Microsoft Word - FY19 MDA edited after comment.docx 1 FY19 MD&A Advanced Info Service Plc. Executive Summary Mobile business grew amid competition In FY19, despite slow economic growth and continued

to the growth in sales of dessert cafés due to same-store sales growth, corresponding to the increase in the number of dine-in customers and higher sales per bill, as well as the increase in After You

to the growth in sales of dessert cafés which was a result of same-store sales growth as well as the increase in After You branches. R E V E N U E : • The Company’s Gross Profit in Q3/2023 and 9M/2023

in year 2017 (“2017”) increased 16% yoy. This increase was driven by both non-social security and social security part. Accelerated revenue growth from social security came from higher number of

Dusit Thani Bangkok hotel and THB 3 million net increase from new investments. The Company still maintains core revenue growth forecast at 8-10% and plans to sell investment in subsidiary to alleviate

the growth in sales of dessert cafés, which accounts for the largest share of revenue. The growth in sales of dessert cafés was mainly due to the improving COVID-19 situation and the recovery of

international business expansion vehicle for VGI. Strengthening its international footprint is an integral part of MACO’s strategy and VGM will be the flagbearer in expanding its Out-of-Home (“OOH”) media

”) forecasted the advertising expenditures in 2017 to hit THB 12,000mn, or an expected growth of 30% YoY, mainly driven by the acceleration of internet access and the ubiquity of mobile phones. As consumer

& Calpis grew 2.7% YoY. Total Personal care continued its momentum with 11.5% growth YoY, with 42.8% growth in CLM markets. International business grew 1.5% at constant FX rate, driven by Myanmar growth

consumption and investment. The slower growth is expected to continue in 3Q19 since the external factors remain unsolved. Although private consumption was supported by sales promotion and government measures