Discussion and Analysis Yearly Ending 31 Dec 2019 19/08/2019 17:12 Management Discussion and Analysis Quarter 2 Ending 30 Jun 2019 (Amendment of gross profit for the three-month)) 14/08/2019 18:40 Management

59.46 million is, then, recognized as the gain on disposal of investment in the project. ▪ An increasing participating profit from investment in associated companies and the joint venture in 2017

. Asset Value Method (NTA) NTA of the invested funds x proportion of the assets acquired Company.s NTA 1.03 2. Net Profit Method New profit of the invested funds x proportion of the asset acquired The

14.5 43.0 15.8 Net Profit 200.5 159.3 25.7 150.6 33.1 (Unit: THB mn) Sales The Automotive Industry Club, The Federation of Thai Industries reported the situation of the automotive industry that the car

the Stock Exchange of Thailand concerning the Acquisition and Disposition of Assets namely 1) the net tangible asset value basis 2) the net profit basis and 3) the total value of consideration basis

million which decreased of Baht 7.2 million from Q1/2017 due to decreasing of price of fattening pig about 14% page 2/…… - 2 - Gross Profit Margin Gross Profit Margin (GPM) in Quarter 1/2018 was Baht 220.9

% Service revenues 2.8 2.1 0.7 34.1% Total expenses 459 353 106 30% Cost of sales 374 273 101 36.7% Cost of service 2 1.7 0.3 17% Selling expenses 55 50 5 10% Administrative expenses 28.5 28.4 0.1 0.2% Profit

working capital. Tax Expenses Income tax expense increased from THB 12.2 Mn in 9M17 to THB 25.1 Mn in 9M18, an increase of THB 12.8 Mn. This was mostly due higher profit from Japanese and Thai restaurants

” which were acquired in 2016 and 2017 respectively. Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND Tel: 02-0195000 Net Profit The net profit decreased

206.0 million of which 5.7% increased from Year 2017 or in Baht 11.1 million due to increasing of price of fattening pig in Q4/2017 about 27%. page 2/…… - 2 - Gross Profit Margin Gross Profit Margin (GPM