% YoY. Nevertheless, Outdoor media - our focus segment- recorded THB 1,525mn in advertising expenditure, an increase of 3.8% QoQ and 11.0% YoY, benefiting from a shift in people’s behavior to spend more

creating brand awareness to an extensive reach. Over the last few years, the outdoor media segment has witnessed the consolidation into a few well-resourced media operators in order to increase

lower occupancy in Street Furniture and Digital segment, resulting in a lower-than-expected growth in the Domestic Advertising front. In this quarter, the Company also started to break down revenue from

the full-quarter consolidation of International Advertising segment, which was the main driver in increasing the cost-to-sales ratio from 62.1% to 88.6% in this quarter. VGM’s cost structure is higher

investment in a medium-sized booth of the painting segment to support new orders during the late of year, the expansion of the building and warehouse at Chonburi branch to support business expansion and to

customer in packaging for milk and yogurt segment dropped due to the contraction of export. Moreover, sales of plastic automotive parts customers dropped from slacked market both domestic and export that

sales of customer in oil packaging dropped from slacked domestic market and sales of customer in packaging for milk and yogurt segment dropped due to the contraction of export. For plastic automotive part

dropped from slacked domestic market during Quarter 3. However, the market situation started to recover in the late of the Quarter 4. Moreover, sales of customer in packaging for milk and yogurt segment

strategies including the launching of new products which were got positive feedback from the customers. Besides, the product segment management and the improvement of customer services were well implemented

fashion segment 12,343 22.7% 15,842 29.5% (3,500) (22.1%) Revenue from sales from hardline segment 13,853 25.5% 10,533 19.6% 3,320 31.5% Revenue from sales from food segment 22,435 41.3% 21,521 40.1% 914