higher sale volume in CNF incoterm, while lower unit sold and appreciation of Thai baht against US dollar. . Cost of goods sold and expenses Three-month (Thousands Baht) Change

the previous year which decreased by amount of Baht 102 million, due to mainly came from the lower revenue from feed sales and higher cost of raw material . - Loss on investments in marketable

the plants in Quarter 1/2018. 2. Sales cost to revenue ratio increased by 6.72% (from 89.71% to 96.43%). The main factors were that the price of raw material has been increased during Quarter 1/2018

Ratios 19 P a g e | 3 - Management Discussion and Analysis 2Q2020 - Executive Summary In 2Q2020, crude palm oil (CPO) price was higher than 2Q2019 caused by the implementation of biodiesel B10 as the

oil price, which is a substitute raw material compared to growing of crude palm oil price. In contrast, market P2F of natural fatty alcohols in FY2019 was at 507 USD/ton, improved by 8% from FY2018

amounting to 1,128 MTHB, decreasing from 1,374 MTHB of the year 2018 which mainly due to decline of main raw materials’ price. 4. At the end of 2019, the Company and its subsidiary had net property, plant and

sales volumes plus greater main raw material costs from higher crude oil price and tight market supply. However, the overall spread margin was improved and bring 23.9% gross profit margin comparing to

goods sold on 1st quarter of 2019 increased 85.62 percent from the 1st quarter of 2018, due to higher sale volume from 2nd production line and higher raw material price. Selling expenses on 1st quarter of

average price of the raw materials used decreased, resulting in lower unit cost. Therefore, the rate Gross margin in the third quarter of 2017 increased to 22.6% from 12.7% in the same period of 2016

raw material price. Selling expenses on nine-month and 3nd quarter of 2019 increased 57.28 and 65.74 percent from the same period of last year, due to higher sale volume from 2nd production line