482mn mainly due to the aforementioned consolidation which was the main driver in increasing the cost-to-sales ratio from 57.8% to 64.5% in this quarter. VGM’s cost structure is higher than MACO’s

exceeding than Baht 10,000 Million. As a result, the Group has been hired construction projects by the main contractor rather than owner. Resulting to the construction segment services income of the Group are

PUBLIC COMPANY LIMITED 2 1Q 2020/21 CONSOLIDATED P&L SNAPSHOT *Net profit (loss) attributable to equity owner of the Company Revenue by segments (THB mn) 1Q 2019/20 (Restated) 4Q 2019/20 1Q 2020/21 QoQ

the main contractor rather than owner. Due to the construction projects in the Petrochemical and Energy Group are large projects and project valuation have exceeding than Baht 10,000 Million. As a

Period (Day) 58 58 66 CASH CYCLE (Day) 9 14 18 PROFITABILITY RATIO Gross Profit Margin (%) 8.57 7.82 10.37 Net Profit Margin (%) 4.61 3.56 5.94 Return on Equity (%) 6.03 5.01 8.05 EFFICIENCY RATIO Return

. . . . % Profit Sharing for the Year - The Company’s Equity . . . . % - Non-controlling Interest ( . ) ( . ) . . % Management's Discussion and Analysis and operating results for the Year 2017 Page 3 / 10 3.1

and management services provided to other companies. Proportion of the Main Income of the Company and Subsidiary Companies Unit: Million THB Type of Income Q3/2019 Q3/2018 %Variance 9 Months 2019 9

trade and other payable and the main items are raw material trade payable and accrued expenses. Shareholders’ Equity As of 31 March 2018, shareholders’ equity of the company and its subsidiaries were Baht

. Although, the Company incurred the increased selling and administration expenses a main reason was the increase of the rents of the existing branches and new branches. EBITDA profits from the performance in

margin, emphasizing FN brand awareness and increasing FN brand equity, so the marketing activities has been arranged with sales plan improvement and promotion efficiency spending. Q2/20 and H1/20 gross