meter) Selling water to Provincial Waterworks Authority Project 1 12,000-14,000 52,560,000 Selling water to Provincial Waterworks Authority Project 2 14,400-16,800 61,320,000 Total 113,880,000 This

profit 3,739.21 3,869.69 (130.48) (3.37%) Cost of rental 150.00 159.63 (9.63) (6.04%) Selling and administrative expenses 2,709.73 2,908.29 (198.56) (6.83%) Profit before finance cost and income tax

Statistics Office of Vietnam 3 Exchange rate is subject to BOT’s average selling rates as of 9 Jan 2020 (THB 0.1315 = VND 100) MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER AD

%, together with lower selling and administrative expenses. The cost of sales for the first half of the year 2020 was 14.35 million baht, a decrease of 16.51% from the same period of the previous year due to

related to the operation of the MRT Blue Line which was operated in full commercial service on March 30, 2020. Selling and administrative expenses slightly increased from the same quarter of the previous

mm THB mm % Selling expense 33.0 76.1 130.4% 148.7 232.3 56.2% Administrative expense 314.8 305.2 (3.0%) 897.4 980.2 9.2% Finance costs 292.8 147.7 (49.6%) 944.1 704.4 (25.4%) Total expenses 640.6

–2019. The reason for the similar of decreased rate was due to the gross profit of the delivered projects in Q2–2020 higher than those of Q2–2019, but the selling and administrative expenses in Q2–2020

partially offset by lower production and delayed price adjustment of raw material price increases in the Portugal operations. Selling and administrative expenses increased from Baht 397.06 million in Q4 2020

new brands to our dealership portfolio. Selling and administrative expenses increased by 46.9% from Baht 310.0 million in Q3 2021 to Baht 455.5 million in Q3 2022 while our revenue increase by 70.3%. SG

products and continued order from overseas customer for auto parts manufacturing business. Selling and administrative expenses increased by 0.2% from Baht 455.5 million in Q3 2022 to Baht 456.5 million in Q3