accordance with lower sales. Gross profit margin decreased from 11.24% in Q3 2020 to 9.34% in Q3 202, mainly caused by lower sales, delayed price adjustment of raw material price increases in our Portugal
denominator which result in lower gross profit margin. 2) Product mix 3) Portugal operation takes approximately 3-6 months to negotiate the price adjustment with customers. However, Gross profit margin has
manufacturing business in Thailand. 2) Price adjustment of Portugal operation started to reflect since Q3 2022 onward 3) New model launch and adding of new brands to our dealership portfolio. Selling and
% because in Q2-2022, the loss from fair value adjustment of investment in Campana Group Pte. Ltd. approximately 20.0 million baht was recorded. Financial Analysis of the company As of June 30, 2023, the
financial difficulty to the Company. In this regard, the buyback of shares by the Company shall be subject to prior approval from the shareholders meeting, except for any buyback of shares representing no
transaction between the trust and the trust manager or its related person; (d) the trust manager is granted with an approval on the offering by the SEC Office. Clause 7 The stipulation concerning the decrease
of total paid-up capital in TSE Overseas Group Company Limited on 26 April 2018. - 2 - 3. To propose to the extraordinary general meeting of shareholders for consideration and approval the aquisition
general meeting of shareholders for consideration and approval the aquisition of the ordinary shares of TSE Overseas Group Co., Ltd. ("TSEO"), which is a subsidiary with 100% shareholding by Thai Solar
Company to be used as working capital. In addition, during the beginning of this year the Company asked for approval of the disposal of Land and Buildings from the Extraordinary General Meeting of