, while personal expense of the Company increased by only 5% y-y. In terms of proportion to total revenues, operating and administrative expenses represented 42% of total revenues, which is the same level

. In terms of proportion to total revenues, operating and administrative expenses represented 42% of total revenues. Considering the Company’s separate financial statement, the operating and

. Similar trends are reflected in H1 2018 performance where the increased volumes led to an 9% rise in revenue. On the costs SG&A while higher year on year in absolute terms was lower as a percentage of

35.0 1.6% 26.5 1.2% Total Revenue 2,226.3 100.0% 2,288.9 100.0% Remark: (1) Percentage of Total Revenue 2 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND

increasing by Bt118.1 million or 3.1%(y-o-y). For the income proportion separating by business structure consisted of Aviation refueling services at 81% and Fuel pipeline transportation services at 19

and shareholding proportion of the connected persons Note: 1 Mr. Hideki Wakabayashi is the Chairman of the Board of Directors of AEONTS and the Director of AFS 2 Mr. Junichi Iwakami is the Senior

THB 22.68 million or 27.53%, mainly from additional staff and rental expenses for new branches. However, the Company has measures to control selling expenses, in order to maintain the proportion of

competition situation and the proportion of cost of goods sold is higher from the fixed cost for the factories employee expense that couldn’t be used full capacity of production. (4) Selling and administrative

Group. For the income proportion separating by business structure consisted of Aviation refueling services at 81% and Fuel pipeline transportation services at 19% respectively. 1.1.2 Others Income Others

. For the income proportion separating by business structure consisted of Aviation refueling services at 81% and Fuel pipeline transportation services at 19% respectively. 1.1.2 Others Income Others