balance of short-term loan was Baht 575 million versus 556 million as of Q1/2018 or equivalent to 3.28% decreased resulting from the lower level in both average trade accounts receivable and inventory. The

between the U.S. and China caused lower global trade volume. The tourism sector also expanded at a slower rate mainly from Chinese tourists. The domestic demand grew at a slower rate resulted from private

, or 25.09% decreased resulting from both lower purchasing volume and lower unit cost of inventory. While trade accounts receivable showed Baht 592 million as of 31 December 2019, an increase of Baht 14

from last year’s which was in line with sales dropping rate. The gross profit in 2017 was decreased from Baht 257.7 million to be Baht 247.3 million or equivalent to 4.00% which was lower than sales

-4.8% from both current (lower trade & other payable and current portion of long-term debt) and non-current liabilities (lower lease liability and spectrum payable offset by increased long-term

Baht 64 million; and (2) cash inflows from net change in working capital of Baht 7 million, mainly due to lower trade receivables, inventories, and other receivables.  Net cash used in investing

revenues from sales of THB 6,333 million, slightly drop by 0.5% YoY (or THB -31 million). The reasons for total revenues decline were 1) Lower OEM businesses, especially OEM bottles sales (-33.7%), 2

(or -4.3%) from 31 December 2018 primarily from lower trade and other payable of THB 230 million. As of 30 June 2019, the Company had total shareholders’ equity of THB 17,808 million, a decrease of THB

in accrued income tax and other current liabilities despite the lower trade account payable. • Non-current Liabilities decreased by THB 16 million mainly due to repayment of the lease liabilities due

performance, please see 2Q 2017 performance analysis. Despite the lower-than-expected recovery of advertising spending during the first half of 2017, the Company expects to see an improvement in advertising